Nationwide

Destination

2025

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

1

Investment

Companies

87.9%

Shares

Value

($)

Alternative

Assets

4.3%

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

1,268,805

13,195,572

Total

Alternative

Assets

(cost

$12,837,882)

13,195,572

Equity

Funds

47.5%

Nationwide

International

Index

Fund,

Class

R6(a)

4,813,734

40,435,365

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

536,333

9,321,469

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

7,927,166

92,747,838

Nationwide

Small

Cap

Index

Fund,

Class

R6(a)

408,627

5,132,350

Total

Equity

Funds

(cost

$124,069,653)

147,637,022

Fixed

Income

Funds

36.1%

Nationwide

Bond

Index

Fund,

Class

R6(a)

6,659,995

77,988,538

Nationwide

Core

Plus

Bond

Fund,

Class

R6(a)

2,294,566

24,643,634

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

862,857

9,560,455

Total

Fixed

Income

Funds

(cost

$106,181,626)

112,192,627

Total

Investment

Companies

(cost

$243,089,161)

273,025,221

Exchange-Traded

Funds

6.6%

Shares

Value

($)

Equity

Fund

3.9%

iShares

Core

MSCI

Emerging

Markets

ETF

190,401

12,153,296

Fixed

Income

Fund

2.7%

iShares

20+

Year

Treasury

Bond

ETF

53,806

8,178,512

Total

Exchange-Traded

Funds

(cost

$17,200,401)

20,331,808

Investment

Contract

5.5%

Principal

Amount

($)

Nationwide

Contract,

2.15%

^∞(a)(b)

17,229,389

17,229,389

Total

Investment

Contract

(cost

$17,229,389)

17,229,389

Total

Investments

(cost

$277,518,951)

—

100.0%

310,586,418

Liabilities

in

excess

of

other

assets

—

0.0%

†

(71,651)

NET

ASSETS

—

100.0%

$

310,514,767

^

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

2

-

Statement

of

Investments

-

January

31,

2021

(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

January

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange-Traded

Funds

$

20,331,808

$

–

$

–

$

20,331,808

Investment

Companies

273,025,221

–

–

273,025,221

Investment

Contract

–

–

17,229,389

17,229,389

Total

$

293,357,029

$

–

$

17,229,389

$

310,586,418

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

Nationwide

Destination

2025

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

3

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.

Investment

Contract

Total

Balance

as

of

October

31,

2020

$

15,130,744

$

15,130,744

Purchases

*

2,717,979

2,717,979

Sales

(619,334)

(619,334)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

Into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

January

31,

2021

$

17,229,389

$

17,229,389

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

2.15%

(2.15%)

Daily

Transactions

$1.00

($1.00)

*

NFA

can

increase

or

redeem

all

or

a

portion

of

the

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

transf

erred

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

Nationwide

Life

Insurance

Company

has

the

ability

to

terminate

its

investment

in

the

Nationwide

Contract

at

its

discretion.

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

this

investment,

such

as

market

news

or

the

credit

rating

of

the

issuer.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

4

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Destination

2030

Fund

Investment

Companies

91.2%

Shares

Value

($)

Alternative

Assets

3.0%

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

967,252

10,059,417

Total

Alternative

Assets

(cost

$9,854,291)

10,059,417

Equity

Funds

59.3%

Nationwide

International

Index

Fund,

Class

R6(a)

6,667,685

56,008,557

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

821,403

14,275,986

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

10,147,256

118,722,894

Nationwide

Small

Cap

Index

Fund,

Class

R6(a)

608,619

7,644,254

Total

Equity

Funds

(cost

$169,054,408)

196,651,691

Fixed

Income

Funds

28.9%

Nationwide

Bond

Index

Fund,

Class

R6(a)

5,951,476

69,691,779

Nationwide

Core

Plus

Bond

Fund,

Class

R6(a)

2,059,608

22,120,186

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

381,414

4,226,066

Total

Fixed

Income

Funds

(cost

$90,904,459)

96,038,031

Total

Investment

Companies

(cost

$269,813,158)

302,749,139

Exchange-Traded

Funds

6.9%

Shares

Value

($)

Equity

Fund

5.4%

iShares

Core

MSCI

Emerging

Markets

ETF

278,058

17,748,442

Fixed

Income

Fund

1.5%

iShares

20+

Year

Treasury

Bond

ETF

33,715

5,124,680

Total

Exchange-Traded

Funds

(cost

$19,375,501)

22,873,122

Investment

Contract

1.9%

Principal

Amount

($)

Nationwide

Contract,

2.15%

^∞(a)(b)

6,162,753

6,162,753

Total

Investment

Contract

(cost

$6,162,753)

6,162,753

Total

Investments

(cost

$295,351,412)

—

100.0%

331,785,014

Liabilities

in

excess

of

other

assets

—

0.0%

†

(151,349)

NET

ASSETS

—

100.0%

$

331,633,665

^

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

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

5

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

January

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange-Traded

Funds

$

22,873,122

$

–

$

–

$

22,873,122

Investment

Companies

302,749,139

–

–

302,749,139

Investment

Contract

–

–

6,162,753

6,162,753

Total

$

325,622,261

$

–

$

6,162,753

$

331,785,014

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

6

-

Statement

of

Investments

-

January

31,

2021

(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.

Investment

Contract

Total

Balance

as

of

October

31,

2020

$

5,342,520

$

5,342,520

Purchases

*

1,027,962

1,027,962

Sales

(207,729)

(207,729)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

Into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

January

31,

2021

$

6,162,753

$

6,162,753

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

2.15%

(2.15%)

Daily

Transactions

$1.00

($1.00)

*

NFA

can

increase

or

redeem

all

or

a

portion

of

the

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

Nationwide

Life

Insurance

Company

has

the

ability

to

terminate

its

investment

in

the

Nationwide

Contract

at

its

discretion.

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

this

investment,

such

as

market

news

or

the

credit

rating

of

the

issuer.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Destination

2035

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

7

Investment

Companies

90.3%

Shares

Value

($)

Alternative

Assets

2.6%

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

705,764

7,339,945

Total

Alternative

Assets

(cost

$7,268,270)

7,339,945

Equity

Funds

69.5%

Nationwide

International

Index

Fund,

Class

R6(a)

6,588,341

55,342,063

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

879,712

15,289,397

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

10,171,706

119,008,964

Nationwide

Small

Cap

Index

Fund,

Class

R6(a)

630,520

7,919,328

Total

Equity

Funds

(cost

$171,808,023)

197,559,752

Fixed

Income

Funds

18.2%

Nationwide

Bond

Index

Fund,

Class

R6(a)

3,396,122

39,768,589

Nationwide

Core

Plus

Bond

Fund,

Class

R6(a)

1,051,869

11,297,070

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

63,661

705,368

Total

Fixed

Income

Funds

(cost

$49,554,227)

51,771,027

Total

Investment

Companies

(cost

$228,630,520)

256,670,724

Exchange-Traded

Funds

8.8%

Shares

Value

($)

Equity

Fund

7.0%

iShares

Core

MSCI

Emerging

Markets

ETF

310,636

19,827,896

Fixed

Income

Fund

1.8%

iShares

20+

Year

Treasury

Bond

ETF

33,825

5,141,400

Total

Exchange-Traded

Funds

(cost

$20,969,287)

24,969,296

Investment

Contract

0.9%

Principal

Amount

($)

Nationwide

Contract,

2.15%

^∞(a)(b)

2,605,349

2,605,349

Total

Investment

Contract

(cost

$2,605,349)

2,605,349

Total

Investments

(cost

$252,205,156)

—

100.0%

284,245,369

Liabilities

in

excess

of

other

assets

—

0.0%

†

(86,511)

NET

ASSETS

—

100.0%

$

284,158,858

^

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

8

-

Statement

of

Investments

-

January

31,

2021

(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

January

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange-Traded

Funds

$

24,969,296

$

–

$

–

$

24,969,296

Investment

Companies

256,670,724

–

–

256,670,724

Investment

Contract

–

–

2,605,349

2,605,349

Total

$

281,640,020

$

–

$

2,605,349

$

284,245,369

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

Nationwide

Destination

2035

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

9

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.

Investment

Contract

Total

Balance

as

of

October

31,

2020

$

2,355,998

$

2,355,998

Purchases

*

331,745

331,745

Sales

(82,394)

(82,394)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

Into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

January

31,

2021

$

2,605,349

$

2,605,349

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

2.15%

(2.15%)

Daily

Transactions

$1.00

($1.00)

*

NFA

can

increase

or

redeem

all

or

a

portion

of

the

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

Nationwide

Life

Insurance

Company

has

the

ability

to

terminate

its

investment

in

the

Nationwide

Contract

at

its

discretion.

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

this

investment,

such

as

market

news

or

the

credit

rating

of

the

issuer.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

10

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Destination

2040

Fund

Investment

Companies

89.9%

Shares

Value

($)

Alternative

Assets

0.8%

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

182,159

1,894,453

Total

Alternative

Assets

(cost

$1,809,196)

1,894,453

Equity

Funds

76.4%

Nationwide

International

Index

Fund,

Class

R6(a)

5,752,593

48,321,783

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

916,068

15,921,267

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

9,551,118

111,748,080

Nationwide

Small

Cap

Index

Fund,

Class

R6(a)

553,701

6,954,489

Total

Equity

Funds

(cost

$159,763,320)

182,945,619

Fixed

Income

Funds

12.7%

Nationwide

Bond

Index

Fund,

Class

R6(a)

1,975,330

23,131,112

Nationwide

Core

Plus

Bond

Fund,

Class

R6(a)

679,834

7,301,416

Total

Fixed

Income

Funds

(cost

$29,052,023)

30,432,528

Total

Investment

Companies

(cost

$190,624,539)

215,272,600

Exchange-Traded

Funds

9.5%

Equity

Fund

7.7%

iShares

Core

MSCI

Emerging

Markets

ETF

286,601

18,293,742

Exchange-Traded

Funds

Shares

Value

($)

Fixed

Income

Fund

1.8%

iShares

20+

Year

Treasury

Bond

ETF

29,039

4,413,928

Total

Exchange-Traded

Funds

(cost

$19,172,944)

22,707,670

Investment

Contract

0.6%

Principal

Amount

($)

Nationwide

Contract,

2.15%

^∞(a)(b)

1,387,611

1,387,611

Total

Investment

Contract

(cost

$1,387,611)

1,387,611

Total

Investments

(cost

$211,185,094)

—

100.0%

239,367,881

Liabilities

in

excess

of

other

assets

—

0.0%

†

(72,633)

NET

ASSETS

—

100.0%

$

239,295,248

^

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

-

January

31,

2021

(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.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange-Traded

Funds

$

22,707,670

$

–

$

–

$

22,707,670

Investment

Companies

215,272,600

–

–

215,272,600

Investment

Contract

–

–

1,387,611

1,387,611

Total

$

237,980,270

$

–

$

1,387,611

$

239,367,881

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

12

-

Statement

of

Investments

-

January

31,

2021

(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.

Investment

Contract

Total

Balance

as

of

October

31,

2020

$

1,283,562

$

1,283,562

Purchases

*

169,788

169,788

Sales

(65,739)

(65,739)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

Into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

January

31,

2021

$

1,387,611

$

1,387,611

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

2.15%

(2.15%)

Daily

Transactions

$1.00

($1.00)

*

NFA

can

increase

or

redeem

all

or

a

portion

of

the

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

Nationwide

Life

Insurance

Company

has

the

ability

to

terminate

its

investment

in

the

Nationwide

Contract

at

its

discretion.

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

this

investment,

such

as

market

news

or

the

credit

rating

of

the

issuer.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Destination

2045

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

13

Investment

Companies

90.5%

Shares

Value

($)

Alternative

Assets

0.1%

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

13,633

141,780

Total

Alternative

Assets

(cost

$143,555)

141,780

Equity

Funds

80.6%

Nationwide

International

Index

Fund,

Class

R6(a)

5,041,063

42,344,930

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

805,613

14,001,546

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

8,557,338

100,120,852

Nationwide

Small

Cap

Index

Fund,

Class

R6(a)

496,431

6,235,174

Total

Equity

Funds

(cost

$142,209,583)

162,702,502

Fixed

Income

Funds

9.8%

Nationwide

Bond

Index

Fund,

Class

R6(a)

1,297,774

15,196,935

Nationwide

Core

Plus

Bond

Fund,

Class

R6(a)

430,225

4,620,620

Total

Fixed

Income

Funds

(cost

$18,959,377)

19,817,555

Total

Investment

Companies

(cost

$161,312,515)

182,661,837

Exchange-Traded

Funds

9.5%

Equity

Fund

7.7%

iShares

Core

MSCI

Emerging

Markets

ETF

242,806

15,498,307

Exchange-Traded

Funds

Shares

Value

($)

Fixed

Income

Fund

1.8%

iShares

20+

Year

Treasury

Bond

ETF

24,602

3,739,504

Total

Exchange-Traded

Funds

(cost

$16,301,516)

19,237,811

Investment

Contract

0.1%

Principal

Amount

($)

Nationwide

Contract,

2.15%

^∞(a)(b)

218,539

218,539

Total

Investment

Contract

(cost

$218,539)

218,539

Total

Investments

(cost

$177,832,570)

—

100.1%

202,118,187

Liabilities

in

excess

of

other

assets

—

(0.1)%

(131,857)

NET

ASSETS

—

100.0%

$

201,986,330

^

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

14

-

Statement

of

Investments

-

January

31,

2021

(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

January

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange-Traded

Funds

$

19,237,811

$

–

$

–

$

19,237,811

Investment

Companies

182,661,837

–

–

182,661,837

Investment

Contract

–

–

218,539

218,539

Total

$

201,899,648

$

–

$

218,539

$

202,118,187

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

Nationwide

Destination

2045

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

15

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.

Investment

Contract

Total

Balance

as

of

October

31,

2020

$

162,387

$

162,387

Purchases

*

60,323

60,323

Sales

(4,171)

(4,171)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

Into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

January

31,

2021

$

218,539

$

218,539

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

2.15%

(2.15%)

Daily

Transactions

$1.00

($1.00)

*

NFA

can

increase

or

redeem

all

or

a

portion

of

the

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

Nationwide

Life

Insurance

Company

has

the

ability

to

terminate

its

investment

in

the

Nationwide

Contract

at

its

discretion.

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

this

investment,

such

as

market

news

or

the

credit

rating

of

the

issuer.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

16

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Destination

2050

Fund

Investment

Companies

90.1%

Shares

Value

($)

Equity

Funds

82.6%

Nationwide

International

Index

Fund,

Class

R6(a)

4,271,104

35,877,275

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

738,477

12,834,726

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

7,304,593

85,463,734

Nationwide

Small

Cap

Index

Fund,

Class

R6(a)

424,623

5,333,269

Total

Equity

Funds

(cost

$122,180,885)

139,509,004

Fixed

Income

Funds

7.5%

Nationwide

Bond

Index

Fund,

Class

R6(a)

898,401

10,520,281

Nationwide

Core

Plus

Bond

Fund,

Class

R6(a)

208,257

2,236,677

Total

Fixed

Income

Funds

(cost

$12,200,252)

12,756,958

Total

Investment

Companies

(cost

$134,381,137)

152,265,962

Exchange-Traded

Funds

9.9%

Shares

Value

($)

Equity

Fund

8.0%

iShares

Core

MSCI

Emerging

Markets

ETF

211,676

13,511,279

Fixed

Income

Fund

1.9%

iShares

20+

Year

Treasury

Bond

ETF

21,160

3,216,320

Total

Exchange-Traded

Funds

(cost

$14,093,927)

16,727,599

Total

Investments

(cost

$148,475,064)

—

100.0%

168,993,561

Liabilities

in

excess

of

other

assets

—

0.0%

†

(81,948)

NET

ASSETS

—

100.0%

$

168,911,613

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

ETF

Exchange

Traded

Fund

Nationwide

Destination

2050

Fund

-

January

31,

2021

(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.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange-Traded

Funds

$

16,727,599

$

–

$

–

$

16,727,599

Investment

Companies

152,265,962

–

–

152,265,962

Total

$

168,993,561

$

–

$

–

$

168,993,561

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.

18

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Destination

2055

Fund

Investment

Companies

90.7%

Shares

Value

($)

Equity

Funds

83.8%

Nationwide

International

Index

Fund,

Class

R6(a)

2,511,228

21,094,313

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

459,937

7,993,702

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

4,334,306

50,711,376

Nationwide

Small

Cap

Index

Fund,

Class

R6(a)

264,409

3,320,972

Total

Equity

Funds

(cost

$72,972,121)

83,120,363

Fixed

Income

Funds

6.9%

Nationwide

Bond

Index

Fund,

Class

R6(a)

499,190

5,845,520

Nationwide

Core

Plus

Bond

Fund,

Class

R6(a)

94,167

1,011,350

Total

Fixed

Income

Funds

(cost

$6,519,281)

6,856,870

Total

Investment

Companies

(cost

$79,491,402)

89,977,233

Exchange-Traded

Funds

9.3%

Shares

Value

($)

Equity

Fund

8.1%

iShares

Core

MSCI

Emerging

Markets

ETF

125,183

7,990,431

Fixed

Income

Fund

1.2%

iShares

20+

Year

Treasury

Bond

ETF

8,046

1,222,992

Total

Exchange-Traded

Funds

(cost

$7,678,275)

9,213,423

Total

Investments

(cost

$87,169,677)

—

100.0%

99,190,656

Liabilities

in

excess

of

other

assets

—

0.0%

†

(38,813)

NET

ASSETS

—

100.0%

$

99,151,843

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

ETF

Exchange

Traded

Fund

Nationwide

Destination

2055

Fund

-

January

31,

2021

(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

January

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange-Traded

Funds

$

9,213,423

$

–

$

–

$

9,213,423

Investment

Companies

89,977,233

–

–

89,977,233

Total

$

99,190,656

$

–

$

–

$

99,190,656

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

-

January

31,

2021

(Unaudited)

-

Nationwide

Destination

2060

Fund

Investment

Companies

90.9%

Shares

Value

($)

Equity

Funds

84.7%

Nationwide

International

Index

Fund,

Class

R6(a)

1,019,978

8,567,812

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

188,955

3,284,043

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

1,777,435

20,795,995

Nationwide

Small

Cap

Index

Fund,

Class

R6(a)

109,549

1,375,932

Total

Equity

Funds

(cost

$30,164,730)

34,023,782

Fixed

Income

Funds

6.2%

Nationwide

Bond

Index

Fund,

Class

R6(a)

178,804

2,093,796

Nationwide

Core

Plus

Bond

Fund,

Class

R6(a)

36,816

395,407

Total

Fixed

Income

Funds

(cost

$2,392,428)

2,489,203

Total

Investment

Companies

(cost

$32,557,158)

36,512,985

Exchange-Traded

Funds

9.0%

Shares

Value

($)

Equity

Fund

8.1%

iShares

Core

MSCI

Emerging

Markets

ETF

51,122

3,263,117

Fixed

Income

Fund

0.9%

iShares

20+

Year

Treasury

Bond

ETF

2,482

377,264

Total

Exchange-Traded

Funds

(cost

$2,965,784)

3,640,381

Total

Investments

(cost

$35,522,942)

—

99.9%

40,153,366

Other

assets

in

excess

of

liabilities

—

0.1%

21,398

NET

ASSETS

—

100.0%

$

40,174,764

(a)

Investment

in

affiliate.

ETF

Exchange

Traded

Fund

Nationwide

Destination

2060

Fund

-

January

31,

2021

(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

January

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange-Traded

Funds

$

3,640,381

$

–

$

–

$

3,640,381

Investment

Companies

36,512,985

–

–

36,512,985

Total

$

40,153,366

$

–

$

–

$

40,153,366

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

-

January

31,

2021

(Unaudited)

-

Nationwide

Destination

2065

Fund

Investment

Companies

91.6%

Shares

Value

($)

Equity

Funds

86.2%

Nationwide

International

Index

Fund,

Class

R6(a)

44,154

370,896

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

8,162

141,857

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

77,102

902,091

Nationwide

Small

Cap

Index

Fund,

Class

R6(a)

4,745

59,596

Total

Equity

Funds

(cost

$1,323,751)

1,474,440

Fixed

Income

Funds

5.4%

Nationwide

Bond

Index

Fund,

Class

R6(a)

6,618

77,494

Nationwide

Core

Plus

Bond

Fund,

Class

R6(a)

1,411

15,157

Total

Fixed

Income

Funds

(cost

$92,585)

92,651

Total

Investment

Companies

(cost

$1,416,336)

1,567,091

Exchange-Traded

Funds

8.4%

Shares

Value

($)

Equity

Fund

7.7%

iShares

Core

MSCI

Emerging

Markets

ETF

2,047

130,660

Fixed

Income

Fund

0.7%

iShares

20+

Year

Treasury

Bond

ETF

82

12,464

Total

Exchange-Traded

Funds

(cost

$114,790)

143,124

Total

Investments

(cost

$1,531,126)

—

100.0%

1,710,215

Other

assets

in

excess

of

liabilities

—

0.0%

†

552

NET

ASSETS

—

100.0%

$

1,710,767

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

ETF

Exchange

Traded

Fund

Nationwide

Destination

2065

Fund

-

January

31,

2021

(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

January

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange-Traded

Funds

$

143,124

$

–

$

–

$

143,124

Investment

Companies

1,567,091

–

–

1,567,091

Total

$

1,710,215

$

–

$

–

$

1,710,215

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.

24

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Destination

Retirement

Fund

Investment

Companies

83.8%

Shares

Value

($)

Alternative

Assets

5.8%

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

1,394,787

14,505,782

Total

Alternative

Assets

(cost

$13,835,968)

14,505,782

Equity

Funds

32.9%

Nationwide

International

Index

Fund,

Class

R6(a)

2,076,943

17,446,318

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

259,225

4,505,337

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

5,121,283

59,919,014

Total

Equity

Funds

(cost

$67,323,097)

81,870,669

Fixed

Income

Funds

45.1%

Nationwide

Bond

Index

Fund,

Class

R6(a)

6,086,040

71,267,524

Nationwide

Core

Plus

Bond

Fund,

Class

R6(a)

2,241,820

24,077,143

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

1,517,986

16,819,280

Total

Fixed

Income

Funds

(cost

$104,533,272)

112,163,947

Total

Investment

Companies

(cost

$185,692,337)

208,540,398

Exchange-Traded

Funds

5.5%

Equity

Fund

2.6%

iShares

Core

MSCI

Emerging

Markets

ETF

102,515

6,543,533

Exchange-Traded

Funds

Shares

Value

($)

Fixed

Income

Fund

2.9%

iShares

20+

Year

Treasury

Bond

ETF

48,029

7,300,408

Total

Exchange-Traded

Funds

(cost

$12,487,409)

13,843,941

Investment

Contract

10.7%

Principal

Amount

($)

Nationwide

Contract,

2.15%

^∞(a)(b)

26,593,540

26,593,540

Total

Investment

Contract

(cost

$26,593,540)

26,593,540

Total

Investments

(cost

$224,773,286)

—

100.0%

248,977,879

Liabilities

in

excess

of

other

assets

—

0.0%

†

(123,431)

NET

ASSETS

—

100.0%

$

248,854,448

^

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

Retirement

Fund

-

January

31,

2021

(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

January

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange-Traded

Funds

$

13,843,941

$

–

$

–

$

13,843,941

Investment

Companies

208,540,398

–

–

208,540,398

Investment

Contract

–

–

26,593,540

26,593,540

Total

$

222,384,339

$

–

$

26,593,540

$

248,977,879

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

26

-

Statement

of

Investments

-

January

31,

2021

(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.

Investment

Contract

Total

Balance

as

of

October

31,

2020

$

26,982,011

$

26,982,011

Purchases

*

1,576,620

1,576,620

Sales

(1,965,091)

(1,965,091)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

Into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

January

31,

2021

$

26,593,540

$

26,593,540

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

2.15%

(2.15%)

Daily

Transactions

$1.00

($1.00)

*

NFA

can

increase

or

redeem

all

or

a

portion

of

the

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

Nationwide

Life

Insurance

Company

has

the

ability

to

terminate

its

investment

in

the

Nationwide

Contract

at

its

discretion.

The

FVC

continues

to

evaluate

any

information

that

could

c

ause

an

adjustment

to

the

fair

value

for

this

investment,

such

as

market

news

or

the

credit

rating

of

the

issuer.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Investor

Destinations

Aggressive

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

1

Investment

Companies

90.1%

Shares

Value

($)

Alternative

Assets

2.0%

Nationwide

Amundi

Global

High

Yield

Fund,

Class

R6(a)

1,076,134

10,277,080

Nationwide

Emerging

Markets

Debt

Fund,

Class

R6(a)

1,013,519

10,277,079

Total

Alternative

Assets

(cost

$20,189,426)

20,554,159

Equity

Funds

85.1%

Nationwide

International

Index

Fund,

Class

R6(a)

26,610,295

223,526,479

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

3,457,386

41,108,318

Nationwide

Loomis

All

Cap

Growth

Fund,

Class

R6(a)

2,499,659

40,594,464

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

7,007,100

121,783,392

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

38,253,574

447,566,811

Total

Equity

Funds

(cost

$754,450,658)

874,579,464

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

3.0%

Nationwide

Bond

Index

Fund,

Class

R6(a)

1,318,367

15,438,072

Nationwide

Core

Plus

Bond

Fund,

Class

R6(a)

479,339

5,148,098

Nationwide

Loomis

Core

Bond

Fund,

Class

R6(a)

902,633

10,290,014

Total

Fixed

Income

Funds

(cost

$29,767,332)

30,876,184

Total

Investment

Companies

(cost

$804,407,416)

926,009,807

Exchange

Traded

Fund

10.3%

Equity

Fund

10.3%

iShares

Core

MSCI

Emerging

Markets

ETF

1,656,412

105,728,778

Total

Exchange

Traded

Fund

(cost

$87,521,453)

105,728,778

Total

Investments

(cost

$891,928,869)

—

100.4%

1,031,738,585

Liabilities

in

excess

of

other

assets

—

(0.4)%

(4,524,711)

NET

ASSETS

—

100.0%

$

1,027,213,874

(a)

Investment

in

affiliate.

ETF

Exchange

Traded

Fund

2

-

Statement

of

Investments

-

January

31,

2021

(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

January

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Fund

$

105,728,778

$

–

$

–

$

105,728,778

Investment

Companies

926,009,807

–

–

926,009,807

Total

$

1,031,738,585

$

–

$

–

$

1,031,738,585

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

Investor

Destinations

Moderately

Aggressive

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

3

Investment

Companies

90.8%

Shares

Value

($)

Alternative

Assets

6.5%

Nationwide

Amundi

Global

High

Yield

Fund,

Class

R6(a)

4,854,312

46,358,679

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

2,228,783

23,179,339

Nationwide

Emerging

Markets

Debt

Fund,

Class

R6(a)

3,047,908

30,905,786

Total

Alternative

Assets

(cost

$99,097,549)

100,443,804

Equity

Funds

70.7%

Nationwide

International

Index

Fund,

Class

R6(a)

28,698,230

241,065,129

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

4,418,826

52,539,836

Nationwide

Loomis

All

Cap

Growth

Fund,

Class

R6(a)

2,807,022

45,586,034

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

6,935,130

120,532,564

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

54,085,125

632,795,964

Total

Equity

Funds

(cost

$936,081,846)

1,092,519,527

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

13.6%

Nationwide

Bond

Index

Fund,

Class

R6(a)

8,590,044

100,589,418

Nationwide

Core

Plus

Bond

Fund,

Class

R6(a)

5,765,798

61,924,674

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

1,394,665

15,452,893

Nationwide

Loomis

Core

Bond

Fund,

Class

R6(a)

2,714,450

30,944,725

Total

Fixed

Income

Funds

(cost

$199,068,143)

208,911,710

Total

Investment

Companies

(cost

$1,234,247,538)

1,401,875,041

Exchange

Traded

Fund

9.8%

Equity

Fund

9.8%

iShares

Core

MSCI

Emerging

Markets

ETF

2,378,075

151,792,527

Total

Exchange

Traded

Fund

(cost

$124,859,457)

151,792,527

Total

Investments

(cost

$1,359,106,995)

—

100.6%

1,553,667,568

Liabilities

in

excess

of

other

assets

—

(0.6)%

(8,865,961)

NET

ASSETS

—

100.0%

$

1,544,801,607

(a)

Investment

in

affiliate.

ETF

Exchange

Traded

Fund

4

-

Statement

of

Investments

-

January

31,

2021

(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

January

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Fund

$

151,792,527

$

–

$

–

$

151,792,527

Investment

Companies

1,401,875,041

–

–

1,401,875,041

Total

$

1,553,667,568

$

–

$

–

$

1,553,667,568

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

Investor

Destinations

Moderate

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

5

Investment

Companies

83.9%

Shares

Value

($)

Alternative

Assets

6.5%

Nationwide

Amundi

Global

High

Yield

Fund,

Class

R6(a)

3,891,174

37,160,711

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

1,786,573

18,580,355

Nationwide

Emerging

Markets

Debt

Fund,

Class

R6(a)

2,443,176

24,773,807

Total

Alternative

Assets

(cost

$79,867,952)

80,514,873

Equity

Funds

53.4%

Nationwide

International

Index

Fund,

Class

R6(a)

16,810,798

141,210,700

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

1,927,315

22,915,772

Nationwide

Loomis

All

Cap

Growth

Fund,

Class

R6(a)

1,411,070

22,915,772

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

3,385,374

58,837,792

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

35,466,775

414,961,269

Total

Equity

Funds

(cost

$556,348,977)

660,841,305

Fixed

Income

Funds

24.0%

Nationwide

Bond

Index

Fund,

Class

R6(a)

9,534,496

111,648,946

Nationwide

Core

Plus

Bond

Fund,

Class

R6(a)

5,777,591

62,051,326

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

1,117,952

12,386,904

Nationwide

Loomis

Core

Bond

Fund,

Class

R6(a)

5,439,803

62,013,751

Nationwide

Loomis

Short

Term

Bond

Fund,

Class

R6(a)

4,765,691

49,610,839

Total

Fixed

Income

Funds

(cost

$285,454,889)

297,711,766

Total

Investment

Companies

(cost

$921,671,818)

1,039,067,944

Exchange-Traded

Funds

8.6%

Shares

Value

($)

Equity

Fund

7.3%

iShares

Core

MSCI

Emerging

Markets

ETF

1,413,258

90,208,259

Fixed

Income

Fund

1.3%

iShares

20+

Year

Treasury

Bond

ETF

107,128

16,283,456

Total

Exchange-Traded

Funds

(cost

$89,266,567)

106,491,715

Investment

Contract

7.0%

Principal

Amount

($)

Nationwide

Contract,

2.15%

^∞(a)(b)

86,708,325

86,708,325

Total

Investment

Contract

(cost

$86,708,325)

86,708,325

Total

Investments

(cost

$1,097,646,710)

—

99.5%

1,232,267,984

Other

assets

in

excess

of

liabilities

—

0.5%

6,249,462

NET

ASSETS

—

100.0%

$

1,238,517,446

^

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

-

January

31,

2021

(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

January

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange-Traded

Funds

$

106,491,715

$

–

$

–

$

106,491,715

Investment

Companies

1,039,067,944

–

–

1,039,067,944

Investment

Contract

–

–

86,708,325

86,708,325

Total

$

1,145,559,659

$

–

$

86,708,325

$

1,232,267,984

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

Nationwide

Investor

Destinations

Moderate

Fund

-

January

31,

2021

(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.

Investment

Contract

Total

Balance

as

of

October

31,

2020

$

93,448,899

$

93,448,899

Purchases

*

936,142

936,142

Sales

(7,676,716)

(7,676,716)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

Into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

January

31,

2021

$

86,708,325

$

86,708,325

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

2.15%

(2.15%)

Daily

Transactions

$1.00

($1.00)

*

NFA

can

increase

or

redeem

all

or

a

portion

of

the

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

Nationwide

Life

Insurance

Company

has

the

ability

to

terminate

its

investment

in

the

Nationwide

Contract

at

its

discretion.

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

this

investment,

such

as

market

news

or

the

credit

rating

of

the

issuer.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

8

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Investor

Destinations

Moderately

Conservative

Fund

Investment

Companies

80.4%

Shares

Value

($)

Alternative

Assets

5.5%

Nationwide

Amundi

Global

High

Yield

Fund,

Class

R6(a)

1,348,368

12,876,912

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

619,082

6,438,456

Nationwide

Emerging

Markets

Debt

Fund,

Class

R6(a)

423,304

4,292,304

Total

Alternative

Assets

(cost

$23,504,148)

23,607,672

Equity

Funds

35.8%

Nationwide

International

Index

Fund,

Class

R6(a)

4,139,007

34,767,662

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

324,901

3,863,073

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

1,000,220

17,383,831

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

8,346,147

97,649,915

Total

Equity

Funds

(cost

$125,622,469)

153,664,481

Fixed

Income

Funds

39.1%

Nationwide

Bond

Index

Fund,

Class

R6(a)

6,424,504

75,230,936

Nationwide

Core

Plus

Bond

Fund,

Class

R6(a)

2,803,032

30,104,560

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

1,162,176

12,876,912

Nationwide

Loomis

Core

Bond

Fund,

Class

R6(a)

1,508,074

17,192,041

Nationwide

Loomis

Short

Term

Bond

Fund,

Class

R6(a)

3,096,749

32,237,154

Total

Fixed

Income

Funds

(cost

$159,145,089)

167,641,603

Total

Investment

Companies

(cost

$308,271,706)

344,913,756

Exchange-Traded

Funds

6.5%

Shares

Value

($)

Equity

Fund

4.7%

iShares

Core

MSCI

Emerging

Markets

ETF

316,652

20,211,899

Fixed

Income

Fund

1.8%

iShares

20+

Year

Treasury

Bond

ETF

51,205

7,783,160

Total

Exchange-Traded

Funds

(cost

$23,142,840)

27,995,059

Investment

Contract

11.5%

Principal

Amount

($)

Nationwide

Contract,

2.15%

^∞(a)(b)

49,361,495

49,361,495

Total

Investment

Contract

(cost

$49,361,495)

49,361,495

Total

Investments

(cost

$380,776,041)

—

98.4%

422,270,310

Other

assets

in

excess

of

liabilities

—

1.6%

6,938,360

NET

ASSETS

—

100.0%

$

429,208,670

^

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

-

January

31,

2021

(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

January

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange-Traded

Funds

$

27,995,059

$

–

$

–

$

27,995,059

Investment

Companies

344,913,756

–

–

344,913,756

Investment

Contract

–

–

49,361,495

49,361,495

Total

$

372,908,815

$

–

$

49,361,495

$

422,270,310

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

10

-

Statement

of

Investments

-

January

31,

2021

(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.

Investment

Contract

Total

Balance

as

of

October

31,

2020

$

53,040,217

$

53,040,217

Purchases

*

1,158,763

1,158,763

Sales

(4,837,485)

(4,837,485)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

Into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

January

31,

2021

$

49,361,495

$

49,361,495

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

2.15%

(2.15%)

Daily

Transactions

$1.00

($1.00)

*

NFA

can

increase

or

redeem

all

or

a

portion

of

the

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

Nationwide

Life

Insurance

Company

has

the

ability

to

terminate

its

investment

in

the

Nationwide

Contract

at

its

discretion.

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

this

investment,

such

as

market

news

or

the

credit

rating

of

the

issuer.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Investor

Destinations

Conservative

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

11

Investment

Companies

75.1%

Shares

Value

($)

Alternative

Assets

6.0%

Nationwide

Amundi

Global

High

Yield

Fund,

Class

R6(a)

1,370,194

13,085,349

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

1,887,310

19,628,024

Nationwide

Emerging

Markets

Debt

Fund,

Class

R6(a)

645,234

6,542,675

Total

Alternative

Assets

(cost

$38,693,571)

39,256,048

Equity

Funds

18.1%

Nationwide

International

Index

Fund,

Class

R6(a)

3,505,004

29,442,036

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

247,620

2,944,204

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

696,430

12,103,948

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

6,346,954

74,259,357

Total

Equity

Funds

(cost

$94,613,380)

118,749,545

Fixed

Income

Funds

51.0%

Nationwide

Bond

Index

Fund,

Class

R6(a)

12,311,360

144,166,029

Nationwide

Core

Plus

Bond

Fund,

Class

R6(a)

5,493,537

59,000,586

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

2,952,471

32,713,373

Nationwide

Loomis

Core

Bond

Fund,

Class

R6(a)

1,149,376

13,102,881

Nationwide

Loomis

Short

Term

Bond

Fund,

Class

R6(a)

8,182,211

85,176,818

Total

Fixed

Income

Funds

(cost

$316,042,667)

334,159,687

Total

Investment

Companies

(cost

$449,349,618)

492,165,280

Exchange-Traded

Funds

5.8%

Shares

Value

($)

Equity

Fund

2.1%

iShares

Core

MSCI

Emerging

Markets

ETF

219,082

13,984,004

Fixed

Income

Fund

3.7%

iShares

20+

Year

Treasury

Bond

ETF

160,141

24,341,433

Total

Exchange-Traded

Funds

(cost

$33,248,394)

38,325,437

Investment

Contract

16.0%

Principal

Amount

($)

Nationwide

Contract,

2.15%

^∞(a)(b)

104,682,794

104,682,794

Total

Investment

Contract

(cost

$104,682,794)

104,682,794

Total

Investments

(cost

$587,280,806)

—

96.9%

635,173,511

Other

assets

in

excess

of

liabilities

—

3.1%

20,417,103

NET

ASSETS

—

100.0%

$

655,590,614

^

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

12

-

Statement

of

Investments

-

January

31,

2021

(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

January

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange-Traded

Funds

$

38,325,437

$

–

$

–

$

38,325,437

Investment

Companies

492,165,280

–

–

492,165,280

Investment

Contract

–

–

104,682,794

104,682,794

Total

$

530,490,717

$

–

$

104,682,794

$

635,173,511

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

Nationwide

Investor

Destinations

Conservative

Fund

-

January

31,

2021

(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.

Investment

Contract

Total

Balance

as

of

October

31,

2020

$

114,288,847

$

114,288,847

Purchases

*

2,860,756

2,860,756

Sales

(12,466,809)

(12,466,809)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

Into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

January

31,

2021

$

104,682,794

$

104,682,794

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

2.15%

(2.15%)

Daily

Transactions

$1.00

($1.00)

*

NFA

can

increase

or

redeem

all

or

a

portion

of

the

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

C

ontract

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

Nationwide

Life

Insurance

Company

has

the

ability

to

terminate

its

investment

in

the

Nationwide

Contract

at

its

discretion.

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

this

investment,

such

as

market

news

or

the

credit

rating

of

the

issuer.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Bond

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

1

Asset-Backed

Securities

17.2%

Principal

Amount

($)

Value

($)

Airlines

1.6%

Air

Canada

Pass-Through

Trust,

Series

2015-1,

Class

B,

3.88%,

3/15/2023(a)

2,496,613

2,438,712

Continental

Airlines

Pass-

Through

Trust,

Series

2007-1,

Class

B,

6.90%,

4/19/2022

68,670

68,392

United

Airlines

Pass-Through

Trust

Series

2014-1,

Class

B,

4.75%,

4/11/2022

771,661

775,463

Series

2016-1,

Class

B,

3.65%,

1/7/2026

2,238,084

2,188,085

5,470,652

Automobiles

0.5%

OneMain

Direct

Auto

Receivables

Trust,

Series

2018-1A,

Class

A,

3.43%,

12/16/2024(a)

1,602,740

1,617,016

Home

Equity

1.6%

Long

Beach

Mortgage

Loan

Trust,

Series

2005-

WL2,

Class

M2,

0.87%,

8/25/2035(b)

3,113,030

3,111,514

Park

Place

Securities,

Inc.

Asset-Backed

Pass-

Through

Certificates,

Series

2005-WCH1,

Class

M4,

1.37%,

1/25/2036(b)

896,554

899,208

Soundview

Home

Loan

Trust,

Series

2006-WF2,

Class

M1,

0.46%,

12/25/2036(b)

1,773,061

1,760,881

Structured

Asset

Securities

Corp.

Mortgage

Pass-

Through

Certificates,

Series

2004-6XS,

Class

A6,

5.13%,

3/25/2034(c)

245

246

5,771,849

Other

13.5%

American

Homes

4

Rent

Trust

Series

2014-SFR3,

Class

A,

3.68%,

12/17/2036(a)

2,026,367

2,182,193

Series

2015-SFR2,

Class

A,

3.73%,

10/17/2052(a)

2,726,873

2,972,912

Apidos

CLO

XXII,

Series

2015-22A,

Class

A1R,

1.28%,

4/20/2031(a)(b)

1,000,000

999,275

Ares

LVI

CLO

Ltd.,

Series

2020-56A,

Class

A1,

1.49%,

10/25/2031(a)(b)

500,000

500,773

Bayview

Opportunity

Master

Fund

IVa

Trust,

Series

2017-SPL5,

Class

B2,

4.50%,

6/28/2057(a)(b)

1,348,100

1,516,882

Cedar

Funding

II

CLO

Ltd.,

Series

2013-1A,

Class

BR,

1.98%,

6/9/2030(a)(b)

3,000,000

3,001,476

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Citigroup

Mortgage

Loan

Trust,

Inc.,

Series

2018-

RP1,

Class

A1,

3.00%,

9/25/2064(a)(b)

382,669

405,839

CVS

Pass-Through

Trust,

6.94%,

1/10/2030

1,482,134

1,764,112

Golden

Bear

LLC,

Series

2016-1A,

Class

A,

3.75%,

9/20/2047(a)

1,425,126

1,493,600

Goodgreen

,

Series

2019-

2A,

Class

A,

2.76%,

10/15/2054(a)

1,535,329

1,587,189

Goodgreen

Trust,

Series

2017-1A,

Class

A,

3.74%,

10/15/2052(a)

149,830

157,994

HERO

Funding

Trust

Series

2015-2A,

Class

A,

3.99%,

9/20/2040(a)

198,212

210,711

Series

2015-1A,

Class

A,

3.84%,

9/21/2040(a)

853,165

905,389

Invitation

Homes

Trust,

Series

2018-SFR3,

Class

A,

1.13%,

7/17/2037(a)(b)

1,826,964

1,833,522

Magnetite

XXVIII

Ltd.,

Series

2020-28A,

Class

A,

1.49%,

10/25/2031(a)(b)

2,000,000

2,004,136

Mill

City

Mortgage

Loan

Trust,

Series

2018-4,

Class

A1B,

3.50%,

4/25/2066(a)(b)

2,109,167

2,241,319

Neuberger

Berman

Loan

Advisers

CLO

32

Ltd.,

Series

2019-32A,

Class

A,

1.55%,

1/19/2032(a)(b)

500,000

500,254

Neuberger

Berman

Loan

Advisers

CLO

38

Ltd.,

Series

2020-38A,

Class

A,

1.52%,

10/20/2032(a)(b)

1,950,000

1,955,686

NRZ

Advance

Receivables

Trust

Series

2020-T3,

Class

AT3,

1.32%,

10/15/2052(a)

1,200,000

1,205,166

Series

2020-T3,

Class

BT3,

1.57%,

10/15/2052(a)

200,000

200,858

Series

2020-T2,

Class

AT2,

1.48%,

9/15/2053(a)

1,700,000

1,703,564

Series

2020-T2,

Class

BT2,

1.72%,

9/15/2053(a)

200,000

200,145

Renew,

Series

2018-1,

Class

A,

3.95%,

9/20/2053(a)

1,456,134

1,529,616

Towd

Point

Mortgage

Trust

Series

2015-6,

Class

M1,

3.75%,

4/25/2055(a)(b)

3,322,000

3,565,171

Series

2018-2,

Class

A1,

3.25%,

3/25/2058(a)(b)

424,843

445,691

Series

2019-1,

Class

A1,

3.75%,

3/25/2058(a)(b)

3,634,231

3,879,274

Series

2019-4,

Class

A1,

2.90%,

10/25/2059(a)(b)

1,464,030

1,552,045

2

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Bond

Fund

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Series

2019-4,

Class

A2,

3.25%,

10/25/2059(a)(b)

590,000

634,938

Tricon

American

Homes

Trust

Series

2017-SFR2,

Class

A,

2.93%,

1/17/2036(a)

3,515,736

3,624,537

Series

2019-SFR1,

Class

A,

2.75%,

3/17/2038(a)

2,780,000

2,925,771

47,700,038

Total

Asset-Backed

Securities

(cost

$59,563,000)

60,559,555

Collateralized

Mortgage

Obligations

5.8%

Alternative

Loan

Trust,

Series

2007-2CB,

Class

2A14,

5.75%,

3/25/2037

239,618

186,386

American

Home

Mortgage

Investment

Trust,

Series

2004-3,

Class

6A1,

5.32%,

10/25/2034(c)

11,822

11,999

Angel

Oak

Mortgage

Trust,

Series

2020-1,

Class

A1,

2.47%,

12/25/2059(a)(b)

1,435,235

1,453,425

Chase

Mortgage

Finance

Corp.,

Series

2016-

SH2,

Class

M2,

3.75%,

12/25/2045(a)(b)

3,460,063

3,600,951

CHL

Mortgage

Pass-Through

Trust,

Series

2005-15,

Class

A7,

5.50%,

8/25/2035

59,182

47,588

Citigroup

Mortgage

Loan

Trust,

Series

2015-

RP2,

Class

A1,

3.50%,

1/25/2053(a)(b)

524,969

541,991

FNMA

REMICS

Series

2003-33,

Class

LB,

5.50%,

5/25/2023

126,124

130,550

Series

2009-42,

Class

AP,

4.50%,

3/25/2039

38,970

40,262

MASTR

Alternative

Loan

Trust,

Series

2005-6,

Class

1A5,

5.50%,

12/25/2035

181,969

165,772

Mill

City

Mortgage

Loan

Trust,

Series

2019-GS1,

Class

A1,

2.75%,

7/25/2059(a)(b)

1,288,434

1,339,160

New

Residential

Mortgage

Loan

Trust

Series

2016-3A,

Class

A1,

3.75%,

9/25/2056(a)(b)

1,128,208

1,209,769

Series

2019-1A,

Class

A1,

4.00%,

9/25/2057(a)(b)

1,238,607

1,317,811

Series

2019-2A,

Class

A1,

4.25%,

12/25/2057(a)(b)

359,663

388,000

Series

2018-5A,

Class

A1,

4.75%,

12/25/2057(a)(b)

2,199,415

2,354,434

Series

2018-2A,

Class

A1,

4.50%,

2/25/2058(a)(b)

1,133,485

1,214,148

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

Series

2018-3A,

Class

A1,

4.50%,

5/25/2058(a)(b)

1,898,104

2,067,329

Series

2019-RPL2,

Class

A1,

3.25%,

2/25/2059(a)(b)

3,223,270

3,419,115

Sequoia

Mortgage

Trust

Series

2017-CH1,

Class

A2,

3.50%,

8/25/2047(a)(b)

317,294

325,147

Series

2018-CH4,

Class

A10,

4.50%,

10/25/2048(a)

(b)

76,063

76,117

Visio

Trust,

Series

2019-

2,

Class

A2,

2.92%,

11/25/2054(a)(b)

627,252

651,638

Total

Collateralized

Mortgage

Obligations

(cost

$19,833,559)

20,541,592

Commercial

Mortgage-Backed

Securities

3.3%

Aventura

Mall

Trust

,

Series

2018-AVM,

Class

A,

4.11%,

7/5/2040(a)(b)

700,000

796,534

BBCMS

Mortgage

Trust

Series

2016-ETC,

Class

C,

3.39%,

8/14/2036(a)

6,300,000

5,253,418

Series

2018-C2,

Class

A5,

4.31%,

12/15/2051

800,000

951,141

Benchmark

Mortgage

Trust

Series

2019-B11,

Class

AS,

3.78%,

5/15/2052

730,000

834,569

Series

2019-B10,

Class

AM,

3.98%,

3/15/2062

700,000

812,413

GS

Mortgage

Securities

Corp.

II

,

Series

2018-GS10,

Class

A5,

4.16%,

7/10/2051(b)

510,000

599,538

Natixis

Commercial

Mortgage

Securities

Trust

,

Series

2019-LVL,

Class

A,

3.89%,

8/15/2038(a)

400,000

452,130

UBS

Commercial

Mortgage

Trust

Series

2018-C9,

Class

A4,

4.12%,

3/15/2051(b)

860,000

998,776

Series

2018-C10,

Class

A4,

4.31%,

5/15/2051

720,000

848,619

Total

Commercial

Mortgage-Backed

Securities

(cost

$12,134,524)

11,547,138

Corporate

Bonds

34.2%

Aerospace

&

Defense

1.7%

Huntington

Ingalls

Industries,

Inc.

,

4.20%,

5/1/2030

1,230,000

1,439,977

L3Harris

Technologies,

Inc.

,

1.80%,

1/15/2031

1,000,000

1,002,750

Lockheed

Martin

Corp.

,

3.55%,

1/15/2026

1,100,000

1,243,366

Nationwide

Bond

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

3

Corporate

Bonds

Principal

Amount

($)

Value

($)

Aerospace

&

Defense

Raytheon

Technologies

Corp.

,

4.13%,

11/16/2028

1,900,000

2,235,419

5,921,512

Automobiles

0.3%

Daimler

Finance

North

America

LLC

,

3.75%,

2/22/2028(a)

250,000

284,323

3.10%,

8/15/2029(a)

890,000

968,428

1,252,751

Banks

3.5%

Bank

of

America

Corp.

,

Series

L,

3.95%,

4/21/2025

1,750,000

1,956,073

(ICE

LIBOR

USD

3

Month

+

1.21%),

3.97%,

2/7/2030(d)

1,990,000

2,301,649

(SOFR

+

1.88%),

2.83%,

10/24/2051(d)

110,000

109,704

Citigroup,

Inc.

,

4.45%,

9/29/2027

2,000,000

2,336,346

Citizens

Financial

Group,

Inc.

,

2.64%,

9/30/2032(a)

1,350,000

1,381,177

Cooperatieve

Rabobank

UA

,

5.75%,

12/1/2043

600,000

862,358

HSBC

Holdings

plc

,

4.38%,

11/23/2026

1,000,000

1,147,861

JPMorgan

Chase

&

Co.

,

Series

I,

(ICE

LIBOR

USD

3

Month

+

3.47%),

3.68%,

4/30/2021(d)(e)

488,000

484,562

(SOFR

+

1.51%),

2.53%,

11/19/2041(d)

650,000

644,156

4.95%,

6/1/2045

950,000

1,297,316

12,521,202

Beverages

1.0%

Anheuser-Busch

Cos.

LLC

,

3.65%,

2/1/2026

850,000

953,752

4.90%,

2/1/2046

1,000,000

1,252,936

Anheuser-Busch

InBev

Worldwide,

Inc.

,

4.50%,

6/1/2050

105,000

126,942

Bacardi

Ltd.

,

5.30%,

5/15/2048(a)

810,000

1,091,713

3,425,343

Biotechnology

0.6%

AbbVie,

Inc.

,

3.80%,

3/15/2025

1,325,000

1,471,791

3.20%,

11/21/2029

195,000

215,743

4.25%,

11/21/2049

400,000

485,546

2,173,080

Building

Products

0.1%

Johnson

Controls

International

plc

,

4.63%,

7/2/2044(c)

294,000

376,526

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

1.8%

Credit

Suisse

Group

AG

,

(SOFR

+

3.73%),

4.19%,

4/1/2031(a)(d)

250,000

289,631

FMR

LLC

,

4.95%,

2/1/2033(a)

925,000

1,215,554

Moody's

Corp.

,

3.25%,

5/20/2050

710,000

753,779

Nuveen

Finance

LLC

,

4.13%,

11/1/2024(a)

3,230,000

3,636,647

S&P

Global,

Inc.

,

2.30%,

8/15/2060

425,000

379,430

6,275,041

Chemicals

0.3%

Cytec

Industries,

Inc.

,

3.95%,

5/1/2025

600,000

647,655

Mosaic

Co.

(The)

,

5.63%,

11/15/2043

350,000

452,653

1,100,308

Commercial

Services

&

Supplies

0.3%

Aramark

Services,

Inc.

,

5.00%,

2/1/2028(a)

950,000

990,470

Communications

Equipment

0.2%

Motorola

Solutions,

Inc.

,

5.50%,

9/1/2044

610,000

778,532

Containers

&

Packaging

0.2%

Berry

Global,

Inc.

,

4.88%,

7/15/2026(a)

700,000

749,350

Diversified

Financial

Services

0.2%

HERO

Funding

Trust

,

Class

A,

4.28%,

9/20/2041

819,589

880,829

Diversified

Telecommunication

Services

1.4%

AT&T,

Inc.

,

2.55%,

12/1/2033(a)

174,000

173,485

3.65%,

6/1/2051

1,795,000

1,800,602

CCO

Holdings

LLC

,

5.75%,

2/15/2026(a)

600,000

619,080

5.13%,

5/1/2027(a)

1,825,000

1,918,915

4.75%,

3/1/2030(a)

325,000

345,709

4,857,791

Electric

Utilities

3.7%

Alliant

Energy

Finance

LLC

,

4.25%,

6/15/2028(a)

2,000,000

2,363,298

Appalachian

Power

Co.

,

Series

Z,

3.70%,

5/1/2050

190,000

215,737

Entergy

Arkansas

LLC

,

4.00%,

6/1/2028

2,650,000

3,095,087

Evergy

,

Inc.

,

2.90%,

9/15/2029

1,020,000

1,101,538

Indiana

Michigan

Power

Co.

,

3.85%,

5/15/2028

1,250,000

1,445,669

Jersey

Central

Power

&

Light

Co.

,

4.30%,

1/15/2026(a)

500,000

558,881

Metropolitan

Edison

Co.

,

4.30%,

1/15/2029(a)

1,000,000

1,121,044

4

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Public

Service

Co.

of

Colorado

,

2.90%,

5/15/2025

3,000,000

3,232,129

13,133,383

Energy

Equipment

&

Services

0.5%

Helmerich

&

Payne,

Inc.

,

4.65%,

3/15/2025

1,575,000

1,759,932

Entertainment

0.6%

Walt

Disney

Co.

(The)

,

2.65%,

1/13/2031

2,000,000

2,158,977

Equity

Real

Estate

Investment

Trusts

(REITs)

2.0%

Corporate

Office

Properties

LP

,

2.25%,

3/15/2026

1,000,000

1,038,701

Crown

Castle

International

Corp.

,

4.15%,

7/1/2050

430,000

499,741

Lexington

Realty

Trust

,

2.70%,

9/15/2030

1,300,000

1,337,032

Piedmont

Operating

Partnership

LP

,

3.40%,

6/1/2023

1,500,000

1,565,250

4.45%,

3/15/2024

2,300,000

2,502,480

6,943,204

Food

&

Staples

Retailing

0.2%

CVS

Pass-Through

Trust

,

7.51%,

1/10/2032(a)

678,799

868,912

Food

Products

1.2%

Cargill,

Inc.

,

3.25%,

5/23/2029(a)

1,775,000

2,000,003

Grupo

Bimbo

SAB

de

CV

,

4.00%,

9/6/2049(a)

150,000

162,991

Ingredion,

Inc.

,

3.90%,

6/1/2050

735,000

850,546

J

M

Smucker

Co.

(The)

,

3.55%,

3/15/2050

610,000

673,729

Kraft

Heinz

Foods

Co.

,

4.88%,

10/1/2049

500,000

565,734

4,253,003

Health

Care

Equipment

&

Supplies

0.3%

Boston

Scientific

Corp.

,

4.70%,

3/1/2049

700,000

924,722

Health

Care

Providers

&

Services

0.1%

CVS

Health

Corp.

,

4.25%,

4/1/2050

300,000

361,030

Household

Durables

0.9%

Newell

Brands,

Inc.

,

4.70%,

4/1/2026(c)

2,850,000

3,133,375

Insurance

1.7%

MassMutual

Global

Funding

II

,

3.40%,

3/8/2026(a)

2,000,000

2,235,949

1.55%,

10/9/2030(a)

500,000

492,965

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

Metropolitan

Life

Global

Funding

I

,

3.45%,

12/18/2026(a)

2,875,000

3,274,178

6,003,092

IT

Services

0.2%

Global

Payments,

Inc.

,

4.15%,

8/15/2049

730,000

862,934

Media

0.8%

Charter

Communications

Operating

LLC

,

5.75%,

4/1/2048

600,000

761,050

3.70%,

4/1/2051

250,000

246,818

Comcast

Corp.

,

4.70%,

10/15/2048

1,000,000

1,328,125

Discovery

Communications

LLC

,

5.30%,

5/15/2049

500,000

643,028

2,979,021

Metals

&

Mining

0.2%

Compass

Minerals

International,

Inc.

,

6.75%,

12/1/2027(a)

550,000

589,875

Multi-Utilities

2.1%

Black

Hills

Corp.

,

3.95%,

1/15/2026

1,750,000

1,981,783

3.05%,

10/15/2029

675,000

736,314

Dominion

Energy,

Inc.

,

Series

A,

4.60%,

3/15/2049

1,000,000

1,287,369

Southern

Co.

Gas

Capital

Corp.

,

3.88%,

11/15/2025

1,100,000

1,237,081

3.25%,

6/15/2026

2,000,000

2,224,032

7,466,579

Oil,

Gas

&

Consumable

Fuels

2.0%

Aker

BP

ASA

,

3.75%,

1/15/2030(a)

1,500,000

1,591,108

BP

Capital

Markets

America,

Inc.

,

2.94%,

6/4/2051

500,000

482,550

Enbridge

Energy

Partners

LP

,

7.38%,

10/15/2045

400,000

605,993

Energy

Transfer

Operating

LP

,

5.50%,

6/1/2027

1,000,000

1,181,388

Exxon

Mobil

Corp.

,

3.45%,

4/15/2051

725,000

788,494

Kinder

Morgan,

Inc.

,

5.05%,

2/15/2046

500,000

593,735

3.25%,

8/1/2050

115,000

108,245

ONEOK,

Inc.

,

7.15%,

1/15/2051

500,000

683,826

Williams

Cos.,

Inc.

(The)

,

5.75%,

6/24/2044

725,000

912,788

6,948,127

Nationwide

Bond

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

5

Corporate

Bonds

Principal

Amount

($)

Value

($)

Pharmaceuticals

1.5%

Bristol-Myers

Squibb

Co.

,

4.25%,

10/26/2049

450,000

574,645

Shire

Acquisitions

Investments

Ireland

DAC

,

3.20%,

9/23/2026

1,175,000

1,305,113

Takeda

Pharmaceutical

Co.

Ltd.

,

3.18%,

7/9/2050

520,000

532,901

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

2.80%,

7/21/2023

1,500,000

1,487,100

3.15%,

10/1/2026

1,500,000

1,430,625

5,330,384

Road

&

Rail

1.4%

Ashtead

Capital,

Inc.

,

4.00%,

5/1/2028(a)

2,000,000

2,133,000

4.25%,

11/1/2029(a)

1,061,000

1,167,323

Burlington

Northern

Santa

Fe

LLC

,

3.00%,

4/1/2025

300,000

327,152

4.15%,

4/1/2045

1,000,000

1,240,933

4,868,408

Semiconductors

&

Semiconductor

Equipment

0.1%

Broadcom,

Inc.

,

2.60%,

2/15/2033(a)

250,000

247,651

Software

1.2%

Microsoft

Corp.

,

3.30%,

2/6/2027

3,000,000

3,408,210

Oracle

Corp.

,

3.60%,

4/1/2050

665,000

741,993

4,150,203

Specialty

Retail

0.5%

Lowe's

Cos.,

Inc.

,

1.70%,

10/15/2030

1,750,000

1,721,185

Technology

Hardware,

Storage

&

Peripherals

0.3%

Digital

Equipment

Corp.

,

7.75%,

4/1/2023

825,000

910,914

Thrifts

&

Mortgage

Finance

0.5%

BPCE

SA

,

5.70%,

10/22/2023(a)

1,500,000

1,693,305

Tobacco

0.3%

BAT

Capital

Corp.

,

3.46%,

9/6/2029

1,010,000

1,102,067

Wireless

Telecommunication

Services

0.3%

T-Mobile

USA,

Inc.

,

3.30%,

2/15/2051(a)

1,060,000

1,038,577

Total

Corporate

Bonds

(cost

$111,381,405)

120,751,595

Mortgage-Backed

Securities

24.7%

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

QN4142

1.50%,

11/1/2035

5,927,266

6,079,912

Pool#

SB8088

1.50%,

2/1/2036

5,000,000

5,128,945

Pool#

SD8080

2.00%,

6/1/2050

2,695,572

2,784,443

FNMA

Pool

Pool#

AM7838

3.56%,

2/1/2035

2,242,312

2,497,998

Pool#

AM9070

3.77%,

8/1/2045

2,995,000

3,480,626

FNMA

UMBS

Pool

Pool#

CA4488

2.50%,

7/1/2034

3,165,808

3,324,669

Pool#

FM1776

3.00%,

10/1/2034

990,124

1,044,729

Pool#

BC0180

4.00%,

1/1/2046

1,346,610

1,468,898

Pool#

BC9003

3.00%,

11/1/2046

197,634

210,901

Pool#

AS8483

3.00%,

12/1/2046

153,977

164,008

Pool#

MA2863

3.00%,

1/1/2047

1,623,384

1,716,610

Pool#

BM2003

4.00%,

10/1/2047

1,059,546

1,142,462

Pool#

CA2208

4.50%,

8/1/2048

4,001,041

4,352,722

Pool#

CA2469

4.00%,

10/1/2048

1,945,877

2,087,335

Pool#

BN0906

4.00%,

11/1/2048

1,986,752

2,147,870

Pool#

CA3866

3.50%,

7/1/2049

5,965,907

6,339,124

Pool#

BP5843

2.50%,

5/1/2050

5,233,371

5,512,430

Pool#

BP5783

3.00%,

5/1/2050

11,503,187

12,118,783

Pool#

MA4210

2.50%,

12/1/2050

2,477,045

2,608,973

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

1.50%,

2/25/2051

2,000,000

2,008,906

2.00%,

2/25/2051

11,000,000

11,359,219

2.50%,

2/25/2051

9,000,000

9,483,398

Total

Mortgage-Backed

Securities

(cost

$85,598,664)

87,062,961

Municipal

Bonds

0.5%

California

0.2

%

Northern

California

Power

Agency,

RB,

Series

B,

7.31%,

6/1/2040

500,000

762,945

6

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Bond

Fund

Municipal

Bonds

Principal

Amount

($)

Value

($)

District

of

Columbia

0.3

%

Metropolitan

Washington

Airports

Authority,

RB,

Series

D,

7.46%,

10/1/2046

600,000

1,048,602

Total

Municipal

Bonds

(cost

$1,326,883)

1,811,547

U.S.

Treasury

Obligations

11.0%

U.S.

Treasury

Notes

2.25%,

10/31/2024

3,000,000

3,221,250

2.75%,

2/28/2025

3,500,000

3,846,855

2.63%,

1/31/2026

(f)

16,000,000

17,733,750

1.50%,

2/15/2030

13,300,000

13,874,602

Total

U.S.

Treasury

Obligations

(cost

$37,322,051)

38,676,457

Total

Investments

(cost

$327,160,086)

—

96.7%

340,950,845

Other

assets

in

excess

of

liabilities

—

3.3%

11,511,486

NET

ASSETS

—

100.0%

$

352,462,331

(a)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

at

January

31,

2021

was

$111,656,313

which

represents

31.68%

of

net

assets.

(b)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

January

31,

2021.

(c)

Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

at

January

31,

2021.

(d)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

January

31,

2021.

(e)

Perpetual

Bond

Security.

The

rate

reflected

in

the

Statement

of

Investments

is

the

rate

in

effect

on

January

31,

2021.

The

maturity

date

reflects

the

next

call

date.

(f)

Security

or

a

portion

of

the

security

was

used

to

cover

the

margin

requirement

for

futures

contracts.

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

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

January

31,

2021:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

2

Year

Note

152

3/2021

USD

33,588,438

29,323

U.S.

Treasury

5

Year

Note

36

3/2021

USD

4,531,500

(5,712)

U.S.

Treasury

10

Year

Note

32

3/2021

USD

4,385,000

(12,764)

U.S.

Treasury

Long

Bond

418

3/2021

USD

70,524,437

(1,605,211)

3

Month

Eurodollar

500

12/2021

USD

124,750,000

39,026

(1,555,338)

Short

Contracts

U.S.

Treasury

10

Year

Ultra

Note

(382)

3/2021

USD

(58,762,344)

1,180,889

U.S.

Treasury

Ultra

Bond

(19)

3/2021

USD

(3,889,656)

170,361

3

Month

Eurodollar

(500)

12/2022

USD

(124,662,500)

(66,826)

1,284,424

(270,914)

Currency:

USD

United

States

Dollar

Nationwide

Bond

Fund

-

January

31,

2021

(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

January

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

60,559,555

$

–

$

60,559,555

Collateralized

Mortgage

Obligations

–

20,541,592

–

20,541,592

Commercial

Mortgage-Backed

Securities

–

11,547,138

–

11,547,138

Corporate

Bonds

–

120,751,595

–

120,751,595

Futures

Contracts

1,419,599

–

–

1,419,599

Mortgage-Backed

Securities

–

87,062,961

–

87,062,961

Municipal

Bonds

–

1,811,547

–

1,811,547

U.S.

Treasury

Obligations

–

38,676,457

–

38,676,457

Total

Assets

$

1,419,599

$

340,950,845

$

–

$

342,370,444

$

–

$

–

$

–

$

–

8

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Bond

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2021.

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

January

31,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2021:

Level

1

Level

2

Level

3

Total

Liabilities:

Futures

Contracts

$

(1,690,513)

$

–

$

–

$

(1,690,513)

Total

Liabilities

$

(1,690,513)

$

–

$

–

$

(1,690,513)

Total

$

(270,914)

$

340,950,845

$

–

$

340,679,931

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

Assets:

Fair

Value

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

$

1,419,599

Total

$

1,419,599

Liabilities:

s

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

$

(1,690,513)

Total

$

(1,690,513)

The

Statement

of

Investments

should

be

read

in

conjunction

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

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

9

Asset-Backed

Securities

1.8%

Principal

Amount

($)

Value

($)

Airlines

0.1%

United

Airlines

Pass-Through

Trust,

Series

2016-1,

Class

B,

3.65%,

1/7/2026

743,056

726,455

Other

1.7%

Cedar

Funding

VII

CLO

Ltd.,

Series

2018-7A,

Class

A1,

1.22%,

1/20/2031(a)(b)

8,250,000

8,253,259

Diamond

CLO

Ltd.,

Series

2019-1A,

Class

A1,

1.82%,

4/25/2029(a)(b)

7,380,141

7,384,400

SBA

Tower

Trust,

3.87%,

10/8/2024(b)

5,000,000

5,332,354

20,970,013

Total

Asset-Backed

Securities

(cost

$21,249,842)

21,696,468

Collateralized

Mortgage

Obligations

0.5%

FHLMC

REMICS

Series

4039,

Class

ME,

2.00%,

12/15/2040

273,856

277,410

Series

4026,

Class

WJ,

2.75%,

8/15/2041

1,136,083

1,182,124

JP

Morgan

Mortgage

Trust

Series

2017-5,

Class

A1A,

3.00%,

10/26/2048(a)(b)

3,191,385

3,215,188

Series

2019-3,

Class

A3,

4.00%,

9/25/2049(a)(b)

1,261,333

1,300,714

Total

Collateralized

Mortgage

Obligations

(cost

$5,863,702)

5,975,436

Commercial

Mortgage-Backed

Securities

3.2%

GNMA

REMICS

Series

2018-17,

Class

MA,

2.60%,

5/1/2052

7,473,572

7,832,517

Series

2019-34,

Class

AL,

3.15%,

5/16/2059

4,804,586

5,007,630

Series

2018-28,

Class

AG,

2.60%,

8/16/2059(a)

11,894,679

12,345,333

Series

2019-131,

Class

AD,

2.50%,

8/16/2060

7,974,055

8,337,745

Series

2020-89,

Class

GA,

1.50%,

4/16/2062

4,649,634

4,567,550

Total

Commercial

Mortgage-Backed

Securities

(cost

$37,420,693)

38,090,775

Corporate

Bonds

55.4%

Aerospace

&

Defense

0.7%

Leidos

,

Inc.

,

4.38%,

5/15/2030(b)

1,800,000

2,129,112

Corporate

Bonds

Principal

Amount

($)

Value

($)

Aerospace

&

Defense

TransDigm

,

Inc.

,

5.50%,

11/15/2027

6,410,000

6,577,942

8,707,054

Air

Freight

&

Logistics

0.5%

FedEx

Corp.

,

4.05%,

2/15/2048

4,800,000

5,454,324

Airlines

0.4%

Delta

Air

Lines,

Inc.

,

2.90%,

10/28/2024

4,989,000

4,901,692

Auto

Components

0.4%

Dana,

Inc.

,

5.38%,

11/15/2027

5,000,000

5,262,500

Automobiles

0.5%

General

Motors

Co.

,

6.80%,

10/1/2027

1,500,000

1,928,059

Tesla,

Inc.

,

5.30%,

8/15/2025(b)

4,150,000

4,314,755

6,242,814

Banks

4.7%

Citigroup,

Inc.

,

(ICE

LIBOR

USD

3

Month

+

1.10%),

1.32%,

5/17/2024(c)

3,850,000

3,912,216

(ICE

LIBOR

USD

3

Month

+

1.02%),

1.25%,

6/1/2024(c)

2,800,000

2,839,387

First

Horizon

Corp.

,

4.00%,

5/26/2025

11,738,000

13,161,659

KeyBank

NA

,

(SOFR

+

0.34%),

0.38%,

1/3/2024(c)

11,500,000

11,515,239

Mitsubishi

UFJ

Financial

Group,

Inc.

,

3.85%,

3/1/2026

255,000

290,885

Mizuho

Financial

Group,

Inc.

,

(ICE

LIBOR

USD

3

Month

+

0.61%),

0.84%,

9/8/2024(c)

11,000,000

11,041,261

National

Westminster

Bank

plc

,

Series

C,

(ICE

LIBOR

USD

3

Month

+

0.25%),

0.50%,

5/28/2021(c)(d)

130,000

122,026

Royal

Bank

of

Canada

,

(SOFR

+

0.45%),

0.49%,

10/26/2023(c)

13,260,000

13,322,137

56,204,810

Biotechnology

2.6%

AbbVie,

Inc.

,

3.80%,

3/15/2025

5,000,000

5,553,929

2.95%,

11/21/2026

5,975,000

6,573,446

4.05%,

11/21/2039

1,965,000

2,303,704

Amgen,

Inc.

,

3.20%,

11/2/2027

5,000,000

5,618,088

5.15%,

11/15/2041

3,875,000

5,250,716

5.38%,

5/15/2043

1,320,000

1,818,921

10

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Core

Plus

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Biotechnology

Baxalta

,

Inc.

,

4.00%,

6/23/2025

4,009,000

4,506,644

31,625,448

Building

Products

0.3%

JELD-WEN,

Inc.

,

4.88%,

12/15/2027(b)

1,000,000

1,050,000

Lennox

International,

Inc.

,

1.70%,

8/1/2027

2,000,000

2,050,711

3,100,711

Capital

Markets

3.0%

BlackRock,

Inc.

,

3.25%,

4/30/2029

7,445,000

8,476,001

Compass

Group

Diversified

Holdings

LLC

,

8.00%,

5/1/2026(b)

1,000,000

1,050,950

Goldman

Sachs

Group,

Inc.

(The)

,

(ICE

LIBOR

USD

3

Month

+

1.60%),

1.82%,

11/29/2023(c)

4,631,000

4,797,469

Moody's

Corp.

,

4.88%,

12/17/2048

5,383,000

7,231,711

Morgan

Stanley

,

(ICE

LIBOR

USD

3

Month

+

1.40%),

1.62%,

10/24/2023(c)

1,500,000

1,530,245

7.25%,

4/1/2032

5,600,000

8,407,312

Nasdaq,

Inc.

,

0.45%,

12/21/2022

5,000,000

5,004,736

36,498,424

Chemicals

4.2%

Albemarle

Wodgina

Pty.

Ltd.

,

3.45%,

11/15/2029

4,456,000

4,724,129

Chemours

Co.

(The)

,

5.75%,

11/15/2028(b)

5,000,000

5,175,725

Chevron

Phillips

Chemical

Co.

LLC

,

5.13%,

4/1/2025(b)

7,500,000

8,783,173

3.40%,

12/1/2026(b)

6,865,000

7,681,835

Cornerstone

Chemical

Co.

,

6.75%,

8/15/2024(b)

1,000,000

902,500

DuPont

de

Nemours,

Inc.

,

(ICE

LIBOR

USD

3

Month

+

1.11%),

1.33%,

11/15/2023(c)

4,110,000

4,188,246

FXI

Holdings,

Inc.

,

7.88%,

11/1/2024(b)

2,237,000

2,264,962

LYB

International

Finance

III

LLC

,

(ICE

LIBOR

USD

3

Month

+

1.00%),

1.24%,

10/1/2023(c)

10,530,000

10,564,216

Methanex

Corp.

,

5.13%,

10/15/2027

2,145,000

2,241,525

5.25%,

12/15/2029

3,250,000

3,402,344

49,928,655

Corporate

Bonds

Principal

Amount

($)

Value

($)

Commercial

Services

&

Supplies

0.6%

Cimpress

plc

,

7.00%,

6/15/2026(b)

5,725,000

5,999,227

ILFC

E-Capital

Trust

I

,

+

1.55%,

14.50%

Cap),

3.23%,

12/21/2065(b)(c)

1,800,000

1,395,360

7,394,587

Communications

Equipment

0.1%

CommScope

Technologies

LLC

,

6.00%,

6/15/2025(b)

113,000

115,390

CommScope

,

Inc.

,

7.13%,

7/1/2028(b)

1,500,000

1,596,008

1,711,398

Construction

Materials

0.3%

Martin

Marietta

Materials,

Inc.

,

4.25%,

7/2/2024

3,500,000

3,882,981

Consumer

Finance

1.3%

AerCap

Ireland

Capital

DAC

,

1.75%,

1/30/2026

2,750,000

2,709,497

Capital

One

Financial

Corp.

,

(ICE

LIBOR

USD

3

Month

+

0.72%),

0.93%,

1/30/2023(c)

3,000,000

3,019,278

Enova

International,

Inc.

,

8.50%,

9/1/2024(b)

40,000

39,300

8.50%,

9/15/2025(b)

2,000,000

1,950,000

Ford

Motor

Credit

Co.

LLC

,

5.75%,

2/1/2021

500,000

500,000

4.06%,

11/1/2024

1,000,000

1,041,140

5.13%,

6/16/2025

1,000,000

1,086,000

4.13%,

8/17/2027

2,000,000

2,105,000

John

Deere

Capital

Corp.

,

2.25%,

9/14/2026

3,025,000

3,253,295

15,703,510

Diversified

Consumer

Services

0.4%

Carriage

Services,

Inc.

,

6.63%,

6/1/2026(b)

2,150,000

2,268,250

Duke

University

,

Series

2020,

2.68%,

10/1/2044

2,600,000

2,682,446

4,950,696

Diversified

Financial

Services

0.7%

Berkshire

Hathaway,

Inc.

,

3.13%,

3/15/2026

2,500,000

2,775,178

GTP

Acquisition

Partners

I

LLC

,

3.48%,

6/16/2025(b)

5,000,000

5,392,079

8,167,257

Diversified

Telecommunication

Services

1.9%

CCO

Holdings

LLC

,

4.50%,

5/1/2032(b)

1,500,000

1,560,330

Lumen

Technologies,

Inc.

,

Series

S,

6.45%,

6/15/2021

1,614,000

1,640,228

Nationwide

Core

Plus

Bond

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

11

Corporate

Bonds

Principal

Amount

($)

Value

($)

Diversified

Telecommunication

Services

Verizon

Communications,

Inc.

,

(ICE

LIBOR

USD

3

Month

+

1.10%),

1.32%,

5/15/2025(c)

10,000,000

10,290,086

2.88%,

11/20/2050

9,225,000

8,883,952

22,374,596

Electric

Utilities

1.7%

Commonwealth

Edison

Co.

,

3.70%,

8/15/2028

2,090,000

2,439,608

Drax

Finco

plc

,

6.63%,

11/1/2025(b)

2,100,000

2,181,375

Duke

Energy

Florida

LLC

,

3.80%,

7/15/2028

7,325,000

8,488,780

Georgia

Power

Co.

,

4.30%,

3/15/2042

1,606,000

1,957,123

Southern

California

Edison

Co.

,

Series

D,

(ICE

LIBOR

USD

3

Month

+

0.27%),

0.50%,

12/3/2021(c)

5,000,000

5,003,849

20,070,735

Electrical

Equipment

0.8%

Hubbell,

Inc.

,

3.15%,

8/15/2027

8,585,000

9,199,670

Electronic

Equipment,

Instruments

&

Components

1.9%

Corning,

Inc.

,

7.25%,

8/15/2036

6,312,000

8,021,412

5.75%,

8/15/2040

3,000,000

4,019,950

Jabil,

Inc.

,

3.00%,

1/15/2031

3,770,000

3,939,253

Keysight

Technologies,

Inc.

,

4.55%,

10/30/2024

6,334,000

7,182,603

23,163,218

Energy

Equipment

&

Services

0.0%

†

Transocean

Phoenix

2

Ltd.

,

7.75%,

10/15/2024(b)

36,000

34,560

Equity

Real

Estate

Investment

Trusts

(REITs)

0.9%

Healthpeak

Properties,

Inc.

,

3.40%,

2/1/2025

2,918,000

3,202,577

Omega

Healthcare

Investors,

Inc.

,

3.63%,

10/1/2029

3,000,000

3,200,056

STORE

Capital

Corp.

,

2.75%,

11/18/2030

1,850,000

1,876,865

Ventas

Realty

LP

,

4.00%,

3/1/2028

2,300,000

2,646,831

10,926,329

Food

&

Staples

Retailing

0.1%

United

Natural

Foods,

Inc.

,

6.75%,

10/15/2028(b)

1,050,000

1,110,375

Food

Products

0.3%

Chobani

LLC

,

4.63%,

11/15/2028(b)

2,000,000

2,040,000

Corporate

Bonds

Principal

Amount

($)

Value

($)

Food

Products

Post

Holdings,

Inc.

,

5.75%,

3/1/2027(b)

1,000,000

1,048,750

3,088,750

Health

Care

Equipment

&

Supplies

0.6%

Edwards

Lifesciences

Corp.

,

4.30%,

6/15/2028

3,000,000

3,506,579

Zimmer

Biomet

Holdings,

Inc.

,

3.05%,

1/15/2026

3,000,000

3,283,963

6,790,542

Health

Care

Providers

&

Services

2.2%

Anthem,

Inc.

,

5.10%,

1/15/2044

4,000,000

5,356,168

Cardinal

Health,

Inc.

,

3.08%,

6/15/2024

1,495,000

1,605,341

CVS

Health

Corp.

,

6.25%,

6/1/2027

4,000,000

5,082,322

HCA,

Inc.

,

4.50%,

2/15/2027

4,135,000

4,798,778

Laboratory

Corp.

of

America

Holdings

,

3.25%,

9/1/2024

8,210,000

8,927,521

25,770,130

Hotels,

Restaurants

&

Leisure

1.9%

McDonald's

Corp.

,

4.60%,

5/26/2045

3,000,000

3,780,350

Royal

Caribbean

Cruises

Ltd.

,

9.13%,

6/15/2023(b)

2,000,000

2,157,500

7.50%,

10/15/2027(e)

1,973,000

2,130,840

Scientific

Games

International,

Inc.

,

8.25%,

3/15/2026(b)

3,855,000

4,076,219

VOC

Escrow

Ltd.

,

5.00%,

2/15/2028(b)

2,300,000

2,231,851

Wyndham

Destinations,

Inc.

,

6.60%,

10/1/2025(f)

7,272,000

8,090,100

22,466,860

Household

Durables

0.2%

NVR,

Inc.

,

3.95%,

9/15/2022

1,994,000

2,092,421

Industrial

Conglomerates

0.9%

General

Electric

Co.

,

7.50%,

8/21/2035

1,680,000

2,336,331

6.88%,

1/10/2039

6,000,000

8,657,482

10,993,813

Insurance

1.9%

Athene

Holding

Ltd.

,

6.15%,

4/3/2030

1,255,000

1,559,620

Fidelity

National

Financial,

Inc.

,

4.50%,

8/15/2028

11,115,000

12,947,373

Globe

Life,

Inc.

,

7.88%,

5/15/2023

2,975,000

3,437,177

12

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Core

Plus

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

Sompo

International

Holdings

Ltd.

,

4.70%,

10/15/2022

4,052,000

4,322,263

22,266,433

Interactive

Media

&

Services

0.3%

Alphabet,

Inc.

,

1.90%,

8/15/2040

1,900,000

1,794,292

Twitter,

Inc.

,

3.88%,

12/15/2027(b)

2,000,000

2,104,920

3,899,212

IT

Services

0.2%

DXC

Technology

Co.

,

4.13%,

4/15/2025

2,500,000

2,765,185

Leisure

Products

0.1%

Mattel,

Inc.

,

5.88%,

12/15/2027(b)

1,250,000

1,378,413

Machinery

1.0%

BCD

Acquisition,

Inc.

,

9.63%,

9/15/2023(b)

4,372,000

4,479,464

GrafTech

Finance,

Inc.

,

4.63%,

12/15/2028(b)

5,500,000

5,568,750

Terex

Corp.

,

5.63%,

2/1/2025(b)

1,450,000

1,484,437

11,532,651

Media

1.3%

Comcast

Cable

Communications

Holdings,

Inc.

,

9.46%,

11/15/2022

4,050,000

4,707,632

Comcast

Cable

Holdings

LLC

,

9.88%,

6/15/2022

1,165,000

1,305,131

Comcast

Corp.

,

3.95%,

10/15/2025

8,350,000

9,519,402

15,532,165

Metals

&

Mining

0.8%

Alcoa

Nederland

Holding

BV

,

6.75%,

9/30/2024(b)

20,000

20,750

Allegheny

Ludlum

LLC

,

6.95%,

12/15/2025

2,000,000

2,170,000

Cleveland-Cliffs,

Inc.

,

5.88%,

6/1/2027

1,000,000

1,037,500

First

Quantum

Minerals

Ltd.

,

6.88%,

10/15/2027(b)

4,000,000

4,314,720

Kaiser

Aluminum

Corp.

,

6.50%,

5/1/2025(b)

2,100,000

2,241,750

9,784,720

Multiline

Retail

0.8%

Dillard's,

Inc.

,

7.75%,

7/15/2026

4,595,000

5,205,042

Nordstrom,

Inc.

,

8.75%,

5/15/2025(b)

2,000,000

2,238,078

4.38%,

4/1/2030

2,750,000

2,745,163

10,188,283

Corporate

Bonds

Principal

Amount

($)

Value

($)

Multi-Utilities

0.7%

Dominion

Energy,

Inc.

,

Series

D,

(ICE

LIBOR

USD

3

Month

+

0.53%),

0.75%,

9/15/2023(c)

5,000,000

5,010,821

Series

C,

3.38%,

4/1/2030

3,350,000

3,741,478

8,752,299

Oil,

Gas

&

Consumable

Fuels

5.4%

BP

Capital

Markets

America,

Inc.

,

3.41%,

2/11/2026

3,500,000

3,895,705

Enviva

Partners

LP

,

6.50%,

1/15/2026(b)

2,500,000

2,633,875

Genesis

Energy

LP

,

8.00%,

1/15/2027

1,150,000

1,092,845

Hess

Midstream

Operations

LP

,

5.13%,

6/15/2028(b)

3,300,000

3,424,740

HollyFrontier

Corp.

,

5.88%,

4/1/2026

8,000,000

9,077,531

Marathon

Petroleum

Corp.

,

4.50%,

5/1/2023

11,000,000

11,901,057

5.00%,

9/15/2054

1,450,000

1,631,409

NuStar

Logistics

LP

,

6.00%,

6/1/2026

1,593,000

1,692,562

ONEOK

Partners

LP

,

6.85%,

10/15/2037

5,793,000

7,510,236

PBF

Holding

Co.

LLC

,

7.25%,

6/15/2025

2,250,000

1,493,156

Phillips

66

,

3.70%,

4/6/2023

2,000,000

2,133,975

Tengizchevroil

Finance

Co.

International

Ltd.

,

4.00%,

8/15/2026(b)

3,000,000

3,287,760

TransCanada

PipeLines

Ltd.

,

6.20%,

10/15/2037

1,565,000

2,159,488

Valero

Energy

Corp.

,

(ICE

LIBOR

USD

3

Month

+

1.15%),

1.37%,

9/15/2023(c)

5,000,000

5,016,558

8.75%,

6/15/2030

2,500,000

3,479,735

7.50%,

4/15/2032

2,641,000

3,684,115

64,114,747

Paper

&

Forest

Products

0.3%

Louisiana-Pacific

Corp.

,

4.88%,

9/15/2024

3,000,000

3,075,000

Pharmaceuticals

0.4%

Bausch

Health

Cos.,

Inc.

,

5.00%,

1/30/2028(b)

1,500,000

1,545,450

Pfizer,

Inc.

,

3.60%,

9/15/2028

3,070,000

3,555,216

5,100,666

Professional

Services

0.3%

ASGN,

Inc.

,

4.63%,

5/15/2028(b)

3,000,000

3,101,760

Nationwide

Core

Plus

Bond

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

13

Corporate

Bonds

Principal

Amount

($)

Value

($)

Real

Estate

Management

&

Development

0.4%

Forestar

Group,

Inc.

,

5.00%,

3/1/2028(b)

2,500,000

2,606,250

Realogy

Group

LLC

,

5.75%,

1/15/2029(b)

2,000,000

2,042,500

4,648,750

Road

&

Rail

0.2%

Ashtead

Capital,

Inc.

,

5.25%,

8/1/2026(b)

2,000,000

2,111,660

Semiconductors

&

Semiconductor

Equipment

1.3%

Broadcom,

Inc.

,

4.70%,

4/15/2025

2,000,000

2,282,964

Microchip

Technology,

Inc.

,

0.97%,

2/15/2024(b)

10,000,000

10,007,712

NVIDIA

Corp.

,

3.20%,

9/16/2026

592,000

664,563

NXP

BV

,

2.70%,

5/1/2025(b)

2,000,000

2,141,028

15,096,267

Software

1.7%

Citrix

Systems,

Inc.

,

4.50%,

12/1/2027

4,000,000

4,676,349

Infor,

Inc.

,

1.75%,

7/15/2025(b)

2,000,000

2,064,693

Oracle

Corp.

,

2.80%,

4/1/2027

4,720,000

5,158,583

VMware,

Inc.

,

4.50%,

5/15/2025

8,000,000

9,077,539

20,977,164

Specialty

Retail

2.3%

AutoZone,

Inc.

,

4.00%,

4/15/2030

2,000,000

2,333,967

Carvana

Co.

,

5.63%,

10/1/2025(b)

7,000,000

7,230,300

5.88%,

10/1/2028(b)

2,880,000

2,991,600

Foot

Locker,

Inc.

,

8.50%,

1/15/2022

6,790,000

7,197,400

Home

Depot,

Inc.

(The)

,

3.30%,

4/15/2040

1,885,000

2,132,186

Murphy

Oil

USA,

Inc.

,

3.75%,

2/15/2031(b)

500,000

500,000

O'Reilly

Automotive,

Inc.

,

4.20%,

4/1/2030

1,180,000

1,397,030

Ross

Stores,

Inc.

,

4.70%,

4/15/2027

3,517,000

4,128,073

27,910,556

Technology

Hardware,

Storage

&

Peripherals

0.5%

Dell

International

LLC

,

5.45%,

6/15/2023(b)

1,775,000

1,949,865

Seagate

HDD

Cayman

,

3.13%,

7/15/2029(b)

1,000,000

968,800

4.13%,

1/15/2031(b)

3,000,000

3,142,650

6,061,315

Corporate

Bonds

Principal

Amount

($)

Value

($)

Textiles,

Apparel

&

Luxury

Goods

0.2%

Tapestry,

Inc.

,

4.13%,

7/15/2027

2,070,000

2,233,054

Trading

Companies

&

Distributors

0.6%

Fortress

Transportation

and

Infrastructure

Investors

LLC

,

6.75%,

3/15/2022(b)

2,043,000

2,043,000

9.75%,

8/1/2027(b)

2,000,000

2,261,400

Herc

Holdings,

Inc.

,

5.50%,

7/15/2027(b)

3,000,000

3,162,600

7,467,000

Water

Utilities

0.4%

American

Water

Capital

Corp.

,

2.95%,

9/1/2027

4,583,000

5,095,346

Wireless

Telecommunication

Services

0.2%

T-Mobile

USA,

Inc.

,

3.50%,

4/15/2025(b)

2,000,000

2,192,391

Total

Corporate

Bonds

(cost

$627,229,039)

663,103,897

Mortgage-Backed

Securities

19.9%

FHLMC

Gold

Pool

Pool#

J14732

4.00%,

3/1/2026

19

20

Pool#

C91768

3.50%,

7/1/2034

3,671,673

3,992,070

Pool#

G30692

3.50%,

8/1/2034

4,759,428

5,173,313

Pool#

G30782

3.50%,

2/1/2035

1,313,765

1,428,261

Pool#

C91846

3.00%,

9/1/2035

1,195,826

1,268,754

Pool#

C91859

3.50%,

12/1/2035

1,321,245

1,436,177

Pool#

C91868

3.50%,

4/1/2036

3,297,401

3,568,214

Pool#

Q10392

3.50%,

8/1/2042

2,014,998

2,189,096

Pool#

G08541

3.50%,

8/1/2043

2,846,980

3,091,209

Pool#

G08554

3.50%,

10/1/2043

1,623,474

1,761,885

Pool#

G08588

4.00%,

5/1/2044

1,230,098

1,343,692

Pool#

G08702

3.50%,

4/1/2046

6,583,256

7,098,035

Pool#

G08721

3.00%,

9/1/2046

4,395,467

4,664,348

Pool#

G08726

3.00%,

10/1/2046

6,424,047

6,851,786

FHLMC

UMBS

Pool

Pool#

RB5076

2.00%,

8/1/2040

11,817,920

12,225,092

Pool#

SD0040

3.00%,

7/1/2049

4,479,416

4,710,762

14

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Core

Plus

Bond

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

SD8016

3.00%,

10/1/2049

9,819,082

10,310,406

Pool#

SD8037

2.50%,

1/1/2050

14,306,527

15,068,496

Pool#

SD8036

3.00%,

1/1/2050

3,013,216

3,164,503

Pool#

SD8090

2.00%,

9/1/2050

6,756,691

6,980,479

Pool#

SD8092

3.00%,

9/1/2050

12,264,868

12,935,895

Pool#

SD8098

2.00%,

10/1/2050

10,547,846

10,898,279

FNMA

UMBS

Pool

Pool#

MA2124

3.00%,

12/1/2029

738,364

781,608

Pool#

AL6591

3.00%,

9/1/2033

3,578,277

3,805,279

Pool#

MA1608

3.50%,

10/1/2033

4,557,843

4,955,477

Pool#

MA1982

3.50%,

8/1/2034

5,299,089

5,707,508

Pool#

MA2610

3.00%,

5/1/2036

4,805,256

5,096,147

Pool#

MA3697

3.00%,

7/1/2039

4,132,950

4,344,748

Pool#

AE0311

3.50%,

8/1/2040

3,369,959

3,656,371

Pool#

AB1845

4.00%,

11/1/2040

3,477,549

3,803,794

Pool#

AJ9278

3.50%,

12/1/2041

3,624,275

3,937,053

Pool#

AW8165

4.00%,

1/1/2042

2,639,583

2,894,351

Pool#

AJ8414

4.00%,

2/1/2042

2,270,934

2,499,330

Pool#

AU2592

3.50%,

8/1/2043

2,167,782

2,369,618

Pool#

AX4312

3.50%,

2/1/2045

1,696,359

1,832,865

Pool#

AZ7353

3.50%,

11/1/2045

2,513,869

2,706,703

Pool#

AS6408

3.50%,

1/1/2046

3,960,963

4,263,608

Pool#

AS8583

3.50%,

1/1/2047

6,845,596

7,345,337

Pool#

MA3088

4.00%,

8/1/2047

1,767,647

1,910,974

Pool#

CA1191

3.50%,

11/1/2047

4,434,249

4,729,510

Pool#

MA3691

3.00%,

7/1/2049

7,001,937

7,367,392

Pool#

MA3744

3.00%,

8/1/2049

4,237,826

4,460,767

Pool#

MA3870

2.50%,

12/1/2049

6,633,002

6,986,371

Pool#

MA3905

3.00%,

1/1/2050

5,476,288

5,763,196

Pool#

BP8608

2.50%,

6/1/2050

15,854,623

16,709,286

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BP7293

2.50%,

8/1/2050

9,901,380

10,435,151

Total

Mortgage-Backed

Securities

(cost

$230,719,587)

238,523,216

Municipal

Bonds

1.1%

California

0.5

%

City

of

San

Francisco

CA

Public

Utilities

Commission

Water

Revenue,

RB,

Series

A,

3.47%,

11/1/2043

5,000,000

5,385,450

Virginia

0.6

%

Montgomery

County

Economic

Development

Authority,

RB,

Series

B,

3.04%,

6/1/2033

1,000,000

1,072,730

Virginia

College

Building

Authority,

RB,

Series

B,

2.17%,

2/1/2034

6,215,000

6,229,295

7,302,025

Total

Municipal

Bonds

(cost

$12,270,466)

12,687,475

U.S.

Treasury

Obligations

12.0%

U.S.

Treasury

Bonds

1.38%,

11/15/2040

19,370,000

18,455,978

1.25%,

5/15/2050

11,000,000

9,520,156

1.38%,

8/15/2050

13,900,000

12,420,953

U.S.

Treasury

Notes

2.75%,

2/15/2024

12,500,000

13,473,144

2.38%,

8/15/2024

10,000,000

10,755,078

2.50%,

1/31/2025

5,000,000

5,438,477

1.38%,

8/31/2026

7,500,000

7,847,754

2.00%,

11/15/2026

10,000,000

10,816,797

0.50%,

4/30/2027

19,345,000

19,180,265

1.63%,

8/15/2029

23,250,000

24,559,629

0.88%,

11/15/2030

12,050,000

11,824,063

Total

U.S.

Treasury

Obligations

(cost

$143,850,283)

144,292,294

Preferred

Stocks

0.7%

Shares

Consumer

Finance

0.0%

†

SquareTwo

Financial

Canada

Corp.,

0.00%

*^∞(g)(h)

355

0

Insurance

0.5%

Enstar

Group

Ltd.,

7.00%,

3/1/2024(g)

140,000

3,757,600

Nationwide

Core

Plus

Bond

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

15

Preferred

Stocks

Shares

Value

($)

Insurance

Maiden

Holdings

North

America

Ltd.,

7.75%,

12/1/2043(g)

75,000

1,702,500

PartnerRe

Ltd.,

7.25%,

4/29/2021(g)

31,383

808,112

6,268,212

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.2%

Two

Harbors

Investment

Corp.,

(ICE

LIBOR

USD

3

Month

+

5.35%),

7.63%,

7/27/2027(c)(g)

100,000

2,330,000

Thrifts

&

Mortgage

Finance

0.0%

†

FHLMC,

(ICE

LIBOR

USD

3

Month

+

4.16%,

7.88%

Floor),

8.38%,

12/31/2022(c)(g)

35,000

193,200

Total

Preferred

Stocks

(cost

$9,567,325)

8,791,412

Short-Term

Investment

0.2%

Shares

Money

Market

Fund

0.2%

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,0.01%(

i

)(j)

2,190,994

2,190,994

Total

Short-Term

Investment

(cost

$2,190,994)

2,190,994

Total

Investments

(cost

$1,090,361,931)

—

94.8%

1,135,351,967

Other

assets

in

excess

of

liabilities

—

5.2%

62,803,177

NET

ASSETS

—

100.0%

$

1,198,155,144

*

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

January

31,

2021.

(b)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

at

January

31,

2021

was

$179,276,817

which

represents

14.96%

of

net

assets.

(c)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

January

31,

2021.

(d)

Perpetual

Bond

Security.

The

rate

reflected

in

the

Statement

of

Investments

is

the

rate

in

effect

on

January

31,

2021.

The

maturity

date

reflects

the

next

call

date.

(e)

The

security

or

a

portion

of

this

security

is

on

loan

at

January

31,

2021.

The

total

value

of

securities

on

loan

at

January

31,

2021

was

$2,103,354,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

with

a

value

of

$2,190,994.

(f)

Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

at

January

31,

2021.

(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

January

31,

2021.

(h)

Zero

Coupon

Security.

Debt

security

that

pays

no

cash

income

but

is

sold

at

substantial

discount

from

its

value

at

maturity.

(

i

)

Represents

7-day

effective

yield

as

of

January

31,

2021.

(j)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2021

was

$2,190,994.

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

SOFR

Secured

Overnight

Financing

Rate

UMBS

Uniform

Mortgage-Backed

Securities

Currency:

USD

United

States

Dollar

16

-

Statement

of

Investments

-

January

31,

2021

(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.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

21,696,468

$

–

$

21,696,468

Collateralized

Mortgage

Obligations

–

5,975,436

–

5,975,436

Commercial

Mortgage-Backed

Securities

–

38,090,775

–

38,090,775

Corporate

Bonds

–

663,103,897

–

663,103,897

Mortgage-Backed

Securities

–

238,523,216

–

238,523,216

Municipal

Bonds

–

12,687,475

–

12,687,475

  Preferred

Stocks

Consumer

Finance

–

–

–

–

Insurance

6,268,212

–

–

6,268,212

Mortgage

Real

Estate

Investment

Trusts

(REITs)

2,330,000

–

–

2,330,000

Thrifts

&

Mortgage

Finance

193,200

–

–

193,200

Total

Preferred

Stocks

$

8,791,412

$

–

$

–

$

8,791,412

Short-Term

Investment

2,190,994

–

–

2,190,994

Nationwide

Core

Plus

Bond

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

17

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:

U.S.

Treasury

Obligations

$

–

$

144,292,294

$

–

$

144,292,294

Total

$

10,982,406

$

1,124,369,561

$

–

$

1,135,351,967

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

During

the

period

ended

January

31,

2021,

the

Fund

held

one

preferred

stock

investment

that

was

categorized

as

Level

3

investment

which

was

valued

at

$0.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

18

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Inflation-Protected

Securities

Fund

Asset-Backed

Securities

4.8%

Principal

Amount

($)

Value

($)

Other

4.8%

CCG

Receivables

Trust,

Series

2019-1,

Class

A2,

2.80%,

9/14/2026(a)

3,042,149

3,088,716

New

Residential

Advance

Receivables

Trust

Advance

Receivables

Backed

Series

2020-T1,

Class

AT1,

1.43%,

8/15/2053(a)

1,900,000

1,910,827

Series

2020-T1,

Class

BT1,

1.82%,

8/15/2053(a)

250,000

252,208

Series

2020-T1,

Class

CT1,

2.27%,

8/15/2053(a)

250,000

252,191

NRZ

Advance

Receivables

Trust,

Series

2020-

T3,

Class

AT3,

1.32%,

10/15/2052(a)

400,000

401,722

SPS

Servicer

Advance

Receivables

Trust,

Series

2020-T2,

Class

A,

1.83%,

11/15/2055(a)

1,290,000

1,290,922

Towd

Point

Mortgage

Trust

Series

2018-6,

Class

A2,

3.75%,

3/25/2058(a)(b)

2,800,000

2,908,640

Series

2018-3,

Class

A2,

3.88%,

5/25/2058(a)(b)

2,820,000

3,093,720

Total

Asset-Backed

Securities

(cost

$13,184,468)

13,198,946

Collateralized

Mortgage

Obligations

0.6%

FHLMC

REMICS

Series

1684,

Class

I,

6.50%,

3/15/2024

67,079

72,037

Series

2296,

Class

H,

6.50%,

3/15/2031

14

15

FNMA

REMICS

Series

1993-16,

Class

Z,

7.50%,

2/25/2023

3,231

3,366

Series

1993-226,

Class

PK,

6.00%,

12/25/2023

33,622

35,230

Series

2013-59,

Class

MX,

2.50%,

9/25/2042

1,423,309

1,484,847

Total

Collateralized

Mortgage

Obligations

(cost

$1,546,212)

1,595,495

Commercial

Mortgage-Backed

Security

0.0%

†

FNMA

REMICS,

Series

1998-73,

Class

MZ,

6.30%,

10/17/2038

78,814

78,809

Total

Commercial

Mortgage-Backed

Security

(cost

$79,123)

78,809

Mortgage-Backed

Securities

0.8%

Principal

Amount

($)

Value

($)

FNMA

Pool

Pool#

874982

6.81%,

11/1/2025

1,410,699

1,541,325

Pool#

773298

3.78%,

4/1/2035(b)

466,077

465,138

Pool#

745769

2.65%,

7/1/2036(b)

167,923

169,507

Pool#

813605

3.67%,

7/1/2036(b)

63,524

63,440

Total

Mortgage-Backed

Securities

(cost

$2,146,394)

2,239,410

U.S.

Government

Agency

Securities

3.9%

FFCB,

2.43%,

9/13/2027

3,000,000

3,311,741

FHLB

5.37%,

9/9/2024

2,615,000

3,098,934

3.00%,

3/12/2027

2,000,000

2,285,820

Ukraine

Government

AID

Bond,

1.47%,

9/29/2021

2,000,000

2,016,012

Total

U.S.

Government

Agency

Securities

(cost

$9,901,842)

10,712,507

U.S.

Treasury

Obligations

88.3%

U.S.

Treasury

Inflation

Linked

Bonds

2.38%,

1/15/2025

(c)

11,300,000

18,356,253

1.75%,

1/15/2028

(c)

4,800,000

7,366,940

3.63%,

4/15/2028

(c)

5,000,000

11,132,832

2.50%,

1/15/2029

(c)

4,750,000

7,594,594

3.88%,

4/15/2029

(c)

3,300,000

7,557,371

2.13%,

2/15/2041

(c)

7,375,000

13,637,159

0.75%,

2/15/2042

(c)

11,750,000

17,076,404

0.63%,

2/15/2043

(c)

15,350,000

21,458,952

0.75%,

2/15/2045

(c)

1,000,000

1,411,062

1.00%,

2/15/2046

(c)

2,500,000

3,698,474

0.88%,

2/15/2047

(c)

5,000,000

7,146,230

U.S.

Treasury

Inflation

Linked

Notes

0.13%,

4/15/2021

(c)

10,000,000

11,055,143

0.13%,

1/15/2022

(c)(d)

5,000,000

5,865,896

0.50%,

4/15/2024

(c)

19,500,000

21,724,468

0.13%,

4/15/2025

(c)

9,000,000

9,843,632

0.38%,

7/15/2025

(c)

12,000,000

14,581,553

0.63%,

1/15/2026

(c)

17,500,000

21,553,068

0.13%,

7/15/2026

(c)

3,000,000

3,611,068

0.38%,

1/15/2027

(c)

10,250,000

12,423,363

0.38%,

7/15/2027

(c)

4,750,000

5,732,161

0.50%,

1/15/2028

(c)

5,000,000

6,026,424

0.75%,

7/15/2028

(c)

4,000,000

4,861,097

0.88%,

1/15/2029

(c)

2,500,000

3,043,893

0.25%,

7/15/2029

(c)

4,000,000

4,624,340

Nationwide

Inflation-Protected

Securities

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

19

g

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Inflation

Linked

Notes

0.13%,

1/15/2030

(c)

1,000,000

1,132,429

Total

U.S.

Treasury

Obligations

(cost

$215,614,566)

242,514,806

Total

Investments

(cost

$242,472,605)

—

98.4%

270,339,973

Other

assets

in

excess

of

liabilities

—

1.6%

4,482,120

NET

ASSETS

—

100.0%

$

274,822,093

†

Amount

rounds

to

less

than

0.1%.

(a)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

at

January

31,

2021

was

$13,198,946

which

represents

4.80%

of

net

assets.

(b)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

January

31,

2021.

(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

January

31,

2021:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

10

Year

Ultra

Note

88

3/2021

USD

13,536,875

(262,916)

U.S.

Treasury

Ultra

Bond

8

3/2021

USD

1,637,750

(96,519)

(359,435)

Short

Contracts

U.S.

Treasury

Long

Bond

(150)

3/2021

USD

(25,307,813)

780,936

780,936

421,501

Currency:

USD

United

States

Dollar

20

-

Statement

of

Investments

-

January

31,

2021

(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.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

13,198,946

$

–

$

13,198,946

Collateralized

Mortgage

Obligations

–

1,595,495

–

1,595,495

Commercial

Mortgage-Backed

Security

–

78,809

–

78,809

Futures

Contracts

780,936

–

–

780,936

Mortgage-Backed

Securities

–

2,239,410

–

2,239,410

U.S.

Government

Agency

Securities

–

10,712,507

–

10,712,507

U.S.

Treasury

Obligations

–

242,514,806

–

242,514,806

Total

Assets

$

780,936

$

270,339,973

$

–

$

271,120,909

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(359,435)

$

–

$

–

$

(359,435)

Total

Liabilities

$

(359,435)

$

–

$

–

$

(359,435)

Total

$

421,501

$

270,339,973

$

–

$

270,761,474

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

Nationwide

Inflation-Protected

Securities

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

21

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2021.

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

January

31,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2021:

Assets:

Fair

Value

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

$

780,936

Total

$

780,936

Liabilities:

s

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

$

(359,435)

Total

$

(359,435)

The

Statement

of

Investments

should

be

read

in

conjunction

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

-

January

31,

2021

(Unaudited)

-

Nationwide

Loomis

Core

Bond

Fund

Asset-Backed

Securities

5.6%

Principal

Amount

($)

Value

($)

Automobiles

4.4%

American

Credit

Acceptance

Receivables

Trust

Series

2020-2,

Class

B,

2.48%,

9/13/2024(a)

275,000

281,419

Series

2021-1,

Class

B,

0.61%,

3/13/2025(a)

65,000

65,063

Series

2019-4,

Class

C,

2.69%,

12/12/2025(a)

700,000

715,138

Series

2020-4,

Class

C,

1.31%,

12/14/2026(a)

865,000

871,575

Americredit

Automobile

Receivables

Trust

Series

2019-1,

Class

A3,

2.97%,

11/20/2023

538,303

545,032

Series

2019-2,

Class

B,

2.54%,

7/18/2024

2,180,000

2,243,544

AmeriCredit

Automobile

Receivables

Trust

Series

2020-2,

Class

B,

0.97%,

2/18/2026

160,000

161,859

Series

2020-3,

Class

C,

1.06%,

8/18/2026

350,000

354,667

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

Series

2019-2A,

Class

A,

3.35%,

9/22/2025(a)

980,000

1,060,841

CPS

Auto

Receivables

Trust,

Series

2018-A,

Class

C,

3.05%,

12/15/2023(a)

70,709

70,982

Credit

Acceptance

Auto

Loan

Trust

Series

2018-2A,

Class

A,

3.47%,

5/17/2027(a)

289,275

290,632

Series

2019-3A,

Class

A,

2.38%,

11/15/2028(a)

330,000

338,673

Series

2020-2A,

Class

A,

1.37%,

7/16/2029(a)

680,000

689,790

Series

2020-3A,

Class

B,

1.77%,

12/17/2029(a)

660,000

674,620

Drive

Auto

Receivables

Trust,

Series

2019-3,

Class

B,

2.65%,

2/15/2024

995,000

1,004,971

DT

Auto

Owner

Trust

Series

2018-2A,

Class

C,

3.67%,

3/15/2024(a)

193,443

193,965

Series

2019-1A,

Class

C,

3.61%,

11/15/2024(a)

540,000

549,436

Series

2019-2A,

Class

C,

3.18%,

2/18/2025(a)

235,000

239,774

Series

2021-1A,

Class

B,

0.62%,

9/15/2025(a)

160,000

160,115

Series

2020-2A,

Class

C,

3.28%,

3/16/2026(a)

300,000

315,046

Exeter

Automobile

Receivables

Trust

Series

2020-1A,

Class

B,

2.26%,

4/15/2024(a)

300,000

303,443

Series

2021-1A,

Class

B,

0.50%,

2/18/2025

625,000

624,887

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

Series

2020-2A,

Class

C,

3.28%,

5/15/2025(a)

405,000

424,148

Flagship

Credit

Auto

Trust

Series

2018-2,

Class

B,

3.56%,

5/15/2023(a)

1,545,298

1,560,115

Series

2018-4,

Class

B,

3.88%,

10/16/2023(a)

380,000

388,674

Series

2020-1,

Class

B,

2.05%,

2/17/2025(a)

230,000

235,784

Series

2020-2,

Class

C,

3.80%,

4/15/2026(a)

65,000

69,574

Series

2020-4,

Class

C,

1.28%,

2/16/2027(a)

120,000

121,864

Ford

Credit

Auto

Owner

Trust,

Series

2018-1,

Class

A,

3.19%,

7/15/2031(a)

1,900,000

2,087,943

GLS

Auto

Receivables

Issuer

Trust

Series

2019-2A,

Class

A,

3.06%,

4/17/2023(a)

115,864

116,575

Series

2019-4A,

Class

B,

2.78%,

9/16/2024(a)

425,000

436,777

Series

2020-4A,

Class

C,

1.14%,

11/17/2025(a)

430,000

432,398

GLS

Auto

Receivables

Trust,

Series

2018-3A,

Class

B,

3.78%,

8/15/2023(a)

541,867

550,036

GM

Financial

Consumer

Automobile

Receivables

Trust,

Series

2020-2,

Class

A3,

1.49%,

12/16/2024

275,000

279,960

GMF

Floorplan

Owner

Revolving

Trust,

Series

2020-1,

Class

A,

0.68%,

8/15/2025(a)

310,000

312,263

NextGear

Floorplan

Master

Owner

Trust

Series

2018-1A,

Class

A2,

3.22%,

2/15/2023(a)

1,060,000

1,061,310

Series

2018-2A,

Class

A2,

3.69%,

10/15/2023(a)

845,000

865,325

Series

2020-1A,

Class

A2,

1.55%,

2/15/2025(a)

100,000

102,346

Santander

Consumer

Auto

Receivables

Trust,

Series

2020-AA,

Class

C,

3.71%,

2/17/2026(a)

385,000

414,365

Santander

Drive

Auto

Receivables

Trust

Series

2019-2,

Class

C,

2.90%,

10/15/2024

1,035,000

1,059,334

Series

2020-2,

Class

B,

0.96%,

11/15/2024

320,000

322,231

Series

2018-5,

Class

C,

3.81%,

12/16/2024

221,637

223,689

Series

2020-4,

Class

C,

1.01%,

1/15/2026

680,000

688,176

Nationwide

Loomis

Core

Bond

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

23

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

Toyota

Auto

Loan

Extended

Note

Trust,

Series

2020-

1A,

Class

A,

1.35%,

5/25/2033(a)

405,000

416,877

Westlake

Automobile

Receivables

Trust

Series

2019-1A,

Class

B,

3.26%,

10/17/2022(a)

394,205

396,173

Series

2019-2A,

Class

B,

2.62%,

7/15/2024(a)

1,495,000

1,512,174

Series

2020-2A,

Class

C,

2.01%,

7/15/2025(a)

370,000

379,112

Series

2020-3A,

Class

C,

1.24%,

11/17/2025(a)

305,000

308,243

World

Omni

Select

Auto

Trust,

Series

2020-A,

Class

A3,

0.55%,

7/15/2025

545,000

546,763

27,067,701

Other

0.8%

Onemain

Financial

Issuance

Trust,

Series

2018-

1A,

Class

A,

3.30%,

3/14/2029(a)

3,585,000

3,609,480

Planet

Fitness

Master

Issuer

LLC,

Series

2018-1A,

Class

A2II,

4.67%,

9/5/2048(a)

909,075

899,652

SCF

Equipment

Leasing

LLC,

Series

2018-1A,

Class

A2,

3.63%,

10/20/2024(a)

256,858

258,087

SoFi

Consumer

Loan

Program

Trust,

Series

2018-2,

Class

A2,

3.35%,

4/26/2027(a)

84,537

84,680

4,851,899

Student

Loan

0.4%

Massachusetts

Educational

Financing

Authority,

Series

2018-A,

Class

A,

3.85%,

5/25/2033

526,168

554,608

Navient

Private

Education

Refi

Loan

Trust

Series

2020-HA,

Class

A,

1.31%,

1/15/2069(a)

580,786

588,439

Series

2020-BA,

Class

A2,

2.12%,

1/15/2069(a)

520,000

536,186

Series

2020-GA,

Class

A,

1.17%,

9/16/2069(a)

249,281

251,708

SoFi

Professional

Loan

Program

LLC,

Series

2018-A,

Class

A2B,

2.95%,

2/25/2042(a)

586,120

599,000

2,529,941

Total

Asset-Backed

Securities

(cost

$33,682,680)

34,449,541

Collateralized

Mortgage

Obligations

9.9%

Principal

Amount

($)

Value

($)

FHLMC

REMICS

Series

3747,

Class

CY,

4.50%,

10/15/2040

1,000,000

1,179,567

Series

3934,

Class

KB,

5.00%,

10/15/2041

1,000,000

1,180,989

Series

5065,

Class

HI,

IO,

5.07%,

4/15/2042(b)

2,885,912

582,082

Series

5065,

Class

EI,

IO,

5.40%,

11/25/2044(b)

655,710

145,911

FNMA

REMICS

Series

2010-92,

Class

B,

4.50%,

8/25/2030

1,500,000

1,780,128

Series

2017-82,

Class

FG,

0.38%,

11/25/2032(b)

13,150,667

13,163,669

Series

2004-29,

Class

PS,

IO,

7.45%,

5/25/2034(b)

1,710,692

405,642

Series

2004-37,

Class

AL,

4.50%,

6/25/2034

1,100,000

1,311,960

Series

2016-32,

Class

SA,

IO,

5.97%,

10/25/2034(b)

8,589,918

1,546,478

Series

2020-85,

Class

LI,

IO,

3.00%,

2/25/2035

3,070,000

503,576

Series

2010-57,

Class

SA,

IO,

6.32%,

6/25/2040(b)

2,477,842

472,879

Series

2010-63,

Class

SA,

IO,

6.35%,

6/25/2040(b)

2,123,251

406,423

Series

2010-118,

Class

SN,

IO,

6.47%,

10/25/2040(b)

10,901,132

2,396,980

Series

2013-18,

Class

FB,

0.48%,

10/25/2041(b)

473,566

474,815

Series

2012-14,

Class

Z,

4.00%,

3/25/2042

806,831

893,562

Series

2015-55,

Class

IN,

IO,

4.50%,

8/25/2045

527,474

74,637

Series

2016-40,

Class

GA,

2.66%,

7/25/2046(b)

580,324

608,233

Series

2017-26,

Class

ID,

IO,

3.50%,

4/25/2047

568,899

45,702

Series

2018-4,

Class

FM,

0.45%,

2/25/2048(b)

638,164

639,918

Series

2019-31,

Class

FA,

0.53%,

7/25/2049(b)

2,311,136

2,322,826

Series

2019-81,

Class

FJ,

0.63%,

1/25/2050(b)

1,576,989

1,592,259

GNMA

REMICS

Series

2009-61,

Class

ZQ,

6.00%,

8/16/2039

3,258,795

4,258,359

Series

2019-21,

Class

,

IO,

4.50%,

2/20/2049

7,629,179

1,050,333

Series

2019-117,

Class

LI,

IO,

3.50%,

9/20/2049

2,547,756

198,623

Series

2019-132,

Class

LI,

IO,

3.50%,

10/20/2049

856,526

53,096

Series

2012-H20,

Class

PT,

0.97%,

7/20/2062(b)

798,745

797,686

Series

2018-H02,

Class

ZJ,

4.29%,

10/20/2064(b)

512,854

577,201

Series

2017-H12,

Class

EZ,

4.55%,

6/20/2066(b)

601,117

671,871

24

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Loomis

Core

Bond

Fund

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

Series

2017-H13,

Class

JZ,

4.62%,

5/20/2067(b)

250,567

271,241

Series

2017-H22,

Class

FD,

0.35%,

11/20/2067(b)

175,153

174,720

Series

2017-H25,

Class

FD,

0.30%,

12/20/2067(b)

183,834

183,248

Series

2019-H01,

Class

FT,

0.55%,

10/20/2068(b)

8,568,584

8,569,908

Series

2019-H07,

Class

BZ,

4.25%,

1/20/2069(b)

3,994,954

4,960,065

Series

2019-H05,

Class

FT,

0.54%,

4/20/2069(b)

5,749,620

5,755,899

Series

2019-H13,

Class

FT,

0.56%,

8/20/2069(b)

914,232

913,422

Series

2019-H18,

Class

DF,

0.55%,

10/20/2069(b)

835,309

835,450

Total

Collateralized

Mortgage

Obligations

(cost

$58,126,822)

60,999,358

Commercial

Mortgage-Backed

Securities

6.5%

BANK

Series

2020-BN25,

Class

A5,

2.65%,

1/15/2063

1,030,000

1,112,237

Series

2020-BN26,

Class

A4,

2.40%,

3/15/2063

2,050,000

2,171,717

BBCMS

Mortgage

Trust

,

Series

2020-BID,

Class

A,

2.27%,

10/15/2037(a)(b)

1,095,000

1,099,116

Citigroup

Commercial

Mortgage

Trust

,

Series

2019-C7,

Class

A4,

3.10%,

12/15/2072

910,000

1,014,006

COMM

Mortgage

Trust

,

Series

2013-CR6,

Class

A4,

3.10%,

3/10/2046

4,450,000

4,614,681

Commercial

Mortgage

Pass-

Through

Certificates

,

Series

2012-LTRT,

Class

A2,

3.40%,

10/5/2030(a)

105,000

101,800

CSAIL

Commercial

Mortgage

Trust

,

Series

2019-

C18,

Class

A4,

2.97%,

12/15/2052

765,000

838,754

CSMC

OA

LLC

,

Series

2014-

USA,

Class

A2,

3.95%,

9/15/2037(a)

530,000

561,292

FHLMC

Multifamily

Structured

Pass-Through

Certificates

REMICS

Series

K107,

Class

X1,

IO,

1.59%,

1/25/2030(b)

484,696

61,386

Series

K157,

Class

X1,

IO,

0.02%,

8/25/2033(b)

9,478,375

60,758

Series

K-1513,

Class

X1,

IO,

0.86%,

8/25/2034(b)

978,962

85,704

FNMA

ACES

REMICS

Series

2020-M33,

Class

X,

IO,

2.06%,

6/25/2028(b)

1,021,081

103,344

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

ACES

REMICS

Series

2020-M43,

Class

X1,

IO,

2.14%,

8/25/2034(b)

6,404,912

977,169

Series

2020-M36,

Class

X1,

IO,

1.47%,

9/25/2034(b)

992,301

107,876

FNMA

Multifamily

REMIC

Trust

REMICS,

Series

2020-M37,

Class

X,

IO,

1.14%,

4/25/2032(b)

1,428,141

112,662

GNMA

REMICS

Series

2018-82,

Class

,

IO,

0.45%,

5/16/2058(b)

17,467,173

779,301

Series

2020-179,

Class

,

IO,

1.00%,

9/16/2062(b)

3,073,780

272,918

Series

2020-128,

Class

,

IO,

0.99%,

10/16/2062(b)

1,591,965

137,510

Series

2021-12,

Class

,

IO,

1.03%,

3/16/2063(b)

3,685,000

330,093

Series

2021-10,

Class

,

IO,

1.00%,

5/16/2063(b)

790,000

70,820

GS

Mortgage

Securities

Corp.

Trust

,

Series

2013-PEMB,

Class

A,

3.55%,

3/5/2033(a)

(b)

235,000

237,835

GS

Mortgage

Securities

Trust

Series

2014-GC18,

Class

A4,

4.07%,

1/10/2047

4,139,865

4,490,864

Series

2020-GC45,

Class

A5,

2.91%,

2/13/2053

415,000

456,743

Hudsons

Bay

Simon

JV

Trust

,

Series

2015-HB10,

Class

A10,

4.15%,

8/5/2034(a)

2,015,000

1,816,362

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

Series

2013-C11,

Class

A4,

4.15%,

8/15/2046(b)

1,130,000

1,209,388

Starwood

Retail

Property

Trust

,

Series

2014-

STAR,

Class

A,

1.60%,

11/15/2027(a)(b)

655,893

485,361

UBS-Barclays

Commercial

Mortgage

Trust

Series

2013-C5,

Class

A4,

3.18%,

3/10/2046

6,270,000

6,535,122

Series

2013-C6,

Class

A4,

3.24%,

4/10/2046

4,440,000

4,657,804

Wells

Fargo

Commercial

Mortgage

Trust

,

Series

2013-LC12,

Class

A4,

4.22%,

7/15/2046(b)

1,505,000

1,615,740

WFRBS

Commercial

Mortgage

Trust

,

Series

2014-C19,

Class

A5,

4.10%,

3/15/2047

3,490,000

3,837,234

Total

Commercial

Mortgage-Backed

Securities

(cost

$38,843,013)

39,955,597

Nationwide

Loomis

Core

Bond

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

25

Corporate

Bonds

40.7%

Principal

Amount

($)

Value

($)

Aerospace

&

Defense

0.4%

Boeing

Co.

(The)

,

3.63%,

2/1/2031

1,390,000

1,498,059

Raytheon

Technologies

Corp.

,

4.50%,

6/1/2042

630,000

799,792

2,297,851

Airlines

0.2%

Southwest

Airlines

Co.

,

5.13%,

6/15/2027

1,020,000

1,207,887

Automobiles

1.3%

BMW

US

Capital

LLC

,

1.85%,

9/15/2021(a)

1,090,000

1,099,230

Hyundai

Capital

America

,

3.95%,

2/1/2022(a)

1,320,000

1,362,326

3.00%,

2/10/2027(a)

665,000

719,159

1.80%,

1/10/2028(a)

935,000

931,384

Nissan

Motor

Co.

Ltd.

,

4.35%,

9/17/2027(a)

1,405,000

1,551,504

Volkswagen

Group

of

America

Finance

LLC

,

3.35%,

5/13/2025(a)

490,000

536,853

1.25%,

11/24/2025(a)

1,830,000

1,839,765

8,040,221

Banks

10.8%

ANZ

New

Zealand

Int'l

Ltd.

,

1.90%,

2/13/2023(a)

1,415,000

1,457,592

Banco

Bilbao

Vizcaya

Argentaria

SA

,

0.88%,

9/18/2023

2,800,000

2,819,769

Bank

of

America

Corp.

,

(SOFR

+

1.15%),

1.32%,

6/19/2026(c)

1,825,000

1,847,206

(ICE

LIBOR

USD

3

Month

+

1.32%),

4.08%,

4/23/2040(c)

570,000

676,275

Bank

of

Ireland

Group

plc

,

4.50%,

11/25/2023(a)

620,000

678,960

Bank

of

Montreal

,

1.85%,

5/1/2025

330,000

344,750

Bank

of

New

Zealand

,

2.00%,

2/21/2025(a)

2,080,000

2,186,681

Bank

of

Nova

Scotia

(The)

,

1.63%,

5/1/2023

2,505,000

2,573,356

Banque

Federative

du

Credit

Mutuel

SA

,

3.75%,

7/20/2023(a)

765,000

825,817

2.38%,

11/21/2024(a)

985,000

1,047,830

Barclays

plc

,

(ICE

LIBOR

USD

3

Month

+

1.40%),

4.61%,

2/15/2023(c)

945,000

984,165

(ICE

LIBOR

USD

3

Month

+

1.61%),

3.93%,

5/7/2025(c)

545,000

595,684

BNP

Paribas

SA

,

(ICE

LIBOR

USD

3

Month

+

1.11%),

2.82%,

11/19/2025(a)(c)

525,000

559,854

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

BNP

Paribas

SA,

(SOFR

+

2.07%),

2.22%,

6/9/2026(a)(c)

1,270,000

1,327,747

(SOFR

+

1.00%),

1.32%,

1/13/2027(a)(c)

1,135,000

1,138,360

Citibank

NA

,

(ICE

LIBOR

USD

3

Month

+

0.60%),

2.84%,

5/20/2022(c)

745,000

750,737

Citigroup,

Inc.

,

(SOFR

+

2.75%),

3.11%,

4/8/2026(c)

535,000

580,710

Citizens

Financial

Group,

Inc.

,

3.25%,

4/30/2030

300,000

333,382

Comerica,

Inc.

,

3.70%,

7/31/2023

570,000

614,116

Cooperatieve

Rabobank

UA

,

2.75%,

1/10/2023

460,000

481,887

Credit

Agricole

SA

,

3.75%,

4/24/2023(a)

1,365,000

1,463,347

(SOFR

+

1.68%),

1.91%,

6/16/2026(a)(c)

1,395,000

1,439,460

Danske

Bank

A/S

,

3.88%,

9/12/2023(a)

1,910,000

2,056,055

DNB

Bank

ASA

,

2.15%,

12/2/2022(a)

730,000

754,474

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

0.85%),

1.13%,

9/16/2026(a)(c)

1,990,000

1,999,901

JPMorgan

Chase

&

Co.

,

(ICE

LIBOR

USD

3

Month

+

0.70%),

3.21%,

4/1/2023(c)

1,005,000

1,037,694

(SOFR

+

1.46%),

1.51%,

6/1/2024(c)

2,510,000

2,568,878

(SOFR

+

1.07%),

0.00%,

2/4/2032(c)

1,680,000

1,680,777

(SOFR

+

1.51%),

2.53%,

11/19/2041(c)

1,995,000

1,977,063

KeyCorp

,

2.25%,

4/6/2027

965,000

1,028,547

Lloyds

Banking

Group

plc

,

4.05%,

8/16/2023

905,000

983,178

National

Australia

Bank

Ltd.

,

3.70%,

11/4/2021

1,675,000

1,716,573

Natwest

Group

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.55%),

3.07%,

5/22/2028(c)

880,000

950,788

NatWest

Markets

plc

,

3.63%,

9/29/2022(a)

1,920,000

2,019,828

Royal

Bank

of

Canada

,

1.15%,

6/10/2025

2,575,000

2,614,490

Santander

Holdings

USA,

Inc.

,

3.45%,

6/2/2025

1,475,000

1,604,816

Santander

UK

plc

,

(ICE

LIBOR

USD

3

Month

+

0.62%),

0.85%,

6/1/2021(c)

425,000

425,807

26

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Loomis

Core

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Santander

UK

plc,

2.88%,

6/18/2024

980,000

1,052,737

Societe

Generale

SA

,

2.63%,

1/22/2025(a)

850,000

896,775

1.38%,

7/8/2025(a)

1,080,000

1,097,284

Standard

Chartered

plc

,

(ICE

LIBOR

USD

3

Month

+

1.56%),

3.79%,

5/21/2025(a)(c)

1,015,000

1,104,161

(ICE

LIBOR

USD

3

Month

+

1.21%),

2.82%,

1/30/2026(a)(c)

1,400,000

1,484,188

Sumitomo

Mitsui

Financial

Group,

Inc.

,

2.78%,

7/12/2022

350,000

362,285

Svenska

Handelsbanken

AB

,

3.90%,

11/20/2023

1,035,000

1,137,003

Toronto-Dominion

Bank

(The)

,

0.75%,

9/11/2025

1,895,000

1,892,069

Truist

Financial

Corp.

,

3.05%,

6/20/2022

1,620,000

1,679,093

2.50%,

8/1/2024

560,000

596,828

1.13%,

8/3/2027

655,000

655,940

UniCredit

SpA

,

3.75%,

4/12/2022(a)

1,730,000

1,786,976

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.30%),

2.57%,

9/22/2026(a)(c)

1,090,000

1,105,032

US

Bancorp

,

1.45%,

5/12/2025

2,535,000

2,617,642

Wells

Fargo

&

Co.

,

(SOFR

+

2.00%),

2.19%,

4/30/2026(c)

635,000

664,572

(SOFR

+

2.10%),

2.39%,

6/2/2028(c)

710,000

749,267

67,028,406

Beverages

0.3%

Brown-Forman

Corp.

,

3.50%,

4/15/2025

390,000

430,125

Pernod

Ricard

International

Finance

LLC

,

2.75%,

10/1/2050(a)

1,415,000

1,366,778

1,796,903

Biotechnology

0.1%

Regeneron

Pharmaceuticals,

Inc.

,

2.80%,

9/15/2050

665,000

621,429

Capital

Markets

4.3%

Ares

Capital

Corp.

,

3.25%,

7/15/2025

1,310,000

1,385,563

3.88%,

1/15/2026

90,000

96,865

2.15%,

7/15/2026

650,000

645,116

Bank

of

New

York

Mellon

Corp.

(The)

,

1.60%,

4/24/2025

1,135,000

1,180,125

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Charles

Schwab

Corp.

(The)

,

1.65%,

3/11/2031

1,720,000

1,695,477

Credit

Suisse

Group

AG

,

(SOFR

+

2.04%),

2.19%,

6/5/2026(a)(c)

1,650,000

1,715,329

Deutsche

Bank

AG

,

(SOFR

+

2.58%),

3.96%,

11/26/2025(c)

665,000

728,249

(SOFR

+

1.87%),

2.13%,

11/24/2026(c)

965,000

979,237

(SOFR

+

3.04%),

3.55%,

9/18/2031(c)

560,000

590,165

E*TRADE

Financial

Corp.

,

2.95%,

8/24/2022

1,075,000

1,114,732

FS

KKR

Capital

Corp.

,

4.13%,

2/1/2025

230,000

239,331

3.40%,

1/15/2026

865,000

866,820

Goldman

Sachs

BDC,

Inc.

,

2.88%,

1/15/2026

885,000

906,687

Goldman

Sachs

Group,

Inc.

(The)

,

(SOFR

+

0.79%),

1.09%,

12/9/2026(c)

1,670,000

1,674,918

Intercontinental

Exchange,

Inc.

,

3.00%,

6/15/2050

640,000

647,611

JAB

Holdings

BV

,

2.20%,

11/23/2030(a)

325,000

321,435

Lehman

Brothers

Holdings,

Inc.

,

5.63%,

1/24/2013(d)

4,000,000

40,800

Macquarie

Bank

Ltd.

,

2.10%,

10/17/2022(a)

1,870,000

1,926,649

Macquarie

Group

Ltd.

,

(SOFR

+

1.07%),

1.34%,

1/12/2027(a)(c)

765,000

769,634

Morgan

Stanley

,

(SOFR

+

1.43%),

2.80%,

1/25/2052(c)

1,055,000

1,048,149

Northern

Trust

Corp.

,

(ICE

LIBOR

USD

3

Month

+

1.13%),

3.38%,

5/8/2032(c)

1,175,000

1,289,270

Oaktree

Specialty

Lending

Corp.

,

3.50%,

2/25/2025

260,000

271,002

Owl

Rock

Capital

Corp.

,

4.25%,

1/15/2026

895,000

949,071

3.40%,

7/15/2026

560,000

574,102

Owl

Rock

Technology

Finance

Corp.

,

3.75%,

6/17/2026(a)

685,000

701,447

S&P

Global,

Inc.

,

2.30%,

8/15/2060

335,000

299,080

State

Street

Corp.

,

(ICE

LIBOR

USD

3

Month

+

0.64%),

2.65%,

5/15/2023(c)

1,080,000

1,112,155

(SOFR

+

2.60%),

2.90%,

3/30/2026(c)

495,000

536,467

Nationwide

Loomis

Core

Bond

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

27

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

UBS

AG

,

1.75%,

4/21/2022(a)

2,505,000

2,547,351

26,852,837

Chemicals

0.3%

Cabot

Corp.

,

4.00%,

7/1/2029

625,000

678,100

DuPont

de

Nemours,

Inc.

,

2.17%,

5/1/2023

840,000

845,372

1,523,472

Commercial

Services

&

Supplies

0.1%

Waste

Management,

Inc.

,

1.50%,

3/15/2031

705,000

683,198

Communications

Equipment

0.1%

Juniper

Networks,

Inc.

,

1.20%,

12/10/2025

400,000

403,204

Consumer

Finance

3.0%

AerCap

Ireland

Capital

DAC

,

3.15%,

2/15/2024

1,235,000

1,294,559

1.75%,

1/30/2026

1,005,000

990,198

Ally

Financial,

Inc.

,

1.45%,

10/2/2023

2,095,000

2,129,311

American

Express

Co.

,

3.70%,

8/3/2023

1,005,000

1,084,782

American

Honda

Finance

Corp.

,

3.63%,

10/10/2023

575,000

623,859

2.15%,

9/10/2024

200,000

211,290

Avolon

Holdings

Funding

Ltd.

,

3.63%,

5/1/2022(a)

87,000

88,962

4.25%,

4/15/2026(a)

1,285,000

1,387,286

2.75%,

2/21/2028(a)

495,000

484,065

Capital

One

Financial

Corp.

,

3.90%,

1/29/2024

1,325,000

1,447,233

Caterpillar

Financial

Services

Corp.

,

0.80%,

11/13/2025

2,120,000

2,124,788

Ford

Motor

Credit

Co.

LLC

,

2.98%,

8/3/2022

1,400,000

1,415,750

Harley-Davidson

Financial

Services,

Inc.

,

4.05%,

2/4/2022(a)

400,000

413,823

3.35%,

6/8/2025(a)

535,000

577,620

John

Deere

Capital

Corp.

,

2.60%,

3/7/2024

255,000

272,330

LeasePlan

Corp.

NV

,

2.88%,

10/24/2024(a)

780,000

823,247

Toyota

Motor

Credit

Corp.

,

1.15%,

8/13/2027

1,245,000

1,249,559

1.65%,

1/10/2031

1,990,000

1,977,292

18,595,954

Diversified

Financial

Services

1.2%

AIG

Global

Funding

,

0.90%,

9/22/2025(a)

1,010,000

1,009,033

Antares

Holdings

LP

,

3.95%,

7/15/2026(a)

545,000

546,456

Corporate

Bonds

Principal

Amount

($)

Value

($)

Diversified

Financial

Services

Element

Fleet

Management

Corp.

,

3.85%,

6/15/2025(a)

815,000

869,268

GE

Capital

Funding

LLC

,

4.05%,

5/15/2027(a)

1,775,000

2,027,266

Mitsubishi

UFJ

Lease

&

Finance

Co.

Ltd.

,

2.65%,

9/19/2022(a)

1,400,000

1,441,762

National

Rural

Utilities

Cooperative

Finance

Corp.

,

4.30%,

3/15/2049

470,000

613,206

ORIX

Corp.

,

3.25%,

12/4/2024

635,000

692,225

Pine

Street

Trust

II

,

5.57%,

2/15/2049(a)

275,000

351,822

7,551,038

Diversified

Telecommunication

Services

0.4%

AT&T,

Inc.

,

3.65%,

6/1/2051

1,125,000

1,128,511

Verizon

Communications,

Inc.

,

2.88%,

11/20/2050

1,430,000

1,377,133

2,505,644

Electric

Utilities

2.2%

Alliant

Energy

Finance

LLC

,

4.25%,

6/15/2028(a)

1,335,000

1,577,501

American

Electric

Power

Co.,

Inc.

,

Series

J,

4.30%,

12/1/2028

1,000,000

1,180,945

3.25%,

3/1/2050

235,000

241,519

Duke

Energy

Corp.

,

0.90%,

9/15/2025

1,030,000

1,033,027

Entergy

Corp.

,

0.90%,

9/15/2025

1,100,000

1,097,928

Entergy

Texas,

Inc.

,

3.45%,

12/1/2027

415,000

459,026

Eversource

Energy

,

Series

R,

1.65%,

8/15/2030

435,000

427,255

New

England

Power

Co.

,

2.81%,

10/6/2050(a)

1,055,000

1,026,936

NextEra

Energy

Capital

Holdings,

Inc.

,

2.25%,

6/1/2030

395,000

408,876

Ohio

Power

Co.

,

Series

Q,

1.63%,

1/15/2031

795,000

799,921

Pacific

Gas

and

Electric

Co.

,

(ICE

LIBOR

USD

3

Month

+

1.38%),

1.60%,

11/15/2021(c)

2,150,000

2,155,177

PacifiCorp

,

3.30%,

3/15/2051

215,000

236,917

Southern

California

Edison

Co.

,

Series

20C,

1.20%,

2/1/2026

1,035,000

1,042,448

Virginia

Electric

and

Power

Co.

,

2.45%,

12/15/2050

730,000

695,132

28

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Loomis

Core

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Vistra

Operations

Co.

LLC

,

4.30%,

7/15/2029(a)

980,000

1,127,122

13,509,730

Electronic

Equipment,

Instruments

&

Components

0.1%

Amphenol

Corp.

,

2.05%,

3/1/2025

230,000

241,653

Flex

Ltd.

,

4.88%,

6/15/2029

425,000

499,160

740,813

Entertainment

0.1%

Activision

Blizzard,

Inc.

,

2.50%,

9/15/2050

855,000

783,757

Equity

Real

Estate

Investment

Trusts

(REITs)

1.2%

Boston

Properties

LP

,

4.13%,

5/15/2021

1,475,000

1,476,906

Essex

Portfolio

LP

,

2.65%,

3/15/2032

135,000

142,070

Healthpeak

Properties,

Inc.

,

3.00%,

1/15/2030

425,000

462,275

National

Health

Investors,

Inc.

,

3.00%,

2/1/2031

295,000

292,625

Office

Properties

Income

Trust

,

4.50%,

2/1/2025

1,395,000

1,487,069

Omega

Healthcare

Investors,

Inc.

,

4.50%,

1/15/2025

405,000

443,434

3.38%,

2/1/2031

1,010,000

1,052,194

Piedmont

Operating

Partnership

LP

,

3.15%,

8/15/2030

650,000

658,793

Public

Storage

,

0.88%,

2/15/2026

760,000

759,180

Simon

Property

Group

LP

,

1.75%,

2/1/2028

800,000

803,914

7,578,460

Food

&

Staples

Retailing

0.3%

Alimentation

Couche-Tard,

Inc.

,

2.70%,

7/26/2022(a)

1,710,000

1,762,697

Food

Products

0.3%

Bunge

Ltd.

Finance

Corp.

,

4.35%,

3/15/2024

1,000,000

1,105,662

Mondelez

International,

Inc.

,

2.75%,

4/13/2030

715,000

772,799

1,878,461

Gas

Utilities

0.2%

Atmos

Energy

Corp.

,

1.50%,

1/15/2031

985,000

973,812

Health

Care

Equipment

&

Supplies

0.4%

Abbott

Laboratories

,

3.40%,

11/30/2023

1,508,000

1,628,123

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Equipment

&

Supplies

DH

Europe

Finance

II

Sarl

,

2.20%,

11/15/2024

840,000

890,245

2,518,368

Health

Care

Providers

&

Services

0.9%

AmerisourceBergen

Corp.

,

2.80%,

5/15/2030

545,000

587,552

Anthem,

Inc.

,

4.10%,

3/1/2028

1,000,000

1,168,952

Centene

Corp.

,

3.00%,

10/15/2030

990,000

1,035,490

Cigna

Corp.

,

3.75%,

7/15/2023

605,000

652,662

4.50%,

2/25/2026

140,000

162,885

CVS

Health

Corp.

,

4.30%,

3/25/2028

381,000

447,572

1.88%,

2/28/2031

1,725,000

1,707,350

5,762,463

Hotels,

Restaurants

&

Leisure

0.2%

Choice

Hotels

International,

Inc.

,

3.70%,

12/1/2029

160,000

174,203

3.70%,

1/15/2031

235,000

255,551

Marriott

International,

Inc.

,

Series

Z,

4.15%,

12/1/2023

655,000

710,771

1,140,525

Household

Durables

0.2%

Panasonic

Corp.

,

2.54%,

7/19/2022(a)

975,000

1,002,089

Independent

Power

and

Renewable

Electricity

Producers

0.6%

AES

Corp.

(The)

,

3.30%,

7/15/2025(a)

795,000

864,340

1.38%,

1/15/2026(a)

1,265,000

1,270,102

Exelon

Generation

Co.

LLC

,

4.25%,

6/15/2022

1,330,000

1,385,238

3,519,680

Insurance

3.3%

Aflac,

Inc.

,

4.75%,

1/15/2049

355,000

482,095

American

Financial

Group,

Inc.

,

3.50%,

8/15/2026

1,075,000

1,185,234

American

International

Group,

Inc.

,

3.30%,

3/1/2021

1,560,000

1,560,000

Assurant,

Inc.

,

4.20%,

9/27/2023

565,000

616,104

Athene

Global

Funding

,

1.20%,

10/13/2023(a)

1,180,000

1,193,406

2.55%,

11/19/2030(a)

920,000

929,266

Berkshire

Hathaway

Finance

Corp.

,

2.85%,

10/15/2050

950,000

974,124

Brighthouse

Financial,

Inc.

,

3.70%,

6/22/2027

138,000

152,072

4.70%,

6/22/2047

338,000

357,255

Nationwide

Loomis

Core

Bond

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

29

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

Equitable

Financial

Life

Global

Funding

,

1.40%,

8/27/2027(a)

1,155,000

1,159,956

Five

Corners

Funding

Trust

II

,

2.85%,

5/15/2030(a)

625,000

676,526

GA

Global

Funding

Trust

,

1.63%,

1/15/2026(a)

500,000

506,958

Global

Atlantic

Fin

Co.

,

4.40%,

10/15/2029(a)

355,000

390,377

Great-West

Lifeco

US

Finance

2020

LP

,

0.90%,

8/12/2025(a)

1,225,000

1,224,125

Jackson

National

Life

Global

Funding

,

3.88%,

6/11/2025(a)

195,000

219,395

Manulife

Financial

Corp.

,

2.48%,

5/19/2027

325,000

349,716

Metropolitan

Life

Global

Funding

I

,

1.55%,

1/7/2031(a)

2,670,000

2,637,777

Principal

Life

Global

Funding

II

,

0.88%,

1/12/2026(a)

2,750,000

2,740,029

Reliance

Standard

Life

Global

Funding

II

,

3.85%,

9/19/2023(a)

960,000

1,040,514

2.75%,

5/7/2025(a)

1,270,000

1,342,477

Unum

Group

,

4.50%,

12/15/2049

725,000

781,798

20,519,204

Interactive

Media

&

Services

0.2%

Alphabet,

Inc.

,

2.05%,

8/15/2050

1,350,000

1,223,337

Internet

&

Direct

Marketing

Retail

0.2%

eBay,

Inc.

,

1.90%,

3/11/2025

580,000

604,631

Expedia

Group,

Inc.

,

6.25%,

5/1/2025(a)

725,000

838,233

1,442,864

IT

Services

0.4%

DXC

Technology

Co.

,

4.13%,

4/15/2025

215,000

237,806

IBM

Credit

LLC

,

2.20%,

9/8/2022

1,075,000

1,110,976

Western

Union

Co.

(The)

,

4.25%,

6/9/2023

1,240,000

1,336,559

2,685,341

Leisure

Products

0.1%

Hasbro,

Inc.

,

3.55%,

11/19/2026

710,000

787,855

Machinery

0.5%

CNH

Industrial

Capital

LLC

,

1.95%,

7/2/2023

560,000

576,621

Kennametal,

Inc.

,

4.63%,

6/15/2028

765,000

860,997

Corporate

Bonds

Principal

Amount

($)

Value

($)

Machinery

Stanley

Black

&

Decker,

Inc.

,

2.75%,

11/15/2050

705,000

704,692

Timken

Co.

(The)

,

4.50%,

12/15/2028

660,000

731,853

2,874,163

Media

0.1%

ViacomCBS

,

Inc.

,

6.88%,

4/30/2036

440,000

638,388

Metals

&

Mining

0.2%

Glencore

Funding

LLC

,

4.13%,

3/12/2024(a)

290,000

318,131

2.50%,

9/1/2030(a)

945,000

954,060

1,272,191

Multi-Utilities

0.6%

Berkshire

Hathaway

Energy

Co.

,

2.85%,

5/15/2051(a)

1,415,000

1,412,043

Consolidated

Edison

Co.

of

New

York,

Inc.

,

Series

C,

3.00%,

12/1/2060

475,000

468,924

Dominion

Energy,

Inc.

,

3.07%,

8/15/2024(e)

405,000

440,156

DTE

Energy

Co.

,

Series

C,

2.53%,

10/1/2024(e)

495,000

527,554

Series

F,

1.05%,

6/1/2025

660,000

666,009

San

Diego

Gas

&

Electric

Co.

,

Series

VVV,

1.70%,

10/1/2030

400,000

397,264

3,911,950

Oil,

Gas

&

Consumable

Fuels

1.2%

Aker

BP

ASA

,

3.75%,

1/15/2030(a)

670,000

710,695

Chevron

USA,

Inc.

,

2.34%,

8/12/2050

680,000

619,718

Diamondback

Energy,

Inc.

,

4.75%,

5/31/2025

1,040,000

1,176,683

Equinor

ASA

,

3.25%,

11/18/2049

350,000

370,298

Gray

Oak

Pipeline

LLC

,

3.45%,

10/15/2027(a)

95,000

99,638

Kinder

Morgan,

Inc.

,

7.80%,

8/1/2031

1,195,000

1,730,844

Midwest

Connector

Capital

Co.

LLC

,

3.63%,

4/1/2022(a)

830,000

842,768

ONEOK,

Inc.

,

7.15%,

1/15/2051

470,000

642,796

Pioneer

Natural

Resources

Co.

,

1.13%,

1/15/2026

335,000

335,569

1.90%,

8/15/2030

530,000

516,995

Valero

Energy

Corp.

,

2.15%,

9/15/2027

430,000

434,954

7,480,958

30

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Loomis

Core

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Pharmaceuticals

0.5%

Bayer

US

Finance

II

LLC

,

3.38%,

7/15/2024(a)

605,000

656,286

Novartis

Capital

Corp.

,

2.75%,

8/14/2050

510,000

535,556

Pfizer,

Inc.

,

3.45%,

3/15/2029

1,000,000

1,149,923

Royalty

Pharma

plc

,

3.55%,

9/2/2050(a)

675,000

704,867

3,046,632

Road

&

Rail

0.7%

Penske

Truck

Leasing

Co.

LP

,

4.13%,

8/1/2023(a)

1,315,000

1,424,207

4.00%,

7/15/2025(a)

400,000

450,266

4.45%,

1/29/2026(a)

240,000

276,928

Ryder

System,

Inc.

,

3.88%,

12/1/2023

525,000

572,196

4.63%,

6/1/2025

745,000

858,864

Union

Pacific

Corp.

,

3.95%,

8/15/2059

485,000

578,389

4,160,850

Semiconductors

&

Semiconductor

Equipment

1.1%

Broadcom,

Inc.

,

4.15%,

11/15/2030

445,000

504,047

2.45%,

2/15/2031(a)

2,750,000

2,740,505

Marvell

Technology

Group

Ltd.

,

4.20%,

6/22/2023

940,000

1,015,566

Microchip

Technology,

Inc.

,

3.92%,

6/1/2021

355,000

359,102

2.67%,

9/1/2023(a)

860,000

899,214

0.97%,

2/15/2024(a)

1,130,000

1,130,871

6,649,305

Software

0.2%

Infor,

Inc.

,

1.45%,

7/15/2023(a)

585,000

595,531

ServiceNow

,

Inc.

,

1.40%,

9/1/2030

775,000

740,693

1,336,224

Specialty

Retail

0.3%

AutoNation,

Inc.

,

3.50%,

11/15/2024

800,000

865,172

4.50%,

10/1/2025

675,000

764,426

1,629,598

Technology

Hardware,

Storage

&

Peripherals

0.7%

Apple,

Inc.

,

3.35%,

2/9/2027

180,000

203,321

Hewlett

Packard

Enterprise

Co.

,

3.50%,

10/5/2021

415,000

422,845

4.65%,

10/1/2024

945,000

1,071,085

HP,

Inc.

,

3.00%,

6/17/2027

1,085,000

1,189,566

NetApp,

Inc.

,

1.88%,

6/22/2025

535,000

556,296

Corporate

Bonds

Principal

Amount

($)

Value

($)

Technology

Hardware,

Storage

&

Peripherals

Seagate

HDD

Cayman

,

4.88%,

3/1/2024

685,000

739,012

4,182,125

Textiles,

Apparel

&

Luxury

Goods

0.1%

PVH

Corp.

,

4.63%,

7/10/2025

400,000

449,655

Thrifts

&

Mortgage

Finance

0.2%

Nationwide

Building

Society

,

(ICE

LIBOR

USD

3

Month

+

1.39%),

4.36%,

8/1/2024(a)

(c)(f)

1,310,000

1,425,654

Trading

Companies

&

Distributors

0.6%

Air

Lease

Corp.

,

3.25%,

10/1/2029

191,000

200,546

Aircastle

Ltd.

,

2.85%,

1/26/2028(a)

1,905,000

1,866,608

Aviation

Capital

Group

LLC

,

3.88%,

5/1/2023(a)

835,000

878,577

1.95%,

1/30/2026(a)

225,000

223,157

WW

Grainger,

Inc.

,

1.85%,

2/15/2025

715,000

747,672

3,916,560

Wireless

Telecommunication

Services

0.3%

SK

Telecom

Co.

Ltd.

,

3.75%,

4/16/2023(a)

560,000

597,173

T-Mobile

USA,

Inc.

,

3.30%,

2/15/2051(a)

1,455,000

1,425,594

2,022,767

Total

Corporate

Bonds

(cost

$244,302,205)

251,934,520

Mortgage-Backed

Securities

9.1%

FNMA

UMBS

Pool

Pool#

292234

8.00%,

8/1/2024

282

284

Pool#

303300

8.50%,

5/1/2025

1,636

1,774

Pool#

342718

6.50%,

5/1/2026

10,014

11,251

Pool#

250764

7.50%,

12/1/2026

24,114

26,632

Pool#

415652

6.50%,

3/1/2028

2,310

2,596

Pool#

252212

6.50%,

1/1/2029

51,253

58,462

Pool#

504076

6.50%,

6/1/2029

27,456

31,915

Pool#

484939

6.50%,

6/1/2029

8,587

9,647

Pool#

252570

6.50%,

7/1/2029

23,108

26,279

Pool#

506638

6.50%,

8/1/2029

9,412

10,575

Nationwide

Loomis

Core

Bond

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

31

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

535300

6.50%,

5/1/2030

29,228

33,994

Pool#

539932

7.00%,

5/1/2030

4,671

4,689

Pool#

MA3209

3.00%,

12/1/2047

2,860,814

3,018,575

Pool#

MA3275

3.00%,

2/1/2048

2,754,980

2,904,743

FNMA/FHLMC

UMBS,

15

Year,

Single

Family

TBA

2.00%,

2/25/2036

6,500,000

6,791,230

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

2.00%,

2/25/2051

3,846,000

3,971,596

2.50%,

2/25/2051

5,825,000

6,137,866

2.00%,

3/25/2051

7,198,000

7,420,126

GNMA

I

Pool

Pool#

348637

7.50%,

5/15/2023

2,416

2,443

Pool#

354696

6.50%,

12/15/2023

2,167

2,414

Pool#

369270

6.50%,

12/15/2023

1,251

1,394

Pool#

368677

7.50%,

1/15/2024

4,055

4,110

Pool#

359986

7.50%,

1/15/2024

361

362

Pool#

362734

7.50%,

1/15/2024

127

128

Pool#

371909

6.50%,

2/15/2024

3,563

3,970

Pool#

392055

7.00%,

4/15/2024

699

701

Pool#

442138

8.00%,

11/15/2026

17,630

19,365

Pool#

399109

7.50%,

2/15/2027

6,265

6,722

Pool#

445661

7.50%,

7/15/2027

2,552

2,600

Pool#

443887

7.50%,

8/15/2027

4,334

4,412

Pool#

455381

7.50%,

8/15/2027

3,051

3,365

Pool#

450591

7.50%,

8/15/2027

536

551

Pool#

453295

7.50%,

8/15/2027

302

314

Pool#

446699

6.00%,

8/15/2028

7,435

8,348

Pool#

482748

6.00%,

9/15/2028

29,222

32,815

Pool#

460906

6.00%,

9/15/2028

5,354

6,002

Pool#

476969

6.50%,

1/15/2029

20,515

22,859

Pool#

781029

6.50%,

5/15/2029

67,860

77,939

Pool#

503106

6.50%,

6/15/2029

6,934

7,726

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

767673

4.63%,

4/20/2064(b)

1,159,585

1,262,258

Pool#

BA7614

4.55%,

5/20/2067(b)

866,456

962,162

Pool#

BC3943

4.44%,

6/20/2067(b)

2,906,076

3,312,269

Pool#

BB0088

4.70%,

7/20/2067(b)

3,856,508

4,452,730

GNMA

TBA

2.00%,

3/15/2051

6,000,000

6,220,781

2.50%,

3/15/2051

9,000,000

9,453,867

Total

Mortgage-Backed

Securities

(cost

$55,458,617)

56,334,841

U.S.

Treasury

Obligations

25.3%

U.S.

Treasury

Bonds

4.25%,

5/15/2039

570,000

821,490

4.38%,

11/15/2039

2,400,000

3,521,531

1.13%,

5/15/2040

17,455,000

15,971,325

4.38%,

5/15/2040

8,870,000

13,049,641

2.25%,

8/15/2049

11,385,000

12,490,145

2.00%,

2/15/2050

8,630,000

8,974,526

1.25%,

5/15/2050

620,000

536,591

1.38%,

8/15/2050

1,285,000

1,148,268

1.63%,

11/15/2050

11,475,000

10,908,422

U.S.

Treasury

Notes

0.25%,

7/31/2025

9,160,000

9,113,127

0.25%,

8/31/2025

1,515,000

1,506,419

0.25%,

9/30/2025

16,410,000

16,305,514

0.25%,

10/31/2025

2,375,000

2,358,394

0.38%,

11/30/2025

21,325,000

21,291,680

0.38%,

12/31/2025

13,710,000

13,680,009

0.63%,

8/15/2030

9,125,000

8,765,703

0.88%,

11/15/2030

16,675,000

16,362,344

Total

U.S.

Treasury

Obligations

(cost

$156,981,437)

156,805,129

32

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Loomis

Core

Bond

Fund

Short-Term

Investments

6.3%

Principal

Amount

($)

Value

($)

U.S.

Treasury

Obligations

6.3%

U.S.

Treasury

Bills

0.08%,

2/11/2021

6,120,000

6,119,928

0.12%,

3/4/2021

10,000,000

9,999,569

0.10%,

3/25/2021

4,000,000

3,999,682

0.10%,

4/1/2021

1,000,000

999,908

0.11%,

4/8/2021

1,000,000

999,885

0.11%,

4/22/2021

3,000,000

2,999,633

0.10%,

5/6/2021

7,000,000

6,998,858

0.09%,

5/20/2021

2,000,000

1,999,558

0.10%,

6/24/2021

5,000,000

4,998,560

Total

Short-Term

Investments

(cost

$39,112,946)

39,115,581

Total

Investments

(cost

$626,507,720)

—

103.4%

639,594,567

Liabilities

in

excess

of

other

assets

—

(3.4)%

(21,013,365)

NET

ASSETS

—

100.0%

$

618,581,202

(a)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

at

January

31,

2021

was

$127,143,961

which

represents

20.55%

of

net

assets.

(b)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

January

31,

2021.

(c)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

January

31,

2021.

(d)

Security

in

default.

(e)

Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

at

January

31,

2021.

(f)

Investment

in

affiliate.

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

January

31,

2021:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Short

Contracts

U.S.

Treasury

5

Year

Note

(32)

3/2021

USD

(4,028,000)

1,940

U.S.

Treasury

10

Year

Note

(70)

3/2021

USD

(9,592,187)

66,745

U.S.

Treasury

10

Year

Ultra

Note

(12)

3/2021

USD

(1,845,938)

34,687

U.S.

Treasury

Ultra

Bond

(19)

3/2021

USD

(3,889,656)

179,884

283,256

At

January

31,

2021,

the

Fund

had

$340,230

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

Nationwide

Loomis

Core

Bond

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

33

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

January

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

34,449,541

$

–

$

34,449,541

Collateralized

Mortgage

Obligations

–

60,999,358

–

60,999,358

Commercial

Mortgage-Backed

Securities

–

39,955,597

–

39,955,597

Corporate

Bonds

–

251,934,520

–

251,934,520

Futures

Contracts

283,256

–

–

283,256

Mortgage-Backed

Securities

–

56,334,841

–

56,334,841

Short-Term

Investments

–

39,115,581

–

39,115,581

U.S.

Treasury

Obligations

–

156,805,129

–

156,805,129

Total

$

283,256

$

639,594,567

$

–

$

639,877,823

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

34

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Loomis

Core

Bond

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2021.

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

January

31,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2021:

Assets:

Fair

Value

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

$

283,256

Total

$

283,256

The

Statement

of

Investments

should

be

read

in

conjunction

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

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

35

Asset-Backed

Securities

22.6%

Principal

Amount

($)

Value

($)

Automobiles

18.3%

Ally

Auto

Receivables

Trust,

Series

2019-4,

Class

A3,

1.84%,

6/17/2024

1,135,000

1,151,977

American

Credit

Acceptance

Receivables

Trust

Series

2020-1,

Class

B,

2.08%,

12/13/2023(a)

115,000

115,971

Series

2021-1,

Class

A,

0.35%,

5/13/2024(a)

540,000

540,077

Series

2020-2,

Class

B,

2.48%,

9/13/2024(a)

165,000

168,851

Series

2019-4,

Class

C,

2.69%,

12/12/2025(a)

840,000

858,166

Americredit

Automobile

Receivables

Trust

Series

2019-1,

Class

A3,

2.97%,

11/20/2023

348,076

352,426

Series

2019-2,

Class

B,

2.54%,

7/18/2024

1,255,000

1,291,582

AmeriCredit

Automobile

Receivables

Trust

Series

2020-2,

Class

B,

0.97%,

2/18/2026

25,000

25,291

Series

2020-3,

Class

C,

1.06%,

8/18/2026

55,000

55,733

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

Series

2019-2A,

Class

A,

3.35%,

9/22/2025(a)

570,000

617,020

Bank

of

The

West

Auto

Trust,

Series

2019-1,

Class

A3,

2.43%,

4/15/2024(a)

485,000

493,752

Carmax

Auto

Owner

Trust

Series

2019-4,

Class

A2A,

2.01%,

3/15/2023

272,042

273,655

Series

2020-1,

Class

A2,

1.87%,

4/17/2023

765,429

770,361

Series

2021-1,

Class

A3,

0.34%,

12/15/2025

200,000

200,191

Carvana

Auto

Receivables

Trust,

Series

2019-

3A,

Class

A3,

2.34%,

6/15/2023(a)

477,012

479,451

CPS

Auto

Receivables

Trust

Series

2019-C,

Class

B,

2.63%,

8/15/2023(a)

357,761

360,039

Series

2018-A,

Class

C,

3.05%,

12/15/2023(a)

36,107

36,246

Credit

Acceptance

Auto

Loan

Trust

Series

2018-2A,

Class

A,

3.47%,

5/17/2027(a)

178,703

179,541

Series

2019-3A,

Class

A,

2.38%,

11/15/2028(a)

250,000

256,570

Series

2020-2A,

Class

A,

1.37%,

7/16/2029(a)

280,000

284,031

Drive

Auto

Receivables

Trust

Series

2019-3,

Class

B,

2.65%,

2/15/2024

365,000

368,658

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

Series

2020-1,

Class

B,

2.08%,

7/15/2024

335,000

339,695

DT

Auto

Owner

Trust

Series

2018-2A,

Class

C,

3.67%,

3/15/2024(a)

124,297

124,633

Series

2019-1A,

Class

C,

3.61%,

11/15/2024(a)

350,000

356,116

Series

2021-1A,

Class

A,

0.35%,

1/15/2025(a)

500,000

500,101

Series

2019-2A,

Class

C,

3.18%,

2/18/2025(a)

85,000

86,727

Series

2020-2A,

Class

C,

3.28%,

3/16/2026(a)

135,000

141,771

Series

2020-3A,

Class

C,

1.47%,

6/15/2026(a)

225,000

229,364

Exeter

Automobile

Receivables

Trust

Series

2021-1A,

Class

A2,

0.58%,

6/15/2023

740,000

739,937

Series

2020-1A,

Class

B,

2.26%,

4/15/2024(a)

175,000

177,009

Series

2021-1A,

Class

B,

0.50%,

2/18/2025

135,000

134,975

Series

2020-2A,

Class

C,

3.28%,

5/15/2025(a)

185,000

193,747

Series

2020-3A,

Class

C,

1.32%,

7/15/2025

205,000

208,050

First

Investors

Auto

Owner

Trust

Series

2019-1A,

Class

A,

2.89%,

3/15/2024(a)

120,227

121,376

Series

2019-2A,

Class

A,

2.21%,

9/16/2024(a)

206,123

208,404

Series

2021-1A,

Class

A,

0.45%,

3/16/2026(a)

245,000

245,231

Flagship

Credit

Auto

Trust

Series

2018-2,

Class

B,

3.56%,

5/15/2023(a)

991,982

1,001,493

Series

2020-1,

Class

A,

1.90%,

8/15/2024(a)

476,912

482,998

Series

2018-3,

Class

B,

3.59%,

12/16/2024(a)

460,000

467,772

Series

2020-1,

Class

B,

2.05%,

2/17/2025(a)

705,000

722,728

Ford

Credit

Auto

Lease

Trust,

Series

2020-A,

Class

A3,

1.85%,

3/15/2023

320,000

324,008

Ford

Credit

Auto

Owner

Trust

Series

2019-C,

Class

A3,

1.87%,

3/15/2024

985,000

1,002,994

Series

2020-C,

Class

A3,

0.41%,

7/15/2025

270,000

271,083

Ford

Credit

Floorplan

Master

Owner

Trust,

Series

2019-1,

Class

A,

2.84%,

3/15/2024

735,000

756,719

Foursight

Capital

Automobile

Receivables

Trust,

Series

2018-2,

Class

A3,

3.64%,

5/15/2023(a)

287,303

289,070

36

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Loomis

Short

Term

Bond

Fund

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

GLS

Auto

Receivables

Issuer

Trust

Series

2019-2A,

Class

A,

3.06%,

4/17/2023(a)

144,434

145,320

Series

2020-3A,

Class

B,

1.38%,

8/15/2024(a)

425,000

429,813

Series

2019-4A,

Class

B,

2.78%,

9/16/2024(a)

260,000

267,205

Series

2020-4A,

Class

C,

1.14%,

11/17/2025(a)

120,000

120,669

GLS

Auto

Receivables

Trust,

Series

2018-3A,

Class

B,

3.78%,

8/15/2023(a)

358,466

363,870

GM

Financial

Automobile

Leasing

Trust,

Series

2020-2,

Class

A3,

0.80%,

7/20/2023

105,000

105,867

GM

Financial

Consumer

Automobile

Receivables

Trust

Series

2020-1,

Class

A2,

1.83%,

1/17/2023

164,797

165,332

Series

2019-3,

Class

A3,

2.18%,

4/16/2024

475,000

482,285

Series

2021-1,

Class

A3,

0.35%,

10/16/2025

185,000

185,353

Harley-Davidson

Motorcycle

Trust,

Series

2020-A,

Class

A3,

1.87%,

10/15/2024

275,000

279,649

Honda

Auto

Receivables

Owner

Trust,

Series

2019-4,

Class

A3,

1.83%,

1/18/2024

1,090,000

1,111,669

Hyundai

Auto

Lease

Securitization

Trust

Series

2020-A,

Class

A2,

1.90%,

5/16/2022(a)

349,164

350,572

Series

2020-A,

Class

A3,

1.95%,

7/17/2023(a)

950,000

964,365

Hyundai

Auto

Receivables

Trust,

Series

2019-B,

Class

A3,

1.94%,

2/15/2024

830,000

844,368

Mercedes-Benz

Auto

Lease

Trust

Series

2019-B,

Class

A2,

2.01%,

12/15/2021

188,080

188,427

Series

2020-A,

Class

A3,

1.84%,

12/15/2022

455,000

461,197

NextGear

Floorplan

Master

Owner

Trust

Series

2018-1A,

Class

A2,

3.22%,

2/15/2023(a)

610,000

610,754

Series

2018-2A,

Class

A2,

3.69%,

10/15/2023(a)

580,000

593,951

Nissan

Auto

Lease

Trust,

Series

2020-A,

Class

A3,

1.84%,

1/17/2023

400,000

405,461

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

Prestige

Auto

Receivables

Trust

Series

2019-1A,

Class

A3,

2.45%,

5/15/2023(a)

1,114,262

1,122,053

Series

2020-1A,

Class

C,

1.31%,

11/16/2026(a)

480,000

484,497

Santander

Consumer

Auto

Receivables

Trust,

Series

2020-AA,

Class

C,

3.71%,

2/17/2026(a)

175,000

188,348

Santander

Drive

Auto

Receivables

Trust

Series

2019-2,

Class

C,

2.90%,

10/15/2024

485,000

496,403

Series

2020-2,

Class

B,

0.96%,

11/15/2024

120,000

120,837

Series

2020-4,

Class

C,

1.01%,

1/15/2026

265,000

268,186

Series

2020-3,

Class

C,

1.12%,

1/15/2026

420,000

425,355

Toyota

Auto

Loan

Extended

Note

Trust,

Series

2020-

1A,

Class

A,

1.35%,

5/25/2033(a)

170,000

174,985

Toyota

Auto

Receivables

Owner

Trust

Series

2019-D,

Class

A3,

1.92%,

1/16/2024

1,080,000

1,101,025

Series

2020-A,

Class

A3,

1.66%,

5/15/2024

2,260,000

2,303,800

United

Auto

Credit

Securitization

Trust,

Series

2020-1,

Class

B,

1.47%,

11/10/2022(a)

505,000

507,692

Westlake

Automobile

Receivables

Trust

Series

2019-1A,

Class

B,

3.26%,

10/17/2022(a)

65,024

65,348

Series

2019-2A,

Class

B,

2.62%,

7/15/2024(a)

905,000

915,396

Series

2020-2A,

Class

C,

2.01%,

7/15/2025(a)

165,000

169,064

Series

2020-3A,

Class

C,

1.24%,

11/17/2025(a)

80,000

80,851

Wheels

SPV

2

LLC,

Series

2019-1A,

Class

A2,

2.30%,

5/22/2028(a)

206,338

208,290

World

Omni

Auto

Receivables

Trust

Series

2020-A,

Class

A2,

1.71%,

11/15/2022

1,320,963

1,332,391

Series

2020-A,

Class

A3,

1.70%,

1/17/2023

1,580,000

1,614,064

Series

2019-C,

Class

A3,

1.96%,

12/16/2024

1,320,000

1,346,627

Series

2020-B,

Class

A3,

0.63%,

5/15/2025

465,000

468,065

39,474,994

Nationwide

Loomis

Short

Term

Bond

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

37

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Credit

Card

1.0%

Barclays

Dryrock

Issuance

Trust,

Series

2019-1,

Class

A,

1.96%,

5/15/2025

925,000

948,364

World

Financial

Network

Credit

Card

Master

Trust,

Series

2019-B,

Class

A,

2.49%,

4/15/2026

1,200,000

1,236,158

2,184,522

Other

2.4%

CNH

Equipment

Trust,

Series

2020-A,

Class

A3,

1.16%,

6/16/2025

95,000

96,449

Diamond

Resorts

Owner

Trust,

Series

2018-1,

Class

A,

3.70%,

1/21/2031(a)

207,079

211,283

GreatAmerica

Leasing

Receivables

Funding

LLC

Series

2020-1,

Class

A2,

1.76%,

6/15/2022(a)

1,511,768

1,521,201

Series

2020-1,

Class

A3,

1.76%,

8/15/2023(a)

600,000

612,066

Onemain

Financial

Issuance

Trust,

Series

2018-

1A,

Class

A,

3.30%,

3/14/2029(a)

1,965,000

1,978,418

SCF

Equipment

Leasing

LLC,

Series

2018-1A,

Class

A2,

3.63%,

10/20/2024(a)

164,080

164,865

SoFi

Consumer

Loan

Program

Trust

Series

2018-2,

Class

A2,

3.35%,

4/26/2027(a)

47,433

47,512

Series

2018-4,

Class

A,

3.54%,

11/26/2027(a)

63,063

63,240

Verizon

Owner

Trust,

Series

2018-A,

Class

A1A,

3.23%,

4/20/2023

299,628

303,327

4,998,361

Student

Loan

0.9%

Massachusetts

Educational

Financing

Authority,

Series

2018-A,

Class

A,

3.85%,

5/25/2033

348,933

367,792

Navient

Private

Education

Refi

Loan

Trust

Series

2020-HA,

Class

A,

1.31%,

1/15/2069(a)

281,025

284,728

Series

2021-A,

Class

A,

0.84%,

5/15/2069(a)

240,000

240,015

Series

2020-GA,

Class

A,

1.17%,

9/16/2069(a)

98,921

99,885

SoFi

Professional

Loan

Program

LLC,

Series

2018-A,

Class

A1,

0.48%,

2/25/2042(a)(b)

134,362

133,602

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Student

Loan

SoFi

Professional

Loan

Program

Trust,

Series

2020-

A,

Class

A1FX,

2.06%,

5/15/2046(a)

837,958

844,093

1,970,115

Total

Asset-Backed

Securities

(cost

$47,870,842)

48,627,992

Collateralized

Mortgage

Obligations

1.4%

FHLMC

REMICS

Series

3852,

Class

EA,

4.50%,

12/15/2021

2

2

Series

4060,

Class

EA,

1.75%,

6/15/2022

35,644

35,822

Series

2611,

Class

HD,

5.00%,

5/15/2023

33,699

34,922

Series

3585,

Class

LA,

3.50%,

10/15/2024

9,066

9,392

Series

3609,

Class

LE,

3.00%,

12/15/2024

12

12

Series

3718,

Class

BC,

2.00%,

2/15/2025

3,941

3,947

Series

3721,

Class

PE,

3.50%,

9/15/2040

78,335

85,509

FNMA

REMICS

Series

2012-99,

Class

TC,

1.50%,

9/25/2022

48,893

49,085

Series

2012-100,

Class

WA,

1.50%,

9/25/2027

184,465

187,602

Series

2012-93,

Class

DP,

1.50%,

9/25/2027

168,170

171,155

GNMA

REMICS

Series

2009-104,

Class

KE,

2.50%,

8/16/2039

26,868

27,451

Series

2009-88,

Class

QE,

3.00%,

9/16/2039

43,873

44,934

Series

2011-39,

Class

NE,

3.50%,

9/16/2039

77,152

81,602

Series

2010-H22,

Class

FE,

0.50%,

5/20/2059(b)

116,814

116,759

Series

2010-H02,

Class

FA,

0.83%,

2/20/2060(b)

319,995

321,686

Series

2011-H11,

Class

FA,

0.65%,

3/20/2061(b)

205,030

205,565

Series

2011-H23,

Class

HA,

3.00%,

12/20/2061

4,923

5,180

Series

2012-H18,

Class

NA,

0.67%,

8/20/2062(b)

94,930

95,204

Series

2016-H13,

Class

FT,

0.73%,

5/20/2066(b)

76,100

76,301

Series

2017-H25,

Class

FD,

0.30%,

12/20/2067(b)

140,984

140,535

Series

2019-H01,

Class

FJ,

0.45%,

9/20/2068(b)

187,636

187,370

Series

2019-H01,

Class

FT,

0.55%,

10/20/2068(b)

425,002

425,068

38

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Loomis

Short

Term

Bond

Fund

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

Series

2019-H13,

Class

FT,

0.56%,

8/20/2069(b)

743,524

742,866

Total

Collateralized

Mortgage

Obligations

(cost

$3,038,635)

3,047,969

Commercial

Mortgage-Backed

Securities

1.7%

BBCMS

Mortgage

Trust

,

Series

2020-BID,

Class

A,

2.27%,

10/15/2037(a)(b)

425,000

426,598

Benchmark

Mortgage

Trust

,

Series

2019-B10,

Class

A1,

2.79%,

3/15/2062

1,469,415

1,517,104

CSMC

OA

LLC

,

Series

2014-

USA,

Class

A2,

3.95%,

9/15/2037(a)

295,000

312,417

GS

Mortgage

Securities

Corp.

Trust

,

Series

2013-PEMB,

Class

A,

3.55%,

3/5/2033(a)

(b)

100,000

101,206

Starwood

Retail

Property

Trust

,

Series

2014-

STAR,

Class

A,

1.60%,

11/15/2027(a)(b)

336,810

249,239

Wells

Fargo

Commercial

Mortgage

Trust

,

Series

2013-LC12,

Class

A4,

4.22%,

7/15/2046(b)

1,015,000

1,089,685

Total

Commercial

Mortgage-Backed

Securities

(cost

$3,688,841)

3,696,249

Corporate

Bonds

57.1%

Aerospace

&

Defense

0.1%

Boeing

Co.

(The)

,

3.63%,

2/1/2031

195,000

210,160

Raytheon

Technologies

Corp.

,

3.65%,

8/16/2023

23,000

24,729

234,889

Airlines

0.2%

Southwest

Airlines

Co.

,

5.25%,

5/4/2025

255,000

292,658

5.13%,

6/15/2027

70,000

82,894

375,552

Auto

Components

0.4%

Allison

Transmission,

Inc.

,

3.75%,

1/30/2031(a)

440,000

437,571

Icahn

Enterprises

LP

,

4.38%,

2/1/2029(a)

530,000

526,237

963,808

Automobiles

1.5%

BMW

Finance

NV

,

2.25%,

8/12/2022(a)

1,200,000

1,233,993

Corporate

Bonds

Principal

Amount

($)

Value

($)

Automobiles

BMW

US

Capital

LLC

,

3.45%,

4/12/2023(a)

750,000

796,204

Nissan

Motor

Co.

Ltd.

,

3.52%,

9/17/2025(a)

490,000

524,761

Volkswagen

Group

of

America

Finance

LLC

,

4.25%,

11/13/2023(a)

330,000

362,232

1.25%,

11/24/2025(a)

355,000

356,894

3,274,084

Banks

17.4%

Australia

&

New

Zealand

Banking

Group

Ltd.

,

2.05%,

11/21/2022

1,200,000

1,239,212

Banco

Bilbao

Vizcaya

Argentaria

SA

,

0.88%,

9/18/2023

1,000,000

1,007,060

Banco

Santander

SA

,

2.75%,

5/28/2025

600,000

641,569

Bank

of

America

Corp.

,

(SOFR

+

1.15%),

1.32%,

6/19/2026(c)

735,000

743,943

Bank

of

Ireland

Group

plc

,

4.50%,

11/25/2023(a)

360,000

394,235

Bank

of

Montreal

,

2.05%,

11/1/2022

1,190,000

1,227,219

Bank

of

Nova

Scotia

(The)

,

1.95%,

2/1/2023

1,190,000

1,228,437

0.55%,

9/15/2023

330,000

331,530

Banque

Federative

du

Credit

Mutuel

SA

,

0.65%,

2/27/2024(a)

995,000

996,579

2.38%,

11/21/2024(a)

590,000

627,634

Barclays

plc

,

(ICE

LIBOR

USD

3

Month

+

1.40%),

4.61%,

2/15/2023(c)

415,000

432,199

BNP

Paribas

SA

,

(ICE

LIBOR

USD

3

Month

+

2.24%),

4.70%,

1/10/2025(a)(c)

545,000

604,879

(SOFR

+

2.07%),

2.22%,

6/9/2026(a)(c)

550,000

575,008

(SOFR

+

1.00%),

1.32%,

1/13/2027(a)(c)

220,000

220,651

Canadian

Imperial

Bank

of

Commerce

,

2.70%,

2/2/2021

210,000

210,000

Citigroup,

Inc.

,

(SOFR

+

0.87%),

2.31%,

11/4/2022(c)

335,000

339,681

(ICE

LIBOR

USD

3

Month

+

0.72%),

3.14%,

1/24/2023(c)

650,000

667,167

Comerica,

Inc.

,

3.70%,

7/31/2023

375,000

404,024

Cooperatieve

Rabobank

UA

,

(SOFR

+

0.30%),

0.39%,

1/12/2024(c)

1,080,000

1,081,572

Nationwide

Loomis

Short

Term

Bond

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

39

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Credit

Agricole

SA

,

3.75%,

4/24/2023(a)

595,000

637,869

Danske

Bank

A/S

,

3.88%,

9/12/2023(a)

1,225,000

1,318,674

DNB

Bank

ASA

,

2.15%,

12/2/2022(a)

845,000

873,330

Fifth

Third

Bank

NA

,

3.35%,

7/26/2021

1,370,000

1,386,623

1.80%,

1/30/2023

1,005,000

1,033,245

HSBC

Holdings

plc

,

(SOFR

+

1.54%),

1.64%,

4/18/2026(c)

710,000

723,963

ING

Groep

NV

,

4.10%,

10/2/2023

790,000

864,801

JPMorgan

Chase

&

Co.

,

(ICE

LIBOR

USD

3

Month

+

0.70%),

3.21%,

4/1/2023(c)

590,000

609,193

(SOFR

+

1.07%),

0.00%,

2/4/2032(c)

425,000

425,197

KeyBank

NA

,

3.30%,

2/1/2022

500,000

515,044

Lloyds

Banking

Group

plc

,

4.05%,

8/16/2023

340,000

369,371

Mitsubishi

UFJ

Financial

Group,

Inc.

,

2.67%,

7/25/2022

540,000

558,539

Mizuho

Financial

Group,

Inc.

,

(ICE

LIBOR

USD

3

Month

+

0.84%),

2.72%,

7/16/2023(c)

1,150,000

1,187,423

National

Australia

Bank

Ltd.

,

3.70%,

11/4/2021

1,125,000

1,152,922

1.88%,

12/13/2022

1,215,000

1,252,682

National

Bank

of

Canada

,

2.15%,

10/7/2022(a)

645,000

663,667

NatWest

Markets

plc

,

3.63%,

9/29/2022(a)

1,200,000

1,262,392

Royal

Bank

of

Canada

,

2.80%,

4/29/2022

545,000

562,115

1.95%,

1/17/2023

850,000

877,181

Santander

Holdings

USA,

Inc.

,

3.45%,

6/2/2025

610,000

663,687

Santander

UK

plc

,

(ICE

LIBOR

USD

3

Month

+

0.62%),

0.85%,

6/1/2021(c)

545,000

546,035

2.10%,

1/13/2023

815,000

841,765

Skandinaviska

Enskilda

Banken

AB

,

2.20%,

12/12/2022(a)

1,210,000

1,251,955

Societe

Generale

SA

,

2.63%,

1/22/2025(a)

495,000

522,240

Standard

Chartered

plc

,

(ICE

LIBOR

USD

3

Month

+

1.21%),

2.82%,

1/30/2026(a)(c)

820,000

869,310

Svenska

Handelsbanken

AB

,

3.90%,

11/20/2023

685,000

752,509

Toronto-Dominion

Bank

(The)

,

(SOFR

+

0.24%),

0.35%,

1/6/2023(c)

1,075,000

1,075,839

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Truist

Financial

Corp.

,

3.05%,

6/20/2022

395,000

409,409

UniCredit

SpA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.30%),

2.57%,

9/22/2026(a)(c)

455,000

461,275

Westpac

Banking

Corp.

,

2.80%,

1/11/2022

325,000

332,913

2.00%,

1/13/2023

605,000

625,256

37,599,023

Beverages

0.3%

Bacardi

Ltd.

,

4.45%,

5/15/2025(a)

565,000

641,512

Biotechnology

0.3%

AbbVie,

Inc.

,

2.15%,

11/19/2021

580,000

588,337

Building

Products

0.0%

†

American

Woodmark

Corp.

,

4.88%,

3/15/2026(a)

95,000

97,138

Capital

Markets

4.4%

Ameriprise

Financial,

Inc.

,

3.00%,

3/22/2022

505,000

520,383

Ares

Capital

Corp.

,

3.25%,

7/15/2025

530,000

560,571

2.15%,

7/15/2026

195,000

193,535

Charles

Schwab

Corp.

(The)

,

3.25%,

5/21/2021

120,000

120,807

Credit

Suisse

AG

,

2.10%,

11/12/2021

415,000

421,128

Deutsche

Bank

AG

,

(SOFR

+

2.16%),

2.22%,

9/18/2024(c)

675,000

694,113

(SOFR

+

1.87%),

2.13%,

11/24/2026(c)

370,000

375,459

(SOFR

+

2.76%),

3.73%,

1/14/2032(c)

340,000

338,149

FS

KKR

Capital

Corp.

,

4.13%,

2/1/2025

100,000

104,057

3.40%,

1/15/2026

310,000

310,652

Goldman

Sachs

BDC,

Inc.

,

2.88%,

1/15/2026

315,000

322,719

Goldman

Sachs

Group,

Inc.

(The)

,

Series

FXD,

0.48%,

1/27/2023

855,000

855,197

(SOFR

+

0.54%),

0.63%,

11/17/2023(c)

655,000

655,800

Lehman

Brothers

Holdings,

Inc.

,

5.63%,

1/24/2013(d)

500,000

5,100

Macquarie

Bank

Ltd.

,

2.10%,

10/17/2022(a)

1,210,000

1,246,655

Macquarie

Group

Ltd.

,

(SOFR

+

1.07%),

1.34%,

1/12/2027(a)(c)

225,000

226,363

40

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Loomis

Short

Term

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Morgan

Stanley

,

(SOFR

+

0.46%),

0.53%,

1/25/2024(c)

1,080,000

1,079,887

Oaktree

Specialty

Lending

Corp.

,

3.50%,

2/25/2025

150,000

156,347

Owl

Rock

Capital

Corp.

,

4.25%,

1/15/2026

225,000

238,593

3.40%,

7/15/2026

295,000

302,429

Owl

Rock

Technology

Finance

Corp.

,

3.75%,

6/17/2026(a)

260,000

266,243

USAA

Capital

Corp.

,

2.63%,

6/1/2021(a)

555,000

559,354

9,553,541

Chemicals

0.2%

DuPont

de

Nemours,

Inc.

,

2.17%,

5/1/2023

340,000

342,174

Consumer

Finance

5.4%

AerCap

Ireland

Capital

DAC

,

3.15%,

2/15/2024

460,000

482,184

1.75%,

1/30/2026

340,000

334,992

Ally

Financial,

Inc.

,

1.45%,

10/2/2023

740,000

752,119

American

Express

Co.

,

3.70%,

11/5/2021

1,310,000

1,340,330

3.70%,

8/3/2023

665,000

717,791

Avolon

Holdings

Funding

Ltd.

,

5.50%,

1/15/2026(a)

525,000

596,974

2.13%,

2/21/2026(a)

150,000

147,077

Capital

One

Financial

Corp.

,

3.90%,

1/29/2024

855,000

933,875

Caterpillar

Financial

Services

Corp.

,

1.95%,

11/18/2022

320,000

329,272

0.65%,

7/7/2023

820,000

826,169

General

Motors

Financial

Co.,

Inc.

,

2.90%,

2/26/2025

290,000

308,966

Harley-Davidson

Financial

Services,

Inc.

,

4.05%,

2/4/2022(a)

230,000

237,948

3.35%,

6/8/2025(a)

70,000

75,577

John

Deere

Capital

Corp.

,

0.70%,

7/5/2023

1,005,000

1,013,163

LeasePlan

Corp.

NV

,

2.88%,

10/24/2024(a)

495,000

522,445

Navient

Corp.

,

7.25%,

1/25/2022

600,000

621,201

5.00%,

3/15/2027

135,000

136,856

4.88%,

3/15/2028

405,000

401,456

PACCAR

Financial

Corp.

,

1.90%,

2/7/2023

960,000

989,734

1.80%,

2/6/2025

135,000

140,918

Synchrony

Financial

,

2.85%,

7/25/2022

155,000

159,965

4.38%,

3/19/2024

120,000

131,714

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Finance

Toyota

Motor

Credit

Corp.

,

1.65%,

1/10/2031

385,000

382,541

11,583,267

Diversified

Financial

Services

1.6%

AIG

Global

Funding

,

0.80%,

7/7/2023(a)

1,050,000

1,061,296

Antares

Holdings

LP

,

3.95%,

7/15/2026(a)

255,000

255,681

Element

Fleet

Management

Corp.

,

3.85%,

6/15/2025(a)

320,000

341,307

Equitable

Holdings,

Inc.

,

3.90%,

4/20/2023

585,000

628,684

GE

Capital

Funding

LLC

,

4.05%,

5/15/2027(a)

480,000

548,219

Shell

International

Finance

BV

,

2.38%,

4/6/2025

485,000

516,380

3,351,567

Diversified

Telecommunication

Services

0.2%

British

Telecommunications

plc

,

4.50%,

12/4/2023

400,000

442,811

Electric

Utilities

2.5%

Alliant

Energy

Finance

LLC

,

3.75%,

6/15/2023(a)

820,000

878,272

American

Electric

Power

Co.,

Inc.

,

Series

A,

(ICE

LIBOR

USD

3

Month

+

0.48%),

0.68%,

11/1/2023(c)

1,085,000

1,086,316

Eversource

Energy

,

Series

N,

3.80%,

12/1/2023

1,155,000

1,260,963

NRG

Energy,

Inc.

,

2.00%,

12/2/2025(a)

420,000

435,875

Ohio

Power

Co.

,

Series

Q,

1.63%,

1/15/2031

200,000

201,238

Pacific

Gas

and

Electric

Co.

,

(ICE

LIBOR

USD

3

Month

+

1.38%),

1.60%,

11/15/2021(c)

825,000

826,987

Vistra

Operations

Co.

LLC

,

3.70%,

1/30/2027(a)

600,000

662,967

5,352,618

Electronic

Equipment,

Instruments

&

Components

0.1%

CDW

LLC

,

3.25%,

2/15/2029

185,000

186,123

Equity

Real

Estate

Investment

Trusts

(REITs)

2.5%

Digital

Realty

Trust

LP

,

2.75%,

2/1/2023

1,235,000

1,293,556

Federal

Realty

Investment

Trust

,

3.95%,

1/15/2024

665,000

727,479

GLP

Capital

LP

,

5.25%,

6/1/2025

600,000

680,004

Nationwide

Loomis

Short

Term

Bond

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

41

Corporate

Bonds

Principal

Amount

($)

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

National

Health

Investors,

Inc.

,

3.00%,

2/1/2031

75,000

74,396

Office

Properties

Income

Trust

,

4.50%,

2/1/2025

495,000

527,670

Public

Storage

,

0.88%,

2/15/2026

270,000

269,709

Simon

Property

Group

LP

,

2.63%,

6/15/2022

1,165,000

1,194,187

3.50%,

9/1/2025

295,000

325,522

1.75%,

2/1/2028

285,000

286,394

5,378,917

Food

&

Staples

Retailing

0.1%

Albertsons

Cos.,

Inc.

,

3.25%,

3/15/2026(a)

135,000

136,013

Food

Products

0.4%

Bunge

Ltd.

Finance

Corp.

,

4.35%,

3/15/2024

795,000

879,001

Gas

Utilities

0.4%

CenterPoint

Energy

Resources

Corp.

,

3.55%,

4/1/2023

750,000

797,656

Health

Care

Equipment

&

Supplies

0.1%

Zimmer

Biomet

Holdings,

Inc.

,

(ICE

LIBOR

USD

3

Month

+

0.75%),

0.99%,

3/19/2021(c)

309,000

309,045

Health

Care

Providers

&

Services

0.5%

Centene

Corp.

,

3.00%,

10/15/2030

275,000

287,636

Cigna

Corp.

,

3.75%,

7/15/2023

535,000

577,148

CVS

Health

Corp.

,

3.70%,

3/9/2023

157,000

167,443

1,032,227

Hotels,

Restaurants

&

Leisure

0.1%

Choice

Hotels

International,

Inc.

,

3.70%,

1/15/2031

65,000

70,684

Hyatt

Hotels

Corp.

,

5.38%,

4/23/2025

65,000

73,188

143,872

Household

Durables

0.3%

Panasonic

Corp.

,

2.54%,

7/19/2022(a)

590,000

606,393

Independent

Power

and

Renewable

Electricity

Producers

0.2%

AES

Corp.

(The)

,

3.30%,

7/15/2025(a)

315,000

342,474

Industrial

Conglomerates

0.1%

Honeywell

International,

Inc.

,

1.85%,

11/1/2021

315,000

318,556

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

5.5%

Aon

Corp.

,

2.20%,

11/15/2022

1,195,000

1,235,299

Assurant,

Inc.

,

4.20%,

9/27/2023

305,000

332,587

Athene

Global

Funding

,

1.20%,

10/13/2023(a)

490,000

495,567

2.50%,

1/14/2025(a)

55,000

57,820

2.55%,

11/19/2030(a)

200,000

202,014

Equitable

Financial

Life

Global

Funding

,

1.00%,

1/9/2026(a)

435,000

434,578

GA

Global

Funding

Trust

,

1.63%,

1/15/2026(a)

145,000

147,018

Guardian

Life

Global

Funding

,

1.10%,

6/23/2025(a)

995,000

1,004,836

Jackson

National

Life

Global

Funding

,

(SOFR

+

0.60%),

0.63%,

1/6/2023(a)(c)

1,205,000

1,212,704

MassMutual

Global

Funding

II

,

2.25%,

7/1/2022(a)

990,000

1,017,180

0.85%,

6/9/2023(a)

1,054,000

1,066,221

Metropolitan

Life

Global

Funding

I

,

2.40%,

6/17/2022(a)

560,000

575,933

0.90%,

6/8/2023(a)

445,000

450,943

(SOFR

+

0.32%),

0.36%,

1/7/2024(a)(c)

600,000

600,598

Principal

Life

Global

Funding

II

,

0.88%,

1/12/2026(a)

755,000

752,263

Protective

Life

Global

Funding

,

1.08%,

6/9/2023(a)

1,005,000

1,021,252

Reliance

Standard

Life

Global

Funding

II

,

2.15%,

1/21/2023(a)

575,000

592,375

Unum

Group

,

4.50%,

3/15/2025

505,000

574,193

11,773,381

Interactive

Media

&

Services

0.5%

Baidu,

Inc.

,

3.88%,

9/29/2023

1,030,000

1,104,570

Internet

&

Direct

Marketing

Retail

0.1%

Expedia

Group,

Inc.

,

6.25%,

5/1/2025(a)

285,000

329,512

IT

Services

0.7%

DXC

Technology

Co.

,

4.13%,

4/15/2025

85,000

94,016

IBM

Credit

LLC

,

2.20%,

9/8/2022

620,000

640,749

Western

Union

Co.

(The)

,

4.25%,

6/9/2023

825,000

889,243

1,624,008

42

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Loomis

Short

Term

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Leisure

Products

0.2%

Hasbro,

Inc.

,

3.55%,

11/19/2026

420,000

466,055

Machinery

0.1%

CNH

Industrial

Capital

LLC

,

1.95%,

7/2/2023

230,000

236,826

Media

0.2%

Outfront

Media

Capital

LLC

,

6.25%,

6/15/2025(a)

415,000

439,381

Metals

&

Mining

0.3%

Commercial

Metals

Co.

,

3.88%,

2/15/2031

220,000

225,225

Freeport-McMoRan,

Inc.

,

4.63%,

8/1/2030

250,000

277,569

Glencore

Funding

LLC

,

4.13%,

3/12/2024(a)

190,000

208,430

711,224

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.2%

Starwood

Property

Trust,

Inc.

,

5.50%,

11/1/2023(a)

470,000

488,800

Multi-Utilities

0.7%

Dominion

Energy,

Inc.

,

3.07%,

8/15/2024(e)

295,000

320,608

WEC

Energy

Group,

Inc.

,

0.55%,

9/15/2023

1,105,000

1,109,950

1,430,558

Oil,

Gas

&

Consumable

Fuels

2.4%

EQM

Midstream

Partners

LP

,

4.50%,

1/15/2029(a)

315,000

304,044

EQT

Corp.

,

7.88%,

2/1/2025(e)

240,000

282,828

Gray

Oak

Pipeline

LLC

,

2.60%,

10/15/2025(a)

75,000

77,525

Marathon

Petroleum

Corp.

,

4.50%,

5/1/2023

680,000

735,702

Midwest

Connector

Capital

Co.

LLC

,

3.63%,

4/1/2022(a)

770,000

781,845

MPLX

LP

,

3.38%,

3/15/2023

780,000

823,613

Northriver

Midstream

Finance

LP

,

5.63%,

2/15/2026(a)

305,000

312,253

Occidental

Petroleum

Corp.

,

8.00%,

7/15/2025

40,000

45,210

5.88%,

9/1/2025

190,000

199,158

ONEOK,

Inc.

,

5.85%,

1/15/2026

170,000

203,012

Phillips

66

,

(ICE

LIBOR

USD

3

Month

+

0.60%),

0.83%,

2/26/2021(c)

1,215,000

1,215,243

Pioneer

Natural

Resources

Co.

,

1.13%,

1/15/2026

145,000

145,246

5,125,679

Corporate

Bonds

Principal

Amount

($)

Value

($)

Paper

&

Forest

Products

0.5%

Georgia-Pacific

LLC

,

0.63%,

5/15/2024(a)

1,080,000

1,082,883

Pharmaceuticals

1.8%

AstraZeneca

plc

,

3.50%,

8/17/2023

695,000

746,916

Bayer

US

Finance

II

LLC

,

3.38%,

7/15/2024(a)

385,000

417,636

Bristol-Myers

Squibb

Co.

,

2.00%,

8/1/2022

100,000

102,484

Pfizer,

Inc.

,

3.20%,

9/15/2023

675,000

724,478

Takeda

Pharmaceutical

Co.

Ltd.

,

4.00%,

11/26/2021

1,270,000

1,303,809

Viatris

,

Inc.

,

2.30%,

6/22/2027(a)

505,000

533,488

3,828,811

Road

&

Rail

0.8%

Penske

Truck

Leasing

Co.

LP

,

4.13%,

8/1/2023(a)

845,000

915,175

4.00%,

7/15/2025(a)

45,000

50,655

Ryder

System,

Inc.

,

3.88%,

12/1/2023

350,000

381,464

4.63%,

6/1/2025

245,000

282,445

1,629,739

Semiconductors

&

Semiconductor

Equipment

0.8%

Marvell

Technology

Group

Ltd.

,

4.20%,

6/22/2023

600,000

648,234

Microchip

Technology,

Inc.

,

3.92%,

6/1/2021

230,000

232,657

2.67%,

9/1/2023(a)

335,000

350,275

0.97%,

2/15/2024(a)

425,000

425,328

1,656,494

Software

0.1%

Infor,

Inc.

,

1.45%,

7/15/2023(a)

225,000

229,050

Technology

Hardware,

Storage

&

Peripherals

0.5%

Dell

International

LLC

,

5.85%,

7/15/2025(a)

390,000

463,211

Hewlett

Packard

Enterprise

Co.

,

3.50%,

10/5/2021

140,000

142,646

1.45%,

4/1/2024

120,000

122,877

4.65%,

10/1/2024

380,000

430,701

1,159,435

Thrifts

&

Mortgage

Finance

0.6%

Ladder

Capital

Finance

Holdings

LLLP

,

4.25%,

2/1/2027(a)

295,000

282,634

Nationwide

Building

Society

,

0.55%,

1/22/2024(a)

930,000

929,775

1,212,409

Nationwide

Loomis

Short

Term

Bond

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

43

Corporate

Bonds

Principal

Amount

($)

Value

($)

Tobacco

0.4%

BAT

Capital

Corp.

,

4.70%,

4/2/2027

755,000

881,337

Trading

Companies

&

Distributors

1.1%

Air

Lease

Corp.

,

3.50%,

1/15/2022

240,000

246,618

0.70%,

2/15/2024

505,000

500,994

Aircastle

Ltd.

,

5.25%,

8/11/2025(a)

275,000

306,378

2.85%,

1/26/2028(a)

675,000

661,397

Aviation

Capital

Group

LLC

,

3.88%,

5/1/2023(a)

515,000

541,877

1.95%,

1/30/2026(a)

40,000

39,672

2,296,936

Wireless

Telecommunication

Services

0.3%

SK

Telecom

Co.

Ltd.

,

3.75%,

4/16/2023(a)

315,000

335,910

T-Mobile

USA,

Inc.

,

2.25%,

2/15/2026

420,000

424,427

760,337

Total

Corporate

Bonds

(cost

$118,679,783)

122,998,023

Mortgage-Backed

Securities

1.0%

FHLMC

Gold

Pool

Pool#

G14899

3.00%,

11/1/2023

101,560

107,194

Pool#

G13746

4.50%,

1/1/2025

62,780

66,375

Pool#

J11719

4.00%,

2/1/2025

21,300

22,660

Pool#

G13888

5.00%,

6/1/2025

15,685

16,436

Pool#

J12635

4.00%,

7/1/2025

72,715

77,392

Pool#

J12604

4.00%,

7/1/2025

66,833

71,129

Pool#

G13908

4.00%,

10/1/2025

15,624

16,623

Pool#

J19197

3.00%,

5/1/2027

216,377

228,711

Pool#

G18437

3.00%,

6/1/2027

246,264

260,772

Pool#

C00748

6.00%,

4/1/2029

7,540

8,629

Pool#

C01418

5.50%,

10/1/2032

46,839

54,353

Pool#

G01740

5.50%,

12/1/2034

27,544

32,180

Pool#

G04342

6.00%,

4/1/2038

30,503

36,505

FHLMC

Non

Gold

Pool

Pool#

972136

2.35%,

1/1/2034(b)

33,131

34,821

Pool#

848191

2.64%,

12/1/2034(b)

170,607

173,746

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

Pool#

815323

,

1.78%,

1/1/2035

(b)

49,837

51,753

FNMA

UMBS

Pool

Pool#

981257

5.00%,

5/1/2023

21,568

22,600

Pool#

931892

4.50%,

9/1/2024

231,941

244,571

Pool#

AL0802

4.50%,

4/1/2025

50,385

53,493

Pool#

AB2518

4.00%,

3/1/2026

46,031

49,096

Pool#

AB4998

3.00%,

4/1/2027

353,720

374,373

Pool#

MA1174

3.00%,

9/1/2027

58,415

61,845

Pool#

190307

8.00%,

6/1/2030

592

703

Pool#

253516

8.00%,

11/1/2030

495

593

Pool#

725773

5.50%,

9/1/2034

58,755

68,590

Pool#

811773

5.50%,

1/1/2035

55,890

65,327

GNMA

Pool#

5080

,

4.00%,

6/20/2026

57,851

61,672

Total

Mortgage-Backed

Securities

(cost

$2,173,685)

2,262,142

U.S.

Treasury

Obligations

16.0%

U.S.

Treasury

Notes

0.13%,

9/30/2022

9,080,000

9,082,128

0.13%,

10/31/2022

10,835,000

10,837,540

0.13%,

11/30/2022

5,425,000

5,426,695

0.13%,

12/31/2022

7,575,000

7,576,479

0.38%,

11/30/2025

1,625,000

1,622,461

Total

U.S.

Treasury

Obligations

(cost

$34,525,187)

34,545,303

Total

Investments

(cost

$209,976,973)

—

99.8%

215,177,678

Other

assets

in

excess

of

liabilities

—

0.2%

362,268

NET

ASSETS

—

100.0%

$

215,539,946

†

Amount

rounds

to

less

than

0.1%.

(a)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

at

January

31,

2021

was

$70,333,475

which

represents

32.63%

of

net

assets.

44

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Loomis

Short

Term

Bond

Fund

(b)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

January

31,

2021.

(c)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

January

31,

2021.

(d)

Security

in

default.

(e)

Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

at

January

31,

2021.

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

January

31,

2021:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Short

Contracts

U.S.

Treasury

5

Year

Note

(55)

3/2021

USD

(6,923,125)

3,333

U.S.

Treasury

10

Year

Ultra

Note

(10)

3/2021

USD

(1,538,281)

29,746

33,079

At

January

31,

2021,

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

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

45

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

January

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

48,627,992

$

–

$

48,627,992

Collateralized

Mortgage

Obligations

–

3,047,969

–

3,047,969

Commercial

Mortgage-Backed

Securities

–

3,696,249

–

3,696,249

Corporate

Bonds

–

122,998,023

–

122,998,023

Futures

Contracts

33,079

–

–

33,079

Mortgage-Backed

Securities

–

2,262,142

–

2,262,142

U.S.

Treasury

Obligations

–

34,545,303

–

34,545,303

Total

$

33,079

$

215,177,678

$

–

$

215,210,757

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

46

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Loomis

Short

Term

Bond

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2021.

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

January

31,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2021:

Assets:

Fair

Value

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

$

33,079

Total

$

33,079

The

Statement

of

Investments

should

be

read

in

conjunction

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

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

1

Common

Stocks

98.6%

Shares

Value

($)

Aerospace

&

Defense

0.1%

Mercury

Systems,

Inc.*

1,200

85,272

Air

Freight

&

Logistics

0.6%

Atlas

Air

Worldwide

Holdings,

Inc.*

6,439

333,669

Echo

Global

Logistics,

Inc.*

7,444

196,001

529,670

Airlines

0.6%

Alaska

Air

Group,

Inc.

3,900

190,437

JetBlue

Airways

Corp.*

7,500

107,550

Mesa

Air

Group,

Inc.*

27,200

177,616

475,603

Auto

Components

1.2%

Cooper-Standard

Holdings,

Inc.*

9,600

292,896

Modine

Manufacturing

Co.*

19,456

244,173

Strattec

Security

Corp.

7,600

416,100

Workhorse

Group,

Inc.*

1,300

44,616

997,785

Banks

15.6%

Arrow

Financial

Corp.

500

14,700

Associated

Banc-Corp.

39,300

705,042

Bancorp,

Inc.

(The)*

52,300

877,071

Bank

of

Commerce

Holdings

22,300

225,899

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

9,600

291,936

Banner

Corp.

10,800

477,684

Boston

Private

Financial

Holdings,

Inc.

13,900

169,441

C&F

Financial

Corp.

3,264

128,504

Camden

National

Corp.

7,900

296,645

Capstar

Financial

Holdings,

Inc.

17,400

252,300

Carter

Bankshares

,

Inc.

47,328

473,753

Central

Pacific

Financial

Corp.

12,700

252,476

Civista

Bancshares,

Inc.

29,266

498,985

CNB

Financial

Corp.

9,614

202,182

Customers

Bancorp,

Inc.*

9,100

202,202

Financial

Institutions,

Inc.

26,600

608,874

First

Busey

Corp.

11,800

243,906

First

Financial

Bancorp

32,300

591,736

First

Horizon

Corp.

49,900

693,111

First

Internet

Bancorp

5,600

171,472

Great

Western

Bancorp,

Inc.

9,955

238,920

Hancock

Whitney

Corp.

5,300

180,942

Hanmi

Financial

Corp.

34,723

479,872

Heartland

Financial

USA,

Inc.

8,825

376,475

Hilltop

Holdings,

Inc.

9,510

285,680

Independent

Bank

Corp.

13,687

251,293

Macatawa

Bank

Corp.

21,940

182,102

Northrim

Bancorp,

Inc.

15,917

511,254

Old

National

Bancorp

11,900

199,801

Old

Second

Bancorp,

Inc.(a)

9,000

88,380

Orrstown

Financial

Services,

Inc.

12,645

218,885

Peoples

Bancorp

of

North

Carolina,

Inc.

4,048

81,365

Popular,

Inc.

10,300

584,525

Sierra

Bancorp

5,867

128,311

Common

Stocks

Shares

Value

($)

Banks

Simmons

First

National

Corp.,

Class

A

7,455

184,139

SmartFinancial

,

Inc.

13,626

269,795

South

State

Corp.

2,500

174,350

TCF

Financial

Corp.

4,000

155,440

Texas

Capital

Bancshares,

Inc.*

3,400

204,748

Trustmark

Corp.

6,900

189,543

UMB

Financial

Corp.

3,025

214,684

Wintrust

Financial

Corp.

7,900

475,501

13,053,924

Biotechnology

2.2%

Arena

Pharmaceuticals,

Inc.*

1,200

89,088

Coherus

Biosciences,

Inc.*

2,100

39,480

Dicerna

Pharmaceuticals,

Inc.*

4,638

104,216

FibroGen

,

Inc.*

1,470

70,824

Intellia

Therapeutics,

Inc.*(a)

5,300

331,886

Iovance

Biotherapeutics

,

Inc.*

2,000

87,680

Jounce

Therapeutics,

Inc.*

15,552

175,738

Kura

Oncology,

Inc.*

7,100

212,645

Novavax

,

Inc.*

1,300

287,222

Rocket

Pharmaceuticals,

Inc.*

2,800

154,224

Sangamo

Therapeutics,

Inc.*

7,300

99,718

Veracyte

,

Inc.*

2,700

153,090

1,805,811

Building

Products

2.5%

Advanced

Drainage

Systems,

Inc.

2,300

189,704

AZEK

Co.,

Inc.

(The)*

5,300

211,417

Builders

FirstSource

,

Inc.*

6,100

233,325

Griffon

Corp.

13,100

294,226

JELD-WEN

Holding,

Inc.*

10,500

272,895

Masonite

International

Corp.*

3,809

378,996

Resideo

Technologies,

Inc.*

19,000

438,900

UFP

Industries,

Inc.

900

48,546

2,068,009

Capital

Markets

1.8%

Artisan

Partners

Asset

Management,

Inc.,

Class

A

1,500

72,600

Cowen,

Inc.,

Class

A

9,001

226,375

Donnelley

Financial

Solutions,

Inc.*

12,200

218,258

Federated

Hermes,

Inc.,

Class

B

13,300

359,100

Janus

Henderson

Group

plc

5,400

166,104

Oppenheimer

Holdings,

Inc.,

Class

A(a)

6,900

239,223

Silvercrest

Asset

Management

Group,

Inc.,

Class

A

14,542

222,638

1,504,298

Chemicals

2.4%

AdvanSix

,

Inc.*

17,900

381,628

Avient

Corp.

4,151

159,523

Balchem

Corp.

1,800

192,654

Koppers

Holdings,

Inc.*

17,300

575,744

Orion

Engineered

Carbons

SA

2,900

44,167

2

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Bailard

Cognitive

Value

Fund

Common

Stocks

Shares

Value

($)

Chemicals

Trinseo

SA

12,500

635,375

1,989,091

Commercial

Services

&

Supplies

2.5%

ACCO

Brands

Corp.

52,800

427,152

Deluxe

Corp.

16,600

562,574

Harsco

Corp.*

16,400

272,732

Healthcare

Services

Group,

Inc.

1,300

42,146

Herman

Miller,

Inc.

5,800

198,650

Matthews

International

Corp.,

Class

A

18,800

573,964

2,077,218

Communications

Equipment

1.4%

ADTRAN,

Inc.

10,200

175,440

Aviat

Networks,

Inc.*

8,500

305,575

CommScope

Holding

Co.,

Inc.*

33,614

493,790

Lumentum

Holdings,

Inc.*

1,700

159,460

1,134,265

Construction

&

Engineering

1.9%

Aegion

Corp.*

23,235

426,827

EMCOR

Group,

Inc.

4,900

432,670

MYR

Group,

Inc.*

5,000

278,050

Orion

Group

Holdings,

Inc.*

47,400

254,538

Sterling

Construction

Co.,

Inc.*

9,900

202,653

1,594,738

Construction

Materials

0.3%

Summit

Materials,

Inc.,

Class

A*

11,900

244,307

Consumer

Finance

1.6%

Navient

Corp.

49,200

553,746

OneMain

Holdings,

Inc.

12,100

563,376

Regional

Management

Corp.

7,961

225,296

1,342,418

Containers

&

Packaging

1.0%

Graphic

Packaging

Holding

Co.

6,000

93,960

Greif,

Inc.,

Class

A

11,200

505,792

Westrock

Co.

4,700

194,721

794,473

Distributors

0.1%

Educational

Development

Corp.

6,700

90,785

Diversified

Consumer

Services

1.5%

American

Public

Education,

Inc.*

3,100

89,218

Carriage

Services,

Inc.

6,900

228,528

Graham

Holdings

Co.,

Class

B

1,100

624,921

Lincoln

Educational

Services

Corp.*

31,500

185,535

OneSpaWorld

Holdings

Ltd.*

13,060

123,939

1,252,141

Diversified

Financial

Services

0.2%

A-Mark

Precious

Metals,

Inc.

3,100

88,598

Common

Stocks

Shares

Value

($)

Diversified

Financial

Services

SWK

Holdings

Corp.*

4,480

60,973

149,571

Diversified

Telecommunication

Services

0.4%

Bandwidth,

Inc.,

Class

A*

500

89,070

ORBCOMM,

Inc.*

31,332

234,677

323,747

Electric

Utilities

1.0%

OGE

Energy

Corp.

14,700

448,644

Portland

General

Electric

Co.

9,400

397,526

Spark

Energy,

Inc.,

Class

A

1,600

17,552

863,722

Electrical

Equipment

2.0%

Atkore

International

Group,

Inc.*

12,700

563,372

EnerSys

1,861

153,030

LSI

Industries,

Inc.

28,513

273,867

nVent

Electric

plc

22,800

510,264

Ultralife

Corp.*

35,265

207,006

1,707,539

Electronic

Equipment,

Instruments

&

Components

1.4%

Flex

Ltd.*

21,200

373,968

Kimball

Electronics,

Inc.*

13,800

264,546

MTS

Systems

Corp.

9,700

567,838

1,206,352

Energy

Equipment

&

Services

1.2%

Archrock

,

Inc.

13,600

120,632

ChampionX

Corp.*

14,600

223,234

KLX

Energy

Services

Holdings,

Inc.*(a)

25,880

217,133

Natural

Gas

Services

Group,

Inc.*

14,810

121,294

NexTier

Oilfield

Solutions,

Inc.*

42,300

140,436

Ranger

Energy

Services,

Inc.*

8,100

36,693

TETRA

Technologies,

Inc.*

92,100

131,703

991,125

Entertainment

0.2%

Cinemark

Holdings,

Inc.

1,900

38,456

Zynga,

Inc.,

Class

A*

16,300

161,533

199,989

Equity

Real

Estate

Investment

Trusts

(REITs)

9.3%

Apartment

Investment

and

Management

Co.,

Class

A

66,800

306,612

Bluerock

Residential

Growth

REIT,

Inc.

9,600

100,416

Braemar

Hotels

&

Resorts,

Inc.*

67,800

339,000

CareTrust

REIT,

Inc.

11,300

253,798

Colony

Capital,

Inc.

40,800

202,368

Corporate

Office

Properties

Trust

17,900

470,233

Cousins

Properties,

Inc.

11,700

369,018

EastGroup

Properties,

Inc.

3,000

405,420

Essential

Properties

Realty

Trust,

Inc.

4,100

85,362

First

Industrial

Realty

Trust,

Inc.

11,300

459,232

Nationwide

Bailard

Cognitive

Value

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

3

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Four

Corners

Property

Trust,

Inc.

10,900

287,324

Highwoods

Properties,

Inc.

6,500

243,685

Innovative

Industrial

Properties,

Inc.

1,100

205,832

JBG

SMITH

Properties

12,207

364,501

Lexington

Realty

Trust

26,200

268,550

Macerich

Co.

(The)

8,700

136,590

NexPoint

Residential

Trust,

Inc.

36

1,421

One

Liberty

Properties,

Inc.

18,200

364,728

Park

Hotels

&

Resorts,

Inc.

10,500

175,140

Pebblebrook

Hotel

Trust

17,000

312,460

Ryman

Hospitality

Properties,

Inc.

3,400

220,490

Sabra

Health

Care

REIT,

Inc.

26,200

439,898

Seritage

Growth

Properties,

Class

A*

2,300

40,963

Spirit

Realty

Capital,

Inc.

10,000

385,600

STORE

Capital

Corp.

15,800

490,116

Sunstone

Hotel

Investors,

Inc.

21,400

228,980

Tanger

Factory

Outlet

Centers,

Inc.

2,300

35,489

Terreno

Realty

Corp.

5,030

284,597

Uniti

Group,

Inc.

20,500

252,355

7,730,178

Food

&

Staples

Retailing

0.9%

Andersons,

Inc.

(The)

9,100

209,300

Natural

Grocers

by

Vitamin

Cottage,

Inc.

6,543

108,941

Performance

Food

Group

Co.*

8,300

389,104

US

Foods

Holding

Corp.*

2,500

77,475

784,820

Food

Products

1.0%

Darling

Ingredients,

Inc.*

9,800

607,698

Seneca

Foods

Corp.,

Class

A*

5,201

188,536

796,234

Gas

Utilities

0.8%

Brookfield

Infrastructure

Corp.,

Class

A(a)

2,400

160,992

UGI

Corp.

13,900

500,261

661,253

Health

Care

Equipment

&

Supplies

0.6%

Accuray

,

Inc.*

43,517

214,974

Globus

Medical,

Inc.,

Class

A*

2,700

166,563

Retractable

Technologies,

Inc.*

2,800

45,052

Shockwave

Medical,

Inc.*

900

104,436

531,025

Health

Care

Providers

&

Services

2.4%

Acadia

Healthcare

Co.,

Inc.*

2,600

131,768

Cross

Country

Healthcare,

Inc.*

22,286

195,226

Ensign

Group,

Inc.

(The)

500

39,140

Five

Star

Senior

Living,

Inc.*

35,600

257,388

LHC

Group,

Inc.*

700

139,454

ModivCare

,

Inc.*

1,400

221,998

Owens

&

Minor,

Inc.

5,792

168,431

Premier,

Inc.,

Class

A

10,100

342,087

Common

Stocks

Shares

Value

($)

Health

Care

Providers

&

Services

Select

Medical

Holdings

Corp.*

19,000

488,300

1,983,792

Health

Care

Technology

1.2%

Allscripts

Healthcare

Solutions,

Inc.*

24,848

409,992

NextGen

Healthcare,

Inc.*

27,800

549,884

959,876

Hotels,

Restaurants

&

Leisure

0.6%

Bluegreen

Vacations

Corp.

11,685

90,325

Chuy's

Holdings,

Inc.*

1,300

45,604

J

Alexander's

Holdings,

Inc.*

8,607

63,176

Planet

Fitness,

Inc.,

Class

A*

1,960

141,120

Red

Robin

Gourmet

Burgers,

Inc.*

6,800

178,092

518,317

Household

Durables

2.3%

Century

Communities,

Inc.*

5,377

252,396

Comstock

Holding

Cos.,

Inc.*

28,751

95,453

Green

Brick

Partners,

Inc.*

5,200

103,480

Helen

of

Troy

Ltd.*

1,000

244,250

Hooker

Furniture

Corp.

3,882

116,965

KB

Home

4,800

199,872

Lifetime

Brands,

Inc.

14,575

202,592

Taylor

Morrison

Home

Corp.*

1,700

44,166

TopBuild

Corp.*

900

179,955

TRI

Pointe

Group,

Inc.*

11,233

226,907

Turtle

Beach

Corp.*

8,851

264,645

1,930,681

Household

Products

0.9%

Oil-

Dri

Corp.

of

America(a)

6,457

223,864

Spectrum

Brands

Holdings,

Inc.

7,100

536,547

760,411

Independent

Power

and

Renewable

Electricity

Producers

0.6%

AES

Corp.

(The)

7,000

170,730

Atlantica

Sustainable

Infrastructure

plc

8,900

368,015

538,745

Insurance

2.7%

American

Equity

Investment

Life

Holding

Co.

3,900

113,841

American

National

Group,

Inc.

4,900

433,062

Argo

Group

International

Holdings

Ltd.

5,900

238,065

Assured

Guaranty

Ltd.

11,700

418,275

CNO

Financial

Group,

Inc.

5,500

116,655

Investors

Title

Co.

1,861

266,123

Kemper

Corp.

3,100

218,085

Stewart

Information

Services

Corp.

9,700

449,886

2,253,992

Interactive

Media

&

Services

0.2%

Travelzoo

*

8,100

89,181

Zedge

,

Inc.,

Class

B*

5,600

40,712

129,893

4

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Bailard

Cognitive

Value

Fund

Common

Stocks

Shares

Value

($)

Internet

&

Direct

Marketing

Retail

1.1%

Lands'

End,

Inc.*

7,500

207,075

Liquidity

Services,

Inc.*

7,350

143,472

Magnite

,

Inc.*

1,200

41,568

RealReal

,

Inc.

(The)*

16,600

393,088

Revolve

Group,

Inc.*

2,900

107,764

892,967

IT

Services

1.4%

CACI

International,

Inc.,

Class

A*

900

217,098

Conduent

,

Inc.*

114,900

553,818

CONTRA

BMTECHNOLOGIES*

1,200

16,841

EVERTEC,

Inc.

3,023

104,898

Information

Services

Group,

Inc.*

70,500

248,865

Limelight

Networks,

Inc.*

8,800

40,084

1,181,604

Leisure

Products

0.3%

Brunswick

Corp.

3,000

259,380

Life

Sciences

Tools

&

Services

0.1%

Adaptive

Biotechnologies

Corp.*

1,300

72,111

Machinery

3.3%

Altra

Industrial

Motion

Corp.

2,777

142,766

Chart

Industries,

Inc.*

1,600

192,176

Evoqua

Water

Technologies

Corp.*

6,000

163,500

Hillenbrand,

Inc.

13,700

563,070

ITT,

Inc.

3,100

231,601

Manitowoc

Co.,

Inc.

(The)*

16,300

214,182

Miller

Industries,

Inc.

2,222

88,613

Oshkosh

Corp.

6,000

549,540

Rexnord

Corp.

6,100

230,946

Terex

Corp.

11,400

407,664

2,784,058

Media

1.5%

Entravision

Communications

Corp.,

Class

A

69,900

223,680

Fluent,

Inc.*

63,926

346,479

Gray

Television,

Inc.*

11,961

203,935

Hemisphere

Media

Group,

Inc.*

6,140

64,102

TEGNA,

Inc.

21,914

351,281

Townsquare

Media,

Inc.,

Class

A

5,600

55,888

1,245,365

Metals

&

Mining

1.8%

Alcoa

Corp.*

10,300

185,400

Allegheny

Technologies,

Inc.*

6,500

110,565

Cleveland-Cliffs,

Inc.

9,600

147,264

Olympic

Steel,

Inc.

13,900

189,735

Reliance

Steel

&

Aluminum

Co.

3,900

452,712

Schnitzer

Steel

Industries,

Inc.,

Class

A

15,269

450,741

1,536,417

Common

Stocks

Shares

Value

($)

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.2%

Starwood

Property

Trust,

Inc.

7,500

140,700

Multiline

Retail

0.2%

Macy's,

Inc.

9,500

142,880

Multi-Utilities

1.2%

Avista

Corp.

9,700

363,556

MDU

Resources

Group,

Inc.

16,700

439,043

NorthWestern

Corp.

4,200

228,774

1,031,373

Oil,

Gas

&

Consumable

Fuels

3.1%

Amplify

Energy

Corp.(a)

36,118

65,373

Centrus

Energy

Corp.,

Class

A*

8,925

181,267

Dorian

LPG

Ltd.*

16,600

192,394

Enerplus

Corp.(a)

62,100

193,131

Golar

LNG

Ltd.*

19,700

213,351

Goodrich

Petroleum

Corp.*

11,000

106,370

HollyFrontier

Corp.

10,400

295,984

Ovintiv

,

Inc.

12,200

192,272

Penn

Virginia

Corp.*

7,900

79,316

QEP

Resources,

Inc.

58,200

165,870

Renewable

Energy

Group,

Inc.*

3,600

322,560

SM

Energy

Co.

40,200

337,278

Whiting

Petroleum

Corp.*

8,500

172,890

World

Fuel

Services

Corp.

3,600

110,124

2,628,180

Paper

&

Forest

Products

0.3%

Resolute

Forest

Products,

Inc.*

30,908

251,900

Personal

Products

0.2%

Nature's

Sunshine

Products,

Inc.*

11,200

179,760

Pharmaceuticals

0.5%

Intra-Cellular

Therapies,

Inc.*

9,300

298,995

Provention

Bio,

Inc.*

5,900

81,243

380,238

Professional

Services

1.5%

ASGN,

Inc.*

2,600

215,566

CRA

International,

Inc.

3,975

211,510

GP

Strategies

Corp.*

18,671

225,545

ManpowerGroup

,

Inc.

4,500

397,980

Mastech

Digital,

Inc.*

12,638

206,126

1,256,727

Real

Estate

Management

&

Development

0.3%

Newmark

Group,

Inc.,

Class

A

25,500

172,380

Realogy

Holdings

Corp.*

5,300

75,260

247,640

Road

&

Rail

0.2%

Saia,

Inc.*

800

141,400

Semiconductors

&

Semiconductor

Equipment

2.4%

Advanced

Energy

Industries,

Inc.*

3,100

317,998

Amkor

Technology,

Inc.

26,590

412,677

Axcelis

Technologies,

Inc.*

5,900

202,016

CMC

Materials,

Inc.

800

117,848

Entegris

,

Inc.

2,100

206,619

Nationwide

Bailard

Cognitive

Value

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

5

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

Power

Integrations,

Inc.

3,100

249,705

Silicon

Laboratories,

Inc.*

1,200

157,404

SMART

Global

Holdings,

Inc.*

5,850

217,327

Ultra

Clean

Holdings,

Inc.*

3,400

131,240

2,012,834

Software

1.9%

ACI

Worldwide,

Inc.*

3,700

142,043

Avaya

Holdings

Corp.*

20,494

455,787

Cerence

,

Inc.*

2,300

257,393

Envestnet

,

Inc.*

2,500

191,825

Ping

Identity

Holding

Corp.*

13,200

394,812

Support.com,

Inc.*

82,890

174,898

1,616,758

Specialty

Retail

2.8%

American

Eagle

Outfitters,

Inc.

27,900

633,051

At

Home

Group,

Inc.*

1,800

43,866

Container

Store

Group,

Inc.

(The)*

16,300

222,169

Foot

Locker,

Inc.

4,000

175,280

Lithia

Motors,

Inc.,

Class

A

800

254,944

MarineMax

,

Inc.*

6,500

271,895

National

Vision

Holdings,

Inc.*(a)

2,700

125,199

Signet

Jewelers

Ltd.*

3,600

146,232

Zumiez

,

Inc.*

11,500

495,420

2,368,056

Technology

Hardware,

Storage

&

Peripherals

0.7%

NCR

Corp.*

16,872

562,850

Textiles,

Apparel

&

Luxury

Goods

1.1%

Deckers

Outdoor

Corp.*

600

175,188

Delta

Apparel,

Inc.*

3,475

69,570

Fossil

Group,

Inc.*

1,900

27,550

Lakeland

Industries,

Inc.*(a)

8,100

225,180

Rocky

Brands,

Inc.

7,300

251,558

Superior

Group

of

Cos.,

Inc.

8,229

187,868

936,914

Thrifts

&

Mortgage

Finance

1.9%

Essent

Group

Ltd.

5,027

210,279

Flagstar

Bancorp,

Inc.

13,800

591,330

Merchants

Bancorp

3,700

110,334

Radian

Group,

Inc.

16,800

322,560

Riverview

Bancorp,

Inc.

15,000

78,150

Timberland

Bancorp,

Inc.

9,300

234,825

1,547,478

Trading

Companies

&

Distributors

3.0%

Applied

Industrial

Technologies,

Inc.

3,100

218,209

Beacon

Roofing

Supply,

Inc.*

4,600

182,942

CAI

International,

Inc.

6,400

207,808

Lawson

Products,

Inc.*

3,265

161,911

MRC

Global,

Inc.*

36,900

254,979

Titan

Machinery,

Inc.*

11,600

247,080

Triton

International

Ltd.

12,400

574,616

WESCO

International,

Inc.*

8,635

657,210

2,504,755

Wireless

Telecommunication

Services

0.4%

Boingo

Wireless,

Inc.*

6,300

72,702

Common

Stocks

Shares

Value

($)

Wireless

Telecommunication

Services

Gogo

,

Inc.*

2,800

37,520

Telephone

and

Data

Systems,

Inc.

11,415

214,031

324,253

Total

Common

Stocks

(cost

$64,716,373)

82,307,668

Exchange-Traded

Funds

1.0%

Equity

Funds  1.0%

iShares

Micro-Cap

ETF

2,500

338,150

Vanguard

Small-Cap

Value

ETF

3,505

508,610

846,760

Total

Exchange-Traded

Funds

(cost

$672,435)

846,760

Short-Term

Investment

1.2%

Money

Market

Fund

1.2%

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,

0.01%(b)(c)

985,589

985,589

Total

Short-Term

Investment

(cost

$985,589)

985,589

Total

Investments

(cost

$66,374,397)

—

100.8%

84,140,017

Liabilities

in

excess

of

other

assets

—

(0.8)%

(653,805)

NET

ASSETS

—

100.0%

$

83,486,212

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

January

31,

2021.

The

total

value

of

securities

on

loan

at

January

31,

2021

was

$1,104,706,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

with

a

total

value

of

$985,589

and

by

$155,662

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

3.13%,

and

maturity

dates

ranging

from

4/8/2021

–

2/15/2049;

a

total

value

of

$1,141,251.

(b)

Represents

7-day

effective

yield

as

of

January

31,

2021.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2021

was

$985,589.

ETF

Exchange

Traded

Fund

REIT

Real

Estate

Investment

Trust

6

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Bailard

Cognitive

Value

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

Bailard

Cognitive

Value

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

7

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2021.

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

$

85,272

$

–

$

–

$

85,272

Air

Freight

&

Logistics

529,670

–

–

529,670

Airlines

475,603

–

–

475,603

Auto

Components

997,785

–

–

997,785

Banks

13,053,924

–

–

13,053,924

Biotechnology

1,805,811

–

–

1,805,811

Building

Products

2,068,009

–

–

2,068,009

Capital

Markets

1,504,298

–

–

1,504,298

Chemicals

1,989,091

–

–

1,989,091

Commercial

Services

&

Supplies

2,077,218

–

–

2,077,218

Communications

Equipment

1,134,265

–

–

1,134,265

Construction

&

Engineering

1,594,738

–

–

1,594,738

Construction

Materials

244,307

–

–

244,307

Consumer

Finance

1,342,418

–

–

1,342,418

Containers

&

Packaging

794,473

–

–

794,473

Distributors

90,785

–

–

90,785

Diversified

Consumer

Services

1,252,141

–

–

1,252,141

Diversified

Financial

Services

149,571

–

–

149,571

Diversified

Telecommunication

Services

323,747

–

–

323,747

Electric

Utilities

863,722

–

–

863,722

Electrical

Equipment

1,707,539

–

–

1,707,539

Electronic

Equipment,

Instruments

&

Components

1,206,352

–

–

1,206,352

Energy

Equipment

&

Services

991,125

–

–

991,125

Entertainment

199,989

–

–

199,989

Equity

Real

Estate

Investment

Trusts

(REITs)

7,730,178

–

–

7,730,178

Food

&

Staples

Retailing

784,820

–

–

784,820

Food

Products

796,234

–

–

796,234

Gas

Utilities

661,253

–

–

661,253

Health

Care

Equipment

&

Supplies

531,025

–

–

531,025

Health

Care

Providers

&

Services

1,983,792

–

–

1,983,792

Health

Care

Technology

959,876

–

–

959,876

Hotels,

Restaurants

&

Leisure

518,317

–

–

518,317

Household

Durables

1,930,681

–

–

1,930,681

Household

Products

760,411

–

–

760,411

Independent

Power

and

Renewable

Electricity

Producers

538,745

–

–

538,745

Insurance

2,253,992

–

–

2,253,992

Interactive

Media

&

Services

129,893

–

–

129,893

Internet

&

Direct

Marketing

Retail

892,967

–

–

892,967

IT

Services

1,164,763

16,841

–

1,181,604

Leisure

Products

259,380

–

–

259,380

Life

Sciences

Tools

&

Services

72,111

–

–

72,111

Machinery

2,784,058

–

–

2,784,058

Media

1,245,365

–

–

1,245,365

Metals

&

Mining

1,536,417

–

–

1,536,417

Mortgage

Real

Estate

Investment

Trusts

(REITs)

140,700

–

–

140,700

Multiline

Retail

142,880

–

–

142,880

Multi-Utilities

1,031,373

–

–

1,031,373

Oil,

Gas

&

Consumable

Fuels

2,628,180

–

–

2,628,180

Paper

&

Forest

Products

251,900

–

–

251,900

Personal

Products

179,760

–

–

179,760

Pharmaceuticals

380,238

–

–

380,238

Professional

Services

1,256,727

–

–

1,256,727

Real

Estate

Management

&

Development

247,640

–

–

247,640

Road

&

Rail

141,400

–

–

141,400

8

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Bailard

Cognitive

Value

Fund

Level

1

Level

2

Level

3

Total

Assets:

Semiconductors

&

Semiconductor

Equipment

$

2,012,834

$

–

$

–

$

2,012,834

Software

1,616,758

–

–

1,616,758

Specialty

Retail

2,368,056

–

–

2,368,056

Technology

Hardware,

Storage

&

Peripherals

562,850

–

–

562,850

Textiles,

Apparel

&

Luxury

Goods

936,914

–

–

936,914

Thrifts

&

Mortgage

Finance

1,547,478

–

–

1,547,478

Trading

Companies

&

Distributors

2,504,755

–

–

2,504,755

Wireless

Telecommunication

Services

324,253

–

–

324,253

Total

Common

Stocks

$

82,290,827

$

16,841

$

–

$

82,307,668

Exchange-Traded

Funds

846,760

–

–

846,760

Short-Term

Investment

985,589

–

–

985,589

Total

$

84,123,176

$

16,841

$

–

$

84,140,017

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

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

9

Common

Stocks

99.5%

Shares

Value

($)

Biotechnology

5.8%

Acceleron

Pharma,

Inc.*

2,900

335,037

Alnylam

Pharmaceuticals,

Inc.*

3,500

526,680

Apellis

Pharmaceuticals,

Inc.*

12,800

566,656

Arena

Pharmaceuticals,

Inc.*

6,500

482,560

Aurinia

Pharmaceuticals,

Inc.*(a)

18,000

300,780

Biogen,

Inc.*

1,050

296,740

BioMarin

Pharmaceutical,

Inc.*

4,000

331,120

Dicerna

Pharmaceuticals,

Inc.*

16,000

359,520

Dynavax

Technologies

Corp.*(a)

60,000

378,600

Esperion

Therapeutics,

Inc.*(a)

23,000

724,270

FibroGen

,

Inc.*

11,000

529,980

Gilead

Sciences,

Inc.

5,200

341,120

Iovance

Biotherapeutics

,

Inc.*

9,700

425,248

Kura

Oncology,

Inc.*

15,000

449,250

Mersana

Therapeutics,

Inc.*

36,000

686,160

Neurocrine

Biosciences,

Inc.*

3,900

428,025

Novavax

,

Inc.*

2,300

508,162

PTC

Therapeutics,

Inc.*

7,000

404,740

REVOLUTION

Medicines,

Inc.*

9,000

379,260

Sangamo

Therapeutics,

Inc.*

25,000

341,500

VBI

Vaccines,

Inc.*(a)

75,000

244,500

Vertex

Pharmaceuticals,

Inc.*

2,000

458,160

Xencor

,

Inc.*

14,000

640,500

10,138,568

Electronic

Equipment,

Instruments

&

Components

4.8%

Insight

Enterprises,

Inc.*

57,955

4,410,376

TE

Connectivity

Ltd.

33,115

3,987,046

8,397,422

Entertainment

4.7%

Activision

Blizzard,

Inc.

38,100

3,467,100

Electronic

Arts,

Inc.

10,650

1,525,080

Sea

Ltd.,

ADR-TW*

14,240

3,085,950

8,078,130

Household

Durables

2.4%

Sony

Corp.,

ADR-JP

42,800

4,096,388

Interactive

Media

&

Services

8.6%

Alphabet,

Inc.,

Class

A*

4,098

7,488,521

Facebook,

Inc.,

Class

A*

29,165

7,534,195

15,022,716

Internet

&

Direct

Marketing

Retail

4.1%

Amazon.com,

Inc.*

2,222

7,124,176

IT

Services

15.2%

Booz

Allen

Hamilton

Holding

Corp.

33,900

2,887,263

Euronet

Worldwide,

Inc.*

30,775

3,845,644

Fiserv,

Inc.*

26,720

2,743,877

PayPal

Holdings,

Inc.*

22,000

5,154,820

Twilio

,

Inc.,

Class

A*

17,370

6,243,299

Visa,

Inc.,

Class

A

29,300

5,662,225

26,537,128

Pharmaceuticals

1.2%

Arvinas

,

Inc.*

6,500

490,360

Intra-Cellular

Therapies,

Inc.*

41,000

1,318,150

Common

Stocks

Shares

Value

($)

Pharmaceuticals

Provention

Bio,

Inc.*

18,500

254,745

2,063,255

Road

&

Rail

0.5%

Uber

Technologies,

Inc.*

17,860

909,610

Semiconductors

&

Semiconductor

Equipment

22.0%

KLA

Corp.

14,940

4,184,246

Lam

Research

Corp.

10,390

5,028,240

Micron

Technology,

Inc.*

59,400

4,649,238

NVIDIA

Corp.

9,785

5,084,188

NXP

Semiconductors

NV

35,780

5,741,617

QUALCOMM,

Inc.

42,200

6,595,016

Skyworks

Solutions,

Inc.

16,010

2,709,692

Texas

Instruments,

Inc.

26,550

4,399,070

38,391,307

Software

23.3%

Adobe,

Inc.*

14,734

6,759,517

Avalara,

Inc.*(a)

9,000

1,350,000

Crowdstrike

Holdings,

Inc.,

Class

A*

5,200

1,122,160

DocuSign,

Inc.*

12,850

2,992,636

Elastic

NV*

7,200

1,094,112

HubSpot

,

Inc.*

4,350

1,619,070

Intuit,

Inc.

4,800

1,733,904

Microsoft

Corp.

65,230

15,130,751

RingCentral,

Inc.,

Class

A*

15,150

5,649,738

ServiceNow

,

Inc.*

2,950

1,602,322

Varonis

Systems,

Inc.*

9,050

1,599,769

40,653,979

Technology

Hardware,

Storage

&

Peripherals

6.9%

Apple,

Inc.

79,105

10,438,696

Samsung

Electronics

Co.

Ltd.,

GDR-KR

Reg.

S

876

1,610,341

12,049,037

Total

Common

Stocks

(cost

$54,351,269)

173,461,716

Short-Term

Investment

1.0%

Money

Market

Fund

1.0%

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,

0.01%(b)(c)

1,665,650

1,665,650

Total

Short-Term

Investment

(cost

$1,665,650)

1,665,650

Total

Investments

(cost

$56,016,919)

—

100.5%

175,127,366

Liabilities

in

excess

of

other

assets

—

(0.5)%

(822,247)

NET

ASSETS

—

100.0%

$

174,305,119

*

Denotes

a

non-income

producing

security.

10

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Bailard

Technology

&

Science

Fund

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

January

31,

2021.

The

total

value

of

securities

on

loan

at

January

31,

2021

was

$1,780,542,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

with

a

total

value

of

$1,665,650

and

by

$161,611

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

3.13%,

and

maturity

dates

ranging

from

4/8/2021

–

2/15/2049;

a

total

value

of

$1,827,261.

(b)

Represents

7-day

effective

yield

as

of

January

31,

2021.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2021

was

$1,665,650.

ADR

American

Depositary

Receipt

GDR

Global

Depositary

Receipt

JP

Japan

KR

South

Korea

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.

TW

Taiwan

Nationwide

Bailard

Technology

&

Science

Fund

-

January

31,

2021

(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

-

January

31,

2021

(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

January

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

  Common

Stocks

Biotechnology

$

10,138,568

$

–

$

–

$

10,138,568

Electronic

Equipment,

Instruments

&

Components

8,397,422

–

–

8,397,422

Entertainment

8,078,130

–

–

8,078,130

Household

Durables

4,096,388

–

–

4,096,388

Interactive

Media

&

Services

15,022,716

–

–

15,022,716

Internet

&

Direct

Marketing

Retail

7,124,176

–

–

7,124,176

IT

Services

26,537,128

–

–

26,537,128

Pharmaceuticals

2,063,255

–

–

2,063,255

Road

&

Rail

909,610

–

–

909,610

Semiconductors

&

Semiconductor

Equipment

38,391,307

–

–

38,391,307

Software

40,653,979

–

–

40,653,979

Technology

Hardware,

Storage

&

Peripherals

10,438,696

1,610,341

–

12,049,037

Total

Common

Stocks

$

171,851,375

$

1,610,341

$

–

$

173,461,716

Short-Term

Investment

1,665,650

–

–

1,665,650

Total

$

173,517,025

$

1,610,341

$

–

$

175,127,366

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

Diamond

Hill

Large

Cap

Concentrated

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

13

Common

Stocks

98.2%

Shares

Value

($)

Auto

Components

4.1%

BorgWarner,

Inc.

22,052

925,963

Automobiles

4.6%

General

Motors

Co.

20,667

1,047,403

Banks

4.6%

Bank

of

America

Corp.

35,277

1,045,963

Beverages

5.7%

PepsiCo,

Inc.

9,486

1,295,503

Capital

Markets

9.2%

Charles

Schwab

Corp.

(The)

18,550

956,067

KKR

&

Co.,

Inc.

29,515

1,149,609

2,105,676

Diversified

Financial

Services

6.5%

Berkshire

Hathaway,

Inc.,

Class

B*

6,461

1,472,268

Entertainment

5.9%

Walt

Disney

Co.

(The)*

8,045

1,352,928

Food

Products

5.5%

Mondelez

International,

Inc.,

Class

A

22,749

1,261,205

Health

Care

Equipment

&

Supplies

9.2%

Abbott

Laboratories

16,896

2,088,177

Household

Durables

4.7%

NVR,

Inc.*

241

1,071,602

Household

Products

4.6%

Procter

&

Gamble

Co.

(The)

8,227

1,054,784

Insurance

8.3%

American

International

Group,

Inc.

50,510

1,891,094

IT

Services

7.9%

Cognizant

Technology

Solutions

Corp.,

Class

A

11,810

920,589

Fidelity

National

Information

Services,

Inc.

7,204

889,406

1,809,995

Machinery

3.6%

Parker-Hannifin

Corp.

3,123

826,377

Media

3.4%

Charter

Communications,

Inc.,

Class

A*

1,287

781,930

Oil,

Gas

&

Consumable

Fuels

2.8%

Chevron

Corp.

7,513

640,108

Pharmaceuticals

4.0%

Pfizer,

Inc.

25,642

920,548

Specialty

Retail

3.6%

TJX

Cos.,

Inc.

(The)

12,737

815,677

Total

Investments

(cost

$18,087,647)

—

98.2%

22,407,201

Other

assets

in

excess

of

liabilities

—

1.8%

411,407

NET

ASSETS

—

100.0%

$

22,818,608

*

Denotes

a

non-income

producing

security.

14

-

Statement

of

Investments

-

January

31,

2021

(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

January

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

22,407,201

$

–

$

–

$

22,407,201

Total

$

22,407,201

$

–

$

–

$

22,407,201

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

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

15

Common

Stocks

99.7%

Shares

Value

($)

Aerospace

&

Defense

2.2%

Boeing

Co.

(The)

26,866

5,217,109

Lockheed

Martin

Corp.

33,895

10,908,089

Raytheon

Technologies

Corp.

130,161

8,685,643

24,810,841

Air

Freight

&

Logistics

1.0%

FedEx

Corp.

48,132

11,327,385

Airlines

0.2%

Southwest

Airlines

Co.

54,116

2,377,857

Automobiles

1.3%

Tesla,

Inc.*

18,740

14,870,752

Banks

2.8%

JPMorgan

Chase

&

Co.

250,934

32,287,678

Beverages

2.0%

Constellation

Brands,

Inc.,

Class

A

67,654

14,270,258

Monster

Beverage

Corp.*

98,593

8,560,830

22,831,088

Biotechnology

1.0%

Alexion

Pharmaceuticals,

Inc.*

5,630

863,248

Biogen,

Inc.*

8,094

2,287,446

Incyte

Corp.*

16,532

1,483,747

Regeneron

Pharmaceuticals,

Inc.*

4,255

2,143,839

Seagen

,

Inc.*

7,934

1,303,318

Vertex

Pharmaceuticals,

Inc.*

13,879

3,179,401

11,260,999

Building

Products

0.8%

Johnson

Controls

International

plc

94,326

4,699,321

Trane

Technologies

plc

29,681

4,254,772

8,954,093

Capital

Markets

3.3%

Apollo

Global

Management,

Inc.

147,076

6,756,672

Blackstone

Group,

Inc.

(The),

Class

A

128,044

8,603,276

Charles

Schwab

Corp.

(The)

280,583

14,461,248

S&P

Global,

Inc.

27,627

8,757,759

38,578,955

Chemicals

2.0%

Celanese

Corp.

51,074

6,238,689

FMC

Corp.

44,581

4,827,676

Linde

plc

27,774

6,815,740

PPG

Industries,

Inc.

40,911

5,511,121

23,393,226

Consumer

Finance

0.3%

American

Express

Co.

29,510

3,430,833

Containers

&

Packaging

0.6%

Ball

Corp.

48,055

4,229,801

Crown

Holdings,

Inc.*

35,496

3,199,964

7,429,765

Diversified

Financial

Services

1.0%

Berkshire

Hathaway,

Inc.,

Class

B*

25,263

5,756,680

Common

Stocks

Shares

Value

($)

Diversified

Financial

Services

Equitable

Holdings,

Inc.

209,385

5,188,560

10,945,240

Electric

Utilities

3.3%

Duke

Energy

Corp.

123,946

11,650,924

Edison

International

114,182

6,640,825

Exelon

Corp.

202,022

8,396,034

FirstEnergy

Corp.

314,326

9,668,668

Southern

Co.

(The)

26,569

1,565,446

37,921,897

Energy

Equipment

&

Services

0.2%

Schlumberger

NV

88,215

1,959,255

Entertainment

2.1%

Electronic

Arts,

Inc.

51,341

7,352,031

Netflix,

Inc.*

29,073

15,478,175

Walt

Disney

Co.

(The)*

5,788

973,368

23,803,574

Equity

Real

Estate

Investment

Trusts

(REITs)

2.1%

Alexandria

Real

Estate

Equities,

Inc.

36,548

6,107,536

American

Tower

Corp.

21,684

4,930,074

Equinix

,

Inc.

9,183

6,795,053

Prologis,

Inc.

66,393

6,851,758

24,684,421

Food

&

Staples

Retailing

1.4%

Sysco

Corp.

231,392

16,546,842

Food

Products

1.0%

Archer-Daniels-Midland

Co.

66,847

3,343,018

Mondelez

International,

Inc.,

Class

A

139,659

7,742,695

11,085,713

Health

Care

Equipment

&

Supplies

3.1%

Boston

Scientific

Corp.*

233,769

8,284,773

Danaher

Corp.

42,662

10,146,730

Edwards

Lifesciences

Corp.*

62,245

5,140,192

Intuitive

Surgical,

Inc.*

8,571

6,408,023

Teleflex,

Inc.

15,299

5,777,361

35,757,079

Health

Care

Providers

&

Services

3.0%

Anthem,

Inc.

21,476

6,377,942

Centene

Corp.*

58,199

3,509,400

HCA

Healthcare,

Inc.

20,093

3,264,711

Humana,

Inc.

5,838

2,236,596

Laboratory

Corp.

of

America

Holdings*

11,571

2,648,718

McKesson

Corp.

12,930

2,255,897

Quest

Diagnostics,

Inc.

16,926

2,185,993

UnitedHealth

Group,

Inc.

34,952

11,659,288

34,138,545

Hotels,

Restaurants

&

Leisure

2.6%

Caesars

Entertainment,

Inc.*

52,049

3,663,729

Carnival

Corp.

133,238

2,487,554

Chipotle

Mexican

Grill,

Inc.*

3,561

5,270,280

Hilton

Worldwide

Holdings,

Inc.

73,372

7,439,187

Las

Vegas

Sands

Corp.

61,527

2,958,833

16

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Fund

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Starbucks

Corp.

85,919

8,317,818

30,137,401

Household

Durables

0.5%

Lennar

Corp.,

Class

A

68,471

5,693,364

Household

Products

1.6%

Procter

&

Gamble

Co.

(The)

147,512

18,912,513

Industrial

Conglomerates

1.0%

3M

Co.

2,890

507,657

General

Electric

Co.

257,292

2,747,879

Honeywell

International,

Inc.

42,265

8,257,313

11,512,849

Insurance

2.5%

American

International

Group,

Inc.

158,964

5,951,612

Athene

Holding

Ltd.,

Class

A*

107,415

4,392,199

Chubb

Ltd.

47,120

6,863,971

Hartford

Financial

Services

Group,

Inc.

(The)

75,473

3,624,214

Marsh

&

McLennan

Cos.,

Inc.

49,863

5,480,442

Progressive

Corp.

(The)

34,394

2,998,813

29,311,251

Interactive

Media

&

Services

8.7%

Alphabet,

Inc.,

Class

A*

29,837

54,522,940

Facebook,

Inc.,

Class

A*

119,514

30,874,052

Match

Group,

Inc.*

41,112

5,749,924

Snap,

Inc.,

Class

A*

90,879

4,811,134

Twitter,

Inc.*

78,805

3,982,017

99,940,067

Internet

&

Direct

Marketing

Retail

5.3%

Amazon.com,

Inc.*

18,857

60,459,313

IT

Services

5.1%

Cognizant

Technology

Solutions

Corp.,

Class

A

97,690

7,614,935

FleetCor

Technologies,

Inc.*

35,487

8,614,469

Global

Payments,

Inc.

94,739

16,723,328

PayPal

Holdings,

Inc.*

48,482

11,359,817

Shopify,

Inc.,

Class

A*

4,276

4,697,571

Snowflake,

Inc.,

Class

A*

1,308

356,365

Visa,

Inc.,

Class

A

47,006

9,083,910

58,450,395

Life

Sciences

Tools

&

Services

1.5%

Illumina,

Inc.*

7,942

3,386,786

PPD,

Inc.*

35,400

1,138,464

Thermo

Fisher

Scientific,

Inc.

25,410

12,951,477

17,476,727

Machinery

2.5%

Fortive

Corp.

89,692

5,926,847

Illinois

Tool

Works,

Inc.

2,156

418,717

Ingersoll

Rand,

Inc.*

129,606

5,422,715

Parker-Hannifin

Corp.

23,919

6,329,207

Westinghouse

Air

Brake

Technologies

Corp.

142,812

10,598,078

28,695,564

Media

2.6%

Charter

Communications,

Inc.,

Class

A*

32,203

19,565,255

Common

Stocks

Shares

Value

($)

Media

Omnicom

Group,

Inc.

168,835

10,531,927

30,097,182

Oil,

Gas

&

Consumable

Fuels

2.4%

BP

plc,

ADR-UK

77,704

1,726,583

Chevron

Corp.

46,991

4,003,633

ConocoPhillips

99,718

3,991,712

EOG

Resources,

Inc.

65,012

3,313,011

Exxon

Mobil

Corp.

77,559

3,477,746

Marathon

Petroleum

Corp.

80,937

3,493,241

Pioneer

Natural

Resources

Co.

8,179

988,841

Royal

Dutch

Shell

plc,

Class

A,

ADR-NL(a)

120,291

4,437,535

Royal

Dutch

Shell

plc,

Class

B,

ADR-NL

66,343

2,314,707

27,747,009

Personal

Products

0.8%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

37,322

8,832,251

Pharmaceuticals

5.4%

AstraZeneca

plc,

ADR-UK(a)

208,094

10,529,556

Bristol-Myers

Squibb

Co.

170,840

10,494,701

Eli

Lilly

&

Co.

84,079

17,485,910

Novartis

AG,

ADR-CH

87,759

7,939,557

Pfizer,

Inc.

437,392

15,702,373

Royalty

Pharma

plc,

Class

A

10,991

516,687

62,668,784

Professional

Services

1.4%

Equifax,

Inc.

14,718

2,606,705

IHS

Markit

Ltd.

115,196

10,031,268

Verisk

Analytics,

Inc.

19,303

3,542,100

16,180,073

Road

&

Rail

1.0%

JB

Hunt

Transport

Services,

Inc.

54,143

7,290,897

Uber

Technologies,

Inc.*

74,054

3,771,570

11,062,467

Semiconductors

&

Semiconductor

Equipment

5.3%

Advanced

Micro

Devices,

Inc.*

141,733

12,138,014

KLA

Corp.

18,583

5,204,541

Marvell

Technology

Group

Ltd.

239,761

12,338,101

Micron

Technology,

Inc.*

156,449

12,245,263

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR-TW

53,005

6,441,168

Teradyne,

Inc.

15,413

1,749,067

Texas

Instruments,

Inc.

67,513

11,186,229

61,302,383

Software

7.5%

Adobe,

Inc.*

9,533

4,373,454

Microsoft

Corp.

262,549

60,900,866

salesforce.com,

Inc.*

45,421

10,245,161

ServiceNow

,

Inc.*

8,753

4,754,279

Splunk

,

Inc.*

12,392

2,045,052

Workday,

Inc.,

Class

A*

19,783

4,501,226

86,820,038

Nationwide

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

17

Common

Stocks

Shares

Value

($)

Specialty

Retail

2.0%

Lowe's

Cos.,

Inc.

52,149

8,701,061

Ross

Stores,

Inc.

35,814

3,985,740

TJX

Cos.,

Inc.

(The)

157,573

10,090,975

22,777,776

Technology

Hardware,

Storage

&

Peripherals

5.0%

Apple,

Inc.

435,432

57,459,607

Wireless

Telecommunication

Services

0.3%

T-Mobile

US,

Inc.*

31,670

3,992,954

Total

Common

Stocks

(cost

$802,515,832)

1,147,926,006

Short-Term

Investment

1.0%

Money

Market

Fund

1.0%

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,

0.01%(b)(c)

11,303,124

11,303,124

Total

Short-Term

Investment

(cost

$11,303,124)

11,303,124

Total

Investments

(cost

$813,818,956)

—

100.7%

1,159,229,130

Liabilities

in

excess

of

other

assets

—

(0.7)%

(7,817,934)

NET

ASSETS

—

100.0%

$

1,151,411,196

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

January

31,

2021.

The

total

value

of

securities

on

loan

at

January

31,

2021

was

$10,738,140,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

with

a

value

of

$11,303,124.

(b)

Represents

7-day

effective

yield

as

of

January

31,

2021.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2021

was

$11,303,124.

ADR

American

Depositary

Receipt

CH

Switzerland

NL

Netherlands

REIT

Real

Estate

Investment

Trust

TW

Taiwan

UK

United

Kingdom

18

-

Statement

of

Investments

-

January

31,

2021

(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

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

19

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

1,147,926,006

$

–

$

–

$

1,147,926,006

Short-Term

Investment

11,303,124

–

–

11,303,124

Total

$

1,159,229,130

$

–

$

–

$

1,159,229,130

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

-

January

31,

2021

(Unaudited)

-

Nationwide

Geneva

Mid

Cap

Growth

Fund

Common

Stocks

99.4%

Shares

Value

($)

Aerospace

&

Defense

3.9%

Axon

Enterprise,

Inc.*

74,150

12,172,464

HEICO

Corp.,

Class

A

32,661

3,472,191

Mercury

Systems,

Inc.*

43,773

3,110,509

18,755,164

Banks

1.7%

Signature

Bank

49,279

8,140,398

Building

Products

2.0%

Advanced

Drainage

Systems,

Inc.

71,652

5,909,857

Fortune

Brands

Home

&

Security,

Inc.

43,695

3,768,694

9,678,551

Capital

Markets

3.5%

Intercontinental

Exchange,

Inc.

95,501

10,538,535

Raymond

James

Financial,

Inc.

63,261

6,321,672

16,860,207

Commercial

Services

&

Supplies

3.2%

Copart

,

Inc.*

141,726

15,554,428

Distributors

3.0%

Pool

Corp.

40,254

14,257,162

Diversified

Consumer

Services

2.6%

frontdoor

,

Inc.*

133,362

7,340,245

Grand

Canyon

Education,

Inc.*

61,281

5,205,208

12,545,453

Electrical

Equipment

0.9%

Generac

Holdings,

Inc.*

16,730

4,122,607

Electronic

Equipment,

Instruments

&

Components

7.9%

Amphenol

Corp.,

Class

A

99,532

12,429,556

Cognex

Corp.

62,108

5,100,930

Keysight

Technologies,

Inc.*

99,316

14,062,153

Trimble,

Inc.*

97,952

6,456,016

38,048,655

Health

Care

Equipment

&

Supplies

13.6%

ABIOMED,

Inc.*

31,656

11,024,202

Align

Technology,

Inc.*

20,248

10,637,894

Cooper

Cos.,

Inc.

(The)

12,263

4,464,223

IDEXX

Laboratories,

Inc.*

29,128

13,942,991

Masimo

Corp.*

28,315

7,246,375

STERIS

plc

57,008

10,666,767

Teleflex,

Inc.

20,364

7,690,057

65,672,509

Health

Care

Providers

&

Services

1.5%

HealthEquity

,

Inc.*

84,289

7,042,346

Household

Products

2.1%

Church

&

Dwight

Co.,

Inc.

121,883

10,290,582

Industrial

Conglomerates

1.9%

Roper

Technologies,

Inc.

23,823

9,360,295

Internet

&

Direct

Marketing

Retail

1.0%

Etsy,

Inc.*

23,547

4,687,972

IT

Services

10.9%

Broadridge

Financial

Solutions,

Inc.

64,475

9,110,962

Common

Stocks

Shares

Value

($)

IT

Services

EPAM

Systems,

Inc.*

40,946

14,103,031

Fiserv,

Inc.*

106,735

10,960,617

Gartner,

Inc.*

44,914

6,822,886

Global

Payments,

Inc.

64,125

11,319,345

52,316,841

Life

Sciences

Tools

&

Services

1.7%

Repligen

Corp.*

41,691

8,338,200

Machinery

2.3%

IDEX

Corp.

58,522

10,896,211

Pharmaceuticals

2.0%

Catalent

,

Inc.*

85,246

9,807,552

Professional

Services

5.5%

CoStar

Group,

Inc.*

17,881

16,087,714

Verisk

Analytics,

Inc.

55,790

10,237,465

26,325,179

Road

&

Rail

0.8%

JB

Hunt

Transport

Services,

Inc.

28,836

3,883,056

Semiconductors

&

Semiconductor

Equipment

1.0%

Microchip

Technology,

Inc.

35,770

4,868,655

Software

18.1%

ANSYS,

Inc.*

42,334

15,001,899

Blackline,

Inc.*

96,247

12,475,536

HubSpot

,

Inc.*

33,893

12,614,975

Intuit,

Inc.

42,976

15,524,220

RealPage

,

Inc.*

118,938

10,296,463

SS&C

Technologies

Holdings,

Inc.

107,535

6,761,801

Tyler

Technologies,

Inc.*

34,120

14,425,595

87,100,489

Specialty

Retail

5.9%

Burlington

Stores,

Inc.*

42,571

10,595,922

O'Reilly

Automotive,

Inc.*

27,404

11,659,580

Ulta

Beauty,

Inc.*

21,591

6,040,298

28,295,800

Textiles,

Apparel

&

Luxury

Goods

1.0%

Lululemon

Athletica,

Inc.*

15,014

4,934,801

Trading

Companies

&

Distributors

1.4%

Watsco

,

Inc.

28,309

6,751,413

Total

Investments

(cost

$229,567,276)

—

99.4%

478,534,526

Other

assets

in

excess

of

liabilities

—

0.6%

2,773,024

NET

ASSETS

—

100.0%

$

481,307,550

*

Denotes

a

non-income

producing

security.

Nationwide

Geneva

Mid

Cap

Growth

Fund

-

January

31,

2021

(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

January

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

478,534,526

$

–

$

–

$

478,534,526

Total

$

478,534,526

$

–

$

–

$

478,534,526

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

-

January

31,

2021

(Unaudited)

-

Nationwide

GQG

U.S.

Quality

Equity

Fund

Common

Stocks

98.9%

Shares

Value

($)

Aerospace

&

Defense

4.3%

L3Harris

Technologies,

Inc.

1,006

172,539

Lockheed

Martin

Corp.

748

240,721

413,260

Banks

3.5%

Bank

of

America

Corp.

11,278

334,393

Biotechnology

1.9%

AbbVie,

Inc.

1,807

185,181

Capital

Markets

3.2%

Morgan

Stanley

4,661

312,520

Equity

Real

Estate

Investment

Trusts

(REITs)

2.6%

Equinix

,

Inc.

345

255,286

Health

Care

Equipment

&

Supplies

4.7%

Abbott

Laboratories

3,706

458,025

Health

Care

Providers

&

Services

8.2%

Humana,

Inc.

794

304,189

UnitedHealth

Group,

Inc.

1,470

490,363

794,552

Household

Products

4.0%

Procter

&

Gamble

Co.

(The)

3,029

388,348

Insurance

2.4%

Progressive

Corp.

(The)

2,603

226,956

Interactive

Media

&

Services

10.9%

Alphabet,

Inc.,

Class

C*

255

468,114

Facebook,

Inc.,

Class

A*

1,570

405,578

Pinterest,

Inc.,

Class

A*

2,651

181,620

1,055,312

Internet

&

Direct

Marketing

Retail

7.0%

Amazon.com,

Inc.*

211

676,508

IT

Services

6.0%

PayPal

Holdings,

Inc.*

851

199,398

Twilio

,

Inc.,

Class

A*

262

94,171

Visa,

Inc.,

Class

A

1,482

286,396

579,965

Life

Sciences

Tools

&

Services

1.7%

Syneos

Health,

Inc.*

2,242

166,693

Common

Stocks

Shares

Value

($)

Multiline

Retail

2.9%

Target

Corp.

1,532

277,552

Multi-Utilities

2.1%

CMS

Energy

Corp.

3,622

206,019

Pharmaceuticals

5.3%

Eli

Lilly

&

Co.

878

182,598

Johnson

&

Johnson

1,099

179,280

Royalty

Pharma

plc,

Class

A

3,107

146,060

507,938

Road

&

Rail

0.7%

Kansas

City

Southern

346

70,124

Semiconductors

&

Semiconductor

Equipment

6.7%

Advanced

Micro

Devices,

Inc.*

3,087

264,371

NVIDIA

Corp.

741

385,016

649,387

Software

17.3%

Adobe,

Inc.*

930

426,656

Microsoft

Corp.

3,246

752,942

ServiceNow

,

Inc.*

900

488,844

1,668,442

Tobacco

3.5%

Philip

Morris

International,

Inc.

4,200

334,530

Total

Common

Stocks

(cost

$9,884,451)

9,560,991

Master

Limited

Partnership

0.5%

Capital

Markets

0.5%

AllianceBernstein

Holding

LP

1,371

48,465

Total

Master

Limited

Partnership

(cost

$50,192)

48,465

Total

Investments

(cost

$9,934,643)

—

99.4%

9,609,456

Other

assets

in

excess

of

liabilities

—

0.6%

60,162

NET

ASSETS

—

100.0%

$

9,669,618

*

Denotes

a

non-income

producing

security.

REIT

Real

Estate

Investment

Trust

Nationwide

GQG

U.S.

Quality

Equity

Fund

-

January

31,

2021

(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.

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.

24

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

GQG

U.S.

Quality

Equity

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

9,560,991

$

–

$

–

$

9,560,991

Master

Limited

Partnership

48,465

–

–

48,465

Total

$

9,609,456

$

–

$

–

$

9,609,456

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

Loomis

All

Cap

Growth

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

25

Common

Stocks

98.1%

Shares

Value

($)

Aerospace

&

Defense

3.8%

Boeing

Co.

(The)

78,539

15,251,488

Air

Freight

&

Logistics

2.8%

Expeditors

International

of

Washington,

Inc.

124,368

11,133,423

Beverages

4.3%

Monster

Beverage

Corp.*

197,888

17,182,615

Biotechnology

3.8%

BioMarin

Pharmaceutical,

Inc.*

50,239

4,158,784

Regeneron

Pharmaceuticals,

Inc.*

21,678

10,922,244

15,081,028

Capital

Markets

4.2%

FactSet

Research

Systems,

Inc.

17,396

5,259,507

MSCI,

Inc.

14,348

5,671,764

SEI

Investments

Co.

107,633

5,688,404

16,619,675

Communications

Equipment

1.5%

Cisco

Systems,

Inc.

130,298

5,808,685

Energy

Equipment

&

Services

1.3%

Schlumberger

NV

229,911

5,106,323

Entertainment

3.5%

Walt

Disney

Co.

(The)*

82,332

13,845,773

Health

Care

Equipment

&

Supplies

1.0%

Intuitive

Surgical,

Inc.*

5,163

3,860,065

Health

Care

Technology

1.8%

Cerner

Corp.

88,742

7,109,122

Hotels,

Restaurants

&

Leisure

4.7%

Starbucks

Corp.

91,051

8,814,647

Yum

China

Holdings,

Inc.

105,243

5,968,331

Yum!

Brands,

Inc.

37,473

3,803,135

18,586,113

Household

Products

1.0%

Colgate-Palmolive

Co.

53,011

4,134,858

Interactive

Media

&

Services

9.4%

Alphabet,

Inc.,

Class

A*

4,916

8,983,302

Alphabet,

Inc.,

Class

C*

4,924

9,039,183

Facebook,

Inc.,

Class

A*

74,811

19,325,926

37,348,411

Internet

&

Direct

Marketing

Retail

12.2%

Alibaba

Group

Holding

Ltd.,

ADR-CN*

78,651

19,963,983

Amazon.com,

Inc.*

8,817

28,269,066

48,233,049

IT

Services

4.4%

Automatic

Data

Processing,

Inc.

15,714

2,594,696

Visa,

Inc.,

Class

A

76,682

14,818,796

17,413,492

Life

Sciences

Tools

&

Services

2.8%

Illumina,

Inc.*

25,604

10,918,570

Machinery

3.6%

Deere

&

Co.

50,033

14,449,530

Common

Stocks

Shares

Value

($)

Pharmaceuticals

6.3%

Novartis

AG,

ADR-CH

131,488

11,895,719

Novo

Nordisk

A/S,

ADR-DK

44,525

3,098,940

Roche

Holding

AG,

ADR-CH

225,251

9,778,146

24,772,805

Semiconductors

&

Semiconductor

Equipment

7.6%

NVIDIA

Corp.

38,175

19,835,348

QUALCOMM,

Inc.

65,760

10,276,973

30,112,321

Software

16.4%

Autodesk,

Inc.*

68,675

19,052,505

Microsoft

Corp.

46,409

10,765,032

Oracle

Corp.

229,497

13,868,504

salesforce.com,

Inc.*

48,297

10,893,871

Workday,

Inc.,

Class

A*

46,209

10,513,934

65,093,846

Textiles,

Apparel

&

Luxury

Goods

1.7%

Under

Armour

,

Inc.,

Class

A*

388,220

6,793,850

Total

Investments

(cost

$249,704,564)

—

98.1%

388,855,042

Other

assets

in

excess

of

liabilities

—

1.9%

7,728,535

NET

ASSETS

—

100.0%

$

396,583,577

*

Denotes

a

non-income

producing

security.

ADR

American

Depositary

Receipt

CH

Switzerland

CN

China

DK

Denmark

26

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Loomis

All

Cap

Growth

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

Loomis

All

Cap

Growth

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

27

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

388,855,042

$

–

$

–

$

388,855,042

Total

$

388,855,042

$

–

$

–

$

388,855,042

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.

28

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Small

Company

Growth

Fund

Common

Stocks

97.4%

Shares

Value

($)

Biotechnology

3.0%

Cyclerion

Therapeutics,

Inc.*

31,551

99,701

Ironwood

Pharmaceuticals,

Inc.*

600,760

6,139,767

Vericel

Corp.*

90,481

3,734,151

9,973,619

Chemicals

0.9%

Balchem

Corp.

29,256

3,131,270

Communications

Equipment

0.5%

NetScout

Systems,

Inc.*

51,418

1,503,205

Electronic

Equipment,

Instruments

&

Components

4.0%

Cognex

Corp.

160,987

13,221,862

Energy

Equipment

&

Services

1.2%

DMC

Global,

Inc.

70,204

4,013,563

Health

Care

Equipment

&

Supplies

25.5%

ABIOMED,

Inc.*

44,415

15,467,524

Cantel

Medical

Corp.*

29,029

2,292,420

Cardiovascular

Systems,

Inc.*

209,381

9,420,051

Glaukos

Corp.*

173,194

15,360,576

Inogen

,

Inc.*

134,990

6,605,061

iRhythm

Technologies,

Inc.*

47,295

7,965,424

Neogen

Corp.*

133,895

10,828,088

OrthoPediatrics

Corp.*(a)

33,200

1,533,176

Quidel

Corp.*

47,276

11,864,858

Tandem

Diabetes

Care,

Inc.*

30,361

2,812,947

84,150,125

Health

Care

Technology

7.3%

NextGen

Healthcare,

Inc.*

193,117

3,819,854

Veeva

Systems,

Inc.,

Class

A*

40,048

11,070,869

Vocera

Communications,

Inc.*

207,132

9,103,452

23,994,175

IT

Services

0.2%

NIC,

Inc.

27,863

750,072

Life

Sciences

Tools

&

Services

2.5%

10X

Genomics,

Inc.,

Class

A*

10,194

1,744,703

Bio-

Techne

Corp.

20,347

6,610,944

8,355,647

Machinery

5.8%

Helios

Technologies,

Inc.

78,765

4,296,631

Proto

Labs,

Inc.*

70,967

15,030,810

19,327,441

Software

46.5%

ACI

Worldwide,

Inc.*

20,439

784,653

Alarm.com

Holdings,

Inc.*

145,779

13,545,785

Alteryx,

Inc.,

Class

A*(a)

84,895

10,701,015

American

Software,

Inc.,

Class

A

46,415

891,632

Anaplan,

Inc.*

180,291

12,025,410

ANSYS,

Inc.*

34,982

12,396,571

Appfolio

,

Inc.,

Class

A*

66,023

10,088,975

Blackbaud

,

Inc.

54,571

3,628,426

Datadog

,

Inc.,

Class

A*

86,364

8,873,901

Guidewire

Software,

Inc.*(a)

73,755

8,462,649

Manhattan

Associates,

Inc.*

107,467

12,168,488

Paycom

Software,

Inc.*

30,076

11,421,060

PROS

Holdings,

Inc.*

205,156

8,645,274

Q2

Holdings,

Inc.*

118,231

15,132,386

Common

Stocks

Shares

Value

($)

Software

Smartsheet

,

Inc.,

Class

A*

198,640

13,853,153

Tyler

Technologies,

Inc.*

25,989

10,987,889

153,607,267

Total

Common

Stocks

(cost

$155,889,845)

322,028,246

Short-Term

Investment

0.2%

Money

Market

Fund

0.2%

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,

0.01%(b)(c)

499,200

499,200

Total

Short-Term

Investment

(cost

$499,200)

499,200

Total

Investments

(cost

$156,389,045)

—

97.6%

322,527,446

Other

assets

in

excess

of

liabilities

—

2.4%

7,787,614

NET

ASSETS

—

100.0%

$

330,315,060

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

January

31,

2021.

The

total

value

of

securities

on

loan

at

January

31,

2021

was

$1,156,253,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

with

a

total

value

of

$499,200

and

by

$719,583

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

3.13%,

and

maturity

dates

ranging

from

4/8/2021

–

2/15/2049;

a

total

value

of

$1,218,783.

(b)

Represents

7-day

effective

yield

as

of

January

31,

2021.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2021

was

$499,200.

Nationwide

Small

Company

Growth

Fund

-

January

31,

2021

(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.

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.

30

-

Statement

of

Investments

-

January

31,

2021

(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

January

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

322,028,246

$

–

$

–

$

322,028,246

Short-Term

Investment

499,200

–

–

499,200

Total

$

322,527,446

$

–

$

–

$

322,527,446

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

American

Century

Small

Cap

Income

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

31

Common

Stocks

87.6%

Shares

Value

($)

Aerospace

&

Defense

0.8%

Park

Aerospace

Corp.

58,520

777,146

Banks

17.8%

Financial

Institutions,

Inc.

31,461

720,142

First

Hawaiian,

Inc.

25,770

599,152

HBT

Financial,

Inc.

81,726

1,220,169

Home

BancShares

,

Inc.

122,716

2,601,579

Origin

Bancorp,

Inc.

32,548

1,028,191

Pacific

Premier

Bancorp,

Inc.

53,619

1,782,832

PacWest

Bancorp

33,777

1,019,728

Signature

Bank

15,887

2,624,374

Towne

Bank

39,306

911,899

Umpqua

Holdings

Corp.

75,570

1,096,521

United

Bankshares

,

Inc.

56,494

1,788,600

Valley

National

Bancorp

64,950

663,139

Webster

Financial

Corp.

15,970

746,598

16,802,924

Building

Products

1.8%

Fortune

Brands

Home

&

Security,

Inc.

16,652

1,436,235

Nordic

Waterproofing

Holding

AB*

14,338

257,087

1,693,322

Capital

Markets

2.7%

Ares

Management

Corp.

7,159

323,301

Carlyle

Group,

Inc.

(The)

68,642

2,215,077

2,538,378

Chemicals

5.6%

Chase

Corp.

6,651

666,696

RPM

International,

Inc.

17,186

1,417,329

Valvoline,

Inc.

35,624

845,714

W

R

Grace

&

Co.

41,449

2,404,871

5,334,610

Commercial

Services

&

Supplies

6.0%

Brink's

Co.

(The)

28,232

1,923,446

Deluxe

Corp.

48,926

1,658,102

Healthcare

Services

Group,

Inc.

65,269

2,116,021

5,697,569

Construction

Materials

1.0%

Tecnoglass

,

Inc.

144,894

983,830

Containers

&

Packaging

3.5%

Graphic

Packaging

Holding

Co.

150,575

2,358,005

Sonoco

Products

Co.

16,356

947,176

3,305,181

Diversified

Consumer

Services

1.5%

H&R

Block,

Inc.

79,892

1,376,539

Electronic

Equipment,

Instruments

&

Components

3.5%

Avnet,

Inc.

60,710

2,143,670

Vishay

Intertechnology

,

Inc.

55,367

1,193,159

3,336,829

Energy

Equipment

&

Services

0.5%

Cactus,

Inc.,

Class

A

17,087

447,679

Equity

Real

Estate

Investment

Trusts

(REITs)

7.7%

Brandywine

Realty

Trust

104,710

1,151,810

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

CareTrust

REIT,

Inc.

31,797

714,161

Four

Corners

Property

Trust,

Inc.

66,386

1,749,935

Highwoods

Properties,

Inc.

34,783

1,304,015

LTC

Properties,

Inc.

13,241

511,632

Urstadt

Biddle

Properties,

Inc.,

Class

A

45,043

622,945

Weingarten

Realty

Investors

53,824

1,211,578

7,266,076

Food

&

Staples

Retailing

0.7%

Casey's

General

Stores,

Inc.

3,280

614,934

Food

Products

0.0%

†

Sanderson

Farms,

Inc.*^∞

200

0

Health

Care

Providers

&

Services

1.1%

MedCath

Corp.*^∞

2,115

0

Patterson

Cos.,

Inc.

32,289

1,022,916

1,022,916

Household

Durables

1.9%

Leggett

&

Platt,

Inc.

43,038

1,764,558

Orleans

Homebuilders,

Inc.*^∞

1,500

0

1,764,558

Household

Products

2.6%

Spectrum

Brands

Holdings,

Inc.

32,806

2,479,149

Industrial

Conglomerates

1.2%

Carlisle

Cos.,

Inc.

7,598

1,101,178

Insurance

4.1%

AMERISAFE,

Inc.

2,670

148,185

Axis

Capital

Holdings

Ltd.

47,996

2,203,016

James

River

Group

Holdings

Ltd.

18,579

826,394

ProAssurance

Corp.

26,166

479,623

RenaissanceRe

Holdings

Ltd.

1,682

253,040

3,910,258

IT

Services

2.3%

Cass

Information

Systems,

Inc.

7,218

293,051

EVERTEC,

Inc.

42,753

1,483,529

TTEC

Holdings,

Inc.

5,885

444,788

2,221,368

Machinery

6.4%

Graham

Corp.

96,459

1,423,735

Hurco

Cos.,

Inc.

22,430

659,890

IMI

plc

81,941

1,396,758

Luxfer

Holdings

plc

100,698

1,658,496

Timken

Co.

(The)

11,883

899,068

6,037,947

Media

2.4%

Entravision

Communications

Corp.,

Class

A

520,734

1,666,349

John

Wiley

&

Sons,

Inc.,

Class

A

12,554

572,588

2,238,937

Multi-Utilities

1.2%

NorthWestern

Corp.

20,745

1,129,980

32

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

American

Century

Small

Cap

Income

Fund

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

0.9%

Hess

Midstream

LP,

Class

A

41,931

875,100

Paper

&

Forest

Products

1.1%

Neenah,

Inc.

20,326

1,035,000

Semiconductors

&

Semiconductor

Equipment

2.4%

Kulicke

&

Soffa

Industries,

Inc.

38,869

1,386,457

MKS

Instruments,

Inc.

5,668

895,941

2,282,398

Software

0.3%

Sapiens

International

Corp.

NV

7,300

238,418

Specialty

Retail

2.2%

Penske

Automotive

Group,

Inc.

35,357

2,115,763

Textiles,

Apparel

&

Luxury

Goods

2.0%

Ralph

Lauren

Corp.

8,898

899,143

Tapestry,

Inc.

31,761

1,004,283

1,903,426

Thrifts

&

Mortgage

Finance

0.7%

First

Place

Financial

Corp.*^∞

367

0

Premier

Financial

Corp.

24,831

689,309

689,309

Trading

Companies

&

Distributors

1.7%

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

20,446

1,585,996

Total

Common

Stocks

(cost

$78,236,960)

82,806,718

Convertible

Bond

1.0%

Principal

Amount

($)

Building

Products

1.0%

DIRTT

Environmental

Solutions,

6.00%,

01/31/26

1,213,000

948,582

Total

Convertible

Bond

(cost  $952,531)

948,582

Convertible

Preferred

Stock

Convertible

Preferred

Stock

1.6%

Electronic

Equipment,

Instruments

&

Components

1.6%

II-VI,

Inc.,

6.00%,

07/01/23

4,425

1,543,971

Total

Convertible

Preferred

Stock

(cost  $1,314,838)

1,543,971

Master

Limited

Partnerships

3.5%

Shares

Diversified

Financial

Services

0.8%

Compass

Diversified

Holdings

37,473

771,944

Oil,

Gas

&

Consumable

Fuels

2.7%

Enviva

Partners

LP

51,117

2,546,649

Total

Master

Limited

Partnership

(cost  $3,035,142)

3,318,593

Preferred

Stocks

5.3%

Shares

Value

($)

Banks

3.2%

FNB

Corp.(ICE

LIBOR

USD

3

Month

+

4.60%),

(a)

25,671

718,531

People's

United

Financial,

Inc., Series

A(ICE

LIBOR

USD

3

Month

+

4.02%),

(a)

26,880

764,736

Valley

National

Bancorp, Series

A(ICE

LIBOR

USD

3

Month

+

3.85%),

(a)

57,155

1,582,622

3,065,889

Diversified

Financial

Services

2.1%

Compass

Diversified

Holdings, Series

B(ICE

LIBOR

USD

3

Month

+

4.99%),

(a)

76,722

1,941,067

Total

Preferred

Stocks

(cost

$5,143,171)

5,006,956

Rights

0.0%

†

Number

of

Rights

Biotechnology

0.0%

†

Achillion

Pharmaceuticals,

Inc.,

CVR*∞

12,733

1,099

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)

1,992

Total

Investments

(cost

$88,717,347)

—

99.0%

93,626,812

Other

assets

in

excess

of

liabilities

—

1.0%

965,167

NET

ASSETS

—

100.0%

$

94,591,979

*

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,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

January

31,

2021.

CVR

Contingent

Value

Rights

ICE

Intercontinental

Exchange

LIBOR

London

Interbank

Offered

Rate

REIT

Real

Estate

Investment

Trust

Nationwide

American

Century

Small

Cap

Income

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

33

Forward

Foreign

Currency

Contracts

outstanding

as

of

January

31,

2021:

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

($)

USD

1,194,615

GBP

869,230

JPMorgan

Chase

Bank

3/31/2021

3,239

USD

228,171

SEK

1,891,469

Goldman

Sachs

International

3/31/2021

1,669

Total

unrealized

appreciation

4,908

GBP

30,646

USD

42,108

JPMorgan

Chase

Bank

3/31/2021

(105)

USD

36,270

GBP

26,467

JPMorgan

Chase

Bank

3/31/2021

(6)

Total

unrealized

depreciation

(111)

Net

unrealized

appreciation

4,797

Currency:

GBP

British

pound

SEK

Swedish

krona

USD

United

States

dollar

34

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

American

Century

Small

Cap

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.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2021.

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

$

777,146

$

–

$

–

$

777,146

Banks

16,802,924

–

–

16,802,924

Building

Products

1,436,235

257,087

–

1,693,322

Capital

Markets

2,538,378

–

–

2,538,378

Chemicals

5,334,610

–

–

5,334,610

Commercial

Services

&

Supplies

5,697,569

–

–

5,697,569

Construction

Materials

983,830

–

–

983,830

Containers

&

Packaging

3,305,181

–

–

3,305,181

Diversified

Consumer

Services

1,376,539

–

–

1,376,539

Electronic

Equipment,

Instruments

&

Components

3,336,829

–

–

3,336,829

Energy

Equipment

&

Services

447,679

–

–

447,679

Nationwide

American

Century

Small

Cap

Income

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

35

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2021.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

forward

foreign

currency

contracts.

Level

1

Level

2

Level

3

Total

Assets:

Equity

Real

Estate

Investment

Trusts

(REITs)

$

7,266,076

$

–

$

–

$

7,266,076

Food

&

Staples

Retailing

614,934

–

–

614,934

Food

Products

–

–

–

–

Health

Care

Providers

&

Services

1,022,916

–

–

1,022,916

Household

Durables

1,764,558

–

–

1,764,558

Household

Products

2,479,149

–

–

2,479,149

Industrial

Conglomerates

1,101,178

–

–

1,101,178

Insurance

3,910,258

–

–

3,910,258

IT

Services

2,221,368

–

–

2,221,368

Machinery

4,641,189

1,396,758

–

6,037,947

Media

2,238,937

–

–

2,238,937

Multi-Utilities

1,129,980

–

–

1,129,980

Oil,

Gas

&

Consumable

Fuels

875,100

–

–

875,100

Paper

&

Forest

Products

1,035,000

–

–

1,035,000

Semiconductors

&

Semiconductor

Equipment

2,282,398

–

–

2,282,398

Software

238,418

–

–

238,418

Specialty

Retail

2,115,763

–

–

2,115,763

Textiles,

Apparel

&

Luxury

Goods

1,903,426

–

–

1,903,426

Thrifts

&

Mortgage

Finance

689,309

–

–

689,309

Trading

Companies

&

Distributors

1,585,996

–

–

1,585,996

Total

Common

Stocks

$

81,152,873

$

1,653,845

$

–

$

82,806,718

Convertible

Bond

–

948,582

–

948,582

Convertible

Preferred

Stock

1,543,971

–

–

1,543,971

Forward

Foreign

Currency

Contracts

–

4,908

–

4,908

Master

Limited

Partnerships

3,318,593

–

–

3,318,593

Preferred

Stocks

5,006,956

–

–

5,006,956

Rights  

–

1,099

893

1,992

Total

Assets

$

91,022,393

$

2,608,434

$

893

$

93,631,720

Liabilities:

Forward

Foreign

Currency

Contracts

$

–

$

(111)

$

–

$

(111)

Total

Liabilities

$

–

$

(111)

$

–

$

(111)

Total

$

91,022,393

$

2,608,323

$

893

$

93,631,609

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

During

the

period

ended

January

31,

2021,

the

Fund

held

four

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

10/31/2020

$

—

$

893

$893

Accrued

Accretion/(Amortization)

—

—

—

Realized

Gains

(Losses)

48

—

48

Purchases

—

—

—

Sales

(48)

—

(48)

Change

in

Unrealized

Appreciation/Depreciation

—

—

—

Transfers

into

Level

3

—

—

—

Transfers

out

of

Level

3

—

—

—

Balance

as

of

1/31/2021

$

—

$

893

$893

Change

in

Unrealized

Appreciation/Depreciation

for

Investments

Still

held

as

of

1/31/2021

$

—

$

—

$—

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

36

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

American

Century

Small

Cap

Income

Fund

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

January

31,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2021:

Assets:

Fair

Value

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

appreciation

on

forward

foreign

currency

contracts

$

4,908

Total

$

4,908

Liabilities:

s

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

depreciation

on

forward

foreign

currency

contracts

$

(111)

Total

$

(111)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

WCM

Focused

Small

Cap

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

37

Common

Stocks

92.7%

Shares

Value

($)

Aerospace

&

Defense

1.5%

Vectrus

,

Inc.*

41,900

2,153,660

Auto

Components

2.4%

Dorman

Products,

Inc.*

37,900

3,442,457

Biotechnology

1.1%

Emergent

BioSolutions

,

Inc.*

14,700

1,570,695

Building

Products

1.9%

American

Woodmark

Corp.*

30,900

2,673,159

Capital

Markets

8.7%

Focus

Financial

Partners,

Inc.,

Class

A*

165,000

7,850,700

Virtus

Investment

Partners,

Inc.

22,500

4,725,000

12,575,700

Chemicals

3.8%

Chase

Corp.

14,500

1,453,480

Element

Solutions,

Inc.

239,200

4,073,576

5,527,056

Commercial

Services

&

Supplies

17.2%

BrightView

Holdings,

Inc.*

249,600

3,539,328

Healthcare

Services

Group,

Inc.

135,200

4,383,184

KAR

Auction

Services,

Inc.

231,000

4,264,260

SP

Plus

Corp.*

115,000

3,335,000

UniFirst

Corp.

30,900

6,575,520

US

Ecology,

Inc.*(a)

83,500

2,755,500

24,852,792

Construction

&

Engineering

2.7%

EMCOR

Group,

Inc.

43,700

3,858,710

Electrical

Equipment

2.9%

EnerSys

51,700

4,251,291

Electronic

Equipment,

Instruments

&

Components

4.3%

ePlus

,

Inc.*

73,300

6,160,132

Health

Care

Providers

&

Services

3.6%

Addus

HomeCare

Corp.*

46,600

5,244,830

Hotels,

Restaurants

&

Leisure

3.0%

Wyndham

Hotels

&

Resorts,

Inc.

74,300

4,322,031

Insurance

3.7%

Enstar

Group

Ltd.*

26,900

5,385,649

IT

Services

4.8%

Cass

Information

Systems,

Inc.(a)

51,500

2,090,900

Verra

Mobility

Corp.*

373,900

4,785,920

6,876,820

Machinery

3.5%

Crane

Co.

65,800

4,979,744

Media

1.6%

Hemisphere

Media

Group,

Inc.*

218,800

2,284,272

Personal

Products

3.3%

Inter

Parfums

,

Inc.

76,700

4,769,206

Common

Stocks

Shares

Value

($)

Real

Estate

Management

&

Development

4.8%

Jones

Lang

LaSalle,

Inc.*

47,000

6,871,870

Road

&

Rail

2.8%

Landstar

System,

Inc.

29,000

4,042,600

Semiconductors

&

Semiconductor

Equipment

3.7%

CMC

Materials,

Inc.

36,300

5,347,353

Software

4.5%

Manhattan

Associates,

Inc.*

57,000

6,454,110

Specialty

Retail

3.8%

America's

Car-Mart,

Inc.*

45,700

5,428,246

Trading

Companies

&

Distributors

3.1%

Beacon

Roofing

Supply,

Inc.*

111,500

4,434,355

Total

Investments

(cost

$108,758,879)

—

92.7%

133,506,738

Other

assets

in

excess

of

liabilities

—

7.3%

10,533,971

NET

ASSETS

—

100.0%

$

144,040,709

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

January

31,

2021.

The

total

value

of

securities

on

loan

at

January

31,

2021

was

$169,408,

which

was

collateralized

by

$178,610

in

the

form

of

U.S

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

3.13%,

and

maturity

dates

ranging

from

4/8/2021

–

2/15/2049.

38

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

WCM

Focused

Small

Cap

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

January

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

133,506,738

$

–

$

–

$

133,506,738

Total

$

133,506,738

$

–

$

–

$

133,506,738

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.

Nationwide

Mellon

Disciplined

Value

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

1

Common

Stocks

87.9%

Shares

Value

($)

Aerospace

&

Defense

2.1%

L3Harris

Technologies,

Inc.

50,927

8,734,490

Northrop

Grumman

Corp.

7,448

2,134,671

10,869,161

Air

Freight

&

Logistics

0.4%

FedEx

Corp.

9,033

2,125,826

Automobiles

1.9%

General

Motors

Co.

193,263

9,794,569

Banks

7.3%

Bank

of

America

Corp.

231,821

6,873,492

JPMorgan

Chase

&

Co.

168,028

21,620,163

Truist

Financial

Corp.

50,500

2,422,990

US

Bancorp

141,642

6,069,360

36,986,005

Beverages

1.0%

PepsiCo,

Inc.

35,628

4,865,716

Biotechnology

2.2%

AbbVie,

Inc.

108,899

11,159,970

Building

Products

1.5%

Carrier

Global

Corp.

140,628

5,414,178

Trane

Technologies

plc

15,097

2,164,155

7,578,333

Capital

Markets

6.2%

Ameriprise

Financial,

Inc.

22,363

4,424,967

Charles

Schwab

Corp.

(The)

76,189

3,926,781

Goldman

Sachs

Group,

Inc.

(The)

43,153

11,701,799

Morgan

Stanley

172,067

11,537,092

31,590,639

Chemicals

3.0%

CF

Industries

Holdings,

Inc.

244,091

10,100,486

Mosaic

Co.

(The)

187,439

4,865,916

14,966,402

Communications

Equipment

1.3%

Cisco

Systems,

Inc.

146,113

6,513,718

Construction

&

Engineering

1.0%

Quanta

Services,

Inc.

68,967

4,860,104

Construction

Materials

1.6%

Vulcan

Materials

Co.

53,544

7,985,552

Consumer

Finance

3.0%

Ally

Financial,

Inc.

155,179

5,871,973

Capital

One

Financial

Corp.

91,448

9,534,369

15,406,342

Diversified

Financial

Services

4.3%

Berkshire

Hathaway,

Inc.,

Class

B*

55,585

12,666,154

Voya

Financial,

Inc.

165,542

9,180,959

21,847,113

Electric

Utilities

3.3%

Exelon

Corp.

193,358

8,035,958

PPL

Corp.

320,885

8,878,888

16,914,846

Electrical

Equipment

2.9%

Eaton

Corp.

plc

96,897

11,404,777

Common

Stocks

Shares

Value

($)

Electrical

Equipment

Hubbell,

Inc.

21,538

3,351,313

14,756,090

Electronic

Equipment,

Instruments

&

Components

2.0%

Corning,

Inc.

199,783

7,166,216

Dolby

Laboratories,

Inc.,

Class

A

34,976

3,078,938

10,245,154

Equity

Real

Estate

Investment

Trusts

(REITs)

0.6%

Weyerhaeuser

Co.

102,559

3,198,815

Food

Products

0.5%

Archer-Daniels-Midland

Co.

46,895

2,345,219

Health

Care

Equipment

&

Supplies

5.9%

Abbott

Laboratories

29,528

3,649,366

Becton

Dickinson

and

Co.

27,174

7,113,881

Danaher

Corp.

22,445

5,338,319

Medtronic

plc

124,776

13,891,312

29,992,878

Health

Care

Providers

&

Services

2.2%

Anthem,

Inc.

14,090

4,184,448

HCA

Healthcare,

Inc.

14,241

2,313,878

McKesson

Corp.

26,503

4,623,978

11,122,304

Hotels,

Restaurants

&

Leisure

1.0%

Las

Vegas

Sands

Corp.

107,062

5,148,612

Household

Durables

0.4%

Lennar

Corp.,

Class

A

26,948

2,240,726

Independent

Power

and

Renewable

Electricity

Producers

2.7%

AES

Corp.

(The)

123,292

3,007,092

Clearway

Energy,

Inc.,

Class

C

135,394

4,194,506

NextEra

Energy

Partners

LP

79,133

6,449,340

13,650,938

Insurance

5.0%

Assurant,

Inc.

63,658

8,623,749

Chubb

Ltd.

76,484

11,141,424

Reinsurance

Group

of

America,

Inc.

23,577

2,476,764

Willis

Towers

Watson

plc

15,601

3,166,067

25,408,004

Interactive

Media

&

Services

3.0%

Alphabet,

Inc.,

Class

A*

8,232

15,042,828

Media

1.3%

Comcast

Corp.,

Class

A

132,388

6,562,473

Metals

&

Mining

1.9%

Freeport-McMoRan,

Inc.*

361,530

9,728,772

Oil,

Gas

&

Consumable

Fuels

5.8%

Cabot

Oil

&

Gas

Corp.

159,298

2,919,932

ConocoPhillips

113,025

4,524,391

Hess

Corp.

135,896

7,335,666

Marathon

Petroleum

Corp.

248,571

10,728,325

Phillips

66

55,305

3,749,679

29,257,993

2

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Mellon

Disciplined

Value

Fund

Common

Stocks

Shares

Value

($)

Paper

&

Forest

Products

0.8%

Louisiana-Pacific

Corp.

99,765

3,792,068

Pharmaceuticals

1.8%

Eli

Lilly

&

Co.

43,777

9,104,303

Road

&

Rail

1.7%

Union

Pacific

Corp.

42,524

8,397,214

Semiconductors

&

Semiconductor

Equipment

5.1%

Applied

Materials,

Inc.

92,640

8,956,435

Microchip

Technology,

Inc.

26,797

3,647,340

NXP

Semiconductors

NV

24,512

3,933,441

QUALCOMM,

Inc.

58,826

9,193,327

25,730,543

Textiles,

Apparel

&

Luxury

Goods

0.4%

VF

Corp.

28,559

2,195,330

Thrifts

&

Mortgage

Finance

0.7%

Essent

Group

Ltd.

90,582

3,789,045

Tobacco

1.2%

Philip

Morris

International,

Inc.

77,145

6,144,599

Wireless

Telecommunication

Services

0.9%

Vodafone

Group

plc,

ADR-UK

271,316

4,653,069

Total

Common

Stocks

(cost

$351,232,170)

445,971,273

Purchased

Options

1.3%

Number

of

Contracts

Call

Options

1.3%

Index

Funds:

1.3%

S&P

500

E-Mini

Index

3/19/2021

at

USD

3,350.00,

American

Style

Notional

Amount:

USD

17,456,928

Exchange

Traded

*

143

2,955,810

S&P

500

E-Mini

Index

3/19/2021

at

USD

3,850.00,

American

Style

Notional

Amount:

USD

26,556,816

Exchange

Traded

*

94

287,640

Purchased

Options

Number

of

Contracts

Value

($)

Call

Options

S&P

500

E-Mini

Index

4/16/2021

at

USD

3,300.00,

European

Style

Notional

Amount:

USD

26,556,816

Exchange

Traded

*

143

3,394,105

Total

Purchased

Options

(cost

$7,693,019

)

6,637,555

Short-Term

Investments

3.0%

Shares

U.S.

Treasury

Obligation

3.0%

U.S.

Treasury

Bills

0.07%

03/18/2021

15,000,000

14,998,898

0.00%

02/25/2021(a)(b)

6,000

6,000

Total

U.S.

Treasury

Obligation

(cost

$15,004,603)

15,004,898

Total

Short-Term

Investment

(cost

$15,004,603)

15,004,898

Total

Investments

(cost

$373,929,792)

—

92.2%

467,613,726

Other

assets

in

excess

of

liabilities

—

7.8%

39,423,019

NET

ASSETS

—

100.0%

$

507,036,745

*

Denotes

a

non-income

producing

security.

(a)

Security

or

a

portion

of

the

security

was

used

to

cover

the

margin

requirement

for

futures

contracts.

(b)

Zero

Coupon

Security.

Debt

security

that

pays

no

cash

income

but

is

sold

at

substantial

discount

from

its

value

at

maturity.

ADR

American

Depositary

Receipt

REIT

Real

Estate

Investment

Trust

UK

United

Kingdom

Currency:

USD

United

States

Dollar

Nationwide

Mellon

Disciplined

Value

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

3

Futures

contracts

outstanding

as

of

January

31,

2021:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

Russell

1000

Value

E-Mini

Index

766

3/2021

USD

51,004,110

(89,139)

U.S.

Treasury

Long

Bond

421

3/2021

USD

71,030,594

(1,731,710)

(1,820,849)

Short

Contracts

S&P

500

E-Mini

Index

(15)

3/2021

USD

(2,778,900)

79,617

79,617

(1,741,232)

Currency:

USD

United

States

Dollar

4

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Mellon

Disciplined

Value

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

Mellon

Disciplined

Value

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

5

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2021.

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/

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

445,971,273

$

–

$

–

$

445,971,273

Futures

Contracts

79,617

–

–

79,617

Purchased

Options

6,637,555

–

–

6,637,555

Short-Term

Investments

–

15,004,898

–

15,004,898

Total

Assets

$

452,688,445

$

15,004,898

$

–

$

467,693,343

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(1,820,849)

$

–

$

–

$

(1,820,849)

Total

Liabilities

$

(1,820,849)

$

–

$

–

$

(1,820,849)

Total

$

450,867,596

$

15,004,898

$

–

$

465,872,494

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

6

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Mellon

Disciplined

Value

Fund

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

January

31,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2021:

Assets:

Fair

Value

Purchased

Options

Equity

risk

Investment

securities,

at

value

$

6,637,555

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

79,617

Total

$

6,717,172

Liabilities:

s

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(89,139)

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

$

(1,731,710)

Total

$

(1,820,849)

The

Statement

of

Investments

should

be

read

in

conjunction

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

Multi-Cap

Portfolio

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

1

Asset-Backed

Securities

6.3%

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

1,350,401

Ford

Credit

Floorplan

Master

Owner

Trust

A,

Series

2020-2,

Class

A,

1.06%,

9/15/2027

2,940,000

2,980,643

Hertz

Vehicle

Financing

II

LP,

Series

2016-4A,

Class

A,

2.65%,

7/25/2022(a)

226,140

226,749

Toyota

Auto

Loan

Extended

Note

Trust,

Series

2020-

1A,

Class

A,

1.35%,

5/25/2033(a)

3,150,000

3,242,378

7,800,171

Home

Equity

0.4%

Aegis

Asset-Backed

Securities

Trust

Mortgage

Pass-

Through

Certificates,

Series

2005-4,

Class

M2,

0.83%,

10/25/2035(b)

2,330,000

2,242,063

Bear

Stearns

Asset-Backed

Securities

I

Trust,

Series

2004-HE7,

Class

M1,

1.03%,

8/25/2034(b)

4,544,495

4,445,118

CWABS,

Inc.

Asset-Backed

Certificates

Trust,

Series

2004-6,

Class

1A1,

0.67%,

12/25/2034(b)

978,725

946,064

GSAA

Home

Equity

Trust,

Series

2005-6,

Class

M4,

1.18%,

6/25/2035(b)

1,090,000

1,043,340

RAAC

Trust,

Series

2005-

SP3,

Class

M2,

1.33%,

12/25/2035(b)

1,020,437

1,018,642

Structured

Asset

Investment

Loan

Trust,

Series

2004-

7,

Class

A8,

1.33%,

8/25/2034(b)

1,000,000

994,544

10,689,771

Other

4.4%

AGL

CLO

6

Ltd.,

Series

2020-6A,

Class

A1,

2.17%,

7/20/2031(a)(b)

1,460,000

1,466,039

Allegro

CLO

XI

Ltd.,

Series

2019-2A,

Class

A1A,

1.61%,

1/19/2033(a)(b)

2,500,000

2,505,863

Ameriquest

Mortgage

Securities,

Inc.,

Series

2004-R10,

Class

M6,

2.18%,

11/25/2034(b)

1,815,679

1,806,673

AMMC

CLO

21

Ltd.,

Series

2017-21A,

Class

A,

1.46%,

11/2/2030(a)(b)

392,000

392,004

Apex

Credit

CLO

2017

Ltd.,

Series

2017-1A,

Class

A1,

1.69%,

4/24/2029(a)(b)

2,252,653

2,252,867

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Apidos

CLO

XII,

Series

2013-

12A,

Class

AR,

1.32%,

4/15/2031(a)(b)

1,100,000

1,099,975

Ares

XLIII

CLO

Ltd.,

Series

2017-43A,

Class

A,

1.46%,

10/15/2029(a)(b)

1,415,000

1,415,205

Avery

Point

V

CLO

Ltd.,

Series

2014-5A,

Class

AR,

1.20%,

7/17/2026(a)(b)

433,105

433,201

Avery

Point

VII

CLO

Ltd.,

Series

2015-7A,

Class

AR2,

1.20%,

1/15/2028(a)(b)

3,450,000

3,450,066

Bain

Capital

Credit

CLO,

Series

2020-1A,

Class

A1,

1.41%,

4/18/2033(a)(b)

2,250,000

2,252,471

Ballyrock

CLO

Ltd.,

Series

2019-2A,

Class

A1B,

1.97%,

11/20/2030(a)(b)

1,000,000

1,000,329

Benefit

Street

Partners

CLO

IV

Ltd.

Series

2014-IVA,

Class

A1RR,

1.47%,

1/20/2029(a)

(b)

1,385,000

1,385,309

Series

2014-IVA,

Class

ARRR,

0.00%,

1/20/2032(a)

(b)

1,350,000

1,350,146

BlueMountain

CLO

Ltd.

Series

2012-2A,

Class

AR2,

1.27%,

11/20/2028(a)(b)

2,181,000

2,181,140

Series

2013-2A,

Class

A1R,

1.40%,

10/22/2030(a)(b)

735,289

735,373

Series

2015-3A,

Class

A1R,

1.22%,

4/20/2031(a)(b)

1,215,000

1,209,699

BlueMountain

CLO

XXII

Ltd.,

Series

2018-22A,

Class

A1,

1.32%,

7/15/2031(a)(b)

2,000,000

1,995,444

BlueMountain

CLO

XXX

Ltd.,

Series

2020-30A,

Class

A,

1.55%,

1/15/2033(a)(b)

1,140,000

1,142,661

Canyon

CLO

Ltd.,

Series

2020-1A,

Class

A,

2.16%,

7/15/2028(a)(b)

1,650,896

1,657,346

Carlyle

Global

Market

Strategies

CLO

Ltd.

Series

2015-3A,

Class

A1R,

1.22%,

7/28/2028(a)(b)

486,584

486,704

Series

2014-1A,

Class

A1R2,

1.19%,

4/17/2031(a)

(b)

1,450,590

1,450,011

Series

2014-3RA,

Class

A1A,

1.26%,

7/27/2031(a)

(b)

743,875

744,037

Carlyle

US

CLO

Ltd.

Series

2017-1A,

Class

A1B,

1.45%,

4/20/2031(a)(b)

1,531,159

1,531,465

Series

2017-1A,

Class

A1A,

1.52%,

4/20/2031(a)(b)

447,417

447,567

2

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Catskill

Park

CLO

Ltd.,

Series

2017-1A,

Class

A2,

1.92%,

4/20/2029(a)(b)

1,300,000

1,300,930

CBAM

Ltd.,

Series

2017-

1A,

Class

A1,

1.47%,

7/20/2030(a)(b)

1,050,000

1,050,352

Cerberus

Loan

Funding

XXVIII

LP,

Series

2020-1A,

Class

A,

2.09%,

10/15/2031(a)(b)

360,000

361,387

Countrywide

Asset-Backed

Certificates,

Series

2004-

3,

Class

1A,

0.55%,

8/25/2034(b)

2,054,820

1,981,120

Cumberland

Park

CLO

Ltd.,

Series

2015-2A,

Class

BR,

1.62%,

7/20/2028(a)(b)

760,000

760,118

Denali

Capital

CLO

X

LLC,

Series

2013-1A,

Class

A1LR,

1.27%,

10/26/2027(a)(b)

1,753,912

1,754,333

Dryden

XXV

Senior

Loan

Fund,

Series

2012-25A,

Class

ARR,

1.14%,

10/15/2027(a)(b)

1,903,635

1,904,033

First

Franklin

Mortgage

Loan

Trust,

Series

2006-

FF15,

Class

A2,

0.25%,

11/25/2036(b)

1,301,602

1,215,806

Flatiron

CLO

17

Ltd.,

Series

2017-1A,

Class

A,

1.47%,

5/15/2030(a)(b)

2,340,000

2,340,110

Flatiron

CLO

Ltd.,

Series

2015-1A,

Class

AR,

1.13%,

4/15/2027(a)(b)

1,195,264

1,195,514

Galaxy

XXVI

CLO

Ltd.,

Series

2018-26A,

Class

A,

1.41%,

11/22/2031(a)(b)

450,000

450,013

GoldenTree

Loan

Opportunities

IX

Ltd.,

Series

2014-9A,

Class

AR2,

1.32%,

10/29/2029(a)(b)

725,000

725,000

Greenwood

Park

CLO

Ltd.,

Series

2018-1A,

Class

A2,

1.25%,

4/15/2031(a)(b)

1,500,000

1,497,300

Greywolf

CLO

V

Ltd.,

Series

2015-1A,

Class

A1R,

1.38%,

1/27/2031(a)(b)

2,250,000

2,250,324

Grippen

Park

CLO

Ltd.,

Series

2017-1A,

Class

A,

1.48%,

1/20/2030(a)(b)

1,850,000

1,852,066

Halcyon

Loan

Advisors

Funding

Ltd.,

Series

2017-2A,

Class

A2,

1.92%,

1/17/2030(a)(b)

750,000

748,661

Jackson

Mill

CLO

Ltd.,

Series

2015-1A,

Class

AR,

1.07%,

4/15/2027(a)(b)

1,241,299

1,241,558

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

JFIN

CLO

2014

Ltd.,

Series

2014-1A,

Class

AR,

1.17%,

4/21/2025(a)(b)

25,988

26,005

KKR

CLO

Ltd.,

Series

21,

Class

A,

1.24%,

4/15/2031(a)(b)

1,160,000

1,156,222

LCM

XVIII

LP,

Series

19A,

Class

AR,

1.48%,

7/15/2027(a)(b)

207,357

207,400

LCM

XXIV

Ltd.,

Series

24A,

Class

A,

1.53%,

3/20/2030(a)(b)

1,250,000

1,250,446

Legacy

Mortgage

Asset

Trust

Series

2019-GS1,

Class

A1,

4.00%,

1/25/2059(a)(c)

2,494,117

2,496,165

Series

2019-GS5,

Class

A1,

3.20%,

5/25/2059(a)(c)

1,776,280

1,795,197

Madison

Park

Funding

X

Ltd.,

Series

2012-10A,

Class

AR3,

1.21%,

1/20/2029(a)

(b)

2,000,000

2,000,212

MMAF

Equipment

Finance

LLC,

Series

2019-A,

Class

A5,

3.08%,

11/12/2041(a)

2,105,000

2,258,576

Myers

Park

CLO

Ltd.,

Series

2018-1A,

Class

B1,

1.82%,

10/20/2030(a)(b)

510,000

510,193

Neuberger

Berman

Loan

Advisers

CLO

24

Ltd.,

Series

2017-24A,

Class

AR,

1.24%,

4/19/2030(a)(b)

500,000

499,170

Neuberger

Berman

Loan

Advisers

CLO

29

Ltd.,

Series

2018-29A,

Class

A1,

1.35%,

10/19/2031(a)(b)

283,333

283,389

Newark

BSL

CLO

2

Ltd.,

Series

2017-1A,

Class

A1,

1.49%,

7/25/2030(a)(b)

835,000

835,261

Ocean

Trails

CLO

IX,

Series

2020-9A,

Class

A1,

2.15%,

10/15/2029(a)(b)

2,250,000

2,258,122

Octagon

Investment

Partners

45

Ltd.,

Series

2019-

1A,

Class

A,

1.57%,

10/15/2032(a)(b)

1,600,000

1,602,170

OHA

Loan

Funding

Ltd.,

Series

2013-2A,

Class

AR,

1.25%,

5/23/2031(a)(b)

500,000

499,995

Pawnee

Equipment

Receivables

LLC,

Series

2020-1,

Class

A,

1.37%,

11/17/2025(a)

2,004,686

2,011,939

Recette

CLO

Ltd.,

Series

2015-1A,

Class

AR,

1.14%,

10/20/2027(a)(b)

163,132

163,169

Regatta

VI

Funding

Ltd.,

Series

2016-1A,

Class

AR,

1.30%,

7/20/2028(a)(b)

1,471,172

1,471,501

Nationwide

Multi-Cap

Portfolio

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

3

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Romark

CLO

III

Ltd.,

Series

2019-3A,

Class

A1,

1.61%,

7/15/2032(a)(b)

2,500,000

2,501,422

Saxon

Asset

Securities

Trust,

Series

2006-3,

Class

A4,

0.37%,

10/25/2046(b)

1,329,000

1,165,900

Seven

Sticks

CLO

Ltd.,

Series

2016-1A,

Class

A1R,

1.29%,

7/15/2028(a)(b)

724,941

725,093

SoFi

Consumer

Loan

Program

LLC,

Series

2017-4,

Class

B,

3.59%,

5/26/2026(a)(b)

970,000

988,287

Sudbury

Mill

CLO

Ltd.,

Series

2013-1A,

Class

A1R,

1.37%,

1/17/2026(a)(b)

306,683

306,751

Sunnova

Helios

II

Issuer

LLC,

Series

2018-1A,

Class

A,

4.87%,

7/20/2048(a)

2,267,092

2,504,904

Symphony

CLO

XIX

Ltd.,

Series

2018-19A,

Class

A,

1.18%,

4/16/2031(a)(b)

1,750,000

1,748,777

Symphony

CLO

XVIII

Ltd.,

Series

2016-18A,

Class

B,

2.02%,

1/23/2028(a)(b)

750,000

750,260

THL

Credit

Wind

River

CLO

Ltd.,

Series

2017-3A,

Class

A,

1.49%,

10/15/2030(a)(b)

466,489

466,576

Towd

Point

Mortgage

Trust,

Series

2019-HY2,

Class

A1,

1.13%,

5/25/2058(a)(b)

1,731,140

1,747,067

Tralee

CLO

III

Ltd.,

Series

2014-3A,

Class

AR,

1.25%,

10/20/2027(a)(b)

804,206

804,385

Tralee

Clo

VI

Ltd.,

Series

2019-6A,

Class

AS,

1.52%,

10/25/2032(a)(b)

2,150,000

2,150,157

Tryon

Park

CLO

Ltd.

Series

2013-1A,

Class

A1SR,

1.13%,

4/15/2029(a)

(b)

1,750,000

1,744,608

Series

2013-1A,

Class

A2R,

1.74%,

4/15/2029(a)(b)

1,500,000

1,479,732

Venture

31

CLO

Ltd.,

Series

2018-31A,

Class

A1,

1.25%,

4/20/2031(a)(b)

1,300,000

1,295,707

Voya

CLO

Ltd.

Series

2017-3A,

Class

A1A,

1.45%,

7/20/2030(a)(b)

2,000,000

2,000,580

Series

2018-3A,

Class

A1A,

1.39%,

10/15/2031(a)(b)

940,000

940,216

Series

2016-3A,

Class

A1R,

1.41%,

10/18/2031(a)(b)

2,200,000

2,200,337

Whitebox

Clo

II

Ltd.,

Series

2020-2A,

Class

A1,

1.99%,

10/24/2031(a)(b)

2,140,000

2,150,758

106,016,869

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Student

Loan

1.2%

DRB

Prime

Student

Loan

Trust,

Series

2015-B,

Class

A1,

2.03%,

10/27/2031(a)(b)

742,976

744,149

Earnest

Student

Loan

Program

LLC,

Series

2017-A,

Class

A2,

2.65%,

1/25/2041(a)

509,638

516,552

ECMC

Group

Student

Loan

Trust,

Series

2020-

2A,

Class

A,

1.28%,

11/25/2069(a)(b)

1,900,040

1,919,661

Montana

Higher

Education

Student

Assistance

Corp.,

Series

2012-1,

Class

A2,

1.15%,

5/20/2030(b)

1,948,807

1,954,568

Navient

Private

Education

Refi

Loan

Trust

Series

2018-CA,

Class

B,

4.22%,

6/16/2042(a)

3,360,000

3,510,136

Series

2019-D,

Class

A2B,

1.18%,

12/15/2059(a)(b)

4,060,000

4,105,598

Series

2020-CA,

Class

A2A,

2.15%,

11/15/2068(a)

3,150,000

3,270,497

Series

2020-GA,

Class

A,

1.17%,

9/16/2069(a)

2,769,783

2,796,761

Navient

Student

Loan

Trust,

Series

2019-BA,

Class

A2A,

3.39%,

12/15/2059(a)

2,380,000

2,500,340

SLM

Student

Loan

Trust,

Series

2005-7,

Class

A4,

0.37%,

10/25/2029(b)

418,901

415,211

SMB

Private

Education

Loan

Trust,

Series

2017-A,

Class

B,

3.50%,

6/17/2041(a)

1,000,000

1,043,611

SoFi

Professional

Loan

Program

LLC

Series

2019-B,

Class

A1FX,

2.78%,

8/17/2048(a)

289,043

289,546

Series

2019-C,

Class

A2FX,

2.37%,

11/16/2048(a)

2,213,622

2,306,938

SoFi

Professional

Loan

Program

Trust,

Series

2020-C,

Class

AFX,

1.95%,

2/15/2046(a)

2,392,666

2,449,139

27,822,707

Total

Asset-Backed

Securities

(cost

$150,235,889)

152,329,518

Collateralized

Mortgage

Obligations

1.9%

Connecticut

Avenue

Securities

Trust,

Series

2019-R07,

Class

1M2,

2.23%,

10/25/2039(a)(b)

586,494

586,861

CSMC

Trust,

Series

2019-

RPL9,

Class

A1,

3.03%,

10/27/2059(a)(b)

2,344,095

2,367,745

4

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

Deephaven

Residential

Mortgage

Trust,

Series

2020-2,

Class

A2,

2.59%,

5/25/2065(a)

2,760,000

2,839,286

DSLA

Mortgage

Loan

Trust,

Series

2007-AR1,

Class

1A1B,

0.27%,

4/19/2047(b)

1,117,944

983,212

FHLMC

STACR

REMIC

Trust

Series

2020-DNA4,

Class

M1,

1.63%,

8/25/2050(a)(b)

976,519

978,114

Series

2020-DNA4,

Class

M2,

3.88%,

8/25/2050(a)(b)

990,000

1,003,037

FHLMC

Structured

Agency

Credit

Risk

Debt

Notes

Series

2016-DNA1,

Class

M3,

5.68%,

7/25/2028(b)

863,651

905,717

Series

2017-DNA2,

Class

M2,

3.58%,

10/25/2029(b)

1,990,000

2,054,204

Series

2017-DNA3,

Class

M2,

2.63%,

3/25/2030(b)

1,905,000

1,939,002

FNMA

Series

2014-C02,

Class

1M2,

2.73%,

5/25/2024(b)

1,459,006

1,436,269

Series

2014-C02,

Class

2M2,

2.73%,

5/25/2024(b)

882,215

891,789

Series

2014-C03,

Class

1M2,

3.13%,

7/25/2024(b)

853,899

842,100

Series

2016-C02,

Class

1M2,

6.13%,

9/25/2028(b)

803,948

845,844

Series

2016-C04,

Class

1M2,

4.38%,

1/25/2029(b)

1,100,082

1,144,952

Series

2018-C01,

Class

1M2,

2.38%,

7/25/2030(b)

1,570,147

1,578,158

GNMA

REMICS

Series

2019-123,

Class

A,

3.00%,

10/20/2049

186,191

191,742

Series

2020-H09,

Class

FL,

1.28%,

5/20/2070(b)

698,116

731,415

GSMSC

Resecuritization

Trust,

Series

2015-

7R,

Class

A,

0.29%,

9/26/2037(a)(b)

1,959,281

1,933,377

Legacy

Mortgage

Asset

Trust,

Series

2020-GS2,

Class

A1,

2.75%,

3/25/2060(a)(c)

1,558,792

1,566,232

Morgan

Stanley

Mortgage

Loan

Trust,

Series

2005-

2AR,

Class

A,

0.39%,

4/25/2035(b)

1,711,640

1,689,406

New

Residential

Mortgage

Loan

Trust

Series

2017-3A,

Class

A1,

4.00%,

4/25/2057(a)(b)

3,989,576

4,256,280

Series

2019-RPL3,

Class

A1,

2.75%,

7/25/2059(a)(b)

948,451

998,324

Series

2019-6A,

Class

B1,

4.00%,

9/25/2059(a)(b)

961,131

1,068,547

Series

2019-6A,

Class

B2,

4.25%,

9/25/2059(a)(b)

932,863

1,033,855

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

Residential

Mortgage

Loan

Trust,

Series

2020-2,

Class

A1,

1.65%,

5/25/2060(a)(b)

3,879,029

3,913,840

Seasoned

Credit

Risk

Transfer

Trust

Series

2017-1,

Class

M1,

4.00%,

1/25/2056(a)(b)

3,230,000

3,242,364

Series

2020-1,

Class

M,

4.25%,

8/25/2059(a)(b)

3,130,000

3,228,641

WaMu

Mortgage

Pass-

Through

Trust

Series

2004-AR9,

Class

A7,

2.99%,

8/25/2034(b)

2,183,611

2,233,149

Series

2005-AR13,

Class

A1A1,

0.71%,

10/25/2045(b)

905,041

897,040

Total

Collateralized

Mortgage

Obligations

(cost

$47,097,103)

47,380,502

Commercial

Mortgage-Backed

Securities

3.0%

BAMLL

Commercial

Mortgage

Securities

Trust

,

Series

2018-DSNY,

Class

A,

0.98%,

9/15/2034(a)(b)

2,500,000

2,501,540

BANK

Series

2017-BNK8,

Class

A4,

3.49%,

11/15/2050

1,200,000

1,361,251

Series

2017-BNK9,

Class

A4,

3.54%,

11/15/2054

1,406,400

1,606,962

Series

2017-BNK5,

Class

A5,

3.39%,

6/15/2060

2,000,000

2,250,865

BBCMS

Mortgage

Trust

,

Series

2017-DELC,

Class

A,

0.98%,

8/15/2036(a)(b)

2,610,000

2,612,499

BHMS

,

Series

2018-

ATLS,

Class

D,

2.38%,

7/15/2035(a)(b)

3,830,000

3,657,154

BX

Commercial

Mortgage

Trust

,

Series

2019-

IMC,

Class

A,

1.13%,

4/15/2034(a)(b)

4,420,000

4,403,205

BX

Trust

,

Series

2019-

MMP,

Class

A,

1.13%,

8/15/2036(a)(b)

2,009,942

2,013,474

CFK

Trust

Series

2020-MF2,

Class

E,

3.46%,

3/15/2039(a)(b)

2,670,000

2,531,081

Series

2020-MF2,

Class

F,

3.46%,

3/15/2039(a)(b)

1,500,000

1,362,158

Nationwide

Multi-Cap

Portfolio

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

5

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

CHT

Mortgage

Trust

,

Series

2017-CSMO,

Class

A,

1.06%,

11/15/2036(a)(b)

1,670,000

1,669,460

Citigroup

Commercial

Mortgage

Trust

,

Series

2019-SST2,

Class

A,

1.05%,

12/15/2036(a)(b)

2,350,000

2,352,952

Credit

Suisse

Commercial

Mortgage

Securities

Corp.

,

Series

2019-SKLZ,

Class

A,

1.38%,

1/15/2034(a)(b)

3,700,000

3,673,711

Credit

Suisse

Mortgage

Capital

Certificates

,

Series

2019-ICE4,

Class

A,

1.11%,

5/15/2036(a)(b)

4,260,000

4,265,308

DBJPM

Mortgage

Trust

,

Series

2016-C1,

Class

B,

4.20%,

5/10/2049(b)

1,530,000

1,627,587

FHLMC

Multifamily

Structured

Pass-Through

Certificates

REMICS,

Series

KSG1,

Class

X1,

IO,

1.16%,

9/25/2030(b)

2,999,655

269,593

GNMA

REMICS

Series

2020-157,

Class

,

IO,

1.06%,

6/16/2062(b)

10,932,910

968,946

Series

2020-190,

Class

,

IO,

1.06%,

11/16/2062(b)

11,400,000

1,031,779

GS

Mortgage

Securities

Corp.

Trust

Series

2019-SOHO,

Class

A,

1.03%,

6/15/2036(a)(b)

4,200,000

4,205,261

Series

2020-DUNE,

Class

A,

1.23%,

12/15/2036(a)(b)

4,500,000

4,380,837

GS

Mortgage

Securities

Trust

Series

2015-GS1,

Class

A3,

3.73%,

11/10/2048

2,000,000

2,226,094

Series

2017-GS8,

Class

A4,

3.47%,

11/10/2050

1,250,000

1,419,034

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

Series

2020-NNN,

Class

FFL,

2.63%,

1/16/2037(a)(b)

3,073,600

2,835,721

Series

2020-NNN,

Class

GFL,

3.13%,

1/16/2037(a)

(b)

3,068,500

2,654,273

Series

2020-NNN,

Class

GFX,

4.69%,

1/16/2037(a)

(b)

3,550,000

3,182,134

JPMCC

Commercial

Mortgage

Securities

Trust

,

Series

2017-JP6,

Class

A5,

3.49%,

7/15/2050

2,000,000

2,259,260

JPMDB

Commercial

Mortgage

Securities

Trust

,

Series

2017-C5,

Class

B,

4.01%,

3/15/2050(b)

1,610,000

1,744,565

Morgan

Stanley

Capital

I

Trust

Series

2019-BPR,

Class

A,

1.53%,

5/15/2036(a)(b)

1,780,000

1,716,311

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

Morgan

Stanley

Capital

I

Trust

Series

2018-H4,

Class

XA,

IO,

0.86%,

12/15/2051(b)

21,300,605

1,154,740

Rosslyn

Portfolio

Trust

,

Series

2017-ROSS,

Class

A,

1.94%,

6/15/2033(a)(b)

2,047,593

2,055,858

UBS

Commercial

Mortgage

Trust

,

Series

2018-

C11,

Class

B,

4.71%,

6/15/2051(b)

1,490,000

1,697,889

Wells

Fargo

Commercial

Mortgage

Trust

,

Series

2018-C44,

Class

A5,

4.21%,

5/15/2051

2,000,000

2,339,986

Total

Commercial

Mortgage-Backed

Securities

(cost

$73,645,698)

74,031,488

Common

Stocks

57.5%

Shares

Aerospace

&

Defense

0.8%

AAR

Corp.

1,372

46,031

Aerojet

Rocketdyne

Holdings,

Inc.

*

1,792

93,256

AeroVironment

,

Inc.

*

884

101,457

Astronics

Corp.

*

988

12,310

Axon

Enterprise,

Inc.

*

2,435

399,730

Boeing

Co.

(The)

19,529

3,792,336

BWX

Technologies,

Inc.

3,034

163,593

Cubic

Corp.

1,279

78,249

Curtiss-Wright

Corp.

1,648

171,046

Ducommun,

Inc.

*

455

22,450

General

Dynamics

Corp.

9,417

1,381,286

HEICO

Corp.

4,567

506,172

Hexcel

Corp.

2,272

99,196

Howmet

Aerospace,

Inc.

15,504

381,088

Huntington

Ingalls

Industries,

Inc.

1,411

221,993

Kaman

Corp.

1,123

56,554

Kratos

Defense

&

Security

Solutions,

Inc.

*

4,218

111,946

L3Harris

Technologies,

Inc.

7,563

1,297,130

Lockheed

Martin

Corp.

9,220

2,967,180

Maxar

Technologies,

Inc.

2,048

85,750

Mercury

Systems,

Inc.

*

2,092

148,658

Moog,

Inc.,

Class A

1,108

81,848

National

Presto

Industries,

Inc.

211

18,865

Northrop

Grumman

Corp.

5,759

1,650,587

PAE,

Inc.

*

2,540

21,082

Park

Aerospace

Corp.

856

11,368

Parsons

Corp.

*

895

31,916

Raytheon

Technologies

Corp.

52,832

3,525,479

Spirit

AeroSystems

Holdings,

Inc.,

Class A

3,029

102,592

Teledyne

Technologies,

Inc.

*

1,327

473,752

Textron,

Inc.

8,524

385,796

TransDigm

Group,

Inc.

*

1,903

1,052,892

Triumph

Group,

Inc.

2,011

21,779

6

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Aerospace

&

Defense

Vectrus

,

Inc.

*

471

24,209

Virgin

Galactic

Holdings,

Inc.

*(d)

2,387

105,720

19,645,296

Air

Freight

&

Logistics

0.3%

Air

Transport

Services

Group,

Inc.

*

2,335

59,332

Atlas

Air

Worldwide

Holdings,

Inc.

*

1,003

51,975

CH

Robinson

Worldwide,

Inc.

4,562

390,325

Echo

Global

Logistics,

Inc.

*

920

24,224

Expeditors

International

of

Washington,

Inc.

6,082

544,461

FedEx

Corp.

9,039

2,127,238

Forward

Air

Corp.

1,095

78,501

Hub

Group,

Inc.,

Class A

*

1,263

66,472

Radiant

Logistics,

Inc.

*

1,280

7,424

United

Parcel

Service,

Inc.,

Class B

26,583

4,120,365

XPO

Logistics,

Inc.

*

3,369

371,971

7,842,288

Airlines

0.1%

Alaska

Air

Group,

Inc.

4,914

239,951

Allegiant

Travel

Co.

328

59,529

American

Airlines

Group,

Inc.

(d)

18,459

316,941

Copa

Holdings

SA,

Class A

1,329

102,825

Delta

Air

Lines,

Inc.

23,593

895,590

Hawaiian

Holdings,

Inc.

1,937

37,907

JetBlue

Airways

Corp.

*

10,963

157,209

Mesa

Air

Group,

Inc.

*

876

5,720

SkyWest,

Inc.

1,961

76,459

Southwest

Airlines

Co.

21,422

941,283

Spirit

Airlines,

Inc.

*

3,405

88,326

United

Airlines

Holdings,

Inc.

*

10,381

415,136

3,336,876

Auto

Components

0.2%

Adient

plc

*

3,467

111,949

American

Axle

&

Manufacturing

Holdings,

Inc.

*

4,655

41,011

Aptiv

plc

9,987

1,334,263

BorgWarner,

Inc.

9,331

391,809

Cooper

Tire

&

Rubber

Co.

2,068

75,999

Cooper-Standard

Holdings,

Inc.

*

634

19,343

Dana,

Inc.

5,937

114,940

Dorman

Products,

Inc.

*

1,080

98,096

Fox

Factory

Holding

Corp.

*

1,476

176,589

Gentex

Corp.

8,139

268,994

Gentherm

,

Inc.

*

1,369

83,865

Goodyear

Tire

&

Rubber

Co.

(The)

*

9,790

103,284

LCI

Industries

962

124,464

Lear

Corp.

2,102

316,898

Modine

Manufacturing

Co.

*

2,076

26,054

Common

Stocks

Shares

Value

($)

Auto

Components

Motorcar

Parts

of

America,

Inc.

*

784

17,742

Patrick

Industries,

Inc.

855

59,046

Standard

Motor

Products,

Inc.

798

31,306

Stoneridge,

Inc.

*

1,084

29,756

Tenneco,

Inc.,

Class A

*

1,986

20,059

Visteon

Corp.

*

1,112

141,758

Workhorse

Group,

Inc.

*

3,701

127,018

XPEL,

Inc.

Reg.

S*

544

26,117

3,740,360

Automobiles

1.1%

Arcimoto

,

Inc.

*

1,437

31,068

Ford

Motor

Co.

*

142,324

1,498,672

General

Motors

Co.

46,029

2,332,750

Harley-Davidson,

Inc.

4,861

194,877

Tesla,

Inc.

*

27,799

22,059,340

Thor

Industries,

Inc.

1,738

210,315

Winnebago

Industries,

Inc.

1,244

85,911

26,412,933

Banks

2.3%

1st

Constitution

Bancorp

318

4,907

1st

Source

Corp.

689

27,112

ACNB

Corp.

393

9,845

Allegiance

Bancshares,

Inc.

769

27,053

Altabancorp

649

20,904

Amalgamated

Bank,

Class A

442

6,480

Amerant

Bancorp,

Inc.

*

948

13,518

American

National

Bankshares

,

Inc.

490

13,695

Ameris

Bancorp

2,692

105,284

Ames

National

Corp.

311

7,001

Arrow

Financial

Corp.

572

16,817

Associated

Banc-Corp.

5,940

106,564

Atlantic

Capital

Bancshares,

Inc.

*

927

16,584

Atlantic

Union

Bankshares

Corp.

3,238

106,336

Auburn

National

Bancorp,

Inc.

78

3,083

Banc

of

California,

Inc.

1,991

33,548

BancFirst

Corp.

798

45,989

Bancorp,

Inc.

(The)

*

2,246

37,665

BancorpSouth

Bank

4,180

115,577

Bank

First

Corp.

(d)

251

16,571

Bank

of

America

Corp.

285,454

8,463,711

Bank

of

Commerce

Holdings

565

5,723

Bank

of

Hawaii

Corp.

1,661

129,874

Bank

of

Marin

Bancorp

562

20,873

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

2,209

67,176

Bank

of

Princeton

(The)

159

3,708

Bank

OZK

5,193

192,972

Bank7

Corp.

101

1,615

BankFinancial

Corp.

493

4,181

BankUnited

,

Inc.

2,714

94,040

Bankwell

Financial

Group,

Inc.

198

3,851

Banner

Corp.

1,334

59,003

Bar

Harbor

Bankshares

658

14,154

BayCom

Corp.

*

404

5,939

Nationwide

Multi-Cap

Portfolio

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

7

Common

Stocks

Shares

Value

($)

Banks

BCB

Bancorp,

Inc.

444

5,097

Berkshire

Hills

Bancorp,

Inc.

1,996

33,094

BOK

Financial

Corp.

1,248

92,177

Boston

Private

Financial

Holdings,

Inc.

2,798

34,108

Bridge

Bancorp,

Inc.

744

18,176

Brookline

Bancorp,

Inc.

3,457

43,524

Bryn

Mawr

Bank

Corp.

805

25,019

Business

First

Bancshares,

Inc.

557

11,307

Byline

Bancorp,

Inc.

1,071

17,211

C&F

Financial

Corp.

112

4,409

Cadence

Bancorp

5,357

95,997

California

Bancorp,

Inc.

*

259

3,499

Cambridge

Bancorp

261

19,183

Camden

National

Corp.

607

22,793

Capital

Bancorp,

Inc.

*

299

4,407

Capital

City

Bank

Group,

Inc.

612

13,666

Capstar

Financial

Holdings,

Inc.

523

7,583

Carter

Bankshares

,

Inc.

1,006

10,070

Cathay

General

Bancorp

3,380

114,312

CB

Financial

Services,

Inc.

164

2,954

CBTX,

Inc.

764

20,108

Central

Pacific

Financial

Corp.

928

18,449

Central

Valley

Community

Bancorp

349

5,340

Century

Bancorp,

Inc.,

Class A

137

10,850

Chemung

Financial

Corp.

113

3,781

ChoiceOne

Financial

Services,

Inc.

230

5,920

CIT

Group,

Inc.

2,873

106,014

Citigroup,

Inc.

76,501

4,436,293

Citizens

&

Northern

Corp.

606

11,581

Citizens

Financial

Group,

Inc.

15,716

572,691

Citizens

Holding

Co.

157

3,170

City

Holding

Co.

658

45,435

Civista

Bancshares,

Inc.

730

12,447

CNB

Financial

Corp.

672

14,132

Coastal

Financial

Corp.

*

273

5,405

Codorus

Valley

Bancorp,

Inc.

292

4,614

Colony

Bankcorp

,

Inc.

240

3,324

Columbia

Banking

System,

Inc.

2,799

107,817

Comerica,

Inc.

4,872

278,678

Commerce

Bancshares,

Inc.

3,894

260,314

Community

Bank

System,

Inc.

2,104

136,444

Community

Bankers

Trust

Corp.

811

5,855

Community

Financial

Corp.

(The)

172

4,094

Community

Trust

Bancorp,

Inc.

701

25,558

ConnectOne

Bancorp,

Inc.

1,586

33,702

County

Bancorp,

Inc.

170

3,677

CrossFirst

Bankshares

,

Inc.

*

2,181

25,081

Cullen/Frost

Bankers,

Inc.

1,681

155,055

Customers

Bancorp,

Inc.

*

1,219

27,086

CVB

Financial

Corp.

5,304

103,057

Common

Stocks

Shares

Value

($)

Banks

Dime

Community

Bancshares,

Inc.

1,229

19,541

Eagle

Bancorp

Montana,

Inc.

223

4,770

Eagle

Bancorp,

Inc.

1,372

58,296

East

West

Bancorp,

Inc.

5,225

313,186

Eastern

Bankshares

,

Inc.

*

6,089

97,059

Enterprise

Bancorp,

Inc.

431

10,922

Enterprise

Financial

Services

Corp.

1,017

35,910

Equity

Bancshares,

Inc.,

Class A

*

642

14,175

Esquire

Financial

Holdings,

Inc.

*

238

5,255

Evans

Bancorp,

Inc.

173

5,142

Farmers

&

Merchants

Bancorp,

Inc.

483

11,061

Farmers

National

Banc

Corp.

1,136

15,132

FB

Financial

Corp.

1,326

49,539

Fidelity

D&D

Bancorp,

Inc.

118

5,807

Fifth

Third

Bancorp

26,606

769,712

Financial

Institutions,

Inc.

529

12,109

First

Bancorp,

Inc.

(The)

495

11,895

First

Bancorp/NC

1,178

40,123

First

Bancorp/PR

8,144

74,110

First

Bancshares,

Inc.

(The)

897

26,856

First

Bank

579

5,240

First

Busey

Corp.

2,176

44,978

First

Business

Financial

Services,

Inc.

256

4,931

First

Capital,

Inc.

111

5,327

First

Choice

Bancorp

337

6,625

First

Citizens

BancShares

,

Inc.,

Class A

129

76,883

First

Commonwealth

Financial

Corp.

3,254

38,169

First

Community

Bankshares

,

Inc.

754

16,181

First

Community

Corp.

245

4,163

First

Financial

Bancorp

3,903

71,503

First

Financial

Bankshares

,

Inc.

5,125

194,135

First

Financial

Corp.

589

22,612

First

Foundation,

Inc.

1,668

33,794

First

Guaranty

Bancshares,

Inc.

83

1,328

First

Hawaiian,

Inc.

5,467

127,108

First

Horizon

Corp.

13,981

194,196

First

Internet

Bancorp

303

9,278

First

Interstate

BancSystem

,

Inc.,

Class A

1,775

68,621

First

Merchants

Corp.

2,271

85,549

First

Mid

Bancshares,

Inc.

631

21,372

First

Midwest

Bancorp,

Inc.

4,532

74,914

First

Northwest

Bancorp

316

4,329

First

of

Long

Island

Corp.

(The)

994

16,630

First

Republic

Bank

6,234

903,868

First

Savings

Financial

Group,

Inc.

63

3,805

First

United

Corp.

195

3,048

8

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Banks

First

Western

Financial,

Inc.

*

197

3,639

Flushing

Financial

Corp.

1,252

22,887

FNB

Corp.

13,708

135,161

FNCB

Bancorp,

Inc.

1,048

6,414

Franklin

Financial

Services

Corp.

151

4,079

Fulton

Financial

Corp.

6,601

88,453

FVCBankcorp

,

Inc.

*

387

5,971

German

American

Bancorp,

Inc.

953

32,240

Glacier

Bancorp,

Inc.

3,815

177,970

Great

Southern

Bancorp,

Inc.

518

25,470

Great

Western

Bancorp,

Inc.

1,945

46,680

Guaranty

Bancshares,

Inc.

366

12,217

Hancock

Whitney

Corp.

3,652

124,679

Hanmi

Financial

Corp.

984

13,599

HarborOne

Bancorp,

Inc.

2,177

23,642

Hawthorn

Bancshares,

Inc.

209

3,837

HBT

Financial,

Inc.

317

4,733

Heartland

Financial

USA,

Inc.

1,411

60,193

Heritage

Commerce

Corp.

2,538

22,284

Heritage

Financial

Corp.

354

8,354

Home

BancShares

,

Inc.

6,326

134,111

HomeTrust

Bancshares,

Inc.

689

14,469

Hope

Bancorp,

Inc.

4,993

55,822

Horizon

Bancorp,

Inc.

1,804

28,557

Howard

Bancorp,

Inc.

*

393

4,755

Huntington

Bancshares,

Inc.

35,178

465,229

Independent

Bank

Corp.

2,338

120,802

Independent

Bank

Group,

Inc.

1,004

61,666

International

Bancshares

Corp.

2,286

86,434

Investar

Holding

Corp.

368

5,936

Investors

Bancorp,

Inc.

9,638

110,933

JPMorgan

Chase

&

Co.

111,868

14,394,056

KeyCorp

31,861

537,176

Lakeland

Bancorp,

Inc.

1,984

26,010

Lakeland

Financial

Corp.

1,017

59,698

Landmark

Bancorp,

Inc.

126

2,975

LCNB

Corp.

618

9,505

Level

One

Bancorp,

Inc.

175

3,649

Limestone

Bancorp,

Inc.

*

142

1,853

Live

Oak

Bancshares,

Inc.

1,159

46,221

M&T

Bank

Corp.

4,866

644,599

Macatawa

Bank

Corp.

2,054

17,048

Mackinac

Financial

Corp.

300

3,756

MainStreet

Bancshares,

Inc.

*

218

3,723

Mercantile

Bank

Corp.

591

16,046

Meridian

Corp.

172

3,488

Metrocity

Bankshares

,

Inc.

595

8,473

Metropolitan

Bank

Holding

Corp.

*

316

12,533

Mid

Penn

Bancorp,

Inc.

211

4,591

Middlefield

Banc

Corp.

175

3,587

Midland

States

Bancorp,

Inc.

983

18,077

MidWestOne

Financial

Group,

Inc.

615

15,123

MVB

Financial

Corp.

288

6,454

National

Bank

Holdings

Corp.,

Class A

1,184

39,392

Common

Stocks

Shares

Value

($)

Banks

National

Bankshares

,

Inc.

306

9,486

NBT

Bancorp,

Inc.

1,743

57,536

Nicolet

Bankshares

,

Inc.

*

389

26,370

Northeast

Bank

248

6,463

Northrim

Bancorp,

Inc.

334

10,728

Norwood

Financial

Corp.

211

5,207

Oak

Valley

Bancorp

252

3,919

OceanFirst

Financial

Corp.

2,382

43,257

OFG

Bancorp

2,091

35,923

Ohio

Valley

Banc

Corp.

263

5,652

Old

National

Bancorp

6,696

112,426

Old

Second

Bancorp,

Inc.

972

9,545

Origin

Bancorp,

Inc.

893

28,210

Orrstown

Financial

Services,

Inc.

369

6,387

Pacific

Premier

Bancorp,

Inc.

3,338

110,988

PacWest

Bancorp

3,643

109,982

Park

National

Corp.

578

62,430

Parke

Bancorp,

Inc.

374

6,478

Partners

Bancorp

276

1,866

PCB

Bancorp

420

4,973

Peapack

-Gladstone

Financial

Corp.

875

20,580

Penns

Woods

Bancorp,

Inc.

218

4,696

Peoples

Bancorp

of

North

Carolina,

Inc.

167

3,357

Peoples

Bancorp,

Inc.

705

21,502

Peoples

Financial

Services

Corp.

310

11,166

People's

United

Financial,

Inc.

17,290

236,181

Pinnacle

Financial

Partners,

Inc.

2,056

140,898

Plumas

Bancorp

132

3,287

PNC

Financial

Services

Group,

Inc.

(The)

15,560

2,233,171

Popular,

Inc.

2,795

158,616

Preferred

Bank

612

29,553

Premier

Financial

Bancorp,

Inc.

415

6,379

Professional

Holding

Corp.,

Class A

*

138

2,066

Prosperity

Bancshares,

Inc.

2,863

193,081

QCR

Holdings,

Inc.

672

26,060

RBB

Bancorp

722

11,985

Red

River

Bancshares,

Inc.

159

7,406

Regions

Financial

Corp.

36,392

619,028

Reliant

Bancorp,

Inc.

498

10,234

Renasant

Corp.

2,220

78,588

Republic

Bancorp,

Inc.,

Class A

411

14,833

Republic

First

Bancorp,

Inc.

*

1,351

3,783

Richmond

Mutual

Bancorp,

Inc.

438

5,545

S&T

Bancorp,

Inc.

1,597

40,564

Salisbury

Bancorp,

Inc.

71

2,604

Sandy

Spring

Bancorp,

Inc.

1,837

61,044

SB

Financial

Group,

Inc.

235

4,061

Seacoast

Banking

Corp.

of

Florida

*

1,972

60,047

Select

Bancorp,

Inc.

*

483

4,560

Nationwide

Multi-Cap

Portfolio

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

9

Common

Stocks

Shares

Value

($)

Banks

ServisFirst

Bancshares,

Inc.

2,009

82,530

Shore

Bancshares,

Inc.

395

5,234

Sierra

Bancorp

463

10,126

Signature

Bank

1,869

308,740

Silvergate

Capital

Corp.,

Class A

*

504

46,902

Simmons

First

National

Corp.,

Class A

4,523

111,718

SmartFinancial

,

Inc.

627

12,415

South

Plains

Financial,

Inc.

366

6,895

South

State

Corp.

2,452

171,002

Southern

First

Bancshares,

Inc.

*

355

14,236

Southern

National

Bancorp

of

Virginia,

Inc.

900

10,863

Southside

Bancshares,

Inc.

1,197

37,550

Spirit

of

Texas

Bancshares,

Inc.

581

10,423

Sterling

Bancorp

8,035

148,326

Stock

Yards

Bancorp,

Inc.

791

35,753

Summit

Financial

Group,

Inc.

547

11,323

SVB

Financial

Group

*

1,994

872,933

Synovus

Financial

Corp.

3,672

136,598

TCF

Financial

Corp.

5,181

201,334

Texas

Capital

Bancshares,

Inc.

*

1,379

83,043

Tompkins

Financial

Corp.

607

40,590

Towne

Bank

2,801

64,983

TriCo

Bancshares

1,144

42,671

TriState

Capital

Holdings,

Inc.

*

975

17,891

Triumph

Bancorp,

Inc.

*

742

42,546

Truist

Financial

Corp.

49,049

2,353,371

Trustmark

Corp.

2,686

73,784

UMB

Financial

Corp.

1,865

132,359

Umpqua

Holdings

Corp.

9,658

140,138

United

Bankshares

,

Inc.

5,164

163,492

United

Community

Banks,

Inc.

2,675

79,795

United

Security

Bancshares

474

3,237

Unity

Bancorp,

Inc.

289

5,433

Univest

Financial

Corp.

1,187

26,648

US

Bancorp

49,827

2,135,087

Valley

National

Bancorp

16,257

165,984

Veritex

Holdings,

Inc.

1,176

30,059

Washington

Trust

Bancorp,

Inc.

701

30,550

Webster

Financial

Corp.

3,769

176,201

Wells

Fargo

&

Co.

138,081

4,125,860

WesBanco

,

Inc.

2,667

77,343

West

Bancorp,

Inc.

711

14,647

Westamerica

Bancorp

967

53,978

Western

Alliance

Bancorp

3,444

234,812

Wintrust

Financial

Corp.

2,409

144,998

Zions

Bancorp

NA

5,419

239,195

55,840,644

Beverages

0.8%

Boston

Beer

Co.,

Inc.

(The),

Class A

*

326

298,906

Brown-Forman

Corp.,

Class A

7,901

561,192

Common

Stocks

Shares

Value

($)

Beverages

Celsius

Holdings,

Inc.

*

1,202

64,187

Coca-Cola

Co.

(The)

142,010

6,837,781

Coca-Cola

Consolidated,

Inc.

165

44,032

Constellation

Brands,

Inc.,

Class A

5,811

1,225,714

Keurig

Dr

Pepper,

Inc.

16,732

532,078

MGP

Ingredients,

Inc.

537

31,092

Molson

Coors

Beverage

Co.,

Class B

6,207

311,343

Monster

Beverage

Corp.

*

13,665

1,186,532

National

Beverage

Corp.

(d)

458

69,405

NewAge

,

Inc.

*(d)

3,377

10,300

PepsiCo,

Inc.

51,036

6,969,987

Primo

Water

Corp.

6,346

98,046

18,240,595

Biotechnology

1.7%

89bio,

Inc.

*

83

1,685

AbbVie,

Inc.

64,692

6,629,636

Abeona

Therapeutics,

Inc.

*

1,940

3,705

ACADIA

Pharmaceuticals,

Inc.

*

4,415

212,141

Acceleron

Pharma,

Inc.

*

1,908

220,431

ADMA

Biologics,

Inc.

*(d)

3,290

7,304

Adverum

Biotechnologies,

Inc.

*

2,948

36,349

Aeglea

BioTherapeutics

,

Inc.

*

2,121

14,741

Affimed

NV

*

2,264

12,973

Agenus,

Inc.

*

5,703

20,987

Agios

Pharmaceuticals,

Inc.

*

2,436

114,419

Akebia

Therapeutics,

Inc.

*

5,262

17,049

Akero

Therapeutics,

Inc.

*

380

11,180

Albireo

Pharma,

Inc.

*

555

20,352

Aldeyra

Therapeutics,

Inc.

*

3,207

35,918

Alector

,

Inc.

*

1,854

31,221

Alexion

Pharmaceuticals,

Inc.

*

7,872

1,207,014

Aligos

Therapeutics,

Inc.

*(d)

1,816

51,157

Alkermes

plc

*

6,349

133,265

Allakos

,

Inc.

*

935

124,664

Allogene

Therapeutics,

Inc.

*

1,805

62,633

Allovir

,

Inc.

*(d)

950

34,741

Alnylam

Pharmaceuticals,

Inc.

*

4,203

632,467

Altimmune

,

Inc.

*

3,316

47,352

ALX

Oncology

Holdings,

Inc.

*

369

29,243

Amgen,

Inc.

21,341

5,152,358

Amicus

Therapeutics,

Inc.

*

10,034

189,743

AnaptysBio

,

Inc.

*

934

24,209

Anavex

Life

Sciences

Corp.

*

1,627

10,218

Anika

Therapeutics,

Inc.

*

581

21,503

Annexon

,

Inc.

*

1,643

36,146

Apellis

Pharmaceuticals,

Inc.

*

2,301

101,865

Applied

Genetic

Technologies

Corp.

*

740

2,916

Applied

Therapeutics,

Inc.

*

514

10,763

Aprea

Therapeutics,

Inc.

*

341

1,882

Aptinyx

,

Inc.

*

681

2,370

AquaBounty

Technologies,

Inc.

*

3,898

38,863

10

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Biotechnology

Aravive

,

Inc.

*

401

2,105

Arcturus

Therapeutics

Holdings,

Inc.

*

807

58,475

Arcus

Biosciences,

Inc.

*

1,272

44,177

Arcutis

Biotherapeutics

,

Inc.

*

303

8,269

Ardelyx

,

Inc.

*

3,139

21,314

Arena

Pharmaceuticals,

Inc.

*

2,244

166,595

Arrowhead

Pharmaceuticals,

Inc.

*

3,774

291,240

Assembly

Biosciences,

Inc.

*

1,219

6,802

Atara

Biotherapeutics

,

Inc.

*

2,295

42,366

Athenex

,

Inc.

*

2,915

38,099

Athersys

,

Inc.

*(d)

6,479

12,537

Atreca

,

Inc.,

Class A

*

949

12,337

AVEO

Pharmaceuticals,

Inc.

*

376

2,982

Avid

Bioservices

,

Inc.

*

1,883

27,473

Avidity

Biosciences,

Inc.

*

1,119

25,603

Avrobio

,

Inc.

*

1,109

15,870

Axcella

Health,

Inc.

*

377

2,051

Beam

Therapeutics,

Inc.

*(d)

1,464

141,173

Beyondspring

,

Inc.

*

653

7,927

BioCryst

Pharmaceuticals,

Inc.

*(d)

6,179

52,645

Biogen,

Inc.

*

5,600

1,582,616

Biohaven

Pharmaceutical

Holding

Co.

Ltd.

*

1,910

162,770

BioMarin

Pharmaceutical,

Inc.

*

6,783

561,497

Bioxcel

Therapeutics,

Inc.

*

430

19,918

Black

Diamond

Therapeutics,

Inc.

*

542

13,425

Bluebird

Bio,

Inc.

*

2,598

115,741

Blueprint

Medicines

Corp.

*

2,184

211,302

BrainStorm

Cell

Therapeutics,

Inc.

*(d)

748

4,518

Bridgebio

Pharma,

Inc.

*(d)

2,894

164,241

C4

Therapeutics,

Inc.

*

1,236

44,644

Cabaletta

Bio,

Inc.

*

410

5,342

Calithera

Biosciences,

Inc.

*

2,253

6,466

Calyxt

,

Inc.

*

373

3,312

CareDx

,

Inc.

*

1,717

131,230

CASI

Pharmaceuticals,

Inc.

*

1,888

6,344

Catabasis

Pharmaceuticals,

Inc.

*

528

2,191

Catalyst

Biosciences,

Inc.

*

638

3,605

Catalyst

Pharmaceuticals,

Inc.

*

4,149

15,102

Celldex

Therapeutics,

Inc.

*

2,446

52,883

Cellular

Biomedicine

Group,

Inc.

*

365

7,154

CEL-SCI

Corp.

*(d)

1,398

34,880

Centogene

NV

*

145

1,531

Checkpoint

Therapeutics,

Inc.

*

1,427

4,638

ChemoCentryx

,

Inc.

*

1,725

98,342

Chimerix

,

Inc.

*

1,541

13,068

Chinook

Therapeutics,

Inc.

*

429

6,079

Cidara

Therapeutics,

Inc.

*

921

2,256

Clovis

Oncology,

Inc.

*(d)

2,564

20,256

Cohbar

,

Inc.

Reg.

S

*

812

1,405

Common

Stocks

Shares

Value

($)

Biotechnology

Coherus

Biosciences,

Inc.

*

937

17,616

Concert

Pharmaceuticals,

Inc.

*

1,316

13,778

Constellation

Pharmaceuticals,

Inc.

*

995

32,805

ContraFect

Corp.

*

397

1,941

Corbus

Pharmaceuticals

Holdings,

Inc.

*

2,959

5,415

Cortexyme

,

Inc.

*(d)

598

23,454

Crinetics

Pharmaceuticals,

Inc.

*

1,062

15,240

Cue

Biopharma,

Inc.

*

934

12,646

Cyclerion

Therapeutics,

Inc.

*

956

3,021

Cytokinetics,

Inc.

*(d)

2,251

44,277

CytomX

Therapeutics,

Inc.

*

1,803

12,459

Deciphera

Pharmaceuticals,

Inc.

*

1,554

68,687

Denali

Therapeutics,

Inc.

*

1,950

133,575

DermTech

,

Inc.

*

267

10,942

Dicerna

Pharmaceuticals,

Inc.

*

2,489

55,928

Dyadic

International,

Inc.

*

554

3,086

Dynavax

Technologies

Corp.

*(d)

3,075

19,403

Dyne

Therapeutics,

Inc.

*

2,033

39,298

Eagle

Pharmaceuticals,

Inc.

*

408

19,041

Editas

Medicine,

Inc.

*

2,255

138,344

Eiger

BioPharmaceuticals

,

Inc.

*

1,120

10,763

Emergent

BioSolutions

,

Inc.

*

1,546

165,190

Enanta

Pharmaceuticals,

Inc.

*

764

36,718

Enochian

Biosciences,

Inc.

*

537

2,035

Epizyme

,

Inc.

*

3,462

37,909

Esperion

Therapeutics,

Inc.

*(d)

1,043

32,844

Evelo

Biosciences,

Inc.

*

409

7,178

Exact

Sciences

Corp.

*

5,568

763,707

Exelixis

,

Inc.

*

11,889

264,055

Exicure

,

Inc.

*

2,007

4,275

Fate

Therapeutics,

Inc.

*

2,398

217,331

Fennec

Pharmaceuticals,

Inc.

*

720

5,184

FibroGen

,

Inc.

*

3,345

161,162

Five

Prime

Therapeutics,

Inc.

*

855

14,296

Flexion

Therapeutics,

Inc.

*

1,467

17,853

Foghorn

Therapeutics,

Inc.

*

1,948

32,142

Forma

Therapeutics

Holdings,

Inc.

*

859

33,183

Fortress

Biotech,

Inc.

*

1,684

5,372

Frequency

Therapeutics,

Inc.

*

1,221

47,607

G1

Therapeutics,

Inc.

*

1,372

33,106

Galectin

Therapeutics,

Inc.

*(d)

1,037

2,033

Galera

Therapeutics,

Inc.

*

322

3,619

Genprex

,

Inc.

*(d)

909

4,063

Geron

Corp.

*(d)

8,388

14,931

Gilead

Sciences,

Inc.

46,009

3,018,190

Global

Blood

Therapeutics,

Inc.

*

2,311

115,827

GlycoMimetics

,

Inc.

*

1,238

4,494

Nationwide

Multi-Cap

Portfolio

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

11

Common

Stocks

Shares

Value

($)

Biotechnology

Gossamer

Bio,

Inc.

*

1,919

19,382

Gritstone

Oncology,

Inc.

*(d)

1,359

24,598

Halozyme

Therapeutics,

Inc.

*

5,296

252,037

Harpoon

Therapeutics,

Inc.

*

334

6,440

Heron

Therapeutics,

Inc.

*

3,415

59,284

Homology

Medicines,

Inc.

*

1,286

15,625

Hookipa

Pharma,

Inc.

*

635

6,788

iBio

,

Inc.

*

1,285

2,056

Ideaya

Biosciences,

Inc.

*

389

6,839

IGM

Biosciences,

Inc.

*

292

27,839

Immunic

,

Inc.

*

138

2,285

ImmunoGen

,

Inc.

*

6,874

49,012

Immunovant

,

Inc.

*

1,611

62,877

Incyte

Corp.

*

6,316

566,861

Inovio

Pharmaceuticals,

Inc.

*

5,454

69,538

Insmed

,

Inc.

*

3,854

144,872

Intellia

Therapeutics,

Inc.

*(d)

1,808

113,217

Intercept

Pharmaceuticals,

Inc.

*

999

35,205

Invitae

Corp.

*(d)

4,229

209,420

Ionis

Pharmaceuticals,

Inc.

*

4,317

259,322

Iovance

Biotherapeutics

,

Inc.

*

5,192

227,617

Ironwood

Pharmaceuticals,

Inc.

*

6,060

61,933

iTeos

Therapeutics,

Inc.

*

1,331

42,592

IVERIC

bio,

Inc.

*

1,532

8,058

Jounce

Therapeutics,

Inc.

*

510

5,763

Kadmon

Holdings,

Inc.

*

6,501

31,205

KalVista

Pharmaceuticals,

Inc.

*

570

8,664

Karuna

Therapeutics,

Inc.

*

624

61,920

Karyopharm

Therapeutics,

Inc.

*

3,535

53,838

Keros

Therapeutics,

Inc.

*

218

12,437

Kezar

Life

Sciences,

Inc.

*

892

4,737

Kindred

Biosciences,

Inc.

*

1,508

7,540

Kiniksa

Pharmaceuticals

Ltd.,

Class A

*

847

16,677

Kodiak

Sciences,

Inc.

*

1,132

142,983

Kronos

Bio,

Inc.

*

1,337

36,754

Krystal

Biotech,

Inc.

*

482

33,595

Kura

Oncology,

Inc.

*

2,006

60,080

La

Jolla

Pharmaceutical

Co.

*(d)

631

3,862

Lexicon

Pharmaceuticals,

Inc.

*

2,105

16,651

Ligand

Pharmaceuticals,

Inc.

*

564

104,537

LogicBio

Therapeutics,

Inc.

*

355

2,861

MacroGenics

,

Inc.

*

1,966

40,185

Madrigal

Pharmaceuticals,

Inc.

*

346

41,091

Magenta

Therapeutics,

Inc.

*

855

7,558

MannKind

Corp.

*

10,533

37,076

Marker

Therapeutics,

Inc.

*(d)

976

1,874

MediciNova

,

Inc.

*

1,570

9,059

MEI

Pharma,

Inc.

*

4,875

15,746

MeiraGTx

Holdings

plc

*

852

12,209

Mersana

Therapeutics,

Inc.

*

1,632

31,106

Minerva

Neurosciences,

Inc.

*

1,434

4,574

Mirati

Therapeutics,

Inc.

*

1,553

318,877

Common

Stocks

Shares

Value

($)

Biotechnology

Mirum

Pharmaceuticals,

Inc.

*

190

3,443

Moderna

,

Inc.

*

10,711

1,854,717

Molecular

Templates,

Inc.

*

1,108

12,687

Morphic

Holding,

Inc.

*(d)

435

14,642

Mustang

Bio,

Inc.

*

912

3,803

Myriad

Genetics,

Inc.

*

2,863

78,876

NantKwest

,

Inc.

*(d)

886

16,723

Natera

,

Inc.

*

2,718

289,847

Neoleukin

Therapeutics,

Inc.

*

1,004

12,650

Neubase

Therapeutics,

Inc.

*

573

5,243

NeuroBo

Pharmaceuticals,

Inc.

*(d)

97

497

Neurocrine

Biosciences,

Inc.

*

3,204

351,639

NextCure

,

Inc.

*

681

7,893

Nkarta

,

Inc.

*

611

24,232

Novavax

,

Inc.

*

2,454

542,187

Nurix

Therapeutics,

Inc.

*(d)

952

34,634

Nymox

Pharmaceutical

Corp.

*(d)

1,194

2,854

Oncocyte

Corp.

*

1,463

7,491

Oncorus

,

Inc.

*(d)

1,472

32,752

OPKO

Health,

Inc.

*(d)

14,725

79,662

Organogenesis

Holdings,

Inc.

*

755

7,897

Orgenesis

,

Inc.

*

604

3,932

ORIC

Pharmaceuticals,

Inc.

*

367

10,760

Ovid

therapeutics,

Inc.

*

1,328

3,732

Oyster

Point

Pharma,

Inc.

*

167

3,135

Pandion

Therapeutics,

Inc.

*

595

10,710

Passage

Bio,

Inc.

*

627

11,700

PhaseBio

Pharmaceuticals,

Inc.

*

409

1,575

Pieris

Pharmaceuticals,

Inc.

*

1,484

3,769

PMV

Pharmaceuticals,

Inc.

*(d)

932

31,818

Praxis

Precision

Medicines,

Inc.

*(d)

945

48,091

Precigen

,

Inc.

*(d)

2,896

24,616

Precision

BioSciences

,

Inc.

*

1,538

18,641

Prelude

Therapeutics,

Inc.

*(d)

595

38,645

Protagonist

Therapeutics,

Inc.

*

994

20,586

Protara

Therapeutics,

Inc.

*

65

1,169

Prothena

Corp.

plc

*

1,457

16,333

PTC

Therapeutics,

Inc.

*

2,449

141,601

Puma

Biotechnology,

Inc.

*

1,113

13,067

Radius

Health,

Inc.

*

1,831

34,240

RAPT

Therapeutics,

Inc.

*

392

7,809

Regeneron

Pharmaceuticals,

Inc.

*

3,600

1,813,824

REGENXBIO,

Inc.

*

1,356

56,043

Relay

Therapeutics,

Inc.

*

1,374

68,123

Replimune

Group,

Inc.

*

793

30,768

REVOLUTION

Medicines,

Inc.

*

1,104

46,523

Rhythm

Pharmaceuticals,

Inc.

*

1,319

40,480

Rigel

Pharmaceuticals,

Inc.

*

7,017

25,542

Rocket

Pharmaceuticals,

Inc.

*

1,354

74,578

Rubius

Therapeutics,

Inc.

*(d)

1,574

18,841

12

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Biotechnology

Sage

Therapeutics,

Inc.

*

2,056

165,816

Sangamo

Therapeutics,

Inc.

*

4,755

64,953

Sarepta

Therapeutics,

Inc.

*

2,695

240,933

Savara

,

Inc.

*

1,633

2,498

Scholar

Rock

Holding

Corp.

*

955

56,975

Seagen

,

Inc.

*

4,574

751,371

Selecta

Biosciences,

Inc.

*

1,953

7,812

Seres

Therapeutics,

Inc.

*

1,413

33,559

Shattuck

Labs,

Inc.

*

1,172

58,143

Sigilon

Therapeutics,

Inc.

*

6,877

210,505

Soleno

Therapeutics,

Inc.

*

1,028

2,015

Solid

Biosciences,

Inc.

*

903

5,888

Sorrento

Therapeutics,

Inc.

*(d)

6,830

86,468

Spectrum

Pharmaceuticals,

Inc.

*

4,860

17,447

Spero

Therapeutics,

Inc.

*

519

9,399

SpringWorks

Therapeutics,

Inc.

*

911

75,895

Stoke

Therapeutics,

Inc.

*

561

34,266

Surface

Oncology,

Inc.

*

6,805

75,263

Sutro

Biopharma,

Inc.

*

597

13,224

Syndax

Pharmaceuticals,

Inc.

*

1,260

25,250

Syros

Pharmaceuticals,

Inc.

*

1,852

20,270

Taysha

Gene

Therapies,

Inc.

*

469

12,194

TCR2

Therapeutics,

Inc.

*

553

14,229

TG

Therapeutics,

Inc.

*

3,710

179,082

Translate

Bio,

Inc.

*

2,278

54,399

Travere

Therapeutics,

Inc.

*

1,607

40,577

Turning

Point

Therapeutics,

Inc.

*

1,094

137,286

Twist

Bioscience

Corp.

*

1,173

193,005

Tyme

Technologies,

Inc.

*(d)

2,198

3,781

Ultragenyx

Pharmaceutical,

Inc.

*

2,194

304,066

United

Therapeutics

Corp.

*

1,724

282,426

UNITY

Biotechnology,

Inc.

*

1,523

9,100

UroGen

Pharma

Ltd.

*

816

18,009

Vanda

Pharmaceuticals,

Inc.

*

2,083

29,870

Vaxart

,

Inc.

*(d)

854

10,231

Vaxcyte

,

Inc.

*

852

20,900

VBI

Vaccines,

Inc.

*(d)

5,420

17,669

Veracyte

,

Inc.

*

2,030

115,101

Verastem

,

Inc.

*

5,403

10,536

Vericel

Corp.

*

1,784

73,626

Vertex

Pharmaceuticals,

Inc.

*

9,551

2,187,943

Viela

Bio,

Inc.

*

893

30,969

Viking

Therapeutics,

Inc.

*(d)

2,718

19,869

Vir

Biotechnology,

Inc.

*(d)

1,800

116,172

Voyager

Therapeutics,

Inc.

*

1,077

8,131

vTv

Therapeutics,

Inc.,

Class A

*

401

818

X4

Pharmaceuticals,

Inc.

*

536

4,186

XBiotech

,

Inc.

*

515

9,646

Xencor

,

Inc.

*

2,206

100,924

XOMA

Corp.

*

198

7,172

Y-

mAbs

Therapeutics,

Inc.

*

1,177

49,446

Zentalis

Pharmaceuticals,

Inc.

*

374

14,350

Common

Stocks

Shares

Value

($)

Biotechnology

ZIOPHARM

Oncology,

Inc.

*(d)

8,392

31,134

40,775,255

Building

Products

0.3%

A

O

Smith

Corp.

5,194

282,034

AAON,

Inc.

1,670

123,580

Advanced

Drainage

Systems,

Inc.

2,006

165,455

Allegion

plc

3,355

359,019

Alpha

Pro

Tech

Ltd.

*(d)

354

5,055

American

Woodmark

Corp.

*

657

56,837

Apogee

Enterprises,

Inc.

1,091

38,294

Armstrong

World

Industries,

Inc.

1,883

147,269

AZEK

Co.,

Inc.

(The)

*

1,136

45,315

Builders

FirstSource

,

Inc.

*

7,370

281,903

Caesarstone

Ltd.

989

12,442

Carrier

Global

Corp.

32,435

1,248,748

Cornerstone

Building

Brands,

Inc.

*

1,468

16,706

CSW

Industrials,

Inc.

587

68,397

Fortune

Brands

Home

&

Security,

Inc.

5,238

451,777

Gibraltar

Industries,

Inc.

*

1,270

113,830

Griffon

Corp.

1,484

33,331

Insteel

Industries,

Inc.

811

20,470

JELD-WEN

Holding,

Inc.

*

2,685

69,783

Johnson

Controls

International

plc

26,488

1,319,632

Lennox

International,

Inc.

1,276

351,525

Masco

Corp.

9,732

528,545

Masonite

International

Corp.

*

913

90,844

Owens

Corning

3,674

285,102

PGT

Innovations,

Inc.

*

2,276

47,136

Quanex

Building

Products

Corp.

1,364

29,994

Resideo

Technologies,

Inc.

*

5,158

119,150

Simpson

Manufacturing

Co.,

Inc.

1,294

119,048

Trane

Technologies

plc

8,999

1,290,007

Trex

Co.,

Inc.

*

3,956

363,042

UFP

Industries,

Inc.

1,762

95,042

8,179,312

Capital

Markets

1.4%

Affiliated

Managers

Group,

Inc.

1,404

154,707

Ameriprise

Financial,

Inc.

4,587

907,630

Apollo

Global

Management,

Inc.

6,981

320,707

Ares

Management

Corp.

5,241

236,684

Artisan

Partners

Asset

Management,

Inc.,

Class A

2,365

114,466

Assetmark

Financial

Holdings,

Inc.

*

1,688

38,858

Associated

Capital

Group,

Inc.,

Class A

184

6,043

B.

Riley

Financial,

Inc.

813

39,187

Nationwide

Multi-Cap

Portfolio

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

13

Common

Stocks

Shares

Value

($)

Capital

Markets

Bank

of

New

York

Mellon

Corp.

(The)

29,571

1,177,813

BGC

Partners,

Inc.,

Class A

12,747

45,252

Blucora

,

Inc.

*

2,063

34,163

Brightsphere

Investment

Group,

Inc.

2,654

48,648

Carlyle

Group,

Inc.

(The)

4,908

158,381

Cboe

Global

Markets,

Inc.

4,461

409,208

Charles

Schwab

Corp.

(The)

51,383

2,648,280

CME

Group,

Inc.

13,191

2,397,332

Cohen

&

Steers,

Inc.

1,510

98,905

Cowen,

Inc.,

Class A

1,117

28,093

Diamond

Hill

Investment

Group,

Inc.

145

21,493

Donnelley

Financial

Solutions,

Inc.

*

1,371

24,527

Eaton

Vance

Corp.

4,145

278,295

Evercore

,

Inc.,

Class A

1,688

184,161

FactSet

Research

Systems,

Inc.

1,596

482,535

Federated

Hermes,

Inc.,

Class B

4,215

113,805

Focus

Financial

Partners,

Inc.,

Class A

*

1,262

60,046

Franklin

Resources,

Inc.

11,313

297,419

GAMCO

Investors,

Inc.,

Class A

215

3,829

Goldman

Sachs

Group,

Inc.

(The)

12,521

3,395,320

Greenhill

&

Co.,

Inc.

736

8,545

Hamilton

Lane,

Inc.,

Class A

1,409

106,196

Houlihan

Lokey

,

Inc.

2,411

156,353

Interactive

Brokers

Group,

Inc.,

Class A

2,917

178,491

Intercontinental

Exchange,

Inc.

20,005

2,207,552

Invesco

Ltd.

15,711

323,489

KKR

&

Co.,

Inc.

19,927

776,157

Lazard

Ltd.,

Class A

3,342

137,690

LPL

Financial

Holdings,

Inc.

3,242

351,238

MarketAxess

Holdings,

Inc.

1,385

748,953

Moelis

&

Co.,

Class A

2,294

114,035

Moody's

Corp.

6,017

1,602,086

Morgan

Stanley

48,241

3,234,559

Morningstar,

Inc.

992

228,051

MSCI,

Inc.

3,167

1,251,915

Nasdaq,

Inc.

4,234

572,733

Northern

Trust

Corp.

7,873

702,193

Oppenheimer

Holdings,

Inc.,

Class A

673

23,333

Piper

Sandler

Cos.

789

72,059

PJT

Partners,

Inc.,

Class A

1,010

69,680

Pzena

Investment

Management,

Inc.,

Class A

647

5,370

Raymond

James

Financial,

Inc.

4,541

453,782

S&P

Global,

Inc.

9,160

2,903,720

Safeguard

Scientifics,

Inc.

*

621

4,241

Common

Stocks

Shares

Value

($)

Capital

Markets

Sculptor

Capital

Management,

Inc.

803

13,619

SEI

Investments

Co.

5,427

286,817

Siebert

Financial

Corp.

*

348

2,861

Silvercrest

Asset

Management

Group,

Inc.,

Class A

791

12,110

State

Street

Corp.

13,725

960,750

StepStone

Group,

Inc.,

Class A

*

1,299

45,621

Stifel

Financial

Corp.

5,202

269,568

StoneX

Group,

Inc.

*

670

35,858

T.

Rowe

Price

Group,

Inc.

8,374

1,310,363

Tradeweb

Markets,

Inc.,

Class A

3,379

205,409

Value

Line,

Inc.

36

1,109

Virtu

Financial,

Inc.,

Class A

2,456

68,203

Virtus

Investment

Partners,

Inc.

346

72,660

Waddell

&

Reed

Financial,

Inc.,

Class A

2,730

69,042

Westwood

Holdings

Group,

Inc.

386

4,570

WisdomTree

Investments,

Inc.

7,541

40,231

33,356,999

Chemicals

1.1%

Advanced

Emissions

Solutions,

Inc.

425

2,155

AdvanSix

,

Inc.

*

1,183

25,222

AgroFresh

Solutions,

Inc.

*

1,028

2,015

Air

Products

&

Chemicals,

Inc.

8,080

2,155,421

Albemarle

Corp.

3,901

634,537

American

Vanguard

Corp.

1,261

20,870

Amyris

,

Inc.

*(d)

2,141

20,125

Ashland

Global

Holdings,

Inc.

2,215

177,178

Avient

Corp.

3,589

137,925

Axalta

Coating

Systems

Ltd.

*

8,324

224,665

Balchem

Corp.

1,257

134,537

Cabot

Corp.

2,330

102,310

Celanese

Corp.

4,074

497,639

CF

Industries

Holdings,

Inc.

7,123

294,750

Chase

Corp.

305

30,573

Chemours

Co.

(The)

4,882

128,592

Corteva

,

Inc.

27,925

1,113,090

Dow,

Inc.

27,899

1,447,958

DuPont

de

Nemours,

Inc.

45,203

3,591,378

Eastman

Chemical

Co.

4,942

486,046

Ecolab,

Inc.

9,228

1,887,218

Element

Solutions,

Inc.

9,083

154,683

Ferro

Corp.

*

1,430

19,720

FMC

Corp.

4,642

502,682

FutureFuel

Corp.

1,141

15,175

GCP

Applied

Technologies,

Inc.

*

2,026

50,225

Hawkins,

Inc.

402

22,082

HB

Fuller

Co.

1,978

100,660

Huntsman

Corp.

8,053

212,760

Ingevity

Corp.

*

1,293

84,937

Innospec

,

Inc.

966

84,805

Intrepid

Potash,

Inc.

*

402

9,137

14

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Chemicals

Koppers

Holdings,

Inc.

*

846

28,155

Kraton

Corp.

*

1,306

36,672

Kronos

Worldwide,

Inc.

979

13,863

Linde

plc

19,211

4,714,379

Livent

Corp.

*

5,987

109,083

LyondellBasell

Industries

NV,

Class A

9,732

834,616

Marrone

Bio

Innovations,

Inc.

*

1,782

2,958

Minerals

Technologies,

Inc.

784

48,318

Mosaic

Co.

(The)

12,422

322,475

NewMarket

Corp.

189

74,124

Olin

Corp.

5,853

139,945

Orion

Engineered

Carbons

SA

452

6,884

PPG

Industries,

Inc.

8,822

1,188,412

PQ

Group

Holdings,

Inc.

1,649

22,723

Quaker

Chemical

Corp.

497

130,279

Rayonier

Advanced

Materials,

Inc.

*

2,486

17,203

RPM

International,

Inc.

4,599

379,280

Scotts

Miracle-

Gro

Co.

(The)

1,586

351,156

Sensient

Technologies

Corp.

1,714

120,888

Sherwin-Williams

Co.

(The)

3,069

2,123,134

Stepan

Co.

832

93,750

Trecora

Resources

*

716

4,518

Tredegar

Corp.

1,091

15,918

Trinseo

SA

1,361

69,180

Tronox

Holdings

plc,

Class A

3,053

46,864

Valvoline,

Inc.

7,211

171,189

W

R

Grace

&

Co.

1,646

95,501

Westlake

Chemical

Corp.

1,406

107,503

25,640,040

Commercial

Services

&

Supplies

0.3%

ABM

Industries,

Inc.

2,526

92,805

ACCO

Brands

Corp.

3,384

27,377

ADT,

Inc.

1,417

12,795

Brady

Corp.,

Class A

1,029

47,241

BrightView

Holdings,

Inc.

*

1,246

17,668

Brink's

Co.

(The)

1,980

134,897

Casella

Waste

Systems,

Inc.,

Class A

*

1,741

99,655

CECO

Environmental

Corp.

*

1,380

9,563

Cimpress

plc

*

236

21,568

Cintas

Corp.

3,321

1,056,477

Clean

Harbors,

Inc.

*

2,050

158,793

CompX

International,

Inc.

68

949

Copart

,

Inc.

*

7,465

819,284

CoreCivic

,

Inc.

41

292

Covanta

Holding

Corp.

4,860

68,769

Deluxe

Corp.

850

28,806

Ennis,

Inc.

1,036

18,855

Harsco

Corp.

*

2,930

48,726

Healthcare

Services

Group,

Inc.

3,041

98,589

Heritage-Crystal

Clean,

Inc.

*

669

14,517

Herman

Miller,

Inc.

2,250

77,062

HNI

Corp.

1,776

57,294

IAA,

Inc.

*

4,714

269,358

IBEX

Holdings

Ltd.

*

2,109

38,848

Interface,

Inc.

2,340

23,494

Common

Stocks

Shares

Value

($)

Commercial

Services

&

Supplies

KAR

Auction

Services,

Inc.

3,856

71,182

Kimball

International,

Inc.,

Class B

1,487

17,978

Knoll,

Inc.

2,042

30,548

Matthews

International

Corp.,

Class A

1,242

37,918

McGrath

RentCorp

1,000

69,790

MSA

Safety,

Inc.

1,430

223,252

NL

Industries,

Inc.

307

1,385

Pitney

Bowes,

Inc.

6,522

60,915

Quad/Graphics,

Inc.

1,470

6,880

Republic

Services,

Inc.

7,286

659,529

Rollins,

Inc.

8,662

312,005

SP

Plus

Corp.

*

951

27,579

Steelcase,

Inc.,

Class A

3,550

45,901

Stericycle,

Inc.

*

3,696

242,014

Team,

Inc.

*

1,229

12,143

Tetra

Tech,

Inc.

2,112

256,756

UniFirst

Corp.

583

124,062

US

Ecology,

Inc.

*

1,155

38,115

Viad

Corp.

851

29,359

VSE

Corp.

418

14,463

Waste

Management,

Inc.

15,596

1,736,147

7,261,603

Communications

Equipment

0.5%

Acacia

Communications,

Inc.

*

1,543

176,519

ADTRAN,

Inc.

1,916

32,955

Applied

Optoelectronics,

Inc.

*(d)

628

6,914

Arista

Networks,

Inc.

*

2,191

673,864

CalAmp

Corp.

*

1,336

13,373

Calix,

Inc.

*

2,068

62,454

Cambium

Networks

Corp.

*

150

5,512

Casa

Systems,

Inc.

*

982

7,571

Ciena

Corp.

*

5,125

273,624

Cisco

Systems,

Inc.

155,965

6,952,920

Clearfield,

Inc.

*

364

11,400

CommScope

Holding

Co.,

Inc.

*

7,814

114,788

Comtech

Telecommunications

Corp.

1,049

22,386

Digi

International,

Inc.

*

1,215

22,441

DZS,

Inc.

*

348

5,359

EchoStar

Corp.,

Class A

*

1,124

23,537

Extreme

Networks,

Inc.

*

4,884

39,512

F5

Networks,

Inc.

*

2,352

460,874

Genasys

,

Inc.

*

1,086

8,080

Harmonic,

Inc.

*

3,619

28,083

Infinera

Corp.

*

6,334

62,390

Inseego

Corp.

*(d)

2,627

48,232

Juniper

Networks,

Inc.

11,121

271,575

KVH

Industries,

Inc.

*

490

6,130

Lumentum

Holdings,

Inc.

*

2,914

273,333

Motorola

Solutions,

Inc.

6,372

1,067,629

NETGEAR,

Inc.

*

1,228

50,827

NetScout

Systems,

Inc.

*

2,668

77,999

PCTEL,

Inc.

*

585

4,306

Plantronics,

Inc.

1,366

43,329

Resonant,

Inc.

*(d)

1,523

8,635

Nationwide

Multi-Cap

Portfolio

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

15

Common

Stocks

Shares

Value

($)

Communications

Equipment

Ribbon

Communications,

Inc.

*

3,028

22,135

Ubiquiti,

Inc.

333

102,561

ViaSat

,

Inc.

*

2,259

98,357

Viavi

Solutions,

Inc.

*

9,090

140,440

11,220,044

Construction

&

Engineering

0.1%

AECOM

*

5,973

299,247

Aegion

Corp.

*

1,328

24,395

Ameresco

,

Inc.,

Class A

*

997

55,922

API

Group

Corp.

Reg.

S

*(a)

5,748

102,947

Arcosa

,

Inc.

1,984

110,687

Argan

,

Inc.

619

26,759

Comfort

Systems

USA,

Inc.

1,336

74,055

Concrete

Pumping

Holdings,

Inc.

*

859

4,690

Construction

Partners,

Inc.,

Class A

*

848

24,100

Dycom

Industries,

Inc.

*

816

66,210

EMCOR

Group,

Inc.

1,599

141,192

Fluor

Corp.

5,419

93,695

Granite

Construction,

Inc.

553

16,374

Great

Lakes

Dredge

&

Dock

Corp.

*

2,614

35,629

HC2

Holdings,

Inc.

*(d)

2,166

7,559

IES

Holdings,

Inc.

*

266

12,098

Infrastructure

and

Energy

Alternatives,

Inc.

*(d)

3,937

75,866

Jacobs

Engineering

Group,

Inc.

4,598

464,214

MasTec

,

Inc.

*

2,266

174,822

Matrix

Service

Co.

*

1,093

12,887

MYR

Group,

Inc.

*

563

31,308

Northwest

Pipe

Co.

*

346

10,467

NV5

Global,

Inc.

*

434

37,901

Primoris

Services

Corp.

1,840

53,553

Quanta

Services,

Inc.

5,338

376,169

Sterling

Construction

Co.,

Inc.

*

1,190

24,359

Tutor

Perini

Corp.

*

1,640

24,436

Valmont

Industries,

Inc.

802

154,722

WillScot

Mobile

Mini

Holdings

Corp.

*

5,267

124,881

2,661,144

Construction

Materials

0.1%

Eagle

Materials,

Inc.

1,372

150,961

Forterra

,

Inc.

*

626

11,456

Martin

Marietta

Materials,

Inc.

2,375

682,599

Summit

Materials,

Inc.,

Class A

*

4,885

100,289

United

States

Lime

&

Minerals,

Inc.

69

8,349

US

Concrete,

Inc.

*

702

31,091

Vulcan

Materials

Co.

4,843

722,285

1,707,030

Consumer

Finance

0.4%

Ally

Financial,

Inc.

14,310

541,490

American

Express

Co.

24,093

2,801,052

Common

Stocks

Shares

Value

($)

Consumer

Finance

Atlanticus

Holdings

Corp.

*

151

3,885

Capital

One

Financial

Corp.

16,473

1,717,475

Credit

Acceptance

Corp.

*

407

157,008

Curo

Group

Holdings

Corp.

623

9,052

Discover

Financial

Services

11,639

972,322

Encore

Capital

Group,

Inc.

*

1,259

37,392

Enova

International,

Inc.

*

1,287

29,086

EZCORP,

Inc.,

Class A

*

2,054

9,222

FirstCash

,

Inc.

1,725

101,568

Green

Dot

Corp.,

Class A

*

1,965

98,702

LendingClub

Corp.

*

2,907

31,541

LendingTree,

Inc.

*(d)

324

105,469

Navient

Corp.

8,327

93,720

Nelnet,

Inc.,

Class A

293

20,156

OneMain

Holdings,

Inc.

2,799

130,321

Oportun

Financial

Corp.

*

661

10,583

PRA

Group,

Inc.

*

1,864

61,456

PROG

Holdings,

Inc.

2,636

124,367

Regional

Management

Corp.

422

11,943

Santander

Consumer

USA

Holdings,

Inc.

3,197

70,654

SLM

Corp.

15,134

210,060

Synchrony

Financial

20,963

705,405

Upstart

Holdings,

Inc.

*

10,641

661,764

World

Acceptance

Corp.

*

219

31,409

8,747,102

Containers

&

Packaging

0.2%

Amcor

plc

58,350

638,349

AptarGroup,

Inc.

2,104

279,769

Ardagh

Group

SA

852

14,484

Avery

Dennison

Corp.

3,173

478,711

Ball

Corp.

11,820

1,040,396

Berry

Global

Group,

Inc.

*

4,746

234,310

Crown

Holdings,

Inc.

*

4,606

415,231

Graphic

Packaging

Holding

Co.

10,666

167,030

Greif,

Inc.,

Class A

1,152

52,189

International

Paper

Co.

14,550

732,010

Myers

Industries,

Inc.

1,532

30,717

O-I

Glass,

Inc.

4,436

56,071

Packaging

Corp.

of

America

3,595

483,384

Pactiv

Evergreen,

Inc.

*

2,332

32,951

Ranpak

Holdings

Corp.

*

489

8,479

Sealed

Air

Corp.

6,187

261,524

Silgan

Holdings,

Inc.

2,006

73,079

Sonoco

Products

Co.

2,930

169,676

UFP

Technologies,

Inc.

*

310

14,263

Westrock

Co.

10,033

415,667

5,598,290

Distributors

0.1%

Core-Mark

Holding

Co.,

Inc.

1,004

30,793

Funko

,

Inc.,

Class A

*(d)

859

10,265

Genuine

Parts

Co.

5,100

478,788

Greenlane

Holdings,

Inc.,

Class A

*

288

1,273

LKQ

Corp.

*

10,738

376,796

Pool

Corp.

1,411

499,748

16

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Distributors

Weyco

Group,

Inc.

197

3,400

1,401,063

Diversified

Consumer

Services

0.1%

Adtalem

Global

Education,

Inc.

*

702

27,090

American

Public

Education,

Inc.

*

594

17,095

Aspen

Group,

Inc.

*

651

6,155

Bright

Horizons

Family

Solutions,

Inc.

*

2,115

321,416

Carriage

Services,

Inc.

750

24,840

Chegg

,

Inc.

*

4,702

447,912

Collectors

Universe,

Inc.

289

26,389

Driven

Brands

Holdings,

Inc.

*(d)

3,856

108,354

Franchise

Group,

Inc.

906

32,870

frontdoor

,

Inc.

*

3,392

186,696

Graham

Holdings

Co.,

Class B

169

96,011

Grand

Canyon

Education,

Inc.

*

1,841

156,374

H&R

Block,

Inc.

5,321

91,681

Houghton

Mifflin

Harcourt

Co.

*

4,050

19,966

Laureate

Education,

Inc.,

Class A

*

4,407

57,335

OneSpaWorld

Holdings

Ltd.

*

1,808

17,158

Perdoceo

Education

Corp.

*

2,742

32,438

Regis

Corp.

*

1,063

10,088

Service

Corp.

International

5,645

284,677

Strategic

Education,

Inc.

867

76,617

Stride,

Inc.

*

1,578

40,633

Terminix

Global

Holdings,

Inc.

*

5,117

243,979

Universal

Technical

Institute,

Inc.

*

982

5,971

Vivint

Smart

Home,

Inc.

*

2,848

53,799

WW

International,

Inc.

*

1,887

50,119

2,435,663

Diversified

Financial

Services

0.7%

Alerus

Financial

Corp.

506

12,174

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class E

1,267

19,309

Berkshire

Hathaway,

Inc.,

Class B

*

69,316

15,795,037

Cannae

Holdings,

Inc.

*

3,219

122,290

Equitable

Holdings,

Inc.

17,030

422,003

GWG

Holdings,

Inc.

*

120

874

Jefferies

Financial

Group,

Inc.

7,069

165,061

Marlin

Business

Services

Corp.

274

3,905

Morgan

Group

Holding

Co.

*

1

8

SWK

Holdings

Corp.

*

143

1,946

Voya

Financial,

Inc.

4,648

257,778

16,800,385

Common

Stocks

Shares

Value

($)

Diversified

Telecommunication

Services

0.7%

Alaska

Communications

Systems

Group,

Inc.

1,852

6,075

Anterix

,

Inc.

*

536

19,446

AT&T,

Inc.

262,502

7,515,432

ATN

International,

Inc.

458

19,776

Bandwidth,

Inc.,

Class A

*

756

134,674

Cincinnati

Bell,

Inc.

*

1,564

23,835

Cogent

Communications

Holdings,

Inc.

1,623

92,430

Consolidated

Communications

Holdings,

Inc.

*

3,004

18,339

IDT

Corp.,

Class B

*

464

6,510

Iridium

Communications,

Inc.

*

4,811

237,038

Liberty

Latin

America

Ltd.,

Class A

*

4,832

48,180

Lumen

Technologies,

Inc.

40,868

505,946

Ooma

,

Inc.

*

633

8,527

ORBCOMM,

Inc.

*

3,071

23,002

Verizon

Communications,

Inc.

153,583

8,408,669

Vonage

Holdings

Corp.

*

9,479

118,298

17,186,177

Electric

Utilities

0.9%

ALLETE,

Inc.

2,044

128,445

Alliant

Energy

Corp.

9,096

442,520

American

Electric

Power

Co.,

Inc.

18,238

1,475,637

Avangrid

,

Inc.

1,474

68,202

Duke

Energy

Corp.

26,945

2,532,830

Edison

International

13,357

776,843

Entergy

Corp.

7,329

698,674

Evergy

,

Inc.

8,344

448,323

Eversource

Energy

12,564

1,099,350

Exelon

Corp.

36,550

1,519,018

FirstEnergy

Corp.

20,504

630,703

Genie

Energy

Ltd.,

Class B

399

2,945

Hawaiian

Electric

Industries,

Inc.

3,143

103,908

IDACORP,

Inc.

1,071

94,569

MGE

Energy,

Inc.

1,394

88,770

NextEra

Energy,

Inc.

72,555

5,867,523

NRG

Energy,

Inc.

7,754

321,093

OGE

Energy

Corp.

6,112

186,538

Otter

Tail

Corp.

1,637

64,973

PG&E

Corp.

*

49,175

562,070

Pinnacle

West

Capital

Corp.

3,906

293,926

PNM

Resources,

Inc.

3,149

152,789

Portland

General

Electric

Co.

2,648

111,984

PPL

Corp.

28,333

783,974

Southern

Co.

(The)

38,841

2,288,512

Spark

Energy,

Inc.,

Class A

425

4,662

Xcel

Energy,

Inc.

19,333

1,237,119

21,985,900

Electrical

Equipment

0.4%

Acuity

Brands,

Inc.

1,165

140,080

Allied

Motion

Technologies,

Inc.

335

15,159

American

Superconductor

Corp.

*

669

16,538

Nationwide

Multi-Cap

Portfolio

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

17

Common

Stocks

Shares

Value

($)

Electrical

Equipment

AMETEK,

Inc.

8,376

948,666

Array

Technologies,

Inc.

*

6,682

272,358

Atkore

International

Group,

Inc.

*

1,876

83,219

AZZ,

Inc.

1,061

50,493

Beam

Global

*(d)

707

40,143

Bloom

Energy

Corp.,

Class A

*(d)

3,303

115,308

Eaton

Corp.

plc

14,815

1,743,725

Emerson

Electric

Co.

21,855

1,734,194

Encore

Wire

Corp.

805

46,489

EnerSys

1,654

136,008

FuelCell

Energy,

Inc.

*

7,486

155,409

Generac

Holdings,

Inc.

*

2,198

541,631

GrafTech

International

Ltd.

2,770

26,869

Hubbell,

Inc.

1,830

284,748

LSI

Industries,

Inc.

898

8,625

nVent

Electric

plc

6,147

137,570

Orion

Energy

Systems,

Inc.

*

895

8,762

Plug

Power,

Inc.

*

17,402

1,099,284

Powell

Industries,

Inc.

395

11,325

Preformed

Line

Products

Co.

99

6,365

Regal

Beloit

Corp.

1,611

202,148

Rockwell

Automation,

Inc.

4,305

1,069,922

Sensata

Technologies

Holding

plc

*

6,134

334,303

Shoals

Technologies

Group,

Inc.,

Class A

*

2,625

89,066

Sunrun

,

Inc.

*

4,880

338,038

Thermon

Group

Holdings,

Inc.

*

1,395

20,353

TPI

Composites,

Inc.

*

1,231

73,749

Ultralife

Corp.

*

265

1,556

Vertiv

Holdings

Co.

8,140

163,777

Vicor

Corp.

*

727

62,915

9,978,795

Electronic

Equipment,

Instruments

&

Components

0.4%

Akoustis

Technologies,

Inc.

*(d)

934

14,085

Amphenol

Corp.,

Class A

10,685

1,334,343

Arlo

Technologies,

Inc.

*

3,073

25,844

Arrow

Electronics,

Inc.

*

2,536

247,590

Avnet,

Inc.

2,496

88,134

Badger

Meter,

Inc.

1,123

102,990

Bel

Fuse,

Inc.,

Class B

317

4,622

Belden,

Inc.

1,783

84,229

Benchmark

Electronics,

Inc.

1,503

38,071

CDW

Corp.

5,085

669,491

Cognex

Corp.

6,159

505,839

Coherent,

Inc.

*

940

188,790

Corning,

Inc.

28,004

1,004,503

CTS

Corp.

1,257

38,339

Daktronics,

Inc.

1,212

5,818

Dolby

Laboratories,

Inc.,

Class A

2,444

215,145

ePlus

,

Inc.

*

526

44,205

Fabrinet

*

1,473

116,279

FARO

Technologies,

Inc.

*

721

50,881

FLIR

Systems,

Inc.

5,168

268,994

Common

Stocks

Shares

Value

($)

Electronic

Equipment,

Instruments

&

Components

II-VI,

Inc.

*

3,571

300,214

Insight

Enterprises,

Inc.

*

1,425

108,443

Intellicheck

,

Inc.

*

529

6,126

IPG

Photonics

Corp.

*

1,380

308,333

Iteris

,

Inc.

*

1,259

8,196

Itron

,

Inc.

*

1,261

108,471

Jabil,

Inc.

5,805

240,153

Keysight

Technologies,

Inc.

*

6,867

972,299

Kimball

Electronics,

Inc.

*

1,014

19,438

Knowles

Corp.

*

3,615

69,733

Littelfuse

,

Inc.

908

220,980

Luna

Innovations,

Inc.

*

970

10,311

Methode

Electronics,

Inc.

660

24,915

MTS

Systems

Corp.

765

44,783

Napco

Security

Technologies,

Inc.

*

501

12,986

National

Instruments

Corp.

4,048

167,587

nLight

,

Inc.

*

1,396

44,225

Novanta

,

Inc.

*

1,329

166,019

OSI

Systems,

Inc.

*

350

31,507

PAR

Technology

Corp.

*

654

40,718

PC

Connection,

Inc.

472

23,170

Plexus

Corp.

*

622

47,844

Powerfleet

,

Inc.

*

804

5,708

Research

Frontiers,

Inc.

*

807

3,272

Rogers

Corp.

*

705

110,029

Sanmina

Corp.

*

2,545

79,150

ScanSource

,

Inc.

*

1,017

24,601

SYNNEX

Corp.

1,453

118,594

Trimble,

Inc.

*

9,452

622,981

TTM

Technologies,

Inc.

*

1,708

22,904

Vishay

Intertechnology

,

Inc.

5,383

116,004

Vishay

Precision

Group,

Inc.

*

488

15,611

Vontier

Corp.

*

4,562

147,946

Wrap

Technologies,

Inc.

*(d)

411

2,285

Zebra

Technologies

Corp.,

Class A

*

1,983

769,067

10,062,795

Energy

Equipment

&

Services

0.1%

Archrock

,

Inc.

4,755

42,177

Aspen

Aerogels,

Inc.

*

683

13,701

Baker

Hughes

Co.

22,947

461,005

Bristow

Group,

Inc.

*

216

5,229

Cactus,

Inc.,

Class A

1,928

50,514

ChampionX

Corp.

*

7,564

115,654

DMC

Global,

Inc.

605

34,588

Dril

-Quip,

Inc.

*

1,436

43,252

Exterran

Corp.

*

1,218

5,262

Frank's

International

NV

*

6,068

16,869

Halliburton

Co.

32,953

580,961

Helix

Energy

Solutions

Group,

Inc.

*

6,014

24,778

Helmerich

&

Payne,

Inc.

4,212

102,267

Liberty

Oilfield

Services,

Inc.,

Class A

2,620

31,492

Nabors

Industries

Ltd.

(d)

51

3,643

National

Energy

Services

Reunited

Corp.

*

700

7,546

Newpark

Resources,

Inc.

*

3,424

8,183

18

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Energy

Equipment

&

Services

NexTier

Oilfield

Solutions,

Inc.

*

6,738

22,370

NOV,

Inc.

10,776

133,407

Oceaneering

International,

Inc.

*

4,203

35,515

Oil

States

International,

Inc.

*

2,307

12,919

Patterson-UTI

Energy,

Inc.

6,701

41,211

ProPetro

Holding

Corp.

*

3,243

25,912

RPC,

Inc.

*

2,514

11,213

Schlumberger

NV

51,954

1,153,898

Select

Energy

Services,

Inc.,

Class A

*

2,640

13,253

Solaris

Oilfield

Infrastructure,

Inc.,

Class A

1,210

11,011

Tidewater,

Inc.

*

372

3,530

Transocean

Ltd.

*(d)

23,015

77,331

US

Silica

Holdings,

Inc.

2,959

24,086

3,112,777

Entertainment

1.2%

Activision

Blizzard,

Inc.

28,027

2,550,457

AMC

Entertainment

Holdings,

Inc.,

Class A

(d)

1,035

13,724

Cinemark

Holdings,

Inc.

(d)

4,301

87,052

Electronic

Arts,

Inc.

10,367

1,484,554

Eros

STX

Global

Corp.

*(d)

3,061

5,816

Gaia,

Inc.

*

360

3,290

Glu

Mobile,

Inc.

*

4,977

43,847

IMAX

Corp.

*

2,016

38,102

Liberty

Media

Corp.-Liberty

Braves,

Class C

*

1,443

38,643

Liberty

Media

Corp.-Liberty

Formula

One,

Class A

*

1,056

38,280

Liberty

Media

Corp-Liberty

Braves,

Class A

*

313

8,564

Liberty

Media

Corp-Liberty

Formula

One,

Class C

*

7,849

315,765

Lions

Gate

Entertainment

Corp.,

Class A

*

6,838

88,298

Live

Nation

Entertainment,

Inc.

*

5,571

370,193

LiveXLive

Media,

Inc.

*

899

3,425

Madison

Square

Garden

Entertainment

Corp.

*

752

66,740

Madison

Square

Garden

Sports

Corp.,

Class A

*

756

122,389

Marcus

Corp.

(The)

878

15,453

Netflix,

Inc.

*

15,654

8,334,033

Playtika

Holding

Corp.

*

4,048

117,959

Roku,

Inc.

*

4,556

1,772,421

Spotify

Technology

SA

*

4,804

1,513,260

Take-Two

Interactive

Software,

Inc.

*

4,248

851,512

Walt

Disney

Co.

(The)

*

66,429

11,171,365

World

Wrestling

Entertainment,

Inc.,

Class A

1,829

103,028

Zynga,

Inc.,

Class A

*

35,054

347,385

29,505,555

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

1.7%

Acadia

Realty

Trust

3,248

47,096

Agree

Realty

Corp.

2,008

126,906

Alexander

&

Baldwin,

Inc.

2,840

42,941

Alexander's,

Inc.

84

22,445

Alexandria

Real

Estate

Equities,

Inc.

4,794

801,125

Alpine

Income

Property

Trust,

Inc.

247

3,809

American

Assets

Trust,

Inc.

2,011

55,564

American

Campus

Communities,

Inc.

5,481

225,598

American

Finance

Trust,

Inc.

4,370

31,814

American

Homes

4

Rent,

Class A

10,144

306,653

American

Tower

Corp.

16,310

3,708,242

Americold

Realty

Trust

7,275

253,970

Apartment

Income

REIT

Corp.

*

4,659

180,629

Apartment

Investment

and

Management

Co.,

Class A

4,659

21,385

Apple

Hospitality

REIT,

Inc.

8,322

103,859

Armada

Hoffler

Properties,

Inc.

2,210

23,758

AvalonBay

Communities,

Inc.

4,959

811,640

Bluerock

Residential

Growth

REIT,

Inc.

967

10,115

Boston

Properties,

Inc.

5,784

527,906

Brandywine

Realty

Trust

3,239

35,629

Brixmor

Property

Group,

Inc.

11,705

198,166

Broadstone

Net

Lease,

Inc.,

Class A

2,170

39,125

Brookfield

Property

REIT,

Inc.,

Class A

1,896

32,896

BRT

Apartments

Corp.

281

3,928

Camden

Property

Trust

3,703

378,261

CareTrust

REIT,

Inc.

3,829

85,999

CatchMark

Timber

Trust,

Inc.,

Class A

1,970

17,966

Centerspace

464

32,452

Chatham

Lodging

Trust

1,971

21,109

CIM

Commercial

Trust

Corp.

725

10,143

City

Office

REIT,

Inc.

1,812

17,069

Clipper

Realty,

Inc.

525

3,680

Colony

Capital,

Inc.

11,204

55,572

Columbia

Property

Trust,

Inc.

4,619

62,818

Community

Healthcare

Trust,

Inc.

872

38,996

CorEnergy

Infrastructure

Trust,

Inc.

583

5,253

CorePoint

Lodging,

Inc.

1,628

11,087

CoreSite

Realty

Corp.

1,211

162,807

Corporate

Office

Properties

Trust

4,342

114,064

Cousins

Properties,

Inc.

4,613

145,494

Crown

Castle

International

Corp.

15,492

2,467,256

CTO

Realty

Growth,

Inc.

268

11,291

CubeSmart

7,661

266,909

CyrusOne

,

Inc.

4,196

306,098

Nationwide

Multi-Cap

Portfolio

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

19

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

DiamondRock

Hospitality

Co.

*

7,719

63,296

Digital

Realty

Trust,

Inc.

9,832

1,415,316

Diversified

Healthcare

Trust

9,224

37,080

Douglas

Emmett,

Inc.

5,315

147,279

Duke

Realty

Corp.

13,464

532,636

Easterly

Government

Properties,

Inc.

3,042

66,772

EastGroup

Properties,

Inc.

1,512

204,332

Empire

State

Realty

Trust,

Inc.,

Class A

5,125

50,533

EPR

Properties

1,292

51,215

Equinix

,

Inc.

3,249

2,404,130

Equity

Commonwealth

3,004

85,644

Equity

LifeStyle

Properties,

Inc.

6,097

370,941

Equity

Residential

13,467

830,106

Essential

Properties

Realty

Trust,

Inc.

3,698

76,992

Essex

Property

Trust,

Inc.

2,363

566,198

Extra

Space

Storage,

Inc.

4,693

534,016

Farmland

Partners,

Inc.

872

8,990

Federal

Realty

Investment

Trust

2,954

258,652

First

Industrial

Realty

Trust,

Inc.

4,924

200,111

Four

Corners

Property

Trust,

Inc.

2,854

75,231

Franklin

Street

Properties

Corp.

4,367

17,948

Gaming

and

Leisure

Properties,

Inc.

7,746

318,593

GEO

Group,

Inc.

(The)

4,309

38,522

Getty

Realty

Corp.

1,463

38,872

Gladstone

Commercial

Corp.

1,296

22,952

Gladstone

Land

Corp.

636

10,011

Global

Medical

REIT,

Inc.

1,522

19,086

Global

Net

Lease,

Inc.

3,654

58,866

Healthcare

Realty

Trust,

Inc.

3,006

90,210

Healthcare

Trust

of

America,

Inc.,

Class A

7,600

214,700

Healthpeak

Properties,

Inc.

19,953

591,606

Hersha

Hospitality

Trust

*

1,333

10,184

Highwoods

Properties,

Inc.

4,082

153,034

Host

Hotels

&

Resorts,

Inc.

27,571

373,587

Hudson

Pacific

Properties,

Inc.

3,866

90,619

Independence

Realty

Trust,

Inc.

3,756

49,880

Industrial

Logistics

Properties

Trust

2,563

54,361

Innovative

Industrial

Properties,

Inc.

612

114,517

Invitation

Homes,

Inc.

21,368

629,929

Iron

Mountain,

Inc.

9,726

327,474

iStar

,

Inc.

2,900

44,022

JBG

SMITH

Properties

4,000

119,440

Kilroy

Realty

Corp.

4,094

231,843

Kimco

Realty

Corp.

16,262

268,486

Kite

Realty

Group

Trust

3,381

53,893

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Lamar

Advertising

Co.,

Class A

2,920

235,878

Lexington

Realty

Trust

10,193

104,478

Life

Storage,

Inc.

2,745

223,937

LTC

Properties,

Inc.

1,521

58,771

Macerich

Co.

(The)

2,354

36,958

Mack-Cali

Realty

Corp.

366

4,659

Medical

Properties

Trust,

Inc.

20,112

424,564

Mid-America

Apartment

Communities,

Inc.

4,170

553,568

Monmouth

Real

Estate

Investment

Corp.

3,906

67,691

National

Health

Investors,

Inc.

1,723

111,719

National

Retail

Properties,

Inc.

5,684

221,676

National

Storage

Affiliates

Trust

2,511

91,752

NETSTREIT

Corp.

2,222

38,285

New

Senior

Investment

Group,

Inc.

3,445

18,259

NexPoint

Residential

Trust,

Inc.

249

9,828

Office

Properties

Income

Trust

1,779

41,166

Omega

Healthcare

Investors,

Inc.

8,711

315,512

One

Liberty

Properties,

Inc.

730

14,629

Outfront

Media,

Inc.

5,951

108,487

Paramount

Group,

Inc.

2,203

19,585

Park

Hotels

&

Resorts,

Inc.

9,681

161,479

Pebblebrook

Hotel

Trust

5,272

96,899

Physicians

Realty

Trust

7,785

137,250

Piedmont

Office

Realty

Trust,

Inc.,

Class A

5,042

77,546

Plymouth

Industrial

REIT,

Inc.

515

7,540

PotlatchDeltic

Corp.

2,713

129,573

Preferred

Apartment

Communities,

Inc.,

Class A

1,972

14,179

Prologis,

Inc.

27,384

2,826,029

PS

Business

Parks,

Inc.

809

110,121

Public

Storage

5,537

1,260,332

QTS

Realty

Trust,

Inc.,

Class A

2,387

155,394

Rayonier,

Inc.

4,064

124,968

Realty

Income

Corp.

13,036

769,906

Regency

Centers

Corp.

6,546

308,840

Retail

Opportunity

Investments

Corp.

4,577

64,490

Retail

Properties

of

America,

Inc.,

Class A

8,083

74,444

Retail

Value,

Inc.

769

12,004

Rexford

Industrial

Realty,

Inc.

4,520

221,209

RLJ

Lodging

Trust

6,855

88,498

RPT

Realty

3,049

28,203

Ryman

Hospitality

Properties,

Inc.

2,011

130,413

Sabra

Health

Care

REIT,

Inc.

8,192

137,544

Safehold

,

Inc.

653

48,048

Saul

Centers,

Inc.

490

14,666

SBA

Communications

Corp.

4,151

1,115,249

Seritage

Growth

Properties,

Class A

*

1,375

24,489

20

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Service

Properties

Trust

6,563

69,633

Simon

Property

Group,

Inc.

11,615

1,079,382

SITE

Centers

Corp.

5,935

65,819

SL

Green

Realty

Corp.

2,314

156,149

Spirit

Realty

Capital,

Inc.

4,129

159,214

STAG

Industrial,

Inc.

5,809

173,108

STORE

Capital

Corp.

7,993

247,943

Summit

Hotel

Properties,

Inc.

3,292

26,665

Sun

Communities,

Inc.

3,491

499,667

Sunstone

Hotel

Investors,

Inc.

8,828

94,460

Tanger

Factory

Outlet

Centers,

Inc.

3,654

56,381

Terreno

Realty

Corp.

2,662

150,616

UDR,

Inc.

11,304

434,639

UMH

Properties,

Inc.

1,220

17,934

Uniti

Group,

Inc.

6,992

86,072

Universal

Health

Realty

Income

Trust

513

30,616

Urban

Edge

Properties

4,847

66,840

Urstadt

Biddle

Properties,

Inc.,

Class A

1,300

17,979

Ventas,

Inc.

14,143

651,568

VEREIT,

Inc.

8,650

304,740

VICI

Properties,

Inc.

20,158

509,594

Vornado

Realty

Trust

6,848

272,277

Washington

REIT

3,299

72,380

Weingarten

Realty

Investors

4,750

106,923

Welltower

,

Inc.

15,774

955,904

Weyerhaeuser

Co.

27,702

864,025

Whitestone

REIT

1,611

12,566

WP

Carey,

Inc.

6,189

410,950

Xenia

Hotels

&

Resorts,

Inc.

4,729

68,429

42,254,816

Food

&

Staples

Retailing

0.8%

Albertsons

Cos.,

Inc.,

Class A

(d)

2,728

47,385

Andersons,

Inc.

(The)

1,280

29,440

BJ's

Wholesale

Club

Holdings,

Inc.

*

5,302

223,055

Casey's

General

Stores,

Inc.

1,501

281,408

Chefs'

Warehouse,

Inc.

(The)

*

996

27,181

Costco

Wholesale

Corp.

16,356

5,764,345

Grocery

Outlet

Holding

Corp.

*

3,924

167,516

HF

Foods

Group,

Inc.

*

1,277

9,999

Ingles

Markets,

Inc.,

Class A

590

28,060

Kroger

Co.

(The)

28,960

999,120

Natural

Grocers

by

Vitamin

Cottage,

Inc.

296

4,928

Performance

Food

Group

Co.

*

4,477

209,882

PriceSmart

,

Inc.

1,475

138,473

Rite

Aid

Corp.

*

2,200

57,838

SpartanNash

Co.

1,396

25,854

Sprouts

Farmers

Market,

Inc.

*

4,913

111,279

Sysco

Corp.

17,918

1,281,316

United

Natural

Foods,

Inc.

*

1,870

50,640

US

Foods

Holding

Corp.

*

7,837

242,869

Village

Super

Market,

Inc.,

Class A

257

5,415

Common

Stocks

Shares

Value

($)

Food

&

Staples

Retailing

Walgreens

Boots

Alliance,

Inc.

26,905

1,351,976

Walmart,

Inc.

51,650

7,256,309

Weis

Markets,

Inc.

398

19,613

18,333,901

Food

Products

0.6%

Alico

,

Inc.

168

4,990

Archer-Daniels-Midland

Co.

20,237

1,012,052

B&G

Foods,

Inc.

(d)

2,311

88,003

Beyond

Meat,

Inc.

*

1,710

304,517

Bridgford

Foods

Corp.

*

61

1,022

Bunge

Ltd.

4,792

313,589

Calavo

Growers,

Inc.

675

51,401

Cal-Maine

Foods,

Inc.

*

1,263

48,423

Campbell

Soup

Co.

6,461

310,839

Conagra

Brands,

Inc.

18,702

647,089

Darling

Ingredients,

Inc.

*

6,357

394,198

Farmer

Bros

Co.

*

726

3,804

Flowers

Foods,

Inc.

6,007

137,921

Fresh

Del

Monte

Produce,

Inc.

1,205

29,486

Freshpet

,

Inc.

*

1,574

219,274

General

Mills,

Inc.

22,121

1,285,230

Hain

Celestial

Group,

Inc.

(The)

*

3,327

138,353

Hershey

Co.

(The)

5,389

783,776

Hormel

Foods

Corp.

10,236

479,659

Hostess

Brands,

Inc.

*

4,824

74,048

Ingredion,

Inc.

2,639

199,165

J

&

J

Snack

Foods

Corp.

618

94,344

J

M

Smucker

Co.

(The)

4,181

486,710

John

B

Sanfilippo

&

Son,

Inc.

362

29,116

Kellogg

Co.

9,431

555,863

Kraft

Heinz

Co.

(The)

24,025

805,078

Lamb

Weston

Holdings,

Inc.

5,448

406,966

Lancaster

Colony

Corp.

536

93,575

Landec

Corp.

*

801

8,539

Limoneira

Co.

694

11,083

McCormick

&

Co.,

Inc.

(Non-Voting)

9,192

823,052

Mondelez

International,

Inc.,

Class A

51,720

2,867,357

Pilgrim's

Pride

Corp.

*

450

8,721

Post

Holdings,

Inc.

*

1,831

173,670

Sanderson

Farms,

Inc.

750

102,143

Seaboard

Corp.

2

6,292

Seneca

Foods

Corp.,

Class A

*

205

7,431

Simply

Good

Foods

Co.

(The)

*

3,388

96,694

Tootsie

Roll

Industries,

Inc.

(d)

652

25,806

TreeHouse

Foods,

Inc.

*

2,183

92,188

Tyson

Foods,

Inc.,

Class A

10,398

668,695

13,890,162

Gas

Utilities

0.1%

Atmos

Energy

Corp.

4,452

396,228

Brookfield

Infrastructure

Corp.,

Class A

1,337

89,686

Chesapeake

Utilities

Corp.

344

34,892

National

Fuel

Gas

Co.

3,183

128,148

New

Jersey

Resources

Corp.

2,474

86,615

Nationwide

Multi-Cap

Portfolio

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

21

Common

Stocks

Shares

Value

($)

Gas

Utilities

Northwest

Natural

Holding

Co.

1,200

56,052

ONE

Gas,

Inc.

2,072

151,525

RGC

Resources,

Inc.

245

5,515

South

Jersey

Industries,

Inc.

3,714

85,793

Southwest

Gas

Holdings,

Inc.

2,170

130,113

Spire,

Inc.

1,487

90,989

UGI

Corp.

6,431

231,452

1,487,008

Health

Care

Equipment

&

Supplies

2.1%

Abbott

Laboratories

64,067

7,918,041

ABIOMED,

Inc.

*

1,599

556,852

Accelerate

Diagnostics,

Inc.

*(d)

1,186

12,168

Accuray

,

Inc.

*

4,134

20,422

Acutus

Medical,

Inc.

*(d)

1,382

35,780

Align

Technology,

Inc.

*

2,921

1,534,635

Alphatec

Holdings,

Inc.

*

1,524

22,677

AngioDynamics

,

Inc.

*

1,505

28,204

Antares

Pharma,

Inc.

*

5,713

25,023

Apyx

Medical

Corp.

*

1,133

10,526

Aspira

Women's

Health,

Inc.

*(d)

1,468

13,095

AtriCure

,

Inc.

*

1,544

89,907

Atrion

Corp.

19

12,378

Avanos

Medical,

Inc.

*

1,981

89,739

Axogen

,

Inc.

*

1,387

24,064

Axonics

Modulation

Technologies,

Inc.

*(d)

1,116

57,697

Baxter

International,

Inc.

18,863

1,449,244

Becton

Dickinson

and

Co.

10,085

2,640,152

Bellerophon

Therapeutics,

Inc.

*

75

519

Beyond

Air,

Inc.

*

388

2,297

BioLife

Solutions,

Inc.

*

243

9,215

BioSig

Technologies,

Inc.

*(d)

669

2,964

Boston

Scientific

Corp.

*

52,875

1,873,890

Cantel

Medical

Corp.

*

1,041

82,208

Cardiovascular

Systems,

Inc.

*

1,420

63,886

Cerus

Corp.

*

6,237

41,102

Chembio

Diagnostics,

Inc.

*(d)

582

3,835

Co-Diagnostics,

Inc.

*

1,128

14,484

CONMED

Corp.

1,034

115,705

Cooper

Cos.,

Inc.

(The)

1,713

623,601

CryoLife

,

Inc.

*

1,455

34,818

CryoPort

,

Inc.

*

1,292

88,114

Cutera

,

Inc.

*

686

16,608

CytoSorbents

Corp.

*

1,497

15,704

Danaher

Corp.

23,203

5,518,602

Dentsply

Sirona,

Inc.

7,728

413,371

DexCom

,

Inc.

*

3,452

1,293,982

Eargo

,

Inc.

*

860

45,219

Edwards

Lifesciences

Corp.

*

22,916

1,892,403

Electromed

,

Inc.

*

251

2,495

Envista

Holdings

Corp.

*

6,234

221,556

FONAR

Corp.

*

200

3,564

GenMark

Diagnostics,

Inc.

*

2,824

38,999

Glaukos

Corp.

*

1,649

146,250

Globus

Medical,

Inc.,

Class A

*

2,950

181,985

Haemonetics

Corp.

*

1,971

225,266

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

Heska

Corp.

*

290

48,534

Hill-Rom

Holdings,

Inc.

2,591

248,840

Hologic

,

Inc.

*

9,260

738,300

ICU

Medical,

Inc.

*

632

129,231

IDEXX

Laboratories,

Inc.

*

3,122

1,494,439

Inogen

,

Inc.

*

737

36,061

Insulet

Corp.

*

2,361

630,812

Integer

Holdings

Corp.

*

1,321

97,490

Integra

LifeSciences

Holdings

Corp.

*

2,239

147,864

Intersect

ENT,

Inc.

*

1,246

27,998

IntriCon

Corp.

*

295

5,407

Intuitive

Surgical,

Inc.

*

4,235

3,166,255

Invacare

Corp.

1,705

15,959

iRadimed

Corp.

*

168

4,156

iRhythm

Technologies,

Inc.

*

957

161,178

Lantheus

Holdings,

Inc.

*

2,796

45,491

LeMaitre

Vascular,

Inc.

699

33,594

LENSAR,

Inc.

*

411

2,873

LivaNova

plc

*

1,940

122,026

Masimo

Corp.

*

1,695

433,784

Medtronic

plc

49,143

5,471,090

Meridian

Bioscience,

Inc.

*

1,705

37,680

Merit

Medical

Systems,

Inc.

*

2,195

118,859

Mesa

Laboratories,

Inc.

54

14,966

Milestone

Scientific,

Inc.

*(d)

1,487

4,193

Misonix

,

Inc.

*

472

6,495

Natus

Medical,

Inc.

*

1,288

31,389

Nemaura

Medical,

Inc.

*

193

820

Neogen

Corp.

*

1,510

122,114

Nevro

Corp.

*

1,323

214,048

Novocure

Ltd.

*

3,553

571,891

NuVasive

,

Inc.

*

1,184

63,628

OraSure

Technologies,

Inc.

*

2,541

38,699

Ortho

Clinical

Diagnostics

Holdings

plc

*

19,110

315,315

Orthofix

Medical,

Inc.

*

734

29,661

OrthoPediatrics

Corp.

*

489

22,582

Outset

Medical,

Inc.

*

800

41,464

PAVmed

,

Inc.

*

1,277

2,618

Penumbra,

Inc.

*(d)

1,259

328,712

Pulmonx

Corp.

*

870

49,346

Pulse

Biosciences,

Inc.

*

453

15,470

Quidel

Corp.

*

1,406

352,864

Quotient

Ltd.

*

2,753

16,683

Repro-Med

Systems,

Inc.

*

758

3,062

ResMed

,

Inc.

5,341

1,076,585

Retractable

Technologies,

Inc.

*(d)

422

6,790

Rockwell

Medical,

Inc.

*

2,031

2,437

SeaSpine

Holdings

Corp.

*

881

14,325

Shockwave

Medical,

Inc.

*

1,044

121,146

SI-BONE,

Inc.

*

1,073

31,417

Sientra

,

Inc.

*

1,472

6,904

Silk

Road

Medical,

Inc.

*

885

48,259

Soliton,

Inc.

*

233

2,530

Stereotaxis

,

Inc.

*

1,434

6,898

STERIS

plc

2,948

551,600

Stryker

Corp.

12,696

2,805,943

Surgalign

Holdings,

Inc.

*

2,621

4,403

22

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

Surmodics

,

Inc.

*

555

25,253

Tactile

Systems

Technology,

Inc.

*

713

38,894

Tandem

Diabetes

Care,

Inc.

*

2,286

211,798

Tela

Bio,

Inc.

*

202

2,889

Teleflex,

Inc.

1,702

642,726

TransMedics

Group,

Inc.

*(d)

871

19,841

Utah

Medical

Products,

Inc.

159

13,781

Vapotherm

,

Inc.

*

676

23,356

Varex

Imaging

Corp.

*

1,539

29,795

Varian

Medical

Systems,

Inc.

*

3,432

602,556

Venus

Concept,

Inc.

*

684

1,300

ViewRay

,

Inc.

*

4,375

19,425

VolitionRX

Ltd.

*

718

3,310

West

Pharmaceutical

Services,

Inc.

2,814

842,765

Zimmer

Biomet

Holdings,

Inc.

7,717

1,185,871

Zynex

,

Inc.

*(d)

743

13,426

51,333,410

Health

Care

Providers

&

Services

1.4%

1Life

Healthcare,

Inc.

*

2,950

149,270

Acadia

Healthcare

Co.,

Inc.

*

3,409

172,768

AdaptHealth

Corp.

*

268

10,256

Addus

HomeCare

Corp.

*

530

59,651

Amedisys

,

Inc.

*

1,206

346,496

AmerisourceBergen

Corp.

5,491

572,162

AMN

Healthcare

Services,

Inc.

*

1,398

100,824

Anthem,

Inc.

9,130

2,711,427

Apollo

Medical

Holdings,

Inc.

*

296

6,512

Avalon

GloboCare

Corp.

*(d)

512

635

BioTelemetry

,

Inc.

*

717

51,237

Brookdale

Senior

Living,

Inc.

*

7,864

38,848

Cardinal

Health,

Inc.

10,890

585,120

Castle

Biosciences,

Inc.

*

340

22,722

Centene

Corp.

*

21,406

1,290,782

Chemed

Corp.

481

249,110

Cigna

Corp.

13,131

2,850,084

Community

Health

Systems,

Inc.

*

2,720

25,350

CorVel

Corp.

*

372

36,761

Covetrus

,

Inc.

*

3,771

128,478

Cross

Country

Healthcare,

Inc.

*

1,596

13,981

CVS

Health

Corp.

48,000

3,439,200

DaVita,

Inc.

*

2,751

322,885

Encompass

Health

Corp.

3,863

310,585

Ensign

Group,

Inc.

(The)

1,968

154,055

Enzo

Biochem

,

Inc.

*

1,302

3,672

Exagen

,

Inc.

*

171

2,685

Five

Star

Senior

Living,

Inc.

*

837

6,051

Fulgent

Genetics,

Inc.

*(d)

291

32,153

Guardant

Health,

Inc.

*

2,932

455,926

Hanger,

Inc.

*

1,593

32,641

HCA

Healthcare,

Inc.

10,014

1,627,075

HealthEquity

,

Inc.

*

2,782

232,436

Henry

Schein,

Inc.

*

4,985

328,262

Humana,

Inc.

4,927

1,887,583

InfuSystem

Holdings,

Inc.

*

493

8,687

Common

Stocks

Shares

Value

($)

Health

Care

Providers

&

Services

Joint

Corp.

(The)

*

618

20,103

Laboratory

Corp.

of

America

Holdings

*

3,558

814,462

LHC

Group,

Inc.

*

1,185

236,076

Magellan

Health,

Inc.

*

904

84,958

McKesson

Corp.

5,992

1,045,424

MEDNAX,

Inc.

*

769

20,971

ModivCare

,

Inc.

*

484

76,748

Molina

Healthcare,

Inc.

*

2,186

466,951

National

HealthCare

Corp.

501

32,089

National

Research

Corp.

543

24,598

Oak

Street

Health,

Inc.

*

927

48,083

Ontrak

,

Inc.

*

279

22,122

Option

Care

Health,

Inc.

*

1,357

25,077

Owens

&

Minor,

Inc.

2,245

65,285

Patterson

Cos.,

Inc.

3,365

106,603

Pennant

Group,

Inc.

(The)

*

1,054

56,674

PetIQ

,

Inc.

*

744

25,787

Premier,

Inc.,

Class A

4,490

152,076

Progyny

,

Inc.

*

958

44,806

Quest

Diagnostics,

Inc.

4,843

625,473

R1

RCM,

Inc.

*

4,179

105,436

RadNet

,

Inc.

*

1,749

31,325

Select

Medical

Holdings

Corp.

*

4,127

106,064

Sharps

Compliance

Corp.

*

517

6,835

Surgery

Partners,

Inc.

*

720

26,842

Tenet

Healthcare

Corp.

*

3,280

155,046

Tivity

Health,

Inc.

*

1,663

37,501

Triple-S

Management

Corp.,

Class B

*

947

22,188

UnitedHealth

Group,

Inc.

34,737

11,587,568

Universal

Health

Services,

Inc.,

Class B

2,469

307,835

US

Physical

Therapy,

Inc.

513

61,734

Viemed

Healthcare,

Inc.

*

1,137

9,539

34,718,649

Health

Care

Technology

0.2%

Accolade,

Inc.

*(d)

835

42,326

Allscripts

Healthcare

Solutions,

Inc.

*

6,674

110,121

American

Well

Corp.,

Class A

*

1,862

65,933

Cerner

Corp.

11,103

889,461

Certara

,

Inc.

*(d)

3,387

116,581

Change

Healthcare,

Inc.

*

9,609

229,271

Computer

Programs

&

Systems,

Inc.

542

16,683

Evolent

Health,

Inc.,

Class A

*

3,019

51,534

Health

Catalyst,

Inc.

*

1,251

62,150

HealthStream

,

Inc.

*

1,052

24,491

HMS

Holdings

Corp.

*

3,323

122,353

iCAD

,

Inc.

*

647

9,828

Inovalon

Holdings,

Inc.,

Class A

*

2,894

70,614

Inspire

Medical

Systems,

Inc.

*

854

172,090

NantHealth

,

Inc.

*(d)

841

3,549

NextGen

Healthcare,

Inc.

*

2,193

43,377

Omnicell

,

Inc.

*

1,659

195,430

OptimizeRx

Corp.

*

442

19,952

Nationwide

Multi-Cap

Portfolio

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

23

Common

Stocks

Shares

Value

($)

Health

Care

Technology

Phreesia

,

Inc.

*

1,130

73,778

Schrodinger,

Inc.

*

1,125

101,621

Simulations

Plus,

Inc.

532

42,102

Tabula

Rasa

HealthCare,

Inc.

*(d)

308

17,491

Teladoc

Health,

Inc.

*

3,862

1,018,911

Veeva

Systems,

Inc.,

Class A

*

4,961

1,371,419

Vocera

Communications,

Inc.

*

1,120

49,224

4,920,290

Hotels,

Restaurants

&

Leisure

1.0%

Accel

Entertainment,

Inc.

*

1,357

13,068

Airbnb,

Inc.,

Class A

*

740

135,886

Aramark

9,130

313,068

Bally's

Corp.

782

41,039

Biglari

Holdings,

Inc.,

Class B

*

38

4,360

BJ's

Restaurants,

Inc.

*

688

32,157

Bloomin

'

Brands,

Inc.

3,346

70,500

Bluegreen

Vacations

Corp.

210

1,623

Boyd

Gaming

Corp.

*

3,315

149,705

Brinker

International,

Inc.

1,143

67,300

Caesars

Entertainment,

Inc.

*

8,941

629,357

Carnival

Corp.

17,018

317,726

Carrols

Restaurant

Group,

Inc.

*

1,522

9,345

Century

Casinos,

Inc.

*

1,306

9,077

Cheesecake

Factory,

Inc.

(The)

1,692

76,089

Chipotle

Mexican

Grill,

Inc.

*

1,031

1,525,880

Choice

Hotels

International,

Inc.

867

87,255

Churchill

Downs,

Inc.

1,517

284,362

Chuy's

Holdings,

Inc.

*

741

25,994

Cracker

Barrel

Old

Country

Store,

Inc.

786

106,354

Darden

Restaurants,

Inc.

4,960

579,774

Dave

&

Buster's

Entertainment,

Inc.

*

1,924

65,455

Del

Taco

Restaurants,

Inc.

*

1,293

12,439

Denny's

Corp.

*

2,195

34,527

Dine

Brands

Global,

Inc.

156

10,727

Domino's

Pizza,

Inc.

1,469

544,646

DraftKings

,

Inc.,

Class A

*

1,259

68,125

El

Pollo

Loco

Holdings,

Inc.

*

554

11,274

Everi

Holdings,

Inc.

*

3,044

39,816

Extended

Stay

America,

Inc.

7,192

105,579

Fiesta

Restaurant

Group,

Inc.

*

1,025

15,437

GAN

Ltd.

*

238

5,619

Golden

Entertainment,

Inc.

*

622

10,574

Hilton

Grand

Vacations,

Inc.

*

3,433

102,029

Hilton

Worldwide

Holdings,

Inc.

10,162

1,030,325

Hyatt

Hotels

Corp.,

Class A

1,359

89,232

International

Game

Technology

plc

3,843

61,911

Jack

in

the

Box,

Inc.

859

80,866

Kura

Sushi

USA,

Inc.,

Class A

*

134

3,035

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Las

Vegas

Sands

Corp.

11,996

576,888

Lindblad

Expeditions

Holdings,

Inc.

*(d)

999

15,684

Marriott

International,

Inc.,

Class A

9,887

1,149,957

Marriott

Vacations

Worldwide

Corp.

1,188

145,839

McDonald's

Corp.

27,291

5,672,161

MGM

Resorts

International

17,764

507,340

Monarch

Casino

&

Resort,

Inc.

*

505

26,689

Nathan's

Famous,

Inc.

88

4,885

Noodles

&

Co.

*

1,023

8,665

Norwegian

Cruise

Line

Holdings

Ltd.

*

8,898

201,540

Papa

John's

International,

Inc.

832

85,097

Penn

National

Gaming,

Inc.

*

6,525

676,773

Planet

Fitness,

Inc.,

Class A

*

3,098

223,056

PlayAGS

,

Inc.

*

1,088

5,603

RCI

Hospitality

Holdings,

Inc.

440

16,931

Red

Robin

Gourmet

Burgers,

Inc.

*

518

13,566

Red

Rock

Resorts,

Inc.,

Class A

1,228

28,833

Royal

Caribbean

Cruises

Ltd.

6,530

424,450

Ruth's

Hospitality

Group,

Inc.

1,160

21,100

Scientific

Games

Corp.

*

2,266

88,873

SeaWorld

Entertainment,

Inc.

*

2,106

60,168

Shake

Shack,

Inc.,

Class A

*

1,424

161,510

Six

Flags

Entertainment

Corp.

3,174

108,551

Starbucks

Corp.

43,319

4,193,712

Target

Hospitality

Corp.

*

1,611

2,852

Texas

Roadhouse,

Inc.

2,617

199,442

Vail

Resorts,

Inc.

1,443

383,780

Wendy's

Co.

(The)

7,110

145,044

Wingstop

,

Inc.

853

127,993

Wyndham

Destinations,

Inc.

3,488

154,309

Wyndham

Hotels

&

Resorts,

Inc.

3,720

216,392

Wynn

Resorts

Ltd.

3,693

367,564

Yum

China

Holdings,

Inc.

14,739

835,849

Yum!

Brands,

Inc.

11,163

1,132,933

24,755,564

Household

Durables

0.3%

Beazer

Homes

USA,

Inc.

*

988

16,421

Casper

Sleep,

Inc.

*

223

1,766

Cavco

Industries,

Inc.

*

359

67,729

Century

Communities,

Inc.

*

1,202

56,422

DR

Horton,

Inc.

12,073

927,206

Dream

Finders

Homes,

Inc.,

Class A

*(d)

21,661

501,452

Ethan

Allen

Interiors,

Inc.

975

23,059

Garmin

Ltd.

5,495

631,156

GoPro,

Inc.,

Class A

*

5,299

47,426

Green

Brick

Partners,

Inc.

*

792

15,761

Hamilton

Beach

Brands

Holding

Co.,

Class A

183

3,512

Helen

of

Troy

Ltd.

*

976

238,388

Hooker

Furniture

Corp.

382

11,510

24

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Household

Durables

Installed

Building

Products,

Inc.

*

860

90,240

iRobot

Corp.

*

1,107

132,951

KB

Home

3,583

149,196

La-Z-Boy,

Inc.

1,879

72,755

Legacy

Housing

Corp.

*

282

3,996

Leggett

&

Platt,

Inc.

4,307

176,587

Lennar

Corp.,

Class A

10,101

832,636

LGI

Homes,

Inc.

*

892

95,185

Lifetime

Brands,

Inc.

325

4,517

Lovesac

Co.

(The)

*

285

16,114

M/I

Homes,

Inc.

*

1,136

56,084

MDC

Holdings,

Inc.

2,051

106,693

Meritage

Homes

Corp.

*

1,033

82,909

Mohawk

Group

Holdings,

Inc.

*

1,902

43,784

Mohawk

Industries,

Inc.

*

2,042

293,231

Newell

Brands,

Inc.

15,254

366,401

NVR,

Inc.

*

120

533,578

PulteGroup,

Inc.

9,703

422,080

Purple

Innovation,

Inc.

*

488

16,612

Skyline

Champion

Corp.

*

2,139

71,935

Sonos

,

Inc.

*

2,942

76,933

Taylor

Morrison

Home

Corp.

*

3,960

102,881

Tempur

Sealy

International,

Inc.

*

7,380

194,832

Toll

Brothers,

Inc.

4,487

229,286

TopBuild

Corp.

*

1,050

209,947

TRI

Pointe

Group,

Inc.

*

5,022

101,444

Tupperware

Brands

Corp.

*

2,024

60,882

Turtle

Beach

Corp.

*

459

13,724

Universal

Electronics,

Inc.

*

547

29,669

VOXX

International

Corp.

*

645

12,049

Vuzix

Corp.

*(d)

6,106

67,471

Whirlpool

Corp.

2,202

407,568

7,615,978

Household

Products

0.7%

Central

Garden

&

Pet

Co.

*

1,989

78,594

Church

&

Dwight

Co.,

Inc.

9,208

777,432

Clorox

Co.

(The)

4,591

961,631

Colgate-Palmolive

Co.

31,296

2,441,088

Energizer

Holdings,

Inc.

2,387

104,646

Kimberly-Clark

Corp.

12,383

1,635,794

Oil-

Dri

Corp.

of

America

175

6,067

Procter

&

Gamble

Co.

(The)

89,818

11,515,566

Reynolds

Consumer

Products,

Inc.

1,932

57,960

Spectrum

Brands

Holdings,

Inc.

1,295

97,863

WD-40

Co.

407

123,895

17,800,536

Independent

Power

and

Renewable

Electricity

Producers

0.1%

AES

Corp.

(The)

24,922

607,848

Atlantic

Power

Corp.

*

3,137

9,285

Brookfield

Renewable

Corp.

3,601

201,476

Clearway

Energy,

Inc.,

Class A

4,596

139,342

Ormat

Technologies,

Inc.

1,567

178,889

Common

Stocks

Shares

Value

($)

Independent

Power

and

Renewable

Electricity

Producers

Sunnova

Energy

International,

Inc.

*

1,360

59,636

Vistra

Corp.

16,923

337,952

1,534,428

Industrial

Conglomerates

0.6%

3M

Co.

20,710

3,637,919

Carlisle

Cos.,

Inc.

1,748

253,338

General

Electric

Co.

319,428

3,411,491

Honeywell

International,

Inc.

26,024

5,084,309

Raven

Industries,

Inc.

1,479

47,727

Roper

Technologies,

Inc.

3,829

1,504,452

13,939,236

Insurance

1.1%

Aflac,

Inc.

25,718

1,161,939

Alleghany

Corp.

519

294,195

Allstate

Corp.

(The)

11,206

1,201,059

Ambac

Financial

Group,

Inc.

*

1,879

27,095

American

Equity

Investment

Life

Holding

Co.

3,584

104,617

American

Financial

Group,

Inc.

2,951

277,807

American

International

Group,

Inc.

32,394

1,212,831

American

National

Group,

Inc.

321

28,370

AMERISAFE,

Inc.

627

34,799

Aon

plc,

Class A

3,523

715,521

Arch

Capital

Group

Ltd.

*

14,091

442,598

Argo

Group

International

Holdings

Ltd.

626

25,259

Arthur

J

Gallagher

&

Co.

7,285

840,762

Assurant,

Inc.

2,377

322,012

Assured

Guaranty

Ltd.

3,410

121,908

Athene

Holding

Ltd.,

Class A

*

4,700

192,183

Axis

Capital

Holdings

Ltd.

3,364

154,408

Brighthouse

Financial,

Inc.

*

2,879

101,801

Brown

&

Brown,

Inc.

8,052

346,961

BRP

Group,

Inc.,

Class A

*

757

17,570

Chubb

Ltd.

16,564

2,412,878

Cincinnati

Financial

Corp.

5,668

476,622

Citizens,

Inc.

*(d)

2,059

12,457

CNA

Financial

Corp.

1,131

43,453

CNO

Financial

Group,

Inc.

5,679

120,452

Crawford

&

Co.,

Class A

552

4,201

Donegal

Group,

Inc.,

Class A

359

4,979

eHealth,

Inc.

*

1,043

49,908

Enstar

Group

Ltd.

*

267

53,456

Erie

Indemnity

Co.,

Class A

996

242,128

Everest

Re

Group

Ltd.

1,326

279,892

FBL

Financial

Group,

Inc.,

Class A

295

16,532

FedNat

Holding

Co.

446

2,319

Fidelity

National

Financial,

Inc.

10,068

365,468

First

American

Financial

Corp.

4,286

224,115

Genworth

Financial,

Inc.,

Class A

*

19,088

54,210

Globe

Life,

Inc.

4,210

380,542

GoHealth

,

Inc.,

Class A

*

3,054

40,649

Nationwide

Multi-Cap

Portfolio

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

25

Common

Stocks

Shares

Value

($)

Insurance

Goosehead

Insurance,

Inc.,

Class A

495

66,132

Greenlight

Capital

Re

Ltd.,

Class A

*

1,339

10,056

Hanover

Insurance

Group,

Inc.

(The)

1,545

173,766

Hartford

Financial

Services

Group,

Inc.

(The)

13,765

660,995

HCI

Group,

Inc.

291

16,188

Heritage

Insurance

Holdings,

Inc.

1,064

9,916

Horace

Mann

Educators

Corp.

1,732

67,842

Independence

Holding

Co.

140

5,391

Investors

Title

Co.

65

9,295

James

River

Group

Holdings

Ltd.

1,148

51,063

Kemper

Corp.

1,849

130,077

Kinsale

Capital

Group,

Inc.

840

157,550

Lemonade,

Inc.

*

376

54,614

Lincoln

National

Corp.

7,285

331,395

Loews

Corp.

9,288

420,654

Markel

Corp.

*

495

479,893

Marsh

&

McLennan

Cos.,

Inc.

19,054

2,094,225

MBIA,

Inc.

*

3,020

18,543

Mercury

General

Corp.

1,132

60,007

MetLife,

Inc.

29,374

1,414,358

National

Western

Life

Group,

Inc.,

Class A

107

19,260

NI

Holdings,

Inc.

*

268

4,556

Old

Republic

International

Corp.

9,760

176,656

Palomar

Holdings,

Inc.

*

294

29,279

Primerica,

Inc.

1,253

174,555

Principal

Financial

Group,

Inc.

9,982

491,813

ProAssurance

Corp.

2,088

38,273

Progressive

Corp.

(The)

21,571

1,880,776

ProSight

Global,

Inc.

*

319

3,972

Protective

Insurance

Corp.,

Class B

275

3,869

Prudential

Financial,

Inc.

14,985

1,173,026

Reinsurance

Group

of

America,

Inc.

2,432

255,482

RenaissanceRe

Holdings

Ltd.

1,856

279,217

RLI

Corp.

1,114

107,813

Safety

Insurance

Group,

Inc.

563

41,347

Selective

Insurance

Group,

Inc.

2,224

144,516

Selectquote

,

Inc.

*

1,795

37,910

State

Auto

Financial

Corp.

562

9,295

Stewart

Information

Services

Corp.

927

42,994

Third

Point

Reinsurance

Ltd.

*

3,805

35,120

Tiptree,

Inc.

833

4,057

Travelers

Cos.,

Inc.

(The)

9,455

1,288,717

Trean

Insurance

Group,

Inc.

*

3,217

47,901

Trupanion

,

Inc.

*

1,226

137,557

United

Fire

Group,

Inc.

901

24,814

United

Insurance

Holdings

Corp.

903

4,587

Common

Stocks

Shares

Value

($)

Insurance

Universal

Insurance

Holdings,

Inc.

949

12,707

Unum

Group

8,407

195,295

Vericity

,

Inc.

*

88

783

W

R

Berkley

Corp.

5,396

335,307

Watford

Holdings

Ltd.

*

718

24,814

White

Mountains

Insurance

Group

Ltd.

126

128,520

Willis

Towers

Watson

plc

4,839

982,027

26,776,731

Interactive

Media

&

Services

2.8%

Alphabet,

Inc.,

Class A

*

21,730

39,798,140

Cargurus

,

Inc.

*

1,628

47,619

Cars.com,

Inc.

*

70

813

DHI

Group,

Inc.

*

1,409

3,523

Eventbrite,

Inc.,

Class A

*

2,414

43,090

EverQuote

,

Inc.,

Class A

*

568

25,594

Facebook,

Inc.,

Class A

*

88,266

22,801,756

IAC/InterActiveCorp

*

2,865

601,507

Liberty

TripAdvisor

Holdings,

Inc.,

Class A

*

3,151

12,856

Match

Group,

Inc.

*

8,148

1,139,579

MediaAlpha

,

Inc.,

Class A

*

1,211

66,605

Pinterest,

Inc.,

Class A

*

17,834

1,221,807

QuinStreet

,

Inc.

*

1,889

39,990

TripAdvisor,

Inc.

*

4,011

124,221

TrueCar

,

Inc.

*

4,074

18,252

Twitter,

Inc.

*

28,559

1,443,086

Yelp,

Inc.

*

2,926

95,358

Zillow

Group,

Inc.,

Class A

*

7,539

1,002,668

68,486,464

Internet

&

Direct

Marketing

Retail

2.4%

1-800-Flowers.com,

Inc.,

Class A

*

2,591

79,621

Amazon.com,

Inc.

*

15,603

50,026,339

Booking

Holdings,

Inc.

*

1,526

2,967,048

CarParts.com,

Inc.

*

3,911

61,442

ContextLogic

,

Inc.,

Class A

*(d)

9,811

295,017

DoorDash

,

Inc.,

Class A

*

710

137,222

Duluth

Holdings,

Inc.,

Class B

*(d)

409

5,100

eBay,

Inc.

23,986

1,355,449

Etsy,

Inc.

*

4,299

855,888

Expedia

Group,

Inc.

4,821

598,286

Groupon,

Inc.

*

2,762

94,377

Grubhub

,

Inc.

*

3,629

273,155

Lands'

End,

Inc.

*

360

9,940

Liquidity

Services,

Inc.

*

954

18,622

Magnite

,

Inc.

*

4,139

143,375

Overstock.com,

Inc.

*

1,596

123,850

PetMed

Express,

Inc.

1,931

73,764

Poshmark

,

Inc.,

Class A

*

1,419

99,018

Quotient

Technology,

Inc.

*

3,390

30,035

Qurate

Retail,

Inc. Series

A,

18,227

229,660

RealReal

,

Inc.

(The)

*

4,970

117,690

Shutterstock,

Inc.

1,561

101,449

Stamps.com,

Inc.

*

595

135,844

26

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Internet

&

Direct

Marketing

Retail

Stitch

Fix,

Inc.,

Class A

*

2,144

204,623

Waitr

Holdings,

Inc.

*

3,145

11,133

Wayfair,

Inc.,

Class A

*

2,383

648,939

58,696,886

IT

Services

3.0%

Accenture

plc,

Class A

23,383

5,656,815

Affirm

Holdings,

Inc.

*

1,705

169,801

Akamai

Technologies,

Inc.

*

5,853

649,859

Alliance

Data

Systems

Corp.

1,859

125,761

Amdocs

Ltd.

4,035

284,952

Automatic

Data

Processing,

Inc.

15,603

2,576,367

BigCommerce

Holdings,

Inc. Series

1,*

47

3,757

Black

Knight,

Inc.

*

5,599

457,382

Booz

Allen

Hamilton

Holding

Corp.

4,917

418,781

Brightcove

,

Inc.

*

1,632

26,846

Broadridge

Financial

Solutions,

Inc.

4,320

610,459

CACI

International,

Inc.,

Class A

*

795

191,770

Cardtronics

plc,

Class A

*

1,439

55,905

Cass

Information

Systems,

Inc.

590

23,954

Cognizant

Technology

Solutions

Corp.,

Class A

19,915

1,552,374

Concentrix

Corp.

*

1,453

155,355

Conduent

,

Inc.

*

6,660

32,101

CONTRA

BMTECHNOLOGIES

*∞

188

2,632

CSG

Systems

International,

Inc.

1,217

52,441

DXC

Technology

Co.

8,884

250,529

Endurance

International

Group

Holdings,

Inc.

*

2,791

26,459

EPAM

Systems,

Inc.

*

1,984

683,349

Euronet

Worldwide,

Inc.

*

2,037

254,544

EVERTEC,

Inc.

2,444

84,807

Evo

Payments,

Inc.,

Class A

*

1,589

36,483

ExlService

Holdings,

Inc.

*

1,382

105,972

Fastly

,

Inc.,

Class A

*(d)

2,822

308,586

Fidelity

National

Information

Services,

Inc.

22,375

2,762,417

Fiserv,

Inc.

*

20,861

2,142,216

FleetCor

Technologies,

Inc.

*

3,010

730,678

Gartner,

Inc.

*

3,055

464,085

Genpact

Ltd.

7,448

285,109

Global

Payments,

Inc.

11,100

1,959,372

Globant

SA

*

1,465

281,280

GoDaddy

,

Inc.,

Class A

*

6,239

490,261

GreenSky

,

Inc.,

Class A

*

2,049

10,102

Grid

Dynamics

Holdings,

Inc.

*

709

9,217

GTT

Communications,

Inc.

*(d)

1,353

6,291

Hackett

Group,

Inc.

(The)

1,024

13,947

I3

Verticals,

Inc.,

Class A

*

613

17,789

Information

Services

Group,

Inc.

*

953

3,364

Common

Stocks

Shares

Value

($)

IT

Services

International

Business

Machines

Corp.

32,404

3,859,640

International

Money

Express,

Inc.

*

404

5,769

Jack

Henry

&

Associates,

Inc.

2,751

398,317

KBR,

Inc.

5,493

159,572

Leidos

Holdings,

Inc.

5,049

535,497

Limelight

Networks,

Inc.

*

4,187

19,072

LiveRamp

Holdings,

Inc.

*

2,059

155,887

ManTech

International

Corp.,

Class A

1,106

99,197

Mastercard

,

Inc.,

Class A

32,476

10,271,834

MAXIMUS,

Inc.

1,679

126,026

MongoDB,

Inc.

*

1,913

707,064

NIC,

Inc.

2,678

72,092

Okta

,

Inc.

*

4,222

1,093,540

Paychex,

Inc.

11,955

1,043,911

PayPal

Holdings,

Inc.

*

43,222

10,127,347

Paysign

,

Inc.

*

1,390

6,505

Perficient

,

Inc.

*

1,320

72,085

Perspecta

,

Inc.

5,556

160,846

PFSweb

,

Inc.

*

418

2,872

Priority

Technology

Holdings,

Inc.

*

431

3,379

Rackspace

Technology,

Inc.

*

2,074

47,930

Repay

Holdings

Corp.

*

1,531

33,912

Sabre

Corp.

7,573

81,637

Science

Applications

International

Corp.

2,287

219,621

ServiceSource

International,

Inc.

*

2,811

4,413

Square,

Inc.,

Class A

*

13,529

2,921,723

StarTek

,

Inc.

*

617

5,393

StoneCo

Ltd.,

Class A

*

6,528

469,363

Switch,

Inc.,

Class A

1,959

33,734

Sykes

Enterprises,

Inc.

*

1,565

60,393

TTEC

Holdings,

Inc.

705

53,284

Tucows

,

Inc.,

Class A

*(d)

328

26,207

Twilio

,

Inc.,

Class A

*

5,067

1,821,232

Unisys

Corp.

*

2,521

60,227

VeriSign,

Inc.

*

3,661

710,490

Verra

Mobility

Corp.

*

5,183

66,342

Virtusa

Corp.

*

1,195

61,005

Visa,

Inc.,

Class A

62,582

12,093,971

Western

Union

Co.

(The)

14,456

321,935

WEX,

Inc.

*

1,585

298,931

72,286,364

Leisure

Products

0.1%

Acushnet

Holdings

Corp.

1,397

57,026

American

Outdoor

Brands,

Inc.

*

545

10,344

Brunswick

Corp.

3,151

272,435

Callaway

Golf

Co.

3,765

105,006

Clarus

Corp.

722

11,595

Escalade,

Inc.

258

5,379

Hasbro,

Inc.

4,686

439,641

Johnson

Outdoors,

Inc.,

Class A

220

23,987

Malibu

Boats,

Inc.,

Class A

*

843

59,103

Nationwide

Multi-Cap

Portfolio

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

27

Common

Stocks

Shares

Value

($)

Leisure

Products

Marine

Products

Corp.

219

3,565

MasterCraft

Boat

Holdings,

Inc.

*

813

20,756

Mattel,

Inc.

*

11,535

209,014

Nautilus,

Inc.

*

917

22,476

Peloton

Interactive,

Inc.,

Class A

*

10,556

1,542,548

Polaris,

Inc.

2,069

241,390

Smith

&

Wesson

Brands,

Inc.

2,181

36,117

Sturm

Ruger

&

Co.,

Inc.

664

42,071

Vista

Outdoor,

Inc.

*

2,318

67,616

YETI

Holdings,

Inc.

*

2,917

191,997

3,362,066

Life

Sciences

Tools

&

Services

0.8%

10X

Genomics,

Inc.,

Class A

*

2,162

370,026

Adaptive

Biotechnologies

Corp.

*

2,851

158,145

Agilent

Technologies,

Inc.

11,449

1,375,826

Avantor

,

Inc.

*

21,537

635,126

Berkeley

Lights,

Inc.

*

498

35,856

Bio-Rad

Laboratories,

Inc.,

Class A

*

760

436,065

Bio-

Techne

Corp.

1,409

457,798

Bruker

Corp.

3,206

185,595

Champions

Oncology,

Inc.

*

211

2,317

Charles

River

Laboratories

International,

Inc.

*

1,829

473,802

ChromaDex

Corp.

*

1,303

6,176

Codexis

,

Inc.

*

2,078

48,397

Fluidigm

Corp.

*

2,780

18,014

Harvard

Bioscience,

Inc.

*

1,343

6,232

Illumina,

Inc.

*

5,465

2,330,495

IQVIA

Holdings,

Inc.

*

7,037

1,251,179

Luminex

Corp.

1,700

47,753

Maravai

LifeSciences

Holdings,

Inc.,

Class A

*

9,507

331,224

Medpace

Holdings,

Inc.

*

1,054

139,961

Mettler

-Toledo

International,

Inc.

*

863

1,008,070

NanoString

Technologies,

Inc.

*

1,499

104,975

NeoGenomics

,

Inc.

*

4,128

218,867

Pacific

Biosciences

of

California,

Inc.

*

5,651

182,810

PerkinElmer,

Inc.

4,235

622,841

Personalis

,

Inc.

*

648

24,929

PPD,

Inc.

*

4,766

153,275

PRA

Health

Sciences,

Inc.

*

2,516

310,072

QIAGEN

NV

*

8,830

478,145

Quanterix

Corp.

*

714

46,224

Repligen

Corp.

*

2,065

413,000

Sotera

Health

Co.

*

11,937

311,436

Syneos

Health,

Inc.

*

2,449

182,083

Thermo

Fisher

Scientific,

Inc.

14,548

7,415,116

Waters

Corp.

*

2,320

614,034

20,395,864

Machinery

1.1%

AGCO

Corp.

2,442

270,818

Common

Stocks

Shares

Value

($)

Machinery

Alamo

Group,

Inc.

176

24,568

Albany

International

Corp.,

Class A

1,244

86,483

Allison

Transmission

Holdings,

Inc.

3,510

142,857

Altra

Industrial

Motion

Corp.

2,636

135,517

Astec

Industries,

Inc.

940

55,902

Barnes

Group,

Inc.

1,903

91,477

Blue

Bird

Corp.

*

688

14,104

Caterpillar,

Inc.

19,981

3,653,326

Chart

Industries,

Inc.

*

1,296

155,663

CIRCOR

International,

Inc.

*

807

25,800

Colfax

Corp.

*

4,005

148,666

Columbus

McKinnon

Corp.

926

39,994

Crane

Co.

983

74,393

Cummins,

Inc.

5,487

1,286,262

Deere

&

Co.

10,421

3,009,585

Donaldson

Co.,

Inc.

3,727

221,533

Douglas

Dynamics,

Inc.

919

37,495

Dover

Corp.

5,334

621,358

Eastern

Co.

(The)

162

3,813

Energy

Recovery,

Inc.

*

1,609

22,269

Enerpac

Tool

Group

Corp.

2,094

42,445

EnPro

Industries,

Inc.

841

60,712

ESCO

Technologies,

Inc.

1,021

97,077

Evoqua

Water

Technologies

Corp.

*

3,304

90,034

ExOne

Co.

(The)

*(d)

343

9,515

Federal

Signal

Corp.

2,464

80,548

Flowserve

Corp.

5,250

186,690

Fortive

Corp.

10,806

714,060

Franklin

Electric

Co.,

Inc.

1,812

125,789

Gates

Industrial

Corp.

plc

*

1,887

26,644

Gencor

Industries,

Inc.

*

261

3,343

Gorman-Rupp

Co.

(The)

726

22,869

Graco

,

Inc.

6,449

444,594

Graham

Corp.

319

4,708

Greenbrier

Cos.,

Inc.

(The)

1,267

45,840

Helios

Technologies,

Inc.

1,194

65,133

Hillenbrand,

Inc.

3,059

125,725

Hurco

Cos.,

Inc.

223

6,561

Hyster

-Yale

Materials

Handling,

Inc.

404

36,243

IDEX

Corp.

2,740

510,161

Illinois

Tool

Works,

Inc.

11,574

2,247,787

Ingersoll

Rand,

Inc.

*

12,912

540,238

ITT,

Inc.

3,422

255,658

John

Bean

Technologies

Corp.

1,010

117,039

Kadant

,

Inc.

447

63,899

Kennametal,

Inc.

3,427

129,815

L

B

Foster

Co.,

Class A

*

492

7,454

Lincoln

Electric

Holdings,

Inc.

2,235

255,907

Lindsay

Corp.

421

58,868

Luxfer

Holdings

plc

1,199

19,747

Lydall

,

Inc.

*

794

23,899

Manitowoc

Co.,

Inc.

(The)

*

1,444

18,974

Mayville

Engineering

Co.,

Inc.

*

266

3,724

Meritor,

Inc.

*

1,254

32,366

Middleby

Corp.

(The)

*

1,919

260,447

28

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Machinery

Miller

Industries,

Inc.

474

18,903

Mueller

Industries,

Inc.

2,291

78,238

Mueller

Water

Products,

Inc.,

Class A

6,399

76,724

Navistar

International

Corp.

*

1,831

80,564

NN,

Inc.

*

1,803

10,872

Nordson

Corp.

2,078

371,941

Omega

Flex,

Inc.

98

18,130

Oshkosh

Corp.

2,152

197,102

Otis

Worldwide

Corp.

15,104

976,474

PACCAR,

Inc.

12,705

1,158,950

Parker-Hannifin

Corp.

4,785

1,266,159

Park-Ohio

Holdings

Corp.

369

10,402

Pentair

plc

6,553

356,876

Proto

Labs,

Inc.

*

756

160,121

RBC

Bearings,

Inc.

*

1,012

169,338

REV

Group,

Inc.

1,095

11,311

Rexnord

Corp.

4,160

157,498

Shyft

Group,

Inc.

(The)

1,461

44,122

Snap-on,

Inc.

1,713

308,323

SPX

Corp.

*

1,722

89,045

SPX

FLOW,

Inc.

*

1,726

91,426

Standex

International

Corp.

481

39,399

Stanley

Black

&

Decker,

Inc.

5,727

993,577

Tennant

Co.

705

47,764

Terex

Corp.

2,747

98,233

Timken

Co.

(The)

2,493

188,620

Toro

Co.

(The)

3,981

375,209

TriMas

Corp.

*

1,708

54,058

Trinity

Industries,

Inc.

3,445

95,805

Wabash

National

Corp.

2,190

34,930

Watts

Water

Technologies,

Inc.,

Class A

1,096

131,597

Welbilt

,

Inc.

*

5,315

68,617

Westinghouse

Air

Brake

Technologies

Corp.

5,816

431,605

Woodward,

Inc.

2,223

248,865

Xylem,

Inc.

6,560

633,630

25,950,824

Marine

0.0%

†

Costamare

,

Inc.

1,663

13,304

Eagle

Bulk

Shipping,

Inc.

*

185

3,621

Genco

Shipping

&

Trading

Ltd.

631

4,991

Kirby

Corp.

*

2,383

120,961

Matson,

Inc.

1,734

103,693

Pangaea

Logistics

Solutions

Ltd.

*

380

1,056

Safe

Bulkers,

Inc.

*

1,586

2,760

Scorpio

Bulkers,

Inc.

279

4,495

SEACOR

Holdings,

Inc.

*

799

33,350

288,231

Media

0.8%

Altice

USA,

Inc.,

Class A

*

10,465

372,240

AMC

Networks,

Inc.,

Class A

*

502

24,809

Boston

Omaha

Corp.,

Class A

*

386

10,538

Cable

One,

Inc.

198

396,000

Cardlytics,

Inc.

*

1,059

129,484

Common

Stocks

Shares

Value

($)

Media

Charter

Communications,

Inc.,

Class A

*

5,366

3,260,167

Comcast

Corp.,

Class A

166,670

8,261,832

comScore,

Inc.

*

2,543

8,112

Daily

Journal

Corp.

*

53

17,702

Discovery,

Inc.,

Class A

*(d)

16,100

589,946

DISH

Network

Corp.,

Class A

*

8,448

245,161

Emerald

Holding,

Inc.

1,035

4,202

Entercom

Communications

Corp.,

Class A

5,015

23,320

Entravision

Communications

Corp.,

Class A

2,087

6,678

EW

Scripps

Co.

(The),

Class A

2,324

34,418

Fluent,

Inc.

*

1,132

6,135

Fox

Corp.,

Class A

17,608

542,250

Gannett

Co.,

Inc.

*

5,678

25,437

Gray

Television,

Inc.

*

795

13,555

Hemisphere

Media

Group,

Inc.

*

541

5,648

iHeartMedia

,

Inc.,

Class A

*

1,984

28,847

Interpublic

Group

of

Cos.,

Inc.

(The)

13,847

333,297

John

Wiley

&

Sons,

Inc.,

Class A

1,775

80,958

Liberty

Broadband

Corp.,

Class A

*

6,831

997,086

Liberty

Media

Corp-Liberty

SiriusXM

,

Class A

*

8,839

358,137

Loral

Space

&

Communications,

Inc.

541

13,741

Meredith

Corp.

1,685

36,952

MSG

Networks,

Inc.,

Class A

*

1,317

22,745

National

CineMedia

,

Inc.

3,075

12,807

New

York

Times

Co.

(The),

Class A

6,446

319,657

News

Corp.,

Class A

20,441

393,894

Nexstar

Media

Group,

Inc.,

Class A

1,285

146,066

Omnicom

Group,

Inc.

7,812

487,313

Saga

Communications,

Inc.,

Class A

114

2,565

Scholastic

Corp.

985

25,384

Sinclair

Broadcast

Group,

Inc.,

Class A

697

21,963

Sirius

XM

Holdings,

Inc.

(d)

40,944

256,309

TechTarget

,

Inc.

*

946

70,666

TEGNA,

Inc.

36,025

577,481

Tribune

Publishing

Co.

529

7,729

ViacomCBS

,

Inc.

20,196

979,506

WideOpenWest

,

Inc.

*

1,771

18,861

19,169,598

Metals

&

Mining

0.3%

Alcoa

Corp.

*

7,439

133,902

Allegheny

Technologies,

Inc.

*

5,120

87,091

Arconic

Corp.

*

2,918

73,534

Caledonia

Mining

Corp.

plc

318

4,780

Carpenter

Technology

Corp.

782

24,430

Century

Aluminum

Co.

*

2,270

22,132

Cleveland-Cliffs,

Inc.

15,448

236,972

Nationwide

Multi-Cap

Portfolio

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

29

Common

Stocks

Shares

Value

($)

Metals

&

Mining

Coeur

Mining,

Inc.

*

9,442

85,450

Commercial

Metals

Co.

2,941

57,908

Compass

Minerals

International,

Inc.

909

52,958

Fortitude

Gold

Corp.

*∞

604

634

Freeport-McMoRan,

Inc.

*

53,659

1,443,964

Gatos

Silver,

Inc.

*(d)

4,644

61,347

Gold

Resource

Corp.

2,114

5,961

Haynes

International,

Inc.

537

12,453

Hecla

Mining

Co.

20,901

118,927

Kaiser

Aluminum

Corp.

539

46,731

Materion

Corp.

795

54,211

Newmont

Corp.

29,453

1,755,399

Novagold

Resources,

Inc.

*

9,529

86,904

Nucor

Corp.

11,256

548,505

Olympic

Steel,

Inc.

280

3,822

Reliance

Steel

&

Aluminum

Co.

2,292

266,055

Royal

Gold,

Inc.

2,269

242,511

Ryerson

Holding

Corp.

*

541

6,676

Schnitzer

Steel

Industries,

Inc.,

Class A

1,071

31,616

Southern

Copper

Corp.

3,308

219,684

Steel

Dynamics,

Inc.

6,678

228,855

SunCoke

Energy,

Inc.

3,461

17,063

TimkenSteel

Corp.

*

2,066

10,392

United

States

Steel

Corp.

(d)

8,589

152,541

Warrior

Met

Coal,

Inc.

2,093

48,181

Worthington

Industries,

Inc.

1,581

82,750

6,224,339

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.1%

AGNC

Investment

Corp.

20,794

324,386

Annaly

Capital

Management,

Inc.

51,469

417,928

Anworth

Mortgage

Asset

Corp.

4,811

11,739

Apollo

Commercial

Real

Estate

Finance,

Inc.

6,209

69,417

Arbor

Realty

Trust,

Inc.

4,202

59,921

Ares

Commercial

Real

Estate

Corp.

1,356

15,350

Arlington

Asset

Investment

Corp.,

Class A

*

1,586

5,741

ARMOUR

Residential

REIT,

Inc.

2,696

30,114

Blackstone

Mortgage

Trust,

Inc.,

Class A

4,255

113,438

Broadmark

Realty

Capital,

Inc.

5,565

57,264

Capstead

Mortgage

Corp.

4,259

22,743

Cherry

Hill

Mortgage

Investment

Corp.

667

5,870

Chimera

Investment

Corp.

4,775

48,228

Colony

Credit

Real

Estate,

Inc.

3,027

23,913

Dynex

Capital,

Inc.

698

12,599

Ellington

Financial,

Inc.

1,595

23,861

Ellington

Residential

Mortgage

REIT

283

3,385

Granite

Point

Mortgage

Trust,

Inc.

2,292

21,362

Common

Stocks

Shares

Value

($)

Mortgage

Real

Estate

Investment

Trusts

(REITs)

Great

Ajax

Corp.

654

6,442

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

2,805

165,916

Invesco

Mortgage

Capital,

Inc.

7,368

29,767

KKR

Real

Estate

Finance

Trust,

Inc.

1,110

19,003

Ladder

Capital

Corp.

4,252

41,797

MFA

Financial,

Inc.

18,941

68,945

New

Residential

Investment

Corp.

16,878

158,484

New

York

Mortgage

Trust,

Inc.

14,996

55,935

Orchid

Island

Capital,

Inc.

3,220

16,647

PennyMac

Mortgage

Investment

Trust

3,902

67,310

Ready

Capital

Corp.

1,521

17,309

Redwood

Trust,

Inc.

4,750

40,755

Starwood

Property

Trust,

Inc.

10,790

202,420

TPG

RE

Finance

Trust,

Inc.

2,414

23,585

Two

Harbors

Investment

Corp.

11,259

68,342

Western

Asset

Mortgage

Capital

Corp.

1,797

5,301

2,255,217

Multiline

Retail

0.3%

Big

Lots,

Inc.

1,250

74,600

Dillard's,

Inc.,

Class A

(d)

322

28,275

Dollar

General

Corp.

9,369

1,823,301

Dollar

Tree,

Inc.

*

8,686

883,019

Kohl's

Corp.

5,067

223,252

Macy's,

Inc.

12,267

184,495

Nordstrom,

Inc.

(d)

4,395

155,803

Ollie's

Bargain

Outlet

Holdings,

Inc.

*

2,003

189,744

Target

Corp.

18,406

3,334,615

6,897,104

Multi-Utilities

0.4%

Ameren

Corp.

8,658

629,610

Avista

Corp.

1,616

60,568

Black

Hills

Corp.

2,018

119,304

CenterPoint

Energy,

Inc.

18,849

397,525

CMS

Energy

Corp.

10,750

611,460

Consolidated

Edison,

Inc.

12,230

865,639

Dominion

Energy,

Inc.

29,617

2,158,783

DTE

Energy

Co.

7,151

848,967

MDU

Resources

Group,

Inc.

7,939

208,716

NiSource,

Inc.

14,947

331,076

NorthWestern

Corp.

2,036

110,901

Public

Service

Enterprise

Group,

Inc.

19,036

1,074,201

Sempra

Energy

10,925

1,352,078

Unitil

Corp.

531

21,649

WEC

Energy

Group,

Inc.

11,834

1,052,043

9,842,520

Oil,

Gas

&

Consumable

Fuels

1.2%

Adams

Resources

&

Energy,

Inc.

68

1,646

Antero

Midstream

Corp.

11,845

95,944

30

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

Antero

Resources

Corp.

*

10,543

73,168

Apache

Corp.

13,468

192,323

Arch

Resources,

Inc.

652

31,244

Ardmore

Shipping

Corp.

1,668

5,338

Berry

Corp.

2,764

10,641

Bonanza

Creek

Energy,

Inc.

*

870

17,974

Brigham

Minerals,

Inc.,

Class A

1,153

15,439

Cabot

Oil

&

Gas

Corp.

14,173

259,791

Cheniere

Energy,

Inc.

*

8,358

529,312

Chevron

Corp.

70,403

5,998,336

Cimarex

Energy

Co.

4,113

173,486

Clean

Energy

Fuels

Corp.

*

5,719

58,505

CNX

Resources

Corp.

*

5,422

68,697

Comstock

Resources,

Inc.

*

700

3,185

ConocoPhillips

49,389

1,977,042

CONSOL

Energy,

Inc.

*

1,131

9,184

Contango

Oil

&

Gas

Co.

*

3,119

7,454

Continental

Resources,

Inc.

2,892

56,943

CVR

Energy,

Inc.

1,209

20,674

Delek

US

Holdings,

Inc.

2,580

48,401

Devon

Energy

Corp.

21,145

348,047

DHT

Holdings,

Inc.

4,443

23,859

Diamond

S

Shipping,

Inc.,

Class S

*

1,179

7,534

Diamondback

Energy,

Inc.

5,697

322,963

Dorian

LPG

Ltd.

*

1,196

13,862

Earthstone

Energy,

Inc.,

Class A

*

690

3,547

Energy

Fuels,

Inc.

*

5,140

19,532

EOG

Resources,

Inc.

20,795

1,059,713

EQT

Corp.

8,983

146,513

Equitrans

Midstream

Corp.

14,167

94,211

Evolution

Petroleum

Corp.

739

2,350

Exxon

Mobil

Corp.

154,947

6,947,823

Falcon

Minerals

Corp.

1,848

5,655

Frontline

Ltd.

(d)

4,611

27,205

Golar

LNG

Ltd.

*

1,220

13,213

Goodrich

Petroleum

Corp.

*

285

2,756

Green

Plains,

Inc.

*

1,496

28,738

Hess

Corp.

10,457

564,469

HollyFrontier

Corp.

6,030

171,614

International

Seaways,

Inc.

1,057

16,923

Kinder

Morgan,

Inc.

71,934

1,012,831

Kosmos

Energy

Ltd.

15,325

34,022

Magnolia

Oil

&

Gas

Corp.,

Class A

*

4,951

41,935

Marathon

Oil

Corp.

32,189

233,048

Marathon

Petroleum

Corp.

23,591

1,018,188

Matador

Resources

Co.

*

4,566

69,768

Murphy

Oil

Corp.

6,052

74,863

NACCO

Industries,

Inc.,

Class A

131

3,140

NextDecade

Corp.

*

861

2,006

Nordic

American

Tankers

Ltd.

5,432

16,079

Occidental

Petroleum

Corp.

31,075

623,364

ONEOK,

Inc.

15,818

630,031

Overseas

Shipholding

Group,

Inc.,

Class A

*

2,026

4,194

Ovintiv

,

Inc.

8,630

136,009

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

Par

Pacific

Holdings,

Inc.

*

1,643

21,819

PBF

Energy,

Inc.,

Class A

3,404

28,832

PDC

Energy,

Inc.

*

4,002

86,883

Peabody

Energy

Corp.

*

2,611

10,000

Penn

Virginia

Corp.

*

633

6,355

Phillips

66

16,120

1,092,936

Pioneer

Natural

Resources

Co.

7,467

902,760

PrimeEnergy

Resources

Corp.

*

13

465

Range

Resources

Corp.

*

8,918

82,135

Renewable

Energy

Group,

Inc.

*

1,489

133,414

REX

American

Resources

Corp.

*

233

17,824

Scorpio

Tankers,

Inc.

2,054

25,552

SFL

Corp.

Ltd.

3,802

24,029

SM

Energy

Co.

4,526

37,973

Southwestern

Energy

Co.

*

22,050

83,128

Talos

Energy,

Inc.

*

516

4,365

Targa

Resources

Corp.

8,361

228,841

Tellurian,

Inc.

*(d)

5,280

15,998

Uranium

Energy

Corp.

*

5,374

8,760

Valero

Energy

Corp.

14,777

833,866

W&T

Offshore,

Inc.

*

4,165

10,079

Whiting

Petroleum

Corp.

*

41

834

Williams

Cos.,

Inc.

(The)

44,796

951,019

World

Fuel

Services

Corp.

2,620

80,146

28,062,745

Paper

&

Forest

Products

0.0%

†

Clearwater

Paper

Corp.

*

689

26,237

Domtar

Corp.

1,256

37,642

Glatfelter

Corp.

1,821

28,499

Louisiana-Pacific

Corp.

4,448

169,068

Neenah,

Inc.

696

35,440

Schweitzer-Mauduit

International,

Inc.

1,240

46,054

Verso

Corp.,

Class A

1,394

16,031

358,971

Personal

Products

0.1%

BellRing

Brands,

Inc.,

Class A

*

1,526

35,495

Coty,

Inc.,

Class A

12,001

76,446

Edgewell

Personal

Care

Co.

2,176

72,678

elf

Beauty,

Inc.

*

1,103

24,001

Estee

Lauder

Cos.,

Inc.

(The),

Class A

8,267

1,956,386

Herbalife

Nutrition

Ltd.

*

3,115

158,740

Inter

Parfums

,

Inc.

678

42,158

Lifevantage

Corp.

*

462

4,130

Medifast

,

Inc.

436

102,316

Nature's

Sunshine

Products,

Inc.

*

337

5,409

Nu

Skin

Enterprises,

Inc.,

Class A

1,972

114,120

Revlon,

Inc.,

Class A

*(d)

200

2,300

USANA

Health

Sciences,

Inc.

*

475

39,311

Nationwide

Multi-Cap

Portfolio

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

31

Common

Stocks

Shares

Value

($)

Personal

Products

Veru

,

Inc.

*(d)

1,785

15,744

2,649,234

Pharmaceuticals

2.0%

AcelRx

Pharmaceuticals,

Inc.

*(d)

2,250

4,950

Aclaris

Therapeutics,

Inc.

*

2,055

42,641

Aerie

Pharmaceuticals,

Inc.

*(d)

1,476

25,372

Agile

Therapeutics,

Inc.

*

2,367

6,675

Amneal

Pharmaceuticals,

Inc.

*

3,805

18,302

Amphastar

Pharmaceuticals,

Inc.

*

1,446

26,288

ANI

Pharmaceuticals,

Inc.

*

414

11,816

Aquestive

Therapeutics,

Inc.

*

555

2,936

Arvinas

,

Inc.

*

1,089

82,154

Atea

Pharmaceuticals,

Inc.

*(d)

2,458

179,434

Athira

Pharma,

Inc.

*

1,479

31,532

Avenue

Therapeutics,

Inc.

*

179

1,060

Axsome

Therapeutics,

Inc.

*

972

66,183

Aytu

BioScience

,

Inc.

*

62

443

BioDelivery

Sciences

International,

Inc.

*

3,786

14,576

Bristol-Myers

Squibb

Co.

82,575

5,072,582

Cara

Therapeutics,

Inc.

*

1,607

30,051

Cassava

Sciences,

Inc.

*

618

12,249

Catalent

,

Inc.

*

6,224

716,071

Cerecor

,

Inc.

*

769

2,422

Chiasma,

Inc.

*

1,195

4,732

Collegium

Pharmaceutical,

Inc.

*

1,418

34,231

Corcept

Therapeutics,

Inc.

*

3,818

107,897

CorMedix,

Inc.

*

811

7,096

Cymabay

Therapeutics,

Inc.

*

2,966

15,868

Durect

Corp.

*

6,827

14,064

Elanco

Animal

Health,

Inc.

*

15,258

442,940

Eli

Lilly

&

Co.

30,977

6,442,287

Eloxx

Pharmaceuticals,

Inc.

*

943

3,244

Endo

International

plc

*

9,013

65,615

Eton

Pharmaceuticals,

Inc.

*(d)

476

4,246

Evofem

Biosciences,

Inc.

*(d)

1,771

4,658

Evolus

,

Inc.

*(d)

752

5,084

Fulcrum

Therapeutics,

Inc.

*

404

4,468

Harrow

Health,

Inc.

*

738

6,642

Horizon

Therapeutics

plc

*

7,277

527,437

IMARA,

Inc.

*

158

2,057

Innoviva

,

Inc.

*

3,437

41,278

Intra-Cellular

Therapies,

Inc.

*

2,225

71,534

Jazz

Pharmaceuticals

plc

*

2,045

317,997

Johnson

&

Johnson

96,884

15,804,687

Kala

Pharmaceuticals,

Inc.

*(d)

1,286

9,555

Kaleido

Biosciences,

Inc.

*(d)

268

4,007

Lannett

Co.,

Inc.

*

1,149

8,905

Liquidia

Technologies,

Inc.

*

695

1,904

Lyra

Therapeutics,

Inc.

*

165

1,744

Marinus

Pharmaceuticals,

Inc.

*

642

7,980

Common

Stocks

Shares

Value

($)

Pharmaceuticals

Merck

&

Co.,

Inc.

92,572

7,134,524

Nektar

Therapeutics

*

6,838

134,709

NGM

Biopharmaceuticals,

Inc.

*

1,034

26,532

Ocular

Therapeutix

,

Inc.

*

2,378

43,161

Odonate

Therapeutics,

Inc.

*

530

12,248

Omeros

Corp.

*(d)

2,145

41,742

Optinose

,

Inc.

*(d)

1,033

4,111

Osmotica

Pharmaceuticals

plc

*(d)

442

1,843

Pacira

BioSciences

,

Inc.

*

1,696

112,072

Paratek

Pharmaceuticals,

Inc.

*

1,197

7,769

Perrigo

Co.

plc

4,554

194,456

Pfizer,

Inc.

204,117

7,327,800

Phathom

Pharmaceuticals,

Inc.

*

446

17,171

Phibro

Animal

Health

Corp.,

Class A

858

17,795

Prestige

Consumer

Healthcare,

Inc.

*

794

31,760

Provention

Bio,

Inc.

*

1,404

19,333

Reata

Pharmaceuticals,

Inc.,

Class A

*

933

96,649

Recro

Pharma,

Inc.

*

620

1,941

Relmada

Therapeutics,

Inc.

*(d)

467

15,262

Revance

Therapeutics,

Inc.

*

2,099

53,399

Royalty

Pharma

plc,

Class A

4,017

188,839

Satsuma

Pharmaceuticals,

Inc.

*

332

1,932

scPharmaceuticals

,

Inc.

*

127

805

SIGA

Technologies,

Inc.

*

2,389

15,433

Strongbridge

Biopharma

plc

*

1,230

3,321

Supernus

Pharmaceuticals,

Inc.

*

2,002

58,839

Tarsus

Pharmaceuticals,

Inc.

*(d)

1,155

43,543

TherapeuticsMD

,

Inc.

*(d)

9,539

15,739

Theravance

Biopharma,

Inc.

*

1,817

33,869

Tricida

,

Inc.

*

1,095

7,205

Verrica

Pharmaceuticals,

Inc.

*

408

4,794

Viatris

,

Inc.

*

45,197

767,897

VYNE

Therapeutics,

Inc.

*

3,659

7,245

WaVe

Life

Sciences

Ltd.

*

742

7,546

Xeris

Pharmaceuticals,

Inc.

*(d)

1,490

7,569

Zoetis,

Inc.

17,276

2,664,823

Zogenix

,

Inc.

*

2,119

40,176

49,473,746

Professional

Services

0.3%

Akerna

Corp.

*(d)

304

1,769

ASGN,

Inc.

*

2,007

166,400

Barrett

Business

Services,

Inc.

308

19,419

BG

Staffing,

Inc.

305

3,849

CBIZ,

Inc.

*

2,019

52,312

CoreLogic

,

Inc.

3,120

234,905

CoStar

Group,

Inc.

*

1,440

1,295,582

CRA

International,

Inc.

246

13,090

32

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Professional

Services

Dun

&

Bradstreet

Holdings,

Inc.

*

4,537

107,300

Equifax,

Inc.

4,458

789,556

Exponent,

Inc.

2,004

165,490

Forrester

Research,

Inc.

*

462

18,323

Franklin

Covey

Co.

*

527

12,674

FTI

Consulting,

Inc.

*

1,343

147,690

GP

Strategies

Corp.

*

374

4,518

Heidrick

&

Struggles

International,

Inc.

787

22,949

Huron

Consulting

Group,

Inc.

*

899

47,611

ICF

International,

Inc.

751

57,925

IHS

Markit

Ltd.

14,768

1,285,997

Insperity

,

Inc.

1,367

107,296

Kelly

Services,

Inc.,

Class A

1,415

27,621

Kforce

,

Inc.

845

36,039

Korn

Ferry

2,240

102,144

ManpowerGroup

,

Inc.

2,306

203,943

Mastech

Digital,

Inc.

*

121

1,974

Mistras

Group,

Inc.

*

536

3,704

Nielsen

Holdings

plc

12,676

283,055

Red

Violet,

Inc.

*

231

5,174

Resources

Connection,

Inc.

1,302

15,025

Robert

Half

International,

Inc.

4,360

294,300

TransUnion

6,867

597,704

TriNet

Group,

Inc.

*

1,635

121,170

TrueBlue

,

Inc.

*

1,431

26,602

Upwork

,

Inc.

*

3,302

136,868

Verisk

Analytics,

Inc.

5,801

1,064,484

Willdan

Group,

Inc.

*

440

19,664

7,494,126

Real

Estate

Management

&

Development

0.1%

Altisource

Portfolio

Solutions

SA

*

136

1,378

CBRE

Group,

Inc.,

Class A

*

12,487

761,457

Cushman

&

Wakefield

plc

*

4,488

64,313

eXp

World

Holdings,

Inc.

*

736

78,450

Forestar

Group,

Inc.

*

528

11,347

FRP

Holdings,

Inc.

*

305

13,173

Howard

Hughes

Corp.

(The)

*

1,477

127,273

Indus

Realty

Trust,

Inc.

87

5,544

Jones

Lang

LaSalle,

Inc.

*

2,000

292,420

Kennedy-Wilson

Holdings,

Inc.

5,012

86,156

Marcus

&

Millichap,

Inc.

*

978

34,944

Maui

Land

&

Pineapple

Co.,

Inc.

*

184

2,127

Newmark

Group,

Inc.,

Class A

6,121

41,378

Rafael

Holdings,

Inc.,

Class B

*

424

9,956

RE/MAX

Holdings,

Inc.,

Class A

753

27,274

Realogy

Holdings

Corp.

*

4,447

63,147

Redfin

Corp.

*

3,324

236,702

RMR

Group,

Inc.

(The),

Class A

597

22,017

St

Joe

Co.

(The)

1,228

54,646

Stratus

Properties,

Inc.

*

162

4,235

Tejon

Ranch

Co.

*

918

14,624

Common

Stocks

Shares

Value

($)

Real

Estate

Management

&

Development

Transcontinental

Realty

Investors,

Inc.

*

57

1,219

1,953,780

Road

&

Rail

0.6%

AMERCO

248

114,685

ArcBest

Corp.

1,007

46,674

Avis

Budget

Group,

Inc.

*

1,389

57,421

Covenant

Logistics

Group,

Inc.

*

377

5,689

CSX

Corp.

28,615

2,453,879

Daseke

,

Inc.

*

1,300

6,838

Heartland

Express,

Inc.

1,801

33,805

JB

Hunt

Transport

Services,

Inc.

2,978

401,017

Kansas

City

Southern

3,321

673,067

Knight-Swift

Transportation

Holdings,

Inc.

4,840

193,600

Landstar

System,

Inc.

1,510

210,494

Lyft,

Inc.,

Class A

*

7,730

343,676

Marten

Transport

Ltd.

2,262

35,853

Norfolk

Southern

Corp.

9,572

2,264,927

Old

Dominion

Freight

Line,

Inc.

3,606

699,564

PAM

Transportation

Services,

Inc.

*

61

3,151

Ryder

System,

Inc.

1,989

124,492

Saia,

Inc.

*

1,049

185,411

Schneider

National,

Inc.,

Class B

2,257

47,397

Uber

Technologies,

Inc.

*

50,644

2,579,299

Union

Pacific

Corp.

25,162

4,968,740

Universal

Logistics

Holdings,

Inc.

236

5,003

US

Xpress

Enterprises,

Inc.,

Class A

*

663

4,475

Werner

Enterprises,

Inc.

2,333

91,547

15,550,704

Semiconductors

&

Semiconductor

Equipment

2.8%

Advanced

Energy

Industries,

Inc.

*

1,501

153,973

Advanced

Micro

Devices,

Inc.

*

41,765

3,576,755

Allegro

MicroSystems

,

Inc.

*

7,039

196,529

Alpha

&

Omega

Semiconductor

Ltd.

*

660

18,968

Ambarella

,

Inc.

*

1,380

130,217

Amkor

Technology,

Inc.

4,134

64,160

Analog

Devices,

Inc.

9,073

1,336,725

Applied

Materials,

Inc.

33,833

3,270,974

Atomera

,

Inc.

*(d)

477

13,699

Axcelis

Technologies,

Inc.

*

1,359

46,532

AXT,

Inc.

*

1,289

13,315

Broadcom,

Inc.

14,611

6,582,255

Brooks

Automation,

Inc.

2,150

162,884

CEVA,

Inc.

*

897

52,735

Cirrus

Logic,

Inc.

*

2,286

214,175

CMC

Materials,

Inc.

858

126,392

Cohu

,

Inc.

1,716

69,807

Nationwide

Multi-Cap

Portfolio

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

33

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

Cree,

Inc.

*

3,861

390,270

CyberOptics

Corp.

*

220

5,322

Diodes,

Inc.

*

1,710

121,034

DSP

Group,

Inc.

*

943

15,211

Enphase

Energy,

Inc.

*

5,338

973,384

Entegris

,

Inc.

4,874

479,553

First

Solar,

Inc.

*

3,298

326,997

FormFactor

,

Inc.

*

2,966

121,220

GSI

Technology,

Inc.

*

552

3,963

Ichor

Holdings

Ltd.

*

915

33,031

Impinj

,

Inc.

*

683

36,178

Inphi

Corp.

*

1,894

319,347

Intel

Corp.

151,010

8,382,565

KLA

Corp.

5,669

1,587,717

Lam

Research

Corp.

5,423

2,624,461

Lattice

Semiconductor

Corp.

*

5,365

215,190

MACOM

Technology

Solutions

Holdings,

Inc.

*

1,987

112,981

Marvell

Technology

Group

Ltd.

8,561

440,549

Maxeon

Solar

Technologies

Ltd.

*(d)

381

15,469

Maxim

Integrated

Products,

Inc.

9,655

846,840

MaxLinear

,

Inc.

*

2,768

86,887

Microchip

Technology,

Inc.

8,962

1,219,818

Micron

Technology,

Inc.

*

41,038

3,212,044

MKS

Instruments,

Inc.

1,905

301,123

Monolithic

Power

Systems,

Inc.

1,630

579,123

NeoPhotonics

Corp.

*

2,142

23,862

NVE

Corp.

200

12,778

NVIDIA

Corp.

21,720

11,285,495

ON

Semiconductor

Corp.

*

14,844

511,970

Onto

Innovation,

Inc.

*

1,863

100,695

PDF

Solutions,

Inc.

*

1,184

22,875

Photronics

,

Inc.

*

2,648

29,393

Pixelworks

,

Inc.

*

1,186

3,629

Power

Integrations,

Inc.

1,876

151,112

Qorvo

,

Inc.

*

4,125

704,880

QUALCOMM,

Inc.

41,437

6,475,774

Rambus,

Inc.

*

4,685

88,992

Semtech

Corp.

*

2,547

180,710

Silicon

Laboratories,

Inc.

*

1,456

190,984

SiTime

Corp.

*

168

20,504

Skyworks

Solutions,

Inc.

6,053

1,024,470

SMART

Global

Holdings,

Inc.

*

480

17,832

SolarEdge

Technologies,

Inc.

*

2,705

779,933

SunPower

Corp.

*(d)

3,060

165,271

Synaptics

,

Inc.

*

899

89,199

Teradyne,

Inc.

6,298

714,697

Texas

Instruments,

Inc.

34,171

5,661,793

Ultra

Clean

Holdings,

Inc.

*

1,606

61,992

Universal

Display

Corp.

1,574

363,311

Veeco

Instruments,

Inc.

*

2,042

37,695

Xilinx,

Inc.

9,146

1,194,193

68,394,411

Software

5.4%

2U,

Inc.

*

2,676

109,448

8x8,

Inc.

*

4,062

143,186

Common

Stocks

Shares

Value

($)

Software

A10

Networks,

Inc.

*

2,634

26,156

ACI

Worldwide,

Inc.

*

4,492

172,448

Adobe,

Inc.

*

17,675

8,108,760

Agilysys

,

Inc.

*

740

27,225

Alarm.com

Holdings,

Inc.

*

1,767

164,190

Altair

Engineering,

Inc.,

Class A

*

1,693

94,689

Alteryx,

Inc.,

Class A

*

1,874

236,218

American

Software,

Inc.,

Class A

1,208

23,206

Anaplan,

Inc.

*

4,760

317,492

ANSYS,

Inc.

*

3,198

1,133,275

Appfolio

,

Inc.,

Class A

*

625

95,506

Appian

Corp.

*(d)

1,316

287,493

Aspen

Technology,

Inc.

*

2,303

308,372

Asure

Software,

Inc.

*

456

3,730

Atlassian

Corp.

plc,

Class A

*

4,648

1,074,292

Autodesk,

Inc.

*

8,202

2,275,481

Avalara,

Inc.

*

2,959

443,850

Avaya

Holdings

Corp.

*

3,477

77,328

Benefitfocus

,

Inc.

*

1,197

14,723

Bentley

Systems,

Inc.,

Class B

3,471

136,376

Bill.com

Holdings,

Inc.

*

2,087

254,364

Blackbaud

,

Inc.

1,164

77,394

Blackline,

Inc.

*

1,974

255,870

Bottomline

Technologies

DE,

Inc.

*

1,792

85,622

Box,

Inc.,

Class A

*

5,426

94,087

C3.ai,

Inc.,

Class A

*

1,050

146,580

Cadence

Design

Systems,

Inc.

*

10,167

1,325,675

CDK

Global,

Inc.

3,357

167,514

Cerence

,

Inc.

*

1,430

160,031

Ceridian

HCM

Holding,

Inc.

*

4,186

388,921

ChannelAdvisor

Corp.

*

912

18,696

Citrix

Systems,

Inc.

4,653

620,291

Cloudera,

Inc.

*

7,955

121,473

Cloudflare

,

Inc.,

Class A

*

4,302

329,791

CommVault

Systems,

Inc.

*

1,659

104,152

Cornerstone

OnDemand

,

Inc.

*

1,555

63,600

Coupa

Software,

Inc.

*

2,453

760,111

Crowdstrike

Holdings,

Inc.,

Class A

*

6,235

1,345,513

Datadog

,

Inc.,

Class A

*

5,770

592,868

Datto

Holding

Corp.

*

4,339

103,529

Digimarc

Corp.

*

470

18,264

Digital

Turbine,

Inc.

*

2,501

143,082

DocuSign,

Inc.

*

6,661

1,551,280

Domo,

Inc.,

Class B

*

952

60,347

Dropbox,

Inc.,

Class A

*

7,836

177,329

Duck

Creek

Technologies,

Inc.

*

27

1,305

Dynatrace

,

Inc.

*

7,061

293,102

Ebix

,

Inc.

1,030

53,632

eGain

Corp.

*

674

7,414

Elastic

NV

*

2,540

385,978

Envestnet

,

Inc.

*

2,064

158,371

Everbridge

,

Inc.

*

1,338

177,860

Fair

Isaac

Corp.

*

1,040

468,114

FireEye,

Inc.

*

8,611

180,831

34

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Software

Five9,

Inc.

*

2,418

401,993

Fortinet,

Inc.

*

5,058

732,146

GTY

Technology

Holdings,

Inc.

*

1,674

12,588

Guidewire

Software,

Inc.

*

2,875

329,878

HubSpot

,

Inc.

*

1,514

563,511

Intelligent

Systems

Corp.

*

244

9,880

InterDigital

,

Inc.

1,287

82,638

Intuit,

Inc.

9,210

3,326,928

J2

Global,

Inc.

*

1,804

185,163

Jamf

Holding

Corp.

*

1,191

43,984

JFrog

Ltd.

*

636

39,731

LivePerson

,

Inc.

*(d)

2,194

139,012

Manhattan

Associates,

Inc.

*

2,473

280,018

McAfee

Corp.,

Class A

2,685

50,612

Medallia

,

Inc.

*

3,188

132,302

Microsoft

Corp.

275,628

63,934,671

MicroStrategy

,

Inc.,

Class A

*(d)

282

174,081

Mimecast

Ltd.

*

2,271

97,789

Mitek

Systems,

Inc.

*

2,565

41,425

Model

N,

Inc.

*

1,348

45,805

nCino

,

Inc.

*

542

38,861

New

Relic,

Inc.

*

1,554

116,830

NortonLifeLock

,

Inc.

18,961

399,508

Nuance

Communications,

Inc.

*

10,922

497,388

Nutanix

,

Inc.,

Class A

*

7,077

215,990

OneSpan

,

Inc.

*

1,327

30,946

Oracle

Corp.

69,914

4,224,903

PagerDuty

,

Inc.

*

2,687

130,938

Palantir

Technologies,

Inc.,

Class A

*(d)

2,316

81,477

Palo

Alto

Networks,

Inc.

*

3,486

1,222,715

Park

City

Group,

Inc.

*

374

2,259

Paycom

Software,

Inc.

*

1,791

680,114

Paylocity

Holding

Corp.

*

1,341

251,384

Pegasystems

,

Inc.

1,567

199,714

Ping

Identity

Holding

Corp.

*

25

748

Pluralsight

,

Inc.,

Class A

*

3,804

79,123

Progress

Software

Corp.

1,643

66,016

Proofpoint

,

Inc.

*

2,208

285,009

PROS

Holdings,

Inc.

*

1,558

65,654

PTC,

Inc.

*

3,671

487,913

Q2

Holdings,

Inc.

*

1,668

213,487

QAD,

Inc.,

Class A

486

31,488

Qualtrics

International,

Inc.,

Class A

*

2,165

95,260

Qualys

,

Inc.

*

1,347

186,519

Rapid7,

Inc.

*

2,000

173,640

RealPage

,

Inc.

*

2,754

238,414

Rimini

Street,

Inc.

*

627

4,420

RingCentral,

Inc.,

Class A

*

2,827

1,054,245

Riot

Blockchain

,

Inc.

*(d)

3,404

69,850

SailPoint

Technologies

Holdings,

Inc.

*

3,494

193,253

salesforce.com,

Inc.

*

30,924

6,975,217

Sapiens

International

Corp.

NV

1,087

35,501

Common

Stocks

Shares

Value

($)

Software

SeaChange

International,

Inc.

*

1,272

1,501

SecureWorks

Corp.,

Class A

*

263

3,640

ServiceNow

,

Inc.

*

7,191

3,905,864

ShotSpotter,

Inc.

*

327

15,039

Slack

Technologies,

Inc.,

Class A

*

13,668

576,380

Smartsheet

,

Inc.,

Class A

*

4,389

306,089

Smith

Micro

Software,

Inc.

*

1,069

6,799

SolarWinds

Corp.

*

1,867

31,384

Splunk

,

Inc.

*

5,975

986,054

Sprout

Social,

Inc.,

Class A

*

1,400

92,400

SPS

Commerce,

Inc.

*

1,427

141,116

SS&C

Technologies

Holdings,

Inc.

8,196

515,364

Sumo

Logic,

Inc.

*

162

5,574

SVMK,

Inc.

*

4,861

122,546

Synchronoss

Technologies,

Inc.

*

1,924

9,697

Synopsys,

Inc.

*

5,603

1,431,286

Telos

Corp.

*

13,404

473,161

Tenable

Holdings,

Inc.

*

2,558

126,595

Teradata

Corp.

*

4,434

119,275

Trade

Desk,

Inc.

(The),

Class A

*

1,544

1,182,689

Tyler

Technologies,

Inc.

*

1,448

612,200

Unity

Software,

Inc.

*(d)

2,017

302,187

Upland

Software,

Inc.

*

1,048

49,979

Varonis

Systems,

Inc.

*

1,259

222,553

Verint

Systems,

Inc.

*

2,545

187,897

Veritone

,

Inc.

*

1,076

42,255

VirnetX

Holding

Corp.

(d)

2,569

15,542

VMware,

Inc.,

Class A

*(d)

2,815

388,048

Workday,

Inc.,

Class A

*

6,351

1,445,043

Workiva

,

Inc.

*

1,535

149,616

Xperi

Holding

Corp.

799

15,389

Yext

,

Inc.

*

4,029

67,969

Zendesk

,

Inc.

*

4,149

598,452

Zix

Corp.

*

2,149

17,514

Zoom

Video

Communications,

Inc.,

Class A

*

6,291

2,340,692

Zscaler

,

Inc.

*

2,659

531,002

Zuora

,

Inc.,

Class A

*

3,879

57,215

132,035,380

Specialty

Retail

1.3%

Aaron's

Co.,

Inc.

(The)

*

1,318

22,327

Abercrombie

&

Fitch

Co.,

Class A

4,739

109,329

Academy

Sports

&

Outdoors,

Inc.

*(d)

2,247

48,310

Advance

Auto

Parts,

Inc.

2,418

360,621

American

Eagle

Outfitters,

Inc.

5,742

130,286

America's

Car-Mart,

Inc.

*

250

29,695

Asbury

Automotive

Group,

Inc.

*

1,123

160,151

At

Home

Group,

Inc.

*

1,829

44,573

AutoNation,

Inc.

*

3,104

221,253

AutoZone,

Inc.

*

854

955,088

Bed

Bath

&

Beyond,

Inc.

(d)

4,724

166,899

Nationwide

Multi-Cap

Portfolio

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

35

Common

Stocks

Shares

Value

($)

Specialty

Retail

Best

Buy

Co.,

Inc.

8,529

928,126

Blink

Charging

Co.

*

1,079

53,335

Boot

Barn

Holdings,

Inc.

*

2,189

125,298

Buckle,

Inc.

(The)

2,767

108,798

Burlington

Stores,

Inc.

*

2,404

598,356

Caleres

,

Inc.

1,566

23,662

Camping

World

Holdings,

Inc.,

Class A

2,691

91,925

CarMax,

Inc.

*

5,779

680,651

Carvana

Co.

*

2,366

617,976

Cato

Corp.

(The),

Class A

819

9,312

Chico's

FAS,

Inc.

4,971

10,986

Children's

Place,

Inc.

(The)

*(d)

1,367

100,433

Citi

Trends,

Inc.

360

21,240

Conn's,

Inc.

*

599

9,422

Container

Store

Group,

Inc.

(The)

*

662

9,023

Designer

Brands,

Inc.,

Class A

7,564

92,659

Dick's

Sporting

Goods,

Inc.

2,426

162,566

Envela

Corp.

*

201

1,258

Express,

Inc.

*(d)

3,070

18,420

Five

Below,

Inc.

*

2,177

382,564

Floor

&

Decor

Holdings,

Inc.,

Class A

*

3,265

300,609

Foot

Locker,

Inc.

4,022

176,244

GameStop

Corp.,

Class A

*(d)

928

301,600

Gap,

Inc.

(The)

*

5,689

115,202

Genesco,

Inc.

*

498

19,327

Group

1

Automotive,

Inc.

1,046

143,951

GrowGeneration

Corp.

*

991

42,801

Guess?,

Inc.

4,024

93,437

Haverty

Furniture

Cos.,

Inc.

764

24,975

Hibbett

Sports,

Inc.

*

1,724

97,320

Home

Depot,

Inc.

(The)

39,553

10,711,743

L

Brands,

Inc.

7,954

324,205

Leslie's,

Inc.

*

6,742

192,821

Lithia

Motors,

Inc.,

Class A

845

269,285

Lowe's

Cos.,

Inc.

27,758

4,631,422

Lumber

Liquidators

Holdings,

Inc.

*

1,211

33,860

MarineMax

,

Inc.

*

1,869

78,180

Michaels

Cos.,

Inc.

(The)

*

2,930

45,415

Monro

,

Inc.

2,294

134,130

Murphy

USA,

Inc.

1,349

168,045

National

Vision

Holdings,

Inc.

*

4,433

205,558

ODP

Corp.

(The)

1,985

84,740

OneWater

Marine,

Inc.,

Class A

*

170

5,496

O'Reilly

Automotive,

Inc.

*

2,571

1,093,883

Penske

Automotive

Group,

Inc.

2,266

135,597

Petco

Health

&

Wellness

Co.,

Inc.

*(d)

4,886

127,183

Rent-A-Center,

Inc.

3,163

136,958

Restoration

Hardware

Holdings,

Inc.

*

548

260,497

Ross

Stores,

Inc.

12,842

1,429,186

Sally

Beauty

Holdings,

Inc.

*

7,805

117,856

Shoe

Carnival,

Inc.

457

21,474

Common

Stocks

Shares

Value

($)

Specialty

Retail

Signet

Jewelers

Ltd.

*

2,070

84,083

Sleep

Number

Corp.

*

1,067

114,959

Sonic

Automotive,

Inc.,

Class A

2,350

96,186

Sportsman's

Warehouse

Holdings,

Inc.

*

4,657

81,591

Tilly's,

Inc.,

Class A

725

7,105

TJX

Cos.,

Inc.

(The)

43,592

2,791,632

Tractor

Supply

Co.

4,284

607,214

Ulta

Beauty,

Inc.

*

2,029

567,633

Urban

Outfitters,

Inc.

*

2,735

75,021

Vroom,

Inc.

*

929

34,215

Williams-Sonoma,

Inc.

3,018

389,081

Winmark

Corp.

117

19,964

Zumiez

,

Inc.

*

2,189

94,302

32,780,528

Technology

Hardware,

Storage

&

Peripherals

3.4%

3D

Systems

Corp.

*(d)

4,785

170,059

Apple,

Inc.

593,374

78,301,633

Avid

Technology,

Inc.

*

1,381

23,532

Corsair

Gaming,

Inc.

*(d)

1,183

44,694

Dell

Technologies,

Inc.,

Class C

*

9,416

686,332

Diebold

Nixdorf,

Inc.

*

2,315

31,623

Eastman

Kodak

Co.

*(d)

413

3,961

Hewlett

Packard

Enterprise

Co.

46,601

575,056

HP,

Inc.

49,690

1,209,454

Immersion

Corp.

*

604

7,641

Intevac,

Inc.

*

698

4,677

NCR

Corp.

*

4,018

134,040

NetApp,

Inc.

8,479

563,345

Pure

Storage,

Inc.,

Class A

*

9,444

218,440

Quantum

Corp.

*

936

6,674

Super

Micro

Computer,

Inc.

*

1,822

56,482

Western

Digital

Corp.

11,304

637,885

Xerox

Holdings

Corp.

5,548

116,674

82,792,202

Textiles,

Apparel

&

Luxury

Goods

0.4%

Capri

Holdings

Ltd.

*

4,190

174,555

Carter's,

Inc.

1,378

121,319

Columbia

Sportswear

Co.

598

52,301

Crocs,

Inc.

*

2,725

190,805

Deckers

Outdoor

Corp.

*

966

282,053

Fossil

Group,

Inc.

*

2,002

29,029

G-III

Apparel

Group

Ltd.

*

1,829

49,456

Hanesbrands,

Inc.

12,374

189,198

Kontoor

Brands,

Inc.

2,014

72,746

Lakeland

Industries,

Inc.

*(d)

250

6,950

Lululemon

Athletica,

Inc.

*

4,170

1,370,596

Movado

Group,

Inc.

709

14,648

NIKE,

Inc.,

Class B

45,159

6,032,791

Oxford

Industries,

Inc.

664

43,319

PVH

Corp.

2,749

234,380

Ralph

Lauren

Corp.

1,318

133,184

Rocky

Brands,

Inc.

205

7,064

Skechers

USA,

Inc.,

Class A

*

5,317

183,330

Steven

Madden

Ltd.

3,342

112,291

36

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Textiles,

Apparel

&

Luxury

Goods

Superior

Group

of

Cos.,

Inc.

333

7,602

Tapestry,

Inc.

10,916

345,164

Under

Armour

,

Inc.,

Class A

*

14,895

240,827

Unifi,

Inc.

*

623

14,921

Vera

Bradley,

Inc.

*

1,033

8,729

VF

Corp.

12,003

922,671

Wolverine

World

Wide,

Inc.

3,212

91,992

10,931,921

Thrifts

&

Mortgage

Finance

0.1%

Axos

Financial,

Inc.

*

2,193

85,417

Bogota

Financial

Corp.

*

230

2,086

Bridgewater

Bancshares,

Inc.

*

1,062

13,636

Capitol

Federal

Financial,

Inc.

5,511

68,447

Columbia

Financial,

Inc.

*

2,193

33,816

ESSA

Bancorp,

Inc.

282

4,027

Essent

Group

Ltd.

3,490

145,987

Federal

Agricultural

Mortgage

Corp.,

Class C

462

35,112

Flagstar

Bancorp,

Inc.

1,428

61,190

FS

Bancorp,

Inc.

136

7,292

Greene

County

Bancorp,

Inc.

93

2,206

Hingham

Institution

for

Savings

67

14,690

Home

Bancorp,

Inc.

343

9,659

HomeStreet

,

Inc.

932

33,925

Kearny

Financial

Corp.

3,199

33,110

Luther

Burbank

Corp.

1,038

10,162

Merchants

Bancorp

286

8,529

Meridian

Bancorp,

Inc.

1,853

28,073

Meta

Financial

Group,

Inc.

1,084

41,875

MGIC

Investment

Corp.

13,940

163,377

MMA

Capital

Holdings,

Inc.

*

167

3,955

Mr.

Cooper

Group,

Inc.

*

3,079

83,841

New

York

Community

Bancorp,

Inc.

13,538

141,607

NMI

Holdings,

Inc.,

Class A

*

3,225

68,402

Northfield

Bancorp,

Inc.

1,850

22,866

Northwest

Bancshares,

Inc.

4,718

60,154

Oconee

Federal

Financial

Corp.

35

854

OP

Bancorp

444

3,370

PCSB

Financial

Corp.

675

9,946

PDL

Community

Bancorp

*

198

1,865

PennyMac

Financial

Services,

Inc.

1,484

86,072

Pioneer

Bancorp,

Inc.

*

330

3,449

Premier

Financial

Corp.

1,351

37,504

Provident

Bancorp,

Inc.

253

2,917

Provident

Financial

Holdings,

Inc.

227

3,643

Provident

Financial

Services,

Inc.

2,849

52,763

Prudential

Bancorp,

Inc.

257

3,035

Radian

Group,

Inc.

5,810

111,552

Riverview

Bancorp,

Inc.

775

4,038

Rocket

Cos.,

Inc.,

Class A

*(d)

3,721

79,481

Security

National

Financial

Corp.,

Class A

*

292

2,511

Common

Stocks

Shares

Value

($)

Thrifts

&

Mortgage

Finance

Southern

Missouri

Bancorp,

Inc.

369

11,310

Standard

AVB

Financial

Corp.

122

4,003

Sterling

Bancorp,

Inc.

628

2,939

Territorial

Bancorp,

Inc.

261

6,227

TFS

Financial

Corp.

2,024

35,764

Timberland

Bancorp,

Inc.

229

5,782

TrustCo

Bank

Corp.

3,677

22,871

Walker

&

Dunlop,

Inc.

1,187

97,714

Washington

Federal,

Inc.

1,471

38,511

Waterstone

Financial,

Inc.

1,002

18,507

Western

New

England

Bancorp,

Inc.

759

4,865

WSFS

Financial

Corp.

1,257

54,013

1,888,947

Tobacco

0.3%

Altria

Group,

Inc.

67,838

2,786,785

Philip

Morris

International,

Inc.

56,965

4,537,262

Turning

Point

Brands,

Inc.

361

17,003

Universal

Corp.

981

44,999

Vector

Group

Ltd.

4,656

54,661

7,440,710

Trading

Companies

&

Distributors

0.2%

Air

Lease

Corp.

4,164

165,019

Alta

Equipment

Group,

Inc.

*

570

5,409

Applied

Industrial

Technologies,

Inc.

1,494

105,163

Beacon

Roofing

Supply,

Inc.

*

2,236

88,926

Boise

Cascade

Co.

1,555

74,065

CAI

International,

Inc.

633

20,553

DXP

Enterprises,

Inc.

*

658

15,259

EVI

Industries,

Inc.

*(d)

171

6,141

Fastenal

Co.

21,226

967,693

GATX

Corp.

999

92,707

General

Finance

Corp.

*

323

2,384

GMS,

Inc.

*

1,656

48,007

H&E

Equipment

Services,

Inc.

1,268

34,845

Herc

Holdings,

Inc.

*

989

63,276

Lawson

Products,

Inc.

*

152

7,538

MRC

Global,

Inc.

*

3,268

22,582

MSC

Industrial

Direct

Co.,

Inc.,

Class A

754

58,488

Nesco

Holdings,

Inc.

*

431

3,284

NOW,

Inc.

*

4,516

37,438

Rush

Enterprises,

Inc.,

Class A

1,871

77,827

SiteOne

Landscape

Supply,

Inc.

*

1,646

259,541

Systemax,

Inc.

569

21,867

Textainer

Group

Holdings

Ltd.

*

1,795

32,507

Titan

Machinery,

Inc.

*

780

16,614

Transcat

,

Inc.

*

211

7,716

Triton

International

Ltd.

1,984

91,939

United

Rentals,

Inc.

*

2,709

658,314

Univar

Solutions,

Inc.

*

4,625

85,979

Veritiv

Corp.

*

598

10,955

Watsco

,

Inc.

1,262

300,974

Nationwide

Multi-Cap

Portfolio

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

37

Common

Stocks

Shares

Value

($)

Trading

Companies

&

Distributors

WESCO

International,

Inc.

*

1,508

114,774

Willis

Lease

Finance

Corp.

*

86

2,384

WW

Grainger,

Inc.

1,646

599,786

4,099,954

Transportation

Infrastructure

0.0%

†

Macquarie

Infrastructure

Corp.

2,907

80,786

Water

Utilities

0.1%

American

States

Water

Co.

1,439

111,177

American

Water

Works

Co.,

Inc.

6,769

1,076,406

Artesian

Resources

Corp.,

Class A

250

10,220

Cadiz,

Inc.

*(d)

669

7,466

California

Water

Service

Group

1,892

103,379

Consolidated

Water

Co.

Ltd.,

Class D

599

7,589

Essential

Utilities,

Inc.

8,758

405,496

Global

Water

Resources,

Inc.

376

6,042

Middlesex

Water

Co.

675

53,730

Pure

Cycle

Corp.

*

646

6,893

SJW

Group

1,005

66,501

York

Water

Co.

(The)

503

21,850

1,876,749

Wireless

Telecommunication

Services

0.1%

Boingo

Wireless,

Inc.

*

1,755

20,253

Gogo

,

Inc.

*(d)

2,029

27,189

Shenandoah

Telecommunications

Co.

1,135

44,117

Spok

Holdings,

Inc.

906

10,075

Telephone

and

Data

Systems,

Inc.

1,806

33,862

T-Mobile

US,

Inc.

*

20,229

2,550,472

United

States

Cellular

Corp.

*

614

19,145

2,705,113

Total

Common

Stocks

(cost

$972,738,798)

1,396,461,114

Convertible

Bond

0.0%

†

Principal

Amount

($)

Pharmaceuticals

0.0%

†

Dermira

,

Inc.,

3.00%,

5/15/2022

480,000

484,800

Total

Convertible

Bond

(cost

$486,292)

484,800

Corporate

Bonds

20.8%

Aerospace

&

Defense

0.6%

Boeing

Co.

(The)

,

4.88%,

5/1/2025

3,150,000

3,555,807

2.75%,

2/1/2026

920,000

963,659

General

Dynamics

Corp.

,

3.25%,

4/1/2025

1,957,000

2,156,109

Corporate

Bonds

Principal

Amount

($)

Value

($)

Aerospace

&

Defense

General

Dynamics

Corp.,

3.50%,

5/15/2025

2,050,000

2,288,204

Northrop

Grumman

Corp.

,

2.93%,

1/15/2025

4,370,000

4,724,669

Raytheon

Technologies

Corp.

,

3.15%,

12/15/2024

150,000

163,659

13,852,107

Automobiles

0.2%

General

Motors

Co.

,

(ICE

LIBOR

USD

3

Month

+

0.90%),

1.13%,

9/10/2021(e)

230,000

230,567

5.40%,

10/2/2023

130,000

145,398

6.13%,

10/1/2025

1,290,000

1,553,886

Nissan

Motor

Co.

Ltd.

,

3.04%,

9/15/2023(a)

1,660,000

1,743,533

3,673,384

Banks

4.8%

Banco

Santander

SA

,

2.75%,

5/28/2025

4,400,000

4,704,842

Bank

of

America

Corp.

,

2.63%,

4/19/2021

4,000,000

4,021,227

(ICE

LIBOR

USD

3

Month

+

0.79%),

1.02%,

3/5/2024(e)

2,000,000

2,019,940

(ICE

LIBOR

USD

3

Month

+

0.94%),

3.86%,

7/23/2024(e)

3,330,000

3,599,754

(SOFR

+

1.15%),

1.32%,

6/19/2026(e)

410,000

414,989

Bank

of

Montreal

,

2.50%,

6/28/2024

1,360,000

1,449,200

1.85%,

5/1/2025

4,290,000

4,481,755

Bank

of

Nova

Scotia

(The)

,

1.30%,

6/11/2025

2,320,000

2,367,400

BNP

Paribas

SA

,

(ICE

LIBOR

USD

3

Month

+

1.11%),

2.82%,

11/19/2025(a)(e)

6,070,000

6,472,982

(SOFR

+

2.07%),

2.22%,

6/9/2026(a)(e)

450,000

470,462

Citigroup,

Inc.

,

2.70%,

3/30/2021

7,000,000

7,028,560

(SOFR

+

1.67%),

1.68%,

5/15/2024(e)

370,000

379,459

(SOFR

+

2.75%),

3.11%,

4/8/2026(e)

4,350,000

4,721,659

Cooperatieve

Rabobank

UA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.00%),

1.34%,

6/24/2026(a)(e)

1,860,000

1,890,632

Credit

Agricole

SA

,

(SOFR

+

1.68%),

1.91%,

6/16/2026(a)(e)

4,750,000

4,901,387

HSBC

Holdings

plc

,

3.60%,

5/25/2023

3,280,000

3,518,509

38

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

HSBC

Holdings

plc,

(ICE

LIBOR

USD

3

Month

+

1.00%),

1.22%,

5/18/2024(e)

3,450,000

3,493,299

Intesa

Sanpaolo

SpA

,

3.13%,

7/14/2022(a)

2,340,000

2,415,084

3.38%,

1/12/2023(a)

2,000,000

2,088,973

JPMorgan

Chase

&

Co.

,

(SOFR

+

1.46%),

1.51%,

6/1/2024(e)

1,030,000

1,054,161

(ICE

LIBOR

USD

3

Month

+

1.00%),

4.02%,

12/5/2024(e)

2,580,000

2,830,609

(SOFR

+

1.85%),

2.08%,

4/22/2026(e)

5,760,000

6,024,981

Lloyds

Banking

Group

plc

,

3.10%,

7/6/2021

2,000,000

2,024,220

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.10%),

1.33%,

6/15/2023(e)

1,990,000

2,011,775

3.90%,

3/12/2024

600,000

659,136

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.50%),

3.87%,

7/9/2025(e)

1,160,000

1,274,647

National

Securities

Clearing

Corp.

,

1.20%,

4/23/2023(a)

530,000

540,187

Nordea

Bank

Abp

,

4.88%,

5/13/2021(a)

500,000

506,182

1.00%,

6/9/2023(a)

460,000

467,491

Royal

Bank

of

Canada

,

1.15%,

6/10/2025

980,000

995,029

Santander

UK

Group

Holdings

plc

,

3.57%,

1/10/2023

500,000

514,366

Standard

Chartered

plc

,

3.95%,

1/11/2023(a)

4,000,000

4,207,701

Sumitomo

Mitsui

Financial

Group,

Inc.

,

(ICE

LIBOR

USD

3

Month

+

0.80%),

1.02%,

10/16/2023(e)

2,500,000

2,528,844

Svenska

Handelsbanken

AB

,

(ICE

LIBOR

USD

3

Month

+

0.47%),

0.67%,

5/24/2021(e)

2,000,000

2,002,881

Toronto-Dominion

Bank

(The)

,

(ICE

LIBOR

USD

3

Month

+

0.27%),

0.50%,

3/17/2021(e)

960,000

960,423

0.75%,

6/12/2023

1,890,000

1,909,049

1.15%,

6/12/2025

2,070,000

2,104,561

UniCredit

SpA

,

6.57%,

1/14/2022(a)

3,690,000

3,879,848

US

Bancorp

,

1.45%,

5/12/2025

6,230,000

6,433,101

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Wells

Fargo

&

Co.

,

(ICE

LIBOR

USD

3

Month

+

1.23%),

1.44%,

10/31/2023(e)

4,000,000

4,066,592

(SOFR

+

1.60%),

1.65%,

6/2/2024(e)

4,530,000

4,642,533

(SOFR

+

2.00%),

2.19%,

4/30/2026(e)

3,610,000

3,778,117

115,856,547

Beverages

0.2%

Coca-Cola

Co.

(The)

,

2.95%,

3/25/2025

2,630,000

2,879,785

1.45%,

6/1/2027

250,000

255,961

PepsiCo,

Inc.

,

0.75%,

5/1/2023

740,000

749,286

2.25%,

3/19/2025

1,040,000

1,107,570

2.63%,

3/19/2027

10,000

10,959

5,003,561

Biotechnology

0.4%

AbbVie,

Inc.

,

2.60%,

11/21/2024

2,000,000

2,136,701

3.80%,

3/15/2025

1,720,000

1,910,552

2.95%,

11/21/2026

4,000,000

4,400,633

Gilead

Sciences,

Inc.

,

3.70%,

4/1/2024

1,000,000

1,089,988

9,537,874

Building

Products

0.1%

Carrier

Global

Corp.

,

1.92%,

2/15/2023

730,000

750,697

2.24%,

2/15/2025

1,950,000

2,050,094

2,800,791

Capital

Markets

1.6%

Bank

of

New

York

Mellon

Corp.

(The)

,

1.60%,

4/24/2025

5,620,000

5,843,436

Credit

Suisse

AG

,

0.50%,

2/2/2024

840,000

839,794

3.63%,

9/9/2024

2,830,000

3,132,515

2.95%,

4/9/2025

2,490,000

2,715,188

Goldman

Sachs

Group,

Inc.

(The)

,

Series

FXD,

0.48%,

1/27/2023

960,000

960,221

3.50%,

4/1/2025

3,780,000

4,172,618

3.75%,

5/22/2025

7,300,000

8,128,219

Morgan

Stanley

,

(SOFR

+

0.46%),

0.53%,

1/25/2024(e)

2,620,000

2,619,726

(SOFR

+

1.99%),

2.19%,

4/28/2026(e)

4,940,000

5,188,886

UBS

Group

AG

,

3.49%,

5/23/2023(a)

1,000,000

1,039,104

(ICE

LIBOR

USD

3

Month

+

0.95%),

1.17%,

8/15/2023(a)(e)

2,100,000

2,120,984

Nationwide

Multi-Cap

Portfolio

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

39

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

UBS

Group

AG,

(ICE

LIBOR

USD

3

Month

+

0.95%),

2.86%,

8/15/2023(a)(e)

2,600,000

2,694,770

USAA

Capital

Corp.

,

1.50%,

5/1/2023(a)

150,000

153,817

39,609,278

Chemicals

0.2%

Equate

Petrochemical

BV

,

3.00%,

3/3/2022(a)

1,990,000

2,025,860

OCP

SA

,

Reg.

S,

4.50%,

10/22/2025

2,200,000

2,382,565

4,408,425

Consumer

Finance

0.3%

American

Express

Co.

,

(ICE

LIBOR

USD

3

Month

+

0.60%),

0.82%,

11/5/2021(e)

2,500,000

2,509,106

Caterpillar

Financial

Services

Corp.

,

1.45%,

5/15/2025

2,410,000

2,484,852

General

Motors

Financial

Co.,

Inc.

,

3.55%,

7/8/2022

1,500,000

1,562,226

Park

Aerospace

Holdings

Ltd.

,

5.25%,

8/15/2022(a)

13,000

13,634

6,569,818

Diversified

Financial

Services

0.2%

Shell

International

Finance

BV

,

(ICE

LIBOR

USD

3

Month

+

0.40%),

0.62%,

11/13/2023(e)

3,170,000

3,191,192

2.88%,

5/10/2026

830,000

909,041

4,100,233

Diversified

Telecommunication

Services

0.7%

AT&T,

Inc.

,

3.40%,

5/15/2025

2,927,000

3,233,198

CCO

Holdings

LLC

,

4.50%,

8/15/2030(a)

2,570,000

2,706,518

Verizon

Communications,

Inc.

,

3.38%,

2/15/2025

5,680,000

6,250,301

0.85%,

11/20/2025

3,190,000

3,189,956

2.63%,

8/15/2026

580,000

631,080

16,011,053

Electric

Utilities

0.6%

Duke

Energy

Carolinas

LLC

,

2.50%,

3/15/2023

1,000,000

1,045,578

Duke

Energy

Corp.

,

3.55%,

9/15/2021

2,300,000

2,327,835

2.40%,

8/15/2022

1,000,000

1,028,999

FirstEnergy

Corp.

,

Series

A,

3.35%,

7/15/2022(c)

2,855,000

2,908,674

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

FirstEnergy

Corp.,

Series

B,

4.25%,

3/15/2023(c)

2,162,000

2,273,452

Series

A,

1.60%,

1/15/2026

940,000

914,477

Pacific

Gas

and

Electric

Co.

,

1.75%,

6/16/2022

1,790,000

1,795,871

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara

,

5.45%,

5/21/2028(a)

1,830,000

2,191,425

14,486,311

Energy

Equipment

&

Services

0.0%

†

Halliburton

Co.

,

3.25%,

11/15/2021

767,000

778,773

Food

&

Staples

Retailing

0.1%

Walmart,

Inc.

,

3.40%,

6/26/2023

120,000

128,822

3.55%,

6/26/2025

1,160,000

1,305,455

1,434,277

Food

Products

0.2%

Cargill,

Inc.

,

3.25%,

3/1/2023(a)

1,520,000

1,609,466

1.38%,

7/23/2023(a)

330,000

338,370

Hershey

Co.

(The)

,

0.90%,

6/1/2025

400,000

404,869

Mondelez

International

Holdings

Netherlands

BV

,

2.13%,

9/19/2022(a)

210,000

216,030

Mondelez

International,

Inc.

,

2.13%,

4/13/2023

120,000

124,298

1.50%,

5/4/2025

930,000

960,476

Tyson

Foods,

Inc.

,

2.25%,

8/23/2021

1,000,000

1,009,512

4,663,021

Health

Care

Equipment

&

Supplies

0.1%

Becton

Dickinson

and

Co.

,

3.36%,

6/6/2024

1,000,000

1,085,994

3.73%,

12/15/2024

2,070,000

2,288,836

3,374,830

Health

Care

Providers

&

Services

1.1%

Aetna,

Inc.

,

2.75%,

11/15/2022

930,000

963,380

Cigna

Corp.

,

(ICE

LIBOR

USD

3

Month

+

0.89%),

1.13%,

7/15/2023(e)

6,060,000

6,128,953

3.75%,

7/15/2023

20,000

21,576

3.25%,

4/15/2025

1,010,000

1,103,607

4.13%,

11/15/2025

4,440,000

5,092,606

CVS

Health

Corp.

,

(ICE

LIBOR

USD

3

Month

+

0.72%),

0.95%,

3/9/2021(e)

380,000

380,278

3.70%,

3/9/2023

310,000

330,619

3.88%,

7/20/2025

7,560,000

8,498,069

Humana,

Inc.

,

3.15%,

12/1/2022

1,500,000

1,563,429

40

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Providers

&

Services

Humana,

Inc.,

4.50%,

4/1/2025

260,000

297,866

UnitedHealth

Group,

Inc.

,

2.88%,

12/15/2021

1,000,000

1,022,918

2.38%,

10/15/2022

50,000

51,786

3.50%,

6/15/2023

120,000

128,845

3.75%,

7/15/2025

1,650,000

1,868,333

1.25%,

1/15/2026

240,000

245,417

27,697,682

Hotels,

Restaurants

&

Leisure

0.3%

Marriott

International,

Inc.

,

(ICE

LIBOR

USD

3

Month

+

0.65%),

0.88%,

3/8/2021(e)

300,000

300,078

McDonald's

Corp.

,

2.63%,

1/15/2022

400,000

408,904

3.30%,

7/1/2025

4,670,000

5,163,628

1.45%,

9/1/2025

240,000

247,879

3.70%,

1/30/2026

80,000

90,412

Sands

China

Ltd.

,

4.60%,

8/8/2023

1,810,000

1,916,935

8,127,836

Household

Products

0.1%

Procter

&

Gamble

Co.

(The)

,

2.45%,

11/3/2026

1,220,000

1,330,061

2.80%,

3/25/2027

60,000

66,482

Reckitt

Benckiser

Treasury

Services

plc

,

(ICE

LIBOR

USD

3

Month

+

0.56%),

0.80%,

6/24/2022(a)(e)

2,100,000

2,114,061

3,510,604

Industrial

Conglomerates

0.3%

3M

Co.

,

(ICE

LIBOR

USD

3

Month

+

0.30%),

0.52%,

2/14/2024(e)

3,600,000

3,611,220

Honeywell

International,

Inc.

,

1.35%,

6/1/2025

2,410,000

2,481,843

6,093,063

Insurance

0.1%

American

International

Group,

Inc.

,

2.50%,

6/30/2025

200,000

213,122

Guardian

Life

Global

Funding

,

1.10%,

6/23/2025(a)

150,000

151,483

MassMutual

Global

Funding

II

,

0.85%,

6/9/2023(a)

2,320,000

2,346,901

New

York

Life

Global

Funding

,

0.95%,

6/24/2025(a)

300,000

302,529

Principal

Life

Global

Funding

II

,

1.25%,

6/23/2025(a)

140,000

142,682

3,156,717

Interactive

Media

&

Services

0.1%

Alphabet,

Inc.

,

0.45%,

8/15/2025

930,000

926,512

Corporate

Bonds

Principal

Amount

($)

Value

($)

Interactive

Media

&

Services

Tencent

Holdings

Ltd.

,

Reg.

S,

2.99%,

1/19/2023

1,980,000

2,058,464

2,984,976

Internet

&

Direct

Marketing

Retail

0.2%

Amazon.com,

Inc.

,

1.20%,

6/3/2027

3,150,000

3,188,383

Prosus

NV

,

Reg.

S,

4.85%,

7/6/2027

2,000,000

2,289,648

5,478,031

IT

Services

0.4%

PayPal

Holdings,

Inc.

,

1.35%,

6/1/2023

300,000

305,968

1.65%,

6/1/2025

5,460,000

5,657,235

Visa,

Inc.

,

3.15%,

12/14/2025

3,870,000

4,307,852

10,271,055

Media

0.9%

Charter

Communications

Operating

LLC

,

(ICE

LIBOR

USD

3

Month

+

1.65%),

1.86%,

2/1/2024(e)

6,700,000

6,893,496

4.91%,

7/23/2025

830,000

956,833

Comcast

Corp.

,

(ICE

LIBOR

USD

3

Month

+

0.63%),

0.87%,

4/15/2024(e)

5,200,000

5,270,618

3.10%,

4/1/2025

2,300,000

2,519,562

3.95%,

10/15/2025

1,870,000

2,131,890

Fox

Corp.

,

3.05%,

4/7/2025

3,610,000

3,936,434

3.50%,

4/8/2030

430,000

484,362

22,193,195

Metals

&

Mining

0.3%

Glencore

Finance

Canada

Ltd.

,

4.25%,

10/25/2022(a)(c)

1,000,000

1,062,484

Glencore

Funding

LLC

,

3.00%,

10/27/2022(a)

1,240,000

1,287,491

4.13%,

5/30/2023(a)

440,000

474,478

4.13%,

3/12/2024(a)

2,000,000

2,194,005

Southern

Copper

Corp.

,

3.88%,

4/23/2025

1,860,000

2,065,033

Vale

Overseas

Ltd.

,

6.88%,

11/21/2036

520,000

745,186

7,828,677

Multiline

Retail

0.1%

Dollar

General

Corp.

,

3.25%,

4/15/2023

40,000

42,217

Target

Corp.

,

2.25%,

4/15/2025

2,750,000

2,930,180

2,972,397

Multi-Utilities

0.1%

Consolidated

Edison,

Inc.

,

2.00%,

5/15/2021

1,100,000

1,103,857

Nationwide

Multi-Cap

Portfolio

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

41

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

2.8%

Apache

Corp.

,

3.25%,

4/15/2022

1,000,000

1,000,000

BP

Capital

Markets

America,

Inc.

,

(ICE

LIBOR

USD

3

Month

+

0.65%),

0.89%,

9/19/2022(e)

1,000,000

1,004,318

2.94%,

4/6/2023

2,000,000

2,109,392

3.19%,

4/6/2025

370,000

403,626

BP

Capital

Markets

plc

,

(ICE

LIBOR

USD

3

Month

+

0.87%),

1.09%,

9/16/2021(e)

590,000

592,886

Chevron

Corp.

,

1.55%,

5/11/2025

5,240,000

5,408,898

Cimarex

Energy

Co.

,

4.38%,

6/1/2024

2,820,000

3,083,490

3.90%,

5/15/2027

590,000

656,220

Continental

Resources,

Inc.

,

3.80%,

6/1/2024

1,800,000

1,845,000

Devon

Energy

Corp.

,

5.85%,

12/15/2025

2,220,000

2,604,723

Diamondback

Energy,

Inc.

,

2.88%,

12/1/2024

1,490,000

1,574,125

5.38%,

5/31/2025

230,000

238,425

Ecopetrol

SA

,

5.88%,

9/18/2023

1,050,000

1,168,808

5.38%,

6/26/2026

1,000,000

1,136,000

Energy

Transfer

Operating

LP

,

4.50%,

4/15/2024

1,440,000

1,582,937

2.90%,

5/15/2025

2,270,000

2,394,287

Energy

Transfer

Partners

LP

,

4.50%,

11/1/2023

80,000

86,711

Enterprise

Products

Operating

LLC

,

2.80%,

2/15/2021

5,280,000

5,284,786

3.90%,

2/15/2024

500,000

547,490

3.75%,

2/15/2025

900,000

1,000,397

Exxon

Mobil

Corp.

,

1.57%,

4/15/2023

1,010,000

1,037,289

2.99%,

3/19/2025

4,800,000

5,217,451

KazMunayGas

National

Co.

JSC

,

4.75%,

4/24/2025(a)

500,000

569,675

Kinder

Morgan,

Inc.

,

(ICE

LIBOR

USD

3

Month

+

1.28%),

1.52%,

1/15/2023(e)

500,000

507,773

Lukoil

International

Finance

BV

,

4.75%,

11/2/2026(a)

1,860,000

2,102,957

MPLX

LP

,

(ICE

LIBOR

USD

3

Month

+

1.10%),

1.33%,

9/9/2022(e)

4,350,000

4,352,053

1.75%,

3/1/2026

1,860,000

1,896,576

Occidental

Petroleum

Corp.

,

(ICE

LIBOR

USD

3

Month

+

1.45%),

1.67%,

8/15/2022(e)

2,530,000

2,479,620

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Petrobras

Global

Finance

BV

,

5.30%,

1/27/2025

150,000

170,550

5.75%,

2/1/2029

300,000

348,300

Petroleos

del

Peru

SA

,

4.75%,

6/19/2032(a)

1,970,000

2,244,460

Pioneer

Natural

Resources

Co.

,

0.75%,

1/15/2024

2,030,000

2,030,650

1.13%,

1/15/2026

4,280,000

4,287,271

Sinopec

Group

Overseas

Development

2014

Ltd.

,

4.38%,

4/10/2024(a)

2,120,000

2,330,897

Western

Midstream

Operating

LP

,

(ICE

LIBOR

USD

3

Month

+

1.85%),

2.32%,

1/13/2023(e)

420,000

413,507

Williams

Cos.,

Inc.

(The)

,

4.30%,

3/4/2024

960,000

1,053,966

4.55%,

6/24/2024

2,110,000

2,351,937

WPX

Energy,

Inc.

,

5.25%,

9/15/2024

270,000

300,206

67,417,657

Paper

&

Forest

Products

0.1%

Suzano

Austria

GmbH

,

5.75%,

7/14/2026(a)

2,010,000

2,350,695

Pharmaceuticals

0.8%

AstraZeneca

plc

,

(ICE

LIBOR

USD

3

Month

+

0.67%),

0.89%,

8/17/2023(e)

2,186,000

2,208,230

Bristol-Myers

Squibb

Co.

,

2.25%,

8/15/2021

1,845,000

1,865,247

2.60%,

5/16/2022

1,830,000

1,884,717

2.90%,

7/26/2024

150,000

162,452

3.88%,

8/15/2025

1,830,000

2,073,144

Elanco

Animal

Health,

Inc.

,

4.91%,

8/27/2021(c)

666,000

680,275

Eli

Lilly

&

Co.

,

2.35%,

5/15/2022

400,000

410,630

GlaxoSmithKline

Capital

plc

,

(ICE

LIBOR

USD

3

Month

+

0.35%),

0.57%,

5/14/2021(e)

1,500,000

1,501,480

Merck

&

Co.,

Inc.

,

0.75%,

2/24/2026

440,000

440,143

1.45%,

6/24/2030

260,000

256,913

Pfizer,

Inc.

,

0.80%,

5/28/2025

2,470,000

2,495,048

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

2.80%,

7/21/2023

4,680,000

4,639,752

18,618,031

Semiconductors

&

Semiconductor

Equipment

0.6%

Broadcom,

Inc.

,

4.70%,

4/15/2025

4,110,000

4,691,491

3.15%,

11/15/2025

630,000

683,061

42

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Corporate

Bonds

Principal

Amount

($)

Value

($)

Semiconductors

&

Semiconductor

Equipment

Micron

Technology,

Inc.

,

2.50%,

4/24/2023

320,000

333,874

NXP

BV

,

2.70%,

5/1/2025(a)

4,630,000

4,956,481

QUALCOMM,

Inc.

,

(ICE

LIBOR

USD

3

Month

+

0.73%),

0.94%,

1/30/2023(e)

2,700,000

2,732,995

Texas

Instruments,

Inc.

,

1.75%,

5/4/2030

110,000

111,336

13,509,238

Software

0.1%

Oracle

Corp.

,

2.50%,

4/1/2025

2,090,000

2,236,372

Specialty

Retail

0.3%

Home

Depot,

Inc.

(The)

,

(ICE

LIBOR

USD

3

Month

+

0.31%),

0.54%,

3/1/2022(e)

1,000,000

1,003,703

3.25%,

3/1/2022

1,000,000

1,032,723

2.50%,

4/15/2027

20,000

21,727

Lowe's

Cos.,

Inc.

,

3.12%,

4/15/2022

3,000,000

3,079,825

TJX

Cos.,

Inc.

(The)

,

3.50%,

4/15/2025

2,300,000

2,553,931

7,691,909

Technology

Hardware,

Storage

&

Peripherals

0.2%

Apple,

Inc.

,

1.55%,

8/4/2021

1,070,000

1,076,388

1.13%,

5/11/2025

2,830,000

2,895,088

3,971,476

Textiles,

Apparel

&

Luxury

Goods

0.1%

NIKE,

Inc.

,

2.40%,

3/27/2025

3,010,000

3,223,577

Thrifts

&

Mortgage

Finance

0.2%

BPCE

SA

,

3.00%,

5/22/2022(a)

2,770,000

2,864,887

Nationwide

Building

Society

,

0.55%,

1/22/2024(a)

2,760,000

2,759,333

5,624,220

Tobacco

0.6%

Altria

Group,

Inc.

,

3.80%,

2/14/2024

1,200,000

1,308,506

2.35%,

5/6/2025

2,090,000

2,205,824

4.40%,

2/14/2026

840,000

968,001

2.63%,

9/16/2026

2,260,000

2,438,657

BAT

Capital

Corp.

,

(ICE

LIBOR

USD

3

Month

+

0.88%),

1.10%,

8/15/2022(e)

40,000

40,321

BAT

International

Finance

plc

,

1.67%,

3/25/2026

2,600,000

2,640,332

Philip

Morris

International,

Inc.

,

1.13%,

5/1/2023

2,420,000

2,461,053

1.50%,

5/1/2025

260,000

268,422

Corporate

Bonds

Principal

Amount

($)

Value

($)

Tobacco

Philip

Morris

International,

Inc.,

0.88%,

5/1/2026

1,840,000

1,832,167

14,163,283

Trading

Companies

&

Distributors

0.4%

Air

Lease

Corp.

,

0.70%,

2/15/2024

6,110,000

6,061,534

3.38%,

7/1/2025

260,000

279,534

International

Lease

Finance

Corp.

,

5.88%,

8/15/2022

2,600,000

2,796,494

9,137,562

Wireless

Telecommunication

Services

0.3%

T-Mobile

USA,

Inc.

,

3.50%,

4/15/2025(a)

3,460,000

3,792,836

Vodafone

Group

plc

,

(ICE

LIBOR

USD

3

Month

+

0.99%),

1.21%,

1/16/2024(e)

4,349,000

4,418,981

8,211,817

Total

Corporate

Bonds

(cost

$492,580,331)

503,734,210

Exchange-Traded

Funds

0.1%

Shares

Equity

Funds

0.1%

SPDR

S&P

500

ETF

Trust

66

24,425

SPDR

S&P

MidCap

400

ETF

Trust

3,271

1,393,315

Vanguard

Small-Cap

ETF

363

72,088

Total

Exchange-Traded

Funds

(cost

$1,517,742)

1,489,828

Foreign

Government

Securities

1.6%

Principal

Amount

($)

ARGENTINA

0.1%

Argentine

Republic

,

1.00%,

7/9/2029

103,130

42,799

0.12%,

7/9/2030(c)

2,968,200

1,136,821

Provincia

de

Buenos

Aires

,

6.50%,

2/15/2023(a)(f)

1,200,000

444,000

1,623,620

COLOMBIA

0.1%

Republic

of

Colombia

,

4.38%,

7/12/2021

3,070,000

3,119,181

EGYPT

0.0%

†

Arab

Republic

of

Egypt

,

Reg.

S,

6.59%,

2/21/2028

1,220,000

1,322,895

Nationwide

Multi-Cap

Portfolio

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

43

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

INDONESIA

0.2%

Republic

of

Indonesia

,

3.75%,

4/25/2022(a)

1,200,000

1,244,321

2.95%,

1/11/2023

2,490,000

2,592,206

3,836,527

ISRAEL

0.1%

State

of

Israel

Government

Bond

,

2.88%,

3/16/2026

2,000,000

2,196,000

KUWAIT

0.1%

State

of

Kuwait

,

2.75%,

3/20/2022(a)

900,000

921,384

3.50%,

3/20/2027(a)

1,260,000

1,423,850

2,345,234

MEXICO

0.3%

Mex

Bonos

Desarr

Fix

Rt

,

8.00%,

11/7/2047

MXN

53,130,000

3,018,164

United

Mexican

States

,

4.00%,

10/2/2023

3,060,000

3,344,611

6,362,775

PERU

0.1%

Republic

of

Peru

,

2.39%,

1/23/2026

2,100,000

2,220,750

QATAR

0.1%

State

of

Qatar

,

2.38%,

6/2/2021(a)

500,000

502,750

Reg.

S,

3.88%,

4/23/2023

2,220,000

2,380,950

3.38%,

3/14/2024(a)

760,000

821,437

3,705,137

RUSSIA

0.2%

Russian

Federation

,

6.90%,

5/23/2029

RUB

121,670,000

1,688,219

7.65%,

4/10/2030

144,850,000

2,108,900

7.25%,

5/10/2034

2,250,000

31,544

3,828,663

SAUDI

ARABIA

0.1%

Kingdom

of

Saudi

Arabia

,

4.50%,

4/17/2030(a)

1,450,000

1,726,863

SENEGAL

0.0%

†

Republic

of

Senegal

,

6.25%,

5/23/2033(a)

1,260,000

1,381,590

UNITED

ARAB

EMIRATES

0.2%

United

Arab

Emirates

Government

Bond

,

2.50%,

10/11/2022(a)

1,400,000

1,446,452

0.75%,

9/2/2023(a)

630,000

632,286

4.13%,

10/11/2047(a)

1,970,000

2,423,100

4,501,838

Total

Foreign

Government

Securities

(cost

$36,788,728)

38,171,073

Mortgage-Backed

Securities

4.3%

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G61374

4.50%,

4/1/2048

321,335

353,965

Pool#

G67721

4.50%,

4/1/2049

246,611

271,718

FHLMC

UMBS

Pool

Pool#

ZT1970

3.50%,

4/1/2033

415,741

452,938

Pool#

ZS9826

3.00%,

10/1/2046

164,956

178,133

Pool#

ZM6115

4.50%,

4/1/2048

199,070

216,787

Pool#

ZM6138

4.50%,

4/1/2048

172,462

188,503

Pool#

ZM6880

4.50%,

6/1/2048

141,104

153,714

Pool#

ZT0474

4.50%,

8/1/2048

46,387

50,997

Pool#

ZA6342

4.50%,

3/1/2049

509,525

563,087

Pool#

RA1084

4.50%,

7/1/2049

348,492

385,092

Pool#

SD0291

5.00%,

3/1/2050

833,177

923,378

Pool#

RA2389

4.50%,

4/1/2050

307,896

336,601

Pool#

RA2608

4.50%,

5/1/2050

273,233

295,928

Pool#

RA3838

3.00%,

10/1/2050

3,971,633

4,227,891

Pool#

RA4175

2.50%,

12/1/2050

199,187

212,293

FNMA

Pool

Pool#

BL5547

2.68%,

1/1/2035

300,000

327,908

Pool#

BM6224

2.79%,

1/1/2035(b)

736,636

811,789

Pool#

BL5767

2.68%,

2/1/2035

200,000

218,623

Pool#

BF0301

4.50%,

8/1/2058

552,244

633,013

FNMA

UMBS

Pool

Pool#

FM4650

2.50%,

10/1/2040

890,721

951,552

Pool#

AL9546

3.50%,

11/1/2046

411,808

441,972

Pool#

AS8451

3.00%,

12/1/2046

216,529

229,900

Pool#

BE3776

4.50%,

7/1/2047

608,832

664,483

Pool#

CA0148

4.50%,

8/1/2047

127,634

139,037

Pool#

CA0717

4.50%,

11/1/2047

557,389

607,169

Pool#

BM3330

3.50%,

1/1/2048

3,150,049

3,439,830

Pool#

CA1565

4.50%,

4/1/2048

165,443

180,548

Pool#

BJ2763

4.50%,

5/1/2048

1,549,007

1,696,032

44

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BM4014

4.50%,

5/1/2048

53,686

59,056

Pool#

FM5380

4.00%,

6/1/2048

2,400,000

2,590,427

Pool#

BJ9257

4.50%,

6/1/2048

285,209

315,999

Pool#

CA1909

4.50%,

6/1/2048

4,134

4,485

Pool#

CA2047

4.50%,

7/1/2048

411,306

456,751

Pool#

CA2055

4.50%,

7/1/2048

9,655

10,488

Pool#

FM3469

3.50%,

8/1/2048

1,054,002

1,133,897

Pool#

CA2199

4.50%,

8/1/2048

659,983

727,163

Pool#

CA2205

4.50%,

8/1/2048

17,247

18,702

Pool#

CA2251

5.00%,

8/1/2048

102,410

113,312

Pool#

BK4814

4.50%,

9/1/2048

163,145

177,307

Pool#

CA2482

4.50%,

10/1/2048

532,097

588,596

Pool#

BK7603

4.50%,

10/1/2048

104,394

115,472

Pool#

CA2419

4.50%,

10/1/2048

3,994

4,337

Pool#

FM3141

3.50%,

11/1/2048

1,141,201

1,219,789

Pool#

BN1623

4.50%,

11/1/2048

345,110

382,593

Pool#

MA3527

5.00%,

11/1/2048

635,188

703,046

Pool#

FM5370

3.00%,

12/1/2048

383,210

408,271

Pool#

BN0302

4.50%,

12/1/2048

693,338

762,702

Pool#

BM5119

4.50%,

12/1/2048

245,711

271,585

Pool#

FM3215

3.50%,

1/1/2049

364,553

394,678

Pool#

BM5317

4.50%,

1/1/2049

222,747

244,720

Pool#

BM5629

4.50%,

2/1/2049

106,052

117,297

Pool#

FM1458

4.50%,

4/1/2049

53,729

58,398

Pool#

FM1193

3.50%,

6/1/2049

119,483

129,219

Pool#

FM1263

4.50%,

7/1/2049

251,259

274,320

Pool#

CA4033

4.50%,

8/1/2049

343,830

375,434

Pool#

FM3572

4.50%,

9/1/2049

2,808,343

3,089,744

Pool#

FM1539

4.50%,

9/1/2049

149,812

162,884

Pool#

FM1727

5.00%,

9/1/2049

1,488,347

1,675,296

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

FM3154

5.00%,

9/1/2049

69,534

76,759

Pool#

FM1671

4.50%,

10/1/2049

434,780

480,359

Pool#

FM3083

4.50%,

10/1/2049

127,123

137,640

Pool#

BO2878

3.00%,

11/1/2049

275,627

290,239

Pool#

FM3002

4.50%,

11/1/2049

2,070,690

2,261,219

Pool#

BO8513

3.00%,

12/1/2049

109,486

115,206

Pool#

FM3155

5.00%,

12/1/2049

64,302

70,983

Pool#

FM2378

4.50%,

1/1/2050

287,730

314,057

Pool#

BP2319

3.00%,

2/1/2050

599,806

638,476

Pool#

FM0062

3.50%,

2/1/2050

6,452,941

6,963,169

Pool#

FM2870

3.00%,

3/1/2050

4,843,861

5,206,808

Pool#

CA5379

4.50%,

3/1/2050

346,847

386,791

Pool#

FM2761

5.00%,

3/1/2050

572,427

633,352

Pool#

BP2389

4.50%,

4/1/2050

96,743

105,303

Pool#

MA4031

4.50%,

5/1/2050

201,858

219,769

Pool#

FM4133

3.00%,

7/1/2050

5,905,037

6,272,762

Pool#

FM3978

4.00%,

7/1/2050

4,161,336

4,517,485

Pool#

BP8713

3.00%,

8/1/2050

396,241

422,772

Pool#

FM4532

3.00%,

9/1/2050

826,468

882,186

Pool#

FM4737

3.50%,

9/1/2050

189,850

201,934

Pool#

BQ5876

2.50%,

11/1/2050

98,691

105,690

Pool#

FM4925

3.00%,

11/1/2050

293,270

316,712

Pool#

CA8460

2.50%,

1/1/2051

399,361

420,888

FNMA/FHLMC

UMBS,

15

Year,

Single

Family

TBA

1.50%,

2/25/2036

3,100,000

3,178,711

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

2.00%,

2/25/2051

2,300,000

2,375,109

3.00%,

2/25/2051

1,700,000

1,788,055

2.00%,

3/25/2051

1,800,000

1,855,547

2.50%,

3/25/2051

7,000,000

7,363,398

4.00%,

3/25/2051

2,400,000

2,575,922

GNMA

II

Pool

Pool#

MA4511

4.00%,

6/20/2047

402,582

435,617

Nationwide

Multi-Cap

Portfolio

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

45

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

MA4654

4.50%,

8/20/2047

347,772

381,746

Pool#

MA5193

4.50%,

5/20/2048

604,567

658,016

Pool#

MA5399

4.50%,

8/20/2048

1,177,946

1,283,848

Pool#

MA5530

5.00%,

10/20/2048

59,779

65,242

Pool#

MA5597

5.00%,

11/20/2048

565,234

616,811

Pool#

MA5711

4.50%,

1/20/2049

228,644

247,728

Pool#

MA5712

5.00%,

1/20/2049

394,251

430,448

Pool#

MA5819

5.00%,

3/20/2049

641,162

699,982

Pool#

MA6338

3.00%,

12/20/2049

849,869

891,262

Pool#

MA6342

5.00%,

12/20/2049

1,085,420

1,182,955

Pool#

BS1728

4.00%,

1/20/2050

96,755

106,475

Pool#

MA6413

5.00%,

1/20/2050

675,169

735,989

Pool#

BM7534

3.50%,

2/20/2050

179,429

191,197

Pool#

BS1742

4.00%,

2/20/2050

92,350

101,202

Pool#

MA6477

4.50%,

2/20/2050

405,960

438,043

Pool#

BS1757

4.00%,

3/20/2050

95,666

105,709

Pool#

MA6544

4.50%,

3/20/2050

290,548

313,170

Pool#

BS8420

4.00%,

4/20/2050

385,037

421,731

Pool#

MA6603

5.00%,

4/20/2050

628,135

685,640

Pool#

BT1888

2.50%,

12/20/2050

299,255

315,180

Pool#

BS8546

2.50%,

12/20/2050

199,661

213,263

GNMA

TBA

2.00%,

2/15/2051

1,200,000

1,246,313

2.00%,

3/15/2051

1,200,000

1,244,156

2.50%,

3/15/2051

1,600,000

1,680,688

3.00%,

3/15/2051

3,400,000

3,563,891

Total

Mortgage-Backed

Securities

(cost

$103,692,969)

104,172,452

Rights

0.0%

†

Number

of

Rights

Biotechnology

0.0%

†

Achillion

Pharmaceuticals,

Inc.,

CVR*∞

5,788

499

Alder

Biopharmaceuticals,

Inc.,

CVR*^∞(d)

3,287

0

Rights

Number

of

Rights

Value

($)

Biotechnology

CONTRA

ADURO

BIOTECH

I,

CVR*∞

429

0

Oncternal

Therapeutics,

Inc.,

CVR*∞

31

64

Progenics

Pharmaceuticals,

Inc.,

CVR*^∞

3,700

0

Stemline

Therapeutics,

Inc.,

CVR*^∞

1,519

0

563

Pharmaceuticals

0.0%

†

Dova

Pharmaceuticals,

Inc.,

CVR*^∞

375

0

Elanco

Animal

Health,

Inc.,

CVR*^∞

2,818

0

0

Total

Rights

(cost

$13,364)

563

U.S.

Government

Agency

Security

0.1%

Principal

Amount

($)

FNMA,

0.38%,

8/25/2025

2,710,000

2,703,333

Total

U.S.

Government

Agency

Security

(cost

$2,698,396)

2,703,333

U.S.

Treasury

Obligations

5.1%

U.S.

Treasury

Bonds

STRIPS

1.13%,

8/15/2040

5,550,000

5,061,773

1.38%,

11/15/2040

5,080,000

4,840,287

3.00%,

2/15/2049

280,000

354,484

0.00%,

5/15/2049

4,350,000

2,554,484

2.00%,

2/15/2050

5,500,000

5,719,570

1.25%,

5/15/2050

15,630,000

13,527,277

1.38%,

8/15/2050

15,260,000

13,636,241

1.63%,

11/15/2050

7,830,000

7,443,394

U.S.

Treasury

Inflation

Linked

Bonds

2.13%,

2/15/2040

(g)

1,440,000

2,665,566

2.13%,

2/15/2041

(g)

700,000

1,294,375

1.38%,

2/15/2044

(g)(h)

4,290,000

6,832,232

0.75%,

2/15/2045

(g)

80,000

112,885

U.S.

Treasury

Notes

0.13%,

6/30/2022

300,000

300,094

1.75%,

7/15/2022

70,000

71,668

0.25%,

7/31/2025

210,000

208,925

2.13%,

5/31/2026

1,730,000

1,878,942

0.50%,

6/30/2027

26,850,000

26,563,670

0.63%,

11/30/2027

7,630,000

7,570,391

0.75%,

1/31/2028

15,390,000

15,373,167

0.63%,

5/15/2030

8,050,000

7,756,930

Total

U.S.

Treasury

Obligations

(cost

$124,876,612)

123,766,355

46

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Warrants

0.0%

†

Number

of

Warrants

Value

($)

Oil,

Gas

&

Consumable

Fuels

0.0%

†

Whiting

Petroleum

Corp.,

expiring

9/1/2024

*

163

226

Whiting

Petroleum

Corp.,

expiring

9/1/2025

*

81

125

Total

Warrants

(cost

$0)

351

Short-Term

Investments

1.2%

Shares

Money

Market

Funds

0.3%

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,0.01%(

i

)(j)

6,709,057

6,709,057

Principal

Amount

($)

U.S.

Treasury

Obligations

0.9%

U.S.

Treasury

Bills

0.09%,

5/4/2021

5,650,000

5,648,701

0.10%,

5/18/2021

15,960,000

15,956,240

Total

U.S.

Treasury

Obligations

(cost

$21,604,730)

21,604,941

Total

Short-Term

Investments

(cost

$28,313,787)

28,313,998

Total

Investments

(cost

$2,034,685,709)

—

101.9%

2,473,039,585

Liabilities

in

excess

of

other

assets

—

(1.9)%

(46,127,786)

NET

ASSETS

—

100.0%

$

2,426,911,799

*

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

January

31,

2021

was

$301,672,620

which

represents

12.43%

of

net

assets.

(b)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

January

31,

2021.

(c)

Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

at

January

31,

2021.

(d)

The

security

or

a

portion

of

this

security

is

on

loan

at

January

31,

2021.

The

total

value

of

securities

on

loan

at

January

31,

2021

was

$6,652,503,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

with

a

value

of

$6,709,057.

(e)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

January

31,

2021.

(f)

Security

in

default.

(g)

Principal

amounts

are

not

adjusted

for

inflation.

(h)

Security

or

a

portion

of

the

security

was

used

to

cover

the

margin

requirement

for

swaps

contracts.

(

i

)

Represents

7-day

effective

yield

as

of

January

31,

2021.

(j)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2021

was

$6,709,057.

Nationwide

Multi-Cap

Portfolio

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

47

V1

CLO

Collateralized

Loan

Obligations

CVR

Contingent

Value

Rights

ETF

Exchange

Traded

Fund

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

ICE

Intercontinental

Exchange

IO

Interest

only

LIBOR

London

Interbank

Offered

Rate

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

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

January

31,

2021

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

35-V1

5.00

Quarterly

12/20/2025

3.16

USD

16,285,000

642,803

768,574

1,411,377

Markit

CDX

North

American

Investment

Grade

Index

Series

34-V1

1.00

Quarterly

6/20/2025

0.69

USD

28,194,000

7,474

402,377

409,851

Markit

CDX

North

American

Investment

Grade

Index

Series

35-V1

1.00

Quarterly

12/20/2025

0.56

USD

28,668,000

669,493

(30,879)

638,614

1,319,770

1,140,072

2,459,842

48

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

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).

Currency:

USD

United

States

dollar

Centrally

Cleared

Interest

rate

swap

contracts

outstanding

as

of

January

31,

2021

:

Floating

Rate

Index

Fixed

Rate

Pay/

Receive

Floating

Rate

Maturity

Date

Notional

Amount

Upfront

Payment

(Receipts)

($)

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

3

Month

LIBOR

quarterly

0.19%

semi-annually

Pay

6/15/2022

USD

13,515,000

(45)

2,181

2,136

3

Month

LIBOR

quarterly

0.45%

semi-annually

Rec

5/15/2027

USD

70,366,000

(91,569)

1,281,431

1,189,862

3

Month

LIBOR

quarterly

0.78%

semi-annually

Rec

11/15/2027

USD

6,725,000

18,118

(5,223)

12,895

3

Month

LIBOR

quarterly

0.90%

semi-annually

Rec

3/17/2050

USD

2,254,000

(66)

386,490

386,424

3

Month

LIBOR

quarterly

1.10%

semi-annually

Pay

12/18/2025

USD

58,467,000

–

10,269

10,269

3

Month

LIBOR

quarterly

1.20%

semi-annually

Rec

10/7/2050

USD

1,661,000

(719)

165,765

165,046

3

Month

LIBOR

quarterly

1.20%

semi-annually

Rec

2/15/2047

USD

3,964,000

21,637

325,113

346,750

3

Month

LIBOR

quarterly

1.23%

semi-annually

Rec

2/15/2047

USD

1,991,000

1,542

161,424

162,966

3

Month

LIBOR

quarterly

1.60%

semi-annually

Rec

2/15/2047

USD

2,631,000

15,457

(12,911)

2,546

(35,645)

2,314,539

2,278,894

3

Month

LIBOR

quarterly

0.84%

semi-annually

Pay

11/27/2025

USD

52,482,000

(22,483)

(93,318)

(115,801)

(58,128)

2,221,221

2,163,093

–

–

–

Currency:

USD

United

States

dollar

Nationwide

Multi-Cap

Portfolio

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

49

OTC

Total

return

swap

contracts

outstanding

as

of

January

31,

2021

:

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

($)

Arrow

Financial

Corp.

Decreases

in

total

return

of

reference

entity

1

month

USD

LIBOR

+

0.30%

and

increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/19/2021

USD

6,272

—

10,529

10,529

AstraZeneca

plc

Decreases

in

total

return

of

reference

entity

3

month

USD

LIBOR

+

0.30%

and

increases

in

total

return

of

reference

entity

Quarterly

Morgan

Stanley

Capital

Services,

Inc.

4/19/2021

USD

5,478

—

4,048

4,048

Cellular

Biomedicine

Group,

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.

4/19/2021

USD

9,760

—

14,526

14,526

Huntington

Bancshares,

Inc.

Decreases

in

total

return

of

reference

entity

1

month

USD

LIBOR

+

0.30%

and

increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/19/2021

USD

233,303

—

357,975

357,975

International

Flavors

&

Fragrances,

Inc.

Decreases

in

total

return

of

reference

entity

1

month

USD

LIBOR

+

11.00%

and

increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/19/2021

USD

8,758

—

29,117

29,117

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.

4/19/2021

USD

5,168

—

27,726

27,726

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.

4/19/2021

USD

1,427

—

1,008

1,008

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.

4/19/2021

USD

15,200

—

10,749

10,749

Live

Nation

Entertainment,

Inc.

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.

4/19/2021

USD

1,671

—

8,551

8,551

50

-

Statement

of

Investments

-

January

31,

2021

(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

Appreciation    

(Depreciation)

($)

Value

($)

Slack

Technologies,

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.

4/19/2021

USD

16,381

—

5,996

5,996

STAAR

Surgical

Co.

Decreases

in

total

return

of

reference

entity

1

month

USD

LIBOR

+

0.30%

and

increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/19/2021

USD

14,967

—

31,911

31,911

—

502,136

502,136

Alexion

Pharmaceuticals,

Inc.

1

month

USD

LIBOR

+

0.30

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/19/2021

USD

2,579

—

(8,735)

(8,735)

Change

Healthcare,

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.

4/19/2021

USD

50,763

—

(7,223)

(7,223)

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.

4/19/2021

USD

4,864

—

(202)

(202)

Cincinnati

Bell,

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.

4/19/2021

USD

17,890

—

(735)

(735)

Dime

Community

Bancshares,

Inc.

D

ecreases

in

total

return

of

reference

entity

1

month

USD

LIBOR

+

0.20%

and

increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/19/2021

USD

6,692

—

—

—

Inphi

Corp.

1

month

USD

LIBOR

+

0.30

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/19/2021

USD

6,765

—

(12,369)

(12,369)

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.

4/19/2021

USD

3,886

—

(26,473)

(26,473)

Nationwide

Multi-Cap

Portfolio

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

51

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

($)

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.

4/19/2021

USD

1,380

—

(10,266)

(10,266)

Maxim

Integrated

Products,

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.

4/19/2021

USD

5,823

—

(43,304)

(43,304)

Monmouth

Real

Estate

Investment

Corp.

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.

4/19/2021

USD

30,731

—

(8,041)

(8,041)

Monmouth

Real

Estate

Investment

Corp.

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.

4/19/2021

USD

37,311

—

(9,763)

(9,763)

Monmouth

Real

Estate

Investment

Corp.

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.

4/19/2021

USD

52,773

—

(13,809)

(13,809)

Paramount

Group,

Inc.

1

month

USD

LIBOR

+

0.30

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/19/2021

USD

55,795

—

(12,888)

(12,888)

RealPage

,

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.

4/19/2021

USD

16,002

—

(7,493)

(7,493)

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

6/10/2021

USD

4,010

—

(1,360,284)

(1,360,284)

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.

6/10/2021

USD

16,893

—

(5,730,493)

(5,730,493)

52

-

Statement

of

Investments

-

January

31,

2021

(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

Appreciation    

(Depreciation)

($)

Value

($)

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.

6/10/2021

USD

26,520

—

(9,000,508)

(9,000,508)

Russell

3000

Index

1

month

USD

LIBOR

+

0.33

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Citigroup

Global

Markets

Ltd.

12/10/2021

USD

40,000

—

(13,598,505)

(13,598,505)

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.

4/19/2021

USD

85,352

—

(39,336)

(39,336)

TCF

Financial

Corp.

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.

4/19/2021

USD

77,695

—

(380,252)

(380,252)

W

R

Grace

&

Co.

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.

4/19/2021

USD

8,673

—

(45,412)

(45,412)

W

R

Grace

&

Co.

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.

4/19/2021

USD

8,673

—

(45,412)

(45,412)

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.

4/19/2021

USD

352

—

(1,313)

(1,313)

Willis

Towers

Watson

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.

4/19/2021

USD

3,553

—

(13,233)

(13,233)

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.

4/19/2021

USD

521

—

(1,952)

(1,952)

Nationwide

Multi-Cap

Portfolio

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

53

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

($)

Xilinx,

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.

4/19/2021

USD

1,467

—

(8,865)

(8,865)

—

(30,386,866)

(30,386,866)

—

(29,884,730)

(29,884,730)

*

There

are

no

upfront

payments

(receipts)

on

the

swap

contracts

listed

above.

At

January

31,

2021,

the

Fund

had

$10,930,000

segregated

as

collateral

for

swap

contracts.

LIBOR

London

Interbank

Offered

Rate

Currency:

USD

United

States

dollar

Forward

Foreign

Currency

Contracts

outstanding

as

of

January

31,

2021:

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

($)

BRL

12,640,000

USD

2,366,697

Citibank

NA

**

4/19/2021

(61,533)

BRL

4,230,000

USD

780,817

Goldman

Sachs

**

4/19/2021

(9,390)

CAD

6,064,252

USD

4,786,856

Citibank

NA

4/19/2021

(43,781)

JPY

1,042,809,809

USD

10,117,491

Citibank

NA

4/19/2021

(153,700)

RUB

100,800,000

USD

1,337,831

Citibank

NA

**

4/19/2021

(17,341)

RUB

20,282,958

USD

269,430

Goldman

Sachs

**

4/19/2021

(3,721)

Net

unrealized

depreciation

(289,466)

**

Non-deliverable

forward.

Currency:

BRL

Brazilian

real

CAD

Canadian

dollar

JPY

Japanese

yen

RUB

Russian

ruble

USD

United

States

dollar

Futures

contracts

outstanding

as

of

January

31,

2021:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

Micro

E-Mini

S&P

500

Index

583

3/2021

USD

10,800,804

(110,897)

U.S.

Treasury

10

Year

Note

263

3/2021

USD

36,039,219

(161,299)

U.S.

Treasury

Ultra

Bond

79

3/2021

USD

16,172,781

(656,541)

(928,737)

Short

Contracts

3

Month

Eurodollar

(244)

3/2021

USD

(60,902,400)

(114,762)

Russell

2000

E-Mini

Index

(6)

3/2021

USD

(620,460)

25,467

U.S.

Treasury

2

Year

Note

(937)

3/2021

USD

(207,055,039)

(185,936)

U.S.

Treasury

5

Year

Note

(2,719)

3/2021

USD

(342,254,125)

(55,343)

U.S.

Treasury

10

Year

Ultra

Note

(74)

3/2021

USD

(11,383,281)

232,309

U.S.

Treasury

Long

Bond

(503)

3/2021

USD

(84,865,531)

2,795,380

3

Month

Eurodollar

(510)

12/2021

USD

(127,245,000)

(477,808)

2,219,307

1,290,570

At

January

31,

2021,

the

Fund

had

$5,138,742

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

54

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Written

Call

Options

Contracts

as

of

January

31,

2021

:

D

escription

Counterparty

Number

of

Contracts

Notional

Amount

Exercise

  Price  

Expiration

Date

Value

($)  

U.S.

Treasury

10

Year

Note

Exchange

Traded

35

USD

3,500,000

USD

137.00

2/19/2021

(15,859)

U.S.

Treasury

10

Year

Note

Exchange

Traded

63

USD

6,300,000

USD

137.50

2/19/2021

(14,766)

U.S.

Treasury

30

Year

Bond

Exchange

Traded

20

USD

2,000,000

USD

170.00

2/19/2021

(15,625)

U.S.

Treasury

30

Year

Bond

Exchange

Traded

20

USD

2,000,000

USD

171.00

2/19/2021

(10,000)

U.S.

Treasury

30

Year

Bond

Exchange

Traded

25

USD

2,500,000

USD

172.00

2/19/2021

(7,812)

U.S.

Treasury

5

Year

Note

Exchange

Traded

103

USD

10,300,000

USD

126.00

2/19/2021

(10,461)

(74,523)

Total

Written

Options

Contracts

(Premiums

Received

($106,720))

(74,523)

Currency:

USD

United

States

dollar

Nationwide

Multi-Cap

Portfolio

-

January

31,

2021

(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.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

152,329,518

$

–

$

152,329,518

Collateralized

Mortgage

Obligations

–

47,380,502

–

47,380,502

Commercial

Mortgage-Backed

Securities

–

74,031,488

–

74,031,488

56

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Level

1

Level

2

Level

3

Total

Assets:

  Common

Stocks

Aerospace

&

Defense

$

19,645,296

$

–

$

–

$

19,645,296

Air

Freight

&

Logistics

7,842,288

–

–

7,842,288

Airlines

3,336,876

–

–

3,336,876

Auto

Components

3,740,360

–

–

3,740,360

Automobiles

26,412,933

–

–

26,412,933

Banks

55,840,644

–

–

55,840,644

Beverages

18,240,595

–

–

18,240,595

Biotechnology

40,775,255

–

–

40,775,255

Building

Products

8,179,312

–

–

8,179,312

Capital

Markets

33,356,999

–

–

33,356,999

Chemicals

25,640,040

–

–

25,640,040

Commercial

Services

&

Supplies

7,261,603

–

–

7,261,603

Communications

Equipment

11,220,044

–

–

11,220,044

Construction

&

Engineering

2,661,144

–

–

2,661,144

Construction

Materials

1,707,030

–

–

1,707,030

Consumer

Finance

8,747,102

–

–

8,747,102

Containers

&

Packaging

5,598,290

–

–

5,598,290

Distributors

1,401,063

–

–

1,401,063

Diversified

Consumer

Services

2,435,663

–

–

2,435,663

Diversified

Financial

Services

16,800,385

–

–

16,800,385

Diversified

Telecommunication

Services

17,186,177

–

–

17,186,177

Electric

Utilities

21,985,900

–

–

21,985,900

Electrical

Equipment

9,978,795

–

–

9,978,795

Electronic

Equipment,

Instruments

&

Components

10,062,795

–

–

10,062,795

Energy

Equipment

&

Services

3,112,777

–

–

3,112,777

Entertainment

29,505,555

–

–

29,505,555

Equity

Real

Estate

Investment

Trusts

(REITs)

42,254,816

–

–

42,254,816

Food

&

Staples

Retailing

18,333,901

–

–

18,333,901

Food

Products

13,890,162

–

–

13,890,162

Gas

Utilities

1,487,008

–

–

1,487,008

Health

Care

Equipment

&

Supplies

51,333,410

–

–

51,333,410

Health

Care

Providers

&

Services

34,718,649

–

–

34,718,649

Health

Care

Technology

4,920,290

–

–

4,920,290

Hotels,

Restaurants

&

Leisure

24,755,564

–

–

24,755,564

Household

Durables

7,615,978

–

–

7,615,978

Household

Products

17,800,536

–

–

17,800,536

Independent

Power

and

Renewable

Electricity

Producers

1,534,428

–

–

1,534,428

Industrial

Conglomerates

13,939,236

–

–

13,939,236

Insurance

26,776,731

–

–

26,776,731

Interactive

Media

&

Services

68,486,464

–

–

68,486,464

Internet

&

Direct

Marketing

Retail

58,696,886

–

–

58,696,886

IT

Services

72,283,732

2,632

–

72,286,364

Leisure

Products

3,362,066

–

–

3,362,066

Life

Sciences

Tools

&

Services

20,395,864

–

–

20,395,864

Machinery

25,950,824

–

–

25,950,824

Marine

288,231

–

–

288,231

Media

19,169,598

–

–

19,169,598

Metals

&

Mining

6,223,705

634

–

6,224,339

Mortgage

Real

Estate

Investment

Trusts

(REITs)

2,255,217

–

–

2,255,217

Multiline

Retail

6,897,104

–

–

6,897,104

Multi-Utilities

9,842,520

–

–

9,842,520

Oil,

Gas

&

Consumable

Fuels

28,062,745

–

–

28,062,745

Paper

&

Forest

Products

358,971

–

–

358,971

Personal

Products

2,649,234

–

–

2,649,234

Pharmaceuticals

49,473,746

–

–

49,473,746

Professional

Services

7,494,126

–

–

7,494,126

Nationwide

Multi-Cap

Portfolio

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

57

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2021.

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

$

1,953,780

$

–

$

–

$

1,953,780

Road

&

Rail

15,550,704

–

–

15,550,704

Semiconductors

&

Semiconductor

Equipment

68,394,411

–

–

68,394,411

Software

132,035,380

–

–

132,035,380

Specialty

Retail

32,780,528

–

–

32,780,528

Technology

Hardware,

Storage

&

Peripherals

82,792,202

–

–

82,792,202

Textiles,

Apparel

&

Luxury

Goods

10,931,921

–

–

10,931,921

Thrifts

&

Mortgage

Finance

1,888,947

–

–

1,888,947

Tobacco

7,440,710

–

–

7,440,710

Trading

Companies

&

Distributors

4,099,954

–

–

4,099,954

Transportation

Infrastructure

80,786

–

–

80,786

Water

Utilities

1,876,749

–

–

1,876,749

Wireless

Telecommunication

Services

2,705,113

–

–

2,705,113

Total

Common

Stocks

$

1,396,457,848

$

3,266

$

–

$

1,396,461,114

Convertible

Bond

–

484,800

–

484,800

Corporate

Bonds

–

503,734,210

–

503,734,210

Credit

Default

Swaps*

–

1,170,951

–

1,170,951

Exchange-Traded

Funds

1,489,828

–

–

1,489,828

Foreign

Government

Securities

–

38,171,073

–

38,171,073

Futures

Contracts

3,053,156

–

–

3,053,156

Interest

Rate

Swaps*

–

2,332,673

–

2,332,673

Mortgage-Backed

Securities

–

104,172,452

–

104,172,452

Rights  

–

563

–

563

Short-Term

Investments  

6,709,057

21,604,941

–

28,313,998

Total

Return

Swaps*

–

502,136

–

502,136

U.S.

Government

Agency

Security

–

2,703,333

–

2,703,333

U.S.

Treasury

Obligations

–

123,766,355

–

123,766,355

Warrants

351

–

–

351

Total

Assets

$

1,407,710,240

$

1,072,388,261

$

–

$

2,480,098,501

$

–

$

–

$

–

$

–

Liabilities:

Credit

Default

Swaps*

$

–

$

(30,879)

$

–

$

(30,879)

Forward

Foreign

Currency

Contracts

–

(289,466)

–

(289,466)

Futures

Contracts

(1,762,586)

–

–

(1,762,586)

Interest

Rate

Swaps*

–

(111,452)

–

(111,452)

Total

Return

Swaps*

–

(30,386,866)

–

(30,386,866)

Options

Written

(74,523)

–

–

(74,523)

Total

Liabilities

$

(1,837,109)

$

(30,818,663)

$

–

$

(32,655,772)

Total

$

1,405,873,131

$

1,041,569,598

$

–

$

2,447,442,729

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).

During

the

period

ended

January

31,

2021,

the

Fund

held

five

rights

investments

that

were

categorized

as

Level

3

investments

which

were

each

valued

at

$0.

58

-

Statement

of

Investments

-

January

31,

2021

(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

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

59

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

60

-

Statement

of

Investments

-

January

31,

2021

(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

January

31,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2021:

Assets:

Fair

Value

Swap

Contracts(a)

Credit

risk

Unrealized

appreciation

on

centrally

cleared

swap

contracts

$

1,170,95

1

Equity

risk

Swap

contracts,

at

value

502,136

Interest

rate

risk

Unrealized

appreciation

on

centrally

cleared

swap

contracts

2,332,67

3

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

25,467

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

3,027,689

Total

$

7,058,916

Liabilities:

s

Written

Options

Interest

rate

risk

Written

options,

at

value

$

(74,523)

Swap

Contracts(a)

Credit

risk

Unrealized

depreciation

on

centrally

cleared

swap

contracts

(30,879)

Equity

risk

Swap

contracts,

at

value

(30,386,866

)

Interest

rate

risk

Unrealized

depreciation

on

centrally

cleared

swap

contracts

(111,452)

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

depreciation

on

forward

foreign

currency

contracts

(289,466)

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

(110,897

)

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

(1,651,689

)

Total

$

(32,655,772

)

(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

Geneva

Small

Cap

Growth

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

1

Common

Stocks

98.3%

Shares

Value

($)

Airlines

1.6%

Allegiant

Travel

Co.

148,987

27,039,651

Auto

Components

4.3%

Dorman

Products,

Inc.*

209,788

19,055,044

Fox

Factory

Holding

Corp.*

457,790

54,769,996

73,825,040

Banks

1.6%

Pacific

Premier

Bancorp,

Inc.

473,261

15,735,928

Texas

Capital

Bancshares,

Inc.*

180,548

10,872,601

26,608,529

Building

Products

4.4%

AAON,

Inc.

397,298

29,400,052

Trex

Co.,

Inc.*

497,009

45,610,516

75,010,568

Chemicals

1.7%

Balchem

Corp.

269,352

28,828,744

Diversified

Consumer

Services

2.1%

Bright

Horizons

Family

Solutions,

Inc.*

238,719

36,278,126

Electronic

Equipment,

Instruments

&

Components

3.9%

ePlus

,

Inc.*

244,443

20,542,990

Novanta

,

Inc.*

222,475

27,791,577

Rogers

Corp.*

118,045

18,423,283

66,757,850

Food

Products

1.6%

J

&

J

Snack

Foods

Corp.

173,895

26,546,811

Health

Care

Equipment

&

Supplies

12.3%

BioLife

Solutions,

Inc.*

165,163

6,262,981

Cantel

Medical

Corp.*

198,030

15,638,429

Globus

Medical,

Inc.,

Class

A*

371,152

22,896,367

LeMaitre

Vascular,

Inc.

364,190

17,502,971

Masimo

Corp.*

168,326

43,077,990

Neogen

Corp.*

331,701

26,824,660

STAAR

Surgical

Co.*

430,987

44,210,646

Tactile

Systems

Technology,

Inc.*

585,581

31,943,444

208,357,488

Health

Care

Providers

&

Services

5.2%

HealthEquity

,

Inc.*

329,689

27,545,516

LHC

Group,

Inc.*

210,039

41,843,969

PetIQ

,

Inc.*(a)

530,504

18,387,269

87,776,754

Health

Care

Technology

5.9%

Omnicell

,

Inc.*

353,051

41,589,408

Tabula

Rasa

HealthCare,

Inc.*(a)

437,213

24,829,326

Vocera

Communications,

Inc.*

784,385

34,473,721

100,892,455

Hotels,

Restaurants

&

Leisure

1.5%

Texas

Roadhouse,

Inc.

328,916

25,066,688

Household

Products

1.3%

WD-40

Co.

73,024

22,229,236

Insurance

3.9%

Kinsale

Capital

Group,

Inc.

274,612

51,506,227

Common

Stocks

Shares

Value

($)

Insurance

Palomar

Holdings,

Inc.*

140,787

14,020,977

65,527,204

IT

Services

4.4%

Evo

Payments,

Inc.,

Class

A*

790,419

18,148,020

ExlService

Holdings,

Inc.*

312,981

23,999,383

I3

Verticals,

Inc.,

Class

A*

678,674

19,695,120

Perficient

,

Inc.*

229,957

12,557,952

74,400,475

Life

Sciences

Tools

&

Services

2.9%

Bio-

Techne

Corp.

151,772

49,312,240

Machinery

6.8%

Barnes

Group,

Inc.

267,341

12,851,082

Donaldson

Co.,

Inc.

292,868

17,408,074

ESCO

Technologies,

Inc.

293,951

27,948,861

Proto

Labs,

Inc.*

107,188

22,702,418

RBC

Bearings,

Inc.*

204,472

34,214,300

115,124,735

Multiline

Retail

1.8%

Ollie's

Bargain

Outlet

Holdings,

Inc.*

315,146

29,853,781

Professional

Services

2.5%

Exponent,

Inc.

512,403

42,314,240

Road

&

Rail

1.2%

Marten

Transport

Ltd.

1,343,047

21,287,295

Semiconductors

&

Semiconductor

Equipment

5.0%

Brooks

Automation,

Inc.

268,637

20,351,939

Inphi

Corp.*

160,281

27,024,979

Monolithic

Power

Systems,

Inc.

106,096

37,694,848

85,071,766

Software

19.6%

Alarm.com

Holdings,

Inc.*

476,355

44,262,906

Blackbaud

,

Inc.

222,939

14,823,214

Blackline,

Inc.*

344,232

44,619,352

Bottomline

Technologies

DE,

Inc.*

417,101

19,929,086

Cerence

,

Inc.*

184,725

20,672,575

Descartes

Systems

Group,

Inc.

(The)*

535,146

32,676,015

Envestnet

,

Inc.*

438,142

33,618,636

Fair

Isaac

Corp.*

106,751

48,049,693

Q2

Holdings,

Inc.*

273,684

35,028,815

QAD,

Inc.,

Class

A

211,443

13,699,392

Tyler

Technologies,

Inc.*

58,017

24,529,007

331,908,691

Thrifts

&

Mortgage

Finance

0.9%

Axos

Financial,

Inc.*

389,098

15,155,367

Trading

Companies

&

Distributors

1.9%

SiteOne

Landscape

Supply,

Inc.*

206,230

32,518,346

Total

Common

Stocks

(cost

$954,238,447)

1,667,692,080

2

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Geneva

Small

Cap

Growth

Fund

Short-Term

Investment

2.3%

Shares

Value

($)

Money

Market

Fund

2.3%

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,

0.01%(b)(c)

38,192,131

38,192,131

Total

Short-Term

Investment

(cost

$38,192,131)

38,192,131

Total

Investments

(cost

$992,430,578)

—

100.6%

1,705,884,211

Liabilities

in

excess

of

other

assets

—

(0.6)%

(10,485,856)

NET

ASSETS

—

100.0%

$

1,695,398,355

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

January

31,

2021.

The

total

value

of

securities

on

loan

at

January

31,

2021

was

$37,461,693,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

with

a

value

of

$38,192,131.

(b)

Represents

7-day

effective

yield

as

of

January

31,

2021.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2021

was

$38,192,131.

Nationwide

Geneva

Small

Cap

Growth

Fund

-

January

31,

2021

(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.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

1,667,692,080

$

–

$

–

$

1,667,692,080

Short-Term

Investment

38,192,131

–

–

38,192,131

Total

$

1,705,884,211

$

–

$

–

$

1,705,884,211

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

AllianzGI

International

Growth

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

1

Common

Stocks

96.7%

Shares

Value

($)

ARGENTINA

4.7%

Internet

&

Direct

Marketing

Retail

4.7%

MercadoLibre

,

Inc.

*

7,607

13,536,733

AUSTRALIA

3.6%

Biotechnology

0.7%

CSL

Ltd.

9,315

1,927,861

Hotels,

Restaurants

&

Leisure

2.9%

Domino's

Pizza

Enterprises

Ltd.

119,365

8,365,997

10,293,858

BRAZIL

3.7%

IT

Services

3.7%

StoneCo

Ltd.,

Class

A

*

147,872

10,631,997

CANADA

4.9%

Food

&

Staples

Retailing

1.3%

Alimentation

Couche-Tard,

Inc.,

Class

B

125,954

3,841,412

IT

Services

1.6%

Shopify,

Inc.,

Class

A

*

4,270

4,690,979

Road

&

Rail

0.2%

Canadian

National

Railway

Co.

6,651

673,656

Software

1.8%

Constellation

Software,

Inc.

3,997

4,869,167

Topicus.com,

Inc.

*∞

7,329

27,581

4,896,748

14,102,795

CHINA

13.7%

Diversified

Consumer

Services

0.7%

TAL

Education

Group,

ADR

*

25,326

1,947,063

Entertainment

3.3%

Tencent

Music

Entertainment

Group,

ADR

*

358,188

9,527,801

Interactive

Media

&

Services

5.3%

Tencent

Holdings

Ltd.

170,994

14,969,340

Internet

&

Direct

Marketing

Retail

4.4%

Alibaba

Group

Holding

Ltd.,

ADR

*

50,014

12,695,054

39,139,258

DENMARK

14.9%

Air

Freight

&

Logistics

2.4%

DSV

PANALPINA

A/S

44,468

6,935,012

Health

Care

Equipment

&

Supplies

7.9%

Ambu

A/S,

Class

B

(a)

460,357

21,778,850

Coloplast

A/S,

Class

B

3,634

542,898

22,321,748

Pharmaceuticals

0.9%

Novo

Nordisk

A/S,

Class

B

37,849

2,632,613

Software

3.7%

Netcompany

Group

A/S

Reg.

S

*(b)

112,947

10,560,923

42,450,296

Common

Stocks

Shares

Value

($)

GERMANY

10.4%

Diversified

Financial

Services

0.5%

GRENKE

AG

(a)

30,648

1,522,525

Internet

&

Direct

Marketing

Retail

1.6%

Zalando

SE

Reg.

S

*(b)

41,007

4,709,705

IT

Services

1.8%

Bechtle

AG

24,554

5,219,870

Semiconductors

&

Semiconductor

Equipment

4.0%

Infineon

Technologies

AG

281,764

11,331,911

Software

1.7%

SAP

SE

37,781

4,809,472

Textiles,

Apparel

&

Luxury

Goods

0.8%

adidas

AG

*

7,279

2,313,685

29,907,168

HONG

KONG

2.4%

Insurance

2.4%

AIA

Group

Ltd.

569,832

6,981,818

INDIA

4.1%

Banks

4.1%

HDFC

Bank

Ltd.,

ADR

*

163,459

11,785,394

INDONESIA

0.2%

Banks

0.2%

Bank

Central

Asia

Tbk

.

PT

287,778

693,958

IRELAND

0.9%

Building

Products

0.9%

Kingspan

Group

plc

*

37,023

2,512,274

ISRAEL

5.4%

IT

Services

5.4%

Wix.com

Ltd.

*

62,219

15,371,204

JAPAN

2.4%

Electronic

Equipment,

Instruments

&

Components

1.6%

Keyence

Corp.

8,682

4,670,406

Trading

Companies

&

Distributors

0.8%

MonotaRO

Co.

Ltd.

45,281

2,269,641

6,940,047

NETHERLANDS

5.6%

Semiconductors

&

Semiconductor

Equipment

5.6%

ASML

Holding

NV

30,245

16,103,187

NEW

ZEALAND

1.7%

Air

Freight

&

Logistics

1.7%

Mainfreight

Ltd.

102,031

4,938,350

SOUTH

AFRICA

1.1%

Banks

1.1%

Capitec

Bank

Holdings

Ltd.

*

35,848

3,282,982

SWEDEN

6.3%

Building

Products

0.5%

Assa

Abloy

AB,

Class

B

60,474

1,497,269

Chemicals

1.1%

Hexpol

AB

298,988

3,275,271

Electronic

Equipment,

Instruments

&

Components

1.2%

Hexagon

AB,

Class

B

38,591

3,376,673

2

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

AllianzGI

International

Growth

Fund

Common

Stocks

Shares

Value

($)

SWEDEN

Machinery

2.0%

Atlas

Copco

AB,

Class

A

63,187

3,439,528

Epiroc

AB,

Class

A

117,115

2,247,933

5,687,461

Trading

Companies

&

Distributors

1.5%

AddTech

AB,

Class

B

328,087

4,359,463

18,196,137

SWITZERLAND

4.1%

Capital

Markets

1.3%

Partners

Group

Holding

AG

3,022

3,574,440

Chemicals

1.2%

Sika

AG

(Registered)

12,888

3,505,033

Machinery

1.1%

VAT

Group

AG

Reg.

S

(b)

11,610

3,234,395

Software

0.5%

Temenos

AG

(Registered)

11,455

1,449,729

11,763,597

TAIWAN

5.6%

Entertainment

5.6%

Sea

Ltd.,

ADR

*

74,262

16,093,318

UNITED

KINGDOM

1.0%

Industrial

Conglomerates

1.0%

DCC

plc

38,013

2,871,211

Total

Common

Stocks

(cost

$155,683,628)

277,595,582

Short-Term

Investment

0.0%

†

Money

Market

Fund

0.0%

†

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,

0.01%,

(c)(d)

5,761

5,761

Total

Short-Term

Investment

(cost

$5,761)

5,761

Total

Investments

(cost

$155,689,389)

  —

96.7%

277,601,343

Other

assets

in

excess

of

liabilities

—

3.3%

9,583,218

NET

ASSETS

—

100.0%

$

287,184,561

*

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

January

31,

2021.

The

total

value

of

securities

on

loan

at

January

31,

2021

was

$21,566,506,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

with

a

total

value

of

$5,761

and

by

$24,403,973

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

3.13%,

and

maturity

dates

ranging

from

4/8/2021

–

2/15/2049;

a

total

value

of

$24,409,734.

(b)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

at

January

31,

2021

was

$18,505,023

which

represents

6.44%

of

net

assets.

(c)

Represents

7-day

effective

yield

as

of

January

31,

2021.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2021

was

$5,761.

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

-

January

31,

2021

(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

-

January

31,

2021

(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

January

31,

2021.

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

$

–

$

11,873,362

$

–

$

11,873,362

Banks

11,785,394

3,976,940

–

15,762,334

Biotechnology

–

1,927,861

–

1,927,861

Building

Products

–

4,009,543

–

4,009,543

Capital

Markets

–

3,574,440

–

3,574,440

Chemicals

–

6,780,304

–

6,780,304

Diversified

Consumer

Services

1,947,063

–

–

1,947,063

Diversified

Financial

Services

–

1,522,525

–

1,522,525

Electronic

Equipment,

Instruments

&

Components

–

8,047,079

–

8,047,079

Entertainment

25,621,119

–

–

25,621,119

Food

&

Staples

Retailing

3,841,412

–

–

3,841,412

Health

Care

Equipment

&

Supplies

–

22,321,748

–

22,321,748

Hotels,

Restaurants

&

Leisure

–

8,365,997

–

8,365,997

Industrial

Conglomerates

–

2,871,211

–

2,871,211

Insurance

–

6,981,818

–

6,981,818

Interactive

Media

&

Services

–

14,969,340

–

14,969,340

Internet

&

Direct

Marketing

Retail

26,231,787

4,709,705

–

30,941,492

IT

Services

30,694,180

5,219,870

–

35,914,050

Machinery

–

8,921,856

–

8,921,856

Pharmaceuticals

–

2,632,613

–

2,632,613

Road

&

Rail

673,656

–

–

673,656

Semiconductors

&

Semiconductor

Equipment

–

27,435,098

–

27,435,098

Software

4,869,167

16,847,705

–

21,716,872

Textiles,

Apparel

&

Luxury

Goods

–

2,313,685

–

2,313,685

Trading

Companies

&

Distributors

–

6,629,104

–

6,629,104

Total

Common

Stocks

$

105,663,778

$

171,931,804

$

–

$

277,595,582

Short-Term

Investment

5,761

–

–

5,761

Total

$

105,669,539

$

171,931,804

$

–

$

277,601,343

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

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

5

Corporate

Bonds

92.3%

Principal

Amount

($)

Value

($)

ARGENTINA

1.3%

Construction

&

Engineering

0.5%

Stoneway

Capital

Corp.,

10.00%,

3/1/2027(a)(b)

1,625,045

641,909

Electric

Utilities

0.8%

Pampa

Energia

SA,

7.50%,

1/24/2027(b)(c)

1,230,000

1,008,600

1,650,509

BRAZIL

2.8%

Airlines

0.6%

Gol

Finance

SA

7.00%,

1/31/2025(b)(c)

700,000

613,235

8.00%,

6/30/2026∞(b)

160,000

157,800

771,035

Food

Products

1.1%

Amaggi

Luxembourg

International

Sarl

,

5.25%,

1/28/2028(b)

780,000

792,152

Minerva

Luxembourg

SA,

5.88%,

1/19/2028(b)

549,000

584,443

1,376,595

Independent

Power

and

Renewable

Electricity

Producers

0.6%

Cemig

Geracao

e

Transmissao

SA,

9.25%,

12/5/2024(b)

660,000

764,280

Road

&

Rail

0.5%

Simpar

Europe

SA,

5.20%,

1/26/2031(b)

570,000

572,850

3,484,760

BURKINA

FASO

0.4%

Metals

&

Mining

0.4%

IAMGOLD

Corp.,

5.75%,

10/15/2028(b)

427,000

437,547

CANADA

5.6%

Beverages

0.3%

Primo

Water

Holdings,

Inc.,

3.88%,

10/31/2028(b)

EUR

295,000

366,052

Commercial

Services

&

Supplies

0.9%

Garda

World

Security

Corp.

4.63%,

2/15/2027(b)

50,000

50,447

9.50%,

11/1/2027(b)

876,000

961,410

GFL

Environmental,

Inc.,

4.00%,

8/1/2028(b)

165,000

163,350

1,175,207

Energy

Equipment

&

Services

0.4%

Tervita

Corp.,

11.00%,

12/1/2025(b)

410,000

445,875

Household

Durables

0.9%

Brookfield

Residential

Properties,

Inc.

6.25%,

9/15/2027(b)

620,000

654,100

Corporate

Bonds

Principal

Amount

($)

Value

($)

CANADA

Household

Durables

4.88%,

2/15/2030(b)

150,000

153,843

Empire

Communities

Corp.,

7.00%,

12/15/2025(b)

255,000

269,204

1,077,147

Oil,

Gas

&

Consumable

Fuels

3.1%

Baytex

Energy

Corp.,

8.75%,

4/1/2027(b)

1,025,000

807,187

Cenovus

Energy,

Inc.,

6.75%,

11/15/2039

465,000

602,330

MEG

Energy

Corp.

7.00%,

3/31/2024(b)

386,000

391,288

7.13%,

2/1/2027(b)

250,000

258,125

5.88%,

2/1/2029(b)

470,000

466,475

Northriver

Midstream

Finance

LP,

5.63%,

2/15/2026(b)

825,000

844,619

Parkland

Corp.,

5.88%,

7/15/2027(b)

330,000

353,100

3,723,124

6,787,405

CAYMAN

ISLANDS

0.4%

Consumer

Finance

0.4%

Global

Aircraft

Leasing

Co.

Ltd.,

6.50%,

9/15/2024(b)(d)

564,756

489,647

CHILE

0.3%

Wireless

Telecommunication

Services

0.3%

Kenbourne

Invest

SA,

6.88%,

11/26/2024(b)

360,000

387,900

CYPRUS

0.6%

Consumer

Finance

0.6%

ASG

Finance

Designated

Activity

Co.,

7.88%,

12/3/2024(b)

860,000

744,072

FRANCE

1.1%

Diversified

Telecommunication

Services

0.5%

Altice

France

SA

2.13%,

2/15/2025(b)

EUR

335,000

396,173

5.13%,

1/15/2029(b)

200,000

206,250

602,423

Food

&

Staples

Retailing

0.3%

Quatrim

SASU,

5.88%,

1/15/2024(b)

EUR

270,000

340,833

Health

Care

Providers

&

Services

0.3%

CAB

SELAS,

3.38%,

2/1/2028(b)

EUR

220,000

266,981

Laboratoire

Eimer

Selarl

,

5.00%,

2/1/2029(b)

EUR

100,000

121,355

388,336

1,331,592

6

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Amundi

Global

High

Yield

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

GERMANY

2.8%

Auto

Components

0.6%

ZF

Europe

Finance

BV,

Reg.

S,

3.00%,

10/23/2029

EUR

600,000

735,484

Machinery

0.7%

Platin

1426

GmbH,

5.38%,

6/15/2023(b)

EUR

685,000

831,282

Paper

&

Forest

Products

0.7%

Mercer

International,

Inc.,

5.13%,

2/1/2029(b)

860,000

875,050

Pharmaceuticals

0.8%

Nidda

BondCo

GmbH,

5.00%,

9/30/2025(b)

EUR

300,000

365,976

Nidda

Healthcare

Holding

GmbH,

3.50%,

9/30/2024(b)

EUR

490,000

595,411

961,387

3,403,203

INDONESIA

0.3%

Oil,

Gas

&

Consumable

Fuels

0.3%

Medco

Oak

Tree

Pte.

Ltd.,

7.38%,

5/14/2026(b)

310,000

328,987

IRELAND

0.4%

Media

0.4%

Virgin

Media

Vendor

Financing

Notes

III

DAC

4.88%,

7/15/2028(b)

GBP

395,000

555,416

ISRAEL

0.7%

Pharmaceuticals

0.7%

Teva

Pharmaceutical

Finance

Netherlands

III

BV,

2.80%,

7/21/2023

940,000

931,916

ITALY

1.4%

Household

Durables

0.5%

International

Design

Group

SpA

,

6.50%,

11/15/2025(b)

EUR

530,000

669,296

Machinery

0.4%

Sofima

Holding

SpA

,

3.75%,

1/15/2028(b)

EUR

410,000

499,471

Pharmaceuticals

0.5%

Rossini

Sarl

,

6.75%,

10/30/2025(b)

EUR

530,000

684,376

1,853,143

LUXEMBOURG

1.7%

Chemicals

0.5%

INEOS

Finance

plc,

2.88%,

5/1/2026(b)

EUR

460,000

565,211

Diversified

Financial

Services

0.5%

Garfunkelux

Holdco

3

SA

6.75%,

11/1/2025(b)

EUR

160,000

198,645

Corporate

Bonds

Principal

Amount

($)

Value

($)

LUXEMBOURG

Diversified

Financial

Services

7.75%,

11/1/2025(b)

GBP

270,000

377,924

576,569

Diversified

Telecommunication

Services

0.3%

Altice

France

Holding

SA,

6.00%,

2/15/2028(b)

400,000

403,000

Food

Products

0.4%

FAGE

International

SA,

5.63%,

8/15/2026(b)

510,000

524,025

2,068,805

MEXICO

2.9%

Airlines

0.1%

Aerovias

de

Mexico

SA

de

CV,

7.00%,

2/5/2025(a)

(b)

315,000

129,119

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)(e)(f)

475,000

553,375

Consumer

Finance

1.5%

Credito

Real

SAB

de

CV

SOFOM

ER,

8.00%,

1/21/2028(b)

704,000

725,916

Unifin

Financiera

SAB

de

CV,

8.38%,

1/27/2028(b)

1,180,000

1,103,300

1,829,216

Diversified

Telecommunication

Services

0.4%

Total

Play

Telecomunicaciones

SA

de

CV,

7.50%,

11/12/2025(b)

520,000

513,812

Hotels,

Restaurants

&

Leisure

0.1%

Grupo

Posadas

SAB

de

CV,

7.88%,

6/30/2022(a)

(b)

246,000

121,770

Oil,

Gas

&

Consumable

Fuels

0.4%

Petroleos

Mexicanos

,

6.88%,

10/16/2025(b)(c)

410,000

446,742

3,594,034

NETHERLANDS

0.8%

Chemicals

0.4%

OCI

NV,

4.63%,

10/15/2025(b)

470,000

486,368

Media

0.4%

Ziggo

Bond

Co.

BV,

3.38%,

2/28/2030(b)

EUR

455,000

550,387

1,036,755

Nationwide

Amundi

Global

High

Yield

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

7

Corporate

Bonds

Principal

Amount

($)

Value

($)

NIGERIA

0.9%

Construction

&

Engineering

0.4%

IHS

Netherlands

Holdco

BV

7.13%,

3/18/2025(b)

200,000

209,000

8.00%,

9/18/2027(b)

320,000

342,800

551,800

Oil,

Gas

&

Consumable

Fuels

0.5%

SEPLAT

Petroleum

Development

Co.

plc,

9.25%,

4/1/2023(b)

650,000

669,500

1,221,300

PERU

0.6%

Health

Care

Providers

&

Services

0.4%

Auna

SAA,

6.50%,

11/20/2025(b)

455,000

477,707

Metals

&

Mining

0.2%

Hudbay

Minerals,

Inc.,

6.13%,

4/1/2029(b)

223,000

236,380

714,087

PORTUGAL

0.4%

Airlines

0.4%

Transportes

Aereos

Portugueses

SA

5.63%,

12/2/2024(b)

EUR

600,000

486,768

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)(e)(f)

325,000

336,700

SINGAPORE

0.8%

Consumer

Finance

0.8%

Avation

Capital

SA,

6.50%,

5/15/2021(b)

1,395,000

1,025,325

SPAIN

0.4%

Electric

Utilities

0.4%

ContourGlobal

Power

Holdings

SA

2.75%,

1/1/2026(b)

EUR

290,000

352,211

3.13%,

1/1/2028(b)

EUR

150,000

184,031

536,242

SWEDEN

0.3%

Commercial

Services

&

Supplies

0.3%

Verisure

Holding

AB,

3.25%,

2/15/2027(b)

EUR

310,000

377,983

SWITZERLAND

1.1%

Capital

Markets

1.1%

VistaJet

Malta

Finance

plc,

10.50%,

6/1/2024(b)

1,357,000

1,387,533

Corporate

Bonds

Principal

Amount

($)

Value

($)

TURKEY

0.6%

Banks

0.6%

Akbank

T.A.S.,

6.80%,

2/6/2026(b)

655,000

697,795

UKRAINE

1.2%

Food

Products

0.5%

Kernel

Holding

SA,

6.50%,

10/17/2024(b)

525,000

557,482

Metals

&

Mining

0.7%

Metinvest

BV,

7.75%,

10/17/2029(b)

865,000

929,979

1,487,461

UNITED

ARAB

EMIRATES

0.5%

Energy

Equipment

&

Services

0.5%

Shelf

Drilling

Holdings

Ltd.,

8.25%,

2/15/2025(b)

1,240,000

675,800

UNITED

KINGDOM

2.9%

Chemicals

0.5%

INEOS

Quattro

Finance

1

plc,

3.75%,

7/15/2026(b)

EUR

100,000

122,974

INEOS

Quattro

Finance

2

plc

2.50%,

1/15/2026(b)

EUR

205,000

248,778

3.38%,

1/15/2026(b)

200,000

200,750

572,502

Diversified

Telecommunication

Services

0.3%

Virgin

Media

Finance

plc,

3.75%,

7/15/2030(b)

EUR

295,000

366,052

Energy

Equipment

&

Services

0.3%

TechnipFMC

plc,

6.50%,

2/1/2026(b)

365,000

380,206

Food

Products

0.3%

Boparan

Finance

plc,

7.63%,

11/30/2025(b)

GBP

255,000

356,337

Hotels,

Restaurants

&

Leisure

0.1%

Pinnacle

Bidco

plc,

5.50%,

2/15/2025(b)

EUR

130,000

155,256

Insurance

0.3%

Galaxy

Bidco

Ltd.,

6.50%,

7/31/2026(b)

GBP

225,000

323,698

Oil,

Gas

&

Consumable

Fuels

0.7%

Neptune

Energy

Bondco

plc,

6.63%,

5/15/2025(b)

905,000

884,638

Thrifts

&

Mortgage

Finance

0.4%

Jerrold

Finco

plc,

5.25%,

1/15/2027(b)

GBP

400,000

542,990

3,581,679

UNITED

STATES

58.1%

Aerospace

&

Defense

0.1%

Triumph

Group,

Inc.,

8.88%,

6/1/2024(b)

90,000

99,056

8

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Amundi

Global

High

Yield

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Air

Freight

&

Logistics

0.6%

Western

Global

Airlines

LLC,

10.38%,

8/15/2025(b)

670,000

747,050

Airlines

0.8%

Delta

Air

Lines,

Inc.

7.38%,

1/15/2026

125,000

143,603

3.75%,

10/28/2029

252,000

247,386

Hawaiian

Brand

Intellectual

Property

Ltd.,

5.75%,

1/20/2026(b)

120,000

124,800

Mileage

Plus

Holdings

LLC,

6.50%,

6/20/2027(b)

455,000

497,656

1,013,445

Auto

Components

2.5%

Allison

Transmission,

Inc.,

3.75%,

1/30/2031(b)

435,000

432,599

American

Axle

&

Manufacturing,

Inc.,

6.25%,

3/15/2026

853,000

872,192

Dealer

Tire

LLC,

8.00%,

2/1/2028(b)

543,000

576,937

JB

Poindexter

&

Co.,

Inc.,

7.13%,

4/15/2026(b)

730,000

777,450

Patrick

Industries,

Inc.,

7.50%,

10/15/2027(b)

439,000

479,608

3,138,786

Banks

0.2%

JPMorgan

Chase

&

Co.,

Series

HH,

(SOFR

+

3.13%),

4.60%,

2/01/2025(e)(f)

298,000

306,642

Building

Products

0.4%

Cornerstone

Building

Brands,

Inc.,

6.13%,

1/15/2029(b)

280,000

292,600

CP

Atlas

Buyer,

Inc.,

7.00%,

12/1/2028(b)

230,000

238,913

531,513

Chemicals

1.6%

Hexion,

Inc.,

7.88%,

7/15/2027(b)

281,000

300,319

Ingevity

Corp.,

3.88%,

11/1/2028(b)

330,000

330,861

Koppers

,

Inc.,

6.00%,

2/15/2025(b)

224,000

230,160

Kraton

Polymers

LLC,

4.25%,

12/15/2025(b)

145,000

145,725

Rain

CII

Carbon

LLC,

7.25%,

4/1/2025(b)

331,000

340,930

Tronox

,

Inc.

6.50%,

5/1/2025(b)

170,000

182,325

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Chemicals

6.50%,

4/15/2026(b)

490,000

505,312

2,035,632

Commercial

Services

&

Supplies

2.7%

Allied

Universal

Holdco

LLC

6.63%,

7/15/2026(b)

260,000

278,512

9.75%,

7/15/2027(b)

585,000

636,632

APX

Group,

Inc.,

6.75%,

2/15/2027(b)

295,000

314,175

Covanta

Holding

Corp.

6.00%,

1/1/2027

832,000

869,066

5.00%,

9/1/2030

170,000

178,500

Prime

Security

Services

Borrower

LLC,

6.25%,

1/15/2028(b)

870,000

926,550

3,203,435

Communications

Equipment

0.3%

CommScope

,

Inc.,

6.00%,

3/1/2026(b)

363,000

384,326

Construction

&

Engineering

1.0%

Brundage

-Bone

Concrete

Pumping

Holdings,

Inc.,

6.00%,

2/1/2026(b)

147,000

149,572

PowerTeam

Services

LLC,

9.03%,

12/4/2025(b)

960,000

1,063,200

1,212,772

Consumer

Finance

1.9%

Ford

Motor

Credit

Co.

LLC

3.38%,

11/13/2025

200,000

203,290

4.54%,

8/1/2026

255,000

272,850

4.13%,

8/17/2027

1,145,000

1,205,113

3.82%,

11/2/2027

575,000

591,344

2,272,597

Containers

&

Packaging

0.4%

Ardagh

Packaging

Finance

plc,

2.13%,

8/15/2026(b)

EUR

110,000

133,840

Greif,

Inc.,

6.50%,

3/1/2027(b)

323,000

344,399

478,239

Diversified

Consumer

Services

0.3%

Sotheby's,

7.38%,

10/15/2027(b)(c)

375,000

406,875

Diversified

Telecommunication

Services

1.0%

Level

3

Financing,

Inc.,

3.75%,

7/15/2029(b)

160,000

160,881

Lumen

Technologies,

Inc.,

4.50%,

1/15/2029(b)

570,000

585,082

Windstream

Escrow

LLC,

7.75%,

8/15/2028(b)

500,000

506,250

1,252,213

Nationwide

Amundi

Global

High

Yield

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

9

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Electric

Utilities

0.7%

NRG

Energy,

Inc.,

3.63%,

2/15/2031(b)

245,000

254,800

Vistra

Operations

Co.

LLC,

5.63%,

2/15/2027(b)

565,000

596,024

850,824

Electronic

Equipment,

Instruments

&

Components

0.5%

Belden,

Inc.,

3.38%,

7/15/2027(b)

EUR

486,000

604,530

Energy

Equipment

&

Services

1.3%

Archrock

Partners

LP,

6.88%,

4/1/2027(b)

615,000

645,535

Exterran

Energy

Solutions

LP,

8.13%,

5/1/2025

733,000

651,531

SESI

LLC,

7.75%,

9/15/2024(a)

335,000

130,650

Transocean

Sentry

Ltd.,

5.38%,

5/15/2023(b)

69,168

63,288

Transocean,

Inc.,

8.00%,

2/1/2027(b)

207,000

106,605

1,597,609

Entertainment

1.2%

AMC

Entertainment

Holdings,

Inc.

10.50%,

4/24/2026(b)

261,000

261,000

12.00%,

6/15/2026(b)(d)

735,680

525,276

Netflix,

Inc.,

3.63%,

6/15/2030(b)

EUR

445,000

654,111

1,440,387

Equity

Real

Estate

Investment

Trusts

(REITs)

2.4%

iStar

,

Inc.

4.75%,

10/1/2024

535,000

548,758

4.25%,

8/1/2025

730,000

719,050

MPT

Operating

Partnership

LP,

3.50%,

3/15/2031

601,000

606,604

Uniti

Group

LP

8.25%,

10/15/2023

355,000

359,829

7.88%,

2/15/2025(b)

258,000

276,951

6.50%,

2/15/2029(b)

405,000

405,000

2,916,192

Food

&

Staples

Retailing

0.4%

United

Natural

Foods,

Inc.,

6.75%,

10/15/2028(b)

150,000

158,625

US

Foods,

Inc.,

4.75%,

2/15/2029(b)

345,000

345,863

504,488

Food

Products

1.0%

JBS

USA

LUX

SA,

5.50%,

1/15/2030(b)

269,000

305,557

Simmons

Foods,

Inc.,

5.75%,

11/1/2024(b)

870,000

895,013

1,200,570

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Health

Care

Equipment

&

Supplies

0.9%

Avantor

Funding,

Inc.,

2.63%,

11/1/2025(b)

EUR

760,000

941,255

Varex

Imaging

Corp.,

7.88%,

10/15/2027(b)

200,000

214,000

1,155,255

Health

Care

Providers

&

Services

1.9%

LifePoint

Health,

Inc.,

5.38%,

1/15/2029(b)

100,000

100,750

Prime

Healthcare

Services,

Inc.,

7.25%,

11/1/2025(b)

290,000

311,025

Surgery

Center

Holdings,

Inc.

6.75%,

7/1/2025(b)

735,000

755,249

10.00%,

4/15/2027(b)

273,000

301,665

US

Renal

Care,

Inc.,

10.63%,

7/15/2027(b)

506,000

554,070

West

Street

Merger

Sub,

Inc.,

6.38%,

9/1/2025(b)

342,000

352,260

2,375,019

Hotels,

Restaurants

&

Leisure

5.7%

Caesars

Entertainment,

Inc.,

8.13%,

7/1/2027(b)

440,000

482,900

Carnival

Corp.

10.50%,

2/1/2026(b)

95,000

110,200

7.63%,

3/1/2026(b)

EUR

170,000

201,466

Enterprise

Development

Authority

(The),

12.00%,

7/15/2024(b)

822,000

924,750

Genting

New

York

LLC,

3.30%,

2/15/2026(b)

200,000

200,972

Hilton

Domestic

Operating

Co.,

Inc.

3.75%,

5/1/2029(b)

305,000

309,772

4.00%,

5/1/2031(b)

290,000

297,953

International

Game

Technology

plc,

2.38%,

4/15/2028(b)

EUR

269,000

317,331

Mohegan

Gaming

&

Entertainment,

8.00%,

2/1/2026(b)

580,000

572,802

NCL

Corp.

Ltd.,

5.88%,

3/15/2026(b)

240,000

237,451

Royal

Caribbean

Cruises

Ltd.

9.13%,

6/15/2023(b)

90,000

97,088

11.50%,

6/1/2025(b)

208,000

239,830

Scientific

Games

International,

Inc.

3.38%,

2/15/2026(b)

EUR

474,000

570,909

8.25%,

3/15/2026(b)

335,000

354,224

7.25%,

11/15/2029(b)

330,000

355,575

Station

Casinos

LLC,

4.50%,

2/15/2028(b)

400,000

392,000

Viking

Cruises

Ltd.,

5.88%,

9/15/2027(b)

498,000

476,835

10

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Amundi

Global

High

Yield

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Hotels,

Restaurants

&

Leisure

Viking

Ocean

Cruises

Ship

VII

Ltd.,

5.63%,

2/15/2029(b)

80,000

79,600

VOC

Escrow

Ltd.,

5.00%,

2/15/2028(b)

485,000

470,629

Wyndham

Destinations,

Inc.,

6.63%,

7/31/2026(b)

235,000

262,448

6,954,735

Household

Durables

2.8%

Beazer

Homes

USA,

Inc.,

7.25%,

10/15/2029

775,000

869,937

CD&R

Smokey

Buyer,

Inc.,

6.75%,

7/15/2025(b)

85,000

91,163

KB

Home,

6.88%,

6/15/2027

590,000

694,725

M/I

Homes,

Inc.,

4.95%,

2/1/2028

605,000

637,216

Taylor

Morrison

Communities,

Inc.,

5.88%,

6/15/2027(b)

513,000

579,546

TRI

Pointe

Group,

Inc.,

5.70%,

6/15/2028

325,000

364,813

Williams

Scotsman

International,

Inc.,

4.63%,

8/15/2028(b)

140,000

144,200

3,381,600

Independent

Power

and

Renewable

Electricity

Producers

1.5%

Calpine

Corp.

5.13%,

3/15/2028(b)

260,000

269,100

4.63%,

2/1/2029(b)

220,000

222,200

5.00%,

2/1/2031(b)

215,000

220,912

Talen

Energy

Supply

LLC

10.50%,

1/15/2026(b)

708,000

651,360

7.63%,

6/1/2028(b)

470,000

506,425

1,869,997

Insurance

0.4%

Liberty

Mutual

Group,

Inc.,

(EUR

Swap

Annual

5

Year

+

3.70%),

3.62%,

5/23/2059(b)(f)

EUR

410,000

507,835

Interactive

Media

&

Services

0.4%

Rackspace

Technology

Global,

Inc.,

5.38%,

12/1/2028(b)

430,000

448,275

IT

Services

0.8%

Alliance

Data

Systems

Corp.,

7.00%,

1/15/2026(b)

584,000

619,040

KBR,

Inc.,

4.75%,

9/30/2028(b)

395,000

408,825

1,027,865

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Media

2.8%

Clear

Channel

Worldwide

Holdings,

Inc.,

9.25%,

2/15/2024

694,000

721,906

CSC

Holdings

LLC,

4.63%,

12/1/2030(b)

600,000

612,000

Diamond

Sports

Group

LLC,

6.63%,

8/15/2027(b)

614,000

389,890

MDC

Partners,

Inc.,

7.50%,

5/1/2024(b)(g)

1,160,000

1,183,200

Outfront

Media

Capital

LLC

6.25%,

6/15/2025(b)

260,000

275,275

4.25%,

1/15/2029(b)

185,000

183,613

3,365,884

Metals

&

Mining

3.2%

Carpenter

Technology

Corp.,

6.38%,

7/15/2028

540,000

590,648

Cleveland-Cliffs,

Inc.,

6.75%,

3/15/2026(b)

849,000

913,558

Commercial

Metals

Co.

5.75%,

4/15/2026

570,000

591,774

3.88%,

2/15/2031

340,000

348,075

Joseph

T

Ryerson

&

Son,

Inc.,

8.50%,

8/1/2028(b)

284,000

320,338

Novelis

Corp.,

4.75%,

1/30/2030(b)

445,000

467,250

SunCoke

Energy

Partners

LP,

7.50%,

6/15/2025(b)

650,000

664,625

3,896,268

Oil,

Gas

&

Consumable

Fuels

7.3%

Aethon

United

BR

LP,

8.25%,

2/15/2026(b)

750,000

766,875

American

Midstream

Partners

LP,

9.50%,

12/15/2021(b)(g)

1,641,000

1,634,436

Colgate

Energy

Partners

III

LLC,

7.75%,

2/15/2026(b)

645,000

615,975

Energy

Transfer

Operating

LP,

Series

G,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.31%),

7.13%,

5/15/2030(e)(f)

600,000

563,760

EnLink

Midstream

LLC,

5.38%,

6/1/2029

70,000

66,850

EnLink

Midstream

Partners

LP

4.15%,

6/1/2025

395,000

384,137

5.45%,

6/1/2047

377,000

301,600

EQT

Corp.,

5.00%,

1/15/2029

110,000

119,625

Genesis

Energy

LP,

8.00%,

1/15/2027

240,000

228,072

Nationwide

Amundi

Global

High

Yield

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

11

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Oil,

Gas

&

Consumable

Fuels

Global

Partners

LP,

7.00%,

8/1/2027

180,000

190,125

Harvest

Midstream

I

LP,

7.50%,

9/1/2028(b)

531,000

557,683

Hilcorp

Energy

I

LP,

6.00%,

2/1/2031(b)

255,000

258,825

Indigo

Natural

Resources

LLC

6.88%,

2/15/2026(b)

730,000

756,426

5.38%,

2/1/2029(b)

530,000

523,375

NuStar

Logistics

LP,

6.38%,

10/1/2030

380,000

418,475

Occidental

Petroleum

Corp.

5.50%,

12/1/2025

105,000

110,250

4.40%,

4/15/2046

615,000

541,674

PBF

Holding

Co.

LLC

9.25%,

5/15/2025(b)

188,000

181,354

7.25%,

6/15/2025

605,000

401,493

6.00%,

2/15/2028

200,000

116,045

Tallgrass

Energy

Partners

LP,

6.00%,

3/1/2027(b)

401,000

405,010

9,142,065

Paper

&

Forest

Products

1.1%

Clearwater

Paper

Corp.,

4.75%,

8/15/2028(b)

380,000

393,186

Schweitzer-Mauduit

International,

Inc.,

6.88%,

10/1/2026(b)

851,000

902,383

1,295,569

Pharmaceuticals

1.5%

Bausch

Health

Cos.,

Inc.,

5.75%,

8/15/2027(b)

65,000

69,956

Catalent

Pharma

Solutions,

Inc.,

2.38%,

3/1/2028(b)

EUR

335,000

405,564

Endo

Dac

,

9.50%,

7/31/2027(b)

75,000

85,688

P&L

Development

LLC,

7.75%,

11/15/2025(b)

315,000

337,050

Par

Pharmaceutical,

Inc.,

7.50%,

4/1/2027(b)

810,000

873,439

1,771,697

Real

Estate

Management

&

Development

0.2%

Realogy

Group

LLC,

5.75%,

1/15/2029(b)

200,000

204,250

Software

0.5%

LogMeIn,

Inc.,

5.50%,

9/1/2027(b)

570,000

596,363

ZoomInfo

Technologies

LLC,

3.88%,

2/1/2029(b)

85,000

85,850

682,213

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Specialty

Retail

1.7%

Asbury

Automotive

Group,

Inc.

4.50%,

3/1/2028

273,000

280,508

4.75%,

3/1/2030

100,000

105,170

Ken

Garff

Automotive

LLC,

4.88%,

9/15/2028(b)

165,000

169,546

L

Brands,

Inc.,

6.63%,

10/1/2030(b)

175,000

195,899

Michaels

Stores,

Inc.,

8.00%,

7/15/2027(b)

599,000

641,948

Murphy

Oil

USA,

Inc.,

3.75%,

2/15/2031(b)

320,000

320,000

Park

River

Holdings,

Inc.,

5.63%,

2/1/2029(b)

95,000

94,406

Staples,

Inc.,

7.50%,

4/15/2026(b)

246,000

250,942

2,058,419

Technology

Hardware,

Storage

&

Peripherals

0.7%

Diebold

Nixdorf,

Inc.

8.50%,

4/15/2024

398,000

405,960

9.38%,

7/15/2025(b)

55,000

60,844

NCR

Corp.

8.13%,

4/15/2025(b)

50,000

54,750

5.00%,

10/1/2028(b)

240,000

246,600

5.25%,

10/1/2030(b)

120,000

125,400

893,554

Thrifts

&

Mortgage

Finance

2.0%

Freedom

Mortgage

Corp.,

8.13%,

11/15/2024(b)

1,136,000

1,178,600

Nationstar

Mortgage

Holdings,

Inc.

5.50%,

8/15/2028(b)

320,000

330,400

5.13%,

12/15/2030(b)

220,000

228,250

Provident

Funding

Associates

LP,

6.38%,

6/15/2025(b)

665,000

678,300

2,415,550

Trading

Companies

&

Distributors

1.1%

Beacon

Roofing

Supply,

Inc.,

4.88%,

11/1/2025(b)

596,000

603,271

Fortress

Transportation

and

Infrastructure

Investors

LLC,

9.75%,

8/1/2027(b)

225,000

254,408

WESCO

Distribution,

Inc.

7.13%,

6/15/2025(b)

245,000

266,583

7.25%,

6/15/2028(b)

170,000

190,972

1,315,234

Wireless

Telecommunication

Services

0.3%

T-Mobile

USA,

Inc.,

2.88%,

2/15/2031

335,000

337,724

71,296,189

12

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Amundi

Global

High

Yield

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

ZAMBIA

0.7%

Metals

&

Mining

0.7%

First

Quantum

Minerals

Ltd.

7.25%,

4/1/2023(b)

370,000

377,910

7.50%,

4/1/2025(b)

200,000

206,756

6.88%,

10/15/2027(b)

300,000

323,604

908,270

Total

Corporate

Bonds

(cost

$112,049,128)

113,818,823

Common

Stock

0.4%

Shares

UNITED

STATES

0.4%

Energy

Equipment

&

Services

0.4%

FTS

International,

Inc.,

Class A

*

26,039

439,018

Total

Common

Stock

(cost

$490,835)

439,018

Loan

Participations

3.0%

Principal

Amount

($)

UNITED

STATES

3.0%

Airlines

0.3%

Grupo

Aeromexico

SAB

de

CV,

Term

Loan,

(ICE

LIBOR

USD

1

Month

+

0.00%),

9.00%,

12/31/2021

(f)

410,605

406,855

Auto

Components

0.8%

First

Brands

Group,

LLC,

First

Lien

Term

Loan

B,

(ICE

LIBOR

USD

3

Month

+

7.50%),

8.50%,

2/2/2024

(f)

903,747

917,303

Diversified

Telecommunication

Services

0.6%

CenturyLink,

Inc.,

Term

Loan

B,

(ICE

LIBOR

USD

1

Month

+

2.25%),

2.37%,

3/15/2027

(f)

737,550

734,416

Electric

Utilities

0.1%

PG&E

Corp.,

Term

Loan,

(ICE

LIBOR

USD

6

Month

+

3.50%),

6.75%,

6/23/2025

(f)

164,175

165,488

Health

Care

Providers

&

Services

0.1%

Surgery

Center

Holdings,

Inc.,

Term

Loan,

(ICE

LIBOR

USD

1

Month

+

8.00%),

9.00%,

9/3/2024

(f)

163,763

167,550

Loan

Participations

Principal

Amount

($)

Value

($)

Hotels,

Restaurants

&

Leisure

1.1%

Spectacle

Gary

Holdings,

LLC,

Term

Loan,

(ICE

LIBOR

USD

3

Month

+

9.00%),

11.00%,

12/23/2025

(f)

1,185,000

1,220,550

Spectacle

Gary,

Delayed

Draw

Term

Loan,

(ICE

LIBOR

USD

3

Month

+

9.00%),

11.00%,

12/23/2025

(f)

85,000

87,550

1,308,100

0

Total

Loan

Participations

(cost

$3,594,529)

3,699,712

Convertible

Bonds

0.9%

Airlines

0.7%

Air

Canada,

4.00%,

07/01/25

(b)

395,000

536,213

GOL

Equity

Finance

SA,

3.75%,

07/15/24

(b)

428,000

355,342

891,555

Equity

Real

Estate

Investment

Trusts

(REITs)

0.1%

Summit

Hotel

Properties,

Inc.,

1.50%,

02/15/26

86,000

84,602

Hotels,

Restaurants

&

Leisure

0.1%

Royal

Caribbean

Cruises

Ltd.,

4.25%,

06/15/23

(b)

165,000

200,410

Total

Convertible

Bond

(cost  $1,064,319)

1,176,567

Short-Term

Investment

1.1%

Shares

Money

Market

Fund

1.1%

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,0.01%

(h)(

i

)

1,359,144

1,359,144

Total

Short-Term

Investment

(cost

$1,359,144)

1,359,144

Total

Investments

(cost

$118,557,955)

—

97.7%

120,493,264

Other

assets

in

excess

of

liabilities

—

2.3%

2,860,324

NET

ASSETS

—

100.0%

$

123,353,588

*

Denotes

a

non-income

producing

security.

∞

Fair

valued

security.

(a)

Security

in

default.

Nationwide

Amundi

Global

High

Yield

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

13

(b)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

at

January

31,

2021

was

$95,344,088

which

represents

77.29%

of

net

assets.

(c)

The

security

or

a

portion

of

this

security

is

on

loan

at

January

31,

2021.

The

total

value

of

securities

on

loan

at

January

31,

2021

was

$1,302,352,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

with

a

value

of

$1,359,144.

(d)

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.

(e)

Perpetual

Bond

Security.

The

rate

reflected

in

the

Statement

of

Investments

is

the

rate

in

effect

on

January

31,

2021.

The

maturity

date

reflects

the

next

call

date.

(f)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

January

31,

2021.

(g)

Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

at

January

31,

2021.

(h)

Represents

7-day

effective

yield

as

of

January

31,

2021.

(

i

)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2021

was

$1,359,144.

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

Forward

Foreign

Currency

Contracts

outstanding

as

of

January

31,

2021:

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

($)

USD

13,069,770

EUR

10,728,794

Bank

of

America

NA

2/16/2021

46,082

USD

440,606

EUR

362,494

JPMorgan

Chase

Bank

2/16/2021

575

USD

548,906

GBP

400,000

JPMorgan

Chase

Bank

2/16/2021

811

Total

unrealized

appreciation

47,468

USD

237,873

EUR

196,160

Bank

of

America

NA

2/16/2021

(245)

USD

1,573,205

GBP

1,149,489

Bank

of

America

NA

2/16/2021

(1,866)

Total

unrealized

depreciation

(2,111)

Net

unrealized

appreciation

45,357

At

January

31,

2021,

the

Fund

had

$410,000

segregated

as

collateral

for

Forward

foreign

currency

contracts.

Currency:

EUR

Euro

GBP

British

pound

USD

United

States

dollar

14

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Amundi

Global

High

Yield

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

January

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stock

$

439,018

$

–

$

–

$

439,018

Convertible

Bonds

–

1,176,567

–

1,176,567

Corporate

Bonds

–

113,818,823

–

113,818,823

Forward

Foreign

Currency

Contracts

–

47,468

–

47,468

Loan

Participations

–

3,699,712

–

3,699,712

Short-Term

Investment

1,359,144

–

–

1,359,144

Total

Assets

$

1,798,162

$

118,742,570

$

–

$

120,540,732

$

–

$

–

$

–

$

–

Liabilities:

Forward

Foreign

Currency

Contracts

$

–

$

(2,111)

$

–

$

(2,111)

Total

Liabilities

$

–

$

(2,111)

$

–

$

(2,111)

Total

$

1,798,162

$

118,740,459

$

–

$

120,538,621

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

Nationwide

Amundi

Global

High

Yield

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

15

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2021.

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

January

31,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2021:

Assets:

Fair

Value

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

appreciation

on

forward

foreign

currency

contracts

$

47,468

Total

$

47,468

Liabilities:

s

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

depreciation

on

forward

foreign

currency

contracts

$

(2,111)

Total

$

(2,111)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

16

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Amundi

Strategic

Income

Fund

Asset-Backed

Securities

7.8%

Principal

Amount

($)

Value

($)

CANADA

0.5%

Airlines

0.5%

Air

Canada

Pass-Through

Trust

Series

2013-1,

Class

B,

5.38%,

5/15/2021(a)

48,533

48,644

Series

2020-2,

Class

A,

5.25%,

4/1/2029(a)

705,000

760,896

809,540

CAYMAN

ISLANDS

0.8%

Other

0.8%

Race

Point

VIII

CLO

Ltd.,

Series

2013-8A,

Class

CR2,

2.27%,

2/20/2030(a)(b)

350,000

349,447

Symphony

CLO

XXII

Ltd.,

Series

2020-22A,

Class

C,

2.37%,

4/18/2033(a)

(b)

250,000

251,032

York

CLO-4

Ltd.,

Series

2016-2A,

Class

CR,

2.37%,

4/20/2032(a)(b)

600,000

600,307

1,200,786

UNITED

KINGDOM

0.3%

Airlines

0.3%

British

Airways

Pass-

Through

Trust

Series

2020-1,

Class

B,

8.38%,

11/15/2028(a)

190,000

217,104

Series

2020-1,

Class

A,

4.25%,

11/15/2032(a)

200,000

215,291

432,395

UNITED

STATES

6.2%

Airlines

0.5%

Alaska

Airlines

Pass-

Through

Trust,

Series

2020-1,

Class

A,

4.80%,

8/15/2027(a)

490,000

547,454

United

Airlines

Pass-

Through

Trust,

Series

2020-1,

Class

B,

4.88%,

1/15/2026

199,000

202,980

750,434

Automobiles

2.0%

Foursight

Capital

Automobile

Receivables

Trust,

Series

2018-

1,

Class

F,

6.82%,

4/15/2025(a)

1,080,000

1,121,060

Tidewater

Auto

Receivables

Trust,

Series

2018-AA,

Class

E,

5.48%,

10/15/2026(a)

750,000

767,352

United

Auto

Credit

Securitization

Trust,

Series

2019-1,

Class

E,

4.29%,

8/12/2024(a)

650,000

666,523

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

Westlake

Automobile

Receivables

Trust,

Series

2018-3A,

Class

E,

4.90%,

12/15/2023(a)

490,000

512,804

3,067,739

Credit

Card

0.5%

Continental

Credit

Card

ABS

LLC,

Series

2019-

1A,

Class

C,

6.16%,

8/15/2026(a)

725,000

756,206

Other

3.2%

BCC

Funding

XIV

LLC,

Series

2018-1A,

Class

E,

6.00%,

4/21/2025(a)

750,000

761,508

Progress

Residential

Trust

Series

2017-SFR1,

Class

E,

4.26%,

8/17/2034(a)

310,000

314,648

Series

2017-SFR1,

Class

F,

5.35%,

8/17/2034(a)

1,200,000

1,223,327

Series

2018-SFR1,

Class

F,

4.78%,

3/17/2035(a)

900,000

902,846

Series

2020-SFR2,

Class

E,

5.12%,

6/17/2037(a)

420,000

451,785

Tricon

American

Homes,

Series

2020-SFR1,

Class

F,

4.88%,

7/17/2038(a)

570,000

610,721

Tricon

American

Homes

Trust

Series

2017-SFR2,

Class

E,

4.22%,

1/17/2036(a)

475,000

491,872

Series

2017-SFR2,

Class

F,

5.10%,

1/17/2036(a)

140,000

146,307

4,903,014

9,477,393

Total

Asset-Backed

Securities

(cost  $11,502,526)

11,920,114

Collateralized

Mortgage

Obligations

19.5%

BERMUDA

3.1%

Bellemeade

Re

Ltd.,

Series

2020-4A,

Class

B1,

5.15%,

6/25/2030(a)(b)

160,000

160,602

Eagle

RE

Ltd.

Series

2019-1,

Class

M1B,

1.93%,

4/25/2029(a)(b)

715,862

716,815

Series

2020-2,

Class

B1,

7.13%,

10/25/2030(a)(b)

760,000

762,701

Nationwide

Amundi

Strategic

Income

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

17

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

BERMUDA

Eagle

RE

Ltd.

(continued)

Home

Re

Ltd.,

Series

2018-1,

Class

M1,

1.73%,

10/25/2028(a)(b)

295,935

296,358

Home

RE

Ltd.

Series

2020-1,

Class

M2,

5.38%,

10/25/2030(a)(b)

650,000

672,389

Series

2020-1,

Class

B1,

7.13%,

10/25/2030(a)(b)

160,000

164,991

Oaktown

Re

II

Ltd.,

Series

2018-1A,

Class

M1,

1.68%,

7/25/2028(a)(b)

330,485

330,706

Oaktown

Re

III

Ltd.,

Series

2019-1A,

Class

B1B,

4.48%,

7/25/2029(a)(b)

1,520,000

1,508,387

Traingle

Re

Ltd.,

Series

2020-1,

Class

B1,

7.88%,

10/25/2030(a)(b)

150,000

154,930

4,767,879

0

UNITED

STATES

16.4%

Bunker

Hill

Loan

Depositary

Trust,

Series

2020-1,

Class

M1,

4.35%,

2/25/2055(a)(c)

800,000

839,703

Connecticut

Avenue

Securities

Trust

Series

2019-R05,

Class

1B1,

4.23%,

7/25/2039(a)(b)

500,000

509,485

Series

2020-R01,

Class

1M2,

2.18%,

1/25/2040(a)(b)

260,000

260,081

Series

2020-SBT1,

Class

1M2,

3.78%,

2/25/2040(a)(b)

590,000

603,292

Deephaven

Residential

Mortgage

Trust

Series

2018-2A,

Class

M1,

4.38%,

4/25/2058(a)

(b)

350,000

358,283

Series

2018-2A,

Class

B2,

6.04%,

4/25/2058(a)

(b)

940,000

948,468

Series

2019-3A,

Class

B2,

5.66%,

7/25/2059(a)

(b)

400,000

409,388

FHLMC

REMICS

Series

4395,

Class

TI,

IO,

4.00%,

5/15/2026

88,080

4,750

Series

3927,

Class

AI,

IO,

4.50%,

8/15/2026

217,779

9,625

Series

4097,

Class

CI,

IO,

3.00%,

8/15/2027

380,353

23,881

Series

4123,

Class

DI,

IO,

3.00%,

10/15/2027

1,027,420

68,037

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

UNITED

STATES

FHLMC

REMICS

(continued)

Series

4244,

Class

AI,

IO,

4.50%,

8/15/2028

174,362

9,545

FHLMC

STACR

REMIC

Trust

Series

2020-DNA2,

Class

M2,

1.98%,

2/25/2050(a)(b)

950,000

947,622

Series

2020-HQA2,

Class

M2,

3.23%,

3/25/2050(a)(b)

710,000

720,221

Series

2020-DNA3,

Class

B1,

5.23%,

6/25/2050(a)(b)

1,000,000

1,046,872

Series

2020-HQA4,

Class

B1,

5.38%,

9/25/2050(a)(b)

160,000

168,008

Series

2020-DNA5,

Class

B2,

11.58%,

10/25/2050(a)(b)

710,000

875,153

Series

2020-DNA6,

Class

B2,

5.73%,

12/25/2050(a)(b)

600,000

624,017

Series

2021-DNA1,

Class

B2,

4.83%,

1/25/2051(a)(b)

770,000

775,688

FHLMC

STACR

Trust

Series

2018-DNA2,

Class

M2,

2.28%,

12/25/2030(a)(b)

130,000

130,408

Series

2018-HQA2,

Class

B2,

11.13%,

10/25/2048(a)(b)

1,090,000

1,253,026

Series

2019-DNA1,

Class

B2,

10.88%,

1/25/2049(a)(b)

1,700,000

1,973,356

Series

2019-HRP1,

Class

B1,

4.18%,

2/25/2049(a)(b)

1,100,000

1,092,437

Series

2019-HQA1,

Class

B2,

12.38%,

2/25/2049(a)(b)

600,000

698,908

Series

2019-HQA2,

Class

B1,

4.23%,

4/25/2049(a)(b)

100,000

102,718

Series

2019-HQA2,

Class

B2,

11.38%,

4/25/2049(a)(b)

510,000

573,631

Series

2019-DNA3,

Class

B2,

8.30%,

7/25/2049(a)(b)

1,410,000

1,494,567

FHLMC

Structured

Agency

Credit

Risk

Debt

Notes

Series

2015-HQ1,

Class

B,

10.88%,

3/25/2025(b)

400,227

430,339

Series

2015-HQA1,

Class

B,

8.93%,

3/25/2028(b)

564,012

614,374

18

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Amundi

Strategic

Income

Fund

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

UNITED

STATES

FHLMC

Structured

Agency

Credit

Risk

Debt

Notes

(continued)

Series

2020-HQA5,

Class

B2,

7.48%,

11/25/2050(a)(b)

630,000

691,461

FNMA,

Series

2016-C05,

Class

2M2,

4.58%,

1/25/2029(b)

737,933

765,953

FNMA

REMICS

Series

2012-130,

Class

UI,

IO,

3.00%,

12/25/2027

483,979

29,390

Series

2012-150,

Class

BI,

IO,

3.00%,

1/25/2028

463,406

28,969

Series

2013-5,

Class

YI,

IO,

3.00%,

2/25/2028

514,219

30,010

Series

2009-31,

Class

PI,

IO,

5.00%,

11/25/2038

113,723

10,440

GNMA

REMICS

Series

2013-84,

Class

SC,

IO,

6.47%,

3/16/2040(b)

90,840

14,830

Series

2011-135,

Class

QI,

IO,

4.50%,

6/16/2041

116,898

14,898

Series

2012-140,

Class

IC,

IO,

3.50%,

11/20/2042

155,880

22,519

Series

2016-5,

Class

CS,

IO,

6.02%,

1/20/2046(b)

198,978

45,550

Series

2016-20,

Class

SB,

IO,

5.97%,

2/20/2046(b)

204,578

44,639

Series

2016-17,

Class

JS,

IO,

5.97%,

2/20/2046(b)

178,563

31,804

Series

2016-81,

Class

,

IO,

4.00%,

6/20/2046

116,363

15,996

Series

2016-88,

Class

SM,

IO,

5.97%,

7/20/2046(b)

198,367

34,407

Series

2016-108,

Class

QI,

IO,

4.00%,

8/20/2046

126,375

26,806

Series

2016-118,

Class

DS,

IO,

5.97%,

9/20/2046(b)

218,277

48,529

Series

2016-145,

Class

UI,

IO,

3.50%,

10/20/2046

131,706

18,395

Series

2019-159,

Class

HI,

IO,

3.50%,

12/20/2049

2,089,498

265,045

Series

2019-159,

Class

CI,

IO,

3.50%,

12/20/2049

834,828

96,140

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

UNITED

STATES

STACR

Trust

Series

2018-HRP2,

Class

B1,

4.33%,

2/25/2047(a)(b)

1,310,000

1,337,040

Series

2018-HRP2,

Class

B2,

10.63%,

2/25/2047(a)(b)

1,380,000

1,496,649

Verus

Securitization

Trust

Series

2019-INV2,

Class

B1,

4.45%,

7/25/2059(a)

(b)

430,000

424,320

Series

2020-INV1,

Class

A3,

3.89%,

3/25/2060(a)

(b)

400,000

418,429

Series

2020-INV1,

Class

B1,

5.75%,

3/25/2060(a)

(b)

100,000

104,285

Series

2020-INV1,

Class

B2,

6.00%,

3/25/2060(a)

(b)

100,000

101,816

Series

2020-2,

Class

M1,

5.36%,

5/25/2060(a)

(b)

410,000

435,915

Series

2020-2,

Class

B1,

5.36%,

5/25/2060(a)

(b)

200,000

210,152

Vista

Point

Securitization

Trust,

Series

2020-

1,

Class

B1,

5.38%,

3/25/2065(a)(b)

580,000

609,110

24,939,380

0

Total

Collateralized

Mortgage

Obligations

(cost

$27,802,183)

29,707,259

Commercial

Mortgage-Backed

Securities

4.8%

UNITED

STATES

4.8%

COMM

Mortgage

Trust

Series

2015-CR26,

Class

D,

3.48%,

10/10/2048(b)

1,350,000

1,339,545

Series

2019-GC44,

Class

D,

2.50%,

8/15/2057(a)

1,280,000

1,155,829

CSAIL

Commercial

Mortgage

Trust

,

Series

2015-C4,

Class

D,

3.56%,

11/15/2048(b)

250,000

257,200

FHLMC

Multifamily

Structured

Credit

Risk

REMICS,

Series

2021-

MN1,

Class

M2,

3.84%,

1/25/2051(a)(b)

700,000

743,101

GS

Mortgage

Securities

Trust

,

Series

2016-

GS4,

Class

D,

3.23%,

11/10/2049(a)(b)

1,340,000

973,419

Nationwide

Amundi

Strategic

Income

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

19

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

UNITED

STATES

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

Series

2014-

C16,

Class

D,

4.77%,

6/15/2047(a)(b)

950,000

695,937

Morgan

Stanley

Capital

I

Trust

,

Series

2016-

UBS9,

Class

D,

3.00%,

3/15/2049(a)

785,000

667,409

Multifamily

Connecticut

Avenue

Securities

Trust

,

Series

2019-

01,

Class

M10,

3.38%,

10/15/2049(a)(b)

500,000

506,712

UBS

Commercial

Mortgage

Trust

,

Series

2017-C4,

Class

C,

4.45%,

10/15/2050(b)

810,000

806,916

Wells

Fargo

Commercial

Mortgage

Trust

,

Series

2016-NXS5,

Class

D,

4.99%,

1/15/2059(b)

125,000

130,800

Total

Commercial

Mortgage-Backed

Securities

(cost

$7,249,436)

7,276,868

Corporate

Bonds

53.6%

ARGENTINA

0.4%

Construction

&

Engineering

0.4%

Stoneway

Capital

Corp.,

10.00%,

3/1/2027(a)(d)

1,381,510

545,710

BRAZIL

0.5%

Airlines

0.5%

Gol

Finance

SA,

8.00%,

6/30/2026∞(a)

810,000

798,862

CANADA

1.8%

Chemicals

0.4%

NOVA

Chemicals

Corp.,

5.25%,

6/1/2027(a)

635,000

655,815

Machinery

0.2%

ATS

Automation

Tooling

Systems,

Inc.,

4.13%,

12/15/2028(a)

335,000

339,188

Oil,

Gas

&

Consumable

Fuels

1.2%

Baytex

Energy

Corp.,

8.75%,

4/1/2027(a)

950,000

748,125

MEG

Energy

Corp.,

7.13%,

2/1/2027(a)

1,075,000

1,109,938

1,858,063

2,853,066

CAYMAN

ISLANDS

0.4%

Consumer

Finance

0.4%

Global

Aircraft

Leasing

Co.

Ltd.,

6.50%,

9/15/2024(a)(e)

751,281

651,366

Corporate

Bonds

Principal

Amount

($)

Value

($)

CYPRUS

0.8%

Consumer

Finance

0.8%

ASG

Finance

Designated

Activity

Co.,

7.88%,

12/3/2024(a)

1,295,000

1,120,434

FRANCE

1.1%

Banks

0.9%

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

693,875

Societe

Generale

SA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.51%),

5.38%,

11/18/2030(a)(f)(g)

625,000

651,562

1,345,437

Diversified

Telecommunication

Services

0.2%

Altice

France

SA,

5.13%,

1/15/2029(a)

235,000

242,344

1,587,781

GERMANY

0.8%

Paper

&

Forest

Products

0.8%

Mercer

International,

Inc.,

5.13%,

2/1/2029(a)

1,105,000

1,124,338

INDIA

0.2%

Electric

Utilities

0.2%

Adani

Electricity

Mumbai

Ltd.,

3.95%,

2/12/2030(a)

300,000

315,019

ISRAEL

0.3%

Pharmaceuticals

0.3%

Teva

Pharmaceutical

Finance

Netherlands

II

BV,

6.00%,

1/31/2025

EUR

300,000

398,622

ITALY

1.8%

Banks

0.9%

UniCredit

SpA

,

(USD

ICE

Swap

Rate

5

Year

+

3.70%),

5.86%,

6/19/2032(a)(g)

1,260,000

1,397,537

Household

Durables

0.5%

International

Design

Group

SpA

,

6.50%,

11/15/2025(a)

EUR

585,000

738,751

Pharmaceuticals

0.4%

Rossini

Sarl

,

6.75%,

10/30/2025(a)

EUR

475,000

613,356

2,749,644

20

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Amundi

Strategic

Income

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

KAZAKHSTAN

0.8%

Oil,

Gas

&

Consumable

Fuels

0.8%

Tengizchevroil

Finance

Co.

International

Ltd.,

2.63%,

8/15/2025(a)

1,130,000

1,164,465

MACAU

0.2%

Hotels,

Restaurants

&

Leisure

0.2%

Sands

China

Ltd.,

4.38%,

6/18/2030(a)

305,000

333,594

MEXICO

1.0%

Hotels,

Restaurants

&

Leisure

0.1%

Grupo

Posadas

SAB

de

CV,

7.88%,

6/30/2022(a)

(d)

434,000

214,830

Oil,

Gas

&

Consumable

Fuels

0.9%

Petroleos

Mexicanos

6.88%,

10/16/2025(a)(h)

435,000

473,983

6.84%,

1/23/2030

925,000

929,625

1,403,608

1,618,438

NETHERLANDS

0.2%

Professional

Services

0.2%

Intertrust

Group

BV,

3.38%,

11/15/2025(a)

EUR

300,000

370,691

OMAN

0.2%

Electric

Utilities

0.2%

Oryx

Funding

Ltd.,

5.80%,

2/3/2031(a)

255,000

260,738

SINGAPORE

0.6%

Consumer

Finance

0.6%

Avation

Capital

SA,

6.50%,

5/15/2021(a)

1,205,000

885,675

SPAIN

0.1%

Banks

0.1%

Banco

Santander

SA,

2.75%,

12/3/2030

200,000

201,411

SWEDEN

0.5%

Commercial

Services

&

Supplies

0.5%

Verisure

Holding

AB,

3.25%,

2/15/2027(a)

EUR

395,000

481,624

Verisure

Midholding

AB,

5.25%,

2/15/2029(a)

EUR

255,000

316,383

798,007

SWITZERLAND

2.0%

Capital

Markets

2.0%

Credit

Suisse

Group

AG

(USD

Swap

Semi

5

Year

+

4.60%),

7.50%,

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

675,000

734,724

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.55%),

4.50%,

9/03/2030(a)(f)(g)

225,000

222,750

Corporate

Bonds

Principal

Amount

($)

Value

($)

SWITZERLAND

Capital

Markets

UBS

Group

AG,

(USD

Swap

Semi

5

Year

+

4.34%),

7.00%,

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

640,000

702,400

VistaJet

Malta

Finance

plc,

10.50%,

6/1/2024(a)

1,403,000

1,434,567

3,094,441

UKRAINE

0.5%

Metals

&

Mining

0.5%

Metinvest

BV,

7.75%,

10/17/2029(a)

700,000

752,584

UNITED

ARAB

EMIRATES

0.2%

Energy

Equipment

&

Services

0.2%

Shelf

Drilling

Holdings

Ltd.,

8.25%,

2/15/2025(a)

560,000

305,200

UNITED

KINGDOM

2.1%

Banks

1.3%

Barclays

plc,

(USD

Swap

Semi

5

Year

+

4.84%),

7.75%,

9/15/2023(f)(g)

800,000

871,160

Natwest

Group

plc,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.35%),

3.03%,

11/28/2035(g)

1,030,000

1,034,686

1,905,846

Chemicals

0.2%

INEOS

Quattro

Finance

2

plc,

3.38%,

1/15/2026(a)

200,000

200,750

Oil,

Gas

&

Consumable

Fuels

0.6%

Neptune

Energy

Bondco

plc,

6.63%,

5/15/2025(a)

890,000

869,975

2,976,571

UNITED

STATES

37.1%

Aerospace

&

Defense

0.5%

Boeing

Co.

(The),

5.81%,

5/1/2050

590,000

777,846

Air

Freight

&

Logistics

0.6%

Western

Global

Airlines

LLC,

10.38%,

8/15/2025(a)

880,000

981,200

Airlines

0.9%

Delta

Air

Lines,

Inc.,

4.75%,

10/20/2028(a)

345,000

382,308

Mileage

Plus

Holdings

LLC,

6.50%,

6/20/2027(a)

805,000

880,469

1,262,777

Auto

Components

0.5%

Dealer

Tire

LLC,

8.00%,

2/1/2028(a)

757,000

804,313

Nationwide

Amundi

Strategic

Income

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

21

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Automobiles

1.2%

Ford

Motor

Co.

8.50%,

4/21/2023

385,000

431,392

9.00%,

4/22/2025

385,000

469,219

General

Motors

Co.,

6.13%,

10/1/2025

718,000

864,876

1,765,487

Banks

1.5%

Citigroup,

Inc.,

Series

V,

(SOFR

+

3.23%),

4.70%,

1/30/2025(f)(g)

925,000

945,813

JPMorgan

Chase

&

Co.,

Series

HH,

(SOFR

+

3.13%),

4.60%,

2/01/2025(f)(g)

1,290,000

1,327,410

2,273,223

Building

Products

0.7%

Standard

Industries,

Inc.,

4.38%,

7/15/2030(a)

720,000

764,100

Summit

Materials

LLC,

6.50%,

3/15/2027(a)

345,000

365,700

1,129,800

Capital

Markets

0.6%

Charles

Schwab

Corp.

(The),

Series

H,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

3.08%),

4.00%,

12/01/2030(f)(g)

810,000

834,300

Chemicals

0.6%

Element

Solutions,

Inc.,

3.88%,

9/1/2028(a)

920,000

926,279

Construction

&

Engineering

0.8%

PowerTeam

Services

LLC,

9.03%,

12/4/2025(a)

1,175,000

1,301,313

Consumer

Finance

1.4%

Ford

Motor

Credit

Co.

LLC

3.38%,

11/13/2025

800,000

813,160

2.33%,

11/25/2025

EUR

1,110,000

1,356,176

2,169,336

Diversified

Telecommunication

Services

0.4%

Windstream

Escrow

LLC,

7.75%,

8/15/2028(a)

650,000

658,125

Electric

Utilities

0.3%

NRG

Energy,

Inc.

3.38%,

2/15/2029(a)

215,000

219,923

3.63%,

2/15/2031(a)

310,000

322,400

542,323

Electronic

Equipment,

Instruments

&

Components

0.7%

Belden,

Inc.,

3.88%,

3/15/2028(a)

EUR

905,000

1,145,488

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Energy

Equipment

&

Services

0.5%

Transocean

Sentry

Ltd.,

5.38%,

5/15/2023(a)

754,119

690,018

Transocean,

Inc.,

8.00%,

2/1/2027(a)

270,000

139,050

829,068

Equity

Real

Estate

Investment

Trusts

(REITs)

2.5%

iStar

,

Inc.

4.75%,

10/1/2024

480,000

492,343

4.25%,

8/1/2025

1,225,000

1,206,625

MPT

Operating

Partnership

LP

4.63%,

8/1/2029

505,000

540,083

3.50%,

3/15/2031

825,000

832,693

Uniti

Group

LP,

6.50%,

2/15/2029(a)

680,000

680,000

3,751,744

Hotels,

Restaurants

&

Leisure

5.8%

Caesars

Entertainment,

Inc.,

8.13%,

7/1/2027(a)

1,375,000

1,509,062

Enterprise

Development

Authority

(The),

12.00%,

7/15/2024(a)

528,000

594,000

Genting

New

York

LLC,

3.30%,

2/15/2026(a)

340,000

341,652

Hilton

Domestic

Operating

Co.,

Inc.

3.75%,

5/1/2029(a)

505,000

512,901

4.00%,

5/1/2031(a)

485,000

498,301

3.63%,

2/15/2032(a)

1,335,000

1,320,168

Hyatt

Hotels

Corp.,

5.38%,

4/23/2025

330,000

371,568

Marriott

International,

Inc.,

4.63%,

6/15/2030

187,000

213,999

Marriott

International,

Inc.,

Series

GG,

3.50%,

10/15/2032

525,000

557,188

Mohegan

Gaming

&

Entertainment,

8.00%,

2/1/2026(a)

745,000

735,755

Scientific

Games

International,

Inc.

3.38%,

2/15/2026(a)

EUR

135,000

162,600

7.00%,

5/15/2028(a)

565,000

598,900

Station

Casinos

LLC,

4.50%,

2/15/2028(a)

870,000

852,600

Viking

Ocean

Cruises

Ship

VII

Ltd.,

5.63%,

2/15/2029(a)

505,000

502,475

8,771,169

Insurance

2.5%

CNO

Financial

Group,

Inc.,

5.25%,

5/30/2029

463,000

556,657

22

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Amundi

Strategic

Income

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Insurance

Farmers

Exchange

Capital

III,

(ICE

LIBOR

USD

3

Month

+

3.45%),

5.45%,

10/15/2054(a)(g)

1,070,000

1,367,980

Liberty

Mutual

Group,

Inc.,

(EUR

Swap

Annual

5

Year

+

3.70%),

3.62%,

5/23/2059(a)(g)

EUR

950,000

1,176,691

Liberty

Mutual

Insurance

Co.,

7.70%,

10/15/2097(a)

420,000

649,580

3,750,908

Internet

&

Direct

Marketing

Retail

1.3%

Expedia

Group,

Inc.,

3.25%,

2/15/2030

1,905,000

1,950,422

Media

2.6%

Clear

Channel

International

BV,

6.63%,

8/1/2025(a)

200,000

210,500

Clear

Channel

Worldwide

Holdings,

Inc.,

9.25%,

2/15/2024

785,000

816,565

CSC

Holdings

LLC,

4.63%,

12/1/2030(a)

800,000

816,000

Diamond

Sports

Group

LLC,

6.63%,

8/15/2027(a)

445,000

282,575

MDC

Partners,

Inc.,

7.50%,

5/1/2024(a)(c)

1,517,000

1,547,340

Outfront

Media

Capital

LLC,

4.25%,

1/15/2029(a)

310,000

307,675

3,980,655

Metals

&

Mining

0.5%

Joseph

T

Ryerson

&

Son,

Inc.,

8.50%,

8/1/2028(a)

254,000

286,499

Novelis

Corp.,

4.75%,

1/30/2030(a)

423,000

444,150

730,649

Oil,

Gas

&

Consumable

Fuels

5.3%

Aethon

United

BR

LP,

8.25%,

2/15/2026(a)

965,000

986,712

Cameron

LNG

LLC,

3.40%,

1/15/2038(a)

542,000

580,676

Enable

Midstream

Partners

LP,

4.95%,

5/15/2028

750,000

790,992

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

1,287,252

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Oil,

Gas

&

Consumable

Fuels

EnLink

Midstream

LLC,

5.38%,

6/1/2029

871,000

831,805

EnLink

Midstream

Partners

LP,

5.60%,

4/1/2044

167,000

134,017

Hess

Midstream

Operations

LP,

5.13%,

6/15/2028(a)

520,000

539,656

Indigo

Natural

Resources

LLC,

5.38%,

2/1/2029(a)

680,000

671,500

Midwest

Connector

Capital

Co.

LLC,

4.63%,

4/1/2029(a)

587,000

602,427

MPLX

LP,

4.50%,

4/15/2038

610,000

681,908

PBF

Holding

Co.

LLC

9.25%,

5/15/2025(a)

410,000

395,507

6.00%,

2/15/2028

1,100,000

638,247

8,140,699

Paper

&

Forest

Products

0.3%

Clearwater

Paper

Corp.,

4.75%,

8/15/2028(a)

485,000

501,829

Personal

Products

0.5%

Edgewell

Personal

Care

Co.,

5.50%,

6/1/2028(a)

680,000

727,416

Software

0.9%

Citrix

Systems,

Inc.,

3.30%,

3/1/2030

1,210,000

1,302,884

ZoomInfo

Technologies

LLC,

3.88%,

2/1/2029(a)

110,000

111,100

1,413,984

Specialty

Retail

0.7%

Michaels

Stores,

Inc.,

8.00%,

7/15/2027(a)

929,000

995,609

Thrifts

&

Mortgage

Finance

1.9%

Freedom

Mortgage

Corp.

8.13%,

11/15/2024(a)

1,175,000

1,219,063

8.25%,

4/15/2025(a)

516,000

536,062

Nationstar

Mortgage

Holdings,

Inc.

6.00%,

1/15/2027(a)

405,000

428,287

5.50%,

8/15/2028(a)

500,000

516,250

5.13%,

12/15/2030(a)

185,000

191,938

2,891,600

Trading

Companies

&

Distributors

0.3%

Air

Lease

Corp.,

3.13%,

12/1/2030

490,000

500,467

Wireless

Telecommunication

Services

0.8%

T-Mobile

USA,

Inc.

2.55%,

2/15/2031(a)

660,000

676,025

Nationwide

Amundi

Strategic

Income

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

23

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Wireless

Telecommunication

Services

3.30%,

2/15/2051(a)

570,000

558,480

1,234,505

56,742,534

Total

Corporate

Bonds

(cost

$80,560,144)

81,649,191

Foreign

Government

Securities

2.1%

OMAN

0.3%

Sultanate

of

Oman

Government

Bond,

6.25%,

1/25/2031

(a)

480,000

508,815

QATAR

1.0%

State

of

Qatar,

4.82%,

3/14/2049

(a)

1,135,000

1,522,033

UNITED

ARAB

EMIRATES

0.8%

United

Arab

Emirates

Government

Bond,

3.88%,

4/16/2050

(a)

1,000,000

1,189,200

Total

Foreign

Government

Securities

(cost

$2,732,263)

3,220,048

Common

Stock

0.2%

Shares

UNITED

STATES

0.2%

Energy

Equipment

&

Services

0.2%

FTS

International,

Inc.,

Class A

*

18,426

310,662

Total

Common

Stock

(cost

$347,330)

310,662

Loan

Participations

2.1%

Principal

Amount

($)

UNITED

STATES

2.1%

Airlines

0.6%

Grupo

Aeromexico

SAB

de

CV,

Term

Loan,

(ICE

LIBOR

USD

1

Month

+

0.00%),

9.00%,

12/31/2021

(g)

955,000

945,450

Auto

Components

0.4%

First

Brands

Group,

LLC,

First

Lien

Term

Loan

B,

(ICE

LIBOR

USD

3

Month

+

7.50%),

8.50%,

2/2/2024

(g)

580,540

589,248

Hotels,

Restaurants

&

Leisure

1.1%

Spectacle

Gary

Holdings,

LLC,

Term

Loan,

(ICE

LIBOR

USD

3

Month

+

9.00%),

11.00%,

12/23/2025

(g)

1,535,800

1,581,874

Loan

Participations

Principal

Amount

($)

Value

($)

Hotels,

Restaurants

&

Leisure

Spectacle

Gary,

Delayed

Draw

Term

Loan,

(ICE

LIBOR

USD

3

Month

+

9.00%),

11.00%,

12/23/2025

(g)

111,300

114,639

1,696,513

0

Total

Loan

Participation

(cost

$3,126,269)

3,231,211

Convertible

Bonds

1.6%

Airlines

1.3%

Air

Canada,

4.00%,

07/01/25

(a)

803,000

1,090,072

Southwest

Airlines

Co.,

1.25%,

05/01/25

625,000

880,469

1,970,541

Equity

Real

Estate

Investment

Trusts

(REITs)

0.1%

Summit

Hotel

Properties,

Inc.,

1.50%,

02/15/26

115,000

113,131

Pharmaceuticals

0.2%

Tricida

,

Inc.,

3.50%,

05/15/27

(a)

715,000

346,599

Total

Convertible

Bond

(cost  $2,285,702)

2,430,271

Convertible

Preferred

Stock

0.7%

Banks

0.7%

Wells

Fargo

&

Co.,

7.50%,

705

1,018,020

Total

Convertible

Preferred

Stock

(cost  $1,026,136)

1,018,020

Short-Term

Investment

0.3%

Shares

Money

Market

Fund

0.3%

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,0.01%

(

i

)(j)

449,460

449,460

Total

Short-Term

Investment

(cost

$449,460)

449,460

Total

Investments

(cost

$137,081,449)

—

92.7%

141,213,104

Other

assets

in

excess

of

liabilities

—

7.3%

11,154,272

NET

ASSETS

—

100.0%

$

152,367,376

*

Denotes

a

non-income

producing

security.

∞

Fair

valued

security.

24

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Amundi

Strategic

Income

Fund

(a)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

at

January

31,

2021

was

$104,806,428

which

represents

68.79%

of

net

assets.

(b)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

January

31,

2021.

(c)

Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

at

January

31,

2021.

(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

January

31,

2021.

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

January

31,

2021.

(h)

The

security

or

a

portion

of

this

security

is

on

loan

at

January

31,

2021.

The

total

value

of

securities

on

loan

at

January

31,

2021

was

$431,488,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

with

a

value

of

$449,460.

(

i

)

Represents

7-day

effective

yield

as

of

January

31,

2021.

(j)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2021

was

$449,460.

CLO

Collateralized

Loan

Obligations

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

USD

United

States

Dollar

Nationwide

Amundi

Strategic

Income

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

25

Centrally

Cleared

Credit

default

swap

contracts

outstanding

-

buy

protection

as

of

January

31,

2021

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-V9

5.00

Quarterly

6/20/2025

2.95

USD

45,000,000

(391,233)

(3,251,957)

(3,643,190)

Markit

CDX

North

American

High

Yield

Index

Series

35-V1

5.00

Quarterly

12/20/2025

3.16

USD

4,000,000

(259,861)

(86,808)

(346,669)

Markit

CDX

North

American

Investment

Grade

Index

Series

34-V1

1.00

Quarterly

6/20/2025

0.69

USD

13,000,000

(155,553)

(33,426)

(188,979)

(806,647)

(3,372,191)

(4,178,838)

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

January

31,

2021,

the

Fund

had

$3,011,258

segregated

as

collateral

for

credit

default

swap

contracts.

Currency:

USD

United

States

dollar

Forward

Foreign

Currency

Contracts

outstanding

as

of

January

31,

2021:

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

($)

USD

3,754,458

EUR

3,081,983

Bank

of

America

NA

2/16/2021

13,238

USD

68,022

EUR

55,963

JPMorgan

Chase

Bank

2/16/2021

88

Net

unrealized

appreciation

13,326

Currency:

EUR

Euro

USD

United

States

dollar

26

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Amundi

Strategic

Income

Fund

Futures

contracts

outstanding

as

of

January

31,

2021:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Short

Contracts

Euro-

Bobl

(10)

3/2021

EUR

(1,641,326)

(2,991)

Euro-Bund

(23)

3/2021

EUR

(4,947,340)

(15,285)

U.S.

Treasury

2

Year

Note

(6)

3/2021

USD

(1,325,859)

(1,267)

U.S.

Treasury

5

Year

Note

(11)

3/2021

USD

(1,384,625)

35

U.S.

Treasury

10

Year

Note

(15)

3/2021

USD

(2,055,469)

434

U.S.

Treasury

10

Year

Ultra

Note

(21)

3/2021

USD

(3,230,391)

11,514

U.S.

Treasury

Long

Bond

(22)

3/2021

USD

(3,711,812)

135,221

U.S.

Treasury

Ultra

Bond

(45)

3/2021

USD

(9,212,344)

448,932

USD

10

Year

Interest

Rate

Swap

(27)

3/2021

USD

(2,592,844)

53,088

629,681

At

January

31,

2021,

the

Fund

had

$647,447

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

EUR

Euro

USD

United

States

Dollar

Nationwide

Amundi

Strategic

Income

Fund

-

January

31,

2021

(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.

28

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Amundi

Strategic

Income

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2021.

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

January

31,

2021

.

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

January

31,

2021

are

disclosed

in

the

Statement

of

Investments.

The

implied

credit

spread

of

a

particular

referenced

entity

reflects

the

cost

of

selling

protection

on

such

entity’s

debt,

and

may

include

upfront

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

11,920,114

$

–

$

11,920,114

Collateralized

Mortgage

Obligations

–

29,707,259

–

29,707,259

Commercial

Mortgage-Backed

Securities

–

7,276,868

–

7,276,868

Common

Stock

310,662

–

–

310,662

Convertible

Bonds

–

2,430,271

–

2,430,271

Convertible

Preferred

Stock

1,018,020

–

–

1,018,020

Corporate

Bonds

–

81,649,191

–

81,649,191

Foreign

Government

Securities

–

3,220,048

–

3,220,048

Forward

Foreign

Currency

Contracts

–

13,326

–

13,326

Futures

Contracts

649,224

–

–

649,224

Loan

Participations

–

3,231,211

–

3,231,211

Short-Term

Investment

449,460

–

–

449,460

Total

Assets

$

2,427,366

$

139,448,288

$

–

$

141,875,654

$

–

$

–

$

–

$

–

Liabilities:

Credit

Default

Swaps*

$

–

$

(3,372,191)

$

–

$

(3,372,191)

Futures

Contracts

(19,543)

–

–

(19,543)

Total

Liabilities

$

(19,543)

$

(3,372,191)

$

–

$

(3,391,734)

Total

$

2,407,823

$

136,076,097

$

–

$

138,483,920

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

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

29

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.

30

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Amundi

Strategic

Income

Fund

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2021:

Assets:

Fair

Value

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

appreciation

on

forward

foreign

currency

contracts

$

13,326

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

649,224

Total

$

662,550

Liabilities:

s

Swap

Contracts(a)

Credit

risk

Unrealized

depreciation

on

centrally

cleared

swap

contracts

(3,372,191

)

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

(19,543

)

Total

$

(3,391,734

)

(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

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

31

Common

Stocks

98.0%

Shares

Value

($)

ARGENTINA

0.8%

Internet

&

Direct

Marketing

Retail

0.5%

MercadoLibre

,

Inc.

*

500

889,755

IT

Services

0.3%

Globant

SA

*

3,000

576,000

1,465,755

AUSTRALIA

6.4%

Banks

1.1%

Commonwealth

Bank

of

Australia

20,000

1,269,103

National

Australia

Bank

Ltd.

50,000

892,922

2,162,025

Biotechnology

0.6%

CSL

Ltd.

6,000

1,241,778

Commercial

Services

&

Supplies

0.4%

Brambles

Ltd.

90,000

730,386

Equity

Real

Estate

Investment

Trusts

(REITs)

0.6%

Goodman

Group

80,000

1,078,227

Food

&

Staples

Retailing

0.4%

Woolworths

Group

Ltd.

25,000

778,160

Metals

&

Mining

2.7%

BHP

Group

Ltd.

70,000

2,327,191

BHP

Group

plc

50,000

1,373,758

Rio

Tinto

plc

20,000

1,528,454

5,229,403

Multiline

Retail

0.6%

Wesfarmers

Ltd.

30,000

1,247,602

12,467,581

CANADA

1.4%

Auto

Components

0.5%

Magna

International,

Inc.

15,000

1,056,422

Insurance

0.6%

Sun

Life

Financial,

Inc.

25,000

1,155,426

Metals

&

Mining

0.3%

Barrick

Gold

Corp.

25,000

559,250

2,771,098

CHINA

3.5%

Banks

0.4%

China

Construction

Bank

Corp.,

Class

H

1,100,000

835,674

Entertainment

0.4%

NetEase

,

Inc.,

ADR

7,000

804,930

Food

Products

0.9%

Tingyi

Cayman

Islands

Holding

Corp.

300,000

596,691

Wilmar

International

Ltd.

303,736

1,204,445

1,801,136

Interactive

Media

&

Services

0.7%

Tencent

Holdings

Ltd.

15,000

1,313,146

Internet

&

Direct

Marketing

Retail

1.1%

Alibaba

Group

Holding

Ltd.,

ADR

*

4,500

1,142,235

Common

Stocks

Shares

Value

($)

CHINA

Internet

&

Direct

Marketing

Retail

JD.com,

Inc.,

ADR

*

10,000

886,900

2,029,135

6,784,021

COLOMBIA

0.3%

Banks

0.3%

Grupo

Aval

Acciones

y

Valores

SA,

ADR

(a)

100,000

641,000

DENMARK

2.3%

Air

Freight

&

Logistics

0.4%

DSV

PANALPINA

A/S

5,000

779,776

Electric

Utilities

0.6%

Orsted

A/S

Reg.

S

(b)

6,000

1,133,841

Health

Care

Equipment

&

Supplies

0.4%

Coloplast

A/S,

Class

B

5,000

746,971

Marine

0.5%

AP

Moller

-

Maersk

A/S,

Class

B

500

1,034,492

Pharmaceuticals

0.4%

Novo

Nordisk

A/S,

Class

B

11,000

765,112

4,460,192

EGYPT

0.4%

Banks

0.4%

Commercial

International

Bank

Egypt

SAE

(Registered),

GDR

Reg.

S

220,000

867,648

FINLAND

1.4%

Machinery

0.5%

Kone

OYJ,

Class

B

12,000

943,365

Multiline

Retail

0.4%

Tokmanni

Group

Corp.

40,000

774,098

Paper

&

Forest

Products

0.5%

Stora

Enso

OYJ,

Class

R

55,000

999,941

2,717,404

FRANCE

6.8%

Banks

1.4%

BNP

Paribas

SA

*

30,000

1,444,873

Credit

Agricole

SA

*

120,000

1,362,998

2,807,871

Chemicals

1.1%

Air

Liquide

SA

13,000

2,124,383

Construction

&

Engineering

0.6%

Bouygues

SA

30,000

1,178,919

Electrical

Equipment

1.4%

Schneider

Electric

SE

18,000

2,638,757

Food

&

Staples

Retailing

0.3%

Carrefour

SA

38,000

642,562

Oil,

Gas

&

Consumable

Fuels

0.5%

TOTAL

SE

22,000

928,755

Personal

Products

0.4%

L'Oreal

SA

2,000

701,049

32

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Bailard

International

Equities

Fund

Common

Stocks

Shares

Value

($)

FRANCE

Pharmaceuticals

0.5%

Sanofi

10,000

939,536

Textiles,

Apparel

&

Luxury

Goods

0.6%

LVMH

Moet

Hennessy

Louis

Vuitton

SE

2,000

1,207,587

13,169,419

GERMANY

7.7%

Air

Freight

&

Logistics

0.9%

Deutsche

Post

AG

(Registered)

37,000

1,830,969

Automobiles

0.5%

Porsche

Automobil

Holding

SE

(Preference)

13,000

907,632

Chemicals

0.7%

BASF

SE

18,000

1,396,385

Construction

Materials

0.6%

HeidelbergCement

AG

15,000

1,110,661

Diversified

Telecommunication

Services

0.7%

Deutsche

Telekom

AG

(Registered)

75,000

1,337,505

Health

Care

Equipment

&

Supplies

0.5%

Siemens

Healthineers

AG

Reg.

S

(b)

16,000

897,926

Industrial

Conglomerates

0.7%

Siemens

AG

(Registered)

9,000

1,393,801

Insurance

0.8%

Allianz

SE

(Registered)

7,000

1,586,827

Internet

&

Direct

Marketing

Retail

0.6%

Zalando

SE

Reg.

S

*(b)

10,000

1,148,512

Multi-Utilities

0.9%

E.ON

SE

80,000

847,671

RWE

AG

20,000

860,653

1,708,324

Pharmaceuticals

0.4%

Merck

KGaA

5,000

835,568

Software

0.4%

SAP

SE

6,000

763,792

14,917,902

HONG

KONG

3.2%

Capital

Markets

0.7%

Hong

Kong

Exchanges

&

Clearing

Ltd.

22,000

1,413,221

Diversified

Telecommunication

Services

0.5%

HKT

Trust

&

HKT

Ltd.

750,000

989,248

Food

Products

0.5%

WH

Group

Ltd.

Reg.

S

(b)

1,100,000

899,018

Insurance

0.8%

AIA

Group

Ltd.

130,000

1,592,815

Real

Estate

Management

&

Development

0.7%

CK

Asset

Holdings

Ltd.

250,000

1,267,635

6,161,937

Common

Stocks

Shares

Value

($)

HUNGARY

0.8%

Banks

0.4%

OTP

Bank

Nyrt

.

*

20,000

913,869

Pharmaceuticals

0.4%

Richter

Gedeon

Nyrt

26,000

733,920

1,647,789

INDIA

0.6%

IT

Services

0.6%

Infosys

Ltd.,

ADR

65,000

1,097,200

IRELAND

0.8%

Building

Products

0.3%

Kingspan

Group

plc

*

9,000

610,712

Construction

Materials

0.5%

CRH

plc

22,000

906,026

1,516,738

ISRAEL

1.2%

Software

1.2%

Check

Point

Software

Technologies

Ltd.

*

8,000

1,021,920

Nice

Ltd.,

ADR

*

5,000

1,306,400

2,328,320

ITALY

1.2%

Electric

Utilities

0.7%

Enel

SpA

150,000

1,489,454

Electrical

Equipment

0.5%

Prysmian

SpA

28,000

901,163

2,390,617

JAPAN

22.8%

Auto

Components

0.4%

Bridgestone

Corp.

20,900

775,707

Automobiles

2.0%

Honda

Motor

Co.

Ltd.

35,000

925,455

Suzuki

Motor

Corp.

12,800

578,357

Toyota

Motor

Corp.

25,000

1,748,170

Yamaha

Motor

Co.

Ltd.

35,000

797,425

4,049,407

Banks

0.9%

Mitsubishi

UFJ

Financial

Group,

Inc.

200,000

901,120

Sumitomo

Mitsui

Financial

Group,

Inc.

25,000

778,164

1,679,284

Building

Products

0.4%

Daikin

Industries

Ltd.

4,000

851,620

Capital

Markets

0.4%

Nomura

Holdings,

Inc.

130,000

688,924

Chemicals

1.0%

Mitsui

Chemicals,

Inc.

35,000

1,006,993

Shin-Etsu

Chemical

Co.

Ltd.

5,000

870,716

1,877,709

Construction

&

Engineering

0.3%

Obayashi

Corp.

60,000

507,303

Diversified

Telecommunication

Services

0.3%

Nippon

Telegraph

&

Telephone

Corp.

22,000

548,413

Nationwide

Bailard

International

Equities

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

33

Common

Stocks

Shares

Value

($)

JAPAN

Electric

Utilities

0.3%

Kansai

Electric

Power

Co.,

Inc.

(The)

50,000

493,532

Electrical

Equipment

1.1%

Mitsubishi

Electric

Corp.

90,000

1,376,074

Nidec

Corp.

5,000

664,046

2,040,120

Electronic

Equipment,

Instruments

&

Components

1.6%

Hitachi

Ltd.

20,000

826,079

Keyence

Corp.

1,500

806,912

Murata

Manufacturing

Co.

Ltd.

15,000

1,444,647

3,077,638

Entertainment

0.7%

Nintendo

Co.

Ltd.

2,500

1,444,860

Food

&

Staples

Retailing

0.5%

Seven

&

i

Holdings

Co.

Ltd.

27,000

1,025,575

Health

Care

Equipment

&

Supplies

0.9%

Hoya

Corp.

8,000

1,023,070

Olympus

Corp.

35,000

633,941

1,657,011

Health

Care

Technology

0.3%

M3,

Inc.

8,000

670,756

Household

Durables

1.5%

Panasonic

Corp.

90,000

1,166,610

Sekisui

Chemical

Co.

Ltd.

40,000

722,924

Sony

Corp.

13,000

1,244,029

3,133,563

Household

Products

0.3%

Unicharm

Corp.

12,000

536,765

Insurance

0.3%

Tokio

Marine

Holdings,

Inc.

13,000

649,233

IT

Services

1.0%

Fujitsu

Ltd.

6,000

913,676

NEC

Corp.

20,000

1,085,169

1,998,845

Machinery

0.8%

Komatsu

Ltd.

33,000

909,392

SMC

Corp.

1,000

606,942

1,516,334

Personal

Products

0.8%

Kao

Corp.

13,000

946,218

Shiseido

Co.

Ltd.

8,000

524,981

1,471,199

Pharmaceuticals

1.3%

Astellas

Pharma,

Inc.

70,000

1,135,516

Daiichi

Sankyo

Co.

Ltd.

18,000

579,970

Takeda

Pharmaceutical

Co.

Ltd.

25,000

876,560

2,592,046

Professional

Services

0.8%

Recruit

Holdings

Co.

Ltd.

35,000

1,524,954

Real

Estate

Management

&

Development

0.4%

Mitsubishi

Estate

Co.

Ltd.

44,000

702,182

Road

&

Rail

0.4%

East

Japan

Railway

Co.

12,000

812,301

Common

Stocks

Shares

Value

($)

JAPAN

Semiconductors

&

Semiconductor

Equipment

1.0%

Advantest

Corp.

11,000

867,089

Tokyo

Electron

Ltd.

3,000

1,144,287

2,011,376

Specialty

Retail

0.4%

Fast

Retailing

Co.

Ltd.

800

688,509

Tobacco

0.3%

Japan

Tobacco,

Inc.

25,000

496,783

Trading

Companies

&

Distributors

0.9%

ITOCHU

Corp.

40,000

1,148,319

Sumitomo

Corp.

45,000

598,353

1,746,672

Wireless

Telecommunication

Services

1.5%

KDDI

Corp.

20,000

588,928

SoftBank

Corp.

55,000

721,734

SoftBank

Group

Corp.

20,000

1,540,795

2,851,457

44,120,078

NETHERLANDS

6.5%

Banks

0.6%

ING

Groep

NV

*

140,000

1,243,509

Capital

Markets

0.3%

Euronext

NV

Reg.

S

(b)

6,000

646,403

Chemicals

0.7%

Akzo

Nobel

NV

13,000

1,318,104

Food

&

Staples

Retailing

0.8%

Koninklijke

Ahold

Delhaize

NV

55,000

1,573,886

Health

Care

Equipment

&

Supplies

0.4%

Koninklijke

Philips

NV

*

13,263

722,846

IT

Services

0.3%

Adyen

NV

Reg.

S

*(b)

300

625,106

Professional

Services

1.1%

Randstad

NV

*

15,000

935,598

Wolters

Kluwer

NV

15,000

1,245,000

2,180,598

Semiconductors

&

Semiconductor

Equipment

2.3%

ASML

Holding

NV

(Registered),

NYRS

6,500

3,472,039

NXP

Semiconductors

NV

5,000

802,350

4,274,389

12,584,841

PAKISTAN

0.4%

Banks

0.1%

MCB

Bank

Ltd.

200,000

240,525

Chemicals

0.1%

Engro

Fertilizers

Ltd.

600,000

243,051

Oil,

Gas

&

Consumable

Fuels

0.2%

Oil

&

Gas

Development

Co.

Ltd.

500,000

335,069

818,645

34

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Bailard

International

Equities

Fund

Common

Stocks

Shares

Value

($)

PORTUGAL

1.0%

Electric

Utilities

0.6%

EDP

-

Energias

de

Portugal

SA

170,000

1,062,444

Food

&

Staples

Retailing

0.4%

Jeronimo

Martins

SGPS

SA

50,000

817,064

1,879,508

RUSSIA

1.0%

Banks

0.4%

Sberbank

of

Russia

PJSC,

ADR

55,000

751,068

Metals

&

Mining

0.3%

Severstal

PAO,

GDR

Reg.

S

30,000

501,100

Oil,

Gas

&

Consumable

Fuels

0.3%

LUKOIL

PJSC,

ADR

11,000

779,245

2,031,413

SINGAPORE

2.1%

Banks

1.4%

DBS

Group

Holdings

Ltd.

75,000

1,410,095

Oversea-Chinese

Banking

Corp.

Ltd.

175,000

1,351,355

2,761,450

Real

Estate

Management

&

Development

0.4%

CapitaLand

Ltd.

300,000

721,010

Road

&

Rail

0.3%

ComfortDelGro

Corp.

Ltd.

473,733

563,197

4,045,657

SOUTH

AFRICA

0.8%

Metals

&

Mining

0.8%

Anglo

American

plc

45,000

1,479,787

SOUTH

KOREA

2.5%

Banks

0.4%

KB

Financial

Group,

Inc.

20,000

723,456

Chemicals

0.3%

LG

Chem

Ltd.

800

652,159

Interactive

Media

&

Services

0.5%

NAVER

Corp.

3,000

920,272

Technology

Hardware,

Storage

&

Peripherals

1.0%

Samsung

Electronics

Co.

Ltd.

25,000

1,824,548

Wireless

Telecommunication

Services

0.3%

SK

Telecom

Co.

Ltd.

3,000

654,559

4,774,994

SWEDEN

2.9%

Banks

0.3%

Skandinaviska

Enskilda

Banken

AB,

Class

A

*

60,000

655,465

Communications

Equipment

0.8%

Telefonaktiebolaget

LM

Ericsson,

Class

B

130,000

1,642,281

Household

Durables

0.5%

Husqvarna

AB,

Class

B

80,000

991,392

Machinery

1.3%

Alfa

Laval

AB

*

45,000

1,181,093

Common

Stocks

Shares

Value

($)

SWEDEN

Machinery

Volvo

AB,

Class

B

*

50,000

1,235,716

2,416,809

5,705,947

SWITZERLAND

6.9%

Capital

Markets

0.5%

UBS

Group

AG

(Registered)

70,000

1,010,553

Construction

Materials

0.6%

LafargeHolcim

Ltd.

(Registered)

*

20,000

1,079,522

Food

Products

1.6%

Nestle

SA

(Registered)

27,500

3,080,732

Insurance

0.5%

Swiss

Life

Holding

AG

(Registered)

2,000

910,103

Life

Sciences

Tools

&

Services

0.3%

Lonza

Group

AG

(Registered)

1,000

639,688

Pharmaceuticals

2.2%

Novartis

AG

(Registered)

15,000

1,356,827

Roche

Holding

AG

9,000

3,102,142

4,458,969

Semiconductors

&

Semiconductor

Equipment

0.4%

STMicroelectronics

NV

20,000

806,345

Technology

Hardware,

Storage

&

Peripherals

0.8%

Logitech

International

SA

(Registered)

14,000

1,459,856

13,445,768

TAIWAN

1.9%

Electronic

Equipment,

Instruments

&

Components

0.4%

Delta

Electronics,

Inc.

70,000

707,613

Entertainment

0.4%

Sea

Ltd.,

ADR

*

4,000

866,840

Semiconductors

&

Semiconductor

Equipment

1.1%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

17,000

2,065,840

3,640,293

UNITED

KINGDOM

8.9%

Aerospace

&

Defense

0.7%

BAE

Systems

plc

200,000

1,264,969

Banks

0.7%

Barclays

plc

*

400,000

731,754

Standard

Chartered

plc

*

100,000

607,222

1,338,976

Beverages

0.5%

Diageo

plc

22,000

887,805

Diversified

Telecommunication

Services

0.4%

BT

Group

plc

*

400,000

687,641

Household

Durables

0.4%

Persimmon

plc

20,000

697,820

Industrial

Conglomerates

0.7%

CK

Hutchison

Holdings

Ltd.

200,000

1,387,087

Nationwide

Bailard

International

Equities

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

35

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Insurance

1.2%

Direct

Line

Insurance

Group

plc

220,000

903,008

Phoenix

Group

Holdings

plc

90,000

831,396

Prudential

plc

40,000

641,252

2,375,656

Oil,

Gas

&

Consumable

Fuels

1.0%

BP

plc

500,000

1,858,043

Personal

Products

1.2%

Unilever

plc

(a)

30,000

1,748,623

Unilever

plc

(a)

10,000

581,290

2,329,913

Pharmaceuticals

1.2%

AstraZeneca

plc,

ADR

(a)

27,000

1,366,199

GlaxoSmithKline

plc

65,000

1,207,511

2,573,710

Professional

Services

0.6%

RELX

plc

50,000

1,240,256

Tobacco

0.3%

British

American

Tobacco

plc

17,000

618,728

17,260,604

UNITED

STATES

1.5%

Automobiles

0.8%

Stellantis

NV

104,519

1,587,264

Trading

Companies

&

Distributors

0.7%

Ferguson

plc

12,000

1,396,161

2,983,425

Total

Common

Stocks

(cost

$152,181,364)

190,175,581

Exchange

Traded

Fund

0.7%

UNITED

STATES

0.7%

VanEck

Vectors

Vietnam

ETF

75,000

1,269,000

Total

Exchange

Traded

Fund

(cost

$1,361,151)

1,269,000

Short-Term

Investment

1.1%

Shares

Value

($)

Money

Market

Fund

1.1%

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,

0.01%,

(c)(d)

2,091,623

2,091,623

Total

Short-Term

Investment

(cost $2,091,623)

2,091,623

Total

Investments

(cost

$155,634,138)

  —

99.8%

193,536,204

Other

assets

in

excess

of

liabilities

—

0.2%

385,002

NET

ASSETS

—

100.0%

$

193,921,206

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

January

31,

2021.

The

total

value

of

securities

on

loan

at

January

31,

2021

was

$2,082,719,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

with

a

total

value

of

$2,091,623

and

by

$107,629

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

3.13%,

and

maturity

dates

ranging

from

4/8/2021

–

2/15/2049;

a

total

value

of

$2,199,252.

(b)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

at

January

31,

2021

was

$5,350,806

which

represents

2.76%

of

net

assets.

(c)

Represents

7-day

effective

yield

as

of

January

31,

2021.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2021

was

$2,091,623.

ADR

American

Depositary

Receipt

ETF

Exchange

Traded

Fund

GDR

Global

Depositary

Receipt

NYRS

New

York

Registry

Shares

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

36

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Bailard

International

Equities

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

Bailard

International

Equities

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

37

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2021.

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

$

–

$

1,264,969

$

–

$

1,264,969

Air

Freight

&

Logistics

–

2,610,745

–

2,610,745

Auto

Components

1,056,422

775,707

–

1,832,129

Automobiles

1,587,264

4,957,039

–

6,544,303

Banks

641,000

16,980,820

–

17,621,820

Beverages

–

887,805

–

887,805

Biotechnology

–

1,241,778

–

1,241,778

Building

Products

–

1,462,332

–

1,462,332

Capital

Markets

–

3,759,101

–

3,759,101

Chemicals

–

7,611,791

–

7,611,791

Commercial

Services

&

Supplies

–

730,386

–

730,386

Communications

Equipment

–

1,642,281

–

1,642,281

Construction

&

Engineering

–

1,686,222

–

1,686,222

Construction

Materials

–

3,096,209

–

3,096,209

Diversified

Telecommunication

Services

–

3,562,807

–

3,562,807

Electric

Utilities

–

4,179,271

–

4,179,271

Electrical

Equipment

–

5,580,040

–

5,580,040

Electronic

Equipment,

Instruments

&

Components

–

3,785,251

–

3,785,251

Entertainment

1,671,770

1,444,860

–

3,116,630

Equity

Real

Estate

Investment

Trusts

(REITs)

–

1,078,227

–

1,078,227

Food

&

Staples

Retailing

–

4,837,247

–

4,837,247

Food

Products

–

5,780,886

–

5,780,886

Health

Care

Equipment

&

Supplies

–

4,024,754

–

4,024,754

Health

Care

Technology

–

670,756

–

670,756

Household

Durables

–

4,822,775

–

4,822,775

Household

Products

–

536,765

–

536,765

Industrial

Conglomerates

–

2,780,888

–

2,780,888

Insurance

1,155,426

7,114,634

–

8,270,060

Interactive

Media

&

Services

–

2,233,418

–

2,233,418

Internet

&

Direct

Marketing

Retail

2,918,890

1,148,512

–

4,067,402

IT

Services

1,673,200

2,623,951

–

4,297,151

Life

Sciences

Tools

&

Services

–

639,688

–

639,688

Machinery

–

4,876,508

–

4,876,508

Marine

–

1,034,492

–

1,034,492

Metals

&

Mining

559,250

7,210,290

–

7,769,540

Multiline

Retail

–

2,021,700

–

2,021,700

Multi-Utilities

–

1,708,324

–

1,708,324

Oil,

Gas

&

Consumable

Fuels

–

3,901,112

–

3,901,112

Paper

&

Forest

Products

–

999,941

–

999,941

Personal

Products

581,290

3,920,871

–

4,502,161

Pharmaceuticals

1,366,199

11,532,662

–

12,898,861

Professional

Services

–

4,945,808

–

4,945,808

Real

Estate

Management

&

Development

–

2,690,827

–

2,690,827

Road

&

Rail

–

1,375,498

–

1,375,498

Semiconductors

&

Semiconductor

Equipment

6,340,229

2,817,721

–

9,157,950

Software

2,328,320

763,792

–

3,092,112

Specialty

Retail

–

688,509

–

688,509

Technology

Hardware,

Storage

&

Peripherals

–

3,284,404

–

3,284,404

Textiles,

Apparel

&

Luxury

Goods

–

1,207,587

–

1,207,587

Tobacco

–

1,115,511

–

1,115,511

Trading

Companies

&

Distributors

–

3,142,833

–

3,142,833

Wireless

Telecommunication

Services

–

3,506,016

–

3,506,016

Total

Common

Stocks

$

21,879,260

$

168,296,321

$

–

$

190,175,581

Exchange

Traded

Fund

1,269,000

–

–

1,269,000

38

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Bailard

International

Equities

Fund

Level

1

Level

2

Level

3

Total

Assets:

Short-Term

Investment

$

2,091,623

$

–

$

–

$

2,091,623

Total

$

25,239,883

$

168,296,321

$

–

$

193,536,204

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

Emerging

Markets

Debt

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

39

Corporate

Bonds

28.3%

Principal

Amount

($)

Value

($)

BRAZIL

2.1%

Chemicals

0.8%

Braskem

Netherlands

Finance

BV,

4.50%,

1/31/2030(a)

620,000

630,075

Health

Care

Providers

&

Services

0.4%

Rede

D'or

Finance

Sarl

,

4.50%,

1/22/2030(a)

296,000

302,518

Internet

&

Direct

Marketing

Retail

0.3%

B2W

Digital

Lux

Sarl

,

4.38%,

12/20/2030(a)

200,000

207,000

Paper

&

Forest

Products

0.6%

Suzano

Austria

GmbH,

5.00%,

1/15/2030

383,000

432,985

1,572,578

CHINA

2.9%

Automobiles

1.0%

Geely

Automobile

Holdings

Ltd.,

Reg.

S,

3.63%,

1/25/2023

700,000

722,659

Internet

&

Direct

Marketing

Retail

0.2%

Prosus

NV,

4.03%,

8/3/2050(a)

200,000

199,849

Real

Estate

Management

&

Development

1.7%

China

Aoyuan

Group

Ltd.,

Reg.

S,

6.35%,

2/8/2024

350,000

363,098

CIFI

Holdings

Group

Co.

Ltd.,

Reg.

S,

6.55%,

3/28/2024

350,000

372,050

Longfor

Group

Holdings

Ltd.,

Reg.

S,

3.95%,

9/16/2029

571,000

620,850

1,355,998

2,278,506

COLOMBIA

1.7%

Banks

0.6%

Grupo

Aval

Ltd.,

4.38%,

2/4/2030(a)

440,000

454,520

Oil,

Gas

&

Consumable

Fuels

1.1%

Ecopetrol

SA,

6.88%,

4/29/2030

287,000

357,315

Transportadora

de

Gas

Internacional

SA

ESP,

5.55%,

11/1/2028(a)

400,000

464,498

821,813

1,276,333

CONGO,

DEMOCRATIC

REPUBLIC

OF

THE

0.4%

Machinery

0.4%

HTA

Group

Ltd.,

7.00%,

12/18/2025(a)

273,000

291,837

Corporate

Bonds

Principal

Amount

($)

Value

($)

DOMINICAN

REPUBLIC

0.5%

Electric

Utilities

0.5%

AES

Andres

BV,

Reg.

S,

7.95%,

5/11/2026

340,000

355,303

GEORGIA

1.4%

Banks

1.0%

Bank

of

Georgia

JSC,

Reg.

S,

6.00%,

7/26/2023

749,000

780,833

Electric

Utilities

0.4%

Georgia

Global

Utilities

JSC,

7.75%,

7/30/2025(a)

340,000

348,364

1,129,197

GUATEMALA

0.2%

Banks

0.2%

Banco

Industrial

SA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.44%),

4.88%,

1/29/2031(a)(b)

164,000

167,690

INDIA

1.1%

Diversified

Financial

Services

0.7%

REC

Ltd.,

Reg.

S,

4.63%,

3/22/2028

493,000

542,344

Electric

Utilities

0.4%

Adani

Electricity

Mumbai

Ltd.,

3.95%,

2/12/2030(a)

281,000

295,068

837,412

INDONESIA

2.9%

Banks

0.9%

Bank

Mandiri

Persero

Tbk

.

PT,

Reg.

S,

3.75%,

4/11/2024

337,000

356,883

Bank

Rakyat

Indonesia

Persero

Tbk

.

PT,

Reg.

S,

4.63%,

7/20/2023

325,000

348,725

705,608

Diversified

Telecommunication

Services

0.5%

Tower

Bersama

Infrastructure

Tbk

.

PT,

Reg.

S,

2.75%,

1/20/2026

354,000

359,726

Electric

Utilities

0.9%

LLPL

Capital

Pte.

Ltd.,

Reg.

S,

6.88%,

2/4/2039

316,443

382,263

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara,

6.25%,

1/25/2049(a)

265,000

349,137

731,400

40

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Emerging

Markets

Debt

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

INDONESIA

Oil,

Gas

&

Consumable

Fuels

0.6%

Medco

Oak

Tree

Pte.

Ltd.,

Reg.

S,

7.38%,

5/14/2026

461,000

489,236

2,285,970

ISRAEL

0.9%

Pharmaceuticals

0.9%

Teva

Pharmaceutical

Finance

Netherlands

III

BV,

6.00%,

4/15/2024

656,000

690,867

KAZAKHSTAN

0.5%

Oil,

Gas

&

Consumable

Fuels

0.5%

KazMunayGas

National

Co.

JSC,

Reg.

S,

4.75%,

4/19/2027

330,000

382,437

KUWAIT

0.4%

Chemicals

0.4%

MEGlobal

Canada

ULC,

Reg.

S,

5.88%,

5/18/2030

210,000

260,820

MEXICO

3.4%

Banks

0.6%

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

443,541

Chemicals

0.3%

Orbia

Advance

Corp.

SAB

de

CV,

Reg.

S,

5.88%,

9/17/2044

200,000

244,853

Consumer

Finance

0.3%

Unifin

Financiera

SAB

de

CV,

Reg.

S,

7.00%,

1/15/2025

238,000

222,148

Equity

Real

Estate

Investment

Trusts

(REITs)

0.6%

Trust

Fibra

Uno,

Reg.

S,

6.95%,

1/30/2044

375,000

461,438

Oil,

Gas

&

Consumable

Fuels

1.2%

Petroleos

Mexicanos

,

Reg.

S,

7.19%,

9/12/2024

MXN

11,891,200

530,329

Petroleos

Mexicanos

,

Series

14-2,

7.47%,

11/12/2026

MXN

9,600,000

404,531

934,860

Wireless

Telecommunication

Services

0.4%

Sixsigma

Networks

Mexico

SA

de

CV,

7.50%,

5/2/2025(a)

377,000

337,415

2,644,255

Corporate

Bonds

Principal

Amount

($)

Value

($)

MOROCCO

0.7%

Specialty

Retail

0.7%

Vivo

Energy

Investments

BV,

5.13%,

9/24/2027(a)

517,000

548,123

NIGERIA

1.4%

Banks

0.6%

First

Bank

of

Nigeria

Ltd.,

8.63%,

10/27/2025(a)

400,000

441,960

Construction

&

Engineering

0.8%

IHS

Netherlands

Holdco

BV,

7.13%,

3/18/2025(a)

580,000

606,100

1,048,060

PANAMA

0.7%

Media

0.4%

Cable

Onda

SA,

4.50%,

1/30/2030(a)

283,000

305,640

Oil,

Gas

&

Consumable

Fuels

0.3%

UEP

Penonome

II

SA,

6.50%,

10/1/2038(a)

200,000

209,600

515,240

RUSSIA

1.2%

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

414,400

Consumer

Finance

0.7%

GTLK

Europe

DAC,

Reg.

S,

5.13%,

5/31/2024

540,000

573,415

987,815

SAUDI

ARABIA

0.4%

Real

Estate

Management

&

Development

0.4%

Dar

Al-

Arkan

Sukuk

Co.

Ltd.,

Reg.

S,

6.75%,

2/15/2025

290,000

289,643

SINGAPORE

0.5%

Oil,

Gas

&

Consumable

Fuels

0.5%

Puma

International

Financing

SA,

5.00%,

1/24/2026(a)

404,000

388,850

SOUTH

AFRICA

1.1%

Chemicals

0.3%

Sasol

Financing

USA

LLC,

5.88%,

3/27/2024

200,000

210,500

Diversified

Telecommunication

Services

0.5%

Liquid

Telecommunications

Financing

plc,

Reg.

S,

8.50%,

7/13/2022

365,000

373,256

Nationwide

Emerging

Markets

Debt

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

41

Corporate

Bonds

Principal

Amount

($)

Value

($)

SOUTH

AFRICA

Electric

Utilities

0.3%

Eskom

Holdings

SOC

Ltd.,

Reg.

S,

7.13%,

2/11/2025

200,000

213,648

797,404

SPAIN

0.4%

Construction

&

Engineering

0.4%

International

Airport

Finance

SA,

12.00%,

3/15/2033(a)

356,173

345,488

TUNISIA

2.0%

Banks

2.0%

Banque

Centrale

de

Tunisie

International

Bond

6.75%,

10/31/2023(a)

EUR

708,000

808,759

Reg.

S,

5.63%,

2/17/2024

EUR

641,000

713,165

1,521,924

UKRAINE

0.5%

Metals

&

Mining

0.5%

Metinvest

BV,

8.50%,

4/23/2026(a)

338,000

376,099

UNITED

ARAB

EMIRATES

1.0%

Diversified

Financial

Services

0.5%

ICD

Sukuk

Co.

Ltd.,

Reg.

S,

5.00%,

2/1/2027

370,000

407,925

Oil,

Gas

&

Consumable

Fuels

0.5%

Galaxy

Pipeline

Assets

Bidco

Ltd.,

2.63%,

3/31/2036(a)

364,000

367,500

775,425

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

21,000

Total

Corporate

Bonds

(cost

$20,672,766)

21,788,276

Foreign

Government

Securities

65.0%

ANGOLA

0.4%

Republic

of

Angola,

Reg.

S,

9.50%,

11/12/2025

300,000

318,390

ARGENTINA

2.1%

Argentine

Republic

1.00%,

7/9/2029

154,204

63,995

0.12%,

7/9/2030

(e)

758,991

290,693

0.12%,

7/9/2035

(e)

1,390,528

476,256

0.12%,

1/9/2038

(e)

192,079

75,391

0.12%,

7/9/2046

(e)

2,045,730

705,777

1,612,112

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

ARMENIA

1.2%

Republic

of

Armenia

Reg.

S,

7.15%,

3/26/2025

248,000

286,016

3.95%,

9/26/2029

(a)

670,000

678,234

964,250

BAHAMAS

2.0%

Commonwealth

of

the

Bahamas

6.00%,

11/21/2028

(a)

1,200,000

1,150,200

8.95%,

10/15/2032

(a)

350,000

377,125

1,527,325

BARBADOS

0.2%

Barbados

Government

Bond,

Reg.

S,

6.50%,

10/1/2029

157,800

158,589

BELARUS

1.2%

Republic

of

Belarus

Ministry

of

Finance

5.88%,

2/24/2026

(a)

450,000

460,220

6.38%,

2/24/2031

(a)

450,000

456,295

916,515

BELIZE

0.4%

Belize

Government

Bond,

Reg.

S,

4.94%,

2/20/2034

(e)(f)

710,990

300,028

BENIN

1.4%

Benin

Government

Bond

4.88%,

1/19/2032

(a)

EUR

770,000

925,089

6.88%,

1/19/2052

(a)

100,000

128,002

1,053,091

BRAZIL

5.6%

Notas

do

Tesouro

Nacional

10.00%,

1/1/2029

BRL

13,981,000

2,953,583

10.00%,

1/1/2031

6,431,000

1,364,537

4,318,120

COLOMBIA

3.0%

Titulos

de

Tesoreria

7.50%,

8/26/2026

COP

716,500,000

232,764

7.00%,

6/30/2032

4,119,900,000

1,255,483

7.25%,

10/18/2034

660,300,000

203,244

7.25%,

10/26/2050

2,185,100,000

648,054

2,339,545

CZECH

REPUBLIC

0.5%

Czech

Republic,

1.50%,

4/24/2040

CZK

8,240,000

370,860

DOMINICAN

REPUBLIC

0.3%

Dominican

Republic

Government

Bond,

5.30%,

1/21/2041

(a)

211,000

217,857

ECUADOR

0.4%

Republic

of

Ecuador

0.00%,

7/31/2030

(a)

106,139

45,641

0.50%,

7/31/2030

(a)(e)

357,333

190,280

Reg.

S,

0.50%,

7/31/2030

(e)

34,000

18,105

42

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Emerging

Markets

Debt

Fund

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

ECUADOR

Republic

of

Ecuador

0.50%,

7/31/2035

(a)(e)

113,689

51,728

305,754

EGYPT

3.2%

Arab

Republic

of

Egypt

5.75%,

5/29/2024

(a)

600,000

645,792

7.60%,

3/1/2029

(a)

489,000

550,154

5.63%,

4/16/2030

(a)

EUR

668,000

837,111

Reg.

S,

8.88%,

5/29/2050

350,000

395,948

2,429,005

EL

SALVADOR

1.8%

Republic

of

El

Salvador

Reg.

S,

5.88%,

1/30/2025

310,000

300,855

Reg.

S,

8.63%,

2/28/2029

737,000

760,952

9.50%,

7/15/2052

(a)

343,000

357,406

1,419,213

GHANA

0.6%

Republic

of

Ghana,

8.63%,

6/16/2049

(a)

467,000

468,728

HUNGARY

0.6%

Hungary

Government

Bond,

2.25%,

4/20/2033

HUF

126,000,000

431,932

INDONESIA

3.2%

Republic

of

Indonesia

6.13%,

5/15/2028

IDR

6,096,000,000

434,432

7.00%,

9/15/2030

4,295,000,000

320,882

6.63%,

5/15/2033

12,831,000,000

919,707

8.38%,

3/15/2034

9,717,000,000

784,328

2,459,349

IRAQ

1.2%

Republic

of

Iraq

Reg.

S,

6.75%,

3/9/2023

460,000

450,225

Reg.

S,

5.80%,

1/15/2028

473,375

445,020

895,245

IVORY

COAST

0.6%

Republic

of

Cote

d'Ivoire

4.88%,

1/30/2032

(a)

EUR

120,000

149,521

Reg.

S,

6.88%,

10/17/2040

250,000

341,020

490,541

MALAYSIA

1.3%

Malaysia

Government

Bond,

3.91%,

7/15/2026

MYR

3,615,000

970,242

MEXICO

5.7%

Mex

Bonos

Desarr

Fix

Rt

5.75%,

3/5/2026

MXN

51,954,400

2,661,310

7.50%,

6/3/2027

8,145,700

454,330

8.50%,

11/18/2038

21,555,700

1,284,467

4,400,107

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

MOROCCO

1.3%

Kingdom

of

Morocco,

1.50%,

11/27/2031

(a)

EUR

813,000

972,310

NIGERIA

1.0%

Federal

Republic

of

Nigeria

Reg.

S,

7.63%,

11/21/2025

375,000

429,938

7.14%,

2/23/2030

(a)

297,000

318,532

748,470

PARAGUAY

0.5%

Republic

of

Paraguay,

5.40%,

3/30/2050

(a)

314,000

390,145

PERU

0.6%

Bonos

de

la

Tesoreria

,

5.35%,

8/12/2040

PEN

1,751,000

491,304

QATAR

3.6%

State

of

Qatar

4.50%,

4/23/2028

(a)

922,000

1,106,492

Reg.

S,

4.82%,

3/14/2049

1,230,000

1,649,428

2,755,920

ROMANIA

1.4%

Romania

Government

Bond

5.00%,

2/12/2029

RON

250,000

73,141

3.65%,

9/24/2031

2,155,000

572,887

4.75%,

10/11/2034

1,590,000

457,754

1,103,782

RUSSIA

3.9%

Russian

Federation

6.90%,

5/23/2029

RUB

83,459,000

1,158,027

7.65%,

4/10/2030

126,462,000

1,841,185

2,999,212

SAUDI

ARABIA

0.4%

Kingdom

of

Saudi

Arabia,

Reg.

S,

4.63%,

10/4/2047

270,000

323,352

SERBIA

0.6%

Republic

of

Serbia,

1.50%,

6/26/2029

(a)

EUR

358,000

444,365

SOUTH

AFRICA

3.8%

Republic

of

South

Africa,

8.25%,

3/31/2032

ZAR

49,183,000

2,943,759

THAILAND

2.4%

Kingdom

of

Thailand

Reg.

S,

1.25%,

3/12/2028

(g)

THB

41,558,370

1,396,042

3.78%,

6/25/2032

10,456,000

435,443

1,831,485

TURKEY

1.1%

Republic

of

Turkey

6.13%,

10/24/2028

330,000

350,494

7.63%,

4/26/2029

400,000

460,952

811,446

Nationwide

Emerging

Markets

Debt

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

43

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

UKRAINE

2.5%

Ukraine

Government

Bond

Reg.

S,

7.75%,

9/1/2023

1,298,000

1,412,159

Reg.

S,

7.38%,

9/25/2032

466,000

499,683

1,911,842

UNITED

ARAB

EMIRATES

1.4%

Sharjah

Sukuk

Program

Ltd.,

Reg.

S,

3.23%,

10/23/2029

680,000

710,587

United

Arab

Emirates

Government

Bond,

3.13%,

4/16/2030

(a)

349,000

389,435

1,100,022

URUGUAY

2.5%

Oriental

Republic

of

Uruguay

Reg.

S,

8.50%,

3/15/2028

UYU

20,572,000

512,842

4.38%,

12/15/2028

(g)

50,877,899

1,412,607

1,925,449

UZBEKISTAN

1.1%

Republic

of

Uzbekistan

Reg.

S,

4.75%,

2/20/2024

287,000

308,525

3.70%,

11/25/2030

(a)

325,000

335,323

Reg.

S,

3.70%,

11/25/2030

200,000

206,353

850,201

VENEZUELA,

BOLIVARIAN

REPUBLIC

OF

0.0%

†

Bolivarian

Republic

of

Venezuela,

Reg.

S,

11.75%,

10/21/2026

(d)

445,000

41,162

Total

Foreign

Government

Securities

(cost

$48,125,808)

50,011,024

Total

Investments

(cost

$68,798,574)

—

93.3%

71,799,300

Other

assets

in

excess

of

liabilities

—

6.7%

5,147,399

NET

ASSETS

—

100.0%

$

76,946,699

†

Amount

rounds

to

less

than

0.1%.

(a)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

at

January

31,

2021

was

$20,092,075

which

represents

26.11%

of

net

assets.

(b)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

January

31,

2021.

(c)

Perpetual

Bond

Security.

The

rate

reflected

in

the

Statement

of

Investments

is

the

rate

in

effect

on

January

31,

2021.

The

maturity

date

reflects

the

next

call

date.

(d)

Security

in

default.

(e)

Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

at

January

31,

2021.

(f)

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.

(g)

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

COP

Colombian

Peso

CZK

Czech

Republic

Koruna

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

44

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Emerging

Markets

Debt

Fund

Forward

Foreign

Currency

Contracts

outstanding

as

of

January

31,

2021:

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

($)

CZK

48,867,057

USD

2,271,230

Credit

Lyonnais

4/20/2021

7,929

INR

91,240,000

USD

1,232,941

Credit

Agricole

Securities

USA,

Inc.

**

4/20/2021

3,702

TRY

5,650,000

USD

738,166

Barclays

Bank

plc

4/20/2021

9,646

TRY

9,900,000

USD

1,288,900

HSBC

Bank

plc

4/20/2021

21,427

TRY

5,000,000

USD

652,656

Royal

Bank

of

Canada

4/20/2021

9,125

USD

1,077,707

BRL

5,695,000

Deutsche

Bank

Securities,

Inc.

**

4/20/2021

39,138

USD

203,383

COP

710,000,000

Deutsche

Bank

Securities,

Inc.

**

4/20/2021

5,050

USD

1,591,010

COP

5,550,000,000

Royal

Bank

of

Canada

**

4/20/2021

40,662

USD

5,296,041

EUR

4,344,592

Royal

Bank

of

Canada

4/20/2021

14,465

USD

405,722

MXN

8,130,000

Deutsche

Bank

Securities,

Inc.

4/20/2021

12,399

USD

1,208,176

MXN

24,000,000

Royal

Bank

of

Canada

4/20/2021

47,077

USD

1,904,785

PEN

6,880,000

HSBC

Bank

plc

**

4/20/2021

13,731

USD

302,232

RUB

22,500,000

Calyon

Financial,

Inc.

**

4/20/2021

7,518

ZAR

9,750,000

USD

635,348

HSBC

Bank

plc

4/20/2021

2,278

Total

unrealized

appreciation

234,147

CNY

16,500,000

USD

2,542,041

Credit

Lyonnais

**

4/20/2021

(4,326)

PEN

635,000

USD

175,769

Credit

Agricole

Securities

USA,

Inc.

**

4/20/2021

(1,231)

PEN

4,430,000

USD

1,225,819

Royal

Bank

of

Canada

**

4/20/2021

(8,178)

RUB

41,000,000

USD

554,265

HSBC

Bank

plc

**

4/20/2021

(17,229)

USD

654,147

COP

2,360,000,000

Royal

Bank

of

Canada

**

4/20/2021

(5,100)

USD

230,768

HUF

68,300,000

Barclays

Bank

plc

4/20/2021

(1,245)

USD

862,367

IDR

12,210,000,000

Barclays

Bank

plc

**

4/20/2021

(1,808)

USD

891,130

PLN

3,330,000

Barclays

Bank

plc

4/20/2021

(3,668)

USD

1,168,532

THB

35,100,000

HSBC

Bank

plc

4/20/2021

(3,953)

USD

1,766,078

ZAR

27,080,000

Barclays

Bank

plc

4/20/2021

(4,888)

Total

unrealized

depreciation

(51,626)

Net

unrealized

appreciation

182,521

**

Non-deliverable

forward.

At

January

31,

2021,

the

Fund

had

$270,000

segregated

as

collateral

for

Forward

foreign

currency

contracts.

Currency:

BRL

Brazilian

real

CNY

Chinese

yuan

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

RUB

Russian

ruble

THB

Thai

baht

TRY

Turkish

lira

USD

United

States

dollar

ZAR

South

African

rand

Nationwide

Emerging

Markets

Debt

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

45

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

January

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Corporate

Bonds

$

–

$

21,788,276

$

–

$

21,788,276

Foreign

Government

Securities

–

50,011,024

–

50,011,024

Forward

Foreign

Currency

Contracts

–

234,147

–

234,147

Total

Assets

$

–

$

72,033,447

$

–

$

72,033,447

$

–

$

–

$

–

$

–

Liabilities:

Forward

Foreign

Currency

Contracts

$

–

$

(51,626)

$

–

$

(51,626)

Total

Liabilities

$

–

$

(51,626)

$

–

$

(51,626)

Total

$

–

$

71,981,821

$

–

$

71,981,821

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

46

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Emerging

Markets

Debt

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2021.

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

January

31,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2021:

Assets:

Fair

Value

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

appreciation

on

forward

foreign

currency

contracts

$

234,147

Total

$

234,147

Liabilities:

s

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

depreciation

on

forward

foreign

currency

contracts

$

(51,626)

Total

$

(51,626)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Global

Sustainable

Equity

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

47

0

Common

Stocks

99.3%

Shares

Value

($)

AUSTRALIA

0.8%

Commercial

Services

&

Supplies

0.8%

Brambles

Ltd.

57,622

467,626

AUSTRIA

0.9%

Banks

0.9%

Erste

Group

Bank

AG

16,317

497,621

BELGIUM

1.0%

Banks

1.0%

KBC

Group

NV

*

8,229

575,288

CHINA

3.2%

Automobiles

0.9%

Li

Auto,

Inc.,

ADR

*(a)

16,050

517,613

Chemicals

0.0%

†

Tianhe

Chemicals

Group

Ltd.

*^∞

2,702,000

0

Insurance

1.3%

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

H

57,000

672,288

Internet

&

Direct

Marketing

Retail

1.0%

Prosus

NV

*

4,947

574,786

IT

Services

0.0%

†

Kuaishou

Technology

Reg.

S

*∞(b)

400

5,933

1,770,620

DENMARK

2.0%

Biotechnology

1.3%

Genmab

A/S

*

1,814

723,165

Pharmaceuticals

0.7%

H

Lundbeck

A/S

11,087

395,673

1,118,838

FINLAND

1.9%

Oil,

Gas

&

Consumable

Fuels

1.9%

Neste

OYJ

14,712

1,039,475

GERMANY

2.3%

Auto

Components

1.6%

Continental

AG

6,411

901,195

Household

Products

0.7%

Henkel

AG

&

Co.

KGaA

(Preference)

3,864

401,331

1,302,526

INDIA

1.3%

Banks

1.3%

Axis

Bank

Ltd.,

GDR

Reg.

S

*

16,088

720,285

INDONESIA

1.2%

Banks

1.2%

Bank

Mandiri

Persero

Tbk

.

PT

1,426,700

670,159

ITALY

1.3%

Electrical

Equipment

1.3%

Prysmian

SpA

22,541

725,469

JAPAN

7.8%

Diversified

Financial

Services

1.0%

ORIX

Corp.

34,000

551,240

Common

Stocks

Shares

Value

($)

JAPAN

Diversified

Telecommunication

Services

0.6%

Nippon

Telegraph

&

Telephone

Corp.

13,900

346,497

Entertainment

0.9%

Nintendo

Co.

Ltd.

900

520,150

Health

Care

Equipment

&

Supplies

0.8%

Hoya

Corp.

3,700

473,170

Household

Durables

2.4%

Sony

Corp.

13,300

1,272,737

Pharmaceuticals

1.3%

Takeda

Pharmaceutical

Co.

Ltd.

20,659

724,354

Professional

Services

0.8%

TechnoPro

Holdings,

Inc.

6,100

467,648

4,355,796

NETHERLANDS

2.3%

Food

&

Staples

Retailing

1.2%

Koninklijke

Ahold

Delhaize

NV

23,418

670,132

Semiconductors

&

Semiconductor

Equipment

1.1%

NXP

Semiconductors

NV

3,704

594,381

1,264,513

NORWAY

1.4%

Oil,

Gas

&

Consumable

Fuels

1.4%

Equinor

ASA

44,577

797,113

SOUTH

AFRICA

1.0%

Internet

&

Direct

Marketing

Retail

1.0%

Naspers

Ltd.,

Class

N

2,423

556,152

SWITZERLAND

2.7%

Health

Care

Equipment

&

Supplies

1.1%

Alcon,

Inc.

*

8,639

619,642

Insurance

1.6%

Zurich

Insurance

Group

AG

2,270

903,735

1,523,377

UNITED

KINGDOM

9.2%

Chemicals

2.1%

Linde

plc

4,543

1,114,852

Diversified

Telecommunication

Services

1.2%

BT

Group

plc

*

395,036

679,107

Electronic

Equipment,

Instruments

&

Components

1.3%

Spectris

plc

17,863

741,809

Paper

&

Forest

Products

0.7%

Mondi

plc

17,510

413,872

Personal

Products

1.4%

Unilever

plc

13,628

792,183

Software

1.1%

Sage

Group

plc

(The)

77,518

625,741

Trading

Companies

&

Distributors

1.4%

Ashtead

Group

plc

15,770

796,941

5,164,505

48

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Global

Sustainable

Equity

Fund

Common

Stocks

Shares

Value

($)

UNITED

STATES

59.0%

Airlines

1.9%

Southwest

Airlines

Co.

23,764

1,044,190

Auto

Components

2.5%

Aptiv

plc

10,475

1,399,460

Banks

1.3%

Wells

Fargo

&

Co.

24,821

741,651

Biotechnology

2.2%

AbbVie,

Inc.

5,419

555,340

BioMarin

Pharmaceutical,

Inc.

*

4,289

355,043

Mirati

Therapeutics,

Inc.

*

1,483

304,504

1,214,887

Capital

Markets

3.3%

Ameriprise

Financial,

Inc.

4,125

816,214

T.

Rowe

Price

Group,

Inc.

6,542

1,023,692

1,839,906

Chemicals

1.7%

Ecolab,

Inc.

4,645

949,949

Commercial

Services

&

Supplies

2.9%

Montrose

Environmental

Group,

Inc.

*

24,907

921,061

MSA

Safety,

Inc.

4,344

678,185

1,599,246

Communications

Equipment

1.1%

Ciena

Corp.

*

11,299

603,254

Electrical

Equipment

0.8%

Shoals

Technologies

Group,

Inc.,

Class

A

*

13,798

468,166

Electronic

Equipment,

Instruments

&

Components

4.1%

Keysight

Technologies,

Inc.

*

7,659

1,084,437

National

Instruments

Corp.

13,314

551,200

Trimble,

Inc.

*

9,965

656,793

2,292,430

Entertainment

1.3%

Electronic

Arts,

Inc.

5,001

716,143

Food

&

Staples

Retailing

1.4%

Costco

Wholesale

Corp.

2,272

800,721

Health

Care

Equipment

&

Supplies

1.4%

Hill-Rom

Holdings,

Inc.

2,833

272,081

Medtronic

plc

4,400

489,852

761,933

Health

Care

Providers

&

Services

2.4%

Laboratory

Corp.

of

America

Holdings

*

1,329

304,221

UnitedHealth

Group,

Inc.

3,066

1,022,757

1,326,978

Hotels,

Restaurants

&

Leisure

1.4%

Vail

Resorts,

Inc.

2,994

796,284

Household

Products

0.9%

Procter

&

Gamble

Co.

(The)

4,060

520,533

Insurance

1.3%

Marsh

&

McLennan

Cos.,

Inc.

6,479

712,107

Interactive

Media

&

Services

1.3%

Twitter,

Inc.

*

14,750

745,318

Common

Stocks

Shares

Value

($)

UNITED

STATES

Internet

&

Direct

Marketing

Retail

3.6%

Amazon.com,

Inc.

*

624

2,000,669

IT

Services

1.3%

Visa,

Inc.,

Class

A

3,792

732,804

Life

Sciences

Tools

&

Services

2.4%

Bio-Rad

Laboratories,

Inc.,

Class

A

*

1,702

976,556

Maravai

LifeSciences

Holdings,

Inc.,

Class

A

*

9,770

340,387

1,316,943

Machinery

2.8%

AGCO

Corp.

7,820

867,238

Ingersoll

Rand,

Inc.

*

17,042

713,037

1,580,275

Oil,

Gas

&

Consumable

Fuels

1.0%

Hess

Corp.

10,418

562,364

Pharmaceuticals

0.7%

Eli

Lilly

&

Co.

2,015

419,060

Road

&

Rail

0.8%

Lyft,

Inc.,

Class

A

*

10,099

449,002

Semiconductors

&

Semiconductor

Equipment

2.1%

Micron

Technology,

Inc.

*

9,753

763,368

Universal

Display

Corp.

1,793

413,860

1,177,228

Software

6.9%

Cadence

Design

Systems,

Inc.

*

5,456

711,408

Microsoft

Corp.

8,567

1,987,200

PTC,

Inc.

*

5,113

679,569

VMware,

Inc.,

Class

A

*(a)

3,778

520,797

3,898,974

Specialty

Retail

3.2%

Lowe's

Cos.,

Inc.

4,171

695,931

TJX

Cos.,

Inc.

(The)

16,706

1,069,853

1,765,784

Technology

Hardware,

Storage

&

Peripherals

1.0%

Western

Digital

Corp.

10,327

582,753

33,019,012

Total

Common

Stocks

(cost

$37,333,269)

55,568,375

Short-Term

Investment

1.7%

Money

Market

Fund

1.7%

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,

0.01%,

(c)(d)

952,298

952,298

Total

Short-Term

Investment

(cost  $952,298)

952,298

Total

Investments

(cost

$38,285,567)

  —

101.0%

56,520,673

Liabilities

in

excess

of

other

assets

—

(1.0)%

(548,154)

NET

ASSETS

—

100.0%

$

55,972,519

Nationwide

Global

Sustainable

Equity

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

49

*

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

January

31,

2021.

The

total

value

of

securities

on

loan

at

January

31,

2021

was

$922,871,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

with

a

value

of

$952,298.

(b)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

at

January

31,

2021

was

$5,933

which

represents

0.01%

of

net

assets.

(c)

Represents

7-day

effective

yield

as

of

January

31,

2021.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2021

was

$952,298.

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.

50

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Global

Sustainable

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

Global

Sustainable

Equity

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

51

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

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

  Common

Stocks

Airlines

$

1,044,190

$

–

$

–

$

1,044,190

Auto

Components

1,399,460

901,195

–

2,300,655

Automobiles

517,613

–

–

517,613

Banks

741,651

2,463,353

–

3,205,004

Biotechnology

1,214,887

723,165

–

1,938,052

Capital

Markets

1,839,906

–

–

1,839,906

Chemicals

2,064,801

–

–

2,064,801

Commercial

Services

&

Supplies

1,599,246

467,626

–

2,066,872

Communications

Equipment

603,254

–

–

603,254

Diversified

Financial

Services

–

551,240

–

551,240

Diversified

Telecommunication

Services

–

1,025,604

–

1,025,604

Electrical

Equipment

468,166

725,469

–

1,193,635

Electronic

Equipment,

Instruments

&

Components

2,292,430

741,809

–

3,034,239

Entertainment

716,143

520,150

–

1,236,293

Food

&

Staples

Retailing

800,721

670,132

–

1,470,853

Health

Care

Equipment

&

Supplies

761,933

1,092,812

–

1,854,745

Health

Care

Providers

&

Services

1,326,978

–

–

1,326,978

Hotels,

Restaurants

&

Leisure

796,284

–

–

796,284

Household

Durables

–

1,272,737

–

1,272,737

Household

Products

520,533

401,331

–

921,864

Insurance

712,107

1,576,023

–

2,288,130

Interactive

Media

&

Services

745,318

–

–

745,318

Internet

&

Direct

Marketing

Retail

2,000,669

1,130,938

–

3,131,607

IT

Services

732,804

5,933

–

738,737

Life

Sciences

Tools

&

Services

1,316,943

–

–

1,316,943

Machinery

1,580,275

–

–

1,580,275

Oil,

Gas

&

Consumable

Fuels

562,364

1,836,588

–

2,398,952

Paper

&

Forest

Products

–

413,872

–

413,872

Personal

Products

792,183

–

–

792,183

Pharmaceuticals

419,060

1,120,027

–

1,539,087

Professional

Services

–

467,648

–

467,648

Road

&

Rail

449,002

–

–

449,002

Semiconductors

&

Semiconductor

Equipment

1,771,609

–

–

1,771,609

Software

3,898,974

625,741

–

4,524,715

Specialty

Retail

1,765,784

–

–

1,765,784

Technology

Hardware,

Storage

&

Peripherals

582,753

–

–

582,753

Trading

Companies

&

Distributors

–

796,941

–

796,941

Total

Common

Stocks

$

36,038,041

$

19,530,334

$

–

$

55,568,375

Short-Term

Investment

952,298

–

–

952,298

Total

$

36,990,339

$

19,530,334

$

–

$

56,520,673

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

During

the

period

ended,

January

31,

2021,

the

Fund

held

one

common

stock

investment

that

was

categorized

as

a

Level

3  investment

which

was

valued

at

$0.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

52

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

International

Small

Cap

Fund

Common

Stocks

100.8%

Shares

Value

($)

AUSTRALIA

4.5%

Chemicals

0.2%

Nufarm

Ltd.

*

340,956

1,256,838

Containers

&

Packaging

0.3%

Orora

Ltd.

1,139,654

2,177,579

Equity

Real

Estate

Investment

Trusts

(REITs)

0.5%

Charter

Hall

Social

Infrastructure

REIT

1,230,942

2,902,837

Hotels,

Restaurants

&

Leisure

0.1%

Domino's

Pizza

Enterprises

Ltd.

13,330

934,267

Insurance

0.4%

AUB

Group

Ltd.

192,570

2,380,516

IT

Services

0.8%

NEXTDC

Ltd.

*

348,108

3,068,674

Tyro

Payments

Ltd.

*(a)

1,197,008

2,298,095

5,366,769

Metals

&

Mining

1.3%

Alumina

Ltd.

496,656

639,144

Mineral

Resources

Ltd.

79,842

2,104,515

Northern

Star

Resources

Ltd.

236,188

2,276,932

OZ

Minerals

Ltd.

67,156

951,818

Saracen

Mineral

Holdings

Ltd.

*

532,828

1,972,928

7,945,337

Oil,

Gas

&

Consumable

Fuels

0.3%

Beach

Energy

Ltd.

559,681

712,502

Karoon

Energy

Ltd.

*

1,088,417

841,555

Whitehaven

Coal

Ltd.

(a)

442,688

506,326

2,060,383

Software

0.3%

Altium

Ltd.

79,517

1,865,642

Trading

Companies

&

Distributors

0.3%

Seven

Group

Holdings

Ltd.

115,204

1,959,655

28,849,823

AUSTRIA

0.7%

Banks

0.5%

BAWAG

Group

AG

Reg.

S

(b)

76,460

3,321,154

Construction

Materials

0.2%

Wienerberger

AG

33,862

1,150,583

4,471,737

BELGIUM

1.6%

Air

Freight

&

Logistics

0.5%

bpost

SA

*

290,697

3,448,641

Diversified

Financial

Services

0.4%

KBC

Ancora

*

73,648

2,879,235

Equity

Real

Estate

Investment

Trusts

(REITs)

0.7%

Aedifica

SA

30,809

3,725,269

10,053,145

BRAZIL

1.7%

Capital

Markets

0.3%

Vinci

Partners

Investments

Ltd.,

Class

A

*

104,000

1,773,200

Common

Stocks

Shares

Value

($)

BRAZIL

IT

Services

1.0%

Locaweb

Servicos

de

Internet

SA

Reg.

S

*(b)

318,800

5,956,013

Software

0.4%

TOTVS

SA

539,700

2,801,382

Water

Utilities

0.0%

†

Cia

de

Saneamento

do

Parana

*

59,600

237,468

10,768,063

CANADA

1.4%

Chemicals

0.3%

EcoSynthetix

,

Inc.

*

532,422

1,998,534

IT

Services

0.7%

Nuvei

Corp.

Reg.

S

*(b)

88,369

4,639,373

Software

0.4%

Lightspeed

POS,

Inc.

*

35,169

2,286,294

8,924,201

CAYMAN

ISLANDS

0.3%

Capital

Markets

0.3%

Patria

Investments

Ltd.,

Class

A

*

90,977

1,623,939

CHINA

6.2%

Air

Freight

&

Logistics

0.1%

Kerry

Logistics

Network

Ltd.

273,500

583,479

Auto

Components

0.7%

Minth

Group

Ltd.

474,906

2,167,318

Nexteer

Automotive

Group

Ltd.

192,791

310,255

Ningbo

Joyson

Electronic

Corp.,

Class

A

480,800

1,975,525

4,453,098

Automobiles

0.3%

Niu

Technologies,

ADR

*(a)

37,292

1,630,779

Biotechnology

1.3%

Gracell

Biotechnologies,

Inc.,

ADR

*

24,017

497,632

Zai

Lab

Ltd.,

ADR

*

51,788

8,289,705

8,787,337

Chemicals

0.3%

Sinopec

Shanghai

Petrochemical

Co.

Ltd.,

Class

H

8,738,000

1,940,727

Electronic

Equipment,

Instruments

&

Components

0.7%

Kingboard

Holdings

Ltd.

867,294

3,548,976

Wuhan

Raycus

Fiber

Laser

Technologies

Co.

Ltd.,

Class

A

67,500

959,879

4,508,855

Independent

Power

and

Renewable

Electricity

Producers

0.8%

China

Longyuan

Power

Group

Corp.

Ltd.,

Class

H

3,529,245

5,216,134

Nationwide

International

Small

Cap

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

53

Common

Stocks

Shares

Value

($)

CHINA

Interactive

Media

&

Services

0.2%

Tongdao

Liepin

Group

Reg.

S

*

412,400

1,008,452

Internet

&

Direct

Marketing

Retail

0.1%

Baozun

,

Inc.,

Class

A

*

33,500

456,248

Tongcheng-Elong

Holdings

Ltd.

Reg.

S

*

178,400

320,060

776,308

Machinery

1.0%

Airtac

International

Group

71,822

2,570,388

Estun

Automation

Co.

Ltd.,

Class

A

*

505,000

2,636,946

Precision

Tsugami

China

Corp.

Ltd.

Reg.

S

1,523,000

1,700,364

6,907,698

Software

0.7%

Kingdee

International

Software

Group

Co.

Ltd.

*

1,051,372

4,258,621

Venustech

Group,

Inc.,

Class

A

84,600

431,686

4,690,307

40,503,174

COLOMBIA

0.1%

Oil,

Gas

&

Consumable

Fuels

0.1%

Canacol

Energy

Ltd.

332,297

945,893

DENMARK

2.3%

Beverages

0.3%

Royal

Unibrew

A/S

19,494

1,921,981

Biotechnology

1.0%

Ascendis

Pharma

A/S,

ADR

*

29,502

4,429,725

Zealand

Pharma

A/S

*

58,835

1,885,914

6,315,639

Marine

0.5%

Dfds

A/S

*(a)

65,357

2,895,821

Software

0.5%

Netcompany

Group

A/S

Reg.

S

*(b)

36,309

3,395,013

14,528,454

EGYPT

0.2%

Metals

&

Mining

0.2%

Centamin

plc

687,939

1,073,259

FAROE

ISLANDS

0.2%

Food

Products

0.2%

Bakkafrost

P/F

*(a)

15,702

1,100,754

FINLAND

1.3%

Chemicals

0.2%

Kemira

OYJ

90,106

1,524,781

Machinery

0.5%

Cargotec

OYJ,

Class

B

76,024

3,307,639

Real

Estate

Management

&

Development

0.6%

Kojamo

OYJ

176,466

3,762,737

8,595,157

Common

Stocks

Shares

Value

($)

FRANCE

5.6%

Auto

Components

0.3%

Faurecia

SE

*

34,936

1,834,438

Capital

Markets

0.3%

Rothschild

&

Co.

*

63,299

2,157,581

Construction

Materials

0.2%

Vicat

SA

24,665

1,059,561

Gas

Utilities

0.5%

Rubis

SCA

74,369

3,366,307

Hotels,

Restaurants

&

Leisure

0.6%

Elior

Group

SA

Reg.

S

(b)

620,609

3,911,584

Household

Durables

0.6%

Kaufman

&

Broad

SA

84,369

3,872,225

Media

1.1%

Criteo

SA,

ADR

*

179,632

3,341,155

JCDecaux

SA

*

219,690

4,274,387

7,615,542

Real

Estate

Management

&

Development

0.8%

Nexity

SA

112,611

5,071,295

Semiconductors

&

Semiconductor

Equipment

0.5%

SOITEC

*

14,876

2,994,051

Specialty

Retail

0.7%

Maisons

du

Monde

SA

Reg.

S

*(a)(b)

255,160

4,464,868

36,347,452

GERMANY

2.4%

Health

Care

Equipment

&

Supplies

0.6%

STRATEC

SE

21,741

3,581,977

Industrial

Conglomerates

0.4%

Rheinmetall

AG

23,510

2,493,651

Life

Sciences

Tools

&

Services

0.6%

Gerresheimer

AG

38,809

4,132,113

Metals

&

Mining

0.4%

Aurubis

AG

21,102

1,628,951

thyssenkrupp

AG

*

73,902

863,019

2,491,970

Professional

Services

0.4%

Bertrandt

AG

(a)

46,362

2,436,056

Transportation

Infrastructure

0.0%

†

Hamburger

Hafen

und

Logistik

AG

10,699

231,008

15,366,775

GHANA

0.1%

Oil,

Gas

&

Consumable

Fuels

0.1%

Kosmos

Energy

Ltd.

154,355

342,668

GREECE

0.4%

Diversified

Telecommunication

Services

0.4%

Hellenic

Telecommunications

Organization

SA

188,298

2,730,622

HONG

KONG

2.2%

Banks

0.5%

Dah

Sing

Financial

Holdings

Ltd.

1,088,000

3,091,907

54

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

International

Small

Cap

Fund

Common

Stocks

Shares

Value

($)

HONG

KONG

Diversified

Telecommunication

Services

0.4%

HKBN

Ltd.

1,769,500

2,562,382

Hotels,

Restaurants

&

Leisure

0.4%

Mandarin

Oriental

International

Ltd.

*

1,586,500

2,775,682

IT

Services

0.4%

SUNeVision

Holdings

Ltd.

2,911,611

2,624,586

Pharmaceuticals

0.2%

Hutchison

China

MediTech

Ltd.,

ADR

*

34,199

1,091,290

Real

Estate

Management

&

Development

0.3%

Hang

Lung

Group

Ltd.

777,000

1,972,466

14,118,313

ICELAND

0.4%

Machinery

0.4%

Marel

HF

Reg.

S

(b)

369,828

2,422,029

INDIA

0.0%

†

Auto

Components

0.0%

†

Tube

Investments

of

India

Ltd.

16,536

176,487

IRELAND

2.3%

Banks

0.6%

AIB

Group

plc

*

2,248,003

4,000,040

Containers

&

Packaging

1.1%

Smurfit

Kappa

Group

plc

139,351

6,703,538

Trading

Companies

&

Distributors

0.6%

AerCap

Holdings

NV

*

101,414

3,878,071

14,581,649

ISRAEL

0.5%

Real

Estate

Management

&

Development

0.5%

Melisron

Ltd.

57,899

2,977,506

ITALY

4.8%

Aerospace

&

Defense

0.1%

Leonardo

SpA

87,945

611,335

Automobiles

0.3%

Piaggio

&

C

SpA

(a)

575,817

2,044,863

Capital

Markets

0.5%

Banca

Generali

SpA

107,123

3,317,911

Construction

Materials

0.3%

Buzzi

Unicem

SpA

(a)

82,634

2,031,573

Diversified

Financial

Services

0.5%

Cerved

Group

SpA

*

377,528

3,209,731

Gas

Utilities

0.5%

Italgas

SpA

524,314

3,147,220

Hotels,

Restaurants

&

Leisure

0.3%

Autogrill

SpA

*(a)

369,804

1,950,335

Machinery

0.8%

Interpump

Group

SpA

109,910

4,937,296

Textiles,

Apparel

&

Luxury

Goods

1.2%

Brunello

Cucinelli

SpA

*(a)

35,785

1,433,163

OVS

SpA

Reg.

S

*(a)(b)

2,232,670

2,759,842

Common

Stocks

Shares

Value

($)

ITALY

Textiles,

Apparel

&

Luxury

Goods

Salvatore

Ferragamo

SpA

*(a)

171,701

3,344,612

7,537,617

Transportation

Infrastructure

0.3%

ASTM

SpA

*

35,825

797,414

Enav

SpA

Reg.

S

(b)

262,535

1,112,093

1,909,507

30,697,388

JAPAN

20.4%

Air

Freight

&

Logistics

0.4%

Kintetsu

World

Express,

Inc.

96,900

2,367,750

Auto

Components

0.6%

Musashi

Seimitsu

Industry

Co.

Ltd.

182,900

2,605,703

Nifco,

Inc.

27,300

955,540

3,561,243

Banks

1.1%

Bank

of

Kyoto

Ltd.

(The)

80,116

4,247,205

San-In

Godo

Bank

Ltd.

(The)

277,800

1,266,434

Shiga

Bank

Ltd.

(The)

74,000

1,359,040

6,872,679

Beverages

0.3%

Ito

En

Ltd.

30,000

1,872,873

Building

Products

0.2%

Nitto

Boseki

Co.

Ltd.

26,000

1,223,270

Chemicals

0.5%

Tokyo

Ohka

Kogyo

Co.

Ltd.

46,430

3,111,395

Electrical

Equipment

0.3%

Ushio,

Inc.

161,700

2,096,368

Electronic

Equipment,

Instruments

&

Components

0.5%

Taiyo

Yuden

Co.

Ltd.

57,480

3,387,161

Equity

Real

Estate

Investment

Trusts

(REITs)

1.0%

Comforia

Residential

REIT,

Inc.

757

2,150,496

LaSalle

Logiport

REIT

2,607

4,085,795

6,236,291

Food

&

Staples

Retailing

1.0%

Kobe

Bussan

Co.

Ltd.

67,800

1,875,038

Sundrug

Co.

Ltd.

108,700

4,309,924

6,184,962

Food

Products

0.8%

Itoham

Yonekyu

Holdings,

Inc.

237,700

1,611,261

Kagome

Co.

Ltd.

22,200

734,001

Nichirei

Corp.

96,100

2,777,280

5,122,542

Health

Care

Equipment

&

Supplies

0.8%

Asahi

Intecc

Co.

Ltd.

134,800

4,439,487

Jeol

Ltd.

20,800

856,151

5,295,638

Household

Durables

0.4%

Sumitomo

Forestry

Co.

Ltd.

149,800

2,882,839

Insurance

0.5%

Lifenet

Insurance

Co.

*(a)

230,500

3,130,120

Interactive

Media

&

Services

0.8%

Dip

Corp.

179,200

4,935,092

Nationwide

International

Small

Cap

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

55

Common

Stocks

Shares

Value

($)

JAPAN

Interactive

Media

&

Services

giftee

,

Inc.

*

13,900

412,104

5,347,196

IT

Services

1.4%

Comture

Corp.

20,712

573,437

GMO

internet,

Inc.

37,500

1,057,866

GMO

Payment

Gateway,

Inc.

39,446

5,615,404

Hennge

KK

*

7,000

542,859

NET

One

Systems

Co.

Ltd.

31,310

1,037,185

TechMatrix

Corp.

49,800

895,002

9,721,753

Machinery

1.8%

Amada

Co.

Ltd.

311,000

3,537,825

MINEBEA

MITSUMI,

Inc.

135,600

3,019,457

Nippon

Thompson

Co.

Ltd.

407,200

1,884,832

THK

Co.

Ltd.

109,700

3,517,447

11,959,561

Media

1.1%

CyberAgent

,

Inc.

4,943

310,000

Hakuhodo

DY

Holdings,

Inc.

312,754

4,548,726

Nippon

Television

Holdings,

Inc.

185,873

2,142,857

7,001,583

Multiline

Retail

0.5%

Ryohin

Keikaku

Co.

Ltd.

129,200

3,096,685

Personal

Products

0.4%

Fancl

Corp.

62,800

2,296,830

Professional

Services

0.1%

SMS

Co.

Ltd.

15,634

581,508

Real

Estate

Management

&

Development

1.5%

Heiwa

Real

Estate

Co.

Ltd.

92,400

3,168,084

Katitas

Co.

Ltd.

99,500

2,965,850

Tokyo

Tatemono

Co.

Ltd.

304,400

4,127,431

10,261,365

Road

&

Rail

0.7%

Fukuyama

Transporting

Co.

Ltd.

27,600

1,077,486

Hitachi

Transport

System

Ltd.

39,400

1,155,709

Nikkon

Holdings

Co.

Ltd.

39,500

798,183

Senko

Group

Holdings

Co.

Ltd.

140,500

1,301,957

4,333,335

Semiconductors

&

Semiconductor

Equipment

1.1%

Lasertec

Corp.

23,003

3,070,948

SUMCO

Corp.

123,300

2,606,103

Tri

Chemical

Laboratories,

Inc.

(a)

32,000

1,315,487

6,992,538

Software

1.0%

Chatwork

Co.

Ltd.

*

29,900

401,542

Freee

KK

*(a)

37,800

3,145,216

Money

Forward,

Inc.

*

21,450

880,390

Plaid,

Inc.

*

8,550

280,796

Sansan

,

Inc.

*

23,565

1,891,805

6,599,749

Textiles,

Apparel

&

Luxury

Goods

1.1%

Asics

Corp.

384,400

6,763,396

Common

Stocks

Shares

Value

($)

JAPAN

Transportation

Infrastructure

0.5%

Japan

Airport

Terminal

Co.

Ltd.

61,400

3,245,363

131,545,993

JERSEY

0.6%

Capital

Markets

0.6%

Sanne

Group

plc

467,687

3,541,995

KAZAKHSTAN

0.3%

Consumer

Finance

0.1%

Kaspi.KZ

JSC,

GDR

*∞(b)

6,314

397,466

Metals

&

Mining

0.1%

KAZ

Minerals

plc

66,569

661,090

Oil,

Gas

&

Consumable

Fuels

0.1%

NAC

Kazatomprom

JSC,

GDR

Reg.

S

57,043

979,570

2,038,126

LUXEMBOURG

0.3%

Banks

0.3%

Addiko

Bank

AG

*(a)

165,330

1,833,217

MALAYSIA

0.2%

Electronic

Equipment,

Instruments

&

Components

0.2%

Inari

Amertron

Bhd.

1,656,200

1,388,452

MEXICO

0.2%

Chemicals

0.2%

Alpek

SAB

de

CV

1,726,106

1,487,050

NETHERLANDS

3.4%

Biotechnology

0.6%

Merus

NV

*

115,588

3,180,982

ProQR

Therapeutics

NV

*(a)

134,617

624,623

3,805,605

Chemicals

0.5%

Corbion

NV

49,983

2,912,280

Construction

&

Engineering

0.3%

Boskalis

Westminster

*

60,325

1,689,248

Hotels,

Restaurants

&

Leisure

0.2%

DP

Eurasia

NV

Reg.

S

*(b)

2,218,775

1,288,576

Semiconductors

&

Semiconductor

Equipment

0.9%

ASM

International

NV

13,545

3,467,347

BE

Semiconductor

Industries

NV

(a)

30,673

2,105,704

5,573,051

Trading

Companies

&

Distributors

0.9%

IMCD

NV

50,303

6,233,283

21,502,043

NEW

ZEALAND

0.8%

Construction

Materials

0.1%

Fletcher

Building

Ltd.

*

186,181

829,390

Equity

Real

Estate

Investment

Trusts

(REITs)

0.7%

Kiwi

Property

Group

Ltd.

4,523,991

4,186,934

5,016,324

56

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

International

Small

Cap

Fund

Common

Stocks

Shares

Value

($)

NORWAY

0.7%

Aerospace

&

Defense

0.1%

Kongsberg

Gruppen

ASA

*

48,868

947,169

Energy

Equipment

&

Services

0.2%

Aker

Solutions

ASA

Reg.

S

*

591,664

1,006,527

Food

Products

0.4%

Salmar

ASA

38,717

2,333,333

4,287,029

PHILIPPINES

0.4%

Hotels,

Restaurants

&

Leisure

0.4%

Bloomberry

Resorts

Corp.

13,583,600

2,251,797

RUSSIA

0.1%

Internet

&

Direct

Marketing

Retail

0.1%

Ozon

Holdings

plc,

ADR

*

13,974

675,503

SINGAPORE

0.8%

Equity

Real

Estate

Investment

Trusts

(REITs)

0.5%

Keppel

DC

REIT

1,317,600

2,949,616

Transportation

Infrastructure

0.3%

SATS

Ltd.

*

711,200

2,047,425

4,997,041

SOUTH

KOREA

0.7%

Auto

Components

0.3%

S&T

Motiv

Co.

Ltd.

30,404

1,969,237

Semiconductors

&

Semiconductor

Equipment

0.3%

Koh

Young

Technology,

Inc.

*

20,788

1,997,205

Software

0.1%

Douzone

Bizon

Co.

Ltd.

*

9,131

812,508

4,778,950

SPAIN

2.5%

Banks

0.7%

Bankinter

SA

769,411

4,330,040

Equity

Real

Estate

Investment

Trusts

(REITs)

0.3%

Arima

Real

Estate

SOCIMI

SA

*

158,630

1,751,876

Food

Products

0.7%

Ebro

Foods

SA

93,897

2,046,416

Viscofan

SA

38,905

2,743,842

4,790,258

Hotels,

Restaurants

&

Leisure

0.8%

Melia

Hotels

International

SA

*(a)

739,039

4,832,099

15,704,273

SWEDEN

4.9%

Aerospace

&

Defense

0.2%

Saab

AB,

Class

B

*(a)

42,372

1,188,757

Capital

Markets

0.1%

VEF

Ltd.,

SDR

*

1,914,500

836,773

Construction

&

Engineering

0.2%

Peab

AB,

Class

B

*

55,941

623,850

Sweco

AB,

Class

B

53,679

894,812

1,518,662

Containers

&

Packaging

0.3%

BillerudKorsnas

AB

111,349

1,990,027

Common

Stocks

Shares

Value

($)

SWEDEN

Hotels,

Restaurants

&

Leisure

0.7%

SkiStar

AB

*

292,350

4,278,818

Industrial

Conglomerates

0.1%

Nolato

AB,

Class

B

*

6,392

592,755

Leisure

Products

0.4%

Thule

Group

AB

Reg.

S

*(b)

61,738

2,293,964

Machinery

1.2%

Trelleborg

AB,

Class

B

*

343,714

7,790,423

Real

Estate

Management

&

Development

1.2%

Catena

AB

95,219

4,444,757

Fastighets

AB

Balder,

Class

B

*

63,907

3,196,749

7,641,506

Trading

Companies

&

Distributors

0.5%

AddTech

AB,

Class

B

69,818

927,708

Beijer

Ref

AB

18,640

774,354

Indutrade

AB

*

77,544

1,592,814

3,294,876

31,426,561

SWITZERLAND

3.9%

Construction

&

Engineering

0.1%

Implenia

AG

(Registered)

(a)

24,075

674,937

Consumer

Finance

0.4%

Cembra

Money

Bank

AG

25,815

2,810,996

Life

Sciences

Tools

&

Services

1.6%

Siegfried

Holding

AG

(Registered)

*

6,234

4,509,509

Tecan

Group

AG

(Registered)

10,814

5,243,416

9,752,925

Machinery

1.0%

VAT

Group

AG

Reg.

S

(b)

22,994

6,405,829

Specialty

Retail

0.8%

Dufry

AG

(Registered)

*(a)

96,869

5,220,263

24,864,950

TAIWAN

4.0%

Communications

Equipment

0.2%

Accton

Technology

Corp.

145,853

1,405,153

Electronic

Equipment,

Instruments

&

Components

0.5%

Chroma

ATE,

Inc.

190,209

1,282,147

Genius

Electronic

Optical

Co.

Ltd.

30,000

517,086

ITEQ

Corp.

229,389

1,095,070

2,894,303

Machinery

0.4%

Hiwin

Technologies

Corp.

187,427

2,656,623

Semiconductors

&

Semiconductor

Equipment

2.9%

Advanced

Wireless

Semiconductor

Co.

275,543

1,528,403

Alchip

Technologies

Ltd.

49,000

1,447,268

ASMedia

Technology,

Inc.

15,687

1,062,257

Formosa

Sumco

Technology

Corp.

608,801

2,787,804

Globalwafers

Co.

Ltd.

213,661

4,708,054

LandMark

Optoelectronics

Corp.

59,000

577,105

Nationwide

International

Small

Cap

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

57

Common

Stocks

Shares

Value

($)

TAIWAN

Semiconductors

&

Semiconductor

Equipment

Parade

Technologies

Ltd.

23,700

1,020,190

Realtek

Semiconductor

Corp.

189,229

3,057,437

Sino-American

Silicon

Products,

Inc.

481,000

2,614,466

18,802,984

25,759,063

UKRAINE

0.1%

Metals

&

Mining

0.1%

Ferrexpo

plc

143,453

553,848

UNITED

ARAB

EMIRATES

0.8%

IT

Services

0.8%

Network

International

Holdings

plc

Reg.

S

*(a)(b)

1,047,672

4,909,643

UNITED

KINGDOM

15.7%

Aerospace

&

Defense

0.3%

Meggitt

plc

*

192,881

1,039,886

QinetiQ

Group

plc

157,925

648,556

Ultra

Electronics

Holdings

plc

19,282

526,884

2,215,326

Airlines

0.1%

easyJet

plc

*

91,098

906,894

Beverages

0.1%

Britvic

plc

56,196

575,966

Biotechnology

1.2%

Abcam

plc

310,326

7,065,029

Freeline

Therapeutics

Holdings

plc,

ADR

*

28,218

507,642

7,572,671

Building

Products

0.1%

Polypipe

Group

plc

*

85,514

597,136

Capital

Markets

2.2%

AJ

Bell

plc

308,750

1,820,995

Intermediate

Capital

Group

plc

418,778

9,740,996

Ninety

One

plc

962,030

3,066,225

14,628,216

Chemicals

0.4%

Synthomer

plc

384,166

2,260,287

Commercial

Services

&

Supplies

0.3%

Smart

Metering

Systems

plc

234,406

2,190,957

Construction

&

Engineering

0.2%

Balfour

Beatty

plc

*

272,455

1,001,956

John

Laing

Group

plc

Reg.

S

(b)

124,640

540,750

1,542,706

Electronic

Equipment,

Instruments

&

Components

1.0%

Spectris

plc

149,508

6,208,724

Energy

Equipment

&

Services

0.1%

Subsea

7

SA

*

61,690

570,938

Equity

Real

Estate

Investment

Trusts

(REITs)

2.2%

Safestore

Holdings

plc

392,892

4,357,917

UNITE

Group

plc

(The)

*

414,918

5,452,267

Workspace

Group

plc

413,678

4,038,176

13,848,360

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Food

Products

0.8%

Cranswick

plc

54,262

2,536,846

Tate

&

Lyle

plc

264,339

2,484,593

5,021,439

Health

Care

Equipment

&

Supplies

0.7%

ConvaTec

Group

plc

Reg.

S

(b)

1,545,219

4,236,868

Hotels,

Restaurants

&

Leisure

1.2%

Domino's

Pizza

Group

plc

149,124

672,155

Restaurant

Group

plc

(The)

*

3,676,842

3,408,865

SSP

Group

plc

964,243

3,826,249

7,907,269

Insurance

1.0%

Beazley

plc

767,503

3,272,009

Lancashire

Holdings

Ltd.

347,408

3,214,366

6,486,375

Internet

&

Direct

Marketing

Retail

0.5%

Trainline

plc

Reg.

S

*(b)

547,320

3,041,645

IT

Services

0.7%

Softcat

plc

228,478

4,693,026

Machinery

1.1%

Rotork

plc

1,548,786

6,895,231

Media

0.3%

Hyve

Group

plc

*(a)

1,339,717

1,868,190

Multiline

Retail

0.6%

B&M

European

Value

Retail

SA

(a)

491,576

3,602,463

Oil,

Gas

&

Consumable

Fuels

0.1%

Cairn

Energy

plc

352,995

870,214

Road

&

Rail

0.0%

†

National

Express

Group

plc

*

76,456

262,100

Trading

Companies

&

Distributors

0.3%

Grafton

Group

plc

52,482

621,131

Travis

Perkins

plc

*

64,115

1,183,887

1,805,018

Water

Utilities

0.2%

Pennon

Group

plc

88,783

1,136,345

100,944,364

UNITED

STATES

0.8%

Biotechnology

0.2%

UroGen

Pharma

Ltd.

*(a)

64,948

1,433,402

Building

Products

0.5%

Caesarstone

Ltd.

116,721

1,468,350

Reliance

Worldwide

Corp.

Ltd.

461,895

1,500,462

2,968,812

Semiconductors

&

Semiconductor

Equipment

0.1%

ACM

Research,

Inc.,

Class

A

*

9,895

890,550

5,292,764

Total

Common

Stocks

(cost

$515,606,043)

645,997,474

58

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

International

Small

Cap

Fund

Rights

0.0%

†

Number

of

Rights

Value

($)

FRANCE

0.0%

†

Biotechnology

0.0%

†

Clementia

Pharmaceuticals,

Inc.,

CVR*^∞

16,268

0

Total

Rights

(cost

$–)

0

Short-Term

Investment

2.2%

Shares

Money

Market

Fund

2.2%

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,

0.01%,

(c)(d)

14,269,970

14,269,970

Total

Short-Term

Investment

(cost

$14,269,970)

14,269,970

Total

Investments

(cost

$529,876,013)

  —

103.0%

660,267,444

Liabilities

in

excess

of

other

assets

—

(3.0)%

(19,530,047)

NET

ASSETS

—

100.0%

$

640,737,397

*

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

January

31,

2021.

The

total

value

of

securities

on

loan

at

January

31,

2021

was

$27,079,715,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

with

a

total

value

of

$14,269,970

and

by

$20,399,245

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

3.13%,

and

maturity

dates

ranging

from

4/8/2021

–

2/15/2049;

a

total

value

of

$34,669,215.

(b)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

at

January

31,

2021

was

$55,096,710

which

represents

8.60%

of

net

assets.

(c)

Represents

7-day

effective

yield

as

of

January

31,

2021.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2021

was

$14,269,970.

ADR

American

Depositary

Receipt

CVR

Contingent

Value

Rights

GDR

Global

Depositary

Receipt

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

SDR

Swedish

Depository

Receipt

Nationwide

International

Small

Cap

Fund

-

January

31,

2021

(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.

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.

60

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

International

Small

Cap

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

  Common

Stocks

Aerospace

&

Defense

$

–

$

4,962,587

$

–

$

4,962,587

Air

Freight

&

Logistics

–

6,399,870

–

6,399,870

Airlines

–

906,894

–

906,894

Auto

Components

–

11,994,503

–

11,994,503

Automobiles

1,630,779

2,044,863

–

3,675,642

Banks

–

23,449,037

–

23,449,037

Beverages

–

4,370,820

–

4,370,820

Biotechnology

18,963,711

8,950,943

–

27,914,654

Building

Products

1,468,350

3,320,868

–

4,789,218

Capital

Markets

3,397,139

24,482,476

–

27,879,615

Chemicals

3,485,584

13,006,308

–

16,491,892

Commercial

Services

&

Supplies

–

2,190,957

–

2,190,957

Communications

Equipment

–

1,405,153

–

1,405,153

Construction

&

Engineering

–

5,425,553

–

5,425,553

Construction

Materials

–

5,071,107

–

5,071,107

Consumer

Finance

–

3,208,462

–

3,208,462

Containers

&

Packaging

–

10,871,144

–

10,871,144

Diversified

Financial

Services

–

6,088,966

–

6,088,966

Diversified

Telecommunication

Services

–

5,293,004

–

5,293,004

Electrical

Equipment

–

2,096,368

–

2,096,368

Electronic

Equipment,

Instruments

&

Components

–

18,387,495

–

18,387,495

Energy

Equipment

&

Services

–

1,577,465

–

1,577,465

Equity

Real

Estate

Investment

Trusts

(REITs)

–

35,601,183

–

35,601,183

Food

&

Staples

Retailing

–

6,184,962

–

6,184,962

Food

Products

–

18,368,326

–

18,368,326

Gas

Utilities

–

6,513,527

–

6,513,527

Health

Care

Equipment

&

Supplies

–

13,114,483

–

13,114,483

Hotels,

Restaurants

&

Leisure

–

30,130,427

–

30,130,427

Household

Durables

–

6,755,064

–

6,755,064

Independent

Power

and

Renewable

Electricity

Producers

–

5,216,134

–

5,216,134

Industrial

Conglomerates

–

3,086,406

–

3,086,406

Insurance

–

11,997,011

–

11,997,011

Interactive

Media

&

Services

–

6,355,648

–

6,355,648

Internet

&

Direct

Marketing

Retail

675,503

3,817,953

–

4,493,456

IT

Services

10,595,386

27,315,777

–

37,911,163

Leisure

Products

–

2,293,964

–

2,293,964

Life

Sciences

Tools

&

Services

–

13,885,038

–

13,885,038

Machinery

–

53,282,329

–

53,282,329

Marine

–

2,895,821

–

2,895,821

Media

3,341,155

13,144,160

–

16,485,315

Metals

&

Mining

–

12,725,504

–

12,725,504

Multiline

Retail

–

6,699,148

–

6,699,148

Oil,

Gas

&

Consumable

Fuels

1,288,561

3,910,167

–

5,198,728

Personal

Products

–

2,296,830

–

2,296,830

Pharmaceuticals

1,091,290

–

–

1,091,290

Professional

Services

–

3,017,564

–

3,017,564

Real

Estate

Management

&

Development

–

31,686,875

–

31,686,875

Road

&

Rail

262,100

4,333,335

–

4,595,435

Semiconductors

&

Semiconductor

Equipment

890,550

36,359,829

–

37,250,379

Software

5,368,472

17,082,423

–

22,450,895

Specialty

Retail

–

9,685,131

–

9,685,131

Textiles,

Apparel

&

Luxury

Goods

–

14,301,013

–

14,301,013

Trading

Companies

&

Distributors

3,878,071

13,292,832

–

17,170,903

Transportation

Infrastructure

–

7,433,303

–

7,433,303

Nationwide

International

Small

Cap

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

61

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:

Water

Utilities

$

237,468

$

1,136,345

$

–

$

1,373,813

Total

Common

Stocks

$

56,574,119

$

589,423,355

$

–

$

645,997,474

Rights

–

–

–

–

Short-Term

Investment

14,269,970

–

–

14,269,970

Total

$

70,844,089

$

589,423,355

$

–

$

660,267,444

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

During

the

period

ended

January

31,

2021,

the

Fund

held

one

rights

investment

that

was

categorized

as

a

Level

3

investment

which

was

valued

at

$0.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Bond

Index

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

1

Asset-Backed

Securities

0.3%

Principal

Amount

($)

Value

($)

Airlines

0.0%

†

United

Airlines

Pass-Through

Trust

Series

2013-1,

Class

A,

4.30%,

8/15/2025

175,701

184,490

Series

2020-1,

Class

A,

5.88%,

10/15/2027

292,748

326,974

511,464

Automobiles

0.2%

Carmax

Auto

Owner

Trust

Series

2021-1,

Class

A3,

0.34%,

12/15/2025

900,000

900,858

Series

2021-1,

Class

A4,

0.53%,

10/15/2026

410,000

410,651

Nissan

Auto

Lease

Trust,

Series

2020-A,

Class

A4,

1.88%,

4/15/2025

370,000

378,450

World

Omni

Select

Auto

Trust,

Series

2020-A,

Class

A3,

0.55%,

7/15/2025

760,000

762,458

2,452,417

Credit

Card

0.1%

Chase

Issuance

Trust,

Series

2012-A7,

Class

A7,

2.16%,

9/15/2024

625,000

644,908

Total

Asset-Backed

Securities

(cost

$3,543,058)

3,608,789

Commercial

Mortgage-Backed

Securities

2.2%

BBCMS

Mortgage

Trust

Series

2017-C1,

Class

A4,

3.67%,

2/15/2050

450,000

512,854

Series

2020-C7,

Class

A5,

2.04%,

4/15/2053

670,000

692,182

CFCRE

Commercial

Mortgage

Trust

,

Series

2017-C8,

Class

A4,

3.57%,

6/15/2050

850,000

946,080

Citigroup

Commercial

Mortgage

Trust

Series

2013-GC17,

Class

A4,

4.13%,

11/10/2046

650,000

705,911

Series

2014-GC25,

Class

A4,

3.64%,

10/10/2047

500,000

549,593

Series

2019-GC43,

Class

A4,

3.04%,

11/10/2052

980,000

1,086,595

COMM

Mortgage

Trust

Series

2013-CR12,

Class

A4,

4.05%,

10/10/2046

300,000

326,593

Series

2014-CR16,

Class

A4,

4.05%,

4/10/2047

750,000

824,762

FHLMC

Multifamily

Structured

Pass-Through

Certificates

REMICS

Series

K020,

Class

A2,

2.37%,

5/25/2022

600,000

612,932

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Multifamily

Structured

Pass-Through

Certificates

REMICS

Series

K026,

Class

A2,

2.51%,

11/25/2022

200,000

206,307

Series

K031,

Class

A2,

3.30%,

4/25/2023(a)

100,000

106,292

Series

K033,

Class

A2,

3.06%,

7/25/2023(a)

100,000

106,168

Series

K038,

Class

A1,

2.60%,

10/25/2023

52,518

53,656

Series

K037,

Class

A2,

3.49%,

1/25/2024

200,000

216,561

Series

K066,

Class

A2,

3.12%,

6/25/2027

750,000

849,620

Series

K739,

Class

A2,

1.34%,

9/25/2027

1,620,000

1,663,491

Series

K115,

Class

A2,

1.38%,

6/25/2030

960,000

970,064

Series

K-1510,

Class

A3,

3.79%,

1/25/2034

1,200,000

1,449,417

FNMA

ACES

REMICS

Series

2014-M6,

Class

A2,

2.68%,

5/25/2021(a)

32,788

32,877

Series

2014-M2,

Class

ASV2,

2.78%,

6/25/2021(a)

10,514

10,566

Series

2020-M5,

Class

A2,

2.21%,

1/25/2030

1,200,000

1,267,148

GS

Mortgage

Securities

Trust

,

Series

2015-GC30,

Class

A4,

3.38%,

5/10/2050

750,000

825,530

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

,

Series

2011-C5,

Class

A3,

4.17%,

8/15/2046

92,601

93,625

JPMCC

Commercial

Mortgage

Securities

Trust

,

Series

2017-JP7,

Class

A5,

3.45%,

9/15/2050

750,000

850,256

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

Series

2013-C7,

Class

A4,

2.92%,

2/15/2046

1,300,000

1,351,723

Series

2013-C10,

Class

ASB,

3.91%,

7/15/2046(a)

611,681

632,772

Series

2013-C10,

Class

A5,

4.08%,

7/15/2046(a)

250,000

269,119

Series

2014-C17,

Class

A5,

3.74%,

8/15/2047

1,500,000

1,633,290

Morgan

Stanley

Capital

I

Trust

Series

2016-UBS9,

Class

A4,

3.59%,

3/15/2049

900,000

994,907

Series

2017-H1,

Class

A5,

3.53%,

6/15/2050

750,000

845,994

Series

2019-H6,

Class

A4,

3.42%,

6/15/2052

150,000

170,181

Wells

Fargo

Commercial

Mortgage

Trust

Series

2015-SG1,

Class

A4,

3.79%,

9/15/2048

1,694,192

1,879,541

2

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Bond

Index

Fund

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

Wells

Fargo

Commercial

Mortgage

Trust

Series

2020-C56,

Class

A5,

2.45%,

6/15/2053

210,000

223,061

WFRBS

Commercial

Mortgage

Trust

Series

2013-C11,

Class

A4,

3.04%,

3/15/2045

500,000

520,347

Series

2012-C7,

Class

A2,

3.43%,

6/15/2045

300,000

309,248

Total

Commercial

Mortgage-Backed

Securities

(cost

$22,659,510)

23,789,263

Corporate

Bonds

26.7%

Aerospace

&

Defense

0.6%

Boeing

Co.

(The)

,

4.51%,

5/1/2023

200,000

215,246

4.88%,

5/1/2025

300,000

338,648

3.10%,

5/1/2026

200,000

212,030

3.20%,

3/1/2029

150,000

156,215

5.15%,

5/1/2030

500,000

593,725

5.71%,

5/1/2040

200,000

253,662

3.75%,

2/1/2050

250,000

251,733

5.81%,

5/1/2050

200,000

263,677

5.93%,

5/1/2060

100,000

134,335

General

Dynamics

Corp.

,

4.25%,

4/1/2040

200,000

252,427

L3Harris

Technologies,

Inc.

,

3.83%,

4/27/2025

250,000

279,407

4.85%,

4/27/2035

55,000

71,506

Lockheed

Martin

Corp.

,

2.90%,

3/1/2025

300,000

326,143

3.55%,

1/15/2026

150,000

169,550

1.85%,

6/15/2030

200,000

206,764

3.60%,

3/1/2035

55,000

65,494

4.07%,

12/15/2042

91,000

113,664

4.09%,

9/15/2052

100,000

127,910

Northrop

Grumman

Corp.

,

2.93%,

1/15/2025

200,000

216,232

4.75%,

6/1/2043

250,000

325,357

Raytheon

Technologies

Corp.

,

3.95%,

8/16/2025

200,000

227,695

3.50%,

3/15/2027

50,000

56,678

4.13%,

11/16/2028

300,000

352,961

6.13%,

7/15/2038

150,000

215,550

4.50%,

6/1/2042

300,000

380,853

4.35%,

4/15/2047

100,000

124,883

4.05%,

5/4/2047

100,000

119,653

4.63%,

11/16/2048

100,000

129,997

Textron,

Inc.

,

4.30%,

3/1/2024

250,000

274,185

6,456,180

Air

Freight

&

Logistics

0.2%

FedEx

Corp.

,

4.00%,

1/15/2024

250,000

275,786

3.20%,

2/1/2025

300,000

327,979

3.80%,

5/15/2025

150,000

168,322

Corporate

Bonds

Principal

Amount

($)

Value

($)

Air

Freight

&

Logistics

FedEx

Corp.,

3.25%,

4/1/2026

45,000

49,754

3.30%,

3/15/2027

70,000

78,122

4.25%,

5/15/2030

100,000

118,899

3.88%,

8/1/2042

50,000

56,146

4.10%,

2/1/2045

100,000

113,730

4.55%,

4/1/2046

150,000

182,012

4.05%,

2/15/2048

75,000

85,224

United

Parcel

Service,

Inc.

,

2.20%,

9/1/2024

250,000

264,538

2.50%,

9/1/2029

55,000

58,903

6.20%,

1/15/2038

205,000

311,107

3.40%,

9/1/2049

35,000

39,680

5.30%,

4/1/2050

100,000

144,603

2,274,805

Airlines

0.0%

†

Southwest

Airlines

Co.

,

2.63%,

2/10/2030

200,000

202,633

Auto

Components

0.0%

†

Aptiv

Corp.

,

4.15%,

3/15/2024

150,000

165,079

Aptiv

plc

,

5.40%,

3/15/2049

50,000

62,934

BorgWarner,

Inc.

,

3.38%,

3/15/2025(b)

70,000

76,983

2.65%,

7/1/2027

25,000

26,927

Lear

Corp.

,

5.25%,

5/15/2049

100,000

120,754

452,677

Automobiles

0.1%

Daimler

Finance

North

America

LLC

,

8.50%,

1/18/2031

100,000

157,060

General

Motors

Co.

,

6.13%,

10/1/2025

200,000

240,913

4.20%,

10/1/2027

250,000

284,859

6.25%,

10/2/2043

150,000

202,944

5.40%,

4/1/2048

100,000

126,651

Toyota

Motor

Corp.

,

3.42%,

7/20/2023

200,000

214,909

1,227,336

Banks

4.8%

Australia

&

New

Zealand

Banking

Group

Ltd.

,

2.63%,

11/9/2022

500,000

521,317

Banco

Santander

SA

,

2.71%,

6/27/2024

200,000

213,311

4.25%,

4/11/2027

200,000

230,729

Bank

of

America

Corp.

,

(ICE

LIBOR

USD

3

Month

+

1.02%),

2.88%,

4/24/2023(c)

300,000

309,051

(ICE

LIBOR

USD

3

Month

+

0.93%),

2.82%,

7/21/2023(c)

500,000

517,690

4.10%,

7/24/2023

250,000

272,941

Nationwide

Bond

Index

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

3

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Bank

of

America

Corp.,

(ICE

LIBOR

USD

3

Month

+

0.79%),

3.00%,

12/20/2023(c)

271,000

283,919

(SOFR

+

0.74%),

0.81%,

10/24/2024(c)

100,000

100,610

(ICE

LIBOR

USD

3

Month

+

0.97%),

3.46%,

3/15/2025(c)

250,000

271,339

3.88%,

8/1/2025

250,000

282,907

(ICE

LIBOR

USD

3

Month

+

0.64%),

2.01%,

2/13/2026(c)

100,000

104,164

4.45%,

3/3/2026

55,000

63,468

3.50%,

4/19/2026

145,000

163,270

4.25%,

10/22/2026

145,000

167,957

(SOFR

+

1.01%),

1.20%,

10/24/2026(c)

100,000

100,992

3.25%,

10/21/2027

250,000

277,149

(ICE

LIBOR

USD

3

Month

+

1.04%),

3.42%,

12/20/2028(c)

281,000

314,907

(ICE

LIBOR

USD

3

Month

+

1.07%),

3.97%,

3/5/2029(c)

250,000

287,789

(ICE

LIBOR

USD

3

Month

+

1.31%),

4.27%,

7/23/2029(c)

500,000

588,516

(ICE

LIBOR

USD

3

Month

+

1.21%),

3.97%,

2/7/2030(c)

400,000

462,643

(ICE

LIBOR

USD

3

Month

+

0.99%),

2.50%,

2/13/2031(c)

300,000

312,804

(SOFR

+

2.15%),

2.59%,

4/29/2031(c)

200,000

209,837

(SOFR

+

1.37%),

1.92%,

10/24/2031(c)

100,000

99,233

(ICE

LIBOR

USD

3

Month

+

1.32%),

4.08%,

4/23/2040(c)

200,000

237,290

(ICE

LIBOR

USD

3

Month

+

1.99%),

4.44%,

1/20/2048(c)

250,000

317,030

(ICE

LIBOR

USD

3

Month

+

1.52%),

4.33%,

3/15/2050(c)

500,000

626,332

(ICE

LIBOR

USD

3

Month

+

3.15%),

4.08%,

3/20/2051(c)

100,000

120,796

Bank

of

Montreal

,

2.90%,

3/26/2022

500,000

515,268

Bank

of

Nova

Scotia

(The)

,

2.70%,

3/7/2022

100,000

102,792

2.38%,

1/18/2023

350,000

363,964

2.70%,

8/3/2026

250,000

273,382

Barclays

plc

,

(ICE

LIBOR

USD

3

Month

+

1.40%),

4.61%,

2/15/2023(c)

200,000

208,289

3.65%,

3/16/2025

200,000

219,296

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Barclays

plc,

4.34%,

1/10/2028

250,000

286,304

4.84%,

5/9/2028

200,000

228,210

(ICE

LIBOR

USD

3

Month

+

1.90%),

4.97%,

5/16/2029(c)

250,000

297,675

(ICE

LIBOR

USD

3

Month

+

3.05%),

5.09%,

6/20/2030(c)

200,000

235,102

BBVA

USA

,

3.88%,

4/10/2025

250,000

280,692

BNP

Paribas

SA

,

4.25%,

10/15/2024

250,000

280,174

Canadian

Imperial

Bank

of

Commerce

,

(ICE

LIBOR

USD

3

Month

+

0.79%),

2.61%,

7/22/2023(c)

250,000

258,295

Citibank

NA

,

3.65%,

1/23/2024

500,000

545,108

Citigroup,

Inc.

,

2.75%,

4/25/2022

400,000

411,066

3.88%,

10/25/2023

100,000

109,055

3.75%,

6/16/2024

300,000

331,701

3.30%,

4/27/2025

155,000

170,831

3.70%,

1/12/2026

250,000

280,631

4.60%,

3/9/2026

105,000

121,807

(SOFR

+

2.75%),

3.11%,

4/8/2026(c)

100,000

108,544

3.40%,

5/1/2026

200,000

222,486

(ICE

LIBOR

USD

3

Month

+

1.56%),

3.89%,

1/10/2028(c)

200,000

228,219

(ICE

LIBOR

USD

3

Month

+

1.39%),

3.67%,

7/24/2028(c)

250,000

282,840

(ICE

LIBOR

USD

3

Month

+

1.15%),

3.52%,

10/27/2028(c)

250,000

280,580

(ICE

LIBOR

USD

3

Month

+

1.34%),

3.98%,

3/20/2030(c)

350,000

404,520

(SOFR

+

1.42%),

2.98%,

11/5/2030(c)

250,000

270,032

(SOFR

+

1.15%),

2.67%,

1/29/2031(c)

200,000

210,387

(SOFR

+

3.91%),

4.41%,

3/31/2031(c)

100,000

118,816

(SOFR

+

2.11%),

2.57%,

6/3/2031(c)

200,000

208,369

6.63%,

6/15/2032

182,000

254,667

(SOFR

+

4.55%),

5.32%,

3/26/2041(c)

100,000

136,820

(ICE

LIBOR

USD

3

Month

+

1.84%),

4.28%,

4/24/2048(c)

200,000

250,801

4.65%,

7/23/2048

250,000

330,084

Citizens

Financial

Group,

Inc.

,

2.85%,

7/27/2026

250,000

273,776

4

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Comerica,

Inc.

,

4.00%,

2/1/2029

100,000

116,032

Cooperatieve

Rabobank

UA

,

3.88%,

2/8/2022

250,000

259,218

3.38%,

5/21/2025

250,000

279,520

3.75%,

7/21/2026

250,000

281,776

5.25%,

5/24/2041

125,000

178,517

Credit

Suisse

Group

Funding

Guernsey

Ltd.

,

3.80%,

9/15/2022

250,000

263,310

Discover

Bank

,

4.20%,

8/8/2023

250,000

272,724

Fifth

Third

Bancorp

,

3.50%,

3/15/2022

300,000

309,868

3.95%,

3/14/2028

250,000

293,498

HSBC

Holdings

plc

,

(ICE

LIBOR

USD

3

Month

+

1.06%),

3.26%,

3/13/2023(c)

200,000

206,377

3.60%,

5/25/2023

200,000

214,543

4.25%,

3/14/2024

250,000

275,065

(ICE

LIBOR

USD

3

Month

+

0.99%),

3.95%,

5/18/2024(c)

200,000

215,046

4.30%,

3/8/2026

200,000

230,241

3.90%,

5/25/2026

250,000

283,161

(ICE

LIBOR

USD

3

Month

+

1.35%),

4.29%,

9/12/2026(c)

500,000

566,243

4.38%,

11/23/2026

200,000

229,572

(ICE

LIBOR

USD

3

Month

+

1.55%),

4.04%,

3/13/2028(c)

200,000

227,437

(ICE

LIBOR

USD

3

Month

+

1.53%),

4.58%,

6/19/2029(c)

200,000

234,375

4.95%,

3/31/2030

200,000

246,238

(ICE

LIBOR

USD

3

Month

+

1.61%),

3.97%,

5/22/2030(c)

200,000

227,419

5.25%,

3/14/2044

200,000

265,073

Huntington

Bancshares,

Inc.

,

2.55%,

2/4/2030

200,000

212,118

ING

Groep

NV

,

3.55%,

4/9/2024

400,000

436,767

JPMorgan

Chase

&

Co.

,

3.38%,

5/1/2023

250,000

266,281

(ICE

LIBOR

USD

3

Month

+

0.73%),

3.56%,

4/23/2024(c)

250,000

266,849

3.63%,

5/13/2024

350,000

385,197

(ICE

LIBOR

USD

3

Month

+

0.89%),

3.80%,

7/23/2024(c)

300,000

324,022

(ICE

LIBOR

USD

3

Month

+

1.00%),

4.02%,

12/5/2024(c)

400,000

438,854

3.13%,

1/23/2025

250,000

271,854

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

JPMorgan

Chase

&

Co.,

(SOFR

+

1.16%),

2.30%,

10/15/2025(c)

250,000

264,310

(SOFR

+

1.59%),

2.00%,

3/13/2026(c)

100,000

104,299

3.30%,

4/1/2026

250,000

278,119

(SOFR

+

1.85%),

2.08%,

4/22/2026(c)

100,000

104,600

4.13%,

12/15/2026

250,000

291,361

(ICE

LIBOR

USD

3

Month

+

1.25%),

3.96%,

1/29/2027(c)

500,000

568,956

8.00%,

4/29/2027

202,000

279,726

(SOFR

+

1.51%),

2.74%,

10/15/2030(c)

275,000

295,177

(SOFR

+

3.79%),

4.49%,

3/24/2031(c)

200,000

240,467

(SOFR

+

2.04%),

2.52%,

4/22/2031(c)

100,000

104,915

(SOFR

+

2.52%),

2.96%,

5/13/2031(c)

200,000

213,837

(ICE

LIBOR

USD

3

Month

+

1.36%),

3.88%,

7/24/2038(c)

300,000

351,550

(SOFR

+

2.46%),

3.11%,

4/22/2041(c)

100,000

108,091

5.60%,

7/15/2041

200,000

288,412

(ICE

LIBOR

USD

3

Month

+

1.58%),

4.26%,

2/22/2048(c)

250,000

313,812

(ICE

LIBOR

USD

3

Month

+

1.38%),

3.96%,

11/15/2048(c)

150,000

181,209

(SOFR

+

2.44%),

3.11%,

4/22/2051(c)

200,000

212,782

KeyCorp

,

2.55%,

10/1/2029

250,000

266,611

Kreditanstalt

fuer

Wiederaufbau

,

2.13%,

3/7/2022

1,000,000

1,021,434

1.63%,

2/15/2023

500,000

514,381

0.25%,

10/19/2023

1,000,000

1,000,319

1.38%,

8/5/2024

500,000

518,391

2.88%,

4/3/2028

200,000

227,670

1.75%,

9/14/2029

300,000

316,284

Landwirtschaftliche

Rentenbank

,

3.13%,

11/14/2023

500,000

539,690

Lloyds

Banking

Group

plc

,

4.05%,

8/16/2023

500,000

543,192

4.50%,

11/4/2024

250,000

279,546

4.34%,

1/9/2048

250,000

298,217

Mitsubishi

UFJ

Financial

Group,

Inc.

,

3.46%,

3/2/2023

750,000

796,505

3.76%,

7/26/2023

200,000

216,341

3.85%,

3/1/2026

250,000

285,181

3.75%,

7/18/2039

200,000

234,750

Nationwide

Bond

Index

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

5

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Mizuho

Financial

Group,

Inc.

,

(ICE

LIBOR

USD

3

Month

+

0.84%),

2.72%,

7/16/2023(c)

400,000

413,017

3.17%,

9/11/2027

250,000

280,163

MUFG

Americas

Holdings

Corp.

,

3.00%,

2/10/2025

200,000

217,085

National

Australia

Bank

Ltd.

,

3.38%,

1/14/2026

250,000

280,186

Natwest

Group

plc

,

(ICE

LIBOR

USD

3

Month

+

1.48%),

3.50%,

5/15/2023(c)

200,000

207,423

(ICE

LIBOR

USD

3

Month

+

1.76%),

4.27%,

3/22/2025(c)

200,000

220,307

4.80%,

4/5/2026

250,000

291,385

(ICE

LIBOR

USD

3

Month

+

1.91%),

5.08%,

1/27/2030(c)

250,000

301,160

Oesterreichische

Kontrollbank

AG

,

1.63%,

9/17/2022

250,000

255,825

PNC

Bank

NA

,

2.95%,

1/30/2023

350,000

366,789

3.30%,

10/30/2024

250,000

275,353

PNC

Financial

Services

Group,

Inc.

(The)

,

2.60%,

7/23/2026

250,000

272,803

2.55%,

1/22/2030

200,000

214,033

Royal

Bank

of

Canada

,

2.80%,

4/29/2022

350,000

360,991

2.25%,

11/1/2024

250,000

265,760

Santander

Holdings

USA,

Inc.

,

4.40%,

7/13/2027

200,000

229,387

Santander

UK

Group

Holdings

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.25%),

1.53%,

8/21/2026(c)

250,000

252,732

Santander

UK

plc

,

2.10%,

1/13/2023

200,000

206,568

Sumitomo

Mitsui

Financial

Group,

Inc.

,

2.78%,

7/12/2022

750,000

776,325

2.45%,

9/27/2024

250,000

265,961

3.78%,

3/9/2026

250,000

283,185

3.20%,

9/17/2029

250,000

270,008

Toronto-Dominion

Bank

(The)

,

0.75%,

6/12/2023

500,000

505,039

2.65%,

6/12/2024

200,000

214,296

Truist

Bank

,

2.45%,

8/1/2022

500,000

515,670

2.25%,

3/11/2030

250,000

258,083

Truist

Financial

Corp.

,

2.75%,

4/1/2022

250,000

256,734

2.85%,

10/26/2024

250,000

270,807

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

US

Bancorp

,

3.00%,

3/15/2022

200,000

205,745

3.38%,

2/5/2024

250,000

271,176

2.40%,

7/30/2024

250,000

265,968

Series

X,

3.15%,

4/27/2027

250,000

279,901

Wells

Fargo

&

Co.

,

2.63%,

7/22/2022

250,000

258,613

3.07%,

1/24/2023

300,000

308,145

Series

M,

3.45%,

2/13/2023

300,000

317,934

3.75%,

1/24/2024

750,000

815,917

(SOFR

+

1.60%),

1.65%,

6/2/2024(c)

500,000

512,421

3.00%,

2/19/2025

60,000

64,891

3.00%,

4/22/2026

250,000

273,046

4.15%,

1/24/2029

100,000

116,909

(ICE

LIBOR

USD

3

Month

+

1.17%),

2.88%,

10/30/2030(c)

200,000

214,883

(ICE

LIBOR

USD

3

Month

+

1.00%),

2.57%,

2/11/2031(c)

250,000

261,736

(SOFR

+

2.53%),

3.07%,

4/30/2041(c)

200,000

209,291

5.61%,

1/15/2044

333,000

454,673

3.90%,

5/1/2045

400,000

476,404

4.40%,

6/14/2046

200,000

238,882

(ICE

LIBOR

USD

3

Month

+

4.24%),

5.01%,

4/4/2051(c)

200,000

275,073

Westpac

Banking

Corp.

,

3.30%,

2/26/2024

350,000

380,015

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.35%),

2.89%,

2/4/2030(c)

150,000

157,466

(USD

ICE

Swap

Rate

5

Year

+

2.24%),

4.32%,

11/23/2031(c)

250,000

285,115

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.00%),

4.11%,

7/24/2034(c)

200,000

224,859

51,492,042

Beverages

0.7%

Anheuser-Busch

Cos.

LLC

,

4.70%,

2/1/2036

150,000

185,273

4.90%,

2/1/2046

415,000

519,968

Anheuser-Busch

InBev

Finance,

Inc.

,

4.90%,

2/1/2046

200,000

249,228

Anheuser-Busch

InBev

Worldwide,

Inc.

,

3.50%,

6/1/2030

200,000

228,194

4.38%,

4/15/2038

100,000

119,096

5.45%,

1/23/2039

100,000

131,316

4.60%,

4/15/2048

150,000

182,158

4.44%,

10/6/2048

130,000

155,863

5.55%,

1/23/2049

150,000

204,465

4.50%,

6/1/2050

200,000

241,794

4.75%,

4/15/2058

100,000

124,401

6

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Beverages

Anheuser-Busch

InBev

Worldwide,

Inc.,

5.80%,

1/23/2059

200,000

291,006

Coca-Cola

Co.

(The)

,

3.20%,

11/1/2023

150,000

162,175

1.75%,

9/6/2024

250,000

261,610

2.95%,

3/25/2025

500,000

547,488

2.90%,

5/25/2027

100,000

111,159

2.13%,

9/6/2029

50,000

52,275

2.50%,

6/1/2040

200,000

202,407

2.60%,

6/1/2050

100,000

99,384

2.50%,

3/15/2051

100,000

97,409

Constellation

Brands,

Inc.

,

3.50%,

5/9/2027

400,000

451,594

5.25%,

11/15/2048

100,000

137,416

Diageo

Capital

plc

,

2.38%,

10/24/2029

200,000

212,922

2.00%,

4/29/2030

200,000

205,082

Diageo

Investment

Corp.

,

2.88%,

5/11/2022

500,000

516,263

Keurig

Dr

Pepper,

Inc.

,

4.60%,

5/25/2028

200,000

241,035

5.09%,

5/25/2048

175,000

237,645

Molson

Coors

Beverage

Co.

,

3.50%,

5/1/2022

100,000

103,757

3.00%,

7/15/2026

95,000

104,087

5.00%,

5/1/2042

50,000

61,016

4.20%,

7/15/2046

100,000

111,915

PepsiCo,

Inc.

,

3.60%,

3/1/2024

250,000

272,669

2.25%,

3/19/2025

100,000

106,497

2.85%,

2/24/2026

175,000

192,228

2.63%,

7/29/2029

50,000

54,545

2.75%,

3/19/2030

100,000

109,316

4.45%,

4/14/2046

200,000

264,884

3.45%,

10/6/2046

100,000

114,949

3.38%,

7/29/2049

50,000

57,253

2.88%,

10/15/2049

100,000

105,541

3.63%,

3/19/2050

100,000

119,182

7,946,465

Biotechnology

0.6%

AbbVie,

Inc.

,

3.45%,

3/15/2022

155,000

159,448

3.25%,

10/1/2022

200,000

207,853

2.90%,

11/6/2022

500,000

521,625

2.30%,

11/21/2022

100,000

103,337

3.85%,

6/15/2024

40,000

43,962

2.60%,

11/21/2024

300,000

320,505

3.20%,

5/14/2026

185,000

203,735

4.55%,

3/15/2035

100,000

123,521

4.50%,

5/14/2035

135,000

166,358

4.30%,

5/14/2036

100,000

121,666

4.05%,

11/21/2039

200,000

234,473

4.40%,

11/6/2042

75,000

92,089

4.75%,

3/15/2045

84,000

106,686

4.70%,

5/14/2045

100,000

125,989

4.88%,

11/14/2048

150,000

197,286

4.25%,

11/21/2049

350,000

424,852

Corporate

Bonds

Principal

Amount

($)

Value

($)

Biotechnology

Amgen,

Inc.

,

2.70%,

5/1/2022

500,000

513,718

4.40%,

5/1/2045

200,000

250,860

4.56%,

6/15/2048

187,000

241,762

4.66%,

6/15/2051

279,000

369,022

Baxalta

,

Inc.

,

4.00%,

6/23/2025

30,000

33,724

Biogen,

Inc.

,

4.05%,

9/15/2025

95,000

108,369

2.25%,

5/1/2030

200,000

205,761

3.15%,

5/1/2050

155,000

154,714

Gilead

Sciences,

Inc.

,

3.70%,

4/1/2024

400,000

435,995

3.65%,

3/1/2026

75,000

84,543

4.50%,

2/1/2045

100,000

124,201

4.75%,

3/1/2046

400,000

515,253

6,191,307

Building

Products

0.1%

Allegion

plc

,

3.50%,

10/1/2029

100,000

110,188

Carrier

Global

Corp.

,

2.24%,

2/15/2025

250,000

262,832

2.49%,

2/15/2027

250,000

267,688

3.58%,

4/5/2050

150,000

159,806

Fortune

Brands

Home

&

Security,

Inc.

,

3.25%,

9/15/2029

150,000

164,676

Johnson

Controls

International

plc

,

3.90%,

2/14/2026

46,000

52,124

4.50%,

2/15/2047

100,000

128,007

Masco

Corp.

,

3.50%,

11/15/2027

100,000

113,691

Owens

Corning

,

4.30%,

7/15/2047

50,000

58,872

1,317,884

Capital

Markets

1.4%

Ameriprise

Financial,

Inc.

,

4.00%,

10/15/2023

250,000

273,679

Ares

Capital

Corp.

,

3.88%,

1/15/2026

200,000

215,255

Bank

of

New

York

Mellon

Corp.

(The)

,

1.95%,

8/23/2022

250,000

256,759

2.95%,

1/29/2023

100,000

105,019

Series

G,

3.00%,

2/24/2025

105,000

114,509

3.30%,

8/23/2029

250,000

280,160

Brookfield

Finance

LLC

,

3.45%,

4/15/2050

200,000

206,937

Brookfield

Finance,

Inc.

,

4.25%,

6/2/2026

250,000

289,097

4.85%,

3/29/2029

100,000

121,100

Charles

Schwab

Corp.

(The)

,

4.00%,

2/1/2029

250,000

294,578

CME

Group,

Inc.

,

5.30%,

9/15/2043

100,000

146,724

Credit

Suisse

Group

AG

,

4.55%,

4/17/2026

300,000

349,737

Nationwide

Bond

Index

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

7

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Credit

Suisse

USA,

Inc.

,

7.13%,

7/15/2032

195,000

298,710

Deutsche

Bank

AG

,

Series

D,

5.00%,

2/14/2022

250,000

260,872

4.10%,

1/13/2026

100,000

110,967

(SOFR

+

3.04%),

3.55%,

9/18/2031(c)

200,000

210,773

Franklin

Resources,

Inc.

,

2.80%,

9/15/2022

250,000

259,824

Goldman

Sachs

Group,

Inc.

(The)

,

(ICE

LIBOR

USD

3

Month

+

0.99%),

2.90%,

7/24/2023(c)

500,000

517,729

3.63%,

2/20/2024

250,000

271,657

4.00%,

3/3/2024

250,000

275,175

3.85%,

7/8/2024

300,000

329,478

3.50%,

4/1/2025

300,000

331,160

3.75%,

2/25/2026

315,000

355,103

(ICE

LIBOR

USD

3

Month

+

1.30%),

4.22%,

5/1/2029(c)

350,000

410,694

6.75%,

10/1/2037

100,000

147,811

(ICE

LIBOR

USD

3

Month

+

1.37%),

4.02%,

10/31/2038(c)

250,000

296,278

(ICE

LIBOR

USD

3

Month

+

1.43%),

4.41%,

4/23/2039(c)

250,000

309,118

6.25%,

2/1/2041

250,000

379,352

5.15%,

5/22/2045

100,000

134,350

Intercontinental

Exchange,

Inc.

,

3.45%,

9/21/2023

100,000

107,642

3.75%,

12/1/2025

80,000

90,226

3.10%,

9/15/2027

200,000

221,713

3.75%,

9/21/2028

200,000

229,905

2.10%,

6/15/2030

200,000

202,864

3.00%,

9/15/2060

100,000

99,425

Jefferies

Group

LLC

,

4.85%,

1/15/2027

200,000

237,250

4.15%,

1/23/2030

100,000

115,695

Moody's

Corp.

,

4.50%,

9/1/2022

100,000

105,385

3.75%,

3/24/2025

200,000

223,941

2.55%,

8/18/2060

100,000

90,182

Morgan

Stanley

,

2.75%,

5/19/2022

350,000

360,957

3.70%,

10/23/2024

300,000

332,574

(SOFR

+

1.15%),

2.72%,

7/22/2025(c)

250,000

266,797

4.00%,

7/23/2025

155,000

175,771

3.88%,

1/27/2026

250,000

284,337

(SOFR

+

1.99%),

2.19%,

4/28/2026(c)

100,000

105,038

3.13%,

7/27/2026

250,000

276,761

4.35%,

9/8/2026

250,000

291,002

3.63%,

1/20/2027

250,000

284,034

3.95%,

4/23/2027

250,000

286,369

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Morgan

Stanley,

(ICE

LIBOR

USD

3

Month

+

1.63%),

4.43%,

1/23/2030(c)

200,000

239,244

(SOFR

+

3.12%),

3.62%,

4/1/2031(c)

100,000

113,862

(SOFR

+

1.03%),

1.79%,

2/13/2032(c)

300,000

295,785

7.25%,

4/1/2032

76,000

114,099

(ICE

LIBOR

USD

3

Month

+

1.43%),

4.46%,

4/22/2039(c)

100,000

126,097

4.38%,

1/22/2047

250,000

322,662

(SOFR

+

4.84%),

5.60%,

3/24/2051(c)

100,000

150,818

Nomura

Holdings,

Inc.

,

3.10%,

1/16/2030

200,000

215,123

Northern

Trust

Corp.

,

3.65%,

8/3/2028

50,000

57,863

Raymond

James

Financial,

Inc.

,

4.65%,

4/1/2030

200,000

243,601

S&P

Global,

Inc.

,

3.25%,

12/1/2049

100,000

110,909

State

Street

Corp.

,

(SOFR

+

2.69%),

2.82%,

3/30/2023(c)

300,000

308,701

3.30%,

12/16/2024

155,000

171,559

TD

Ameritrade

Holding

Corp.

,

2.95%,

4/1/2022

250,000

256,621

14,667,417

Chemicals

0.4%

Air

Products

and

Chemicals,

Inc.

,

2.05%,

5/15/2030

200,000

208,102

Cabot

Corp.

,

4.00%,

7/1/2029

100,000

108,496

Dow

Chemical

Co.

(The)

,

3.50%,

10/1/2024

100,000

109,364

4.25%,

10/1/2034

100,000

118,469

4.38%,

11/15/2042

250,000

298,361

3.60%,

11/15/2050

100,000

107,687

DuPont

de

Nemours,

Inc.

,

2.17%,

5/1/2023

300,000

301,919

4.73%,

11/15/2028

150,000

182,308

5.42%,

11/15/2048

100,000

140,978

Eastman

Chemical

Co.

,

3.60%,

8/15/2022

250,000

260,202

4.65%,

10/15/2044

100,000

123,599

Ecolab,

Inc.

,

3.25%,

1/14/2023

250,000

263,224

2.13%,

8/15/2050

200,000

181,394

International

Flavors

&

Fragrances,

Inc.

,

5.00%,

9/26/2048

100,000

131,104

Linde,

Inc.

,

3.20%,

1/30/2026

250,000

277,880

Lubrizol

Corp.

(The)

,

6.50%,

10/1/2034

103,000

155,685

8

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Chemicals

LYB

International

Finance

III

LLC

,

3.38%,

5/1/2030

200,000

221,006

4.20%,

5/1/2050

200,000

226,010

LyondellBasell

Industries

NV

,

4.63%,

2/26/2055

100,000

118,534

Mosaic

Co.

(The)

,

5.45%,

11/15/2033

50,000

62,551

Nutrien

Ltd.

,

3.15%,

10/1/2022

50,000

51,911

5.88%,

12/1/2036

125,000

169,656

6.13%,

1/15/2041

100,000

142,397

PPG

Industries,

Inc.

,

2.80%,

8/15/2029

100,000

109,925

Sherwin-Williams

Co.

(The)

,

4.50%,

6/1/2047

150,000

191,397

Westlake

Chemical

Corp.

,

4.38%,

11/15/2047

100,000

115,845

4,378,004

Commercial

Services

&

Supplies

0.1%

Republic

Services,

Inc.

,

3.20%,

3/15/2025

100,000

109,029

1.45%,

2/15/2031

55,000

53,144

3.05%,

3/1/2050

50,000

52,512

Waste

Management,

Inc.

,

2.90%,

9/15/2022

300,000

310,436

3.90%,

3/1/2035

90,000

108,341

4.15%,

7/15/2049

100,000

124,187

757,649

Communications

Equipment

0.1%

Cisco

Systems,

Inc.

,

2.50%,

9/20/2026

150,000

163,047

5.50%,

1/15/2040

250,000

358,665

Juniper

Networks,

Inc.

,

3.75%,

8/15/2029

200,000

225,327

Motorola

Solutions,

Inc.

,

4.00%,

9/1/2024

150,000

166,971

2.30%,

11/15/2030

100,000

100,259

1,014,269

Construction

Materials

0.0%

†

Martin

Marietta

Materials,

Inc.

,

4.25%,

12/15/2047

50,000

59,072

Vulcan

Materials

Co.

,

3.90%,

4/1/2027

100,000

117,104

176,176

Consumer

Finance

0.6%

AerCap

Ireland

Capital

DAC

,

4.50%,

9/15/2023

200,000

216,411

3.65%,

7/21/2027

250,000

268,279

Ally

Financial,

Inc.

,

3.88%,

5/21/2024

200,000

218,242

8.00%,

11/1/2031

100,000

145,196

American

Express

Co.

,

2.50%,

8/1/2022

500,000

515,588

3.63%,

12/5/2024

150,000

166,180

3.13%,

5/20/2026

300,000

333,254

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Finance

American

Honda

Finance

Corp.

,

2.20%,

6/27/2022

250,000

256,643

0.88%,

7/7/2023

300,000

303,261

3.45%,

7/14/2023

100,000

107,265

Capital

One

Financial

Corp.

,

3.50%,

6/15/2023

350,000

374,640

3.75%,

4/24/2024

100,000

109,465

3.30%,

10/30/2024

100,000

109,073

3.75%,

3/9/2027

250,000

284,996

Discover

Financial

Services

,

4.50%,

1/30/2026

100,000

115,567

General

Motors

Financial

Co.,

Inc.

,

4.15%,

6/19/2023

500,000

537,397

5.25%,

3/1/2026

350,000

411,814

4.00%,

10/6/2026

250,000

281,596

John

Deere

Capital

Corp.

,

2.70%,

1/6/2023

200,000

209,314

2.25%,

9/14/2026

250,000

268,867

PACCAR

Financial

Corp.

,

1.80%,

2/6/2025

300,000

313,151

Synchrony

Financial

,

4.50%,

7/23/2025

190,000

214,320

Toyota

Motor

Credit

Corp.

,

2.90%,

3/30/2023

300,000

316,739

3.00%,

4/1/2025

300,000

327,996

3.65%,

1/8/2029

250,000

290,112

6,695,366

Containers

&

Packaging

0.0%

†

International

Paper

Co.

,

4.80%,

6/15/2044

250,000

323,878

WRKCo

,

Inc.

,

4.20%,

6/1/2032

100,000

119,070

442,948

Diversified

Consumer

Services

0.1%

Northwestern

University

,

Series

2017,

3.66%,

12/1/2057

12,000

14,562

President

and

Fellows

of

Harvard

College

,

3.15%,

7/15/2046

50,000

57,654

3.30%,

7/15/2056

100,000

118,769

Trustees

of

Princeton

University

(The)

,

5.70%,

3/1/2039

200,000

301,406

University

of

Notre

Dame

du

Lac

,

Series

2017,

3.39%,

2/15/2048

30,000

36,030

Yale

University

,

Series

2020,

2.40%,

4/15/2050

26,000

25,842

554,263

Diversified

Financial

Services

0.3%

Berkshire

Hathaway,

Inc.

,

2.75%,

3/15/2023

200,000

209,474

Nationwide

Bond

Index

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

9

Corporate

Bonds

Principal

Amount

($)

Value

($)

Diversified

Financial

Services

Equitable

Holdings,

Inc.

,

7.00%,

4/1/2028

92,000

118,489

5.00%,

4/20/2048

50,000

64,337

GE

Capital

Funding

LLC

,

4.40%,

5/15/2030(d)

200,000

231,986

GE

Capital

International

Funding

Co.

Unlimited

Co.

,

4.42%,

11/15/2035

582,000

681,334

National

Rural

Utilities

Cooperative

Finance

Corp.

,

3.40%,

2/7/2028

50,000

56,979

8.00%,

3/1/2032

61,000

95,589

4.30%,

3/15/2049

150,000

195,704

Shell

International

Finance

BV

,

2.00%,

11/7/2024

250,000

262,131

3.25%,

5/11/2025

250,000

276,336

4.13%,

5/11/2035

150,000

181,987

6.38%,

12/15/2038

250,000

378,524

4.00%,

5/10/2046

50,000

59,404

3.75%,

9/12/2046

150,000

172,164

3.25%,

4/6/2050

200,000

214,766

Voya

Financial,

Inc.

,

3.65%,

6/15/2026

100,000

114,082

3,313,286

Diversified

Telecommunication

Services

0.9%

AT&T,

Inc.

,

4.05%,

12/15/2023(e)

200,000

220,613

4.35%,

3/1/2029

200,000

234,831

4.30%,

2/15/2030

300,000

351,960

2.75%,

6/1/2031

200,000

209,020

2.55%,

12/1/2033(d)

857,000

854,462

4.65%,

6/1/2044

150,000

174,420

3.65%,

6/1/2051

100,000

100,312

3.30%,

2/1/2052

200,000

188,357

3.50%,

9/15/2053(d)

621,000

598,336

3.55%,

9/15/2055(d)

100,000

95,715

3.80%,

12/1/2057(d)

489,000

488,738

3.65%,

9/15/2059(d)

668,000

642,984

Bell

Canada

,

4.30%,

7/29/2049

100,000

124,203

British

Telecommunications

plc

,

9.63%,

12/15/2030(e)

191,000

310,045

Deutsche

Telekom

International

Finance

BV

,

8.75%,

6/15/2030(e)

106,000

165,303

Orange

SA

,

9.00%,

3/1/2031(e)

133,000

217,607

5.50%,

2/6/2044

100,000

141,625

Telefonica

Emisiones

SA

,

4.57%,

4/27/2023

200,000

218,115

4.90%,

3/6/2048

150,000

182,484

5.52%,

3/1/2049

150,000

198,750

TELUS

Corp.

,

4.30%,

6/15/2049

100,000

122,303

Verizon

Communications,

Inc.

,

5.15%,

9/15/2023

300,000

336,457

3.50%,

11/1/2024

100,000

110,107

Corporate

Bonds

Principal

Amount

($)

Value

($)

Diversified

Telecommunication

Services

Verizon

Communications,

Inc.,

4.13%,

3/16/2027

250,000

293,381

4.33%,

9/21/2028

254,000

302,303

4.02%,

12/3/2029

300,000

351,783

4.40%,

11/1/2034

300,000

366,800

4.81%,

3/15/2039

269,000

341,360

3.85%,

11/1/2042

175,000

199,095

4.86%,

8/21/2046

200,000

259,052

4.52%,

9/15/2048

150,000

185,873

5.01%,

4/15/2049

10,000

13,411

4.00%,

3/22/2050

200,000

230,855

2.99%,

10/30/2056(d)

453,000

434,100

9,264,760

Electric

Utilities

1.3%

AEP

Transmission

Co.

LLC

,

Series

M,

3.65%,

4/1/2050

200,000

232,044

Appalachian

Power

Co.

,

Series

Y,

4.50%,

3/1/2049

150,000

187,864

Arizona

Public

Service

Co.

,

4.20%,

8/15/2048

50,000

61,142

3.50%,

12/1/2049

100,000

113,306

Baltimore

Gas

and

Electric

Co.

,

3.20%,

9/15/2049

45,000

48,625

CenterPoint

Energy

Houston

Electric

LLC

,

3.95%,

3/1/2048

150,000

184,329

Cleveland

Electric

Illuminating

Co.

(The)

,

5.50%,

8/15/2024

200,000

229,815

Connecticut

Light

and

Power

Co.

(The)

,

Series

A,

3.20%,

3/15/2027

100,000

112,379

4.00%,

4/1/2048

100,000

125,319

Dominion

Energy

South

Carolina,

Inc.

,

6.05%,

1/15/2038

50,000

72,545

DTE

Electric

Co.

,

3.65%,

3/15/2024

250,000

271,491

3.70%,

3/15/2045

80,000

93,322

Series

A,

4.05%,

5/15/2048

50,000

62,635

Duke

Energy

Corp.

,

3.05%,

8/15/2022

200,000

206,780

3.95%,

10/15/2023

200,000

217,220

3.75%,

4/15/2024

150,000

163,898

3.75%,

9/1/2046

250,000

275,627

4.20%,

6/15/2049

150,000

178,079

Duke

Energy

Florida

LLC

,

4.20%,

7/15/2048

50,000

62,569

Duke

Energy

Indiana

LLC

,

3.75%,

5/15/2046

250,000

286,863

Duke

Energy

Ohio,

Inc.

,

3.70%,

6/15/2046

100,000

113,133

Emera

US

Finance

LP

,

3.55%,

6/15/2026

250,000

278,287

Entergy

Arkansas

LLC

,

3.50%,

4/1/2026

100,000

112,373

4.20%,

4/1/2049

150,000

188,673

10

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Entergy

Corp.

,

4.00%,

7/15/2022

200,000

209,326

Entergy

Louisiana

LLC

,

4.20%,

9/1/2048

150,000

187,294

Evergy

Metro,

Inc.

,

3.65%,

8/15/2025

100,000

111,773

Series

2019,

4.13%,

4/1/2049

150,000

185,044

Eversource

Energy

,

Series

H,

3.15%,

1/15/2025

125,000

135,649

3.45%,

1/15/2050

100,000

110,713

Exelon

Corp.

,

3.50%,

6/1/2022

250,000

259,448

4.05%,

4/15/2030

300,000

350,806

5.63%,

6/15/2035

250,000

338,015

Florida

Power

&

Light

Co.

,

4.05%,

10/1/2044

100,000

124,825

4.13%,

6/1/2048

150,000

191,435

3.15%,

10/1/2049

100,000

111,049

Fortis,

Inc.

,

3.06%,

10/4/2026

100,000

109,590

Georgia

Power

Co.

,

Series

A,

2.20%,

9/15/2024

250,000

264,174

4.30%,

3/15/2042

100,000

121,863

Iberdrola

International

BV

,

5.81%,

3/15/2025

82,000

97,580

IPALCO

Enterprises,

Inc.

,

4.25%,

5/1/2030(d)

200,000

228,270

Kentucky

Utilities

Co.

,

5.13%,

11/1/2040

150,000

200,320

MidAmerican

Energy

Co.

,

5.80%,

10/15/2036

200,000

286,014

NextEra

Energy

Capital

Holdings,

Inc.

,

2.75%,

5/1/2025

300,000

323,148

2.75%,

11/1/2029

300,000

322,956

Northern

States

Power

Co.

,

4.00%,

8/15/2045

85,000

107,638

2.90%,

3/1/2050

100,000

106,368

2.60%,

6/1/2051

50,000

50,569

Ohio

Power

Co.

,

4.15%,

4/1/2048

150,000

186,763

Oncor

Electric

Delivery

Co.

LLC

,

5.75%,

3/15/2029

100,000

130,438

5.30%,

6/1/2042

150,000

212,122

Pacific

Gas

and

Electric

Co.

,

1.75%,

6/16/2022

300,000

300,984

4.55%,

7/1/2030

100,000

114,135

2.50%,

2/1/2031

300,000

297,995

4.50%,

7/1/2040

300,000

328,070

4.95%,

7/1/2050

200,000

227,140

PacifiCorp

,

5.25%,

6/15/2035

123,000

167,505

PPL

Capital

Funding,

Inc.

,

5.00%,

3/15/2044

150,000

187,652

Progress

Energy,

Inc.

,

7.75%,

3/1/2031

164,000

242,235

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Public

Service

Co.

of

Colorado

,

3.60%,

9/15/2042

100,000

116,203

Series

34,

3.20%,

3/1/2050

200,000

223,479

Public

Service

Electric

and

Gas

Co.

,

3.95%,

5/1/2042

200,000

239,727

Southern

California

Edison

Co.

,

Series

B,

2.40%,

2/1/2022

250,000

253,807

2.85%,

8/1/2029

250,000

268,320

6.00%,

1/15/2034

123,000

171,135

4.00%,

4/1/2047

150,000

167,697

Series

C,

4.13%,

3/1/2048

150,000

171,292

Series

B,

4.88%,

3/1/2049

100,000

126,372

Southern

Co.

(The)

,

3.25%,

7/1/2026

210,000

233,526

4.40%,

7/1/2046

250,000

301,532

Tampa

Electric

Co.

,

3.63%,

6/15/2050

100,000

114,864

Union

Electric

Co.

,

3.50%,

3/15/2029

100,000

113,938

3.25%,

10/1/2049

100,000

110,518

2.63%,

3/15/2051

200,000

200,726

Virginia

Electric

and

Power

Co.

,

4.45%,

2/15/2044

150,000

191,225

Series

B,

4.20%,

5/15/2045

120,000

149,971

Wisconsin

Electric

Power

Co.

,

5.63%,

5/15/2033

41,000

56,699

Wisconsin

Power

and

Light

Co.

,

3.00%,

7/1/2029

250,000

278,781

Xcel

Energy,

Inc.

,

6.50%,

7/1/2036

123,000

181,631

14,478,667

Electrical

Equipment

0.0%

†

Eaton

Corp.

,

2.75%,

11/2/2022

250,000

260,158

4.00%,

11/2/2032

150,000

179,927

440,085

Electronic

Equipment,

Instruments

&

Components

0.1%

Amphenol

Corp.

,

2.80%,

2/15/2030

100,000

108,323

Arrow

Electronics,

Inc.

,

4.50%,

3/1/2023

100,000

106,791

Corning,

Inc.

,

2.90%,

5/15/2022

365,000

374,830

5.35%,

11/15/2048

100,000

136,916

3.90%,

11/15/2049

100,000

116,883

Flex

Ltd.

,

3.75%,

2/1/2026

300,000

331,589

Tyco

Electronics

Group

SA

,

3.50%,

2/3/2022

150,000

153,549

1,328,881

Nationwide

Bond

Index

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

11

Corporate

Bonds

Principal

Amount

($)

Value

($)

Energy

Equipment

&

Services

0.1%

Baker

Hughes

a

GE

Co.

LLC

,

3.34%,

12/15/2027

145,000

162,550

3.14%,

11/7/2029

35,000

38,226

4.08%,

12/15/2047

100,000

111,387

Halliburton

Co.

,

3.80%,

11/15/2025

54,000

60,579

6.70%,

9/15/2038

100,000

131,976

5.00%,

11/15/2045

200,000

229,707

NOV,

Inc.

,

3.95%,

12/1/2042

100,000

99,296

833,721

Entertainment

0.2%

Activision

Blizzard,

Inc.

,

2.50%,

9/15/2050

200,000

183,335

NBCUniversal

Media

LLC

,

5.95%,

4/1/2041

100,000

146,944

TWDC

Enterprises

18

Corp.

,

3.00%,

2/13/2026

50,000

55,054

3.70%,

12/1/2042

100,000

114,855

3.00%,

7/30/2046

60,000

61,944

Walt

Disney

Co.

(The)

,

1.75%,

8/30/2024

300,000

312,249

3.70%,

9/15/2024

100,000

110,337

3.35%,

3/24/2025

50,000

55,170

3.70%,

10/15/2025

100,000

112,519

7.28%,

6/30/2028

53,000

72,531

2.00%,

9/1/2029

100,000

102,670

6.55%,

3/15/2033

450,000

651,526

2.75%,

9/1/2049

100,000

98,607

4.70%,

3/23/2050

50,000

67,215

3.80%,

5/13/2060

200,000

236,451

2,381,407

Equity

Real

Estate

Investment

Trusts

(REITs)

0.8%

Alexandria

Real

Estate

Equities,

Inc.

,

4.00%,

2/1/2050

100,000

120,729

American

Campus

Communities

Operating

Partnership

LP

,

2.85%,

2/1/2030

100,000

104,340

American

Tower

Corp.

,

3.38%,

5/15/2024

500,000

541,533

4.40%,

2/15/2026

25,000

28,723

3.95%,

3/15/2029

100,000

114,430

3.70%,

10/15/2049

100,000

109,745

AvalonBay

Communities,

Inc.

,

3.45%,

6/1/2025

100,000

110,894

2.30%,

3/1/2030

200,000

209,490

Boston

Properties

LP

,

2.75%,

10/1/2026

150,000

162,468

2.90%,

3/15/2030

100,000

105,935

Brixmor

Operating

Partnership

LP

,

4.13%,

5/15/2029

100,000

114,466

Camden

Property

Trust

,

3.35%,

11/1/2049

100,000

111,230

Corporate

Bonds

Principal

Amount

($)

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Crown

Castle

International

Corp.

,

3.70%,

6/15/2026

280,000

314,162

2.25%,

1/15/2031

300,000

304,811

4.00%,

11/15/2049

60,000

67,295

CubeSmart

LP

,

3.00%,

2/15/2030

100,000

107,297

Digital

Realty

Trust

LP

,

4.45%,

7/15/2028

100,000

118,961

Duke

Realty

LP

,

2.88%,

11/15/2029

40,000

43,678

Equinix

,

Inc.

,

2.63%,

11/18/2024

30,000

31,950

3.20%,

11/18/2029

35,000

37,868

2.15%,

7/15/2030

100,000

99,855

ERP

Operating

LP

,

2.85%,

11/1/2026

250,000

272,830

3.00%,

7/1/2029

100,000

109,703

2.50%,

2/15/2030

150,000

159,537

Essex

Portfolio

LP

,

3.00%,

1/15/2030

150,000

163,293

Federal

Realty

Investment

Trust

,

3.20%,

6/15/2029

100,000

108,270

GLP

Capital

LP

,

5.38%,

11/1/2023

50,000

54,532

5.38%,

4/15/2026

200,000

229,080

5.30%,

1/15/2029

50,000

58,558

Healthcare

Trust

of

America

Holdings

LP

,

3.10%,

2/15/2030

100,000

108,091

Healthpeak

Properties,

Inc.

,

3.40%,

2/1/2025

300,000

329,257

Highwoods

Realty

LP

,

3.05%,

2/15/2030

100,000

105,101

Host

Hotels

&

Resorts

LP

,

Series

D,

3.75%,

10/15/2023

100,000

105,859

Series

H,

3.38%,

12/15/2029

50,000

50,804

Kilroy

Realty

LP

,

3.05%,

2/15/2030

100,000

105,097

Kimco

Realty

Corp.

,

4.45%,

9/1/2047

100,000

117,656

National

Retail

Properties,

Inc.

,

2.50%,

4/15/2030

200,000

205,945

Omega

Healthcare

Investors,

Inc.

,

4.50%,

4/1/2027

100,000

112,490

3.38%,

2/1/2031

200,000

208,355

Prologis

LP

,

1.25%,

10/15/2030

100,000

97,261

Realty

Income

Corp.

,

4.65%,

8/1/2023

250,000

274,058

3.25%,

6/15/2029

150,000

167,248

3.25%,

1/15/2031

100,000

111,357

Regency

Centers

LP

,

4.65%,

3/15/2049

100,000

119,163

12

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Sabra

Health

Care

LP

,

3.90%,

10/15/2029

100,000

105,167

Simon

Property

Group

LP

,

2.00%,

9/13/2024

250,000

260,903

2.45%,

9/13/2029

100,000

103,283

2.65%,

7/15/2030

200,000

207,417

4.75%,

3/15/2042

100,000

120,738

Spirit

Realty

LP

,

4.00%,

7/15/2029

85,000

94,968

UDR,

Inc.

,

3.20%,

1/15/2030

150,000

164,964

Ventas

Realty

LP

,

4.88%,

4/15/2049

150,000

183,095

VEREIT

Operating

Partnership

LP

,

3.40%,

1/15/2028

200,000

220,025

Welltower

,

Inc.

,

4.13%,

3/15/2029

250,000

288,194

Weyerhaeuser

Co.

,

7.38%,

3/15/2032

100,000

148,838

WP

Carey,

Inc.

,

3.85%,

7/15/2029

50,000

56,412

8,287,409

Food

&

Staples

Retailing

0.4%

Costco

Wholesale

Corp.

,

2.75%,

5/18/2024

200,000

214,938

Kroger

Co.

(The)

,

4.00%,

2/1/2024

100,000

109,691

7.50%,

4/1/2031

178,000

259,302

5.40%,

1/15/2049

100,000

140,851

Sysco

Corp.

,

3.55%,

3/15/2025

200,000

221,228

3.75%,

10/1/2025

75,000

83,892

3.30%,

7/15/2026

130,000

143,919

6.60%,

4/1/2040

100,000

143,663

6.60%,

4/1/2050

100,000

150,414

Walgreen

Co.

,

3.10%,

9/15/2022

150,000

156,260

Walgreens

Boots

Alliance,

Inc.

,

3.45%,

6/1/2026

305,000

338,450

4.50%,

11/18/2034

155,000

178,199

4.10%,

4/15/2050

100,000

106,593

Walmart,

Inc.

,

3.40%,

6/26/2023

500,000

536,759

2.85%,

7/8/2024

250,000

270,169

3.55%,

6/26/2025

100,000

112,539

3.70%,

6/26/2028

300,000

349,399

3.25%,

7/8/2029

300,000

343,451

7.55%,

2/15/2030

82,000

123,836

5.25%,

9/1/2035

92,000

130,520

6.20%,

4/15/2038

198,000

307,383

4.05%,

6/29/2048

200,000

256,762

4,678,218

Food

Products

0.3%

Archer-Daniels-Midland

Co.

,

2.50%,

8/11/2026

250,000

269,150

4.50%,

3/15/2049

100,000

137,907

Corporate

Bonds

Principal

Amount

($)

Value

($)

Food

Products

Campbell

Soup

Co.

,

4.15%,

3/15/2028

150,000

175,555

4.80%,

3/15/2048

50,000

65,217

Conagra

Brands,

Inc.

,

4.60%,

11/1/2025

100,000

116,314

7.00%,

10/1/2028

154,000

207,604

5.40%,

11/1/2048

50,000

69,250

General

Mills,

Inc.

,

4.20%,

4/17/2028

100,000

118,252

2.88%,

4/15/2030

300,000

326,110

3.00%,

2/1/2051(d)

50,000

52,570

Hershey

Co.

(The)

,

2.45%,

11/15/2029

150,000

162,102

3.13%,

11/15/2049

50,000

54,675

J

M

Smucker

Co.

(The)

,

4.25%,

3/15/2035

100,000

120,428

Kellogg

Co.

,

3.25%,

4/1/2026

40,000

44,646

4.30%,

5/15/2028

250,000

295,708

Mead

Johnson

Nutrition

Co.

,

4.13%,

11/15/2025

110,000

126,217

Mondelez

International,

Inc.

,

3.63%,

2/13/2026

250,000

281,678

2.63%,

9/4/2050

150,000

144,419

Tyson

Foods,

Inc.

,

4.50%,

6/15/2022

250,000

261,619

4.55%,

6/2/2047

50,000

64,367

5.10%,

9/28/2048

100,000

138,677

Unilever

Capital

Corp.

,

2.00%,

7/28/2026

250,000

265,392

2.13%,

9/6/2029

100,000

105,682

5.90%,

11/15/2032

50,000

72,111

3,675,650

Gas

Utilities

0.1%

Atmos

Energy

Corp.

,

2.63%,

9/15/2029

250,000

272,328

4.13%,

10/15/2044

100,000

123,761

Eastern

Energy

Gas

Holdings

LLC

,

Series

C,

3.90%,

11/15/2049

100,000

112,084

National

Fuel

Gas

Co.

,

3.75%,

3/1/2023

250,000

262,754

ONE

Gas,

Inc.

,

2.00%,

5/15/2030

200,000

206,888

Piedmont

Natural

Gas

Co.,

Inc.

,

3.50%,

6/1/2029

200,000

226,399

Washington

Gas

Light

Co.

,

3.65%,

9/15/2049

50,000

58,066

1,262,280

Health

Care

Equipment

&

Supplies

0.3%

Abbott

Laboratories

,

3.88%,

9/15/2025

45,000

51,198

3.75%,

11/30/2026

226,000

261,813

5.30%,

5/27/2040

250,000

360,002

4.90%,

11/30/2046

100,000

141,612

Nationwide

Bond

Index

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

13

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Equipment

&

Supplies

Baxter

International,

Inc.

,

2.60%,

8/15/2026

100,000

108,595

Becton

Dickinson

and

Co.

,

4.69%,

12/15/2044

100,000

127,143

4.67%,

6/6/2047

100,000

128,796

Boston

Scientific

Corp.

,

4.70%,

3/1/2049

150,000

198,155

DH

Europe

Finance

II

Sarl

,

2.60%,

11/15/2029

45,000

48,263

3.25%,

11/15/2039

100,000

109,583

Koninklijke

Philips

NV

,

5.00%,

3/15/2042

100,000

131,412

Medtronic,

Inc.

,

4.38%,

3/15/2035

75,000

98,376

4.63%,

3/15/2045

150,000

206,220

Stryker

Corp.

,

3.38%,

11/1/2025

80,000

89,073

3.50%,

3/15/2026

35,000

39,403

3.65%,

3/7/2028

200,000

228,409

2.90%,

6/15/2050

200,000

206,047

Zimmer

Biomet

Holdings,

Inc.

,

3.55%,

3/20/2030

200,000

224,313

2,758,413

Health

Care

Providers

&

Services

1.0%

Advocate

Health

&

Hospitals

Corp.

,

4.27%,

8/15/2048

21,000

26,987

Aetna,

Inc.

,

6.63%,

6/15/2036

100,000

147,974

3.88%,

8/15/2047

100,000

113,980

AmerisourceBergen

Corp.

,

4.25%,

3/1/2045

100,000

118,322

Anthem,

Inc.

,

3.50%,

8/15/2024

100,000

109,482

4.10%,

3/1/2028

200,000

233,790

4.65%,

8/15/2044

250,000

318,994

3.70%,

9/15/2049

100,000

114,811

Cardinal

Health,

Inc.

,

3.75%,

9/15/2025

170,000

190,657

4.37%,

6/15/2047

100,000

113,359

Cigna

Corp.

,

3.90%,

2/15/2022

250,000

259,081

3.25%,

4/15/2025

100,000

109,268

4.50%,

2/25/2026

100,000

116,346

3.05%,

10/15/2027

100,000

111,162

4.38%,

10/15/2028

200,000

237,777

4.80%,

7/15/2046

150,000

193,657

4.90%,

12/15/2048

150,000

200,078

3.40%,

3/15/2050

200,000

217,041

CommonSpirit

Health

,

2.78%,

10/1/2030

62,000

65,359

4.35%,

11/1/2042

50,000

58,695

4.19%,

10/1/2049

25,000

28,823

CVS

Health

Corp.

,

3.50%,

7/20/2022

150,000

156,052

3.70%,

3/9/2023

435,000

463,934

2.63%,

8/15/2024

50,000

53,411

4.10%,

3/25/2025

31,000

35,012

3.00%,

8/15/2026

50,000

54,798

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Providers

&

Services

CVS

Health

Corp.,

4.30%,

3/25/2028

352,000

413,505

3.25%,

8/15/2029

50,000

55,445

3.75%,

4/1/2030

100,000

114,616

4.88%,

7/20/2035

100,000

125,939

4.78%,

3/25/2038

250,000

309,256

4.13%,

4/1/2040

100,000

116,349

5.05%,

3/25/2048

400,000

523,695

4.25%,

4/1/2050

150,000

180,515

Duke

University

Health

System,

Inc.

,

Series

2017,

3.92%,

6/1/2047

138,000

168,682

HCA,

Inc.

,

5.00%,

3/15/2024

200,000

225,262

4.50%,

2/15/2027

250,000

290,132

5.13%,

6/15/2039

30,000

37,379

5.25%,

6/15/2049

200,000

255,160

Humana,

Inc.

,

3.15%,

12/1/2022

250,000

260,571

2.90%,

12/15/2022

250,000

261,010

3.95%,

8/15/2049

100,000

118,902

Kaiser

Foundation

Hospitals

,

4.15%,

5/1/2047

150,000

192,148

Laboratory

Corp.

of

America

Holdings

,

3.75%,

8/23/2022

200,000

208,707

2.95%,

12/1/2029

200,000

218,254

McKesson

Corp.

,

3.95%,

2/16/2028

100,000

115,498

4.75%,

5/30/2029

300,000

364,619

Memorial

Sloan-Kettering

Cancer

Center

,

Series

2020,

2.96%,

1/1/2050

29,000

30,456

New

York

and

Presbyterian

Hospital

(The)

,

2.61%,

8/1/2060

100,000

95,864

Northwell

Healthcare,

Inc.

,

4.26%,

11/1/2047

20,000

23,994

Providence

St

Joseph

Health

Obligated

Group

,

Series

A,

3.93%,

10/1/2048

15,000

17,974

Quest

Diagnostics,

Inc.

,

4.20%,

6/30/2029

50,000

59,773

Stanford

Health

Care

,

Series

2018,

3.80%,

11/15/2048

12,000

14,790

Sutter

Health

,

Series

2018,

4.09%,

8/15/2048

36,000

41,873

UnitedHealth

Group,

Inc.

,

3.70%,

12/15/2025

250,000

284,136

3.38%,

4/15/2027

250,000

282,433

3.88%,

12/15/2028

200,000

236,137

2.88%,

8/15/2029

50,000

55,456

4.63%,

7/15/2035

25,000

32,519

5.80%,

3/15/2036

200,000

290,066

4.25%,

6/15/2048

100,000

127,387

3.70%,

8/15/2049

200,000

236,859

14

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Providers

&

Services

UnitedHealth

Group,

Inc.,

3.88%,

8/15/2059

150,000

183,739

3.13%,

5/15/2060

150,000

161,274

10,579,224

Hotels,

Restaurants

&

Leisure

0.2%

Las

Vegas

Sands

Corp.

,

3.20%,

8/8/2024

100,000

105,085

Marriott

International,

Inc.

,

Series

EE,

5.75%,

5/1/2025

100,000

116,075

Series

R,

3.13%,

6/15/2026

200,000

211,260

McDonald's

Corp.

,

3.35%,

4/1/2023

250,000

265,323

3.50%,

7/1/2027

100,000

113,768

3.60%,

7/1/2030

100,000

114,719

4.88%,

7/15/2040

50,000

65,093

4.88%,

12/9/2045

250,000

327,880

3.63%,

9/1/2049

100,000

112,717

4.20%,

4/1/2050

100,000

122,987

Sands

China

Ltd.

,

5.40%,

8/8/2028

200,000

230,200

Starbucks

Corp.

,

3.80%,

8/15/2025

100,000

112,809

4.00%,

11/15/2028

250,000

293,678

4.45%,

8/15/2049

100,000

125,992

3.50%,

11/15/2050

200,000

219,760

2,537,346

Household

Durables

0.1%

DR

Horton,

Inc.

,

2.50%,

10/15/2024

85,000

90,372

Lennar

Corp.

,

5.88%,

11/15/2024

300,000

346,944

PulteGroup,

Inc.

,

5.00%,

1/15/2027

300,000

356,517

Whirlpool

Corp.

,

3.70%,

5/1/2025

100,000

111,044

4.60%,

5/15/2050

150,000

187,376

1,092,253

Household

Products

0.1%

Colgate-Palmolive

Co.

,

3.70%,

8/1/2047

200,000

254,072

Kimberly-Clark

Corp.

,

3.20%,

7/30/2046

85,000

95,945

2.88%,

2/7/2050

100,000

107,746

Procter

&

Gamble

Co.

(The)

,

3.00%,

3/25/2030

200,000

226,466

1.20%,

10/29/2030

400,000

392,376

1,076,605

Independent

Power

and

Renewable

Electricity

Producers

0.1%

Exelon

Generation

Co.

LLC

,

5.75%,

10/1/2041

150,000

170,556

5.60%,

6/15/2042

100,000

114,713

Oglethorpe

Power

Corp.

,

5.05%,

10/1/2048

75,000

93,395

PSEG

Power

LLC

,

3.85%,

6/1/2023

300,000

322,405

Corporate

Bonds

Principal

Amount

($)

Value

($)

Independent

Power

and

Renewable

Electricity

Producers

Southern

Power

Co.

,

4.15%,

12/1/2025

250,000

286,060

987,129

Industrial

Conglomerates

0.3%

3M

Co.

,

3.00%,

8/7/2025

250,000

275,854

3.38%,

3/1/2029

100,000

113,913

5.70%,

3/15/2037

50,000

70,070

3.25%,

8/26/2049

125,000

138,362

General

Electric

Co.

,

2.70%,

10/9/2022

125,000

129,764

3.38%,

3/11/2024

150,000

162,704

3.63%,

5/1/2030

300,000

333,154

6.75%,

3/15/2032

106,000

146,841

6.15%,

8/7/2037

144,000

194,491

6.88%,

1/10/2039

100,000

144,291

4.25%,

5/1/2040

200,000

228,311

4.35%,

5/1/2050

100,000

115,503

Honeywell

International,

Inc.

,

1.35%,

6/1/2025

400,000

411,924

3.81%,

11/21/2047

100,000

122,373

Roper

Technologies,

Inc.

,

0.45%,

8/15/2022

300,000

300,621

1.00%,

9/15/2025

60,000

60,346

1.75%,

2/15/2031

100,000

98,199

Trane

Technologies

Global

Holding

Co.

Ltd.

,

5.75%,

6/15/2043

50,000

70,871

Trane

Technologies

Luxembourg

Finance

SA

,

3.55%,

11/1/2024

250,000

275,342

3,392,934

Insurance

0.9%

Aflac,

Inc.

,

3.63%,

11/15/2024

250,000

278,420

3.60%,

4/1/2030

200,000

230,245

Alleghany

Corp.

,

4.95%,

6/27/2022

250,000

265,077

Allstate

Corp.

(The)

,

(ICE

LIBOR

USD

3

Month

+

2.12%),

6.50%,

5/15/2057(c)

145,000

191,763

American

International

Group,

Inc.

,

4.88%,

6/1/2022

300,000

317,316

4.25%,

3/15/2029

250,000

296,441

4.50%,

7/16/2044

100,000

122,357

4.80%,

7/10/2045

100,000

127,182

4.75%,

4/1/2048

150,000

192,161

Aon

plc

,

3.88%,

12/15/2025

100,000

113,199

4.75%,

5/15/2045

100,000

130,938

Arch

Capital

Finance

LLC

,

4.01%,

12/15/2026

250,000

289,091

Athene

Holding

Ltd.

,

4.13%,

1/12/2028

300,000

335,306

Nationwide

Bond

Index

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

15

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

Berkshire

Hathaway

Finance

Corp.

,

4.40%,

5/15/2042

150,000

193,479

4.20%,

8/15/2048

100,000

126,168

4.25%,

1/15/2049

100,000

127,316

Brighthouse

Financial,

Inc.

,

3.70%,

6/22/2027

141,000

155,377

Chubb

INA

Holdings,

Inc.

,

2.70%,

3/13/2023

250,000

262,409

3.35%,

5/3/2026

45,000

50,382

4.35%,

11/3/2045

100,000

131,693

CNA

Financial

Corp.

,

3.90%,

5/1/2029

50,000

58,382

Fidelity

National

Financial,

Inc.

,

2.45%,

3/15/2031

300,000

303,975

Globe

Life,

Inc.

,

2.15%,

8/15/2030

100,000

100,771

Hartford

Financial

Services

Group,

Inc.

(The)

,

6.10%,

10/1/2041

100,000

145,363

Lincoln

National

Corp.

,

4.35%,

3/1/2048

100,000

123,801

Loews

Corp.

,

4.13%,

5/15/2043

100,000

114,874

Manulife

Financial

Corp.

,

4.15%,

3/4/2026

100,000

116,053

Markel

Corp.

,

5.00%,

5/20/2049

100,000

134,413

Marsh

&

McLennan

Cos.,

Inc.

,

4.90%,

3/15/2049

150,000

207,649

MetLife,

Inc.

,

3.05%,

12/15/2022(e)

250,000

262,371

5.70%,

6/15/2035

86,000

123,902

6.40%,

12/15/2036

100,000

128,994

4.13%,

8/13/2042

200,000

248,379

4.60%,

5/13/2046

85,000

113,006

Nationwide

Financial

Services,

Inc.

,

6.75%,

5/15/2037(f)

75,000

90,259

Principal

Financial

Group,

Inc.

,

3.30%,

9/15/2022

250,000

261,713

3.70%,

5/15/2029

200,000

231,527

Progressive

Corp.

(The)

,

6.25%,

12/1/2032

113,000

161,755

4.13%,

4/15/2047

100,000

127,671

Prudential

Financial,

Inc.

,

6.63%,

6/21/2040

100,000

152,194

(ICE

LIBOR

USD

3

Month

+

3.92%),

5.63%,

6/15/2043(c)

400,000

430,418

3.91%,

12/7/2047

130,000

151,207

3.70%,

3/13/2051

200,000

228,050

Travelers

Cos.,

Inc.

(The)

,

4.00%,

5/30/2047

150,000

187,934

Travelers

Property

Casualty

Corp.

,

6.38%,

3/15/2033

133,000

196,293

Unum

Group

,

4.00%,

6/15/2029

250,000

278,135

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

W

R

Berkley

Corp.

,

4.00%,

5/12/2050

200,000

238,984

Willis

North

America,

Inc.

,

2.95%,

9/15/2029

30,000

32,370

3.88%,

9/15/2049

100,000

117,769

XLIT

Ltd.

,

4.45%,

3/31/2025

150,000

170,965

9,175,497

Interactive

Media

&

Services

0.1%

Alphabet,

Inc.

,

1.90%,

8/15/2040

200,000

188,873

2.05%,

8/15/2050

200,000

181,235

Baidu,

Inc.

,

4.38%,

5/14/2024

200,000

220,352

590,460

Internet

&

Direct

Marketing

Retail

0.2%

Alibaba

Group

Holding

Ltd.

,

4.20%,

12/6/2047

250,000

295,083

Amazon.com,

Inc.

,

2.80%,

8/22/2024

150,000

161,973

3.15%,

8/22/2027

350,000

395,953

4.80%,

12/5/2034

100,000

133,505

3.88%,

8/22/2037

100,000

121,722

4.05%,

8/22/2047

200,000

253,140

2.50%,

6/3/2050

200,000

198,027

4.25%,

8/22/2057

200,000

271,007

Booking

Holdings,

Inc.

,

4.63%,

4/13/2030

200,000

242,860

eBay,

Inc.

,

3.80%,

3/9/2022

140,000

144,874

4.00%,

7/15/2042

100,000

112,756

Expedia

Group,

Inc.

,

3.25%,

2/15/2030

65,000

66,550

2,397,450

IT

Services

0.5%

Automatic

Data

Processing,

Inc.

,

1.25%,

9/1/2030

100,000

96,970

Broadridge

Financial

Solutions,

Inc.

,

3.40%,

6/27/2026

80,000

89,748

Fidelity

National

Information

Services,

Inc.

,

3.75%,

5/21/2029

50,000

57,564

Fiserv,

Inc.

,

2.75%,

7/1/2024

200,000

214,175

4.20%,

10/1/2028

100,000

118,056

3.50%,

7/1/2029

400,000

450,821

Global

Payments,

Inc.

,

2.65%,

2/15/2025

250,000

266,717

4.15%,

8/15/2049

100,000

118,210

International

Business

Machines

Corp.

,

3.00%,

5/15/2024

400,000

431,925

3.45%,

2/19/2026

250,000

281,235

1.70%,

5/15/2027

100,000

102,845

3.50%,

5/15/2029

200,000

227,556

16

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

IT

Services

International

Business

Machines

Corp.,

1.95%,

5/15/2030

200,000

203,332

5.88%,

11/29/2032

250,000

352,223

4.25%,

5/15/2049

200,000

248,140

Mastercard

,

Inc.

,

2.00%,

3/3/2025

300,000

316,408

3.95%,

2/26/2048

150,000

186,566

PayPal

Holdings,

Inc.

,

2.40%,

10/1/2024

35,000

37,197

2.85%,

10/1/2029

70,000

76,303

2.30%,

6/1/2030

250,000

262,638

Visa,

Inc.

,

3.15%,

12/14/2025

195,000

217,062

2.05%,

4/15/2030

200,000

209,065

1.10%,

2/15/2031

200,000

191,946

4.15%,

12/14/2035

150,000

190,877

4.30%,

12/14/2045

100,000

130,308

Western

Union

Co.

(The)

,

6.20%,

11/17/2036

100,000

124,704

5,202,591

Leisure

Products

0.0%

†

Hasbro,

Inc.

,

3.55%,

11/19/2026

200,000

221,931

3.90%,

11/19/2029

50,000

55,896

277,827

Life

Sciences

Tools

&

Services

0.1%

Agilent

Technologies,

Inc.

,

2.75%,

9/15/2029

100,000

108,197

PerkinElmer,

Inc.

,

3.30%,

9/15/2029

50,000

55,742

Thermo

Fisher

Scientific,

Inc.

,

3.20%,

8/15/2027

250,000

279,104

2.60%,

10/1/2029

65,000

70,091

513,134

Machinery

0.3%

Caterpillar,

Inc.

,

2.60%,

6/26/2022

250,000

256,517

2.60%,

9/19/2029

400,000

434,205

2.60%,

4/9/2030

200,000

216,841

6.05%,

8/15/2036

123,000

180,950

3.80%,

8/15/2042

97,000

117,868

3.25%,

9/19/2049

100,000

112,612

Cummins,

Inc.

,

2.60%,

9/1/2050

200,000

196,372

Deere

&

Co.

,

3.90%,

6/9/2042

100,000

122,850

3.75%,

4/15/2050

200,000

247,270

Dover

Corp.

,

2.95%,

11/4/2029

50,000

54,272

5.38%,

3/1/2041

50,000

64,765

Fortive

Corp.

,

4.30%,

6/15/2046

100,000

121,149

Illinois

Tool

Works,

Inc.

,

4.88%,

9/15/2041

200,000

273,907

Otis

Worldwide

Corp.

,

2.57%,

2/15/2030

100,000

105,701

Corporate

Bonds

Principal

Amount

($)

Value

($)

Machinery

Otis

Worldwide

Corp.,

3.11%,

2/15/2040

100,000

105,249

Parker-Hannifin

Corp.

,

4.20%,

11/21/2034

250,000

305,210

Snap-on,

Inc.

,

3.10%,

5/1/2050

100,000

108,688

Stanley

Black

&

Decker,

Inc.

,

2.30%,

3/15/2030

300,000

316,568

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.66%),

4.00%,

3/15/2060(c)

50,000

53,069

Westinghouse

Air

Brake

Technologies

Corp.

,

4.95%,

9/15/2028(e)

100,000

118,515

3,512,578

Media

0.8%

Charter

Communications

Operating

LLC

,

4.50%,

2/1/2024

300,000

332,322

3.75%,

2/15/2028

250,000

277,162

6.48%,

10/23/2045

100,000

136,684

4.80%,

3/1/2050

250,000

284,461

3.70%,

4/1/2051

200,000

197,454

6.83%,

10/23/2055

250,000

364,515

Comcast

Corp.

,

3.00%,

2/1/2024

1,000,000

1,075,190

4.15%,

10/15/2028

200,000

237,152

3.40%,

4/1/2030

300,000

340,843

4.25%,

1/15/2033

100,000

122,391

7.05%,

3/15/2033

105,000

157,381

6.50%,

11/15/2035

70,000

105,399

4.60%,

10/15/2038

250,000

319,806

3.97%,

11/1/2047

296,000

352,207

4.70%,

10/15/2048

650,000

863,281

3.45%,

2/1/2050

100,000

111,662

2.80%,

1/15/2051

300,000

298,284

Discovery

Communications

LLC

,

3.45%,

3/15/2025

135,000

147,505

4.90%,

3/11/2026

50,000

58,487

3.95%,

3/20/2028

100,000

113,808

3.63%,

5/15/2030

200,000

225,382

5.00%,

9/20/2037

50,000

61,814

5.30%,

5/15/2049

125,000

160,757

4.00%,

9/15/2055(d)

60,000

64,630

Fox

Corp.

,

5.48%,

1/25/2039

100,000

133,422

5.58%,

1/25/2049

100,000

138,442

Grupo

Televisa

SAB

,

6.13%,

1/31/2046

200,000

270,817

Omnicom

Group,

Inc.

,

3.63%,

5/1/2022

50,000

51,951

3.60%,

4/15/2026

250,000

281,861

Time

Warner

Cable

LLC

,

6.75%,

6/15/2039

50,000

69,892

5.50%,

9/1/2041

100,000

125,179

4.50%,

9/15/2042

250,000

284,346

Nationwide

Bond

Index

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

17

Corporate

Bonds

Principal

Amount

($)

Value

($)

Media

ViacomCBS

,

Inc.

,

3.70%,

8/15/2024

250,000

273,555

5.50%,

5/15/2033

82,000

104,341

4.38%,

3/15/2043

200,000

232,000

4.95%,

5/19/2050

150,000

190,081

WPP

Finance

2010

,

3.75%,

9/19/2024

250,000

275,838

8,840,302

Metals

&

Mining

0.3%

Barrick

Gold

Corp.

,

5.25%,

4/1/2042

200,000

270,227

BHP

Billiton

Finance

USA

Ltd.

,

6.42%,

3/1/2026

55,000

69,973

5.00%,

9/30/2043

150,000

209,719

Newmont

Corp.

,

5.88%,

4/1/2035

164,000

232,555

Nucor

Corp.

,

4.00%,

8/1/2023

250,000

269,683

2.70%,

6/1/2030

200,000

215,543

Rio

Tinto

Alcan,

Inc.

,

5.75%,

6/1/2035

144,000

209,216

Rio

Tinto

Finance

USA

plc

,

4.13%,

8/21/2042

50,000

62,623

Southern

Copper

Corp.

,

6.75%,

4/16/2040

100,000

147,295

5.88%,

4/23/2045

150,000

216,144

Steel

Dynamics,

Inc.

,

3.45%,

4/15/2030

300,000

334,287

Teck

Resources

Ltd.

,

5.20%,

3/1/2042

150,000

171,801

Vale

Overseas

Ltd.

,

6.25%,

8/10/2026

250,000

306,875

6.88%,

11/10/2039

100,000

145,126

2,861,067

Multiline

Retail

0.1%

Dollar

General

Corp.

,

3.25%,

4/15/2023

400,000

422,169

Dollar

Tree,

Inc.

,

3.70%,

5/15/2023

200,000

213,807

Kohl's

Corp.

,

3.25%,

2/1/2023

150,000

155,361

Target

Corp.

,

2.50%,

4/15/2026

250,000

272,577

3.63%,

4/15/2046

100,000

121,354

3.90%,

11/15/2047

100,000

127,615

1,312,883

Multi-Utilities

0.5%

Ameren

Corp.

,

3.65%,

2/15/2026

250,000

280,371

Ameren

Illinois

Co.

,

2.70%,

9/1/2022

350,000

361,219

Berkshire

Hathaway

Energy

Co.

,

3.50%,

2/1/2025

250,000

274,811

4.45%,

1/15/2049

100,000

127,777

4.25%,

10/15/2050(d)

200,000

248,212

2.85%,

5/15/2051(d)

300,000

299,373

Corporate

Bonds

Principal

Amount

($)

Value

($)

Multi-Utilities

Black

Hills

Corp.

,

3.05%,

10/15/2029

125,000

136,354

CenterPoint

Energy,

Inc.

,

2.50%,

9/1/2022

100,000

103,188

2.95%,

3/1/2030

100,000

108,046

CMS

Energy

Corp.

,

3.00%,

5/15/2026

100,000

109,737

Consolidated

Edison

Co.

of

New

York,

Inc.

,

5.70%,

6/15/2040

150,000

206,445

3.95%,

3/1/2043

100,000

114,900

4.45%,

3/15/2044

200,000

246,667

3.70%,

11/15/2059

100,000

112,891

Consumers

Energy

Co.

,

3.75%,

2/15/2050

150,000

182,061

3.50%,

8/1/2051

100,000

117,655

Dominion

Energy,

Inc.

,

4.25%,

6/1/2028

250,000

297,561

Series

B,

5.95%,

6/15/2035

174,000

242,281

Series

C,

4.90%,

8/1/2041

100,000

127,677

DTE

Energy

Co.

,

2.95%,

3/1/2030

100,000

107,631

NiSource,

Inc.

,

1.70%,

2/15/2031

100,000

97,940

5.95%,

6/15/2041

50,000

69,251

4.38%,

5/15/2047

100,000

121,220

Puget

Energy,

Inc.

,

3.65%,

5/15/2025

250,000

275,733

Puget

Sound

Energy,

Inc.

,

3.25%,

9/15/2049

100,000

107,340

Sempra

Energy

,

4.05%,

12/1/2023

200,000

218,091

6.00%,

10/15/2039

100,000

140,124

4.00%,

2/1/2048

150,000

171,520

Southern

Co.

Gas

Capital

Corp.

,

Series

20-A,

1.75%,

1/15/2031

250,000

246,871

4.40%,

6/1/2043

100,000

120,176

WEC

Energy

Group,

Inc.

,

3.55%,

6/15/2025

84,000

92,955

1.80%,

10/15/2030

200,000

198,135

5,664,213

Oil,

Gas

&

Consumable

Fuels

2.0%

BP

Capital

Markets

America,

Inc.

,

3.41%,

2/11/2026

250,000

278,265

4.23%,

11/6/2028

300,000

354,305

3.63%,

4/6/2030

200,000

227,560

1.75%,

8/10/2030

200,000

197,223

BP

Capital

Markets

plc

,

3.51%,

3/17/2025

250,000

276,828

Canadian

Natural

Resources

Ltd.

,

3.85%,

6/1/2027

350,000

393,903

6.25%,

3/15/2038

85,000

111,989

Cenovus

Energy,

Inc.

,

5.38%,

7/15/2025

300,000

338,979

4.25%,

4/15/2027

300,000

330,017

18

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Cheniere

Corpus

Christi

Holdings

LLC

,

5.13%,

6/30/2027

100,000

118,610

3.70%,

11/15/2029

65,000

70,964

Chevron

Corp.

,

2.36%,

12/5/2022

250,000

258,295

2.95%,

5/16/2026

250,000

274,334

2.24%,

5/11/2030

300,000

313,630

Chevron

USA,

Inc.

,

3.90%,

11/15/2024

250,000

279,100

6.00%,

3/1/2041

150,000

219,318

CNOOC

Finance

2014

ULC

,

4.25%,

4/30/2024

200,000

216,364

CNOOC

Finance

2015

USA

LLC

,

4.38%,

5/2/2028

200,000

224,562

CNOOC

Petroleum

North

America

ULC

,

5.88%,

3/10/2035

92,000

115,923

6.40%,

5/15/2037

100,000

132,996

Concho

Resources,

Inc.

,

4.30%,

8/15/2028

250,000

291,994

ConocoPhillips

,

5.90%,

10/15/2032

123,000

168,496

6.50%,

2/1/2039

200,000

300,716

Devon

Energy

Corp.

,

5.00%,

6/15/2045

200,000

230,114

Ecopetrol

SA

,

5.88%,

5/28/2045

225,000

255,240

Enable

Midstream

Partners

LP

,

5.00%,

5/15/2044(e)

50,000

48,239

Enbridge

Energy

Partners

LP

,

7.38%,

10/15/2045

100,000

151,498

Enbridge,

Inc.

,

3.13%,

11/15/2029

100,000

108,114

5.50%,

12/1/2046

50,000

65,495

Energy

Transfer

Operating

LP

,

5.20%,

2/1/2022

250,000

258,399

4.25%,

3/15/2023

250,000

264,942

5.25%,

4/15/2029

100,000

115,367

3.75%,

5/15/2030

200,000

210,068

6.50%,

2/1/2042

250,000

303,472

6.25%,

4/15/2049

100,000

118,287

5.00%,

5/15/2050

100,000

103,575

Enterprise

Products

Operating

LLC

,

3.13%,

7/31/2029

100,000

109,484

2.80%,

1/31/2030

200,000

214,279

6.13%,

10/15/2039

90,000

121,409

4.85%,

8/15/2042

150,000

181,157

4.95%,

10/15/2054

450,000

544,555

EOG

Resources,

Inc.

,

4.95%,

4/15/2050

100,000

129,256

Equinor

ASA

,

2.88%,

4/6/2025

300,000

325,018

3.95%,

5/15/2043

150,000

174,974

3.25%,

11/18/2049

100,000

105,800

3.70%,

4/6/2050

100,000

114,829

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Exxon

Mobil

Corp.

,

1.57%,

4/15/2023

100,000

102,702

3.18%,

3/15/2024

200,000

215,236

2.71%,

3/6/2025

250,000

268,315

2.99%,

3/19/2025

200,000

217,394

3.04%,

3/1/2026

75,000

82,376

3.29%,

3/19/2027

200,000

225,126

3.48%,

3/19/2030

200,000

226,781

3.00%,

8/16/2039

100,000

103,771

4.23%,

3/19/2040

200,000

241,024

4.11%,

3/1/2046

100,000

119,072

4.33%,

3/19/2050

63,000

77,572

3.45%,

4/15/2051

187,000

203,377

Hess

Corp.

,

4.30%,

4/1/2027

100,000

110,881

7.30%,

8/15/2031

127,000

165,556

Husky

Energy,

Inc.

,

3.95%,

4/15/2022

200,000

205,512

Kinder

Morgan

Energy

Partners

LP

,

5.80%,

3/15/2035

144,000

184,120

6.38%,

3/1/2041

100,000

129,531

Kinder

Morgan,

Inc.

,

4.30%,

6/1/2025

335,000

378,542

5.55%,

6/1/2045

100,000

125,227

5.05%,

2/15/2046

250,000

296,867

Magellan

Midstream

Partners

LP

,

4.25%,

9/15/2046

100,000

111,226

Marathon

Oil

Corp.

,

6.80%,

3/15/2032

82,000

103,738

Marathon

Petroleum

Corp.

,

4.70%,

5/1/2025

200,000

228,257

6.50%,

3/1/2041

100,000

134,608

MPLX

LP

,

4.50%,

7/15/2023

150,000

162,457

4.88%,

6/1/2025

250,000

286,863

4.13%,

3/1/2027

200,000

228,170

4.00%,

3/15/2028

250,000

284,454

2.65%,

8/15/2030

200,000

204,531

4.70%,

4/15/2048

150,000

168,246

ONEOK,

Inc.

,

2.75%,

9/1/2024

250,000

263,378

3.10%,

3/15/2030

100,000

103,818

4.95%,

7/13/2047

150,000

167,575

5.20%,

7/15/2048

100,000

113,868

Phillips

66

,

0.90%,

2/15/2024

300,000

300,598

5.88%,

5/1/2042

150,000

203,067

Phillips

66

Partners

LP

,

3.75%,

3/1/2028

250,000

271,306

Plains

All

American

Pipeline

LP

,

4.70%,

6/15/2044

200,000

202,826

Sabine

Pass

Liquefaction

LLC

,

6.25%,

3/15/2022

250,000

262,118

5.00%,

3/15/2027

250,000

295,566

Spectra

Energy

Partners

LP

,

3.50%,

3/15/2025

250,000

273,886

Nationwide

Bond

Index

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

19

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Suncor

Energy,

Inc.

,

3.60%,

12/1/2024

120,000

132,092

5.95%,

5/15/2035

89,000

115,303

4.00%,

11/15/2047

100,000

108,683

Sunoco

Logistics

Partners

Operations

LP

,

5.35%,

5/15/2045

150,000

159,520

Total

Capital

International

SA

,

3.70%,

1/15/2024

500,000

547,257

3.46%,

2/19/2029

200,000

226,647

3.46%,

7/12/2049

100,000

109,210

TransCanada

PipeLines

Ltd.

,

4.25%,

5/15/2028

250,000

292,212

4.10%,

4/15/2030

150,000

174,144

5.85%,

3/15/2036

150,000

202,302

5.10%,

3/15/2049

150,000

194,568

Valero

Energy

Corp.

,

3.65%,

3/15/2025

205,000

223,816

7.50%,

4/15/2032

82,000

114,388

6.63%,

6/15/2037

100,000

131,421

Williams

Cos.,

Inc.

(The)

,

4.50%,

11/15/2023

300,000

329,390

4.55%,

6/24/2024

250,000

278,666

5.40%,

3/4/2044

250,000

304,021

4.85%,

3/1/2048

100,000

118,162

21,559,282

Paper

&

Forest

Products

0.0%

†

Georgia-Pacific

LLC

,

8.88%,

5/15/2031

100,000

161,085

Personal

Products

0.0%

†

Estee

Lauder

Cos.,

Inc.

(The)

,

2.00%,

12/1/2024

250,000

263,485

3.13%,

12/1/2049

100,000

111,785

375,270

Pharmaceuticals

1.1%

AstraZeneca

plc

,

3.38%,

11/16/2025

250,000

278,496

6.45%,

9/15/2037

50,000

75,138

4.38%,

11/16/2045

150,000

193,017

4.38%,

8/17/2048

150,000

193,502

Bristol-Myers

Squibb

Co.

,

3.25%,

8/15/2022

200,000

208,864

2.90%,

7/26/2024

500,000

541,505

3.20%,

6/15/2026

200,000

223,627

3.40%,

7/26/2029

100,000

114,374

4.63%,

5/15/2044

150,000

197,072

5.00%,

8/15/2045

250,000

345,936

4.55%,

2/20/2048

100,000

130,941

4.25%,

10/26/2049

100,000

127,699

Eli

Lilly

&

Co.

,

2.75%,

6/1/2025

45,000

48,914

3.10%,

5/15/2027

200,000

224,477

3.95%,

3/15/2049

100,000

125,485

Eli

Lilly

and

Co.

,

2.25%,

5/15/2050

200,000

186,676

GlaxoSmithKline

Capital

plc

,

2.85%,

5/8/2022

250,000

258,067

3.38%,

6/1/2029

250,000

287,332

Corporate

Bonds

Principal

Amount

($)

Value

($)

Pharmaceuticals

GlaxoSmithKline

Capital,

Inc.

,

5.38%,

4/15/2034

139,000

196,154

Johnson

&

Johnson

,

2.45%,

3/1/2026

75,000

81,286

4.95%,

5/15/2033

287,000

395,743

3.63%,

3/3/2037

250,000

298,412

3.75%,

3/3/2047

100,000

123,975

2.45%,

9/1/2060

200,000

195,890

Merck

&

Co.,

Inc.

,

2.75%,

2/10/2025

470,000

507,073

3.40%,

3/7/2029

300,000

343,491

4.15%,

5/18/2043

100,000

126,891

4.00%,

3/7/2049

100,000

126,417

2.45%,

6/24/2050

100,000

96,709

Mylan,

Inc.

,

4.55%,

4/15/2028

150,000

177,819

5.20%,

4/15/2048

100,000

129,604

Novartis

Capital

Corp.

,

3.40%,

5/6/2024

250,000

274,097

3.00%,

11/20/2025

250,000

275,706

2.20%,

8/14/2030

300,000

318,469

4.00%,

11/20/2045

100,000

126,689

Perrigo

Finance

Unlimited

Co.

,

3.15%,

6/15/2030

200,000

210,863

Pfizer,

Inc.

,

2.95%,

3/15/2024

250,000

269,311

3.00%,

12/15/2026

250,000

279,391

7.20%,

3/15/2039

275,000

461,060

4.13%,

12/15/2046

200,000

252,298

4.00%,

3/15/2049

100,000

125,213

Pharmacia

LLC

,

6.60%,

12/1/2028(e)

123,000

169,318

Royalty

Pharma

plc

,

0.75%,

9/2/2023(d)

200,000

200,813

3.55%,

9/2/2050(d)

100,000

104,425

Sanofi

,

3.63%,

6/19/2028

250,000

287,580

Shire

Acquisitions

Investments

Ireland

DAC

,

3.20%,

9/23/2026

190,000

211,040

Takeda

Pharmaceutical

Co.

Ltd.

,

3.03%,

7/9/2040

200,000

205,583

3.18%,

7/9/2050

200,000

204,962

Utah

Acquisition

Sub,

Inc.

,

3.95%,

6/15/2026

100,000

113,768

Viatris

,

Inc.

,

3.85%,

6/22/2040(d)

200,000

220,843

Zoetis,

Inc.

,

3.25%,

2/1/2023

250,000

262,465

4.50%,

11/13/2025

115,000

133,761

4.70%,

2/1/2043

100,000

132,740

11,400,981

Professional

Services

0.0%

†

Thomson

Reuters

Corp.

,

3.35%,

5/15/2026

140,000

155,900

20

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Road

&

Rail

0.4%

Burlington

Northern

Santa

Fe

LLC

,

3.00%,

4/1/2025

300,000

327,152

5.05%,

3/1/2041

350,000

473,298

4.70%,

9/1/2045

150,000

200,246

Canadian

National

Railway

Co.

,

6.90%,

7/15/2028

168,000

230,909

6.20%,

6/1/2036

64,000

95,590

Canadian

Pacific

Railway

Co.

,

2.90%,

2/1/2025

100,000

108,164

4.80%,

8/1/2045

150,000

204,510

CSX

Corp.

,

5.50%,

4/15/2041

100,000

139,262

3.35%,

9/15/2049

100,000

109,052

3.95%,

5/1/2050

250,000

301,144

Kansas

City

Southern

,

2.88%,

11/15/2029

60,000

64,750

4.20%,

11/15/2069

100,000

114,413

Norfolk

Southern

Corp.

,

2.90%,

2/15/2023

92,000

96,215

2.55%,

11/1/2029

50,000

53,465

4.84%,

10/1/2041

15,000

19,836

4.45%,

6/15/2045

50,000

63,131

3.40%,

11/1/2049

70,000

76,625

4.05%,

8/15/2052

132,000

160,421

Ryder

System,

Inc.

,

2.50%,

9/1/2024

45,000

47,725

2.90%,

12/1/2026

90,000

98,902

Union

Pacific

Corp.

,

2.40%,

2/5/2030

200,000

211,711

3.60%,

9/15/2037

100,000

112,690

4.05%,

3/1/2046

105,000

123,933

4.50%,

9/10/2048

150,000

190,112

3.25%,

2/5/2050

250,000

269,503

3.95%,

8/15/2059

100,000

119,255

4,012,014

Semiconductors

&

Semiconductor

Equipment

0.6%

Applied

Materials,

Inc.

,

1.75%,

6/1/2030

100,000

101,201

4.35%,

4/1/2047

100,000

132,478

Broadcom

Corp.

,

3.63%,

1/15/2024

750,000

810,815

3.88%,

1/15/2027

200,000

223,409

Broadcom,

Inc.

,

3.63%,

10/15/2024

200,000

219,055

4.70%,

4/15/2025

200,000

228,296

5.00%,

4/15/2030

150,000

178,563

4.15%,

11/15/2030

300,000

339,807

3.50%,

2/15/2041(d)

200,000

201,599

3.75%,

2/15/2051(d)

100,000

102,224

Intel

Corp.

,

2.70%,

12/15/2022

250,000

261,291

3.40%,

3/25/2025

100,000

110,629

3.70%,

7/29/2025

150,000

168,616

3.75%,

3/25/2027

100,000

115,349

2.45%,

11/15/2029

250,000

267,610

3.90%,

3/25/2030

200,000

237,160

4.10%,

5/11/2047

100,000

121,721

Corporate

Bonds

Principal

Amount

($)

Value

($)

Semiconductors

&

Semiconductor

Equipment

Intel

Corp.,

3.73%,

12/8/2047

207,000

239,478

4.75%,

3/25/2050

150,000

201,875

KLA

Corp.

,

4.65%,

11/1/2024

215,000

243,686

3.30%,

3/1/2050

50,000

54,959

Lam

Research

Corp.

,

3.80%,

3/15/2025

145,000

162,557

1.90%,

6/15/2030

60,000

61,389

2.88%,

6/15/2050

55,000

57,242

Micron

Technology,

Inc.

,

4.19%,

2/15/2027

250,000

290,493

NVIDIA

Corp.

,

2.85%,

4/1/2030

200,000

220,430

3.50%,

4/1/2050

100,000

115,043

NXP

BV

,

4.30%,

6/18/2029(d)

150,000

175,077

QUALCOMM,

Inc.

,

3.25%,

5/20/2027

100,000

113,128

1.30%,

5/20/2028

73,000

72,902

1.65%,

5/20/2032

200,000

197,033

4.65%,

5/20/2035

250,000

325,958

Texas

Instruments,

Inc.

,

4.15%,

5/15/2048

100,000

129,600

Xilinx,

Inc.

,

2.95%,

6/1/2024

100,000

107,292

6,587,965

Software

0.6%

Adobe,

Inc.

,

3.25%,

2/1/2025

70,000

76,819

Microsoft

Corp.

,

2.00%,

8/8/2023

250,000

260,079

2.88%,

2/6/2024

85,000

91,129

2.40%,

8/8/2026

465,000

504,082

3.30%,

2/6/2027

400,000

454,428

3.50%,

2/12/2035

65,000

77,852

3.45%,

8/8/2036

250,000

299,249

4.45%,

11/3/2045

200,000

271,293

3.70%,

8/8/2046

200,000

245,930

2.53%,

6/1/2050

475,000

480,091

2.68%,

6/1/2060

166,000

168,556

Oracle

Corp.

,

2.40%,

9/15/2023

350,000

367,429

2.50%,

4/1/2025

100,000

107,003

2.95%,

5/15/2025

150,000

163,151

2.65%,

7/15/2026

145,000

157,395

2.80%,

4/1/2027

400,000

437,168

3.25%,

11/15/2027

200,000

225,485

2.95%,

4/1/2030

200,000

219,649

3.25%,

5/15/2030

100,000

112,153

4.30%,

7/8/2034

150,000

183,964

3.60%,

4/1/2040

200,000

225,061

4.13%,

5/15/2045

150,000

177,499

4.00%,

7/15/2046

350,000

410,987

3.60%,

4/1/2050

200,000

223,156

4.38%,

5/15/2055

150,000

186,794

3.85%,

4/1/2060

100,000

115,722

ServiceNow

,

Inc.

,

1.40%,

9/1/2030

75,000

71,680

Nationwide

Bond

Index

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

21

Corporate

Bonds

Principal

Amount

($)

Value

($)

Software

VMware,

Inc.

,

4.70%,

5/15/2030

200,000

236,438

6,550,242

Specialty

Retail

0.3%

AutoZone,

Inc.

,

3.13%,

4/18/2024

250,000

269,327

3.25%,

4/15/2025

165,000

180,157

Home

Depot,

Inc.

(The)

,

2.63%,

6/1/2022

250,000

257,421

3.35%,

9/15/2025

120,000

134,405

2.50%,

4/15/2027

100,000

108,634

2.95%,

6/15/2029

100,000

111,376

3.30%,

4/15/2040

100,000

113,113

5.95%,

4/1/2041

100,000

151,140

4.40%,

3/15/2045

200,000

257,552

4.50%,

12/6/2048

100,000

133,031

3.13%,

12/15/2049

100,000

108,205

3.35%,

4/15/2050

100,000

112,140

Lowe's

Cos.,

Inc.

,

6.50%,

3/15/2029

164,000

218,487

3.65%,

4/5/2029

200,000

228,990

4.55%,

4/5/2049

100,000

129,160

3.00%,

10/15/2050

200,000

203,775

TJX

Cos.,

Inc.

(The)

,

3.50%,

4/15/2025

300,000

333,122

3.88%,

4/15/2030

100,000

117,183

3,167,218

Technology

Hardware,

Storage

&

Peripherals

0.5%

Apple,

Inc.

,

2.30%,

5/11/2022

250,000

256,019

1.70%,

9/11/2022

630,000

645,173

0.75%,

5/11/2023

500,000

506,403

3.45%,

5/6/2024

300,000

329,373

2.50%,

2/9/2025

170,000

182,853

3.25%,

2/23/2026

95,000

106,007

2.45%,

8/4/2026

190,000

205,793

3.00%,

11/13/2027

100,000

112,456

1.65%,

5/11/2030

100,000

101,095

3.85%,

5/4/2043

250,000

304,328

4.38%,

5/13/2045

145,000

189,416

4.65%,

2/23/2046

230,000

312,191

2.95%,

9/11/2049

300,000

319,828

2.65%,

5/11/2050

100,000

101,119

2.55%,

8/20/2060

250,000

239,408

Dell

International

LLC

,

5.45%,

6/15/2023(d)

200,000

219,703

6.02%,

6/15/2026(d)

240,000

289,726

5.30%,

10/1/2029(d)

100,000

120,409

8.35%,

7/15/2046(d)

150,000

223,121

Hewlett

Packard

Enterprise

Co.

,

2.25%,

4/1/2023

250,000

259,147

6.35%,

10/15/2045(e)

100,000

129,841

HP,

Inc.

,

6.00%,

9/15/2041

100,000

128,038

5,281,447

Corporate

Bonds

Principal

Amount

($)

Value

($)

Textiles,

Apparel

&

Luxury

Goods

0.0%

†

NIKE,

Inc.

,

2.85%,

3/27/2030

100,000

111,098

3.38%,

11/1/2046

100,000

114,422

3.38%,

3/27/2050

100,000

115,417

340,937

Thrifts

&

Mortgage

Finance

0.0%

†

BPCE

SA

,

4.00%,

4/15/2024

250,000

276,785

Tobacco

0.4%

Altria

Group,

Inc.

,

2.85%,

8/9/2022

250,000

259,229

2.35%,

5/6/2025

300,000

316,625

4.80%,

2/14/2029

200,000

237,636

3.40%,

5/6/2030

200,000

219,613

4.25%,

8/9/2042

100,000

109,294

5.38%,

1/31/2044

100,000

124,799

5.95%,

2/14/2049

150,000

203,315

BAT

Capital

Corp.

,

3.22%,

8/15/2024

150,000

161,890

3.56%,

8/15/2027

200,000

222,266

3.46%,

9/6/2029

50,000

54,558

4.39%,

8/15/2037

100,000

110,434

4.54%,

8/15/2047

150,000

163,647

4.76%,

9/6/2049

50,000

55,351

3.98%,

9/25/2050

100,000

100,542

Philip

Morris

International,

Inc.

,

2.38%,

8/17/2022

200,000

206,048

3.60%,

11/15/2023

250,000

271,935

4.13%,

3/4/2043

200,000

233,904

4.88%,

11/15/2043

150,000

194,095

4.25%,

11/10/2044

100,000

120,203

Reynolds

American,

Inc.

,

4.85%,

9/15/2023

200,000

222,179

4.45%,

6/12/2025

100,000

113,190

5.70%,

8/15/2035

75,000

93,847

5.85%,

8/15/2045

100,000

126,341

3,920,941

Trading

Companies

&

Distributors

0.1%

Air

Lease

Corp.

,

2.25%,

1/15/2023

250,000

256,836

3.63%,

12/1/2027

250,000

273,146

Aircastle

Ltd.

,

5.00%,

4/1/2023

50,000

53,740

4.13%,

5/1/2024

100,000

106,069

GATX

Corp.

,

4.00%,

6/30/2030

200,000

233,950

923,741

Water

Utilities

0.1%

American

Water

Capital

Corp.

,

3.45%,

6/1/2029

100,000

113,627

4.30%,

9/1/2045

150,000

188,827

Essential

Utilities,

Inc.

,

3.35%,

4/15/2050

150,000

161,393

463,847

22

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Wireless

Telecommunication

Services

0.4%

America

Movil

SAB

de

CV

,

3.13%,

7/16/2022

250,000

259,508

2.88%,

5/7/2030

200,000

215,346

6.38%,

3/1/2035

123,000

181,598

Rogers

Communications,

Inc.

,

5.00%,

3/15/2044

250,000

330,299

T-Mobile

USA,

Inc.

,

3.50%,

4/15/2025(d)

200,000

219,239

3.75%,

4/15/2027(d)

200,000

224,762

3.88%,

4/15/2030(d)

300,000

338,751

2.55%,

2/15/2031(d)

300,000

307,284

4.38%,

4/15/2040(d)

100,000

117,103

4.50%,

4/15/2050(d)

200,000

235,680

3.30%,

2/15/2051(d)

100,000

97,979

Vodafone

Group

plc

,

3.75%,

1/16/2024

400,000

436,570

4.38%,

5/30/2028

250,000

297,681

7.88%,

2/15/2030

144,000

212,849

6.15%,

2/27/2037

75,000

104,754

5.25%,

5/30/2048

75,000

100,603

4.88%,

6/19/2049

100,000

128,804

4.25%,

9/17/2050

140,000

166,167

3,974,977

Total

Corporate

Bonds

(cost

$262,580,959)

288,116,323

Foreign

Government

Securities

1.8%

CANADA

0.3%

Canada

Government

Bond

,

2.00%,

11/15/2022

250,000

258,300

Export

Development

Canada

,

2.50%,

1/24/2023

500,000

522,684

Province

of

Alberta

,

2.95%,

1/23/2024

250,000

269,006

3.30%,

3/15/2028

100,000

114,552

Province

of

New

Brunswick

,

3.63%,

2/24/2028

100,000

117,097

Province

of

Ontario

,

2.20%,

10/3/2022

500,000

516,003

3.05%,

1/29/2024

500,000

540,178

1.13%,

10/7/2030

500,000

487,398

Province

of

Quebec

,

2.50%,

4/20/2026

200,000

218,565

7.50%,

9/15/2029

200,000

297,836

1.35%,

5/28/2030

400,000

400,604

3,742,223

CHILE

0.1%

Republic

of

Chile

,

3.24%,

2/6/2028

500,000

560,005

2.45%,

1/31/2031

200,000

210,400

2.55%,

1/27/2032

200,000

211,400

981,805

COLOMBIA

0.2%

Republic

of

Colombia

,

2.63%,

3/15/2023

200,000

205,900

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

COLOMBIA

Republic

of

Colombia

(continued)

4.00%,

2/26/2024

250,000

268,690

3.88%,

4/25/2027

200,000

219,900

4.50%,

3/15/2029

200,000

227,252

7.38%,

9/18/2037

100,000

139,750

5.63%,

2/26/2044

200,000

246,400

5.00%,

6/15/2045

350,000

405,825

1,713,717

GERMANY

0.0%

†

FMS

Wertmanagement

AoeR

,

2.75%,

1/30/2024

400,000

429,373

HUNGARY

0.1%

Hungary

Government

Bond

,

5.75%,

11/22/2023

200,000

228,149

5.38%,

3/25/2024

500,000

570,655

798,804

INDONESIA

0.1%

Republic

of

Indonesia

,

4.75%,

2/11/2029

200,000

239,800

3.85%,

10/15/2030

200,000

231,054

4.35%,

1/11/2048

250,000

295,665

766,519

ISRAEL

0.1%

State

of

Israel

Government

Bond

,

3.15%,

6/30/2023

250,000

265,717

4.13%,

1/17/2048

200,000

250,316

3.88%,

7/3/2050

200,000

236,976

753,009

ITALY

0.1%

Italian

Republic

Government

Bond

,

6.88%,

9/27/2023

200,000

231,892

2.38%,

10/17/2024

200,000

210,339

2.88%,

10/17/2029

200,000

208,591

5.38%,

6/15/2033

234,000

298,983

949,805

JAPAN

0.1%

Japan

Bank

for

International

Cooperation

,

3.38%,

10/31/2023

1,000,000

1,082,248

2.00%,

10/17/2029

500,000

531,741

1,613,989

MEXICO

0.2%

United

Mexican

States

,

4.00%,

10/2/2023

200,000

218,602

3.75%,

1/11/2028

250,000

278,140

4.75%,

4/27/2032

200,000

233,200

6.75%,

9/27/2034

200,000

271,752

5.55%,

1/21/2045

200,000

248,502

4.60%,

1/23/2046

250,000

275,002

5.00%,

4/27/2051

300,000

349,878

Nationwide

Bond

Index

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

23

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

MEXICO

United

Mexican

States

(continued)

3.77%,

5/24/2061

200,000

192,500

5.75%,

10/12/2110

200,000

247,502

2,315,078

PANAMA

0.1%

Republic

of

Panama

,

3.88%,

3/17/2028

200,000

226,002

3.16%,

1/23/2030

200,000

217,502

2.25%,

9/29/2032

200,000

201,700

6.70%,

1/26/2036

250,000

358,127

4.50%,

4/16/2050

200,000

245,252

1,248,583

PERU

0.1%

Republic

of

Peru

,

2.78%,

1/23/2031

200,000

215,000

5.63%,

11/18/2050

200,000

304,000

2.78%,

12/1/2060

200,000

192,802

711,802

PHILIPPINES

0.1%

Republic

of

Philippines

,

7.75%,

1/14/2031

250,000

383,234

6.38%,

10/23/2034

250,000

365,217

3.95%,

1/20/2040

250,000

293,750

1,042,201

POLAND

0.0%

†

Republic

of

Poland

,

4.00%,

1/22/2024

250,000

276,000

SOUTH

KOREA

0.1%

Export-Import

Bank

of

Korea

,

2.88%,

1/21/2025

350,000

379,484

Republic

of

Korea

,

5.63%,

11/3/2025

200,000

245,647

2.50%,

6/19/2029

200,000

218,541

843,672

SWEDEN

0.0%

†

Svensk

Exportkredit

AB

,

2.88%,

3/14/2023

200,000

211,015

URUGUAY

0.1%

Oriental

Republic

of

Uruguay

,

4.50%,

8/14/2024

350,000

384,825

4.38%,

1/23/2031

200,000

240,502

5.10%,

6/18/2050

300,000

403,128

1,028,455

Total

Foreign

Government

Securities

(cost

$17,963,941)

19,426,050

Mortgage-Backed

Securities

26.0%

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

J01279

5.50%,

2/1/2021

6

6

Pool#

J01570

5.50%,

4/1/2021

140

141

Pool#

J01771

5.00%,

5/1/2021

479

501

Pool#

J05950

5.50%,

5/1/2021

342

343

Pool#

G18122

5.00%,

6/1/2021

180

189

Pool#

J01980

6.00%,

6/1/2021

510

511

Pool#

J03074

5.00%,

7/1/2021

48

50

Pool#

C00351

8.00%,

7/1/2024

112

121

Pool#

D60780

8.00%,

6/1/2025

367

379

Pool#

G30267

5.00%,

8/1/2025

60,978

67,328

Pool#

J13883

3.50%,

12/1/2025

177,311

189,033

Pool#

J18127

3.00%,

3/1/2027

101,907

107,904

Pool#

J18702

3.00%,

3/1/2027

97,451

103,164

Pool#

J19106

3.00%,

5/1/2027

42,713

45,670

Pool#

J20471

3.00%,

9/1/2027

190,105

201,315

Pool#

D82854

7.00%,

10/1/2027

284

306

Pool#

G14609

3.00%,

11/1/2027

258,735

273,942

Pool#

C00566

7.50%,

12/1/2027

445

512

Pool#

G15100

2.50%,

7/1/2028

85,171

90,172

Pool#

C18271

7.00%,

11/1/2028

1,328

1,486

Pool#

C00678

7.00%,

11/1/2028

518

598

Pool#

C00836

7.00%,

7/1/2029

312

361

Pool#

C31285

7.00%,

9/1/2029

696

783

Pool#

C31282

7.00%,

9/1/2029

42

43

Pool#

G18536

2.50%,

1/1/2030

965,137

1,016,121

Pool#

C37436

8.00%,

1/1/2030

917

1,089

Pool#

C36429

7.00%,

2/1/2030

408

421

Pool#

C36306

7.00%,

2/1/2030

403

420

Pool#

C00921

7.50%,

2/1/2030

585

686

Pool#

G01108

7.00%,

4/1/2030

226

258

24

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

C37703

7.50%,

4/1/2030

444

469

Pool#

G18552

3.00%,

5/1/2030

443,416

469,747

Pool#

J32243

3.00%,

7/1/2030

444,305

477,474

Pool#

J32257

3.00%,

7/1/2030

32,097

34,643

Pool#

J32255

3.00%,

7/1/2030

24,974

26,842

Pool#

C41561

8.00%,

8/1/2030

1,268

1,326

Pool#

C01051

8.00%,

9/1/2030

1,126

1,353

Pool#

C43550

7.00%,

10/1/2030

944

977

Pool#

C44017

7.50%,

10/1/2030

296

301

Pool#

C43967

8.00%,

10/1/2030

2,403

2,414

Pool#

C44957

8.00%,

11/1/2030

577

591

Pool#

C01106

7.00%,

12/1/2030

4,143

4,779

Pool#

C01103

7.50%,

12/1/2030

488

580

Pool#

C46932

7.50%,

1/1/2031

431

448

Pool#

C01116

7.50%,

1/1/2031

378

451

Pool#

G01217

7.00%,

3/1/2031

4,659

5,426

Pool#

C48206

7.50%,

3/1/2031

1,143

1,148

Pool#

C91366

4.50%,

4/1/2031

69,537

77,037

Pool#

G18601

3.00%,

5/1/2031

25,098

26,586

Pool#

G18605

3.00%,

6/1/2031

13,118

13,892

Pool#

C91377

4.50%,

6/1/2031

37,100

41,092

Pool#

C53324

7.00%,

6/1/2031

1,051

1,124

Pool#

C01209

8.00%,

6/1/2031

305

319

Pool#

C54792

7.00%,

7/1/2031

1,367

1,420

Pool#

J35107

2.50%,

8/1/2031

32,910

34,998

Pool#

G01309

7.00%,

8/1/2031

704

814

Pool#

G01311

7.00%,

9/1/2031

4,932

5,707

Pool#

C01222

7.00%,

9/1/2031

599

703

Pool#

G01315

7.00%,

9/1/2031

168

196

Pool#

J35522

2.50%,

10/1/2031

153,739

161,882

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

C58694

7.00%,

10/1/2031

2,899

3,186

Pool#

C60012

7.00%,

11/1/2031

475

491

Pool#

C61298

8.00%,

11/1/2031

1,674

1,723

Pool#

J35957

2.50%,

12/1/2031

268,029

282,221

Pool#

C61105

7.00%,

12/1/2031

3,592

3,897

Pool#

C01305

7.50%,

12/1/2031

480

548

Pool#

C63171

7.00%,

1/1/2032

3,934

4,575

Pool#

V61548

2.50%,

2/1/2032

284,041

302,104

Pool#

G01391

7.00%,

4/1/2032

8,500

9,913

Pool#

C01345

7.00%,

4/1/2032

2,810

3,326

Pool#

C01370

8.00%,

4/1/2032

696

809

Pool#

G16285

3.50%,

5/1/2032

22,915

25,036

Pool#

C01381

8.00%,

5/1/2032

7,834

9,348

Pool#

C68290

7.00%,

6/1/2032

1,571

1,726

Pool#

C68300

7.00%,

6/1/2032

671

673

Pool#

G01449

7.00%,

7/1/2032

5,345

6,206

Pool#

C69908

7.00%,

8/1/2032

16,368

18,869

Pool#

C91558

3.50%,

9/1/2032

78,804

85,616

Pool#

G16407

2.50%,

1/1/2033

107,380

115,540

Pool#

G16408

2.50%,

1/1/2033

61,781

66,170

Pool#

G01536

7.00%,

3/1/2033

6,966

8,247

Pool#

G30646

3.00%,

5/1/2033

126,233

134,395

Pool#

G30642

3.00%,

5/1/2033

63,530

67,620

Pool#

K90535

3.00%,

5/1/2033

25,703

27,819

Pool#

G18696

3.50%,

7/1/2033

16,933

18,047

Pool#

A16419

6.50%,

11/1/2033

10,340

11,621

Pool#

A16522

6.50%,

12/1/2033

14,637

16,989

Pool#

C01806

7.00%,

1/1/2034

8,243

8,793

Pool#

A21356

6.50%,

4/1/2034

32,741

38,434

Pool#

C01851

6.50%,

4/1/2034

16,729

19,909

Nationwide

Bond

Index

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

25

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

A24301

6.50%,

5/1/2034

19,057

21,417

Pool#

A22067

6.50%,

5/1/2034

17,660

20,402

Pool#

G18737

3.50%,

6/1/2034

110,477

117,585

Pool#

A24988

6.50%,

7/1/2034

7,614

8,557

Pool#

G01741

6.50%,

10/1/2034

6,016

6,935

Pool#

G08023

6.50%,

11/1/2034

12,816

15,048

Pool#

A33137

6.50%,

1/1/2035

2,587

2,907

Pool#

G08064

6.50%,

4/1/2035

6,427

7,685

Pool#

G01947

7.00%,

5/1/2035

6,074

7,107

Pool#

G08088

6.50%,

10/1/2035

59,748

70,742

Pool#

A39759

5.50%,

11/1/2035

5,386

6,269

Pool#

A40376

5.50%,

12/1/2035

3,402

3,977

Pool#

A42305

5.50%,

1/1/2036

5,960

6,742

Pool#

A41548

7.00%,

1/1/2036

8,135

8,550

Pool#

G08111

5.50%,

2/1/2036

15,692

18,346

Pool#

A43886

5.50%,

3/1/2036

216,384

250,258

Pool#

A43861

5.50%,

3/1/2036

33,406

37,537

Pool#

G08116

5.50%,

3/1/2036

18,538

21,677

Pool#

A43534

6.50%,

3/1/2036

1,482

1,665

Pool#

A48735

5.50%,

5/1/2036

4,904

5,472

Pool#

G08136

6.50%,

6/1/2036

7,143

8,396

Pool#

A53039

6.50%,

10/1/2036

31,455

35,350

Pool#

C91982

3.50%,

3/1/2038

84,548

90,469

Pool#

G04251

6.50%,

4/1/2038

3,807

4,416

Pool#

G04569

6.50%,

8/1/2038

4,368

4,995

Pool#

C92013

3.50%,

9/1/2038

159,982

170,682

Pool#

A84252

6.50%,

1/1/2039

18,186

21,066

Pool#

A84287

6.50%,

1/1/2039

8,697

10,395

Pool#

G05535

4.50%,

7/1/2039

493,593

552,899

Pool#

A91165

5.00%,

2/1/2040

880,121

1,023,175

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G60342

4.50%,

5/1/2042

107,585

120,774

Pool#

G60195

4.00%,

6/1/2042

257,016

283,940

Pool#

G07158

3.50%,

10/1/2042

137,681

149,097

Pool#

Q12051

3.50%,

10/1/2042

104,331

113,663

Pool#

G07163

3.50%,

10/1/2042

93,257

102,022

Pool#

Q11532

3.50%,

10/1/2042

75,886

82,997

Pool#

Q12052

3.50%,

10/1/2042

46,390

50,722

Pool#

C09020

3.50%,

11/1/2042

386,613

421,107

Pool#

G07264

3.50%,

12/1/2042

166,829

181,188

Pool#

Q14881

3.50%,

1/1/2043

39,031

42,690

Pool#

Q14292

3.50%,

1/1/2043

37,323

40,833

Pool#

Q15884

3.00%,

2/1/2043

392,757

421,139

Pool#

V80002

2.50%,

4/1/2043

228,448

243,264

Pool#

Q16915

3.00%,

4/1/2043

424,015

461,269

Pool#

Q17675

3.50%,

4/1/2043

195,306

213,635

Pool#

Q18523

3.50%,

5/1/2043

381,802

414,343

Pool#

Q18751

3.50%,

6/1/2043

581,217

632,233

Pool#

G07410

3.50%,

7/1/2043

75,407

83,237

Pool#

Q20332

3.50%,

7/1/2043

16,212

17,667

Pool#

G07459

3.50%,

8/1/2043

333,900

363,791

Pool#

G60038

3.50%,

1/1/2044

506,612

551,909

Pool#

Q26869

4.00%,

6/1/2044

480,665

527,698

Pool#

G07946

4.00%,

7/1/2044

85,432

94,074

Pool#

Q28607

3.50%,

9/1/2044

85,023

92,642

Pool#

G61231

3.50%,

9/1/2044

15,186

16,496

Pool#

G08609

3.50%,

10/1/2044

40,512

43,821

Pool#

Q30833

4.00%,

1/1/2045

7,722

8,472

Pool#

G60400

4.50%,

1/1/2045

80,779

90,628

Pool#

Q34165

4.00%,

6/1/2045

183,025

202,441

Pool#

V81873

4.00%,

8/1/2045

20,090

21,910

26

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G08669

4.00%,

9/1/2045

107,829

117,521

Pool#

Q38357

4.00%,

1/1/2046

8,044

8,743

Pool#

G61365

4.50%,

1/1/2046

85,328

95,032

Pool#

G08697

3.00%,

3/1/2046

151,576

160,961

Pool#

Q39434

3.50%,

3/1/2046

30,152

32,563

Pool#

Q39440

4.00%,

3/1/2046

7,047

7,659

Pool#

G08704

4.50%,

4/1/2046

16,836

18,642

Pool#

Q40097

4.50%,

4/1/2046

1,326

1,445

Pool#

G60582

3.50%,

5/1/2046

98,984

108,136

Pool#

Q40718

3.50%,

5/1/2046

29,723

32,013

Pool#

G08707

4.00%,

5/1/2046

136,657

148,372

Pool#

G08708

4.50%,

5/1/2046

11,638

12,859

Pool#

Q40728

4.50%,

5/1/2046

1,202

1,309

Pool#

Q41548

3.00%,

7/1/2046

23,933

25,414

Pool#

Q41903

3.50%,

7/1/2046

160,159

172,415

Pool#

Q41491

3.50%,

7/1/2046

17,048

18,291

Pool#

Q41935

3.50%,

7/1/2046

11,966

13,072

Pool#

G61791

4.00%,

7/1/2046

15,802

17,467

Pool#

Q41947

4.50%,

7/1/2046

6,665

7,377

Pool#

G08715

3.00%,

8/1/2046

206,467

219,129

Pool#

Q42596

3.50%,

8/1/2046

141,046

152,167

Pool#

Q42393

3.50%,

8/1/2046

25,389

27,187

Pool#

Q42203

3.50%,

8/1/2046

22,087

23,777

Pool#

G61323

3.00%,

9/1/2046

225,486

241,754

Pool#

G08721

3.00%,

9/1/2046

154,610

164,067

Pool#

V82617

3.50%,

9/1/2046

100,055

109,037

Pool#

G08722

3.50%,

9/1/2046

23,560

25,409

Pool#

G60733

4.50%,

9/1/2046

36,362

40,492

Pool#

G60722

3.00%,

10/1/2046

339,856

367,102

Pool#

Q44035

3.00%,

10/1/2046

197,216

209,210

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G61815

4.00%,

10/1/2046

12,670

13,802

Pool#

G61257

3.00%,

11/1/2046

369,953

391,482

Pool#

Q44452

3.00%,

11/1/2046

82,276

87,139

Pool#

G08732

3.00%,

11/1/2046

24,677

26,328

Pool#

Q44473

3.50%,

11/1/2046

21,078

22,583

Pool#

Q44223

3.50%,

11/1/2046

13,780

14,759

Pool#

G08734

4.00%,

11/1/2046

207,932

226,210

Pool#

G08737

3.00%,

12/1/2046

1,048,916

1,118,800

Pool#

G60989

3.00%,

12/1/2046

135,796

146,283

Pool#

Q45878

3.00%,

12/1/2046

29,307

31,040

Pool#

G08738

3.50%,

12/1/2046

678,913

728,567

Pool#

Q45024

3.50%,

12/1/2046

56,998

63,121

Pool#

G61862

3.50%,

12/1/2046

26,283

28,360

Pool#

G08741

3.00%,

1/1/2047

212,187

226,148

Pool#

G08747

3.00%,

2/1/2047

345,089

368,334

Pool#

G08748

3.50%,

2/1/2047

37,388

40,140

Pool#

G08749

4.00%,

2/1/2047

316,089

341,500

Pool#

G08751

3.50%,

3/1/2047

165,097

176,711

Pool#

Q47592

3.50%,

4/1/2047

66,343

70,976

Pool#

Q47484

3.50%,

4/1/2047

37,035

39,899

Pool#

G60988

3.00%,

5/1/2047

742,460

804,114

Pool#

Q48098

3.50%,

5/1/2047

148,164

160,219

Pool#

G61390

3.00%,

6/1/2047

244,744

260,360

Pool#

V83270

3.50%,

7/1/2047

55,254

59,022

Pool#

G08770

3.50%,

7/1/2047

50,825

54,484

Pool#

G61339

3.00%,

8/1/2047

78,909

83,733

Pool#

G08774

3.50%,

8/1/2047

82,324

87,966

Pool#

Q49917

3.50%,

8/1/2047

40,471

43,226

Pool#

Q53085

3.00%,

9/1/2047

56,417

60,030

Pool#

G61295

3.50%,

9/1/2047

140,076

155,064

Nationwide

Bond

Index

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

27

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G08779

3.50%,

9/1/2047

137,274

146,611

Pool#

G61622

3.00%,

10/1/2047

176,058

186,948

Pool#

G08785

4.00%,

10/1/2047

9,514

10,239

Pool#

Q52075

4.00%,

11/1/2047

169,862

183,073

Pool#

V83598

3.50%,

12/1/2047

50,250

53,627

Pool#

G67707

3.50%,

1/1/2048

160,742

178,290

Pool#

G61311

3.50%,

2/1/2048

209,683

224,026

Pool#

T65458

3.50%,

2/1/2048

198,028

207,211

Pool#

G08800

3.50%,

2/1/2048

22,989

24,544

Pool#

Q54460

4.00%,

2/1/2048

117,562

130,027

Pool#

G08801

4.00%,

2/1/2048

65,532

70,402

Pool#

G61298

4.00%,

2/1/2048

15,211

16,767

Pool#

G61929

3.50%,

3/1/2048

61,598

65,804

Pool#

Q54727

3.50%,

3/1/2048

53,776

57,443

Pool#

Q55401

5.00%,

4/1/2048

14,215

15,836

Pool#

V84237

3.50%,

5/1/2048

192,444

204,993

Pool#

G08820

4.50%,

5/1/2048

230,656

251,243

Pool#

G67713

4.00%,

6/1/2048

27,406

30,146

Pool#

G67712

4.00%,

6/1/2048

16,204

18,225

Pool#

G08817

4.00%,

6/1/2048

15,689

16,809

Pool#

G08824

4.00%,

7/1/2048

871,269

933,700

Pool#

G08827

4.50%,

7/1/2048

119,790

130,261

Pool#

Q57401

4.50%,

7/1/2048

34,486

37,845

Pool#

Q57402

4.50%,

7/1/2048

14,252

15,589

Pool#

G08831

4.00%,

8/1/2048

134,150

143,697

Pool#

G08836

4.00%,

9/1/2048

488,118

522,488

Pool#

G67716

4.50%,

10/1/2048

108,922

121,361

Pool#

G08843

4.50%,

10/1/2048

32,482

35,336

Pool#

V85044

4.00%,

12/1/2048

54,100

58,866

Pool#

V85082

4.50%,

12/1/2048

286,255

310,578

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G61846

4.00%,

1/1/2049

272

292

Pool#

V85139

4.50%,

1/1/2049

15,651

16,982

Pool#

V85279

3.50%,

4/1/2049

46,833

50,743

FHLMC

Non

Gold

Pool

Pool#

1B8478

2.75%,

7/1/2041(a)

42,112

43,582

Pool#

2B0108

2.32%,

1/1/2042(a)

2,023

2,050

FHLMC

UMBS

Pool

Pool#

SB0383

2.50%,

4/1/2032

584,405

627,218

Pool#

ZS8701

3.50%,

6/1/2033

79,774

85,083

Pool#

SB0218

3.00%,

10/1/2033

79,141

83,702

Pool#

QN0248

3.00%,

7/1/2034

50,142

52,974

Pool#

SB0095

3.50%,

7/1/2034

111,202

119,639

Pool#

SB0069

3.00%,

9/1/2034

1,285,086

1,377,815

Pool#

SB8021

3.00%,

12/1/2034

648,009

684,561

Pool#

SB8500

2.50%,

7/1/2035

378,869

405,628

Pool#

SB8505

2.50%,

10/1/2035

1,686,442

1,790,376

Pool#

QA2237

3.00%,

7/1/2046

799,045

845,245

Pool#

QA2226

3.00%,

7/1/2046

499,958

528,949

Pool#

ZS4688

3.00%,

11/1/2046

181,562

193,670

Pool#

ZS4693

3.00%,

12/1/2046

686,040

731,603

Pool#

ZM2339

3.50%,

1/1/2047

115,769

123,866

Pool#

ZS4746

3.00%,

12/1/2047

577,445

607,756

Pool#

ZT1321

4.50%,

11/1/2048

205,488

223,331

Pool#

ZA6139

4.50%,

12/1/2048

126,729

137,411

Pool#

ZA6536

4.00%,

3/1/2049

31,996

34,264

Pool#

ZA6380

4.00%,

3/1/2049

27,382

29,321

Pool#

ZT1858

4.50%,

4/1/2049

320,695

353,257

Pool#

RA1859

3.00%,

12/1/2049

421,932

444,192

Pool#

SD8045

3.50%,

2/1/2050

181,932

193,136

Pool#

SD8051

3.50%,

3/1/2050

274,736

291,713

Pool#

QA8965

3.00%,

4/1/2050

416,113

437,967

28

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

RA2579

3.00%,

5/1/2050

143,187

151,757

Pool#

SD8063

3.50%,

5/1/2050

457,986

486,560

Pool#

RA2621

4.00%,

5/1/2050

127,951

137,651

Pool#

RA3022

2.50%,

6/1/2050

290,937

308,460

Pool#

SD7521

2.50%,

7/1/2050

761,824

813,958

Pool#

SD8074

3.00%,

7/1/2050

1,190,917

1,255,006

Pool#

RA3174

3.00%,

7/1/2050

499,751

529,417

Pool#

SD7523

2.50%,

8/1/2050

362,993

386,748

Pool#

SD8084

3.00%,

8/1/2050

367,168

386,696

Pool#

RA3382

3.00%,

8/1/2050

293,287

314,584

Pool#

SD8092

3.00%,

9/1/2050

568,821

599,942

Pool#

SD8099

2.50%,

10/1/2050

532,301

560,652

Pool#

RA3935

2.50%,

11/1/2050

591,122

624,114

Pool#

RA3932

2.50%,

11/1/2050

322,184

345,399

Pool#

RA3934

2.50%,

11/1/2050

173,945

185,523

Pool#

SD8114

2.50%,

12/1/2050

329,385

346,928

Pool#

RA4411

2.50%,

1/1/2051

950,000

1,003,267

Pool#

RA4351

2.50%,

1/1/2051

350,000

372,212

Pool#

RA4410

2.50%,

1/1/2051

275,000

293,305

FHLMC

UMBS

Pool#

RA4493

,

2.00%,

2/1/2051

979,000

1,011,577

FNMA

Pool

Pool#

AC9890

3.48%,

4/1/2040(a)

254,005

265,812

Pool#

AJ1249

2.32%,

9/1/2041(a)

51,975

54,103

Pool#

AL1437

2.15%,

1/1/2042(a)

13,733

14,221

Pool#

AK0714

2.91%,

2/1/2042(a)

2,180

2,240

Pool#

AP1961

2.70%,

8/1/2042(a)

25,530

26,596

Pool#

BF0203

3.00%,

2/1/2047

308,200

326,798

Pool#

BF0206

4.00%,

2/1/2047

60,925

65,699

Pool#

BF0200

3.50%,

11/1/2051

313,311

344,960

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

969977

5.00%,

5/1/2023

35,498

37,188

Pool#

AA2549

4.00%,

4/1/2024

23,664

25,171

Pool#

935348

5.50%,

6/1/2024

6,086

6,137

Pool#

AC1374

4.00%,

8/1/2024

29,287

31,137

Pool#

AC1529

4.50%,

9/1/2024

15,152

15,971

Pool#

AD0244

4.50%,

10/1/2024

11,386

11,978

Pool#

AD4089

4.50%,

5/1/2025

135,736

144,519

Pool#

890216

4.50%,

7/1/2025

20,926

22,237

Pool#

AH1361

3.50%,

12/1/2025

76,276

81,252

Pool#

AH1518

3.50%,

12/1/2025

37,653

40,126

Pool#

AE6384

4.00%,

1/1/2026

6,632

7,057

Pool#

AL0298

4.00%,

5/1/2026

115,342

123,053

Pool#

AB4277

3.00%,

1/1/2027

396,100

419,327

Pool#

AP4746

3.00%,

8/1/2027

65,071

69,713

Pool#

AP7855

3.00%,

9/1/2027

435,842

465,906

Pool#

AP4640

3.00%,

9/1/2027

48,442

51,768

Pool#

AQ5096

3.00%,

11/1/2027

92,414

98,764

Pool#

AB6887

3.00%,

11/1/2027

71,554

76,464

Pool#

AQ4532

3.00%,

11/1/2027

65,217

69,699

Pool#

AQ3758

3.00%,

11/1/2027

48,255

51,541

Pool#

AQ7406

3.00%,

11/1/2027

46,867

50,089

Pool#

AB6886

3.00%,

11/1/2027

34,584

37,002

Pool#

AQ2884

3.00%,

12/1/2027

39,304

42,004

Pool#

AS0487

2.50%,

9/1/2028

183,766

195,406

Pool#

930998

4.50%,

4/1/2029

18,646

20,239

Pool#

MA0243

5.00%,

11/1/2029

12,591

14,043

Pool#

BM1507

2.50%,

12/1/2029

65,161

68,495

Pool#

AL8077

3.50%,

12/1/2029

13,580

14,622

Pool#

MA0268

5.00%,

12/1/2029

10,865

12,118

Pool#

AX7727

2.50%,

3/1/2030

264,991

278,851

Nationwide

Bond

Index

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

29

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BM4299

3.00%,

3/1/2030

459,250

485,248

Pool#

AD5655

5.00%,

5/1/2030

27,155

30,798

Pool#

MA0443

5.00%,

5/1/2030

14,197

16,072

Pool#

AB1038

5.00%,

5/1/2030

10,869

12,270

Pool#

AS5412

2.50%,

7/1/2030

39,632

41,719

Pool#

AS5420

3.00%,

7/1/2030

59,004

63,539

Pool#

AL7152

3.50%,

7/1/2030

338,975

367,686

Pool#

AS5702

2.50%,

8/1/2030

298,152

313,825

Pool#

AZ4898

2.50%,

8/1/2030

234,601

246,904

Pool#

AY8448

3.00%,

8/1/2030

202,562

214,492

Pool#

AZ2953

3.00%,

9/1/2030

226,345

239,628

Pool#

AZ5718

3.00%,

9/1/2030

189,872

200,755

Pool#

MA0559

5.00%,

9/1/2030

5,542

6,286

Pool#

AS6060

3.00%,

10/1/2030

220,257

232,990

Pool#

AZ9234

3.50%,

10/1/2030

13,176

14,100

Pool#

AS6272

2.50%,

12/1/2030

56,320

59,262

Pool#

AH1515

4.00%,

12/1/2030

222,944

241,052

Pool#

AD0716

6.50%,

12/1/2030

151,311

174,140

Pool#

BA6532

2.50%,

1/1/2031

50,153

52,776

Pool#

BM5016

3.00%,

1/1/2031

181,065

194,804

Pool#

MA0641

4.00%,

2/1/2031

223,030

241,210

Pool#

560868

7.50%,

2/1/2031

442

449

Pool#

BC0774

3.00%,

3/1/2031

44,874

48,403

Pool#

AS6919

3.50%,

3/1/2031

37,672

40,470

Pool#

BC5968

2.50%,

4/1/2031

58,791

61,814

Pool#

BC4430

3.00%,

4/1/2031

16,519

17,684

Pool#

AL8566

3.00%,

6/1/2031

56,995

61,374

Pool#

AL8565

3.00%,

6/1/2031

49,075

52,940

Pool#

AL8561

3.50%,

6/1/2031

36,922

40,593

Pool#

AS8028

2.50%,

9/1/2031

173,486

182,536

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BM1888

2.50%,

10/1/2031

487,807

513,142

Pool#

MA2775

2.50%,

10/1/2031

349,554

367,976

Pool#

AS8038

2.50%,

10/1/2031

184,059

193,743

Pool#

BC4777

2.50%,

10/1/2031

125,229

131,711

Pool#

AS8612

3.00%,

10/1/2031

62,875

66,538

Pool#

607212

7.50%,

10/1/2031

2,350

2,422

Pool#

607632

6.50%,

11/1/2031

45

50

Pool#

MA2830

2.50%,

12/1/2031

133,066

140,080

Pool#

BM3814

2.50%,

12/1/2031

90,045

94,897

Pool#

AS8609

3.00%,

1/1/2032

77,293

81,967

Pool#

AL9786

3.00%,

1/1/2032

49,982

54,280

Pool#

AL9585

3.50%,

1/1/2032

18,665

20,564

Pool#

BM1036

2.50%,

2/1/2032

610,335

651,164

Pool#

BM4624

3.00%,

2/1/2032

65,500

70,960

Pool#

AS8767

3.00%,

2/1/2032

58,506

63,188

Pool#

AL9740

3.00%,

2/1/2032

31,699

34,291

Pool#

AL9871

3.00%,

2/1/2032

25,256

27,298

Pool#

BM1007

2.50%,

3/1/2032

155,639

163,760

Pool#

AL9899

3.00%,

3/1/2032

97,470

105,406

Pool#

BM3269

2.50%,

4/1/2032

146,442

153,983

Pool#

MA1029

3.50%,

4/1/2032

194,918

211,298

Pool#

AS9695

3.50%,

5/1/2032

82,458

90,344

Pool#

BM4088

3.00%,

6/1/2032

57,947

61,386

Pool#

890786

3.50%,

6/1/2032

64,528

71,079

Pool#

MA1107

3.50%,

7/1/2032

54,686

59,439

Pool#

BH6610

3.50%,

7/1/2032

18,521

19,943

Pool#

BM1669

3.00%,

8/1/2032

31,075

33,883

Pool#

BH5355

3.50%,

8/1/2032

20,815

22,540

Pool#

MA1166

3.50%,

9/1/2032

305,520

332,002

Pool#

BM5167

3.50%,

9/1/2032

15,017

16,152

30

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

CA0586

2.50%,

10/1/2032

14,561

15,662

Pool#

BH9391

3.50%,

10/1/2032

17,329

18,730

Pool#

BM3389

3.00%,

11/1/2032

63,761

69,481

Pool#

BM3977

3.00%,

12/1/2032

126,904

136,603

Pool#

CA0951

3.00%,

12/1/2032

87,119

93,169

Pool#

FM1661

2.50%,

1/1/2033

369,052

387,923

Pool#

BM4338

2.50%,

1/1/2033

141,989

149,343

Pool#

BM3919

3.00%,

2/1/2033

29,809

32,555

Pool#

656559

6.50%,

2/1/2033

10,327

11,602

Pool#

694846

6.50%,

4/1/2033

4,904

5,577

Pool#

AB9402

3.00%,

5/1/2033

157,873

170,836

Pool#

AB9403

3.00%,

5/1/2033

64,899

69,078

Pool#

AB9300

3.00%,

5/1/2033

54,465

59,276

Pool#

MA3372

4.00%,

5/1/2033

29,303

31,262

Pool#

254767

5.50%,

6/1/2033

364,492

423,894

Pool#

MA1527

3.00%,

8/1/2033

303,762

323,664

Pool#

750229

6.50%,

10/1/2033

15,848

18,034

Pool#

725228

6.00%,

3/1/2034

395,147

475,088

Pool#

725424

5.50%,

4/1/2034

416,240

480,353

Pool#

MA3739

3.50%,

8/1/2034

111,755

118,914

Pool#

788027

6.50%,

9/1/2034

15,881

17,843

Pool#

MA3827

2.50%,

11/1/2034

625,000

656,363

Pool#

FM2412

3.50%,

1/1/2035

52,108

56,006

Pool#

735141

5.50%,

1/1/2035

217,370

254,003

Pool#

735227

5.50%,

2/1/2035

237,496

277,407

Pool#

FM5474

2.50%,

10/1/2035

500,000

525,695

Pool#

MA4156

2.50%,

10/1/2035

391,090

411,927

Pool#

CA8793

2.00%,

2/1/2036

1,130,000

1,181,407

Pool#

CA8736

2.00%,

2/1/2036

450,000

472,041

Pool#

AL4260

5.50%,

9/1/2036

31,506

36,643

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

310104

5.50%,

8/1/2037

230,698

269,209

Pool#

955194

7.00%,

11/1/2037

103,399

124,772

Pool#

MA3464

3.50%,

9/1/2038

83,416

88,935

Pool#

AB1735

3.50%,

11/1/2040

6,231

6,635

Pool#

AB2067

3.50%,

1/1/2041

267,476

294,110

Pool#

AB2068

3.50%,

1/1/2041

144,989

158,000

Pool#

932888

3.50%,

1/1/2041

97,081

108,517

Pool#

932891

3.50%,

1/1/2041

17,571

19,540

Pool#

AL6521

5.00%,

4/1/2041

555,794

645,346

Pool#

AL5863

4.50%,

6/1/2041

359,322

398,952

Pool#

AI9920

4.00%,

9/1/2041

7,923

8,521

Pool#

AI9851

4.50%,

9/1/2041

36,187

40,503

Pool#

AL0761

5.00%,

9/1/2041

424,283

493,181

Pool#

AJ5431

4.50%,

10/1/2041

103,932

117,421

Pool#

AL0933

5.00%,

10/1/2041

75,602

87,645

Pool#

AJ4861

4.00%,

12/1/2041

144,464

159,851

Pool#

AX5316

4.50%,

1/1/2042

13,154

14,796

Pool#

AL2499

4.50%,

1/1/2042

5,561

6,193

Pool#

AX5297

5.00%,

1/1/2042

17,396

20,194

Pool#

AW8167

3.50%,

2/1/2042

330,639

359,031

Pool#

AB5185

3.50%,

5/1/2042

244,863

267,729

Pool#

AO3575

4.50%,

5/1/2042

47,985

52,440

Pool#

890621

5.00%,

5/1/2042

49,958

57,987

Pool#

AO4647

3.50%,

6/1/2042

459,520

502,400

Pool#

AO8036

4.50%,

7/1/2042

425,329

472,753

Pool#

AP2092

4.50%,

8/1/2042

31,539

34,417

Pool#

AP6579

3.50%,

9/1/2042

499,189

544,441

Pool#

AP7489

4.00%,

9/1/2042

334,460

368,366

Pool#

AP6756

4.00%,

9/1/2042

10,926

11,836

Pool#

AL2782

4.50%,

9/1/2042

57,131

64,440

Nationwide

Bond

Index

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

31

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AB6524

3.50%,

10/1/2042

818,386

895,093

Pool#

AB7074

3.00%,

11/1/2042

618,985

661,091

Pool#

AP8785

3.00%,

11/1/2042

94,134

101,022

Pool#

AB6786

3.50%,

11/1/2042

232,650

252,793

Pool#

AL2677

3.50%,

11/1/2042

132,021

144,392

Pool#

AB7362

3.00%,

12/1/2042

343,061

366,531

Pool#

MA1273

3.50%,

12/1/2042

192,587

209,873

Pool#

AR4210

3.50%,

1/1/2043

147,826

160,780

Pool#

AR8213

3.50%,

4/1/2043

169,327

185,201

Pool#

AB9238

3.00%,

5/1/2043

503,371

547,299

Pool#

AB9237

3.00%,

5/1/2043

379,951

414,275

Pool#

AB9236

3.00%,

5/1/2043

83,649

91,371

Pool#

AB9362

3.50%,

5/1/2043

354,474

389,574

Pool#

AT4145

3.00%,

6/1/2043

186,511

202,847

Pool#

AB9814

3.00%,

7/1/2043

482,689

524,823

Pool#

AS0203

3.00%,

8/1/2043

226,924

246,799

Pool#

AS0255

4.50%,

8/1/2043

147,207

164,085

Pool#

AS0516

3.00%,

9/1/2043

201,133

215,826

Pool#

AL6951

3.50%,

10/1/2043

278,326

303,089

Pool#

BM4222

3.00%,

1/1/2044

284,982

305,403

Pool#

AS2276

4.50%,

4/1/2044

229,596

255,395

Pool#

AW1006

4.00%,

5/1/2044

107,742

121,193

Pool#

AL7767

4.50%,

6/1/2044

7,876

8,816

Pool#

AS3161

4.00%,

8/1/2044

261,868

288,347

Pool#

BM4650

3.00%,

10/1/2044

506,569

542,913

Pool#

CA0688

3.50%,

10/1/2044

164,700

178,912

Pool#

BC5090

4.00%,

10/1/2044

34,114

37,331

Pool#

AS3946

4.00%,

12/1/2044

370,082

408,412

Pool#

AL8303

3.00%,

1/1/2045

91,790

98,361

Pool#

BM4384

4.00%,

1/1/2045

100,545

110,051

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BM3611

4.00%,

1/1/2045

63,133

69,150

Pool#

BM3804

3.50%,

2/1/2045

31,162

34,031

Pool#

AL9555

4.00%,

2/1/2045

872,886

956,490

Pool#

AX9524

4.00%,

2/1/2045

320,329

360,616

Pool#

AS4418

4.00%,

2/1/2045

222,450

250,425

Pool#

AS4375

4.00%,

2/1/2045

161,242

181,522

Pool#

AL6889

4.50%,

2/1/2045

62,642

70,342

Pool#

BM3931

3.00%,

3/1/2045

63,073

67,598

Pool#

AY1312

3.50%,

3/1/2045

627,217

689,414

Pool#

AS4578

4.00%,

3/1/2045

105,063

118,276

Pool#

BM3664

3.00%,

5/1/2045

284,913

305,386

Pool#

AS4921

3.50%,

5/1/2045

412,016

450,048

Pool#

AS5012

4.00%,

5/1/2045

422,408

475,532

Pool#

BM5562

4.00%,

6/1/2045

94,910

104,917

Pool#

AL7207

4.50%,

8/1/2045

74,937

84,032

Pool#

AZ2947

4.00%,

9/1/2045

197,919

216,223

Pool#

BA2164

3.00%,

11/1/2045

64,405

68,653

Pool#

AS6213

4.00%,

11/1/2045

13,909

15,153

Pool#

AS6282

3.50%,

12/1/2045

708,782

773,171

Pool#

AS6311

3.50%,

12/1/2045

442,001

477,317

Pool#

BC0326

3.50%,

12/1/2045

105,430

113,847

Pool#

AS6362

4.50%,

12/1/2045

14,538

16,115

Pool#

AS6474

3.50%,

1/1/2046

105,986

117,811

Pool#

AS6539

3.50%,

1/1/2046

95,207

105,841

Pool#

AL9849

3.50%,

1/1/2046

93,585

101,870

Pool#

AS6527

4.00%,

1/1/2046

70,539

76,724

Pool#

BC2667

4.00%,

2/1/2046

20,866

22,672

Pool#

AL9781

4.50%,

2/1/2046

122,853

137,092

Pool#

BM4621

3.50%,

3/1/2046

72,685

78,896

Pool#

BA6972

4.00%,

3/1/2046

28,426

31,112

32

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BC0823

3.50%,

4/1/2046

101,412

109,354

Pool#

AS7026

4.00%,

4/1/2046

100,539

109,197

Pool#

AS7251

4.00%,

5/1/2046

155,202

168,392

Pool#

AL8833

4.00%,

6/1/2046

114,440

128,747

Pool#

AS7593

3.50%,

7/1/2046

472,651

514,553

Pool#

AS7594

3.50%,

7/1/2046

453,619

493,833

Pool#

AS7545

3.50%,

7/1/2046

150,537

161,606

Pool#

AL8824

3.50%,

7/1/2046

69,376

77,125

Pool#

BC1452

4.00%,

7/1/2046

550,323

597,400

Pool#

MA2705

3.00%,

8/1/2046

300,157

318,760

Pool#

BC1489

3.00%,

8/1/2046

34,539

37,262

Pool#

BD4890

3.50%,

8/1/2046

336,884

362,291

Pool#

AS7760

4.00%,

8/1/2046

125,946

138,430

Pool#

AS7648

4.00%,

8/1/2046

65,159

70,627

Pool#

AS7795

4.00%,

8/1/2046

57,187

62,022

Pool#

BD3911

4.00%,

8/1/2046

12,912

14,004

Pool#

BD3923

4.00%,

8/1/2046

11,518

12,534

Pool#

AS7770

4.50%,

8/1/2046

11,672

12,880

Pool#

AL8947

3.50%,

9/1/2046

21,072

23,330

Pool#

AS8185

3.00%,

10/1/2046

515,651

546,672

Pool#

AL9263

3.00%,

10/1/2046

71,361

77,226

Pool#

BM3932

3.50%,

10/1/2046

108,930

117,177

Pool#

AL9234

3.50%,

10/1/2046

38,726

43,052

Pool#

FM1871

4.00%,

10/1/2046

82,001

90,222

Pool#

BC4766

4.50%,

10/1/2046

19,838

21,950

Pool#

AS8154

4.50%,

10/1/2046

11,440

12,563

Pool#

FM1368

3.00%,

11/1/2046

875,894

925,901

Pool#

BC9003

3.00%,

11/1/2046

86,898

92,732

Pool#

MA2806

3.00%,

11/1/2046

66,194

70,599

Pool#

AS8369

3.50%,

11/1/2046

357,433

389,605

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BE5067

3.50%,

11/1/2046

253,730

274,143

Pool#

BE5038

4.00%,

11/1/2046

19,137

21,705

Pool#

MA2833

3.00%,

12/1/2046

1,642,103

1,752,372

Pool#

AS8483

3.00%,

12/1/2046

427,406

455,251

Pool#

BC9067

3.00%,

12/1/2046

106,811

113,702

Pool#

AS8488

3.00%,

12/1/2046

99,789

108,253

Pool#

AS8509

3.00%,

12/1/2046

20,838

22,703

Pool#

BM1121

3.50%,

12/1/2046

343,007

376,901

Pool#

AS8572

3.50%,

12/1/2046

244,472

262,110

Pool#

AS8417

3.50%,

12/1/2046

107,122

114,878

Pool#

AS8492

3.50%,

12/1/2046

83,506

92,835

Pool#

AS8650

3.00%,

1/1/2047

579,107

613,969

Pool#

AL9697

3.00%,

1/1/2047

253,385

274,882

Pool#

AS8647

3.00%,

1/1/2047

181,758

196,630

Pool#

BE5775

3.00%,

1/1/2047

145,799

155,146

Pool#

BM3204

3.50%,

1/1/2047

146,708

162,928

Pool#

AS8692

3.50%,

1/1/2047

137,782

147,890

Pool#

AL9774

3.50%,

1/1/2047

52,907

59,091

Pool#

BD2440

3.50%,

1/1/2047

39,724

42,623

Pool#

BE7115

4.50%,

1/1/2047

6,312

6,976

Pool#

MA2895

3.00%,

2/1/2047

2,237,891

2,388,310

Pool#

BM3688

3.50%,

2/1/2047

240,328

258,695

Pool#

BD5046

3.50%,

2/1/2047

40,625

43,509

Pool#

AL9859

3.00%,

3/1/2047

358,281

381,173

Pool#

AL9848

3.00%,

3/1/2047

215,326

228,091

Pool#

AS8966

4.00%,

3/1/2047

25,251

27,275

Pool#

AS8979

4.50%,

3/1/2047

28,249

31,301

Pool#

BM3707

2.50%,

4/1/2047

66,989

71,581

Pool#

AS9463

3.50%,

4/1/2047

240,490

263,821

Pool#

AS9451

3.50%,

4/1/2047

135,772

145,069

Nationwide

Bond

Index

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

33

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BD7122

4.00%,

4/1/2047

257,587

278,367

Pool#

AS9467

4.00%,

4/1/2047

11,222

12,270

Pool#

AS9470

4.50%,

4/1/2047

97,270

108,035

Pool#

BH0304

4.50%,

4/1/2047

7,582

8,294

Pool#

AS9562

3.00%,

5/1/2047

42,938

45,539

Pool#

BM3237

3.50%,

5/1/2047

164,385

180,454

Pool#

AS9577

3.50%,

5/1/2047

142,146

156,741

Pool#

AS9586

4.00%,

5/1/2047

685,492

756,203

Pool#

BM1268

4.00%,

5/1/2047

205,001

224,726

Pool#

BE3670

3.50%,

6/1/2047

220,911

236,152

Pool#

AS9794

3.50%,

6/1/2047

129,527

142,581

Pool#

BM3549

4.00%,

6/1/2047

152,150

164,904

Pool#

BE3702

4.00%,

6/1/2047

80,028

86,610

Pool#

BM1295

4.50%,

6/1/2047

98,893

109,689

Pool#

BE9624

4.50%,

6/1/2047

46,203

50,478

Pool#

BM3801

3.00%,

7/1/2047

192,033

203,255

Pool#

BM1551

3.50%,

7/1/2047

186,205

204,606

Pool#

AS9909

3.50%,

7/1/2047

98,390

108,113

Pool#

AS9973

4.00%,

7/1/2047

8,952

9,624

Pool#

890673

3.00%,

8/1/2047

157,226

166,558

Pool#

MA3087

3.50%,

8/1/2047

237,259

253,525

Pool#

BM1658

3.50%,

8/1/2047

168,226

183,454

Pool#

CA0240

3.50%,

8/1/2047

120,551

128,436

Pool#

BH7375

3.50%,

8/1/2047

69,250

74,094

Pool#

CA0123

4.00%,

8/1/2047

219,149

242,522

Pool#

BH2597

4.00%,

8/1/2047

107,559

115,905

Pool#

CA0133

4.00%,

8/1/2047

41,377

44,577

Pool#

CA0407

3.50%,

9/1/2047

183,751

196,140

Pool#

MA3120

3.50%,

9/1/2047

155,000

165,676

Pool#

CA0265

4.00%,

9/1/2047

275,161

296,591

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BH4004

4.00%,

9/1/2047

114,753

123,640

Pool#

CA0392

4.00%,

9/1/2047

45,261

48,659

Pool#

BM3556

4.00%,

9/1/2047

34,901

39,536

Pool#

CA0487

3.50%,

10/1/2047

362,056

386,060

Pool#

BM1959

3.50%,

10/1/2047

205,082

227,881

Pool#

CA0493

4.00%,

10/1/2047

230,322

247,890

Pool#

CA0549

4.00%,

10/1/2047

63,663

68,358

Pool#

CA0496

4.50%,

10/1/2047

116,768

129,955

Pool#

CA0623

4.50%,

10/1/2047

21,846

23,927

Pool#

CA0693

3.50%,

11/1/2047

307,651

328,553

Pool#

BM3358

3.50%,

11/1/2047

53,642

59,587

Pool#

CA0696

4.00%,

11/1/2047

212,154

227,735

Pool#

CA0808

4.00%,

11/1/2047

68,339

73,760

Pool#

BM3191

4.00%,

11/1/2047

28,085

30,298

Pool#

BM3379

3.00%,

12/1/2047

301,964

326,640

Pool#

BJ1699

4.00%,

12/1/2047

127,264

140,662

Pool#

MA3238

3.50%,

1/1/2048

240,245

255,236

Pool#

CA1015

4.00%,

1/1/2048

150,919

162,605

Pool#

CA1025

4.50%,

1/1/2048

464,473

506,907

Pool#

CA1242

3.50%,

2/1/2048

87,667

97,885

Pool#

MA3277

4.00%,

2/1/2048

192,686

207,127

Pool#

CA4341

3.00%,

3/1/2048

121,353

128,108

Pool#

BK1972

4.50%,

3/1/2048

30,573

33,743

Pool#

MA3332

3.50%,

4/1/2048

196,953

210,116

Pool#

CA1510

3.50%,

4/1/2048

71,286

76,023

Pool#

CA1531

3.50%,

4/1/2048

37,772

42,174

Pool#

CA1551

4.00%,

4/1/2048

1,045,709

1,123,493

Pool#

CA1560

4.50%,

4/1/2048

61,321

68,316

Pool#

BJ2681

5.00%,

4/1/2048

17,249

19,145

Pool#

BM4024

3.50%,

5/1/2048

19,611

21,897

34

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

MA3358

4.50%,

5/1/2048

229,999

249,672

Pool#

CA1898

4.50%,

6/1/2048

101,286

113,144

Pool#

CA1951

4.00%,

7/1/2048

61,605

66,117

Pool#

CA1988

4.50%,

7/1/2048

65,970

71,837

Pool#

BK6577

4.50%,

7/1/2048

13,974

15,211

Pool#

CA2065

5.00%,

7/1/2048

51,373

57,473

Pool#

BK4766

4.50%,

8/1/2048

243,711

270,127

Pool#

CA2216

5.00%,

8/1/2048

61,213

68,273

Pool#

CA2376

4.00%,

9/1/2048

120,254

128,930

Pool#

MA3495

4.00%,

10/1/2048

186,192

199,562

Pool#

CA2493

4.50%,

10/1/2048

134,850

146,784

Pool#

BM4664

4.50%,

10/1/2048

74,624

83,035

Pool#

BM5024

3.00%,

11/1/2048

831,240

873,971

Pool#

FM1001

3.50%,

11/1/2048

28,555

30,388

Pool#

MA3521

4.00%,

11/1/2048

141,276

151,337

Pool#

MA3536

4.00%,

12/1/2048

144,061

154,481

Pool#

BN0340

4.50%,

12/1/2048

205,813

223,649

Pool#

CA2779

4.50%,

12/1/2048

76,205

83,962

Pool#

FM2888

3.50%,

1/1/2049

1,098,079

1,165,539

Pool#

BN3944

4.00%,

1/1/2049

45,720

49,786

Pool#

BN3960

4.50%,

1/1/2049

248,565

270,233

Pool#

BN6135

4.00%,

2/1/2049

87,538

93,806

Pool#

FM2337

4.50%,

2/1/2049

464,986

503,453

Pool#

CA3387

4.00%,

4/1/2049

144,781

159,566

Pool#

CA3382

5.00%,

4/1/2049

31,280

35,209

Pool#

CA3489

4.00%,

5/1/2049

87,976

97,259

Pool#

MA3665

4.50%,

5/1/2049

185,828

202,044

Pool#

FM1051

4.50%,

5/1/2049

101,233

110,061

Pool#

FM4216

3.50%,

6/1/2049

862,000

916,845

Pool#

CA3669

4.00%,

6/1/2049

171,043

187,913

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

CA3639

4.00%,

6/1/2049

62,804

68,535

Pool#

CA3825

4.00%,

7/1/2049

50,379

56,097

Pool#

CA3844

4.50%,

7/1/2049

169,835

184,410

Pool#

CA4030

4.00%,

8/1/2049

374,037

400,909

Pool#

CA4035

4.50%,

8/1/2049

123,591

134,246

Pool#

BO2258

3.00%,

10/1/2049

739,834

779,701

Pool#

BO5494

3.00%,

11/1/2049

120,451

127,497

Pool#

MA3835

3.50%,

11/1/2049

292,576

310,854

Pool#

MA3836

4.00%,

11/1/2049

233,450

250,056

Pool#

BO6220

3.00%,

12/1/2049

921,989

971,866

Pool#

BO6225

3.00%,

12/1/2049

710,366

748,112

Pool#

BO5380

3.00%,

12/1/2049

128,236

135,467

Pool#

MA3873

4.00%,

12/1/2049

160,369

171,770

Pool#

MA3902

2.50%,

1/1/2050

222,902

234,774

Pool#

FM2432

3.00%,

2/1/2050

843,392

888,599

Pool#

CA5152

3.00%,

2/1/2050

204,484

216,754

Pool#

MA3939

3.50%,

2/1/2050

567,605

602,929

Pool#

FM2887

3.00%,

3/1/2050

191,187

202,295

Pool#

FM0077

3.00%,

3/1/2050

87,990

94,640

Pool#

CA5510

3.00%,

4/1/2050

322,056

342,099

Pool#

CA5575

4.00%,

4/1/2050

1,012,205

1,090,762

Pool#

MA4020

3.00%,

5/1/2050

711,730

748,192

Pool#

CA5754

4.00%,

5/1/2050

125,835

135,820

Pool#

CA6317

3.00%,

7/1/2050

543,184

578,074

Pool#

CA6598

2.50%,

8/1/2050

449,088

478,705

Pool#

FM4231

2.50%,

9/1/2050

1,683,879

1,774,651

Pool#

FM4226

2.50%,

9/1/2050

1,007,047

1,066,973

Pool#

FM4222

2.50%,

9/1/2050

829,238

890,594

Pool#

CA7029

2.50%,

9/1/2050

759,199

815,375

Pool#

CA7572

2.50%,

10/1/2050

770,867

821,240

Nationwide

Bond

Index

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

35

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

CA7368

2.50%,

10/1/2050

568,639

600,594

Pool#

CA7369

2.50%,

10/1/2050

468,311

494,628

Pool#

FM5066

3.00%,

10/1/2050

1,393,000

1,502,648

Pool#

FM4859

2.50%,

11/1/2050

2,923,050

3,102,454

Pool#

CA7573

2.50%,

11/1/2050

1,138,287

1,211,791

Pool#

FM4808

2.50%,

11/1/2050

368,833

388,717

Pool#

MA4210

2.50%,

12/1/2050

3,345,035

3,523,193

Pool#

CA8823

2.00%,

2/1/2051

275,000

284,826

Pool#

CA8866

2.50%,

2/1/2051

375,000

396,311

FNMA/FHLMC

UMBS,

15

Year,

Single

Family

TBA

1.50%,

2/25/2036

3,200,000

3,281,250

2.00%,

2/25/2036

6,295,000

6,577,045

2.50%,

2/25/2036

1,473,000

1,547,743

3.00%,

2/25/2036

975,598

1,031,390

3.50%,

2/25/2036

1,449,000

1,543,327

4.00%,

2/25/2036

625,000

665,148

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

1.50%,

2/25/2051

3,250,000

3,264,473

2.00%,

2/25/2051

15,271,000

15,769,694

2.50%,

2/25/2051

547,000

576,380

3.00%,

2/25/2051

1,555,000

1,635,544

3.50%,

2/25/2051

3,720,000

3,955,406

4.00%,

2/25/2051

3,521,504

3,776,056

4.50%,

2/25/2051

909,000

987,401

5.00%,

2/25/2051

575,000

636,195

5.50%,

2/25/2051

23,000

25,658

1.50%,

3/25/2051

800,000

802,625

2.00%,

3/25/2051

9,800,000

10,102,422

2.50%,

3/25/2051

1,975,000

2,077,530

3.00%,

3/25/2051

675,000

710,226

3.50%,

3/25/2051

1,600,000

1,702,375

4.00%,

3/25/2051

1,525,000

1,636,784

GNMA

TBA

2.00%,

2/15/2051

2,350,000

2,440,695

2.50%,

2/15/2051

1,824,000

1,919,404

3.00%,

2/15/2051

1,147,000

1,202,647

3.50%,

2/15/2051

789,750

835,778

4.00%,

2/15/2051

102,500

109,589

4.50%,

2/15/2051

327,000

352,266

5.00%,

2/15/2051

181,000

197,294

2.00%,

3/15/2051

2,475,000

2,566,072

2.50%,

3/15/2051

2,050,000

2,153,381

3.00%,

3/15/2051

500,000

524,102

3.50%,

3/15/2051

325,000

344,183

GNMA

I

Pool

Pool#

376510

7.00%,

5/15/2024

284

300

Pool#

457801

7.00%,

8/15/2028

1,343

1,471

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

486936

6.50%,

2/15/2029

615

700

Pool#

502969

6.00%,

3/15/2029

1,978

2,228

Pool#

487053

7.00%,

3/15/2029

617

685

Pool#

781014

6.00%,

4/15/2029

1,433

1,698

Pool#

509099

7.00%,

6/15/2029

2,008

2,068

Pool#

470643

7.00%,

7/15/2029

5,275

5,437

Pool#

434505

7.50%,

8/15/2029

34

35

Pool#

416538

7.00%,

10/15/2029

39

39

Pool#

781124

7.00%,

12/15/2029

4,562

5,355

Pool#

507396

7.50%,

9/15/2030

25,735

26,944

Pool#

531352

7.50%,

9/15/2030

1,627

1,684

Pool#

536334

7.50%,

10/15/2030

115

119

Pool#

540659

7.00%,

1/15/2031

533

541

Pool#

486019

7.50%,

1/15/2031

594

620

Pool#

535388

7.50%,

1/15/2031

365

373

Pool#

528589

6.50%,

3/15/2031

12,932

14,410

Pool#

508473

7.50%,

4/15/2031

2,500

2,708

Pool#

544470

8.00%,

4/15/2031

1,456

1,462

Pool#

781287

7.00%,

5/15/2031

2,134

2,528

Pool#

781319

7.00%,

7/15/2031

648

781

Pool#

485879

7.00%,

8/15/2031

4,766

5,425

Pool#

572554

6.50%,

9/15/2031

28,455

32,246

Pool#

781328

7.00%,

9/15/2031

2,098

2,469

Pool#

550991

6.50%,

10/15/2031

345

386

Pool#

571267

7.00%,

10/15/2031

523

590

Pool#

555171

6.50%,

12/15/2031

841

937

Pool#

781380

7.50%,

12/15/2031

675

814

Pool#

781481

7.50%,

1/15/2032

3,014

3,669

Pool#

580972

6.50%,

2/15/2032

121

137

Pool#

781401

7.50%,

2/15/2032

2,050

2,479

36

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

781916

6.50%,

3/15/2032

31,442

36,469

Pool#

552474

7.00%,

3/15/2032

3,131

3,654

Pool#

781478

7.50%,

3/15/2032

1,233

1,498

Pool#

781429

8.00%,

3/15/2032

2,090

2,474

Pool#

781431

7.00%,

4/15/2032

8,114

9,773

Pool#

552616

7.00%,

6/15/2032

25,603

29,677

Pool#

570022

7.00%,

7/15/2032

9,606

11,399

Pool#

595077

6.00%,

10/15/2032

4,172

4,995

Pool#

552903

6.50%,

11/15/2032

63,814

74,671

Pool#

552952

6.00%,

12/15/2032

3,489

4,021

Pool#

602102

6.00%,

2/15/2033

10,015

11,266

Pool#

588192

6.00%,

2/15/2033

2,771

3,135

Pool#

553144

5.50%,

4/15/2033

12,388

14,298

Pool#

604243

6.00%,

4/15/2033

5,558

6,639

Pool#

611526

6.00%,

5/15/2033

5,616

6,310

Pool#

553320

6.00%,

6/15/2033

14,896

17,938

Pool#

573916

6.00%,

11/15/2033

22,760

25,598

Pool#

604788

6.50%,

11/15/2033

37,176

41,892

Pool#

781688

6.00%,

12/15/2033

20,203

24,315

Pool#

604875

6.00%,

12/15/2033

17,332

20,874

Pool#

781690

6.00%,

12/15/2033

7,963

9,585

Pool#

781699

7.00%,

12/15/2033

2,727

3,155

Pool#

621856

6.00%,

1/15/2034

6,217

6,983

Pool#

564799

6.00%,

3/15/2034

15,953

17,942

Pool#

630038

6.50%,

8/15/2034

43,430

50,153

Pool#

781804

6.00%,

9/15/2034

23,194

27,921

Pool#

781847

6.00%,

12/15/2034

16,080

19,210

Pool#

486921

5.50%,

2/15/2035

6,697

7,749

Pool#

781902

6.00%,

2/15/2035

18,816

22,401

Pool#

649513

5.50%,

10/15/2035

157,579

178,975

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

649510

5.50%,

10/15/2035

78,989

91,895

Pool#

652207

5.50%,

3/15/2036

29,524

32,751

Pool#

655519

5.00%,

5/15/2036

13,760

15,197

Pool#

652539

5.00%,

5/15/2036

6,527

7,279

Pool#

606308

5.50%,

5/15/2036

6,787

7,601

Pool#

606314

5.50%,

5/15/2036

4,873

5,402

Pool#

656666

6.00%,

6/15/2036

11,296

12,852

Pool#

657912

6.50%,

8/15/2036

3,122

3,479

Pool#

704630

5.50%,

7/15/2039

27,106

31,393

Pool#

757039

4.00%,

12/15/2040

186,088

211,048

Pool#

757038

4.00%,

12/15/2040

161,898

183,691

Pool#

757044

4.00%,

12/15/2040

59,411

66,710

Pool#

755656

4.00%,

12/15/2040

55,434

62,873

Pool#

742235

4.00%,

12/15/2040

52,779

58,022

Pool#

755655

4.00%,

12/15/2040

40,239

45,615

Pool#

757043

4.00%,

12/15/2040

30,005

34,054

Pool#

756631

4.00%,

12/15/2040

16,602

18,830

Pool#

755959

4.00%,

1/15/2041

126,722

143,728

Pool#

742244

4.00%,

1/15/2041

126,258

143,225

Pool#

753826

4.00%,

1/15/2041

63,280

71,795

Pool#

690662

4.00%,

1/15/2041

48,874

54,523

Pool#

719486

4.00%,

1/15/2041

14,789

15,775

Pool#

757555

4.00%,

2/15/2041

27,535

30,137

Pool#

757557

4.00%,

2/15/2041

22,617

24,513

Pool#

AD6012

3.50%,

4/15/2043

311,165

344,001

Pool#

AD7471

3.50%,

4/15/2043

204,986

226,630

Pool#

AA6307

3.50%,

4/15/2043

162,103

179,216

Pool#

AD9472

3.50%,

4/15/2043

117,358

129,158

Pool#

AD7472

3.50%,

4/15/2043

112,879

125,068

Pool#

AB3946

3.50%,

4/15/2043

75,042

82,065

Nationwide

Bond

Index

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

37

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

AA6403

3.00%,

5/15/2043

505,633

547,433

Pool#

783781

3.50%,

6/15/2043

83,075

90,015

Pool#

784015

3.00%,

7/15/2043

28,330

30,016

Pool#

784714

3.00%,

1/15/2044

117,854

124,883

Pool#

784459

3.00%,

12/15/2046

62,062

65,263

Pool#

784355

4.00%,

12/15/2046

47,962

51,997

Pool#

784500

3.00%,

2/15/2047

118,277

124,311

Pool#

784713

3.00%,

2/15/2047

24,653

25,960

Pool#

784458

3.50%,

12/15/2047

230,005

265,110

Pool#

784747

4.00%,

5/15/2048

107,492

114,582

Pool#

785073

4.00%,

9/15/2049

71,869

76,833

GNMA

II

Pool

Pool#

3851

5.50%,

5/20/2036

117,961

138,138

Pool#

4559

5.00%,

10/20/2039

159,854

182,879

Pool#

4715

5.00%,

6/20/2040

161,772

185,142

Pool#

4747

5.00%,

7/20/2040

87,572

100,223

Pool#

4771

4.50%,

8/20/2040

254,513

285,131

Pool#

4834

4.50%,

10/20/2040

714,274

800,202

Pool#

737727

4.00%,

12/20/2040

562,436

642,116

Pool#

737730

4.00%,

12/20/2040

179,729

205,223

Pool#

4923

4.50%,

1/20/2041

106,666

121,302

Pool#

4978

4.50%,

3/20/2041

15,361

17,244

Pool#

5017

4.50%,

4/20/2041

161,856

181,329

Pool#

5082

4.50%,

6/20/2041

277,140

310,410

Pool#

5175

4.50%,

9/20/2041

211,523

237,437

Pool#

675523

3.50%,

3/20/2042

229,583

253,677

Pool#

MA0392

3.50%,

9/20/2042

1,134,655

1,233,619

Pool#

MA0462

3.50%,

10/20/2042

407,362

442,863

Pool#

MA0534

3.50%,

11/20/2042

1,048,083

1,139,304

Pool#

MA0625

3.50%,

12/20/2042

304,724

331,713

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

MA0698

3.00%,

1/20/2043

256,372

275,417

Pool#

MA0852

3.50%,

3/20/2043

475,824

517,979

Pool#

MA0934

3.50%,

4/20/2043

557,355

605,933

Pool#

AF1001

3.50%,

6/20/2043

177,004

197,744

Pool#

MA1376

4.00%,

10/20/2043

434,845

481,860

Pool#

AJ9335

3.50%,

10/20/2044

14,717

16,262

Pool#

MA2754

3.50%,

4/20/2045

181,945

195,056

Pool#

MA2824

2.50%,

5/20/2045

252,776

269,093

Pool#

MA2825

3.00%,

5/20/2045

376,674

403,745

Pool#

MA2891

3.00%,

6/20/2045

995,342

1,068,291

Pool#

MA2960

3.00%,

7/20/2045

320,287

342,264

Pool#

784156

4.00%,

8/20/2045

105,856

115,067

Pool#

AO1103

3.50%,

9/20/2045

339,826

375,513

Pool#

AO1099

3.50%,

9/20/2045

14,210

15,703

Pool#

MA3106

4.00%,

9/20/2045

57,045

62,724

Pool#

MA3172

3.00%,

10/20/2045

112,845

120,432

Pool#

MA3173

3.50%,

10/20/2045

7,217

7,841

Pool#

MA3174

4.00%,

10/20/2045

10,797

11,904

Pool#

MA3243

3.00%,

11/20/2045

99,687

106,391

Pool#

MA3244

3.50%,

11/20/2045

133,491

143,130

Pool#

784098

3.00%,

12/20/2045

524,291

560,128

Pool#

MA3309

3.00%,

12/20/2045

194,864

207,971

Pool#

MA3310

3.50%,

12/20/2045

55,580

59,749

Pool#

784111

3.00%,

1/20/2046

287,531

307,469

Pool#

MA3377

4.00%,

1/20/2046

30,199

33,145

Pool#

784119

3.00%,

2/20/2046

425,090

454,567

Pool#

784115

3.00%,

2/20/2046

22,984

24,578

Pool#

MA3520

3.00%,

3/20/2046

378,211

403,975

Pool#

MA3521

3.50%,

3/20/2046

317,043

341,756

Pool#

MA3522

4.00%,

3/20/2046

311,132

342,248

38

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

MA3596

3.00%,

4/20/2046

172,574

183,624

Pool#

MA3597

3.50%,

4/20/2046

57,426

61,957

Pool#

MA3662

3.00%,

5/20/2046

677,838

724,071

Pool#

MA3735

3.00%,

6/20/2046

367,545

392,640

Pool#

MA3736

3.50%,

6/20/2046

1,088,484

1,170,252

Pool#

MA3802

3.00%,

7/20/2046

652,390

696,889

Pool#

MA3804

4.00%,

7/20/2046

27,960

30,599

Pool#

MA3873

3.00%,

8/20/2046

725,154

774,650

Pool#

MA3876

4.50%,

8/20/2046

11,273

12,627

Pool#

MA3936

3.00%,

9/20/2046

577,302

616,734

Pool#

MA3939

4.50%,

9/20/2046

6,416

7,202

Pool#

MA4068

3.00%,

11/20/2046

170,951

182,629

Pool#

MA4125

2.50%,

12/20/2046

94,840

100,385

Pool#

MA4126

3.00%,

12/20/2046

1,225,126

1,308,840

Pool#

MA4127

3.50%,

12/20/2046

283,208

303,235

Pool#

MA4194

2.50%,

1/20/2047

241,560

255,665

Pool#

MA4196

3.50%,

1/20/2047

36,931

39,533

Pool#

MA4261

3.00%,

2/20/2047

295,735

315,588

Pool#

MA4262

3.50%,

2/20/2047

1,852,159

1,986,912

Pool#

MA4264

4.50%,

2/20/2047

13,315

14,689

Pool#

MA4321

3.50%,

3/20/2047

502,794

538,876

Pool#

MA4382

3.50%,

4/20/2047

268,250

286,661

Pool#

AZ1974

3.50%,

4/20/2047

150,888

166,731

Pool#

MA4384

4.50%,

4/20/2047

12,910

14,169

Pool#

MA4509

3.00%,

6/20/2047

135,189

144,396

Pool#

MA4511

4.00%,

6/20/2047

493,104

533,568

Pool#

MA4512

4.50%,

6/20/2047

36,691

40,260

Pool#

MA4585

3.00%,

7/20/2047

21,173

22,537

Pool#

MA4587

4.00%,

7/20/2047

546,262

590,548

Pool#

BC1888

3.50%,

8/20/2047

206,629

228,320

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

784471

3.50%,

8/20/2047

189,520

203,433

Pool#

MA4652

3.50%,

8/20/2047

146,213

156,266

Pool#

MA4653

4.00%,

8/20/2047

20,175

21,823

Pool#

784408

3.50%,

10/20/2047

115,867

124,364

Pool#

MA4836

3.00%,

11/20/2047

215,914

229,545

Pool#

MA4837

3.50%,

11/20/2047

430,117

459,515

Pool#

MA4838

4.00%,

11/20/2047

1,074,108

1,163,158

Pool#

MA4899

3.00%,

12/20/2047

463,985

491,587

Pool#

MA4900

3.50%,

12/20/2047

328,449

350,540

Pool#

784421

3.50%,

12/20/2047

226,186

260,040

Pool#

MA4961

3.00%,

1/20/2048

434,801

462,001

Pool#

MA4962

3.50%,

1/20/2048

314,032

336,909

Pool#

MA5018

3.00%,

2/20/2048

100,889

105,848

Pool#

MA5078

4.00%,

3/20/2048

475,401

513,492

Pool#

784480

3.50%,

4/20/2048

83,678

93,393

Pool#

784479

3.50%,

4/20/2048

55,879

62,609

Pool#

784481

3.50%,

4/20/2048

17,510

19,363

Pool#

MA5137

4.00%,

4/20/2048

224,005

241,029

Pool#

BD4034

4.00%,

4/20/2048

36,101

39,707

Pool#

MA5139

5.00%,

4/20/2048

52,745

57,599

Pool#

MA5192

4.00%,

5/20/2048

1,059,610

1,142,752

Pool#

MA5194

5.00%,

5/20/2048

24,873

27,160

Pool#

MA5265

4.50%,

6/20/2048

340,000

369,396

Pool#

MA5331

4.50%,

7/20/2048

124,220

135,189

Pool#

MA5398

4.00%,

8/20/2048

405,661

437,832

Pool#

MA5399

4.50%,

8/20/2048

274,891

299,605

Pool#

MA5466

4.00%,

9/20/2048

247,385

267,057

Pool#

MA5595

4.00%,

11/20/2048

87,970

94,676

Pool#

BJ2692

4.00%,

11/20/2048

21,958

23,593

Pool#

MA5597

5.00%,

11/20/2048

29,433

32,118

Nationwide

Bond

Index

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

39

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

MA5652

4.50%,

12/20/2048

312,353

339,950

Pool#

784656

4.50%,

12/20/2048

130,520

141,198

Pool#

BK2856

4.50%,

12/20/2048

16,841

18,319

Pool#

MA5653

5.00%,

12/20/2048

48,138

52,558

Pool#

MA5712

5.00%,

1/20/2049

221,873

242,244

Pool#

MA5818

4.50%,

3/20/2049

81,653

88,858

Pool#

MA5878

5.00%,

4/20/2049

29,434

32,171

Pool#

MA5933

5.00%,

5/20/2049

23,088

25,245

Pool#

MA5987

4.50%,

6/20/2049

501,083

545,752

Pool#

MA6041

4.50%,

7/20/2049

224,419

244,567

Pool#

MA6092

4.50%,

8/20/2049

76,231

82,603

Pool#

MA6409

3.00%,

1/20/2050

576,313

605,270

Pool#

MA6474

3.00%,

2/20/2050

1,167,569

1,224,383

Pool#

MA6476

4.00%,

2/20/2050

129,463

138,831

Pool#

MA6542

3.50%,

3/20/2050

348,909

369,487

Pool#

MA6657

3.50%,

5/20/2050

698,121

738,996

Pool#

BW4732

2.50%,

8/20/2050

643,818

677,906

Pool#

BW6206

2.50%,

8/20/2050

569,121

599,265

Pool#

MA6820

3.00%,

8/20/2050

1,052,984

1,105,887

Pool#

MA6821

3.50%,

8/20/2050

718,160

762,263

Pool#

BW4741

2.50%,

9/20/2050

591,231

622,508

Pool#

BY0805

2.50%,

9/20/2050

545,634

574,546

Pool#

BY0776

2.50%,

9/20/2050

545,392

574,286

Pool#

MA7052

2.50%,

12/20/2050

4,312,486

4,541,963

Pool#

MA7053

3.00%,

12/20/2050

1,555,807

1,658,424

Pool#

MA7136

2.50%,

1/20/2051

2,350,000

2,472,879

Pool#

MA7137

3.00%,

1/20/2051

1,628,000

1,733,066

Pool#

MA7193

2.50%,

2/20/2051

1,025,000

1,080,197

Total

Mortgage-Backed

Securities

(cost

$273,038,919)

281,026,214

Municipal

Bonds

0.7%

Principal

Amount

($)

Value

($)

California

0.3

%

Bay

Area

Toll

Authority,

RB

Series

F-2,

6.26%,

4/1/2049

150,000

252,705

Series

S-3,

6.91%,

10/1/2050

100,000

181,670

California

State,

GO,

7.60%,

11/1/2040

100,000

178,747

East

Bay

Municipal

Utility

District,

RB,

Series

B,

5.87%,

6/1/2040

100,000

148,418

Los

Angeles

Unified

School

District,

GO,

Series

RY,

6.76%,

7/1/2034

100,000

149,519

Los

Angeles,

Department

of

Water

&

Power,

RB

Series

D,

6.57%,

7/1/2045

210,000

354,482

Series

E,

6.75%,

8/1/2049

100,000

179,422

San

Diego

County

Water

Authority,

RB,

Series

B,

6.14%,

5/1/2049

125,000

192,713

Santa

Clara

Valley

Transportation

Authority,

RB,

Series

A,

5.88%,

4/1/2032

200,000

255,422

State

of

California,

GO

7.55%,

4/1/2039

125,000

216,745

7.63%,

3/1/2040

220,000

378,041

University

of

California,

RB

Series

AX,

3.06%,

7/1/2025

50,000

55,201

Series

R,

5.77%,

5/15/2043

50,000

72,105

Series

AD,

4.86%,

5/15/2112

200,000

288,550

2,903,740

Connecticut

0.0

%

†

State

of

Connecticut,

GO,

Series

D,

5.09%,

10/1/2030

200,000

242,852

Georgia

0.0

%

†

Municipal

Electric

Authority

of

Georgia,

Refunding,

RB,

Series

A,

6.66%,

4/1/2057

147,000

223,196

Illinois

0.1

%

Chicago

O'Hare

International

Airport,

RB,

Series

C,

4.57%,

1/1/2054

35,000

46,246

State

of

Illinois,

GO,

5.10%,

6/1/2033

435,000

486,817

533,063

Massachusetts

0.0

%

†

Commonwealth

of

Massachusetts,

RB,

Series

A,

5.73%,

6/1/2040

150,000

214,047

Nebraska

0.0

%

†

University

of

Nebraska

Facilities

Corp,

RB,

Series

A,

3.04%,

10/1/2049

55,000

60,507

40

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Bond

Index

Fund

Municipal

Bonds

Principal

Amount

($)

Value

($)

New

Jersey

0.1

%

New

Jersey

Economic

Development

Authority,

RB,

NATL-RE

Insured,

Series

A,

7.43%,

2/15/2029

150,000

196,833

New

Jersey

State

Turnpike

Authority,

RB,

Series

F,

7.41%,

1/1/2040

165,000

275,921

Rutgers-State

University

of

New

Jersey,

RB,

Series

H,

5.67%,

5/1/2040

250,000

348,070

820,824

New

York

0.1

%

Metropolitan

Transportation

Authority,

RB,

Series

C,

7.34%,

11/15/2039

140,000

226,023

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

157,948

New

York

City

Transitional

Finance

Authority,

Future

Tax

Secured,

RB,

Series

B,

5.57%,

11/1/2038

100,000

134,644

New

York

State

Dormitory

Authority,

RB,

Series

F,

3.11%,

2/15/2039

100,000

109,104

New

York

State

Thruway

Authority,

RB,

2.90%,

1/1/2035

50,000

55,278

Port

Authority

of

New

York

&

New

Jersey,

RB

6.04%,

12/1/2029

300,000

403,470

Series

174,

4.46%,

10/1/2062

100,000

133,243

1,219,710

Ohio

0.0

%

†

Ohio

State

University

(The),

RB,

Series

C,

4.91%,

6/1/2040

100,000

137,857

Oregon

0.0

%

†

Oregon

School

Boards

Association,

Limited

Tax

Pension,

GO,

AGM

Insured,

5.53%,

6/30/2028

200,000

240,674

Texas

0.1

%

Dallas

Independent

School

District,

Texas

School

Building,

GO,

PSF-GTD,

Series

C,

6.45%,

2/15/2035

150,000

151,488

Dallas/Fort

Worth

International

Airport,

RB,

Series

A,

2.99%,

11/1/2038

50,000

52,696

Municipal

Bonds

Principal

Amount

($)

Value

($)

Texas

Grand

Parkway

Transportation

Corp.,

RB,

Series

B,

3.24%,

10/1/2052

25,000

26,260

Texas

State

Taxable

Build

America

Bond,

GO,

Series

A,

5.52%,

4/1/2039

50,000

74,865

Texas

Transportation

Commission,

RB,

Series

B,

5.18%,

4/1/2030

100,000

127,410

432,719

Wisconsin

0.0

%

†

State

of

Wisconsin

Bond,

RB,

Series

C,

3.15%,

5/1/2027

20,000

22,648

Total

Municipal

Bonds

(cost

$5,428,020)

7,051,837

Supranational

1.3%

African

Development

Bank,

1.63%,

9/16/2022

500,000

511,502

Asian

Development

Bank

0.63%,

4/7/2022

500,000

502,653

1.75%,

9/13/2022

500,000

512,640

1.50%,

10/18/2024

500,000

520,990

0.63%,

4/29/2025

500,000

503,903

2.50%,

11/2/2027

500,000

553,257

2.75%,

1/19/2028

200,000

225,085

European

Bank

for

Reconstruction

&

Development

2.75%,

3/7/2023

250,000

263,209

0.25%,

7/10/2023

300,000

300,011

European

Investment

Bank

2.25%,

3/15/2022

750,000

767,547

1.38%,

5/15/2023

500,000

513,365

2.63%,

3/15/2024

500,000

536,507

2.50%,

10/15/2024

500,000

539,435

1.63%,

3/14/2025

500,000

524,631

0.38%,

12/15/2025

500,000

496,634

Inter-American

Development

Bank

1.75%,

9/14/2022

250,000

256,397

0.50%,

5/24/2023

500,000

503,475

0.25%,

11/15/2023

500,000

500,095

2.63%,

1/16/2024

500,000

534,587

2.00%,

6/2/2026

200,000

214,192

2.00%,

7/23/2026

500,000

535,770

4.38%,

1/24/2044

200,000

288,602

International

Bank

for

Reconstruction

&

Development

2.13%,

7/1/2022

250,000

256,908

7.63%,

1/19/2023

677,000

775,182

1.88%,

6/19/2023

250,000

259,807

3.00%,

9/27/2023

250,000

268,292

2.50%,

3/19/2024

500,000

534,508

2.50%,

11/25/2024

500,000

540,233

Nationwide

Bond

Index

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

41

Supranational

Principal

Amount

($)

Value

($)

0.63%,

4/22/2025

500,000

503,295

2.50%,

7/29/2025

250,000

272,374

1.75%,

10/23/2029

500,000

525,620

International

Finance

Corp.,

1.38%,

10/16/2024

250,000

259,333

Nordic

Investment

Bank,

2.25%,

5/21/2024

200,000

212,772

Total

Supranational

(cost

$14,043,204)

14,512,811

U.S.

Government

Agency

Securities

1.4%

FFCB,

2.85%,

9/20/2021

745,000

758,050

FHLB

3.63%,

6/11/2021

200,000

202,554

3.13%,

6/13/2025

1,075,000

1,200,392

5.50%,

7/15/2036

300,000

458,043

FHLMC

0.13%,

7/25/2022

185,000

185,060

0.25%,

6/26/2023

2,700,000

2,706,001

0.25%,

8/24/2023

1,105,000

1,107,592

0.25%,

12/4/2023

205,000

205,247

0.38%,

7/21/2025

65,000

64,875

6.75%,

9/15/2029

388,000

573,667

6.75%,

3/15/2031

400,000

608,929

6.25%,

7/15/2032

365,000

557,499

FNMA

2.63%,

1/11/2022

355,000

363,474

2.63%,

9/6/2024

500,000

542,624

0.50%,

6/17/2025

2,000,000

2,007,526

6.25%,

5/15/2029

500,000

706,080

7.25%,

5/15/2030

1,000,000

1,533,728

0.88%,

8/5/2030

880,000

854,967

Tennessee

Valley

Authority,

4.88%,

1/15/2048

300,000

449,612

Total

U.S.

Government

Agency

Securities

(cost

$14,090,311)

15,085,920

U.S.

Treasury

Obligations

35.8%

U.S.

Treasury

Bonds

7.13%,

2/15/2023

1,000,000

1,143,164

6.25%,

8/15/2023

869,000

1,003,933

6.00%,

2/15/2026

1,444,500

1,845,857

5.50%,

8/15/2028

5,300,000

7,121,668

5.25%,

11/15/2028

1,000,000

1,333,477

4.50%,

2/15/2036

1,300,000

1,861,539

4.75%,

2/15/2037

2,400,000

3,563,156

4.50%,

5/15/2038

500,000

733,848

4.50%,

8/15/2039

185,000

274,776

4.38%,

11/15/2039

830,000

1,217,863

1.13%,

5/15/2040

2,000,000

1,830,000

1.13%,

8/15/2040

1,000,000

912,031

3.88%,

8/15/2040

900,000

1,249,137

1.38%,

11/15/2040

3,000,000

2,858,438

4.25%,

11/15/2040

1,500,000

2,182,031

3.75%,

8/15/2041

2,250,000

3,091,289

3.13%,

11/15/2041

2,100,000

2,653,137

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Bonds

3.13%,

2/15/2042

1,650,000

2,088,539

2.75%,

11/15/2042

800,000

955,969

3.13%,

2/15/2043

1,750,000

2,216,348

2.88%,

5/15/2043

900,000

1,097,437

3.63%,

8/15/2043

2,000,000

2,727,031

3.75%,

11/15/2043

1,850,000

2,569,982

3.63%,

2/15/2044

800,000

1,093,062

3.38%,

5/15/2044

1,700,000

2,241,875

3.13%,

8/15/2044

2,400,000

3,049,687

3.00%,

11/15/2044

5,250,000

6,543,428

3.00%,

5/15/2045

400,000

499,406

2.88%,

8/15/2045

1,600,000

1,958,062

2.50%,

2/15/2046

550,000

630,996

2.50%,

5/15/2046

1,200,000

1,377,187

2.25%,

8/15/2046

2,200,000

2,410,461

2.88%,

11/15/2046

1,775,000

2,179,367

3.00%,

2/15/2047

1,000,000

1,256,563

3.00%,

5/15/2047

1,600,000

2,012,375

2.75%,

8/15/2047

1,000,000

1,203,672

3.00%,

8/15/2048

1,750,000

2,209,648

2.88%,

5/15/2049

1,400,000

1,734,797

2.25%,

8/15/2049

2,500,000

2,742,676

2.38%,

11/15/2049

4,050,000

4,561,787

2.00%,

2/15/2050

4,000,000

4,159,688

1.25%,

5/15/2050

2,500,000

2,163,672

1.38%,

8/15/2050

1,900,000

1,697,828

1.63%,

11/15/2050

2,850,000

2,709,281

U.S.

Treasury

Notes

2.00%,

12/31/2021

2,000,000

2,035,000

1.50%,

1/31/2022

2,000,000

2,027,969

1.75%,

2/28/2022

3,000,000

3,053,437

1.75%,

3/31/2022

1,000,000

1,019,297

1.75%,

4/30/2022

2,000,000

2,040,859

1.88%,

4/30/2022

2,000,000

2,044,063

1.75%,

5/15/2022

1,700,000

1,735,992

0.13%,

5/31/2022

5,000,000

5,001,758

1.75%,

5/31/2022

2,000,000

2,043,594

1.75%,

6/30/2022

1,000,000

1,023,164

2.13%,

6/30/2022

500,000

514,238

1.88%,

7/31/2022

4,000,000

4,105,781

2.00%,

7/31/2022

7,000,000

7,197,695

1.63%,

8/15/2022

5,200,000

5,322,281

0.13%,

8/31/2022

10,000,000

10,003,516

1.63%,

8/31/2022

1,750,000

1,791,631

1.88%,

8/31/2022

3,500,000

3,597,207

1.75%,

9/30/2022

2,000,000

2,054,375

1.88%,

9/30/2022

500,000

514,609

1.38%,

10/15/2022

3,500,000

3,574,785

0.13%,

10/31/2022

10,000,000

10,002,344

1.63%,

11/15/2022

4,000,000

4,107,344

2.00%,

11/30/2022

1,400,000

1,448,070

2.13%,

12/31/2022

2,000,000

2,076,484

2.38%,

1/31/2023

1,750,000

1,828,545

1.50%,

2/28/2023

1,000,000

1,028,320

2.63%,

2/28/2023

1,500,000

1,577,578

1.50%,

3/31/2023

2,500,000

2,573,730

1.38%,

6/30/2023

2,700,000

2,779,945

2.50%,

8/15/2023

3,800,000

4,026,812

1.38%,

8/31/2023

1,700,000

1,753,590

2.75%,

8/31/2023

2,000,000

2,133,672

42

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Bond

Index

Fund

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Notes

2.13%,

11/30/2023

3,900,000

4,116,633

2.25%,

12/31/2023

4,500,000

4,771,758

2.25%,

1/31/2024

4,800,000

5,096,437

2.50%,

1/31/2024

7,000,000

7,484,805

2.75%,

2/15/2024

4,500,000

4,850,332

2.13%,

3/31/2024

4,500,000

4,772,461

2.00%,

4/30/2024

2,000,000

2,115,859

2.25%,

4/30/2024

2,700,000

2,877,926

2.50%,

5/15/2024

1,700,000

1,827,500

2.00%,

5/31/2024

3,500,000

3,706,855

2.00%,

6/30/2024

2,500,000

2,650,684

2.13%,

7/31/2024

1,500,000

1,598,789

2.38%,

8/15/2024

250,000

268,877

1.88%,

8/31/2024

1,000,000

1,057,930

1.50%,

9/30/2024

2,500,000

2,612,891

2.13%,

9/30/2024

2,500,000

2,669,824

2.25%,

10/31/2024

1,000,000

1,073,750

2.25%,

11/15/2024

2,160,000

2,320,650

2.13%,

11/30/2024

1,200,000

1,284,281

1.38%,

1/31/2025

1,300,000

1,355,555

2.50%,

1/31/2025

1,500,000

1,631,543

2.00%,

2/15/2025

1,500,000

1,602,246

0.50%,

3/31/2025

2,700,000

2,720,250

2.63%,

3/31/2025

3,200,000

3,505,375

0.38%,

4/30/2025

4,500,000

4,508,613

2.13%,

5/15/2025

1,600,000

1,721,938

0.25%,

5/31/2025

4,000,000

3,984,531

0.25%,

6/30/2025

5,000,000

4,977,539

2.75%,

6/30/2025

1,750,000

1,933,750

2.88%,

7/31/2025

1,750,000

1,946,396

2.00%,

8/15/2025

2,000,000

2,147,578

0.25%,

8/31/2025

2,000,000

1,988,672

3.00%,

10/31/2025

2,800,000

3,142,672

2.25%,

11/15/2025

1,500,000

1,631,484

0.38%,

11/30/2025

6,500,000

6,489,844

0.38%,

12/31/2025

4,200,000

4,190,813

2.63%,

12/31/2025

2,000,000

2,214,297

2.63%,

1/31/2026

2,250,000

2,493,809

1.63%,

2/15/2026

2,900,000

3,070,941

1.63%,

5/15/2026

3,000,000

3,178,594

1.50%,

8/15/2026

3,400,000

3,580,227

1.38%,

8/31/2026

4,500,000

4,708,652

1.63%,

9/30/2026

2,500,000

2,650,488

1.63%,

10/31/2026

4,000,000

4,241,406

2.00%,

11/15/2026

1,000,000

1,081,680

1.50%,

1/31/2027

4,300,000

4,528,941

2.25%,

2/15/2027

3,800,000

4,171,539

1.13%,

2/28/2027

5,000,000

5,153,711

0.63%,

3/31/2027

1,500,000

1,499,766

0.50%,

4/30/2027

2,000,000

1,982,969

0.50%,

8/31/2027

1,500,000

1,480,840

0.38%,

9/30/2027

2,000,000

1,956,172

2.25%,

11/15/2027

3,870,000

4,260,628

0.63%,

11/30/2027

6,250,000

6,201,172

0.63%,

12/31/2027

2,500,000

2,478,516

2.75%,

2/15/2028

3,000,000

3,410,039

2.88%,

5/15/2028

3,000,000

3,442,852

2.88%,

8/15/2028

3,000,000

3,450,352

2.63%,

2/15/2029

1,657,000

1,880,760

2.38%,

5/15/2029

2,100,000

2,344,699

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Notes

1.63%,

8/15/2029

1,000,000

1,056,328

1.75%,

11/15/2029

500,000

533,438

1.50%,

2/15/2030

5,000,000

5,216,016

0.63%,

8/15/2030

3,200,000

3,074,000

0.88%,

11/15/2030

3,800,000

3,728,750

Total

U.S.

Treasury

Obligations

(cost

$367,784,348)

386,712,476

Short-Term

Investment

0.0%

†

Shares

Money

Market

Fund

0.0%

†

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,0.01%(g)(h)

78,656

78,656

Total

Short-Term

Investment

(cost

$78,656)

78,656

Total

Investments

(cost

$981,210,926)

—

96.2%

1,039,408,339

Other

assets

in

excess

of

liabilities

—

3.8%

40,858,983

NET

ASSETS

—

100.0%

$

1,080,267,322

†

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

January

31,

2021.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

at

January

31,

2021.

The

total

value

of

securities

on

loan

at

January

31,

2021

was

$76,213,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

with

a

value

of

$78,656.

(c)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

January

31,

2021.

(d)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

at

January

31,

2021

was

$7,638,114

which

represents

0.71%

of

net

assets.

(e)

Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

at

January

31,

2021.

(f)

Investment

in

affiliate.

(g)

Represents

7-day

effective

yield

as

of

January

31,

2021.

(h)

Security

or

a

portion

of

the

security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2021

was

$78,656.

ACES

Alternative

Credit

Enhancement

Services

Nationwide

Bond

Index

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

43

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

44

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Bond

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.

Nationwide

Bond

Index

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

45

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

3,608,789

$

–

$

3,608,789

Commercial

Mortgage-Backed

Securities

–

23,789,263

–

23,789,263

Corporate

Bonds

–

288,116,323

–

288,116,323

Foreign

Government

Securities

–

19,426,050

–

19,426,050

Mortgage-Backed

Securities

–

281,026,214

–

281,026,214

Municipal

Bonds

–

7,051,837

–

7,051,837

Short-Term

Investment

78,656

–

–

78,656

Supranational

–

14,512,811

–

14,512,811

U.S.

Government

Agency

Securities

–

15,085,920

–

15,085,920

U.S.

Treasury

Obligations

–

386,712,476

–

386,712,476

Total

$

78,656

$

1,039,329,683

$

–

$

1,039,408,339

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.

46

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

International

Index

Fund

Common

Stocks

100.0%

Shares

Value

($)

AUSTRALIA

8.1%

Airlines

0.0%

†

Qantas

Airways

Ltd.*

85,371

291,730

Banks

1.8%

Australia

&

New

Zealand

Banking

Group

Ltd.

253,505

4,560,764

Commonwealth

Bank

of

Australia

159,421

10,116,084

National

Australia

Bank

Ltd.

294,545

5,260,112

Westpac

Banking

Corp.

323,510

5,215,390

25,152,350

Beverages

0.1%

Coca-Cola

Amatil

Ltd.

46,398

463,045

Treasury

Wine

Estates

Ltd.

65,786

502,718

965,763

Biotechnology

0.6%

CSL

Ltd.

40,921

8,469,134

Capital

Markets

0.3%

ASX

Ltd.

17,912

980,079

Macquarie

Group

Ltd.

31,250

3,123,060

Magellan

Financial

Group

Ltd.

10,483

385,411

4,488,550

Chemicals

0.0%

†

Orica

Ltd.

35,732

413,793

Commercial

Services

&

Supplies

0.1%

Brambles

Ltd.

136,386

1,106,827

Construction

&

Engineering

0.0%

†

CIMIC

Group

Ltd.*

8,551

160,099

Diversified

Financial

Services

0.0%

†

AMP

Ltd.

282,090

319,060

Diversified

Telecommunication

Services

0.1%

Telstra

Corp.

Ltd.

380,622

904,189

TPG

Telecom

Ltd.*

32,780

184,895

1,089,084

Electric

Utilities

0.0%

†

AusNet

Services

151,603

199,829

Equity

Real

Estate

Investment

Trusts

(REITs)

0.4%

Dexus

98,854

678,170

Goodman

Group

150,413

2,027,242

GPT

Group

(The)

173,363

570,003

Mirvac

Group

349,756

632,822

Scentre

Group

469,281

972,384

Stockland

216,686

733,363

Vicinity

Centres

344,132

400,680

6,014,664

Food

&

Staples

Retailing

0.4%

Coles

Group

Ltd.

121,216

1,682,949

Woolworths

Group

Ltd.

114,758

3,572,002

5,254,951

Gas

Utilities

0.1%

APA

Group

108,011

804,948

Health

Care

Equipment

&

Supplies

0.1%

Cochlear

Ltd.

6,032

907,220

Health

Care

Providers

&

Services

0.1%

Ramsay

Health

Care

Ltd.

16,789

804,733

Common

Stocks

Shares

Value

($)

AUSTRALIA

Health

Care

Providers

&

Services

Sonic

Healthcare

Ltd.

41,674

1,097,513

1,902,246

Hotels,

Restaurants

&

Leisure

0.2%

Aristocrat

Leisure

Ltd.

52,200

1,231,240

Crown

Resorts

Ltd.

27,061

197,687

Tabcorp

Holdings

Ltd.

192,382

583,810

2,012,737

Insurance

0.2%

Insurance

Australia

Group

Ltd.

222,058

817,893

Medibank

Pvt

Ltd.

255,908

569,821

QBE

Insurance

Group

Ltd.

133,306

811,858

Suncorp

Group

Ltd.

117,099

896,488

3,096,060

Interactive

Media

&

Services

0.1%

REA

Group

Ltd.

4,319

482,364

SEEK

Ltd.

31,185

665,458

1,147,822

IT

Services

0.2%

Afterpay

Ltd.*

19,321

1,977,068

Computershare

Ltd.

43,751

480,792

2,457,860

Metals

&

Mining

2.4%

BHP

Group

Ltd.

265,293

8,819,822

BHP

Group

plc

188,819

5,187,832

BlueScope

Steel

Ltd.

45,915

582,365

Evolution

Mining

Ltd.

132,245

467,234

Fortescue

Metals

Group

Ltd.

153,890

2,549,646

Glencore

plc*

907,568

3,052,262

Newcrest

Mining

Ltd.

72,335

1,367,370

Northern

Star

Resources

Ltd.

68,891

664,133

Rio

Tinto

Ltd.

33,342

2,794,656

Rio

Tinto

plc

100,587

7,687,129

South32

Ltd.

447,697

863,199

34,035,648

Multiline

Retail

0.3%

Wesfarmers

Ltd.

101,237

4,210,117

Multi-Utilities

0.0%

†

AGL

Energy

Ltd.

53,300

465,094

Oil,

Gas

&

Consumable

Fuels

0.3%

Ampol

Ltd.

22,574

449,515

Oil

Search

Ltd.

179,214

536,026

Origin

Energy

Ltd.

162,243

590,325

Santos

Ltd.

161,495

810,384

Washington

H

Soul

Pattinson

&

Co.

Ltd.(a)

8,987

185,613

Woodside

Petroleum

Ltd.

87,204

1,640,017

4,211,880

Real

Estate

Management

&

Development

0.1%

Lendlease

Corp.

Ltd.

62,299

568,439

Road

&

Rail

0.0%

†

Aurizon

Holdings

Ltd.

177,810

500,528

Software

0.0%

†

WiseTech

Global

Ltd.

13,170

313,723

Transportation

Infrastructure

0.2%

Sydney

Airport*

114,312

497,785

Nationwide

International

Index

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

47

Common

Stocks

Shares

Value

($)

AUSTRALIA

Transportation

Infrastructure

Transurban

Group

248,838

2,507,287

3,005,072

113,565,228

AUSTRIA

0.2%

Banks

0.1%

Erste

Group

Bank

AG

25,910

790,180

Raiffeisen

Bank

International

AG

15,749

307,269

1,097,449

Electric

Utilities

0.1%

Verbund

AG

6,303

567,692

Metals

&

Mining

0.0%

†

voestalpine

AG

10,207

372,395

Oil,

Gas

&

Consumable

Fuels

0.0%

†

OMV

AG

12,125

507,999

2,545,535

BELGIUM

0.9%

Banks

0.1%

KBC

Group

NV*

22,725

1,588,700

Beverages

0.3%

Anheuser-Busch

InBev

SA/

NV

68,303

4,289,502

Biotechnology

0.0%

†

Galapagos

NV*

3,686

384,974

Chemicals

0.2%

Solvay

SA

6,767

771,120

Umicore

SA

18,045

1,023,042

1,794,162

Diversified

Financial

Services

0.1%

Groupe

Bruxelles

Lambert

SA

7,026

696,488

Groupe

Bruxelles

Lambert

SA

3,442

341,217

Sofina

SA

1,429

462,608

1,500,313

Diversified

Telecommunication

Services

0.0%

†

Proximus

SADP

11,004

231,545

Electric

Utilities

0.0%

†

Elia

Group

SA/NV

2,875

345,494

Food

&

Staples

Retailing

0.0%

†

Etablissements

Franz

Colruyt

NV

4,381

270,359

Insurance

0.1%

Ageas

SA/NV

16,294

835,082

Pharmaceuticals

0.1%

UCB

SA

11,541

1,196,964

12,437,095

BRAZIL

0.0%

†

Chemicals

0.0%

†

Yara

International

ASA

15,997

746,297

Common

Stocks

Shares

Value

($)

CHILE

0.0%

†

Metals

&

Mining

0.0%

†

Antofagasta

plc

33,723

659,982

CHINA

0.6%

Banks

0.1%

BOC

Hong

Kong

Holdings

Ltd.

347,600

1,044,008

Beverages

0.0%

†

Budweiser

Brewing

Co.

APAC

Ltd.

Reg.

S(b)

159,800

538,163

Food

Products

0.1%

Wilmar

International

Ltd.

178,758

708,853

Internet

&

Direct

Marketing

Retail

0.4%

Prosus

NV*

43,721

5,079,893

Real

Estate

Management

&

Development

0.0%

†

ESR

Cayman

Ltd.

Reg.

S*(b)

138,000

492,452

7,863,369

DENMARK

2.4%

Air

Freight

&

Logistics

0.2%

DSV

PANALPINA

A/S

18,837

2,937,727

Banks

0.1%

Danske

Bank

A/S*

63,039

1,079,845

Beverages

0.1%

Carlsberg

A/S,

Class

B

9,478

1,389,365

Biotechnology

0.2%

Genmab

A/S*

5,810

2,316,201

Building

Products

0.0%

†

ROCKWOOL

International

A/S,

Class

B

661

249,454

Chemicals

0.1%

Chr

Hansen

Holding

A/S*

9,654

872,301

Novozymes

A/S,

Class

B

19,060

1,145,030

2,017,331

Electric

Utilities

0.2%

Orsted

A/S

Reg.

S(b)

16,851

3,184,394

Electrical

Equipment

0.3%

Vestas

Wind

Systems

A/S

17,531

3,751,269

Health

Care

Equipment

&

Supplies

0.2%

Ambu

A/S,

Class

B(a)

14,863

703,148

Coloplast

A/S,

Class

B

10,844

1,620,030

Demant

A/S*(a)

8,851

318,177

GN

Store

Nord

A/S

11,655

892,165

3,533,520

Insurance

0.0%

†

Tryg

A/S

13,635

426,334

Marine

0.1%

AP

Moller

-

Maersk

A/S,

Class

A

284

538,149

AP

Moller

-

Maersk

A/S,

Class

B

561

1,160,699

1,698,848

Pharmaceuticals

0.8%

H

Lundbeck

A/S

5,521

197,034

48

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

International

Index

Fund

Common

Stocks

Shares

Value

($)

DENMARK

Pharmaceuticals

Novo

Nordisk

A/S,

Class

B

155,071

10,786,067

10,983,101

Textiles,

Apparel

&

Luxury

Goods

0.1%

Pandora

A/S

9,094

877,125

34,444,514

FINLAND

1.2%

Banks

0.2%

Nordea

Bank

Abp

*

294,482

2,389,815

Communications

Equipment

0.2%

Nokia

OYJ*

514,551

2,466,474

Diversified

Telecommunication

Services

0.0%

†

Elisa

OYJ

13,010

773,923

Electric

Utilities

0.1%

Fortum

OYJ

40,630

984,532

Food

&

Staples

Retailing

0.0%

†

Kesko

OYJ,

Class

B

25,215

654,376

Insurance

0.1%

Sampo

OYJ,

Class

A

42,827

1,795,788

Machinery

0.2%

Kone

OYJ,

Class

B

30,967

2,434,431

Wartsila

OYJ

Abp

36,537

358,925

2,793,356

Oil,

Gas

&

Consumable

Fuels

0.2%

Neste

OYJ

37,502

2,649,700

Paper

&

Forest

Products

0.2%

Stora

Enso

OYJ,

Class

R

52,761

959,235

UPM-

Kymmene

OYJ

48,439

1,727,444

2,686,679

Pharmaceuticals

0.0%

†

Orion

OYJ,

Class

B

10,039

460,735

17,655,378

FRANCE

10.4%

Aerospace

&

Defense

0.7%

Airbus

SE*

52,809

5,320,191

Dassault

Aviation

SA*

203

212,256

Safran

SA*

28,642

3,612,078

Thales

SA

9,702

871,921

10,016,446

Auto

Components

0.2%

Cie

Generale

des

Etablissements

Michelin

SCA

15,297

2,111,658

Faurecia

SE*

7,397

388,406

Valeo

SA

21,215

792,543

3,292,607

Automobiles

0.1%

Renault

SA*

17,293

737,904

Banks

0.5%

BNP

Paribas

SA*

100,825

4,855,973

Credit

Agricole

SA*

104,555

1,187,569

Societe

Generale

SA*

73,904

1,381,042

7,424,584

Beverages

0.3%

Pernod

Ricard

SA

19,045

3,594,442

Common

Stocks

Shares

Value

($)

FRANCE

Beverages

Remy

Cointreau

SA

1,924

357,455

3,951,897

Building

Products

0.2%

Cie

de

Saint-Gobain

46,834

2,331,315

Capital

Markets

0.0%

†

Amundi

SA

Reg.

S*(b)

5,663

421,575

Natixis

SA*

80,254

303,533

725,108

Chemicals

0.5%

Air

Liquide

SA

42,536

6,950,982

Arkema

SA

5,909

656,037

7,607,019

Construction

&

Engineering

0.4%

Bouygues

SA

20,693

813,179

Eiffage

SA*

7,703

699,365

Vinci

SA

46,572

4,321,169

5,833,713

Diversified

Financial

Services

0.0%

†

Eurazeo

SE*

3,736

261,722

Wendel

SE

1,920

221,620

483,342

Diversified

Telecommunication

Services

0.2%

Iliad

SA

1,325

245,456

Orange

SA

180,966

2,127,756

2,373,212

Electric

Utilities

0.0%

†

Electricite

de

France

SA*

56,674

705,500

Electrical

Equipment

0.7%

Legrand

SA

24,106

2,217,717

Schneider

Electric

SE

48,421

7,098,403

9,316,120

Entertainment

0.2%

Bollore

SA

65,863

267,128

Ubisoft

Entertainment

SA*

8,289

828,898

Vivendi

SA

75,502

2,316,574

3,412,600

Equity

Real

Estate

Investment

Trusts

(REITs)

0.2%

Covivio

4,944

406,701

Gecina

SA

3,844

548,147

Klepierre

SA

16,946

407,802

Unibail

-

Rodamco

-Westfield

12,551

1,058,090

2,420,740

Food

&

Staples

Retailing

0.1%

Carrefour

SA

55,625

940,593

Food

Products

0.3%

Danone

SA

56,094

3,737,271

Health

Care

Equipment

&

Supplies

0.0%

†

BioMerieux

3,770

583,413

Health

Care

Providers

&

Services

0.0%

†

Orpea

SA*

4,765

658,986

Hotels,

Restaurants

&

Leisure

0.1%

Accor

SA*

17,262

578,260

La

Francaise

des

Jeux

SAEM

Reg.

S(b)

7,964

342,387

Sodexo

SA*

8,044

715,603

1,636,250

Nationwide

International

Index

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

49

Common

Stocks

Shares

Value

($)

FRANCE

Household

Durables

0.0%

†

SEB

SA

2,202

418,970

Insurance

0.3%

AXA

SA

175,337

3,877,150

CNP

Assurances*

15,763

239,107

SCOR

SE*

14,358

436,606

4,552,863

Interactive

Media

&

Services

0.0%

†

Adevinta

ASA*

20,099

298,109

IT

Services

0.4%

Atos

SE*

8,955

685,186

Capgemini

SE

14,565

2,108,993

Edenred

22,269

1,208,876

Worldline

SA

Reg.

S*(b)

21,116

1,792,996

5,796,051

Life

Sciences

Tools

&

Services

0.1%

Sartorius

Stedim

Biotech

2,492

1,043,473

Machinery

0.1%

Alstom

SA*

22,804

1,235,773

Media

0.1%

Publicis

Groupe

SA

19,692

1,020,632

Multi-Utilities

0.3%

Engie

SA*

165,830

2,576,014

Suez

SA

32,105

660,119

Veolia

Environnement

SA

48,884

1,306,922

4,543,055

Oil,

Gas

&

Consumable

Fuels

0.7%

TOTAL

SE

226,984

9,582,389

Personal

Products

0.6%

L'Oreal

SA

22,665

7,944,635

Pharmaceuticals

0.7%

Ipsen

SA

2,921

255,214

Sanofi

102,018

9,584,962

9,840,176

Professional

Services

0.2%

Bureau

Veritas

SA*

26,226

689,640

Teleperformance

5,312

1,741,818

2,431,458

Software

0.2%

Dassault

Systemes

SE

11,945

2,388,120

Textiles,

Apparel

&

Luxury

Goods

1.9%

EssilorLuxottica

SA

25,829

3,676,636

Hermes

International

2,824

2,884,405

Kering

SA

6,783

4,451,169

LVMH

Moet

Hennessy

Louis

Vuitton

SE

25,001

15,095,439

26,107,649

Transportation

Infrastructure

0.1%

Aeroports

de

Paris*(a)

2,578

296,660

Getlink

SE*

39,769

613,317

909,977

146,301,950

GERMANY

9.4%

Aerospace

&

Defense

0.1%

MTU

Aero

Engines

AG

4,832

1,126,759

Common

Stocks

Shares

Value

($)

GERMANY

Air

Freight

&

Logistics

0.3%

Deutsche

Post

AG

(Registered)

88,502

4,379,579

Airlines

0.0%

†

Deutsche

Lufthansa

AG

(Registered)*(a)

27,720

357,731

Auto

Components

0.1%

Continental

AG

10,009

1,406,966

Automobiles

0.9%

Bayerische

Motoren

Werke

AG

29,817

2,533,720

Bayerische

Motoren

Werke

AG

(Preference)

4,316

282,376

Daimler

AG

(Registered)

76,683

5,408,001

Porsche

Automobil

Holding

SE

(Preference)

14,117

985,619

Volkswagen

AG

2,918

618,611

Volkswagen

AG

(Preference)

16,502

3,137,796

12,966,123

Banks

0.0%

†

Commerzbank

AG*

94,183

625,812

Capital

Markets

0.3%

Deutsche

Bank

AG

(Registered)*

178,942

1,822,494

Deutsche

Boerse

AG

17,365

2,799,064

4,621,558

Chemicals

0.7%

BASF

SE

82,617

6,409,174

Covestro

AG

Reg.

S(b)

16,818

1,146,092

Evonik

Industries

AG

17,597

581,073

Fuchs

Petrolub

SE

(Preference)

5,345

304,265

LANXESS

AG

7,532

567,753

Symrise

AG

11,783

1,468,136

10,476,493

Construction

&

Engineering

0.0%

†

Hochtief

AG

2,000

186,095

Construction

Materials

0.1%

HeidelbergCement

AG

13,569

1,004,704

Diversified

Telecommunication

Services

0.4%

Deutsche

Telekom

AG

(Registered)

299,122

5,334,364

Telefonica

Deutschland

Holding

AG

85,329

233,785

United

Internet

AG

(Registered),

Class

G

9,042

393,070

5,961,219

Electrical

Equipment

0.1%

Siemens

Energy

AG*

36,307

1,343,861

Health

Care

Equipment

&

Supplies

0.3%

Carl

Zeiss

Meditec

AG

3,322

519,992

Sartorius

AG

(Preference)

3,230

1,610,230

Siemens

Healthineers

AG

Reg.

S(b)

24,446

1,371,918

3,502,140

50

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

International

Index

Fund

Common

Stocks

Shares

Value

($)

GERMANY

Health

Care

Providers

&

Services

0.2%

Fresenius

Medical

Care

AG

&

Co.

KGaA

18,654

1,514,098

Fresenius

SE

&

Co.

KGaA

38,119

1,701,271

3,215,369

Household

Products

0.2%

Henkel

AG

&

Co.

KGaA

9,304

869,249

Henkel

AG

&

Co.

KGaA

(Preference)

15,928

1,654,350

2,523,599

Independent

Power

and

Renewable

Electricity

Producers

0.1%

Uniper

SE

18,413

645,442

Industrial

Conglomerates

0.8%

Siemens

AG

(Registered)

68,893

10,669,236

Insurance

0.9%

Allianz

SE

(Registered)

37,569

8,516,499

Hannover

Rueck

SE

5,526

857,976

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

12,501

3,323,421

12,697,896

Interactive

Media

&

Services

0.1%

Scout24

AG

Reg.

S(b)

9,935

768,988

Internet

&

Direct

Marketing

Retail

0.4%

Delivery

Hero

SE

Reg.

S*(b)

11,778

1,792,588

HelloFresh

SE*

13,453

1,137,497

Just

Eat

Takeaway.com

NV

Reg.

S*(b)

11,515

1,321,089

Zalando

SE

Reg.

S*(b)

13,943

1,601,371

5,852,545

IT

Services

0.0%

†

Bechtle

AG

2,239

475,983

Machinery

0.2%

GEA

Group

AG

14,012

486,245

KION

Group

AG

6,060

524,800

Knorr-

Bremse

AG

6,627

879,209

Rational

AG

420

404,185

2,294,439

Multi-Utilities

0.3%

E.ON

SE

204,681

2,168,778

RWE

AG

58,515

2,518,053

4,686,831

Personal

Products

0.1%

Beiersdorf

AG

9,350

1,025,789

Pharmaceuticals

0.5%

Bayer

AG

(Registered)

88,048

5,334,501

Merck

KGaA

11,739

1,961,748

7,296,249

Real

Estate

Management

&

Development

0.5%

Aroundtown

SA

91,107

633,761

Deutsche

Wohnen

SE

31,108

1,542,463

LEG

Immobilien

AG

6,556

941,771

Vonovia

SE

47,336

3,170,194

6,288,189

Common

Stocks

Shares

Value

($)

GERMANY

Semiconductors

&

Semiconductor

Equipment

0.3%

Infineon

Technologies

AG

116,635

4,690,796

Software

0.9%

Nemetschek

SE

5,486

387,587

SAP

SE

94,039

11,971,042

TeamViewer

AG

Reg.

S*(b)

13,899

720,847

13,079,476

Textiles,

Apparel

&

Luxury

Goods

0.5%

adidas

AG*

17,134

5,446,172

Puma

SE*

9,014

883,275

6,329,447

Trading

Companies

&

Distributors

0.1%

Brenntag

AG

14,150

1,111,238

131,610,552

HONG

KONG

2.9%

Banks

0.1%

Bank

of

East

Asia

Ltd.

(The)

(a)

106,950

232,172

Hang

Seng

Bank

Ltd.

67,600

1,235,538

1,467,710

Building

Products

0.0%

†

Xinyi

Glass

Holdings

Ltd.

180,000

437,115

Capital

Markets

0.5%

Hong

Kong

Exchanges

&

Clearing

Ltd.

98,600

6,333,801

Diversified

Telecommunication

Services

0.0%

†

HKT

Trust

&

HKT

Ltd.

365,420

481,988

PCCW

Ltd.(a)

338,000

188,103

670,091

Electric

Utilities

0.2%

CK

Infrastructure

Holdings

Ltd.

62,500

333,531

CLP

Holdings

Ltd.

152,000

1,423,618

HK

Electric

Investments

&

HK

Electric

Investments

Ltd.

Reg.

S

227,500

224,780

Power

Assets

Holdings

Ltd.

130,800

695,835

2,677,764

Equity

Real

Estate

Investment

Trusts

(REITs)

0.1%

Link

REIT

189,651

1,671,623

Food

Products

0.1%

WH

Group

Ltd.

Reg.

S(b)

892,500

729,430

Gas

Utilities

0.1%

Hong

Kong

&

China

Gas

Co.

Ltd.

985,872

1,413,590

Hotels,

Restaurants

&

Leisure

0.0%

†

Melco

Resorts

&

Entertainment

Ltd.,

ADR

20,638

330,002

Industrial

Conglomerates

0.1%

Jardine

Matheson

Holdings

Ltd.

18,000

1,045,800

Jardine

Matheson

Holdings

Ltd.

2,200

127,461

Jardine

Strategic

Holdings

Ltd.

14,800

393,532

Nationwide

International

Index

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

51

Common

Stocks

Shares

Value

($)

HONG

KONG

Industrial

Conglomerates

Jardine

Strategic

Holdings

Ltd.

5,400

139,985

1,706,778

Insurance

1.0%

AIA

Group

Ltd.

1,088,800

13,340,429

Machinery

0.1%

Techtronic

Industries

Co.

Ltd.

126,500

1,896,722

Real

Estate

Management

&

Development

0.5%

CK

Asset

Holdings

Ltd.

236,886

1,201,140

Hang

Lung

Properties

Ltd.

191,000

508,001

Henderson

Land

Development

Co.

Ltd.

143,352

586,835

Hongkong

Land

Holdings

Ltd.

92,500

418,100

Hongkong

Land

Holdings

Ltd.

8,800

40,737

New

World

Development

Co.

Ltd.

142,707

667,908

Sino

Land

Co.

Ltd.

246,200

343,034

Sun

Hung

Kai

Properties

Ltd.

119,700

1,647,868

Swire

Pacific

Ltd.,

Class

A

47,500

301,436

Swire

Properties

Ltd.

104,400

305,234

Wharf

Real

Estate

Investment

Co.

Ltd.

152,270

812,020

6,832,313

Road

&

Rail

0.1%

MTR

Corp.

Ltd.

148,714

863,858

Semiconductors

&

Semiconductor

Equipment

0.0%

†

ASM

Pacific

Technology

Ltd.

26,900

391,310

40,762,536

IRELAND

0.7%

Building

Products

0.1%

Kingspan

Group

plc*

13,739

932,285

Construction

Materials

0.2%

CRH

plc

70,349

2,897,184

Containers

&

Packaging

0.1%

Smurfit

Kappa

Group

plc

21,375

1,028,253

Food

Products

0.1%

Kerry

Group

plc,

Class

A

14,043

1,904,714

Hotels,

Restaurants

&

Leisure

0.2%

Flutter

Entertainment

plc*

14,702

2,730,159

9,492,595

ISRAEL

0.6%

Aerospace

&

Defense

0.0%

†

Elbit

Systems

Ltd.

2,177

302,007

Banks

0.2%

Bank

Hapoalim

BM*

98,687

698,320

Bank

Leumi

Le-Israel

BM

129,857

803,561

Israel

Discount

Bank

Ltd.,

Class

A

111,983

435,059

Mizrahi

Tefahot

Bank

Ltd.

11,734

273,767

2,210,707

Common

Stocks

Shares

Value

($)

ISRAEL

Chemicals

0.0%

†

ICL

Group

Ltd.

57,452

305,902

IT

Services

0.1%

Wix.com

Ltd.*

5,009

1,237,474

Pharmaceuticals

0.1%

Teva

Pharmaceutical

Industries

Ltd.,

ADR*

99,176

1,168,293

Real

Estate

Management

&

Development

0.0%

†

Azrieli

Group

Ltd.

4,099

250,346

Software

0.2%

Check

Point

Software

Technologies

Ltd.*

10,188

1,301,415

Nice

Ltd.*

5,661

1,474,663

2,776,078

8,250,807

ITALY

2.0%

Automobiles

0.2%

Ferrari

NV(a)

11,465

2,393,931

Banks

0.4%

FinecoBank

Banca

Fineco

SpA

*

51,200

799,431

Intesa

Sanpaolo

SpA

*

1,469,389

3,214,489

Mediobanca

Banca

di

Credito

Finanziario

SpA

*

51,193

456,496

UniCredit

SpA

*

193,450

1,768,953

6,239,369

Beverages

0.0%

†

Davide

Campari-Milano

NV(a)

53,709

578,133

Diversified

Telecommunication

Services

0.1%

Infrastrutture

Wireless

Italiane

SpA

Reg.

S(b)

31,089

334,227

Telecom

Italia

SpA

1,326,858

592,599

926,826

Electric

Utilities

0.6%

Enel

SpA

730,113

7,249,796

Terna

Rete

Elettrica

Nazionale

SpA

127,452

926,481

8,176,277

Electrical

Equipment

0.0%

†

Prysmian

SpA

21,803

701,716

Gas

Utilities

0.1%

Snam

SpA

183,024

960,942

Health

Care

Equipment

&

Supplies

0.0%

†

DiaSorin

SpA

2,315

507,205

Health

Care

Providers

&

Services

0.0%

†

Amplifon

SpA

*

11,966

474,916

Insurance

0.2%

Assicurazioni

Generali

SpA

99,045

1,692,092

Poste

Italiane

SpA

Reg.

S(b)

48,506

474,971

2,167,063

IT

Services

0.0%

†

Nexi

SpA

Reg.

S*(b)

39,918

708,800

52

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

International

Index

Fund

Common

Stocks

Shares

Value

($)

ITALY

Oil,

Gas

&

Consumable

Fuels

0.2%

Eni

SpA

230,774

2,329,553

Pharmaceuticals

0.0%

†

Recordati

Industria

Chimica

e

Farmaceutica

SpA

9,827

509,186

Textiles,

Apparel

&

Luxury

Goods

0.1%

Moncler

SpA

*

17,768

1,003,728

Transportation

Infrastructure

0.1%

Atlantia

SpA

*

45,285

719,305

28,396,950

JAPAN

25.5%

Air

Freight

&

Logistics

0.1%

SG

Holdings

Co.

Ltd.

29,100

744,623

Yamato

Holdings

Co.

Ltd.

28,200

696,535

1,441,158

Airlines

0.0%

†

ANA

Holdings,

Inc.*

14,500

319,003

Japan

Airlines

Co.

Ltd.*

12,974

231,976

550,979

Auto

Components

0.6%

Aisin

Seiki

Co.

Ltd.

13,500

415,358

Bridgestone

Corp.

49,100

1,822,356

Denso

Corp.

39,400

2,194,701

Koito

Manufacturing

Co.

Ltd.

9,100

583,913

NGK

Spark

Plug

Co.

Ltd.

13,700

255,378

Stanley

Electric

Co.

Ltd.

10,300

322,989

Sumitomo

Electric

Industries

Ltd.

69,100

923,196

Toyoda

Gosei

Co.

Ltd.

6,600

174,485

Toyota

Industries

Corp.

13,400

1,057,078

7,749,454

Automobiles

1.6%

Honda

Motor

Co.

Ltd.

145,600

3,849,893

Isuzu

Motors

Ltd.

52,600

505,418

Mazda

Motor

Corp.

53,760

384,771

Nissan

Motor

Co.

Ltd.*

210,800

1,077,616

Subaru

Corp.

56,400

1,087,012

Suzuki

Motor

Corp.

33,500

1,513,668

Toyota

Motor

Corp.

191,020

13,357,420

Yamaha

Motor

Co.

Ltd.

25,700

585,538

22,361,336

Banks

1.1%

Bank

of

Kyoto

Ltd.

(The)

5,500

291,572

Chiba

Bank

Ltd.

(The)

45,500

250,011

Concordia

Financial

Group

Ltd.

81,100

297,568

Fukuoka

Financial

Group,

Inc.

13,120

236,884

Japan

Post

Bank

Co.

Ltd.(a)

30,300

263,333

Mitsubishi

UFJ

Financial

Group,

Inc.

1,100,784

4,959,690

Mizuho

Financial

Group,

Inc.

215,351

2,872,607

Resona

Holdings,

Inc.

192,401

672,305

Shinsei

Bank

Ltd.

12,200

151,643

Shizuoka

Bank

Ltd.

(The)

36,600

269,202

Sumitomo

Mitsui

Financial

Group,

Inc.

117,205

3,648,189

Common

Stocks

Shares

Value

($)

JAPAN

Banks

Sumitomo

Mitsui

Trust

Holdings,

Inc.

29,476

895,528

14,808,532

Beverages

0.3%

Asahi

Group

Holdings

Ltd.

41,200

1,676,742

Coca-Cola

Bottlers

Japan

Holdings,

Inc.

11,800

179,534

Ito

En

Ltd.

5,100

318,389

Kirin

Holdings

Co.

Ltd.

74,700

1,606,783

Suntory

Beverage

&

Food

Ltd.

13,000

454,858

4,236,306

Biotechnology

0.0%

†

PeptiDream

,

Inc.*

8,800

515,695

Building

Products

0.5%

AGC,

Inc.

17,420

606,302

Daikin

Industries

Ltd.

22,300

4,747,783

Lixil

Corp.

24,000

562,254

TOTO

Ltd.

13,400

744,410

6,660,749

Capital

Markets

0.3%

Daiwa

Securities

Group,

Inc.

122,200

582,634

Japan

Exchange

Group,

Inc.

46,800

1,091,178

Nomura

Holdings,

Inc.

287,000

1,520,931

SBI

Holdings,

Inc.

21,670

540,719

3,735,462

Chemicals

1.1%

Air

Water,

Inc.

15,700

255,573

Asahi

Kasei

Corp.

114,800

1,286,676

JSR

Corp.

16,900

516,666

Kansai

Paint

Co.

Ltd.

15,200

449,293

Kuraray

Co.

Ltd.

26,200

281,594

Mitsubishi

Chemical

Holdings

Corp.

116,600

804,838

Mitsubishi

Gas

Chemical

Co.,

Inc.

14,800

338,911

Mitsui

Chemicals,

Inc.

14,320

412,004

Nippon

Paint

Holdings

Co.

Ltd.

13,300

1,199,850

Nippon

Sanso

Holdings

Corp.

14,200

274,488

Nissan

Chemical

Corp.

11,200

639,805

Nitto

Denko

Corp.

14,610

1,325,489

Shin-Etsu

Chemical

Co.

Ltd.

31,700

5,520,340

Sumitomo

Chemical

Co.

Ltd.

139,300

658,716

Teijin

Ltd.

14,860

273,144

Toray

Industries,

Inc.

125,800

823,233

Tosoh

Corp.

25,100

433,131

15,493,751

Commercial

Services

&

Supplies

0.2%

Dai

Nippon

Printing

Co.

Ltd.

23,150

399,679

Secom

Co.

Ltd.

19,200

1,743,227

Sohgo

Security

Services

Co.

Ltd.

6,400

315,762

Toppan

Printing

Co.

Ltd.

22,900

326,669

2,785,337

Construction

&

Engineering

0.1%

Kajima

Corp.

41,900

563,409

Nationwide

International

Index

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

53

Common

Stocks

Shares

Value

($)

JAPAN

Construction

&

Engineering

Obayashi

Corp.

62,300

526,749

Shimizu

Corp.

46,100

326,449

Taisei

Corp.

17,600

571,405

1,988,012

Construction

Materials

0.0%

†

Taiheiyo

Cement

Corp.

10,700

269,553

Consumer

Finance

0.0%

†

Acom

Co.

Ltd.

38,600

170,132

Diversified

Financial

Services

0.2%

Mitsubishi

UFJ

Lease

&

Finance

Co.

Ltd.

37,300

184,742

ORIX

Corp.

119,300

1,934,203

Tokyo

Century

Corp.

4,200

341,042

2,459,987

Diversified

Telecommunication

Services

0.2%

Nippon

Telegraph

&

Telephone

Corp.

114,616

2,857,133

Electric

Utilities

0.2%

Chubu

Electric

Power

Co.,

Inc.

59,200

723,805

Chugoku

Electric

Power

Co.,

Inc.

(The)

28,200

349,202

Kansai

Electric

Power

Co.,

Inc.

(The)

64,700

638,631

Kyushu

Electric

Power

Co.,

Inc.

36,300

338,727

Tohoku

Electric

Power

Co.,

Inc.

36,200

313,382

Tokyo

Electric

Power

Co.

Holdings,

Inc.*

122,400

474,290

2,838,037

Electrical

Equipment

0.6%

Fuji

Electric

Co.

Ltd.

11,940

477,240

Mitsubishi

Electric

Corp.

165,800

2,535,034

Nidec

Corp.

40,000

5,312,371

8,324,645

Electronic

Equipment,

Instruments

&

Components

1.9%

Azbil

Corp.

10,100

513,471

Hamamatsu

Photonics

KK

11,800

681,410

Hirose

Electric

Co.

Ltd.

2,765

436,699

Hitachi

Ltd.

88,060

3,637,228

Ibiden

Co.

Ltd.

10,200

468,872

Keyence

Corp.

16,372

8,807,173

Kyocera

Corp.

29,300

1,880,796

Murata

Manufacturing

Co.

Ltd.

51,400

4,950,324

Omron

Corp.

17,100

1,513,684

Shimadzu

Corp.

20,600

788,142

TDK

Corp.

11,800

1,910,223

Yokogawa

Electric

Corp.

21,500

466,010

26,054,032

Entertainment

0.7%

Capcom

Co.

Ltd.

8,300

521,339

Koei

Tecmo

Holdings

Co.

Ltd.

3,700

211,608

Konami

Holdings

Corp.

8,500

521,318

Nexon

Co.

Ltd.

44,300

1,346,668

Common

Stocks

Shares

Value

($)

JAPAN

Entertainment

Nintendo

Co.

Ltd.

10,000

5,779,440

Square

Enix

Holdings

Co.

Ltd.

8,800

505,849

Toho

Co.

Ltd.

9,400

362,821

9,249,043

Equity

Real

Estate

Investment

Trusts

(REITs)

0.4%

Daiwa

House

REIT

Investment

Corp.

173

465,292

GLP

J-REIT

380

600,027

Japan

Real

Estate

Investment

Corp.

123

748,887

Japan

Retail

Fund

Investment

Corp.

231

440,553

Nippon

Building

Fund,

Inc.

125

755,379

Nippon

Prologis

REIT,

Inc.

194

632,306

Nomura

Real

Estate

Master

Fund,

Inc.

363

551,730

Orix

JREIT,

Inc.

247

414,154

United

Urban

Investment

Corp.

260

354,273

4,962,601

Food

&

Staples

Retailing

0.4%

Aeon

Co.

Ltd.

59,600

1,869,160

Cosmos

Pharmaceutical

Corp.

1,800

274,197

Kobe

Bussan

Co.

Ltd.

11,400

315,272

Lawson,

Inc.

4,600

223,685

Seven

&

i

Holdings

Co.

Ltd.

68,700

2,609,519

Sundrug

Co.

Ltd.

6,000

237,898

Tsuruha

Holdings,

Inc.

3,500

464,531

Welcia

Holdings

Co.

Ltd.

7,800

264,961

6,259,223

Food

Products

0.4%

Ajinomoto

Co.,

Inc.

42,900

1,011,389

Calbee

,

Inc.

7,500

221,525

Kikkoman

Corp.

13,200

929,158

MEIJI

Holdings

Co.

Ltd.

10,698

728,995

NH

Foods

Ltd.

6,900

295,873

Nisshin

Seifun

Group,

Inc.

16,152

272,673

Nissin

Foods

Holdings

Co.

Ltd.

5,300

456,963

Toyo

Suisan

Kaisha

Ltd.

7,700

378,868

Yakult

Honsha

Co.

Ltd.

11,800

602,993

Yamazaki

Baking

Co.

Ltd.

9,700

177,840

5,076,277

Gas

Utilities

0.1%

Osaka

Gas

Co.

Ltd.

34,380

634,166

Toho

Gas

Co.

Ltd.

6,200

366,203

Tokyo

Gas

Co.

Ltd.

31,580

689,991

1,690,360

Health

Care

Equipment

&

Supplies

0.8%

Asahi

Intecc

Co.

Ltd.

16,100

530,236

Hoya

Corp.

33,600

4,296,891

Olympus

Corp.

105,800

1,916,314

Sysmex

Corp.

15,200

1,771,800

Terumo

Corp.

58,900

2,303,933

10,819,174

Health

Care

Providers

&

Services

0.1%

Alfresa

Holdings

Corp.

15,100

301,944

54

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

International

Index

Fund

Common

Stocks

Shares

Value

($)

JAPAN

Health

Care

Providers

&

Services

Medipal

Holdings

Corp.

16,200

333,374

Suzuken

Co.

Ltd.

5,780

224,014

859,332

Health

Care

Technology

0.2%

M3,

Inc.

40,100

3,362,165

Hotels,

Restaurants

&

Leisure

0.2%

McDonald's

Holdings

Co.

Japan

Ltd.

5,824

283,517

Oriental

Land

Co.

Ltd.

17,800

2,786,700

3,070,217

Household

Durables

1.2%

Casio

Computer

Co.

Ltd.

16,000

284,255

Iida

Group

Holdings

Co.

Ltd.

12,400

273,971

Panasonic

Corp.

200,302

2,596,382

Rinnai

Corp.

3,400

355,694

Sekisui

Chemical

Co.

Ltd.

32,400

585,568

Sekisui

House

Ltd.

56,000

1,083,374

Sharp

Corp.

20,300

423,156

Sony

Corp.

113,600

10,870,904

16,473,304

Household

Products

0.2%

Lion

Corp.

17,900

408,620

Pigeon

Corp.

9,400

423,157

Unicharm

Corp.

37,000

1,655,026

2,486,803

Industrial

Conglomerates

0.1%

Keihan

Holdings

Co.

Ltd.

8,500

390,470

Toshiba

Corp.

35,170

1,152,249

1,542,719

Insurance

0.6%

Dai-ichi

Life

Holdings,

Inc.

98,700

1,524,106

Japan

Post

Holdings

Co.

Ltd.

145,100

1,157,316

Japan

Post

Insurance

Co.

Ltd.

20,900

411,485

MS&AD

Insurance

Group

Holdings,

Inc.

40,855

1,183,153

Sompo

Holdings,

Inc.

30,725

1,228,193

T&D

Holdings,

Inc.

44,700

529,704

Tokio

Marine

Holdings,

Inc.

57,500

2,871,608

8,905,565

Interactive

Media

&

Services

0.1%

Kakaku.com,

Inc.

11,900

343,884

Z

Holdings

Corp.

241,400

1,493,360

1,837,244

Internet

&

Direct

Marketing

Retail

0.1%

Mercari

,

Inc.*

7,100

340,027

Rakuten

,

Inc.

78,800

774,633

ZOZO,

Inc.

8,500

237,474

1,352,134

IT

Services

0.6%

Fujitsu

Ltd.

17,910

2,727,324

GMO

Payment

Gateway,

Inc.

3,900

555,191

Itochu

Techno-Solutions

Corp.

8,200

287,940

NEC

Corp.

23,600

1,280,499

Nomura

Research

Institute

Ltd.

29,254

976,742

NTT

Data

Corp.

58,300

841,006

Common

Stocks

Shares

Value

($)

JAPAN

IT

Services

Obic

Co.

Ltd.

6,400

1,197,873

Otsuka

Corp.

8,500

427,444

SCSK

Corp.

4,800

267,577

TIS,

Inc.

21,000

465,925

9,027,521

Leisure

Products

0.3%

Bandai

Namco

Holdings,

Inc.

18,249

1,554,568

Sega

Sammy

Holdings,

Inc.

13,600

216,276

Shimano,

Inc.

6,800

1,595,244

Yamaha

Corp.

12,200

689,816

4,055,904

Machinery

1.5%

Amada

Co.

Ltd.

28,100

319,656

Daifuku

Co.

Ltd.

9,300

1,056,437

FANUC

Corp.

17,200

4,516,837

Harmonic

Drive

Systems,

Inc.(a)

3,200

238,398

Hino

Motors

Ltd.

27,500

237,959

Hitachi

Construction

Machinery

Co.

Ltd.

9,400

275,565

Hoshizaki

Corp.

4,200

372,737

Komatsu

Ltd.

79,700

2,196,320

Kubota

Corp.

94,300

2,078,163

Kurita

Water

Industries

Ltd.

9,400

382,595

Makita

Corp.

20,400

973,201

MINEBEA

MITSUMI,

Inc.

33,000

734,824

MISUMI

Group,

Inc.

25,900

844,693

Mitsubishi

Heavy

Industries

Ltd.

26,520

767,231

Miura

Co.

Ltd.

8,000

455,959

Nabtesco

Corp.

9,900

445,083

NGK

Insulators

Ltd.

24,500

430,237

NSK

Ltd.

34,600

316,453

SMC

Corp.

5,100

3,095,405

THK

Co.

Ltd.

10,600

339,881

Yaskawa

Electric

Corp.

21,900

1,126,703

21,204,337

Marine

0.0%

†

Nippon

Yusen

KK

14,440

333,634

Media

0.1%

CyberAgent

,

Inc.

9,200

576,979

Dentsu

Group,

Inc.

19,661

625,804

Hakuhodo

DY

Holdings,

Inc.

17,400

253,067

1,455,850

Metals

&

Mining

0.2%

Hitachi

Metals

Ltd.

16,400

261,955

JFE

Holdings,

Inc.*

39,800

349,472

Nippon

Steel

Corp.*

73,806

861,906

Sumitomo

Metal

Mining

Co.

Ltd.

21,500

937,340

2,410,673

Multiline

Retail

0.1%

Marui

Group

Co.

Ltd.

16,900

302,964

Pan

Pacific

International

Holdings

Corp.

37,700

849,220

Ryohin

Keikaku

Co.

Ltd.

21,900

524,903

1,677,087

Nationwide

International

Index

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

55

Common

Stocks

Shares

Value

($)

JAPAN

Oil,

Gas

&

Consumable

Fuels

0.1%

ENEOS

Holdings,

Inc.

282,017

1,146,198

Idemitsu

Kosan

Co.

Ltd.

18,544

437,952

Inpex

Corp.

89,900

529,114

2,113,264

Paper

&

Forest

Products

0.0%

†

Oji

Holdings

Corp.

73,900

447,939

Personal

Products

0.5%

Kao

Corp.

43,200

3,144,355

Kobayashi

Pharmaceutical

Co.

Ltd.

4,100

461,926

Kose

Corp.

2,900

484,012

Pola

Orbis

Holdings,

Inc.

7,200

144,453

Shiseido

Co.

Ltd.

36,400

2,388,662

6,623,408

Pharmaceuticals

1.7%

Astellas

Pharma,

Inc.

169,700

2,752,816

Chugai

Pharmaceutical

Co.

Ltd.

61,000

3,221,981

Daiichi

Sankyo

Co.

Ltd.

152,400

4,910,415

Eisai

Co.

Ltd.

22,900

1,678,524

Hisamitsu

Pharmaceutical

Co.,

Inc.

4,000

241,260

Kyowa

Kirin

Co.

Ltd.

24,800

737,431

Nippon

Shinyaku

Co.

Ltd.

3,500

257,802

Ono

Pharmaceutical

Co.

Ltd.

33,900

1,015,178

Otsuka

Holdings

Co.

Ltd.

35,600

1,522,760

Santen

Pharmaceutical

Co.

Ltd.

33,000

546,735

Shionogi

&

Co.

Ltd.

24,200

1,316,635

Sumitomo

Dainippon

Pharma

Co.

Ltd.

16,200

262,193

Taisho

Pharmaceutical

Holdings

Co.

Ltd.

3,270

213,940

Takeda

Pharmaceutical

Co.

Ltd.

141,297

4,954,210

23,631,880

Professional

Services

0.5%

Nihon

M&A

Center,

Inc.

13,800

799,168

Persol

Holdings

Co.

Ltd.

16,900

317,732

Recruit

Holdings

Co.

Ltd.

121,600

5,298,126

6,415,026

Real

Estate

Management

&

Development

0.5%

Aeon

Mall

Co.

Ltd.

7,450

121,389

Daito

Trust

Construction

Co.

Ltd.

5,600

584,093

Daiwa

House

Industry

Co.

Ltd.

51,500

1,464,372

Hulic

Co.

Ltd.

26,500

300,728

Mitsubishi

Estate

Co.

Ltd.

107,700

1,718,749

Mitsui

Fudosan

Co.

Ltd.

83,000

1,705,387

Nomura

Real

Estate

Holdings,

Inc.

10,200

228,305

Sumitomo

Realty

&

Development

Co.

Ltd.

28,200

855,529

Tokyu

Fudosan

Holdings

Corp.

58,800

333,869

7,312,421

Common

Stocks

Shares

Value

($)

JAPAN

Road

&

Rail

0.7%

Central

Japan

Railway

Co.

13,100

1,895,957

East

Japan

Railway

Co.

27,490

1,860,845

Hankyu

Hanshin

Holdings,

Inc.

20,800

677,545

Keikyu

Corp.

19,600

316,894

Keio

Corp.

8,880

651,216

Keisei

Electric

Railway

Co.

Ltd.

11,800

402,056

Kintetsu

Group

Holdings

Co.

Ltd.

15,550

655,196

Kyushu

Railway

Co.

12,500

263,272

Nagoya

Railroad

Co.

Ltd.

14,500

369,465

Nippon

Express

Co.

Ltd.

6,650

453,819

Odakyu

Electric

Railway

Co.

Ltd.

27,050

786,446

Seibu

Holdings,

Inc.

16,200

149,698

Tobu

Railway

Co.

Ltd.

17,600

497,536

Tokyu

Corp.

45,650

538,203

West

Japan

Railway

Co.

14,800

804,309

10,322,457

Semiconductors

&

Semiconductor

Equipment

0.7%

Advantest

Corp.

18,200

1,434,638

Disco

Corp.

2,400

778,496

Lasertec

Corp.

6,900

921,164

Renesas

Electronics

Corp.*

70,400

803,956

Rohm

Co.

Ltd.

8,000

814,415

SUMCO

Corp.

23,700

500,930

Tokyo

Electron

Ltd.

13,500

5,149,294

10,402,893

Software

0.1%

Oracle

Corp.

Japan

3,200

376,695

Trend

Micro,

Inc.

12,400

680,865

1,057,560

Specialty

Retail

0.5%

ABC-Mart,

Inc.

2,500

143,857

Fast

Retailing

Co.

Ltd.

5,300

4,561,370

Hikari

Tsushin,

Inc.

1,900

398,262

Nitori

Holdings

Co.

Ltd.

7,000

1,386,751

Shimamura

Co.

Ltd.

1,600

177,480

USS

Co.

Ltd.

20,500

411,448

Yamada

Holdings

Co.

Ltd.

66,800

340,653

7,419,821

Technology

Hardware,

Storage

&

Peripherals

0.4%

Brother

Industries

Ltd.

20,300

453,287

Canon,

Inc.

90,900

2,005,038

FUJIFILM

Holdings

Corp.

32,800

1,879,999

Ricoh

Co.

Ltd.

63,800

489,940

Seiko

Epson

Corp.

23,700

403,249

5,231,513

Tobacco

0.2%

Japan

Tobacco,

Inc.

109,600

2,177,895

Trading

Companies

&

Distributors

0.9%

ITOCHU

Corp.

120,000

3,444,957

Marubeni

Corp.

149,800

998,715

Mitsubishi

Corp.

121,400

3,080,053

Mitsui

&

Co.

Ltd.

147,900

2,747,617

MonotaRO

Co.

Ltd.

11,500

576,420

Sumitomo

Corp.

108,100

1,437,376

56

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

International

Index

Fund

Common

Stocks

Shares

Value

($)

JAPAN

Trading

Companies

&

Distributors

Toyota

Tsusho

Corp.

19,300

757,406

13,042,544

Transportation

Infrastructure

0.0%

†

Japan

Airport

Terminal

Co.

Ltd.

4,800

253,709

Wireless

Telecommunication

Services

1.3%

KDDI

Corp.

144,400

4,252,061

SoftBank

Corp.

261,400

3,430,207

SoftBank

Group

Corp.

141,200

10,878,011

18,560,279

358,424,066

JORDAN

0.0%

†

Pharmaceuticals

0.0%

†

Hikma

Pharmaceuticals

plc

15,558

511,096

LUXEMBOURG

0.2%

Life

Sciences

Tools

&

Services

0.1%

Eurofins

Scientific

SE*

12,088

1,161,573

Media

0.0%

†

SES

SA,

Receipts

34,353

292,910

Metals

&

Mining

0.1%

ArcelorMittal

SA*

65,389

1,422,432

2,876,915

MACAU

0.2%

Hotels,

Restaurants

&

Leisure

0.2%

Galaxy

Entertainment

Group

Ltd.

199,000

1,545,754

Sands

China

Ltd.

223,900

909,482

SJM

Holdings

Ltd.

177,000

193,040

Wynn

Macau

Ltd.*

110,800

179,678

2,827,954

MALTA

0.0%

†

Capital

Markets

0.0%

†

BGP

Holdings

plc*^∞

1,554,139

0

MEXICO

0.0%

†

Metals

&

Mining

0.0%

†

Fresnillo

plc

15,122

204,494

NETHERLANDS

4.5%

Banks

0.3%

ABN

AMRO

Bank

NV,

CVA

Reg.

S(b)

39,217

409,099

ING

Groep

NV*

348,161

3,092,438

3,501,537

Beverages

0.2%

Heineken

Holding

NV

10,581

928,230

Heineken

NV(a)

23,013

2,397,225

3,325,455

Biotechnology

0.1%

Argenx

SE*

4,071

1,192,225

Chemicals

0.3%

Akzo

Nobel

NV

17,657

1,790,289

Koninklijke

DSM

NV

15,341

2,679,022

4,469,311

Diversified

Financial

Services

0.1%

EXOR

NV

9,832

731,512

Common

Stocks

Shares

Value

($)

NETHERLANDS

Diversified

Telecommunication

Services

0.1%

Koninklijke

KPN

NV

325,731

1,017,757

Food

&

Staples

Retailing

0.2%

Koninklijke

Ahold

Delhaize

NV

100,344

2,871,455

Food

Products

0.0%

†

JDE

Peet's

NV*(a)

6,153

237,315

Health

Care

Equipment

&

Supplies

0.3%

Koninklijke

Philips

NV*

81,508

4,442,260

Insurance

0.1%

Aegon

NV

164,500

678,139

NN

Group

NV

26,395

1,094,196

1,772,335

IT

Services

0.2%

Adyen

NV

Reg.

S*(b)

1,651

3,440,166

Oil,

Gas

&

Consumable

Fuels

0.9%

Koninklijke

Vopak

NV

5,933

300,042

Royal

Dutch

Shell

plc,

Class

A

369,343

6,721,043

Royal

Dutch

Shell

plc,

Class

B

332,128

5,745,231

12,766,316

Professional

Services

0.2%

Randstad

NV*

10,859

677,311

Wolters

Kluwer

NV

24,179

2,006,856

2,684,167

Semiconductors

&

Semiconductor

Equipment

1.5%

ASML

Holding

NV

38,333

20,409,438

62,861,249

NEW

ZEALAND

0.4%

Diversified

Telecommunication

Services

0.0%

†

Spark

New

Zealand

Ltd.

157,321

541,349

Electric

Utilities

0.0%

†

Mercury

NZ

Ltd.

52,435

267,985

Food

Products

0.0%

†

a2

Milk

Co.

Ltd.

(The)*

68,213

569,107

Health

Care

Equipment

&

Supplies

0.1%

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

52,429

1,302,205

Health

Care

Providers

&

Services

0.0%

†

Ryman

Healthcare

Ltd.

34,475

384,641

Independent

Power

and

Renewable

Electricity

Producers

0.1%

Meridian

Energy

Ltd.

119,267

613,701

Software

0.1%

Xero

Ltd.*

10,581

1,046,477

Transportation

Infrastructure

0.1%

Auckland

International

Airport

Ltd.*

114,437

610,419

5,335,884

NORWAY

0.5%

Banks

0.1%

DNB

ASA*

86,205

1,682,797

Nationwide

International

Index

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

57

Common

Stocks

Shares

Value

($)

NORWAY

Diversified

Telecommunication

Services

0.1%

Telenor

ASA

64,503

1,067,831

Food

Products

0.1%

Mowi

ASA

40,317

891,395

Orkla

ASA

69,726

677,675

1,569,070

Insurance

0.0%

†

Gjensidige

Forsikring

ASA

17,090

394,467

Media

0.0%

†

Schibsted

ASA,

Class

A*

6,206

234,617

Schibsted

ASA,

Class

B*

8,432

272,960

507,577

Metals

&

Mining

0.1%

Norsk

Hydro

ASA

123,942

549,646

Oil,

Gas

&

Consumable

Fuels

0.1%

Equinor

ASA

89,204

1,595,119

7,366,507

PORTUGAL

0.2%

Electric

Utilities

0.1%

EDP

-

Energias

de

Portugal

SA

254,071

1,587,861

Food

&

Staples

Retailing

0.0%

†

Jeronimo

Martins

SGPS

SA

22,323

364,786

Oil,

Gas

&

Consumable

Fuels

0.1%

Galp

Energia

SGPS

SA

42,446

424,172

2,376,819

RUSSIA

0.0%

†

Metals

&

Mining

0.0%

†

Evraz

plc

49,557

340,140

SINGAPORE

1.0%

Aerospace

&

Defense

0.0%

†

Singapore

Technologies

Engineering

Ltd.

144,400

401,307

Airlines

0.0%

†

Singapore

Airlines

Ltd.*

122,282

375,425

Banks

0.5%

DBS

Group

Holdings

Ltd.

163,050

3,065,545

Oversea-Chinese

Banking

Corp.

Ltd.

300,389

2,319,613

United

Overseas

Bank

Ltd.

106,862

1,887,912

7,273,070

Capital

Markets

0.0%

†

Singapore

Exchange

Ltd.

66,400

492,460

Diversified

Telecommunication

Services

0.1%

Singapore

Telecommunications

Ltd.

720,203

1,279,068

Electronic

Equipment,

Instruments

&

Components

0.0%

†

Venture

Corp.

Ltd.

26,000

386,287

Equity

Real

Estate

Investment

Trusts

(REITs)

0.2%

Ascendas

REIT

277,413

643,080

CapitaLand

Integrated

Commercial

Trust

420,114

672,825

Mapletree

Commercial

Trust

185,300

288,641

Common

Stocks

Shares

Value

($)

SINGAPORE

Equity

Real

Estate

Investment

Trusts

(REITs)

Mapletree

Logistics

Trust

274,949

409,926

Suntec

REIT

156,600

188,548

2,203,020

Hotels,

Restaurants

&

Leisure

0.0%

†

Genting

Singapore

Ltd.

567,117

362,600

Industrial

Conglomerates

0.1%

Keppel

Corp.

Ltd.

133,100

499,321

Real

Estate

Management

&

Development

0.1%

CapitaLand

Ltd.

248,145

596,384

City

Developments

Ltd.

37,599

204,301

UOL

Group

Ltd.

32,113

176,894

977,579

14,250,137

SOUTH

AFRICA

0.3%

Metals

&

Mining

0.3%

Anglo

American

plc

109,564

3,602,919

SPAIN

2.3%

Banks

0.6%

Banco

Bilbao

Vizcaya

Argentaria

SA

606,105

2,760,248

Banco

Santander

SA*

1,554,074

4,545,284

CaixaBank

SA

328,645

830,727

8,136,259

Biotechnology

0.0%

†

Grifols

SA(a)

27,493

810,717

Construction

&

Engineering

0.1%

ACS

Actividades

de

Construccion

y

Servicios

SA

24,418

760,996

Ferrovial

SA

42,465

1,019,196

1,780,192

Diversified

Telecommunication

Services

0.2%

Cellnex

Telecom

SA

Reg.

S(b)

28,916

1,694,181

Telefonica

SA(a)

460,250

1,978,025

3,672,206

Electric

Utilities

0.6%

Endesa

SA

29,525

755,072

Iberdrola

SA(a)

551,031

7,472,936

Red

Electrica

Corp.

SA

35,718

678,152

8,906,160

Electrical

Equipment

0.1%

Siemens

Gamesa

Renewable

Energy

SA

22,054

902,278

Gas

Utilities

0.1%

Enagas

SA

21,065

464,199

Naturgy

Energy

Group

SA(a)

27,195

702,080

1,166,279

IT

Services

0.2%

Amadeus

IT

Group

SA*

39,981

2,530,823

Oil,

Gas

&

Consumable

Fuels

0.1%

Repsol

SA(a)

138,070

1,353,567

Specialty

Retail

0.2%

Industria

de

Diseno

Textil

SA

97,499

2,892,703

58

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

International

Index

Fund

Common

Stocks

Shares

Value

($)

SPAIN

Transportation

Infrastructure

0.1%

Aena

SME

SA

Reg.

S*(b)

6,174

947,099

33,098,283

SWEDEN

3.3%

Banks

0.3%

Skandinaviska

Enskilda

Banken

AB,

Class

A*

147,998

1,616,793

Svenska

Handelsbanken

AB,

Class

A*

141,544

1,418,205

Swedbank

AB,

Class

A*

82,248

1,547,908

4,582,906

Building

Products

0.2%

Assa

Abloy

AB,

Class

B

90,498

2,240,630

Nibe

Industrier

AB,

Class

B

28,423

949,923

3,190,553

Capital

Markets

0.1%

EQT

AB

21,660

675,946

Commercial

Services

&

Supplies

0.0%

†

Securitas

AB,

Class

B

25,466

393,570

Communications

Equipment

0.2%

Telefonaktiebolaget

LM

Ericsson,

Class

B

259,841

3,282,552

Construction

&

Engineering

0.1%

Skanska

AB,

Class

B

31,427

813,514

Diversified

Financial

Services

0.4%

Industrivarden

AB,

Class

A*

8,770

294,801

Industrivarden

AB,

Class

C*

13,229

420,385

Investor

AB,

Class

B

41,483

3,041,976

Kinnevik

AB,

Class

B*(a)

21,988

1,080,263

L

E

Lundbergforetagen

AB,

Class

B*

6,536

343,891

5,181,316

Diversified

Telecommunication

Services

0.1%

Telia

Co.

AB(a)

223,967

981,754

Electronic

Equipment,

Instruments

&

Components

0.2%

Hexagon

AB,

Class

B

25,531

2,233,936

Food

&

Staples

Retailing

0.0%

†

ICA

Gruppen

AB

9,390

471,064

Hotels,

Restaurants

&

Leisure

0.1%

Evolution

Gaming

Group

AB

Reg.

S(b)

14,530

1,416,518

Household

Durables

0.1%

Electrolux

AB

Series B

20,961

513,114

Husqvarna

AB,

Class

B

34,039

421,825

934,939

Household

Products

0.1%

Essity

AB,

Class

B

55,615

1,774,094

Industrial

Conglomerates

0.0%

†

Investment

AB

Latour

,

Class

B

13,931

310,938

Machinery

1.0%

Alfa

Laval

AB*

28,491

747,790

Atlas

Copco

AB,

Class

A

59,619

3,245,306

Atlas

Copco

AB,

Class

B

35,530

1,662,939

Epiroc

AB,

Class

A

60,180

1,155,109

Common

Stocks

Shares

Value

($)

SWEDEN

Machinery

Epiroc

AB,

Class

B

35,314

604,776

Sandvik

AB*

102,578

2,556,125

SKF

AB,

Class

B

34,698

951,033

Volvo

AB,

Class

B*

126,463

3,125,446

14,048,524

Metals

&

Mining

0.1%

Boliden

AB

25,312

830,283

Oil,

Gas

&

Consumable

Fuels

0.0%

†

Lundin

Energy

AB

16,273

443,100

Paper

&

Forest

Products

0.1%

Svenska

Cellulosa

AB

SCA,

Class

B*

55,046

969,788

Real

Estate

Management

&

Development

0.0%

†

Fastighets

AB

Balder,

Class

B*

8,328

416,582

Specialty

Retail

0.1%

Hennes

&

Mauritz

AB,

Class

B*(a)

72,973

1,554,369

Tobacco

0.1%

Swedish

Match

AB

14,745

1,136,779

Wireless

Telecommunication

Services

0.0%

†

Tele2

AB,

Class

B

45,201

623,240

46,266,265

SWITZERLAND

9.8%

Banks

0.0%

†

Banque

Cantonale

Vaudoise

(Registered)(a)

2,796

296,464

Beverages

0.0%

†

Coca-Cola

HBC

AG*

17,268

511,712

Building

Products

0.1%

Geberit

AG

(Registered)

3,332

2,039,370

Capital

Markets

0.8%

Credit

Suisse

Group

AG

(Registered)

222,294

2,929,752

Julius

Baer

Group

Ltd.

20,505

1,241,469

Partners

Group

Holding

AG

1,701

2,011,954

UBS

Group

AG

(Registered)

328,340

4,740,073

10,923,248

Chemicals

0.6%

Clariant

AG

(Registered)

18,521

393,353

EMS-

Chemie

Holding

AG

(Registered)

762

718,307

Givaudan

SA

(Registered)

838

3,382,136

Sika

AG

(Registered)

12,606

3,428,340

7,922,136

Construction

Materials

0.2%

LafargeHolcim

Ltd.

(Registered)*

47,354

2,555,983

Diversified

Telecommunication

Services

0.1%

Swisscom

AG

(Registered)

2,368

1,289,692

Electrical

Equipment

0.3%

ABB

Ltd.

(Registered)

164,675

4,860,167

Nationwide

International

Index

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

59

Common

Stocks

Shares

Value

($)

SWITZERLAND

Food

Products

2.2%

Barry

Callebaut

AG

(Registered)

282

624,749

Chocoladefabriken

Lindt

&

Spruengli

AG

90

780,829

Chocoladefabriken

Lindt

&

Spruengli

AG

(Registered)

9

839,277

Nestle

SA

(Registered)

259,452

29,065,527

31,310,382

Health

Care

Equipment

&

Supplies

0.4%

Alcon,

Inc.*

44,613

3,199,918

Sonova

Holding

AG

(Registered)*

4,965

1,199,519

Straumann

Holding

AG

(Registered)

939

1,042,072

5,441,509

Insurance

0.7%

Baloise

Holding

AG

(Registered)

4,194

700,157

Swiss

Life

Holding

AG

(Registered)

2,650

1,205,887

Swiss

Re

AG

25,923

2,287,236

Zurich

Insurance

Group

AG

13,491

5,371,051

9,564,331

Life

Sciences

Tools

&

Services

0.3%

Lonza

Group

AG

(Registered)

6,660

4,260,323

Machinery

0.1%

Schindler

Holding

AG

3,710

980,104

Schindler

Holding

AG

(Registered)

1,882

495,740

1,475,844

Marine

0.1%

Kuehne

+

Nagel

International

AG

(Registered)

4,883

1,112,338

Pharmaceuticals

2.9%

Novartis

AG

(Registered)

199,957

18,087,140

Roche

Holding

AG

63,270

21,808,060

Vifor

Pharma

AG

4,243

576,665

40,471,865

Professional

Services

0.2%

Adecco

Group

AG

(Registered)

14,023

878,141

SGS

SA

(Registered)

546

1,659,666

2,537,807

Real

Estate

Management

&

Development

0.0%

†

Swiss

Prime

Site

AG

(Registered)

6,797

661,229

Semiconductors

&

Semiconductor

Equipment

0.2%

STMicroelectronics

NV

58,302

2,350,575

Software

0.1%

Temenos

AG

(Registered)

6,025

762,516

Technology

Hardware,

Storage

&

Peripherals

0.1%

Logitech

International

SA

(Registered)

14,917

1,555,476

Common

Stocks

Shares

Value

($)

SWITZERLAND

Textiles,

Apparel

&

Luxury

Goods

0.4%

Cie

Financiere

Richemont

SA

(Registered)

46,679

4,337,158

Swatch

Group

AG

(The)

2,588

745,849

Swatch

Group

AG

(The)

(Registered)

3,767

212,306

5,295,313

137,198,280

UNITED

KINGDOM

11.8%

Aerospace

&

Defense

0.2%

BAE

Systems

plc

290,900

1,839,898

Rolls-Royce

Holdings

plc*

760,541

949,737

2,789,635

Banks

1.3%

Barclays

plc*

1,574,150

2,879,724

HSBC

Holdings

plc*

1,834,181

9,606,271

Lloyds

Banking

Group

plc*

6,418,490

2,880,562

Natwest

Group

plc*

439,780

883,952

Standard

Chartered

plc*

243,047

1,475,836

17,726,345

Beverages

0.7%

Coca-Cola

European

Partners

plc

18,701

869,036

Diageo

plc

210,279

8,485,761

9,354,797

Capital

Markets

0.5%

3i

Group

plc

88,300

1,335,496

Hargreaves

Lansdown

plc

27,669

646,807

London

Stock

Exchange

Group

plc

28,752

3,418,889

Schroders

plc

11,818

552,611

St

James's

Place

plc

49,002

787,042

Standard

Life

Aberdeen

plc

204,714

846,467

7,587,312

Chemicals

0.1%

Croda

International

plc

12,649

1,088,561

Johnson

Matthey

plc

17,567

709,366

1,797,927

Commercial

Services

&

Supplies

0.1%

Rentokil

Initial

plc*

167,891

1,143,238

Diversified

Financial

Services

0.0%

†

M&G

plc

240,670

579,510

Diversified

Telecommunication

Services

0.1%

BT

Group

plc*

807,866

1,388,804

Electric

Utilities

0.1%

SSE

plc

94,306

1,914,646

Electrical

Equipment

0.1%

Melrose

Industries

plc*

440,785

1,015,869

Electronic

Equipment,

Instruments

&

Components

0.1%

Halma

plc

34,564

1,168,196

Equity

Real

Estate

Investment

Trusts

(REITs)

0.2%

British

Land

Co.

plc

(The)

79,196

486,328

Land

Securities

Group

plc

63,213

528,804

Segro

plc

107,525

1,404,809

2,419,941

Food

&

Staples

Retailing

0.3%

J

Sainsbury

plc

147,878

494,856

60

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

International

Index

Fund

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Food

&

Staples

Retailing

Tesco

plc

887,666

2,906,671

Wm

Morrison

Supermarkets

plc

202,464

497,522

3,899,049

Food

Products

0.1%

Associated

British

Foods

plc*

32,374

938,127

Health

Care

Equipment

&

Supplies

0.1%

Smith

&

Nephew

plc

79,145

1,666,735

Hotels,

Restaurants

&

Leisure

0.4%

Compass

Group

plc*

161,787

2,899,945

Entain

plc*

52,937

894,655

InterContinental

Hotels

Group

plc*

15,675

967,431

Whitbread

plc*

18,292

694,840

5,456,871

Household

Durables

0.2%

Barratt

Developments

plc*

94,469

825,305

Berkeley

Group

Holdings

plc

11,692

670,027

Persimmon

plc

28,741

1,002,803

Taylor

Wimpey

plc*

328,648

657,856

3,155,991

Household

Products

0.4%

Reckitt

Benckiser

Group

plc

63,759

5,414,719

Industrial

Conglomerates

0.2%

CK

Hutchison

Holdings

Ltd.

246,886

1,712,262

DCC

plc

9,114

688,402

Smiths

Group

plc

33,321

646,642

3,047,306

Insurance

0.7%

Admiral

Group

plc

17,244

680,561

Aviva

plc

355,720

1,625,361

Direct

Line

Insurance

Group

plc

114,270

469,031

Legal

&

General

Group

plc

540,157

1,802,867

Phoenix

Group

Holdings

plc

45,108

416,695

Prudential

plc

233,121

3,737,234

RSA

Insurance

Group

plc

93,919

868,271

9,600,020

Interactive

Media

&

Services

0.0%

†

Auto

Trader

Group

plc

Reg.

S*(b)

81,858

632,125

Internet

&

Direct

Marketing

Retail

0.1%

Ocado

Group

plc*

44,149

1,677,888

Machinery

0.1%

CNH

Industrial

NV*

92,445

1,181,813

Spirax-Sarco

Engineering

plc

6,680

1,013,203

2,195,016

Media

0.2%

Informa

plc*

136,474

932,875

Pearson

plc

67,700

752,819

WPP

plc

111,478

1,163,716

2,849,410

Multiline

Retail

0.1%

Next

plc*

12,028

1,273,010

Multi-Utilities

0.3%

National

Grid

plc

313,493

3,644,169

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Oil,

Gas

&

Consumable

Fuels

0.5%

BP

plc

1,821,473

6,768,749

Paper

&

Forest

Products

0.1%

Mondi

plc

43,803

1,035,341

Personal

Products

1.0%

Unilever

plc

119,542

6,948,862

Unilever

plc

117,238

6,833,499

Pharmaceuticals

1.4%

AstraZeneca

plc

118,179

12,065,483

GlaxoSmithKline

plc

450,624

8,371,284

20,436,767

Professional

Services

0.6%

Experian

plc

83,071

2,905,500

Intertek

Group

plc

14,591

1,101,939

RELX

plc

174,988

4,354,004

8,361,443

Software

0.1%

AVEVA

Group

plc

10,557

525,588

Sage

Group

plc

(The)

100,717

813,009

1,338,597

Specialty

Retail

0.1%

JD

Sports

Fashion

plc*

40,832

417,260

Kingfisher

plc*

197,295

749,823

1,167,083

Textiles,

Apparel

&

Luxury

Goods

0.1%

Burberry

Group

plc*

36,753

864,303

Tobacco

0.6%

British

American

Tobacco

plc

206,343

7,510,009

Imperial

Brands

plc

85,717

1,725,080

9,235,089

Trading

Companies

&

Distributors

0.2%

Ashtead

Group

plc

40,644

2,053,954

Bunzl

plc

30,536

982,242

3,036,196

Water

Utilities

0.1%

Severn

Trent

plc

21,436

678,574

United

Utilities

Group

plc

57,181

721,571

1,400,145

Wireless

Telecommunication

Services

0.3%

Vodafone

Group

plc

2,431,907

4,159,202

165,921,932

UNITED

STATES

0.6%

Automobiles

0.2%

Stellantis

NV

99,923

1,516,932

Stellantis

NV

92,898

1,410,783

Construction

Materials

0.1%

James

Hardie

Industries

plc

CHDI*

40,152

1,122,427

Energy

Equipment

&

Services

0.0%

†

Tenaris

SA

43,077

334,287

Life

Sciences

Tools

&

Services

0.1%

QIAGEN

NV*

21,079

1,141,608

Software

0.0%

†

CyberArk

Software

Ltd.*

3,650

584,912

Nationwide

International

Index

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

61

Common

Stocks

Shares

Value

($)

UNITED

STATES

Trading

Companies

&

Distributors

0.2%

Ferguson

plc

20,370

2,369,983

8,480,932

Total

Common

Stocks

(cost

$1,042,195,817)

1,406,676,660

Rights

0.0%

†

Number

of

Rights

SPAIN

0.0%

†

Construction

&

Engineering

0.0%

†

ACS

Actividades

de

Construccion

y

Servicios

SA,

expiring

2/5/2021*

24,418

12,031

Total

Rights

(cost

$12,684)

12,031

Short-Term

Investment

0.2%

Shares

Money

Market

Fund

  0.2%

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,

0.01%

(c)(d)

2,863,846

2,863,846

Total

Short-Term

Investment

(cost

$2,863,846)

2,863,846

Total

Investments

(cost

$1,045,072,347)

—

100.2%

1,409,552,537

Liabilities

in

excess

of

other

assets

—

(0.2)%

(3,210,939)

NET

ASSETS

—

100.0%

$

1,406,341,598

*

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

January

31,

2021.

The

total

value

of

securities

on

loan

at

January

31,

2021

was

$9,540,592,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

with

a

total

value

of

$2,863,846

and

by

$8,943,543

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

3.13%,

and

maturity

dates

ranging

from

4/8/2021

–

2/15/2049;

a

total

value

of

$11,807,389.

(b)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

at

January

31,

2021

was

$26,281,476

which

represents

1.87%

of

net

assets.

(c)

Represents

7-day

effective

yield

as

of

January

31,

2021.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2021

was

$2,863,846.

ADR

American

Depositary

Receipt

CHDI

Clearing

House

Electronic

Subregister

System

(CHESS)

Depository

Interest

CVA

Dutch

Certification

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

Futures

contracts

outstanding

as

of

January

31,

2021:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

EURO

STOXX

50

Index

77

3/2021

EUR

3,249,960

(55,934)

FTSE

100

Index

23

3/2021

GBP

2,004,570

(54,113)

Nikkei

225

Index

20

3/2021

JPY

2,637,835

58,115

SPI

200

Index

9

3/2021

AUD

1,124,766

(14,709)

(66,641)

At

January

31,

2021,

the

Fund

had

$868,211

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

62

-

Statement

of

Investments

-

January

31,

2021

(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

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

63

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2021.

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

$

–

$

14,636,154

$

–

$

14,636,154

Air

Freight

&

Logistics

–

8,758,464

–

8,758,464

Airlines

–

1,575,865

–

1,575,865

Auto

Components

–

12,449,027

–

12,449,027

Automobiles

1,410,783

39,976,226

–

41,387,009

Banks

–

108,328,259

–

108,328,259

Beverages

869,036

28,272,057

–

29,141,093

Biotechnology

–

13,688,946

–

13,688,946

Building

Products

–

15,840,841

–

15,840,841

Capital

Markets

–

39,583,445

–

39,583,445

Chemicals

–

53,044,122

–

53,044,122

Commercial

Services

&

Supplies

–

5,428,972

–

5,428,972

Communications

Equipment

–

5,749,026

–

5,749,026

Construction

&

Engineering

–

10,761,625

–

10,761,625

Construction

Materials

–

7,849,851

–

7,849,851

Consumer

Finance

–

170,132

–

170,132

Containers

&

Packaging

–

1,028,253

–

1,028,253

Diversified

Financial

Services

341,217

10,913,823

–

11,255,040

Diversified

Telecommunication

Services

–

26,121,494

–

26,121,494

Electric

Utilities

–

32,356,171

–

32,356,171

Electrical

Equipment

–

30,215,925

–

30,215,925

Electronic

Equipment,

Instruments

&

Components

–

29,842,451

–

29,842,451

Energy

Equipment

&

Services

–

334,287

–

334,287

Entertainment

–

12,661,643

–

12,661,643

Equity

Real

Estate

Investment

Trusts

(REITs)

–

19,692,589

–

19,692,589

Food

&

Staples

Retailing

–

20,985,856

–

20,985,856

Food

Products

–

46,780,546

–

46,780,546

Gas

Utilities

–

6,036,119

–

6,036,119

Health

Care

Equipment

&

Supplies

–

32,705,381

–

32,705,381

Health

Care

Providers

&

Services

–

7,495,490

–

7,495,490

Health

Care

Technology

–

3,362,165

–

3,362,165

Hotels,

Restaurants

&

Leisure

330,002

19,513,306

–

19,843,308

Household

Durables

–

20,983,204

–

20,983,204

Household

Products

–

12,199,215

–

12,199,215

Independent

Power

and

Renewable

Electricity

Producers

–

1,259,143

–

1,259,143

Industrial

Conglomerates

1,439,332

16,336,966

–

17,776,298

Insurance

–

69,148,233

–

69,148,233

Interactive

Media

&

Services

–

4,684,288

–

4,684,288

Internet

&

Direct

Marketing

Retail

–

13,962,460

–

13,962,460

IT

Services

1,237,474

24,437,204

–

25,674,678

Leisure

Products

–

4,055,904

–

4,055,904

Life

Sciences

Tools

&

Services

–

7,606,977

–

7,606,977

Machinery

–

47,144,011

–

47,144,011

Marine

–

3,144,820

–

3,144,820

Media

–

6,126,379

–

6,126,379

Metals

&

Mining

–

44,428,612

–

44,428,612

Multiline

Retail

–

7,160,214

–

7,160,214

Multi-Utilities

–

13,339,149

–

13,339,149

Oil,

Gas

&

Consumable

Fuels

–

44,745,808

–

44,745,808

Paper

&

Forest

Products

–

5,139,747

–

5,139,747

Personal

Products

6,948,862

22,427,331

–

29,376,193

Pharmaceuticals

1,168,293

115,338,019

–

116,506,312

Professional

Services

–

22,429,901

–

22,429,901

Real

Estate

Management

&

Development

418,100

23,381,450

–

23,799,550

Road

&

Rail

–

11,686,843

–

11,686,843

64

-

Statement

of

Investments

-

January

31,

2021

(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

January

31,

2021.

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.

Level

1

Level

2

Level

3

Total

Assets:

Semiconductors

&

Semiconductor

Equipment

$

–

$

38,245,012

$

–

$

38,245,012

Software

1,886,327

21,461,132

–

23,347,459

Specialty

Retail

–

13,033,976

–

13,033,976

Technology

Hardware,

Storage

&

Peripherals

–

6,786,989

–

6,786,989

Textiles,

Apparel

&

Luxury

Goods

–

40,477,565

–

40,477,565

Tobacco

–

12,549,763

–

12,549,763

Trading

Companies

&

Distributors

–

19,559,961

–

19,559,961

Transportation

Infrastructure

–

6,445,581

–

6,445,581

Water

Utilities

–

1,400,145

–

1,400,145

Wireless

Telecommunication

Services

–

23,342,721

–

23,342,721

Total

Common

Stocks

$

16,049,426

$

1,390,627,234

$

–

$

1,406,676,660

Futures

Contracts

58,115

–

–

58,115

Rights

12,031

–

–

12,031

Short-Term

Investment

2,863,846

–

–

2,863,846

Total

Assets

$

18,983,418

$

1,390,627,234

$

–

$

1,409,610,652

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(124,756)

$

–

$

–

$

(124,756)

Total

Liabilities

$

(124,756)

$

–

$

–

$

(124,756)

Total

$

18,858,662

$

1,390,627,234

$

–

$

1,409,485,896

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

During

the

period

ended

January

31,

2021,

the

Fund

held

one

common

stock

investment

that

was

categorized

as

Level

3

investment

which

was

valued

at

$0.

Nationwide

International

Index

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

65

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2021:

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

58,115

Total

$

58,115

Liabilities:

s

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(124,756)

Total

$

(124,756)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

66

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Mid

Cap

Market

Index

Fund

Common

Stocks

101.8%

Shares

Value

($)

Aerospace

&

Defense

1.1%

Axon

Enterprise,

Inc.*

25,438

4,175,902

Curtiss-Wright

Corp.

16,614

1,724,367

Hexcel

Corp.(a)

33,466

1,461,125

Mercury

Systems,

Inc.*

22,413

1,592,668

8,954,062

Air

Freight

&

Logistics

0.5%

XPO

Logistics,

Inc.*

36,804

4,063,530

Airlines

0.2%

JetBlue

Airways

Corp.*

126,166

1,809,220

Auto

Components

1.6%

Adient

plc*

37,792

1,220,304

Dana,

Inc.

57,903

1,121,002

Fox

Factory

Holding

Corp.*

16,852

2,016,173

Gentex

Corp.

97,767

3,231,199

Goodyear

Tire

&

Rubber

Co.

(The)*

93,677

988,292

Lear

Corp.

22,012

3,318,529

Visteon

Corp.*

11,253

1,434,533

13,330,032

Automobiles

0.6%

Harley-Davidson,

Inc.(a)

61,413

2,462,047

Thor

Industries,

Inc.

22,384

2,708,688

5,170,735

Banks

6.8%

Associated

Banc-Corp.

61,678

1,106,503

BancorpSouth

Bank

38,224

1,056,894

Bank

of

Hawaii

Corp.

15,904

1,243,534

Bank

OZK

48,443

1,800,142

Cathay

General

Bancorp

29,976

1,013,788

CIT

Group,

Inc.

39,887

1,471,830

Commerce

Bancshares,

Inc.

42,239

2,823,677

Cullen/Frost

Bankers,

Inc.

22,575

2,082,318

East

West

Bancorp,

Inc.

56,702

3,398,718

First

Financial

Bankshares

,

Inc.(a)

56,803

2,151,698

First

Horizon

Corp.

223,615

3,106,012

FNB

Corp.

128,406

1,266,083

Fulton

Financial

Corp.

65,607

879,134

Glacier

Bancorp,

Inc.

38,447

1,793,553

Hancock

Whitney

Corp.(a)

35,063

1,197,051

Home

BancShares

,

Inc.

60,911

1,291,313

International

Bancshares

Corp.(a)

21,982

831,139

PacWest

Bancorp

47,074

1,421,164

Pinnacle

Financial

Partners,

Inc.

30,395

2,082,969

Prosperity

Bancshares,

Inc.

37,134

2,504,317

Signature

Bank

21,466

3,545,969

Sterling

Bancorp(a)

78,872

1,455,977

Synovus

Financial

Corp.

59,566

2,215,855

TCF

Financial

Corp.

60,967

2,369,178

Texas

Capital

Bancshares,

Inc.*

20,505

1,234,811

Trustmark

Corp.

25,349

696,337

UMB

Financial

Corp.

17,558

1,246,091

Umpqua

Holdings

Corp.

87,945

1,276,082

United

Bankshares

,

Inc.(a)

52,000

1,646,320

Valley

National

Bancorp

161,320

1,647,077

Common

Stocks

Shares

Value

($)

Banks

Webster

Financial

Corp.

36,123

1,688,750

Wintrust

Financial

Corp.

22,998

1,384,250

54,928,534

Beverages

0.4%

Boston

Beer

Co.,

Inc.

(The),

Class

A*

3,677

3,371,405

Biotechnology

1.8%

Arrowhead

Pharmaceuticals,

Inc.*

41,309

3,187,816

Emergent

BioSolutions

,

Inc.*

18,004

1,923,727

Exelixis

,

Inc.*

125,042

2,777,183

Halozyme

Therapeutics,

Inc.*(a)

50,983

2,426,281

Ligand

Pharmaceuticals,

Inc.*(a)

6,381

1,182,718

United

Therapeutics

Corp.*

17,798

2,915,668

14,413,393

Building

Products

2.0%

Builders

FirstSource

,

Inc.*

82,146

3,142,085

Lennox

International,

Inc.

13,951

3,843,361

Owens

Corning

43,615

3,384,524

Simpson

Manufacturing

Co.,

Inc.

17,289

1,590,588

Trex

Co.,

Inc.*

46,390

4,257,210

16,217,768

Capital

Markets

2.6%

Affiliated

Managers

Group,

Inc.

18,200

2,005,458

Eaton

Vance

Corp.

45,756

3,072,058

Evercore

,

Inc.,

Class

A

16,267

1,774,730

FactSet

Research

Systems,

Inc.

15,226

4,603,429

Federated

Hermes,

Inc.,

Class

B(a)

37,911

1,023,597

Interactive

Brokers

Group,

Inc.,

Class

A

32,411

1,983,229

Janus

Henderson

Group

plc

59,682

1,835,818

SEI

Investments

Co.

48,143

2,544,358

Stifel

Financial

Corp.

41,598

2,155,608

20,998,285

Chemicals

2.6%

Ashland

Global

Holdings,

Inc.

22,073

1,765,619

Avient

Corp.

36,604

1,406,692

Cabot

Corp.

22,749

998,909

Chemours

Co.

(The)

66,180

1,743,181

Ingevity

Corp.*

16,671

1,095,118

Minerals

Technologies,

Inc.(a)

13,457

829,355

NewMarket

Corp.

2,923

1,146,371

Olin

Corp.

56,685

1,355,338

RPM

International,

Inc.

52,087

4,295,615

Scotts

Miracle-

Gro

Co.

(The)

16,315

3,612,304

Sensient

Technologies

Corp.

(a)

16,895

1,191,604

Valvoline,

Inc.

74,740

1,774,328

21,214,434

Commercial

Services

&

Supplies

2.0%

Brink's

Co.

(The)

19,833

1,351,222

Nationwide

Mid

Cap

Market

Index

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

67

Common

Stocks

Shares

Value

($)

Commercial

Services

&

Supplies

Clean

Harbors,

Inc.*

20,178

1,562,988

Healthcare

Services

Group,

Inc.

29,812

966,505

Herman

Miller,

Inc.

23,266

796,861

HNI

Corp.

17,415

561,808

IAA,

Inc.*

54,066

3,089,331

KAR

Auction

Services,

Inc.

51,676

953,939

MSA

Safety,

Inc.

14,615

2,281,694

Stericycle,

Inc.*

36,663

2,400,693

Tetra

Tech,

Inc.

21,596

2,625,426

16,590,467

Communications

Equipment

1.0%

Ciena

Corp.*

62,078

3,314,344

Lumentum

Holdings,

Inc.*

30,400

2,851,520

NetScout

Systems,

Inc.*

29,581

864,801

ViaSat

,

Inc.*

25,822

1,124,290

8,154,955

Construction

&

Engineering

1.3%

AECOM*

60,489

3,030,499

Dycom

Industries,

Inc.*(a)

12,876

1,044,759

EMCOR

Group,

Inc.

22,181

1,958,582

Fluor

Corp.

50,966

881,202

MasTec

,

Inc.*

22,453

1,732,249

Valmont

Industries,

Inc.

8,420

1,624,386

10,271,677

Construction

Materials

0.2%

Eagle

Materials,

Inc.

16,734

1,841,242

Consumer

Finance

0.8%

FirstCash

,

Inc.

16,368

963,748

LendingTree,

Inc.*(a)

4,417

1,437,822

Navient

Corp.

74,079

833,759

PROG

Holdings,

Inc.

27,233

1,284,853

SLM

Corp.

151,386

2,101,237

6,621,419

Containers

&

Packaging

1.0%

AptarGroup,

Inc.

26,025

3,460,545

Greif,

Inc.,

Class

A

10,470

472,825

O-I

Glass,

Inc.

63,191

798,734

Silgan

Holdings,

Inc.

31,421

1,144,667

Sonoco

Products

Co.

40,221

2,329,198

8,205,969

Diversified

Consumer

Services

1.2%

Adtalem

Global

Education,

Inc.*

20,790

802,286

Graham

Holdings

Co.,

Class

B

1,622

921,474

Grand

Canyon

Education,

Inc.*

18,625

1,582,008

H&R

Block,

Inc.

73,590

1,267,956

Service

Corp.

International

69,308

3,495,202

Strategic

Education,

Inc.

9,648

852,594

WW

International,

Inc.*

18,603

494,096

9,415,616

Diversified

Financial

Services

0.2%

Jefferies

Financial

Group,

Inc.

83,012

1,938,330

Electric

Utilities

1.1%

ALLETE,

Inc.

21,038

1,322,028

Common

Stocks

Shares

Value

($)

Electric

Utilities

Hawaiian

Electric

Industries,

Inc.

43,755

1,446,540

IDACORP,

Inc.

20,358

1,797,612

OGE

Energy

Corp.

80,220

2,448,314

PNM

Resources,

Inc.

31,621

1,534,251

8,548,745

Electrical

Equipment

2.6%

Acuity

Brands,

Inc.

14,779

1,777,027

EnerSys

17,023

1,399,801

Generac

Holdings,

Inc.*

25,275

6,228,266

Hubbell,

Inc.

21,732

3,381,499

nVent

Electric

plc

68,101

1,524,100

Regal

Beloit

Corp.

16,406

2,058,625

Sunrun

,

Inc.*

62,609

4,336,926

20,706,244

Electronic

Equipment,

Instruments

&

Components

3.2%

Arrow

Electronics,

Inc.*

30,310

2,959,165

Avnet,

Inc.

39,235

1,385,388

Belden,

Inc.

18,154

857,595

Cognex

Corp.

70,066

5,754,521

Coherent,

Inc.*

9,860

1,980,282

II-VI,

Inc.*(a)

41,546

3,492,772

Jabil,

Inc.

53,693

2,221,280

Littelfuse

,

Inc.(a)

9,755

2,374,074

National

Instruments

Corp.

52,550

2,175,570

SYNNEX

Corp.

16,704

1,363,381

Vishay

Intertechnology

,

Inc.

53,428

1,151,373

25,715,401

Energy

Equipment

&

Services

0.1%

ChampionX

Corp.*

75,585

1,155,695

Entertainment

0.2%

Cinemark

Holdings,

Inc.(a)

43,192

874,206

World

Wrestling

Entertainment,

Inc.,

Class

A

18,905

1,064,919

1,939,125

Equity

Real

Estate

Investment

Trusts

(REITs)

8.7%

American

Campus

Communities,

Inc.

55,067

2,266,558

Apartment

Income

REIT

Corp.*

59,727

2,315,616

Brixmor

Property

Group,

Inc.

118,466

2,005,629

Camden

Property

Trust

39,032

3,987,119

CoreSite

Realty

Corp.

17,208

2,313,443

Corporate

Office

Properties

Trust

44,504

1,169,120

Cousins

Properties,

Inc.

59,413

1,873,886

CyrusOne

,

Inc.

48,316

3,524,652

Douglas

Emmett,

Inc.

66,012

1,829,193

EastGroup

Properties,

Inc.

15,942

2,154,402

EPR

Properties

29,901

1,185,276

First

Industrial

Realty

Trust,

Inc.

51,777

2,104,217

Healthcare

Realty

Trust,

Inc.

54,367

1,631,554

Highwoods

Properties,

Inc.

41,637

1,560,971

Hudson

Pacific

Properties,

Inc.

60,493

1,417,956

JBG

SMITH

Properties

44,268

1,321,842

Kilroy

Realty

Corp.

42,005

2,378,743

Lamar

Advertising

Co.,

Class

A

34,621

2,796,684

68

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Mid

Cap

Market

Index

Fund

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Life

Storage,

Inc.

29,247

2,385,970

Macerich

Co.

(The)

44,338

696,107

Medical

Properties

Trust,

Inc.

227,833

4,809,555

National

Retail

Properties,

Inc.

69,547

2,712,333

Omega

Healthcare

Investors,

Inc.

90,960

3,294,571

Park

Hotels

&

Resorts,

Inc.

94,239

1,571,907

Pebblebrook

Hotel

Trust

51,701

950,264

Physicians

Realty

Trust

83,974

1,480,462

PotlatchDeltic

Corp.

26,639

1,272,279

PS

Business

Parks,

Inc.

8,085

1,100,530

Rayonier,

Inc.

54,708

1,682,271

Rexford

Industrial

Realty,

Inc.

52,369

2,562,939

Sabra

Health

Care

REIT,

Inc.

83,666

1,404,752

Service

Properties

Trust

66,319

703,645

Spirit

Realty

Capital,

Inc.

45,839

1,767,552

STORE

Capital

Corp.

94,821

2,941,347

Urban

Edge

Properties

43,114

594,542

Weingarten

Realty

Investors

48,408

1,089,664

70,857,551

Food

&

Staples

Retailing

0.9%

BJ's

Wholesale

Club

Holdings,

Inc.*

55,269

2,325,167

Casey's

General

Stores,

Inc.

14,791

2,773,017

Grocery

Outlet

Holding

Corp.*

34,375

1,467,469

Sprouts

Farmers

Market,

Inc.*

47,447

1,074,674

7,640,327

Food

Products

1.9%

Darling

Ingredients,

Inc.*

64,907

4,024,883

Flowers

Foods,

Inc.

78,453

1,801,281

Hain

Celestial

Group,

Inc.

(The)*

33,248

1,382,618

Ingredion,

Inc.

27,045

2,041,086

Lancaster

Colony

Corp.

7,814

1,364,168

Pilgrim's

Pride

Corp.*

19,444

376,825

Post

Holdings,

Inc.*

24,582

2,331,603

Sanderson

Farms,

Inc.

7,999

1,089,384

Tootsie

Roll

Industries,

Inc.(a)

6,996

276,901

TreeHouse

Foods,

Inc.*

22,644

956,256

15,645,005

Gas

Utilities

1.2%

National

Fuel

Gas

Co.

36,334

1,462,807

New

Jersey

Resources

Corp.

39,001

1,365,425

ONE

Gas,

Inc.

21,209

1,551,014

Southwest

Gas

Holdings,

Inc.

22,948

1,375,962

Spire,

Inc.

20,833

1,274,772

UGI

Corp.

83,486

3,004,661

10,034,641

Health

Care

Equipment

&

Supplies

3.8%

Avanos

Medical,

Inc.*

18,904

856,351

Cantel

Medical

Corp.*

15,170

1,197,975

Globus

Medical,

Inc.,

Class

A*

30,589

1,887,035

Haemonetics

Corp.*

20,318

2,322,144

Hill-Rom

Holdings,

Inc.

26,948

2,588,086

ICU

Medical,

Inc.*

7,894

1,614,165

Integra

LifeSciences

Holdings

Corp.*

28,369

1,873,489

LivaNova

plc*

19,258

1,211,328

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

Masimo

Corp.*

20,352

5,208,484

Neogen

Corp.*

21,253

1,718,730

NuVasive

,

Inc.*

20,683

1,111,505

Penumbra,

Inc.*(a)

13,597

3,550,041

Quidel

Corp.*

15,426

3,871,463

STAAR

Surgical

Co.*

18,460

1,893,627

30,904,423

Health

Care

Providers

&

Services

3.1%

Acadia

Healthcare

Co.,

Inc.*

35,653

1,806,894

Amedisys

,

Inc.*

13,164

3,782,149

Chemed

Corp.

6,429

3,329,579

Encompass

Health

Corp.

39,854

3,204,262

HealthEquity

,

Inc.*

30,985

2,588,797

LHC

Group,

Inc.*

12,660

2,522,125

Molina

Healthcare,

Inc.*

23,765

5,076,442

Patterson

Cos.,

Inc.(a)

34,753

1,100,975

Tenet

Healthcare

Corp.*

42,661

2,016,585

25,427,808

Hotels,

Restaurants

&

Leisure

4.2%

Boyd

Gaming

Corp.*

31,885

1,439,927

Caesars

Entertainment,

Inc.*

83,564

5,882,070

Choice

Hotels

International,

Inc.

11,685

1,175,978

Churchill

Downs,

Inc.

14,223

2,666,101

Cracker

Barrel

Old

Country

Store,

Inc.

9,629

1,302,900

Jack

in

the

Box,

Inc.

9,196

865,711

Marriott

Vacations

Worldwide

Corp.

16,454

2,019,893

Papa

John's

International,

Inc.

13,258

1,356,028

Penn

National

Gaming,

Inc.*

59,203

6,140,535

Scientific

Games

Corp.*

22,922

899,001

Six

Flags

Entertainment

Corp.

30,098

1,029,352

Texas

Roadhouse,

Inc.

26,145

1,992,510

Wendy's

Co.

(The)

71,757

1,463,843

Wingstop

,

Inc.

11,940

1,791,597

Wyndham

Destinations,

Inc.

34,728

1,536,367

Wyndham

Hotels

&

Resorts,

Inc.

37,317

2,170,730

33,732,543

Household

Durables

1.6%

Helen

of

Troy

Ltd.*

10,137

2,475,962

KB

Home

35,291

1,469,517

Taylor

Morrison

Home

Corp.*

51,922

1,348,933

Tempur

Sealy

International,

Inc.*

77,549

2,047,294

Toll

Brothers,

Inc.

45,947

2,347,892

TopBuild

Corp.*

13,257

2,650,737

TRI

Pointe

Group,

Inc.*

50,884

1,027,857

13,368,192

Household

Products

0.1%

Energizer

Holdings,

Inc.

23,537

1,031,862

Industrial

Conglomerates

0.4%

Carlisle

Cos.,

Inc.

21,416

3,103,821

Insurance

4.2%

Alleghany

Corp.

5,736

3,251,452

American

Financial

Group,

Inc.

28,223

2,656,913

Nationwide

Mid

Cap

Market

Index

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

69

Common

Stocks

Shares

Value

($)

Insurance

Brighthouse

Financial,

Inc.*

35,910

1,269,778

Brown

&

Brown,

Inc.

94,603

4,076,443

CNO

Financial

Group,

Inc.

55,731

1,182,054

First

American

Financial

Corp.

45,082

2,357,338

Genworth

Financial,

Inc.,

Class

A*

203,318

577,423

Hanover

Insurance

Group,

Inc.

(The)

14,830

1,667,930

Kemper

Corp.

24,611

1,731,384

Kinsale

Capital

Group,

Inc.

8,544

1,602,513

Mercury

General

Corp.

10,494

556,287

Old

Republic

International

Corp.

113,082

2,046,784

Primerica,

Inc.

15,657

2,181,177

Reinsurance

Group

of

America,

Inc.

27,226

2,860,091

RenaissanceRe

Holdings

Ltd.

20,378

3,065,666

RLI

Corp.

16,036

1,551,964

Selective

Insurance

Group,

Inc.

23,970

1,557,571

34,192,768

Interactive

Media

&

Services

0.3%

TripAdvisor,

Inc.*

38,616

1,195,938

Yelp,

Inc.*

28,202

919,103

2,115,041

Internet

&

Direct

Marketing

Retail

0.4%

Grubhub

,

Inc.*

37,324

2,809,377

IT

Services

2.4%

Alliance

Data

Systems

Corp.

18,976

1,283,726

CACI

International,

Inc.,

Class

A*

10,154

2,449,348

Concentrix

Corp.*

16,470

1,760,972

KBR,

Inc.

57,051

1,657,332

LiveRamp

Holdings,

Inc.*

26,719

2,022,895

MAXIMUS,

Inc.

24,789

1,860,662

Perspecta

,

Inc.

54,261

1,570,856

Sabre

Corp.

127,293

1,372,219

Science

Applications

International

Corp.

23,310

2,238,459

WEX,

Inc.*(a)

17,671

3,332,751

19,549,220

Leisure

Products

1.2%

Brunswick

Corp.

31,405

2,715,276

Mattel,

Inc.*

140,264

2,541,584

Polaris,

Inc.

23,361

2,725,528

YETI

Holdings,

Inc.*

29,971

1,972,691

9,955,079

Life

Sciences

Tools

&

Services

2.6%

Bio-

Techne

Corp.

15,530

5,045,852

Charles

River

Laboratories

International,

Inc.*

20,011

5,183,850

Medpace

Holdings,

Inc.*

11,085

1,471,977

PRA

Health

Sciences,

Inc.*

25,839

3,184,399

Repligen

Corp.*

20,193

4,038,600

Syneos

Health,

Inc.*

30,412

2,261,132

21,185,810

Common

Stocks

Shares

Value

($)

Machinery

4.9%

AGCO

Corp.

24,612

2,729,471

Colfax

Corp.*

40,329

1,497,012

Crane

Co.

20,004

1,513,903

Donaldson

Co.,

Inc.

50,547

3,004,513

Graco

,

Inc.

67,220

4,634,147

ITT,

Inc.

34,625

2,586,834

Kennametal,

Inc.

32,968

1,248,828

Lincoln

Electric

Holdings,

Inc.

23,998

2,747,771

Middleby

Corp.

(The)*

22,289

3,025,063

Nordson

Corp.

21,630

3,871,554

Oshkosh

Corp.

27,508

2,519,458

Terex

Corp.

27,686

990,051

Timken

Co.

(The)

27,358

2,069,906

Toro

Co.

(The)

43,000

4,052,750

Trinity

Industries,

Inc.

33,895

942,620

Woodward,

Inc.

23,462

2,626,571

40,060,452

Marine

0.2%

Kirby

Corp.*

23,793

1,207,733

Media

1.2%

Cable

One,

Inc.

2,183

4,366,000

John

Wiley

&

Sons,

Inc.,

Class

A

17,443

795,575

New

York

Times

Co.

(The),

Class

A

58,352

2,893,676

TEGNA,

Inc.

88,795

1,423,384

9,478,635

Metals

&

Mining

1.6%

Commercial

Metals

Co.

48,051

946,124

Compass

Minerals

International,

Inc.

13,502

786,627

Reliance

Steel

&

Aluminum

Co.

25,552

2,966,076

Royal

Gold,

Inc.

26,286

2,809,448

Steel

Dynamics,

Inc.

80,090

2,744,684

United

States

Steel

Corp.(a)

88,048

1,563,733

Worthington

Industries,

Inc.

14,195

742,966

12,559,658

Multiline

Retail

0.8%

Kohl's

Corp.

63,230

2,785,914

Nordstrom,

Inc.(a)

43,839

1,554,092

Ollie's

Bargain

Outlet

Holdings,

Inc.*

22,986

2,177,464

6,517,470

Multi-Utilities

0.6%

Black

Hills

Corp.

24,922

1,473,389

MDU

Resources

Group,

Inc.

80,220

2,108,984

NorthWestern

Corp.

20,511

1,117,234

4,699,607

Oil,

Gas

&

Consumable

Fuels

1.0%

Antero

Midstream

Corp.

115,401

934,748

Cimarex

Energy

Co.

40,851

1,723,095

CNX

Resources

Corp.*

89,999

1,140,287

EQT

Corp.

109,452

1,785,162

Equitrans

Midstream

Corp.

162,361

1,079,701

Murphy

Oil

Corp.

59,031

730,214

70

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Mid

Cap

Market

Index

Fund

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

World

Fuel

Services

Corp.

25,494

779,861

8,173,068

Paper

&

Forest

Products

0.3%

Domtar

Corp.

22,246

666,712

Louisiana-Pacific

Corp.

43,863

1,667,233

2,333,945

Personal

Products

0.3%

Coty,

Inc.,

Class

A

114,304

728,116

Edgewell

Personal

Care

Co.

22,022

735,535

Nu

Skin

Enterprises,

Inc.,

Class

A

20,594

1,191,775

2,655,426

Pharmaceuticals

0.6%

Jazz

Pharmaceuticals

plc*

22,387

3,481,178

Nektar

Therapeutics*

72,350

1,425,295

4,906,473

Professional

Services

1.1%

ASGN,

Inc.*

21,180

1,756,034

CoreLogic

,

Inc.

31,206

2,349,500

FTI

Consulting,

Inc.*

14,308

1,573,451

Insperity

,

Inc.

14,179

1,112,909

ManpowerGroup

,

Inc.

22,978

2,032,174

8,824,068

Real

Estate

Management

&

Development

0.4%

Jones

Lang

LaSalle,

Inc.*

20,584

3,009,587

Road

&

Rail

0.9%

Avis

Budget

Group,

Inc.*

20,549

849,496

Knight-Swift

Transportation

Holdings,

Inc.

50,251

2,010,040

Landstar

System,

Inc.

15,364

2,141,742

Ryder

System,

Inc.

21,802

1,364,587

Werner

Enterprises,

Inc.

22,992

902,206

7,268,071

Semiconductors

&

Semiconductor

Equipment

4.8%

Brooks

Automation,

Inc.

29,831

2,259,997

Cirrus

Logic,

Inc.*

23,311

2,184,008

CMC

Materials,

Inc.

11,557

1,702,462

Cree,

Inc.*

44,270

4,474,812

First

Solar,

Inc.*

33,973

3,368,423

MKS

Instruments,

Inc.

22,092

3,492,082

Monolithic

Power

Systems,

Inc.

17,008

6,042,772

Semtech

Corp.*

25,994

1,844,274

Silicon

Laboratories,

Inc.*

17,529

2,299,279

SolarEdge

Technologies,

Inc.*

20,547

5,924,316

Synaptics

,

Inc.*

14,011

1,390,171

Universal

Display

Corp.

17,177

3,964,795

38,947,391

Software

4.4%

ACI

Worldwide,

Inc.*

46,644

1,790,663

Blackbaud

,

Inc.

20,086

1,335,518

CDK

Global,

Inc.

48,708

2,430,529

Ceridian

HCM

Holding,

Inc.*

52,278

4,857,149

CommVault

Systems,

Inc.*

19,053

1,196,147

Fair

Isaac

Corp.*

11,675

5,255,034

InterDigital

,

Inc.

12,165

781,115

Common

Stocks

Shares

Value

($)

Software

J2

Global,

Inc.*

17,195

1,764,895

Manhattan

Associates,

Inc.*

25,457

2,882,496

Paylocity

Holding

Corp.*

15,017

2,815,087

PTC,

Inc.*

42,126

5,598,967

Qualys

,

Inc.*

13,395

1,854,806

SailPoint

Technologies

Holdings,

Inc.*

36,541

2,021,083

Teradata

Corp.*

43,516

1,170,580

35,754,069

Specialty

Retail

2.8%

American

Eagle

Outfitters,

Inc.

59,854

1,358,087

AutoNation,

Inc.*

23,552

1,678,786

Dick's

Sporting

Goods,

Inc.

26,576

1,780,858

Five

Below,

Inc.*

22,379

3,932,662

Foot

Locker,

Inc.

41,495

1,818,311

Lithia

Motors,

Inc.,

Class

A

10,481

3,340,085

Murphy

USA,

Inc.

10,653

1,327,044

Restoration

Hardware

Holdings,

Inc.*

6,263

2,977,180

Urban

Outfitters,

Inc.*

27,991

767,793

Williams-Sonoma,

Inc.

30,728

3,961,454

22,942,260

Technology

Hardware,

Storage

&

Peripherals

0.2%

NCR

Corp.*

51,879

1,730,683

Textiles,

Apparel

&

Luxury

Goods

1.3%

Capri

Holdings

Ltd.*

61,016

2,541,927

Carter's,

Inc.

17,487

1,539,555

Columbia

Sportswear

Co.

12,312

1,076,807

Deckers

Outdoor

Corp.*

11,312

3,302,878

Skechers

USA,

Inc.,

Class

A*

54,477

1,878,367

10,339,534

Thrifts

&

Mortgage

Finance

0.8%

Essent

Group

Ltd.

44,984

1,881,681

MGIC

Investment

Corp.

135,399

1,586,876

New

York

Community

Bancorp,

Inc.

185,916

1,944,682

Washington

Federal,

Inc.

29,957

784,274

6,197,513

Trading

Companies

&

Distributors

0.9%

GATX

Corp.

14,093

1,307,831

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

18,469

1,432,640

Univar

Solutions,

Inc.*

67,421

1,253,356

Watsco

,

Inc.

13,154

3,137,098

7,130,925

Water

Utilities

0.5%

Essential

Utilities,

Inc.

89,405

4,139,451

Wireless

Telecommunication

Services

0.1%

Telephone

and

Data

Systems,

Inc.

39,875

747,656

Total

Common

Stocks

(cost

$582,334,196)

826,753,426

Nationwide

Mid

Cap

Market

Index

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

71

Short-Term

Investment

1.2%

Shares

Value

($)

Money

Market

Fund

1.2%

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,

0.01%(b)(c)

9,928,206

9,928,206

Total

Short-Term

Investment

(cost

$9,928,206)

9,928,206

Total

Investments

(cost

$592,262,402)

—

103.0%

836,681,632

Liabilities

in

excess

of

other

assets

—

(3.0)%

(24,367,956)

NET

ASSETS

—

100.0%

$

812,313,676

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

January

31,

2021.

The

total

value

of

securities

on

loan

at

January

31,

2021

was

$13,547,400,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

with

a

total

value

of

$9,928,206

and

by

$4,357,619

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

3.13%,

and

maturity

dates

ranging

from

4/8

/2021

–

2/15/2049;

a

total

value

of

$14,285,825.

(b)

Represents

7-day

effective

yield

as

of

January

31,

2021.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2021

was

$9,928,206.

REIT

Real

Estate

Investment

Trust

Futures

contracts

outstanding

as

of

January

31,

2021:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

S&P

Midcap

400

E-Mini

Index

46

3/2021

USD

10,744,220

(414,763)

(414,763)

At

January

31,

2021,

the

Fund

had

$654,800

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

72

-

Statement

of

Investments

-

January

31,

2021

(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

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

73

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2021.

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

January

31,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2021:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

826,753,426

$

–

$

–

$

826,753,426

Short-Term

Investment

9,928,206

–

–

9,928,206

Total

Assets

$

836,681,632

$

–

$

–

$

836,681,632

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(414,763)

$

–

$

–

$

(414,763)

Total

Liabilities

$

(414,763)

$

–

$

–

$

(414,763)

Total

$

836,266,869

$

–

$

–

$

836,266,869

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

Liabilities:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(414,763)

Total

$

(414,763)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

74

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

S&P

500

Index

Fund

Common

Stocks

99.5%

Shares

Value

($)

Aerospace

&

Defense

1.5%

Boeing

Co.

(The)

19,717

3,828,844

General

Dynamics

Corp.

8,576

1,257,928

Howmet

Aerospace,

Inc.

13,953

342,965

Huntington

Ingalls

Industries,

Inc.

1,538

241,974

L3Harris

Technologies,

Inc.

7,879

1,351,327

Lockheed

Martin

Corp.

9,119

2,934,677

Northrop

Grumman

Corp.

5,754

1,649,154

Raytheon

Technologies

Corp.

56,429

3,765,507

Teledyne

Technologies,

Inc.*

1,341

478,750

Textron,

Inc.

8,793

397,971

TransDigm

Group,

Inc.*

2,023

1,119,285

17,368,382

Air

Freight

&

Logistics

0.6%

CH

Robinson

Worldwide,

Inc.

5,185

443,629

Expeditors

International

of

Washington,

Inc.

6,156

551,085

FedEx

Corp.

9,006

2,119,472

United

Parcel

Service,

Inc.,

Class

B

26,575

4,119,125

7,233,311

Airlines

0.2%

Alaska

Air

Group,

Inc.

4,421

215,877

American

Airlines

Group,

Inc.

(a)

22,904

393,262

Delta

Air

Lines,

Inc.

23,501

892,098

Southwest

Airlines

Co.

22,167

974,018

United

Airlines

Holdings,

Inc.*

10,840

433,492

2,908,747

Auto

Components

0.1%

Aptiv

plc

10,209

1,363,923

BorgWarner,

Inc.

8,570

359,854

1,723,777

Automobiles

2.2%

Ford

Motor

Co.*

144,082

1,517,184

General

Motors

Co.

46,859

2,374,814

Tesla,

Inc.*

28,176

22,358,501

26,250,499

Banks

3.9%

Bank

of

America

Corp.

282,858

8,386,740

Citigroup,

Inc.

77,357

4,485,932

Citizens

Financial

Group,

Inc.

15,593

568,209

Comerica,

Inc.

5,240

299,728

Fifth

Third

Bancorp

26,417

764,244

First

Republic

Bank

6,428

931,996

Huntington

Bancshares,

Inc.

37,045

489,920

JPMorgan

Chase

&

Co.

113,259

14,573,036

KeyCorp

35,693

601,784

M&T

Bank

Corp.

4,684

620,489

People's

United

Financial,

Inc.

16,505

225,458

PNC

Financial

Services

Group,

Inc.

(The)

15,833

2,272,352

Regions

Financial

Corp.

35,455

603,090

SVB

Financial

Group*

1,925

842,727

Truist

Financial

Corp.

50,292

2,413,010

US

Bancorp

51,144

2,191,520

Wells

Fargo

&

Co.

153,621

4,590,195

Common

Stocks

Shares

Value

($)

Banks

Zions

Bancorp

NA

6,111

269,740

45,130,170

Beverages

1.5%

Brown-Forman

Corp.,

Class

B

6,608

473,596

Coca-Cola

Co.

(The)

143,708

6,919,540

Constellation

Brands,

Inc.,

Class

A

6,360

1,341,515

Molson

Coors

Beverage

Co.,

Class

B

6,770

339,583

Monster

Beverage

Corp.*

13,564

1,177,762

PepsiCo,

Inc.

51,348

7,012,596

17,264,592

Biotechnology

1.9%

AbbVie,

Inc.

65,598

6,722,483

Alexion

Pharmaceuticals,

Inc.*

8,230

1,261,906

Amgen,

Inc.

21,631

5,222,372

Biogen,

Inc.*

5,771

1,630,942

Gilead

Sciences,

Inc.

46,288

3,036,493

Incyte

Corp.*

6,817

611,826

Regeneron

Pharmaceuticals,

Inc.*

3,888

1,958,930

Vertex

Pharmaceuticals,

Inc.*

9,712

2,224,825

22,669,777

Building

Products

0.5%

A

O

Smith

Corp.

5,146

279,428

Allegion

plc

3,266

349,495

Carrier

Global

Corp.

30,707

1,182,219

Fortune

Brands

Home

&

Security,

Inc.

5,028

433,665

Johnson

Controls

International

plc

27,147

1,352,464

Masco

Corp.

9,413

511,220

Trane

Technologies

plc

9,066

1,299,611

5,408,102

Capital

Markets

2.7%

Ameriprise

Financial,

Inc.

4,308

852,424

Bank

of

New

York

Mellon

Corp.

(The)

30,809

1,227,122

BlackRock,

Inc.

5,269

3,694,939

Cboe

Global

Markets,

Inc.

3,840

352,243

Charles

Schwab

Corp.

(The)

55,425

2,856,604

CME

Group,

Inc.

13,390

2,433,499

Franklin

Resources,

Inc.

10,219

268,658

Goldman

Sachs

Group,

Inc.

(The)

12,748

3,456,875

Intercontinental

Exchange,

Inc.

20,941

2,310,839

Invesco

Ltd.

14,630

301,232

MarketAxess

Holdings,

Inc.

1,411

763,012

Moody's

Corp.

5,987

1,594,099

Morgan

Stanley

53,013

3,554,522

MSCI,

Inc.

3,079

1,217,129

Nasdaq,

Inc.

4,193

567,187

Northern

Trust

Corp.

7,700

686,763

Raymond

James

Financial,

Inc.

4,643

463,975

S&P

Global,

Inc.

8,910

2,824,470

State

Street

Corp.

13,109

917,630

Nationwide

S&P

500

Index

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

75

Common

Stocks

Shares

Value

($)

Capital

Markets

T.

Rowe

Price

Group,

Inc.

8,356

1,307,547

31,650,769

Chemicals

1.8%

Air

Products

&

Chemicals,

Inc.

8,236

2,197,035

Albemarle

Corp.

3,998

650,315

Celanese

Corp.

4,329

528,787

CF

Industries

Holdings,

Inc.

8,169

338,033

Corteva

,

Inc.

27,297

1,088,058

Dow,

Inc.

27,423

1,423,254

DuPont

de

Nemours,

Inc.(a)

27,279

2,167,317

Eastman

Chemical

Co.

4,926

484,472

Ecolab,

Inc.

9,247

1,891,104

FMC

Corp.

4,729

512,103

International

Flavors

&

Fragrances,

Inc.(a)

3,893

437,495

Linde

plc

19,502

4,785,791

LyondellBasell

Industries

NV,

Class

A

9,553

819,265

Mosaic

Co.

(The)

13,288

344,957

PPG

Industries,

Inc.

8,687

1,170,226

Sherwin-Williams

Co.

(The)

3,055

2,113,449

20,951,661

Commercial

Services

&

Supplies

0.4%

Cintas

Corp.

3,279

1,043,115

Copart

,

Inc.*

7,721

847,380

Republic

Services,

Inc.

7,743

700,896

Rollins,

Inc.

8,556

308,187

Waste

Management,

Inc.

14,421

1,605,346

4,504,924

Communications

Equipment

0.8%

Arista

Networks,

Inc.*

1,993

612,967

Cisco

Systems,

Inc.

157,003

6,999,194

F5

Networks,

Inc.*

2,420

474,199

Juniper

Networks,

Inc.

11,452

279,658

Motorola

Solutions,

Inc.

6,391

1,070,812

9,436,830

Construction

&

Engineering

0.1%

Jacobs

Engineering

Group,

Inc.

4,644

468,858

Quanta

Services,

Inc.

5,160

363,625

832,483

Construction

Materials

0.1%

Martin

Marietta

Materials,

Inc.

2,295

659,606

Vulcan

Materials

Co.

4,843

722,285

1,381,891

Consumer

Finance

0.5%

American

Express

Co.

24,408

2,837,674

Capital

One

Financial

Corp.

16,917

1,763,766

Discover

Financial

Services

11,388

951,354

Synchrony

Financial

19,696

662,770

6,215,564

Containers

&

Packaging

0.3%

Amcor

plc

57,946

633,929

Avery

Dennison

Corp.

3,028

456,835

Ball

Corp.

12,316

1,084,054

International

Paper

Co.

14,823

745,745

Packaging

Corp.

of

America

3,588

482,443

Common

Stocks

Shares

Value

($)

Containers

&

Packaging

Sealed

Air

Corp.

6,049

255,691

Westrock

Co.

9,821

406,884

4,065,581

Distributors

0.1%

Genuine

Parts

Co.

5,260

493,809

LKQ

Corp.*

10,808

379,253

Pool

Corp.

1,456

515,686

1,388,748

Diversified

Financial

Services

1.4%

Berkshire

Hathaway,

Inc.,

Class

B*

72,310

16,477,280

Diversified

Telecommunication

Services

1.4%

AT&T,

Inc.

264,774

7,580,480

Lumen

Technologies,

Inc.

35,049

433,907

Verizon

Communications,

Inc.

153,755

8,418,086

16,432,473

Electric

Utilities

1.8%

Alliant

Energy

Corp.

9,032

439,407

American

Electric

Power

Co.,

Inc.

18,377

1,486,883

Duke

Energy

Corp.

27,475

2,582,650

Edison

International

14,064

817,962

Entergy

Corp.

7,423

707,635

Evergy

,

Inc.

8,174

439,189

Eversource

Energy

12,912

1,129,800

Exelon

Corp.

36,091

1,499,942

FirstEnergy

Corp.

19,950

613,662

NextEra

Energy,

Inc.

72,791

5,886,608

NRG

Energy,

Inc.

9,486

392,815

Pinnacle

West

Capital

Corp.

4,225

317,931

PPL

Corp.

28,567

790,449

Southern

Co.

(The)

39,426

2,322,980

Xcel

Energy,

Inc.

19,368

1,239,358

20,667,271

Electrical

Equipment

0.5%

AMETEK,

Inc.

8,630

977,434

Eaton

Corp.

plc

14,853

1,748,198

Emerson

Electric

Co.

22,209

1,762,284

Rockwell

Automation,

Inc.

4,366

1,085,082

5,572,998

Electronic

Equipment,

Instruments

&

Components

0.7%

Amphenol

Corp.,

Class

A

11,032

1,377,676

CDW

Corp.

5,233

688,977

Corning,

Inc.

28,598

1,025,810

FLIR

Systems,

Inc.

5,170

269,098

IPG

Photonics

Corp.*

1,386

309,674

Keysight

Technologies,

Inc.*

6,957

985,042

TE

Connectivity

Ltd.

12,203

1,469,241

Trimble,

Inc.*

9,290

612,304

Vontier

Corp.*

4,378

141,979

Zebra

Technologies

Corp.,

Class

A*

1,981

768,291

7,648,092

Energy

Equipment

&

Services

0.2%

Baker

Hughes

Co.

25,199

506,248

Halliburton

Co.

32,657

575,743

NOV,

Inc.

15,087

186,777

76

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

S&P

500

Index

Fund

Common

Stocks

Shares

Value

($)

Energy

Equipment

&

Services

Schlumberger

NV

52,431

1,164,492

TechnipFMC

plc

16,385

175,156

2,608,416

Entertainment

2.2%

Activision

Blizzard,

Inc.

28,832

2,623,712

Electronic

Arts,

Inc.

10,688

1,530,522

Live

Nation

Entertainment,

Inc.*

5,201

345,606

Netflix,

Inc.*

16,415

8,739,182

Take-Two

Interactive

Software,

Inc.*

4,269

855,721

Walt

Disney

Co.

(The)*

67,270

11,312,796

25,407,539

Equity

Real

Estate

Investment

Trusts

(REITs)

2.4%

Alexandria

Real

Estate

Equities,

Inc.

4,559

761,855

American

Tower

Corp.

16,480

3,746,893

AvalonBay

Communities,

Inc.

5,256

860,250

Boston

Properties,

Inc.

5,277

481,632

Crown

Castle

International

Corp.

16,174

2,575,871

Digital

Realty

Trust,

Inc.

10,506

1,512,339

Duke

Realty

Corp.

13,436

531,528

Equinix

,

Inc.

3,305

2,445,568

Equity

Residential

12,678

781,472

Essex

Property

Trust,

Inc.

2,473

592,556

Extra

Space

Storage,

Inc.

4,744

539,820

Federal

Realty

Investment

Trust

2,675

234,223

Healthpeak

Properties,

Inc.

19,749

585,558

Host

Hotels

&

Resorts,

Inc.

27,199

368,546

Iron

Mountain,

Inc.

11,196

376,969

Kimco

Realty

Corp.

16,805

277,451

Mid-America

Apartment

Communities,

Inc.

4,160

552,240

Prologis,

Inc.

27,629

2,851,313

Public

Storage

5,600

1,274,672

Realty

Income

Corp.

12,840

758,330

Regency

Centers

Corp.

5,391

254,347

SBA

Communications

Corp.

4,096

1,100,472

Simon

Property

Group,

Inc.

12,296

1,142,667

SL

Green

Realty

Corp.

2,889

194,950

UDR,

Inc.

10,454

401,956

Ventas,

Inc.

13,775

634,614

Vornado

Realty

Trust

5,479

217,845

Welltower

,

Inc.

15,677

950,026

Weyerhaeuser

Co.

27,734

865,023

27,870,986

Food

&

Staples

Retailing

1.4%

Costco

Wholesale

Corp.

16,394

5,777,737

Kroger

Co.

(The)

29,032

1,001,604

Sysco

Corp.

18,790

1,343,673

Walgreens

Boots

Alliance,

Inc.

27,114

1,362,479

Walmart,

Inc.

51,511

7,236,780

16,722,273

Food

Products

1.0%

Archer-Daniels-Midland

Co.

20,896

1,045,009

Campbell

Soup

Co.

7,804

375,450

Common

Stocks

Shares

Value

($)

Food

Products

Conagra

Brands,

Inc.

17,999

622,765

General

Mills,

Inc.

22,546

1,309,923

Hershey

Co.

(The)

5,511

801,520

Hormel

Foods

Corp.

10,716

502,152

J

M

Smucker

Co.

(The)

4,206

489,620

Kellogg

Co.

9,426

555,568

Kraft

Heinz

Co.

(The)

24,163

809,702

Lamb

Weston

Holdings,

Inc.

5,188

387,544

McCormick

&

Co.,

Inc.

(Non-Voting)

9,186

822,514

Mondelez

International,

Inc.,

Class

A

53,490

2,965,486

Tyson

Foods,

Inc.,

Class

A

10,892

700,465

11,387,718

Gas

Utilities

0.0%

†

Atmos

Energy

Corp.

4,793

426,577

Health

Care

Equipment

&

Supplies

3.8%

Abbott

Laboratories

65,854

8,138,896

ABIOMED,

Inc.*

1,626

566,255

Align

Technology,

Inc.*

2,648

1,391,206

Baxter

International,

Inc.

19,174

1,473,138

Becton

Dickinson

and

Co.

10,835

2,836,495

Boston

Scientific

Corp.*

53,178

1,884,628

Cooper

Cos.,

Inc.

(The)

1,806

657,456

Danaher

Corp.

23,491

5,587,099

Dentsply

Sirona,

Inc.

7,840

419,362

DexCom

,

Inc.*

3,528

1,322,471

Edwards

Lifesciences

Corp.*

23,138

1,910,736

Hologic

,

Inc.*

9,549

761,342

IDEXX

Laboratories,

Inc.*

3,151

1,508,321

Intuitive

Surgical,

Inc.*

4,386

3,279,149

Medtronic

plc

50,013

5,567,947

ResMed

,

Inc.

5,440

1,096,541

STERIS

plc

3,105

580,977

Stryker

Corp.

12,227

2,702,289

Teleflex,

Inc.

1,718

648,768

Varian

Medical

Systems,

Inc.*

3,340

586,404

West

Pharmaceutical

Services,

Inc.

2,869

859,237

Zimmer

Biomet

Holdings,

Inc.

7,702

1,183,566

44,962,283

Health

Care

Providers

&

Services

2.6%

AmerisourceBergen

Corp.

5,756

599,775

Anthem,

Inc.

9,212

2,735,780

Cardinal

Health,

Inc.

11,100

596,403

Centene

Corp.*

21,367

1,288,430

Cigna

Corp.

13,548

2,940,593

CVS

Health

Corp.

48,551

3,478,679

DaVita,

Inc.*

2,612

306,570

HCA

Healthcare,

Inc.

9,768

1,587,105

Henry

Schein,

Inc.*

5,039

331,818

Humana,

Inc.

4,921

1,885,284

Laboratory

Corp.

of

America

Holdings*

3,559

814,691

McKesson

Corp.

5,911

1,031,292

Quest

Diagnostics,

Inc.

4,930

636,710

UnitedHealth

Group,

Inc.

35,254

11,760,029

Nationwide

S&P

500

Index

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

77

Common

Stocks

Shares

Value

($)

Health

Care

Providers

&

Services

Universal

Health

Services,

Inc.,

Class

B

2,761

344,242

30,337,401

Health

Care

Technology

0.1%

Cerner

Corp.

11,392

912,613

Hotels,

Restaurants

&

Leisure

1.6%

Carnival

Corp.

27,889

520,688

Chipotle

Mexican

Grill,

Inc.*

1,033

1,528,840

Darden

Restaurants,

Inc.

4,702

549,617

Domino's

Pizza,

Inc.

1,420

526,479

Hilton

Worldwide

Holdings,

Inc.

10,381

1,052,530

Las

Vegas

Sands

Corp.

12,758

613,532

Marriott

International,

Inc.,

Class

A

9,804

1,140,303

McDonald's

Corp.

27,685

5,754,050

MGM

Resorts

International

14,770

421,831

Norwegian

Cruise

Line

Holdings

Ltd.*(a)

11,915

269,875

Royal

Caribbean

Cruises

Ltd.

6,898

448,370

Starbucks

Corp.

43,940

4,253,831

Wynn

Resorts

Ltd.

3,464

344,772

Yum!

Brands,

Inc.

11,385

1,155,464

18,580,182

Household

Durables

0.4%

DR

Horton,

Inc.

12,366

949,709

Garmin

Ltd.

5,440

624,838

Leggett

&

Platt,

Inc.

5,144

210,904

Lennar

Corp.,

Class

A

10,197

847,881

Mohawk

Industries,

Inc.*

2,324

333,726

Newell

Brands,

Inc.

13,914

334,214

NVR,

Inc.*

128

569,150

PulteGroup,

Inc.

10,168

442,308

Whirlpool

Corp.

2,381

440,699

4,753,429

Household

Products

1.5%

Church

&

Dwight

Co.,

Inc.

9,204

777,094

Clorox

Co.

(The)

4,684

981,110

Colgate-Palmolive

Co.

32,061

2,500,758

Kimberly-Clark

Corp.

12,659

1,672,254

Procter

&

Gamble

Co.

(The)

92,132

11,812,244

17,743,460

Independent

Power

and

Renewable

Electricity

Producers

0.1%

AES

Corp.

(The)

23,955

584,262

Industrial

Conglomerates

1.2%

3M

Co.

21,417

3,762,110

General

Electric

Co.

325,120

3,472,282

Honeywell

International,

Inc.

26,072

5,093,687

Roper

Technologies,

Inc.

3,883

1,525,669

13,853,748

Insurance

1.8%

Aflac,

Inc.

24,498

1,106,820

Allstate

Corp.

(The)

11,403

1,222,173

American

International

Group,

Inc.

31,640

1,184,602

Aon

plc,

Class

A

8,407

1,707,462

Common

Stocks

Shares

Value

($)

Insurance

Arthur

J

Gallagher

&

Co.

7,146

824,720

Assurant,

Inc.

2,298

311,310

Chubb

Ltd.

16,869

2,457,307

Cincinnati

Financial

Corp.

5,815

488,983

Everest

Re

Group

Ltd.

1,399

295,301

Globe

Life,

Inc.

3,561

321,879

Hartford

Financial

Services

Group,

Inc.

(The)

13,208

634,248

Lincoln

National

Corp.

6,589

299,734

Loews

Corp.

8,472

383,697

Marsh

&

McLennan

Cos.,

Inc.

18,885

2,075,650

MetLife,

Inc.

28,464

1,370,542

Principal

Financial

Group,

Inc.

9,564

471,218

Progressive

Corp.

(The)

21,810

1,901,614

Prudential

Financial,

Inc.

14,908

1,166,998

Travelers

Cos.,

Inc.

(The)

9,329

1,271,543

Unum

Group

6,757

156,965

W

R

Berkley

Corp.

4,932

306,474

Willis

Towers

Watson

plc

4,838

981,824

20,941,064

Interactive

Media

&

Services

5.5%

Alphabet,

Inc.,

Class

A*

11,171

20,413,438

Alphabet,

Inc.,

Class

C*

10,786

19,800,292

Facebook,

Inc.,

Class

A*

89,322

23,074,552

Twitter,

Inc.*

29,326

1,481,843

64,770,125

Internet

&

Direct

Marketing

Retail

4.8%

Amazon.com,

Inc.*

15,847

50,808,651

Booking

Holdings,

Inc.*

1,517

2,949,549

eBay,

Inc.

24,411

1,379,466

Etsy,

Inc.*

4,728

941,298

Expedia

Group,

Inc.

4,995

619,879

56,698,843

IT

Services

5.1%

Accenture

plc,

Class

A

23,541

5,695,039

Akamai

Technologies,

Inc.*

5,985

664,514

Automatic

Data

Processing,

Inc.

15,884

2,622,766

Broadridge

Financial

Solutions,

Inc.

4,223

596,752

Cognizant

Technology

Solutions

Corp.,

Class

A

20,049

1,562,820

DXC

Technology

Co.

9,792

276,134

Fidelity

National

Information

Services,

Inc.

23,226

2,867,482

Fiserv,

Inc.*

20,745

2,130,304

FleetCor

Technologies,

Inc.*

3,145

763,449

Gartner,

Inc.*

3,245

492,948

Global

Payments,

Inc.

11,153

1,968,728

International

Business

Machines

Corp.

33,108

3,943,494

Jack

Henry

&

Associates,

Inc.

2,757

399,186

Leidos

Holdings,

Inc.

4,860

515,452

Mastercard

,

Inc.,

Class

A

32,688

10,338,887

Paychex,

Inc.

11,888

1,038,060

PayPal

Holdings,

Inc.*

43,535

10,200,686

VeriSign,

Inc.*

3,731

724,075

Visa,

Inc.,

Class

A

63,005

12,175,716

78

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

S&P

500

Index

Fund

Common

Stocks

Shares

Value

($)

IT

Services

Western

Union

Co.

(The)

14,414

321,000

59,297,492

Leisure

Products

0.0%

†

Hasbro,

Inc.

4,545

426,412

Life

Sciences

Tools

&

Services

1.3%

Agilent

Technologies,

Inc.

11,379

1,367,415

Bio-Rad

Laboratories,

Inc.,

Class

A*

771

442,377

Illumina,

Inc.*

5,430

2,315,569

IQVIA

Holdings,

Inc.*

7,224

1,284,427

Mettler

-Toledo

International,

Inc.*

900

1,051,290

PerkinElmer,

Inc.

4,131

607,546

Thermo

Fisher

Scientific,

Inc.

14,726

7,505,842

Waters

Corp.*

2,255

596,831

15,171,297

Machinery

1.7%

Caterpillar,

Inc.

20,120

3,678,741

Cummins,

Inc.

5,580

1,308,064

Deere

&

Co.

11,606

3,351,813

Dover

Corp.

5,455

635,453

Flowserve

Corp.

5,432

193,162

Fortive

Corp.

12,529

827,916

IDEX

Corp.

2,755

512,954

Illinois

Tool

Works,

Inc.

10,725

2,082,902

Ingersoll

Rand,

Inc.*

13,473

563,710

Otis

Worldwide

Corp.

15,276

987,593

PACCAR,

Inc.

13,046

1,190,056

Parker-Hannifin

Corp.

4,739

1,253,987

Pentair

plc

6,313

343,806

Snap-on,

Inc.

1,923

346,121

Stanley

Black

&

Decker,

Inc.

6,007

1,042,154

Westinghouse

Air

Brake

Technologies

Corp.

6,482

481,029

Xylem,

Inc.

6,641

641,454

19,440,915

Media

1.3%

Charter

Communications,

Inc.,

Class

A*(a)

5,417

3,291,153

Comcast

Corp.,

Class

A

169,650

8,409,550

Discovery,

Inc.,

Class

A*(a)

6,174

255,727

Discovery,

Inc.,

Class

C*

10,648

373,000

DISH

Network

Corp.,

Class

A*

9,359

271,598

Fox

Corp.,

Class

A

11,899

371,011

Fox

Corp.,

Class

B

6,087

181,940

Interpublic

Group

of

Cos.,

Inc.

(The)

14,750

355,033

News

Corp.,

Class

A

15,115

293,231

News

Corp.,

Class

B

4,732

89,340

Omnicom

Group,

Inc.

7,805

486,876

ViacomCBS

,

Inc.

20,932

1,015,202

15,393,661

Metals

&

Mining

0.3%

Freeport-McMoRan,

Inc.*

53,563

1,441,380

Newmont

Corp.

29,824

1,777,511

Nucor

Corp.

11,111

541,439

3,760,330

Common

Stocks

Shares

Value

($)

Multiline

Retail

0.5%

Dollar

General

Corp.

9,188

1,788,077

Dollar

Tree,

Inc.*

8,823

896,946

Target

Corp.

18,555

3,361,609

6,046,632

Multi-Utilities

0.8%

Ameren

Corp.

9,155

665,752

CenterPoint

Energy,

Inc.

20,627

435,023

CMS

Energy

Corp.

10,541

599,572

Consolidated

Edison,

Inc.

12,523

886,378

Dominion

Energy,

Inc.

30,593

2,229,924

DTE

Energy

Co.

7,192

853,834

NiSource,

Inc.

13,375

296,256

Public

Service

Enterprise

Group,

Inc.

19,040

1,074,427

Sempra

Energy

10,688

1,322,747

WEC

Energy

Group,

Inc.

11,881

1,056,221

9,420,134

Oil,

Gas

&

Consumable

Fuels

2.2%

Apache

Corp.

13,396

191,295

Cabot

Oil

&

Gas

Corp.

15,487

283,877

Chevron

Corp.

71,527

6,094,100

ConocoPhillips

50,144

2,007,264

Devon

Energy

Corp.

22,640

372,654

Diamondback

Energy,

Inc.

5,675

321,716

EOG

Resources,

Inc.

21,596

1,100,532

Exxon

Mobil

Corp.

157,104

7,044,543

Hess

Corp.

10,178

549,409

HollyFrontier

Corp.

5,792

164,840

Kinder

Morgan,

Inc.

73,297

1,032,022

Marathon

Oil

Corp.

30,674

222,080

Marathon

Petroleum

Corp.

24,478

1,056,471

Occidental

Petroleum

Corp.

30,485

611,529

ONEOK,

Inc.

16,482

656,478

Phillips

66

15,957

1,081,885

Pioneer

Natural

Resources

Co.

7,589

917,510

Valero

Energy

Corp.

15,259

861,065

Williams

Cos.,

Inc.

(The)

45,201

959,617

25,528,887

Personal

Products

0.2%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

8,404

1,988,807

Pharmaceuticals

4.0%

Bristol-Myers

Squibb

Co.

83,963

5,157,847

Catalent

,

Inc.*

6,034

694,212

Eli

Lilly

&

Co.

29,501

6,135,323

Johnson

&

Johnson

97,815

15,956,561

Merck

&

Co.,

Inc.

94,006

7,245,043

Perrigo

Co.

plc

5,303

226,438

Pfizer,

Inc.

206,528

7,414,355

Viatris

,

Inc.*

46,469

789,508

Zoetis,

Inc.

17,565

2,709,401

46,328,688

Professional

Services

0.3%

Equifax,

Inc.

4,535

803,194

IHS

Markit

Ltd.(a)

13,707

1,193,606

Nielsen

Holdings

plc

13,631

304,380

Robert

Half

International,

Inc.

3,944

266,220

Nationwide

S&P

500

Index

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

79

Common

Stocks

Shares

Value

($)

Professional

Services

Verisk

Analytics,

Inc.

6,131

1,125,038

3,692,438

Real

Estate

Management

&

Development

0.1%

CBRE

Group,

Inc.,

Class

A*

12,332

752,005

Road

&

Rail

1.0%

CSX

Corp.

28,589

2,451,650

JB

Hunt

Transport

Services,

Inc.

2,981

401,421

Kansas

City

Southern

3,478

704,886

Norfolk

Southern

Corp.

9,358

2,214,290

Old

Dominion

Freight

Line,

Inc.

3,568

692,192

Union

Pacific

Corp.

25,038

4,944,254

11,408,693

Semiconductors

&

Semiconductor

Equipment

5.4%

Advanced

Micro

Devices,

Inc.*

44,688

3,827,080

Analog

Devices,

Inc.

13,754

2,026,377

Applied

Materials,

Inc.

34,195

3,305,973

Broadcom,

Inc.

15,030

6,771,015

Enphase

Energy,

Inc.*

4,693

855,768

Intel

Corp.

152,265

8,452,230

KLA

Corp.

5,753

1,611,243

Lam

Research

Corp.

5,327

2,578,002

Maxim

Integrated

Products,

Inc.

9,932

871,136

Microchip

Technology,

Inc.

9,557

1,300,803

Micron

Technology,

Inc.*

41,600

3,256,032

NVIDIA

Corp.

23,000

11,950,570

Qorvo

,

Inc.*

4,218

720,772

QUALCOMM,

Inc.

42,023

6,567,354

Skyworks

Solutions,

Inc.

6,171

1,044,442

Teradyne,

Inc.

6,149

697,788

Texas

Instruments,

Inc.

34,107

5,651,189

Xilinx,

Inc.

9,012

1,176,697

62,664,471

Software

8.7%

Adobe,

Inc.*

17,824

8,177,116

ANSYS,

Inc.*

3,246

1,150,285

Autodesk,

Inc.*

8,183

2,270,210

Cadence

Design

Systems,

Inc.*

10,509

1,370,269

Citrix

Systems,

Inc.

4,525

603,228

Fortinet,

Inc.*

5,195

751,976

Intuit,

Inc.

9,726

3,513,323

Microsoft

Corp.

280,918

65,161,739

NortonLifeLock

,

Inc.

21,211

446,916

Oracle

Corp.

70,480

4,259,106

Paycom

Software,

Inc.*

1,820

691,127

salesforce.com,

Inc.*

33,998

7,668,589

ServiceNow

,

Inc.*

7,249

3,937,367

Synopsys,

Inc.*

5,671

1,448,657

Tyler

Technologies,

Inc.*

1,486

628,266

102,078,174

Specialty

Retail

2.2%

Advance

Auto

Parts,

Inc.

2,475

369,121

AutoZone,

Inc.*

848

948,378

Best

Buy

Co.,

Inc.

8,563

931,826

CarMax,

Inc.*

6,215

732,003

Gap,

Inc.

(The)*

8,764

177,471

Common

Stocks

Shares

Value

($)

Specialty

Retail

Home

Depot,

Inc.

(The)

40,002

10,833,342

L

Brands,

Inc.

8,180

333,417

Lowe's

Cos.,

Inc.

27,225

4,542,491

O'Reilly

Automotive,

Inc.*

2,717

1,156,002

Ross

Stores,

Inc.

13,171

1,465,800

TJX

Cos.,

Inc.

(The)

44,890

2,874,756

Tractor

Supply

Co.

4,525

641,373

Ulta

Beauty,

Inc.*

2,057

575,466

25,581,446

Technology

Hardware,

Storage

&

Peripherals

7.0%

Apple,

Inc.

593,817

78,360,091

Hewlett

Packard

Enterprise

Co.

47,109

581,325

HP,

Inc.

50,440

1,227,710

NetApp,

Inc.

8,409

558,694

Seagate

Technology

plc

8,420

556,730

Western

Digital

Corp.

11,102

626,486

Xerox

Holdings

Corp.

6,332

133,162

82,044,198

Textiles,

Apparel

&

Luxury

Goods

0.7%

Hanesbrands,

Inc.

13,528

206,843

NIKE,

Inc.,

Class

B

46,624

6,228,500

PVH

Corp.

2,625

223,807

Ralph

Lauren

Corp.

1,796

181,486

Tapestry,

Inc.

10,715

338,808

Under

Armour

,

Inc.,

Class

A*

7,252

126,910

Under

Armour

,

Inc.,

Class

C*

6,048

90,539

VF

Corp.

12,016

923,670

8,320,563

Tobacco

0.6%

Altria

Group,

Inc.

68,742

2,823,921

Philip

Morris

International,

Inc.

57,864

4,608,868

7,432,789

Trading

Companies

&

Distributors

0.2%

Fastenal

Co.

21,587

984,151

United

Rentals,

Inc.*

2,657

645,678

WW

Grainger,

Inc.

1,651

601,608

2,231,437

Water

Utilities

0.1%

American

Water

Works

Co.,

Inc.

6,828

1,085,789

Wireless

Telecommunication

Services

0.2%

T-Mobile

US,

Inc.*

21,765

2,744,131

Total

Common

Stocks

(cost

$751,500,453)

1,164,584,230

80

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

S&P

500

Index

Fund

Short-Term

Investment

0.2%

Shares

Value

($)

Money

Market

Fund

0.2%

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,

0.01%(b)(c)

2,121,525

2,121,525

Total

Short-Term

Investment

(cost

$2,121,525)

2,121,525

Total

Investments

(cost

$753,621,978)

—

99.7%

1,166,705,755

Other

assets

in

excess

of

liabilities

—

0.3%

3,964,472

NET

ASSETS

—

100.0%

$

1,170,670,227

*

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

January

31,

2021.

The

total

value

of

securities

on

loan

at

January

31,

2021

was

$2,135,977,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

with

a

total

value

of

$2,121,525

and

by

$132,759

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

3.13%,

and

maturity

dates

ranging

from

4/8/2021

–

2/15/2049;

a

total

value

of

$2,254,284.

(b)

Represents

7-day

effective

yield

as

of

January

31,

2021.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2021

was

$2,121,525.

REIT

Real

Estate

Investment

Trust

Futures

contracts

outstanding

as

of

January

31,

2021:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

S&P

500

E-Mini

Index

39

3/2021

USD

7,225,140

(38,711)

(38,711)

At

January

31,

2021,

the

Fund

had

$478,200

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

Nationwide

S&P

500

Index

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

81

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.

82

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

S&P

500

Index

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2021.

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

January

31,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2021:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

1,164,584,230

$

–

$

–

$

1,164,584,230

Short-Term

Investment

2,121,525

–

–

2,121,525

Total

Assets

$

1,166,705,755

$

–

$

–

$

1,166,705,755

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(38,711)

$

–

$

–

$

(38,711)

Total

Liabilities

$

(38,711)

$

–

$

–

$

(38,711)

Total

$

1,166,667,044

$

–

$

–

$

1,166,667,044

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

Liabilities:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(38,711)

Total

$

(38,711)

The

Statement

of

Investments

should

be

read

in

conjunction

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

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

83

Common

Stocks

99.1%

Shares

Value

($)

Aerospace

&

Defense

0.9%

AAR

Corp.

3,579

120,075

Aerojet

Rocketdyne

Holdings,

Inc.*

7,718

401,645

AeroVironment,

Inc.*

2,314

265,578

Astronics

Corp.*

2,726

33,966

Cubic

Corp.

3,406

208,379

Ducommun,

Inc.*

1,100

54,274

Kaman

Corp.

2,967

149,418

Kratos

Defense

&

Security

Solutions,

Inc.*

12,948

343,640

Maxar

Technologies,

Inc.

6,589

275,881

Moog,

Inc.,

Class

A

3,179

234,833

National

Presto

Industries,

Inc.

517

46,225

PAE,

Inc.*

6,344

52,655

Park

Aerospace

Corp.

2,366

31,421

Parsons

Corp.*

2,439

86,975

Triumph

Group,

Inc.

5,349

57,930

Vectrus,

Inc.*

1,198

61,577

2,424,472

Air

Freight

&

Logistics

0.3%

Air

Transport

Services

Group,

Inc.*

6,229

158,279

Atlas

Air

Worldwide

Holdings,

Inc.*

2,758

142,919

Echo

Global

Logistics,

Inc.*

2,770

72,934

Forward

Air

Corp.(a)

2,923

209,550

Hub

Group,

Inc.,

Class

A*

3,468

182,521

Radiant

Logistics,

Inc.*

4,820

27,956

794,159

Airlines

0.3%

Allegiant

Travel

Co.

1,412

256,264

Hawaiian

Holdings,

Inc.

5,074

99,298

Mesa

Air

Group,

Inc.*

1,912

12,485

SkyWest,

Inc.

5,269

205,438

Spirit

Airlines,

Inc.*

10,493

272,189

845,674

Auto

Components

1.4%

Adient

plc*

9,450

305,141

American

Axle

&

Manufacturing

Holdings,

Inc.*

12,355

108,848

Cooper

Tire

&

Rubber

Co.

5,387

197,972

Cooper-Standard

Holdings,

Inc.*

1,611

49,152

Dana,

Inc.

15,489

299,867

Dorman

Products,

Inc.*

2,846

258,502

Fox

Factory

Holding

Corp.*

4,466

534,312

Gentherm,

Inc.*(a)

3,500

214,410

Goodyear

Tire

&

Rubber

Co.

(The)*

24,709

260,680

LCI

Industries

2,634

340,787

Modine

Manufacturing

Co.*

5,319

66,753

Motorcar

Parts

of

America,

Inc.*

2,007

45,418

Patrick

Industries,

Inc.

2,406

166,158

Standard

Motor

Products,

Inc.

2,262

88,738

Stoneridge,

Inc.*

2,706

74,280

Tenneco,

Inc.,

Class

A*

5,300

53,530

Common

Stocks

Shares

Value

($)

Auto

Components

Visteon

Corp.*

2,979

379,763

Workhorse

Group,

Inc.*

10,189

349,687

XPEL,

Inc.

Reg.

S*

1,841

88,386

3,882,384

Automobiles

0.1%

Winnebago

Industries,

Inc.

3,423

236,392

Banks

7.5%

1st

Constitution

Bancorp

999

15,415

1st

Source

Corp.

1,708

67,210

ACNB

Corp.

844

21,142

Allegiance

Bancshares,

Inc.

1,909

67,159

Altabancorp

1,650

53,146

Amalgamated

Bank,

Class

A

1,683

24,673

Amerant

Bancorp,

Inc.*

2,394

34,138

American

National

Bankshares,

Inc.

1,003

28,034

Ameris

Bancorp

7,092

277,368

Ames

National

Corp.

1,079

24,288

Arrow

Financial

Corp.

1,370

40,278

Atlantic

Capital

Bancshares,

Inc.*

2,133

38,159

Atlantic

Union

Bankshares

Corp.(a)

8,370

274,871

Auburn

National

Bancorp,

Inc.

285

11,266

Banc

of

California,

Inc.

4,772

80,408

BancFirst

Corp.

2,026

116,758

Bancorp,

Inc.

(The)*

5,405

90,642

BancorpSouth

Bank

10,643

294,279

Bank

First

Corp.(a)

703

46,412

Bank

of

Commerce

Holdings

1,631

16,522

Bank

of

Marin

Bancorp

1,519

56,416

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

5,356

162,876

Bank

of

Princeton

(The)

675

15,741

Bank7

Corp.

499

7,979

BankFinancial

Corp.

1,732

14,687

BankUnited,

Inc.

9,810

339,916

Bankwell

Financial

Group,

Inc.

876

17,038

Banner

Corp.

3,659

161,838

Bar

Harbor

Bankshares

1,512

32,523

BayCom

Corp.*

1,512

22,226

BCB

Bancorp,

Inc.

1,663

19,091

Berkshire

Hills

Bancorp,

Inc.

4,696

77,860

Boston

Private

Financial

Holdings,

Inc.

8,713

106,211

Bridge

Bancorp,

Inc.

1,731

42,288

Brookline

Bancorp,

Inc.

8,204

103,288

Bryn

Mawr

Bank

Corp.

2,034

63,217

Business

First

Bancshares,

Inc.

2,190

44,457

Byline

Bancorp,

Inc.

2,291

36,816

C&F

Financial

Corp.

362

14,252

Cadence

Bancorp

13,263

237,673

California

Bancorp,

Inc.*

704

9,511

Cambridge

Bancorp

670

49,245

Camden

National

Corp.

1,485

55,762

Capital

Bancorp,

Inc.*

850

12,529

Capital

City

Bank

Group,

Inc.

1,391

31,061

84

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Banks

Capstar

Financial

Holdings,

Inc.

1,396

20,242

Carter

Bankshares,

Inc.

2,792

27,948

Cathay

General

Bancorp

8,047

272,150

CB

Financial

Services,

Inc.

585

10,536

CBTX,

Inc.

1,822

47,955

Central

Pacific

Financial

Corp.

2,864

56,936

Central

Valley

Community

Bancorp

913

13,969

Century

Bancorp,

Inc.,

Class

A

297

23,522

Chemung

Financial

Corp.

242

8,097

ChoiceOne

Financial

Services,

Inc.

764

19,665

CIT

Group,

Inc.

10,589

390,734

Citizens

&

Northern

Corp.

1,306

24,958

Citizens

Holding

Co.

495

9,994

City

Holding

Co.

1,700

117,385

Civista

Bancshares,

Inc.

1,577

26,888

CNB

Financial

Corp.

1,764

37,097

Coastal

Financial

Corp.*

1,129

22,354

Codorus

Valley

Bancorp,

Inc.

1,055

16,669

Colony

Bankcorp,

Inc.

833

11,537

Columbia

Banking

System,

Inc.(a)

7,731

297,798

Community

Bank

System,

Inc.

5,653

366,597

Community

Bankers

Trust

Corp.

2,576

18,599

Community

Financial

Corp.

(The)

537

12,781

Community

Trust

Bancorp,

Inc.

1,593

58,081

ConnectOne

Bancorp,

Inc.

3,943

83,789

County

Bancorp,

Inc.

517

11,183

CrossFirst

Bankshares,

Inc.*

5,515

63,423

Customers

Bancorp,

Inc.*

2,806

62,349

CVB

Financial

Corp.

14,011

272,234

Dime

Community

Bancshares,

Inc.

2,822

44,870

Eagle

Bancorp

Montana,

Inc.

569

12,171

Eagle

Bancorp,

Inc.

3,505

148,927

Eastern

Bankshares,

Inc.*

17,732

282,648

Enterprise

Bancorp,

Inc.

1,039

26,328

Enterprise

Financial

Services

Corp.

2,568

90,676

Equity

Bancshares,

Inc.,

Class

A*

1,391

30,713

Esquire

Financial

Holdings,

Inc.*

786

17,355

Evans

Bancorp,

Inc.

387

11,502

Farmers

&

Merchants

Bancorp,

Inc.

922

21,114

Farmers

National

Banc

Corp.

2,985

39,760

FB

Financial

Corp.

3,241

121,084

Fidelity

D&D

Bancorp,

Inc.

342

16,830

Financial

Institutions,

Inc.

1,845

42,232

First

Bancorp,

Inc.

(The)

1,016

24,414

First

Bancorp/NC(a)

2,936

100,000

First

Bancorp/PR

22,832

207,771

First

Bancshares,

Inc.

(The)(a)

2,210

66,167

First

Bank

2,037

18,435

First

Busey

Corp.

5,311

109,778

Common

Stocks

Shares

Value

($)

Banks

First

Business

Financial

Services,

Inc.

797

15,350

First

Capital,

Inc.

265

12,717

First

Choice

Bancorp

961

18,893

First

Commonwealth

Financial

Corp.

10,214

119,810

First

Community

Bankshares,

Inc.

1,680

36,053

First

Community

Corp.

712

12,097

First

Financial

Bancorp

10,300

188,696

First

Financial

Bankshares,

Inc.

13,776

521,835

First

Financial

Corp.

1,367

52,479

First

Foundation,

Inc.

4,440

89,954

First

Guaranty

Bancshares,

Inc.

499

7,984

First

Internet

Bancorp

890

27,252

First

Interstate

BancSystem,

Inc.,

Class

A

4,330

167,398

First

Merchants

Corp.

5,768

217,281

First

Mid

Bancshares,

Inc.

1,419

48,062

First

Midwest

Bancorp,

Inc.

12,073

199,567

First

Northwest

Bancorp

1,130

15,481

First

of

Long

Island

Corp.

(The)

2,185

36,555

First

Savings

Financial

Group,

Inc.

194

11,716

First

United

Corp.

814

12,723

First

Western

Financial,

Inc.*

575

10,620

Flushing

Financial

Corp.

3,298

60,287

FNCB

Bancorp,

Inc.

2,079

12,723

Franklin

Financial

Services

Corp.

489

13,208

Fulton

Financial

Corp.

17,087

228,966

FVCBankcorp,

Inc.*

1,453

22,420

German

American

Bancorp,

Inc.

2,643

89,413

Glacier

Bancorp,

Inc.

10,323

481,568

Great

Southern

Bancorp,

Inc.

1,099

54,038

Great

Western

Bancorp,

Inc.

5,972

143,328

Guaranty

Bancshares,

Inc.

800

26,704

Hancock

Whitney

Corp.

9,227

315,010

Hanmi

Financial

Corp.

3,124

43,174

HarborOne

Bancorp,

Inc.

5,784

62,814

Hawthorn

Bancshares,

Inc.

692

12,705

HBT

Financial,

Inc.

1,085

16,199

Heartland

Financial

USA,

Inc.

3,816

162,791

Heritage

Commerce

Corp.(a)

5,783

50,775

Heritage

Financial

Corp.

3,987

94,093

Hilltop

Holdings,

Inc.

7,701

231,338

Home

BancShares,

Inc.

16,350

346,620

HomeTrust

Bancshares,

Inc.

1,494

31,374

Hope

Bancorp,

Inc.

12,442

139,102

Horizon

Bancorp,

Inc.

4,657

73,720

Howard

Bancorp,

Inc.*

1,385

16,758

Independent

Bank

Corp.

5,712

304,186

Independent

Bank

Group,

Inc.

3,958

243,100

International

Bancshares

Corp.

5,748

217,332

Investar

Holding

Corp.

1,235

19,921

Investors

Bancorp,

Inc.

24,617

283,342

Nationwide

Small

Cap

Index

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

85

Common

Stocks

Shares

Value

($)

Banks

Lakeland

Bancorp,

Inc.

4,887

64,069

Lakeland

Financial

Corp.

2,621

153,853

Landmark

Bancorp,

Inc.

351

8,287

LCNB

Corp.

1,097

16,872

Level

One

Bancorp,

Inc.

716

14,929

Limestone

Bancorp,

Inc.*

557

7,269

Live

Oak

Bancshares,

Inc.

3,069

122,392

Macatawa

Bank

Corp.

2,364

19,621

Mackinac

Financial

Corp.

1,033

12,933

MainStreet

Bancshares,

Inc.*

848

14,484

Mercantile

Bank

Corp.

1,512

41,051

Meridian

Corp.

467

9,471

Metrocity

Bankshares,

Inc.(a)

1,755

24,991

Metropolitan

Bank

Holding

Corp.*

875

34,702

Mid

Penn

Bancorp,

Inc.

696

15,145

Middlefield

Banc

Corp.

736

15,088

Midland

States

Bancorp,

Inc.

2,273

41,800

MidWestOne

Financial

Group,

Inc.

1,433

35,237

MVB

Financial

Corp.

1,134

25,413

National

Bank

Holdings

Corp.,

Class

A

3,145

104,634

National

Bankshares,

Inc.

725

22,475

NBT

Bancorp,

Inc.

4,503

148,644

Nicolet

Bankshares,

Inc.*(a)

987

66,909

Northeast

Bank

778

20,275

Northrim

Bancorp,

Inc.

627

20,139

Norwood

Financial

Corp.

698

17,227

Oak

Valley

Bancorp

856

13,311

OceanFirst

Financial

Corp.

6,387

115,988

OFG

Bancorp

5,330

91,569

Ohio

Valley

Banc

Corp.

432

9,284

Old

National

Bancorp

17,711

297,368

Old

Second

Bancorp,

Inc.(a)

3,478

34,154

Origin

Bancorp,

Inc.

2,297

72,562

Orrstown

Financial

Services,

Inc.

1,271

22,001

Pacific

Premier

Bancorp,

Inc.

(a)

8,423

280,065

Park

National

Corp.

1,576

170,224

Parke

Bancorp,

Inc.

1,225

21,217

Partners

Bancorp

723

4,887

PCB

Bancorp

1,516

17,949

Peapack-Gladstone

Financial

Corp.

1,903

44,759

Penns

Woods

Bancorp,

Inc.

649

13,979

Peoples

Bancorp

of

North

Carolina,

Inc.

231

4,643

Peoples

Bancorp,

Inc.

1,770

53,985

Peoples

Financial

Services

Corp.

798

28,744

Plumas

Bancorp

601

14,965

Preferred

Bank

1,463

70,648

Premier

Financial

Bancorp,

Inc.

1,142

17,553

Professional

Holding

Corp.,

Class

A*

1,111

16,632

QCR

Holdings,

Inc.

1,501

58,209

RBB

Bancorp

2,022

33,565

Common

Stocks

Shares

Value

($)

Banks

Red

River

Bancshares,

Inc.

586

27,296

Reliant

Bancorp,

Inc.

1,537

31,585

Renasant

Corp.

5,853

207,196

Republic

Bancorp,

Inc.,

Class

A

1,016

36,667

Republic

First

Bancorp,

Inc.*

5,020

14,056

Richmond

Mutual

Bancorp,

Inc.

861

10,900

S&T

Bancorp,

Inc.

4,109

104,369

Salisbury

Bancorp,

Inc.

310

11,368

Sandy

Spring

Bancorp,

Inc.

4,775

158,673

SB

Financial

Group,

Inc.

802

13,859

Seacoast

Banking

Corp.

of

Florida*

5,476

166,744

Select

Bancorp,

Inc.*

2,077

19,607

ServisFirst

Bancshares,

Inc.

5,249

215,629

Shore

Bancshares,

Inc.

1,507

19,968

Sierra

Bancorp

1,449

31,690

Silvergate

Capital

Corp.,

Class

A*

1,609

149,734

Simmons

First

National

Corp.,

Class

A

11,654

287,854

SmartFinancial,

Inc.

1,611

31,898

South

Plains

Financial,

Inc.

1,207

22,740

South

State

Corp.

7,540

525,840

Southern

First

Bancshares,

Inc.*

792

31,759

Southern

National

Bancorp

of

Virginia,

Inc.

2,292

27,664

Southside

Bancshares,

Inc.

3,459

108,509

Spirit

of

Texas

Bancshares,

Inc.

1,336

23,968

Stock

Yards

Bancorp,

Inc.

2,249

101,655

Summit

Financial

Group,

Inc.

1,137

23,536

Texas

Capital

Bancshares,

Inc.*

5,461

328,861

Tompkins

Financial

Corp.

1,562

104,451

Towne

Bank

7,105

164,836

TriCo

Bancshares

2,825

105,372

TriState

Capital

Holdings,

Inc.*

2,781

51,031

Triumph

Bancorp,

Inc.*

2,428

139,222

Trustmark

Corp.

6,668

183,170

UMB

Financial

Corp.

4,662

330,862

United

Bankshares,

Inc.

13,325

421,869

United

Community

Banks,

Inc.

8,348

249,021

United

Security

Bancshares

1,817

12,410

Unity

Bancorp,

Inc.

806

15,153

Univest

Financial

Corp.

2,936

65,913

Valley

National

Bancorp

42,586

434,803

Veritex

Holdings,

Inc.(a)

5,153

131,711

Washington

Trust

Bancorp,

Inc.

1,910

83,238

WesBanco,

Inc.

7,115

206,335

West

Bancorp,

Inc.

1,569

32,321

Westamerica

Bancorp

2,771

154,677

21,020,637

Beverages

0.3%

Celsius

Holdings,

Inc.*

3,627

193,682

Coca-Cola

Consolidated,

Inc.

511

136,365

86

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Beverages

MGP

Ingredients,

Inc.(a)

1,442

83,492

National

Beverage

Corp.(a)

1,290

195,487

NewAge,

Inc.*(a)

8,673

26,453

Primo

Water

Corp.

16,841

260,193

895,672

Biotechnology

11.3%

89bio,

Inc.*

711

14,433

Abeona

Therapeutics,

Inc.*

7,274

13,893

ADMA

Biologics,

Inc.*(a)

6,948

15,425

Adverum

Biotechnologies,

Inc.*

9,762

120,365

Aeglea

BioTherapeutics,

Inc.*

4,171

28,988

Affimed

NV*

8,956

51,318

Agenus,

Inc.*

16,513

60,768

Akebia

Therapeutics,

Inc.*

14,636

47,421

Akero

Therapeutics,

Inc.*

1,565

46,042

Akouos,

Inc.*

1,608

25,599

Albireo

Pharma,

Inc.*

1,810

66,373

Alector,

Inc.*

4,807

80,950

Aligos

Therapeutics,

Inc.*(a)

1,079

30,395

Allakos,

Inc.*(a)

2,802

373,591

Allogene

Therapeutics,

Inc.*

5,827

202,197

Allovir,

Inc.*(a)

2,004

73,286

ALX

Oncology

Holdings,

Inc.*(a)

1,070

84,797

Amicus

Therapeutics,

Inc.*

27,450

519,079

AnaptysBio,

Inc.*

2,337

60,575

Anavex

Life

Sciences

Corp.*

6,343

39,834

Anika

Therapeutics,

Inc.*

1,420

52,554

Annexon,

Inc.*

1,631

35,882

Apellis

Pharmaceuticals,

Inc.*

6,548

289,880

Applied

Genetic

Technologies

Corp.*

3,032

11,946

Applied

Molecular

Transport,

Inc.*

1,380

48,369

Applied

Therapeutics,

Inc.*

1,580

33,085

Aprea

Therapeutics,

Inc.*

770

4,250

Aptinyx,

Inc.*

2,915

10,144

Aravive,

Inc.*

1,483

7,786

Arcturus

Therapeutics

Holdings,

Inc.*

2,352

170,426

Arcus

Biosciences,

Inc.*

4,721

163,960

Arcutis

Biotherapeutics,

Inc.*

2,023

55,208

Ardelyx,

Inc.*

8,559

58,116

Arena

Pharmaceuticals,

Inc.*

6,265

465,114

Arrowhead

Pharmaceuticals,

Inc.*

10,727

827,803

Assembly

Biosciences,

Inc.*

3,610

20,144

Atara

Biotherapeutics,

Inc.*

7,744

142,954

Athenex,

Inc.*

6,958

90,941

Athersys,

Inc.*(a)

20,083

38,861

Atreca,

Inc.,

Class

A*

3,143

40,859

AVEO

Pharmaceuticals,

Inc.*

1,488

11,800

Avid

Bioservices,

Inc.*

6,428

93,785

Avidity

Biosciences,

Inc.*

1,868

42,740

Avrobio,

Inc.*

3,189

45,635

Axcella

Health,

Inc.*

1,409

7,665

Beam

Therapeutics,

Inc.*(a)

4,264

411,178

Beyondspring,

Inc.*

1,676

20,347

Common

Stocks

Shares

Value

($)

Biotechnology

BioCryst

Pharmaceuticals,

Inc.*(a)

18,877

160,832

Biohaven

Pharmaceutical

Holding

Co.

Ltd.*

5,186

441,951

Bioxcel

Therapeutics,

Inc.*

1,253

58,039

Black

Diamond

Therapeutics,

Inc.*

2,027

50,209

Blueprint

Medicines

Corp.*

5,914

572,179

BrainStorm

Cell

Therapeutics,

Inc.*(a)

3,118

18,833

Bridgebio

Pharma,

Inc.*(a)

10,066

571,360

C4

Therapeutics,

Inc.*(a)

1,140

41,177

Cabaletta

Bio,

Inc.*

1,519

19,793

Calithera

Biosciences,

Inc.*

7,704

22,110

Calyxt,

Inc.*

1,119

9,937

CareDx,

Inc.*(a)

5,117

391,092

CASI

Pharmaceuticals,

Inc.*

7,158

24,051

Catabasis

Pharmaceuticals,

Inc.*

2,196

9,113

Catalyst

Biosciences,

Inc.*

2,210

12,486

Catalyst

Pharmaceuticals,

Inc.*

10,934

39,800

Cellular

Biomedicine

Group,

Inc.*

1,045

20,482

CEL-SCI

Corp.*(a)

3,816

95,209

Centogene

NV*

469

4,953

Checkmate

Pharmaceuticals,

Inc.*

754

11,800

Checkpoint

Therapeutics,

Inc.*

5,500

17,875

ChemoCentryx,

Inc.*

5,299

302,096

Chimerix,

Inc.*

3,868

32,801

Chinook

Therapeutics,

Inc.*

1,489

21,099

Cidara

Therapeutics,

Inc.*

3,994

9,785

Clovis

Oncology,

Inc.*(a)

9,661

76,322

Cohbar,

Inc.

Reg.

S*

2,438

4,218

Coherus

Biosciences,

Inc.*

5,923

111,352

Concert

Pharmaceuticals,

Inc.*

3,385

35,441

Constellation

Pharmaceuticals,

Inc.*

3,189

105,141

ContraFect

Corp.*

1,722

8,421

Corbus

Pharmaceuticals

Holdings,

Inc.*

7,472

13,674

Cortexyme,

Inc.*(a)

1,698

66,596

Crinetics

Pharmaceuticals,

Inc.*

3,145

45,131

Cue

Biopharma,

Inc.*

3,276

44,357

Cyclerion

Therapeutics,

Inc.*

2,958

9,347

Cytokinetics,

Inc.*(a)

7,448

146,502

CytomX

Therapeutics,

Inc.*

5,283

36,506

Deciphera

Pharmaceuticals,

Inc.*

4,111

181,706

Denali

Therapeutics,

Inc.*(a)

6,766

463,471

DermTech,

Inc.*

943

38,644

Dicerna

Pharmaceuticals,

Inc.*

6,872

154,414

Dyadic

International,

Inc.*

2,366

13,179

Dynavax

Technologies

Corp.*(a)

12,191

76,925

Dyne

Therapeutics,

Inc.*

1,521

29,401

Eagle

Pharmaceuticals,

Inc.*

1,013

47,277

Nationwide

Small

Cap

Index

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

87

Common

Stocks

Shares

Value

($)

Biotechnology

Editas

Medicine,

Inc.*(a)

6,779

415,892

Eiger

BioPharmaceuticals,

Inc.*

2,934

28,196

Emergent

BioSolutions,

Inc.*

4,826

515,658

Enanta

Pharmaceuticals,

Inc.*

2,026

97,370

Enochian

Biosciences,

Inc.*

1,508

5,715

Epizyme,

Inc.*

9,872

108,098

Esperion

Therapeutics,

Inc.*(a)

2,845

89,589

Evelo

Biosciences,

Inc.*

1,529

26,834

Exicure,

Inc.*

7,024

14,961

Fate

Therapeutics,

Inc.*

8,043

728,937

Fennec

Pharmaceuticals,

Inc.*

2,571

18,511

FibroGen,

Inc.*(a)

9,003

433,765

Five

Prime

Therapeutics,

Inc.*

2,755

46,064

Flexion

Therapeutics,

Inc.*

4,878

59,365

Foghorn

Therapeutics,

Inc.*

769

12,688

Forma

Therapeutics

Holdings,

Inc.*(a)

1,800

69,534

Fortress

Biotech,

Inc.*

6,511

20,770

Frequency

Therapeutics,

Inc.*

2,834

110,498

G1

Therapeutics,

Inc.*

3,648

88,026

Galectin

Therapeutics,

Inc.*(a)

4,008

7,856

Galera

Therapeutics,

Inc.*

893

10,037

Generation

Bio

Co.*

1,357

35,730

Genprex,

Inc.*(a)

3,282

14,671

Geron

Corp.*(a)

31,895

56,773

GlycoMimetics,

Inc.*

4,082

14,818

Gossamer

Bio,

Inc.*

6,489

65,539

Gritstone

Oncology,

Inc.*(a)

3,112

56,327

Halozyme

Therapeutics,

Inc.*

14,211

676,301

Harpoon

Therapeutics,

Inc.*

1,194

23,020

Heron

Therapeutics,

Inc.*

9,253

160,632

Homology

Medicines,

Inc.*

4,035

49,025

Hookipa

Pharma,

Inc.*

1,160

12,400

iBio,

Inc.*

19,251

30,802

Ideaya

Biosciences,

Inc.*

1,565

27,513

IGM

Biosciences,

Inc.*(a)

681

64,927

Immunic,

Inc.*

490

8,114

ImmunoGen,

Inc.*

18,285

130,372

Immunovant,

Inc.*

3,765

146,948

Inhibrx,

Inc.*

869

27,547

Inovio

Pharmaceuticals,

Inc.*(a)

17,017

216,967

Inozyme

Pharma,

Inc.*

888

18,683

Insmed,

Inc.*

10,901

409,769

Intellia

Therapeutics,

Inc.*(a)

5,407

338,586

Intercept

Pharmaceuticals,

Inc.*(a)

2,852

100,504

Invitae

Corp.*(a)

12,478

617,911

Ironwood

Pharmaceuticals,

Inc.*

16,945

173,178

iTeos

Therapeutics,

Inc.*

1,192

38,144

IVERIC

bio,

Inc.*

8,881

46,714

Jounce

Therapeutics,

Inc.*

2,080

23,504

Kadmon

Holdings,

Inc.*

18,669

89,611

KalVista

Pharmaceuticals,

Inc.*

1,462

22,222

Karuna

Therapeutics,

Inc.*

1,743

172,958

Karyopharm

Therapeutics,

Inc.*

7,752

118,063

Common

Stocks

Shares

Value

($)

Biotechnology

Keros

Therapeutics,

Inc.*

1,393

79,471

Kezar

Life

Sciences,

Inc.*

3,210

17,045

Kindred

Biosciences,

Inc.*

4,813

24,065

Kiniksa

Pharmaceuticals

Ltd.,

Class

A*

2,979

58,656

Kodiak

Sciences,

Inc.*(a)

3,481

439,685

Kronos

Bio,

Inc.*

1,562

42,939

Krystal

Biotech,

Inc.*

1,434

99,950

Kura

Oncology,

Inc.*

6,463

193,567

Kymera

Therapeutics,

Inc.*

1,077

66,720

La

Jolla

Pharmaceutical

Co.*(a)

869

5,318

Lexicon

Pharmaceuticals,

Inc.*

4,969

39,305

Ligand

Pharmaceuticals,

Inc.*(a)

1,614

299,155

LogicBio

Therapeutics,

Inc.*

1,264

10,188

MacroGenics,

Inc.*

5,937

121,352

Madrigal

Pharmaceuticals,

Inc.*

968

114,960

Magenta

Therapeutics,

Inc.*

1,922

16,990

MannKind

Corp.*

22,781

80,189

Marker

Therapeutics,

Inc.*(a)

3,396

6,520

MediciNova,

Inc.*

4,041

23,317

MEI

Pharma,

Inc.*

12,615

40,746

MeiraGTx

Holdings

plc*

2,429

34,808

Mersana

Therapeutics,

Inc.*

5,614

107,003

Minerva

Neurosciences,

Inc.*

3,672

11,714

Mirati

Therapeutics,

Inc.*

4,572

938,769

Mirum

Pharmaceuticals,

Inc.*

622

11,271

Molecular

Templates,

Inc.*

2,853

32,667

Morphic

Holding,

Inc.*(a)

1,336

44,970

Mustang

Bio,

Inc.*

3,607

15,041

Myriad

Genetics,

Inc.*

7,998

220,345

NantKwest,

Inc.*(a)

3,592

67,799

Natera,

Inc.*

8,084

862,078

Neoleukin

Therapeutics,

Inc.*

3,487

43,936

Neubase

Therapeutics,

Inc.*

2,082

19,050

NeuroBo

Pharmaceuticals,

Inc.*(a)

527

2,698

NextCure,

Inc.*

1,898

21,998

Nkarta,

Inc.*(a)

1,815

71,983

Novavax,

Inc.*

6,588

1,455,553

Nurix

Therapeutics,

Inc.*(a)

1,227

44,638

Nymox

Pharmaceutical

Corp.*(a)

4,609

11,015

Oncocyte

Corp.*

4,649

23,803

Oncorus,

Inc.*

708

15,753

OPKO

Health,

Inc.*(a)

43,272

234,102

Organogenesis

Holdings,

Inc.*

2,619

27,395

Orgenesis,

Inc.*

1,913

12,454

ORIC

Pharmaceuticals,

Inc.*

2,371

69,518

Ovid

therapeutics,

Inc.*

5,166

14,516

Oyster

Point

Pharma,

Inc.*

672

12,613

Pandion

Therapeutics,

Inc.*

808

14,544

Passage

Bio,

Inc.*

2,660

49,636

PhaseBio

Pharmaceuticals,

Inc.*

1,706

6,568

Pieris

Pharmaceuticals,

Inc.*

5,940

15,088

PMV

Pharmaceuticals,

Inc.*(a)

1,460

49,844

Poseida

Therapeutics,

Inc.*

1,477

12,850

88

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Biotechnology

Praxis

Precision

Medicines,

Inc.*(a)

1,179

59,999

Precigen,

Inc.*(a)

6,872

58,412

Precision

BioSciences,

Inc.*

4,584

55,558

Prelude

Therapeutics,

Inc.*(a)

981

63,716

Protagonist

Therapeutics,

Inc.*(a)

3,384

70,083

Protara

Therapeutics,

Inc.*

245

4,405

Prothena

Corp.

plc*

3,646

40,872

PTC

Therapeutics,

Inc.*

6,613

382,364

Puma

Biotechnology,

Inc.*

3,487

40,937

Radius

Health,

Inc.*

4,600

86,020

RAPT

Therapeutics,

Inc.*

1,328

26,454

REGENXBIO,

Inc.*

3,728

154,078

Relay

Therapeutics,

Inc.*

3,447

170,902

Replimune

Group,

Inc.*

2,345

90,986

REVOLUTION

Medicines,

Inc.*

4,124

173,785

Rhythm

Pharmaceuticals,

Inc.*(a)

3,477

106,709

Rigel

Pharmaceuticals,

Inc.*

16,990

61,844

Rocket

Pharmaceuticals,

Inc.*

3,706

204,126

Rubius

Therapeutics,

Inc.*(a)

3,047

36,473

Sangamo

Therapeutics,

Inc.*

12,713

173,660

Savara,

Inc.*

5,887

9,007

Scholar

Rock

Holding

Corp.*

2,733

163,051

Selecta

Biosciences,

Inc.*

7,885

31,540

Seres

Therapeutics,

Inc.*

5,719

135,826

Shattuck

Labs,

Inc.*(a)

1,400

69,454

Soleno

Therapeutics,

Inc.*

7,952

15,586

Solid

Biosciences,

Inc.*

3,359

21,901

Sorrento

Therapeutics,

Inc.*(a)

26,748

338,630

Spectrum

Pharmaceuticals,

Inc.*

16,012

57,483

Spero

Therapeutics,

Inc.*

1,749

31,674

SpringWorks

Therapeutics,

Inc.*

2,568

213,940

Spruce

Biosciences,

Inc.*

744

15,423

Stoke

Therapeutics,

Inc.*

1,423

86,917

Sutro

Biopharma,

Inc.*

2,841

62,928

Syndax

Pharmaceuticals,

Inc.*

3,138

62,885

Syros

Pharmaceuticals,

Inc.*

4,855

53,138

Taysha

Gene

Therapies,

Inc.*(a)

928

24,128

TCR2

Therapeutics,

Inc.*

2,819

72,533

TG

Therapeutics,

Inc.*

12,320

594,686

Translate

Bio,

Inc.*

7,246

173,034

Travere

Therapeutics,

Inc.*

5,126

129,431

Turning

Point

Therapeutics,

Inc.*

3,913

491,042

Twist

Bioscience

Corp.*

3,537

581,978

Tyme

Technologies,

Inc.*(a)

8,042

13,832

Ultragenyx

Pharmaceutical,

Inc.*

6,672

924,672

UNITY

Biotechnology,

Inc.*

3,918

23,410

UroGen

Pharma

Ltd.*(a)

1,869

41,249

Vanda

Pharmaceuticals,

Inc.*

5,469

78,425

Vaxart,

Inc.*(a)

4,871

58,355

Vaxcyte,

Inc.*(a)

2,042

50,090

VBI

Vaccines,

Inc.*(a)

17,485

57,001

Common

Stocks

Shares

Value

($)

Biotechnology

Veracyte,

Inc.*

6,263

355,112

Verastem,

Inc.*

18,820

36,699

Vericel

Corp.*

4,973

205,236

Viela

Bio,

Inc.*(a)

2,353

81,602

Viking

Therapeutics,

Inc.*(a)

6,711

49,057

Vir

Biotechnology,

Inc.*(a)

5,770

372,396

Voyager

Therapeutics,

Inc.*

3,041

22,960

X4

Pharmaceuticals,

Inc.*

1,972

15,401

XBiotech,

Inc.*

1,527

28,601

Xencor,

Inc.*

6,036

276,147

XOMA

Corp.*

694

25,137

Y-mAbs

Therapeutics,

Inc.*

3,192

134,096

Zentalis

Pharmaceuticals,

Inc.*

3,072

117,873

ZIOPHARM

Oncology,

Inc.*(a)

22,421

83,182

31,624,774

Building

Products

1.6%

AAON,

Inc.

4,397

325,378

Advanced

Drainage

Systems,

Inc.

6,014

496,035

Alpha

Pro

Tech

Ltd.*(a)

1,374

19,621

American

Woodmark

Corp.*

1,784

154,334

Apogee

Enterprises,

Inc.

2,749

96,490

Builders

FirstSource,

Inc.*

21,755

832,129

Caesarstone

Ltd.

2,079

26,154

Cornerstone

Building

Brands,

Inc.*

4,907

55,842

CSW

Industrials,

Inc.

1,462

170,352

Gibraltar

Industries,

Inc.*

3,497

313,436

Griffon

Corp.

4,817

108,190

Insteel

Industries,

Inc.

1,892

47,754

JELD-WEN

Holding,

Inc.*

7,452

193,677

Masonite

International

Corp.*

2,624

261,088

PGT

Innovations,

Inc.*

5,978

123,804

Quanex

Building

Products

Corp.

3,612

79,428

Resideo

Technologies,

Inc.*

15,026

347,100

Simpson

Manufacturing

Co.,

Inc.

4,627

425,684

UFP

Industries,

Inc.

6,439

347,320

4,423,816

Capital

Markets

1.5%

Artisan

Partners

Asset

Management,

Inc.,

Class

A

5,834

282,366

Assetmark

Financial

Holdings,

Inc.*

1,660

38,213

Associated

Capital

Group,

Inc.,

Class

A

274

8,998

B.

Riley

Financial,

Inc.

2,029

97,798

BGC

Partners,

Inc.,

Class

A

32,336

114,793

Blucora,

Inc.*

4,995

82,717

Brightsphere

Investment

Group,

Inc.

6,544

119,952

Cohen

&

Steers,

Inc.

2,664

174,492

Cowen,

Inc.,

Class

A

2,670

67,150

Diamond

Hill

Investment

Group,

Inc.

345

51,139

Donnelley

Financial

Solutions,

Inc.*

3,242

57,999

Nationwide

Small

Cap

Index

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

89

Common

Stocks

Shares

Value

($)

Capital

Markets

Federated

Hermes,

Inc.,

Class

B

10,160

274,320

Focus

Financial

Partners,

Inc.,

Class

A*

3,368

160,249

GAMCO

Investors,

Inc.,

Class

A

668

11,897

Greenhill

&

Co.,

Inc.

1,341

15,569

Hamilton

Lane,

Inc.,

Class

A

3,430

258,519

Houlihan

Lokey,

Inc.

5,465

354,405

Moelis

&

Co.,

Class

A

5,652

280,961

Oppenheimer

Holdings,

Inc.,

Class

A(a)

982

34,046

Piper

Sandler

Cos.

1,899

173,436

PJT

Partners,

Inc.,

Class

A

2,535

174,890

Pzena

Investment

Management,

Inc.,

Class

A

998

8,283

Safeguard

Scientifics,

Inc.*

1,676

11,447

Sculptor

Capital

Management,

Inc.

2,125

36,040

Siebert

Financial

Corp.*

976

8,023

Silvercrest

Asset

Management

Group,

Inc.,

Class

A

1,063

16,275

StepStone

Group,

Inc.,

Class

A*

2,077

72,944

Stifel

Financial

Corp.

10,995

569,761

StoneX

Group,

Inc.*

1,845

98,744

Value

Line,

Inc.

100

3,080

Virtus

Investment

Partners,

Inc.

793

166,530

Waddell

&

Reed

Financial,

Inc.,

Class

A

6,564

166,004

Westwood

Holdings

Group,

Inc.

984

11,651

WisdomTree

Investments,

Inc.

14,583

77,800

4,080,491

Chemicals

1.6%

Advanced

Emissions

Solutions,

Inc.

2,069

10,490

AdvanSix,

Inc.*

2,827

60,272

AgroFresh

Solutions,

Inc.*

3,461

6,784

American

Vanguard

Corp.

2,930

48,491

Amyris,

Inc.*(a)

11,911

111,963

Avient

Corp.

9,832

377,844

Balchem

Corp.

3,411

365,079

Chase

Corp.

783

78,488

Ferro

Corp.*

8,938

123,255

FutureFuel

Corp.

2,709

36,030

GCP

Applied

Technologies,

Inc.*

5,294

131,238

Hawkins,

Inc.

1,013

55,644

HB

Fuller

Co.

5,446

277,147

Ingevity

Corp.*

4,456

292,715

Innospec,

Inc.

2,601

228,342

Intrepid

Potash,

Inc.*

1,157

26,299

Koppers

Holdings,

Inc.*

2,302

76,611

Kraton

Corp.*

3,396

95,360

Kronos

Worldwide,

Inc.

2,146

30,387

Livent

Corp.*(a)

15,828

288,386

Marrone

Bio

Innovations,

Inc.*

7,658

12,712

Common

Stocks

Shares

Value

($)

Chemicals

Minerals

Technologies,

Inc.

3,631

223,778

Orion

Engineered

Carbons

SA

6,549

99,741

PQ

Group

Holdings,

Inc.

4,300

59,254

Quaker

Chemical

Corp.

1,410

369,603

Rayonier

Advanced

Materials,

Inc.*

6,191

42,842

Sensient

Technologies

Corp.

4,571

322,393

Stepan

Co.

2,325

261,981

Trecora

Resources*

2,828

17,845

Tredegar

Corp.

2,721

39,699

Trinseo

SA

4,156

211,249

Tronox

Holdings

plc,

Class

A

9,455

145,134

4,527,056

Commercial

Services

&

Supplies

1.9%

ABM

Industries,

Inc.

7,222

265,336

ACCO

Brands

Corp.

9,830

79,525

Brady

Corp.,

Class

A

5,113

234,738

BrightView

Holdings,

Inc.*

4,593

65,129

Brink's

Co.

(The)

5,259

358,296

Casella

Waste

Systems,

Inc.,

Class

A*

5,106

292,267

CECO

Environmental

Corp.*

3,740

25,918

Cimpress

plc*

1,862

170,168

CoreCivic,

Inc.

12,603

89,607

Covanta

Holding

Corp.(a)

12,824

181,460

Deluxe

Corp.

4,568

154,810

Ennis,

Inc.

2,671

48,612

Harsco

Corp.*

8,361

139,043

Healthcare

Services

Group,

Inc.

7,863

254,918

Heritage-Crystal

Clean,

Inc.*

1,824

39,581

Herman

Miller,

Inc.

6,283

215,193

HNI

Corp.

4,516

145,686

Interface,

Inc.

6,412

64,376

KAR

Auction

Services,

Inc.

13,922

257,000

Kimball

International,

Inc.,

Class

B

3,733

45,132

Knoll,

Inc.

5,177

77,448

Matthews

International

Corp.,

Class

A

3,236

98,795

McGrath

RentCorp

2,554

178,244

Montrose

Environmental

Group,

Inc.*

1,178

43,562

NL

Industries,

Inc.

865

3,901

PICO

Holdings,

Inc.*(a)

1,507

12,960

Pitney

Bowes,

Inc.

18,213

170,109

Quad/Graphics,

Inc.

3,834

17,943

SP

Plus

Corp.*

2,453

71,137

Steelcase,

Inc.,

Class

A

9,101

117,676

Team,

Inc.*

2,969

29,334

Tetra

Tech,

Inc.

5,761

700,365

UniFirst

Corp.

1,612

343,034

US

Ecology,

Inc.*(a)

3,194

105,402

Viad

Corp.

2,089

72,071

VSE

Corp.

1,035

35,811

5,204,587

Communications

Equipment

0.9%

Acacia

Communications,

Inc.*

4,211

481,739

ADTRAN,

Inc.

5,214

89,681

90

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Communications

Equipment

Applied

Optoelectronics,

Inc.*(a)

2,334

25,697

CalAmp

Corp.*

4,037

40,410

Calix,

Inc.*

5,767

174,163

Cambium

Networks

Corp.*

543

19,955

Casa

Systems,

Inc.*

3,876

29,884

Clearfield,

Inc.*

1,159

36,300

Comtech

Telecommunications

Corp.

2,604

55,569

Digi

International,

Inc.*

3,174

58,624

DZS,

Inc.*

950

14,630

Extreme

Networks,

Inc.*

13,724

111,027

Genasys,

Inc.*

3,863

28,741

Harmonic,

Inc.*

9,792

75,986

Infinera

Corp.*

17,818

175,507

Inseego

Corp.*(a)

6,818

125,179

KVH

Industries,

Inc.*

1,677

20,979

NETGEAR,

Inc.*

3,164

130,958

NetScout

Systems,

Inc.*

7,437

217,421

PCTEL,

Inc.*

2,227

16,391

Plantronics,

Inc.

3,584

113,685

Resonant,

Inc.*(a)

5,942

33,691

Ribbon

Communications,

Inc.*

6,875

50,256

Viavi

Solutions,

Inc.*

24,424

377,351

2,503,824

Construction

&

Engineering

1.4%

Aegion

Corp.*

3,531

64,864

Ameresco,

Inc.,

Class

A*

2,719

152,509

API

Group

Corp.

Reg.

S*(b)

15,093

270,316

Arcosa,

Inc.

5,228

291,670

Argan,

Inc.(a)

1,551

67,050

Comfort

Systems

USA,

Inc.

3,830

212,297

Concrete

Pumping

Holdings,

Inc.*

3,539

19,323

Construction

Partners,

Inc.,

Class

A*

2,945

83,697

Dycom

Industries,

Inc.*

3,297

267,519

EMCOR

Group,

Inc.

5,810

513,023

Fluor

Corp.

15,007

259,471

Granite

Construction,

Inc.

4,991

147,784

Great

Lakes

Dredge

&

Dock

Corp.*(a)

6,634

90,421

HC2

Holdings,

Inc.*(a)

6,148

21,457

IES

Holdings,

Inc.*

836

38,021

MasTec,

Inc.*

6,029

465,137

Matrix

Service

Co.*

2,636

31,078

MYR

Group,

Inc.*

1,732

96,317

Northwest

Pipe

Co.*

985

29,796

NV5

Global,

Inc.*

1,143

99,818

Primoris

Services

Corp.

5,128

149,250

Sterling

Construction

Co.,

Inc.*

2,730

55,883

Tutor

Perini

Corp.*

4,309

64,204

WillScot

Mobile

Mini

Holdings

Corp.*

17,137

406,318

3,897,223

Construction

Materials

0.1%

Forterra,

Inc.*

3,109

56,895

Summit

Materials,

Inc.,

Class

A*

12,338

253,299

Common

Stocks

Shares

Value

($)

Construction

Materials

United

States

Lime

&

Minerals,

Inc.

239

28,919

US

Concrete,

Inc.*

1,671

74,008

413,121

Consumer

Finance

0.7%

Atlanticus

Holdings

Corp.*

493

12,685

Curo

Group

Holdings

Corp.

2,194

31,879

Encore

Capital

Group,

Inc.*

3,458

102,703

Enova

International,

Inc.*

3,266

73,812

EZCORP,

Inc.,

Class

A*

4,554

20,447

FirstCash,

Inc.

4,369

257,247

Green

Dot

Corp.,

Class

A*

5,493

275,913

LendingClub

Corp.*

7,527

81,668

Navient

Corp.

19,662

221,296

Nelnet,

Inc.,

Class

A

1,924

132,352

Oportun

Financial

Corp.*

1,850

29,618

PRA

Group,

Inc.*

4,985

164,355

PROG

Holdings,

Inc.

7,261

342,574

Regional

Management

Corp.

1,003

28,385

World

Acceptance

Corp.*(a)

486

69,702

1,844,636

Containers

&

Packaging

0.2%

Greif,

Inc.,

Class

A

2,842

128,345

Greif,

Inc.,

Class

B

571

26,094

Myers

Industries,

Inc.

3,994

80,080

O-I

Glass,

Inc.

16,676

210,785

Pactiv

Evergreen,

Inc.*

4,227

59,728

Ranpak

Holdings

Corp.*

2,880

49,939

UFP

Technologies,

Inc.*

828

38,096

593,067

Distributors

0.1%

Core-Mark

Holding

Co.,

Inc.

4,716

144,640

Funko,

Inc.,

Class

A*(a)

2,466

29,469

Greenlane

Holdings,

Inc.,

Class

A*

488

2,157

Weyco

Group,

Inc.

717

12,375

188,641

Diversified

Consumer

Services

0.5%

Adtalem

Global

Education,

Inc.*

5,539

213,750

American

Public

Education,

Inc.*

1,427

41,069

Aspen

Group,

Inc.*

2,046

19,345

Carriage

Services,

Inc.

1,875

62,100

Collectors

Universe,

Inc.

976

89,119

Franchise

Group,

Inc.

2,277

82,610

Houghton

Mifflin

Harcourt

Co.*

12,709

62,655

Laureate

Education,

Inc.,

Class

A*

11,484

149,407

OneSpaWorld

Holdings

Ltd.*

4,647

44,100

Perdoceo

Education

Corp.*

7,495

88,666

Regis

Corp.*

2,782

26,401

Strategic

Education,

Inc.

2,587

228,613

Stride,

Inc.*

4,371

112,553

Universal

Technical

Institute,

Inc.*

3,383

20,569

Vivint

Smart

Home,

Inc.*

7,991

150,950

Nationwide

Small

Cap

Index

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

91

Common

Stocks

Shares

Value

($)

Diversified

Consumer

Services

WW

International,

Inc.*

5,186

137,740

1,529,647

Diversified

Financial

Services

0.2%

Alerus

Financial

Corp.

1,719

41,359

A-Mark

Precious

Metals,

Inc.

528

15,090

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

3,392

51,694

Cannae

Holdings,

Inc.*

9,274

352,319

Marlin

Business

Services

Corp.

953

13,580

SWK

Holdings

Corp.*

394

5,363

479,405

Diversified

Telecommunication

Services

0.8%

Alaska

Communications

Systems

Group,

Inc.

4,981

16,338

Anterix,

Inc.*

1,181

42,847

ATN

International,

Inc.

1,327

57,300

Bandwidth,

Inc.,

Class

A*

2,050

365,187

Cincinnati

Bell,

Inc.*

5,360

81,686

Cogent

Communications

Holdings,

Inc.

4,564

259,920

Consolidated

Communications

Holdings,

Inc.*

8,042

49,096

IDT

Corp.,

Class

B*

1,300

18,239

Iridium

Communications,

Inc.*

12,629

622,231

Liberty

Latin

America

Ltd.,

Class

A*

4,741

47,837

Liberty

Latin

America

Ltd.,

Class

C*

16,746

165,618

Ooma,

Inc.*

2,476

33,352

ORBCOMM,

Inc.*

7,744

58,002

Vonage

Holdings

Corp.*

25,201

314,508

2,132,161

Electric

Utilities

0.6%

ALLETE,

Inc.

5,545

348,448

Genie

Energy

Ltd.,

Class

B

886

6,539

MGE

Energy,

Inc.

3,900

248,352

Otter

Tail

Corp.

4,428

175,747

PNM

Resources,

Inc.

8,429

408,975

Portland

General

Electric

Co.

9,627

407,126

Spark

Energy,

Inc.,

Class

A

1,584

17,376

1,612,563

Electrical

Equipment

2.2%

Allied

Motion

Technologies,

Inc.

716

32,399

American

Superconductor

Corp.*

2,605

64,396

Atkore

International

Group,

Inc.*

5,104

226,413

AZZ,

Inc.

2,836

134,965

Bloom

Energy

Corp.,

Class

A*(a)

9,605

335,311

Encore

Wire

Corp.

2,210

127,627

EnerSys

4,503

370,282

FuelCell

Energy,

Inc.*

30,769

638,764

LSI

Industries,

Inc.

3,205

30,784

Orion

Energy

Systems,

Inc.*

2,737

26,795

Common

Stocks

Shares

Value

($)

Electrical

Equipment

Plug

Power,

Inc.*

42,516

2,685,736

Powell

Industries,

Inc.

777

22,277

Preformed

Line

Products

Co.

334

21,473

Sunrun,

Inc.*

16,074

1,113,446

Thermon

Group

Holdings,

Inc.*

3,683

53,735

TPI

Composites,

Inc.*

3,318

198,781

Ultralife

Corp.*

710

4,168

Vicor

Corp.*

2,058

178,099

6,265,451

Electronic

Equipment,

Instruments

&

Components

2.1%

Akoustis

Technologies,

Inc.*(a)

3,721

56,113

Arlo

Technologies,

Inc.*

8,355

70,266

Badger

Meter,

Inc.

3,095

283,843

Bel

Fuse,

Inc.,

Class

B

953

13,895

Belden,

Inc.

4,726

223,256

Benchmark

Electronics,

Inc.

3,874

98,128

CTS

Corp.

3,369

102,755

Daktronics,

Inc.

4,279

20,539

ePlus,

Inc.*

1,410

118,496

Fabrinet*

3,960

312,602

FARO

Technologies,

Inc.*

1,920

135,494

II-VI,

Inc.*

10,919

917,960

Insight

Enterprises,

Inc.*

3,719

283,016

Intellicheck,

Inc.*

1,955

22,639

Iteris,

Inc.*

4,871

31,710

Itron,

Inc.*

4,321

371,692

Kimball

Electronics,

Inc.*

2,647

50,743

Knowles

Corp.*

9,358

180,516

Luna

Innovations,

Inc.*

3,300

35,079

Methode

Electronics,

Inc.

3,923

148,093

MTS

Systems

Corp.

2,053

120,183

Napco

Security

Technologies,

Inc.*

1,151

29,834

nLight,

Inc.*

3,698

117,153

Novanta,

Inc.*

3,645

455,333

OSI

Systems,

Inc.*

1,844

165,997

PAR

Technology

Corp.*

2,036

126,761

PC

Connection,

Inc.

1,276

62,639

Plexus

Corp.*

3,044

234,145

Powerfleet,

Inc.*

3,161

22,443

Research

Frontiers,

Inc.*

3,039

12,323

Rogers

Corp.*

2,000

312,140

Sanmina

Corp.*

6,849

213,004

ScanSource,

Inc.*

2,580

62,410

TTM

Technologies,

Inc.*

10,539

141,328

Vishay

Intertechnology,

Inc.

14,085

303,532

Vishay

Precision

Group,

Inc.*

1,184

37,876

Wrap

Technologies,

Inc.*(a)

1,508

8,385

5,902,321

Energy

Equipment

&

Services

0.7%

Archrock,

Inc.

13,719

121,687

Aspen

Aerogels,

Inc.*

2,345

47,041

Bristow

Group,

Inc.*

706

17,092

Cactus,

Inc.,

Class

A

4,982

130,528

ChampionX

Corp.*

19,857

303,613

DMC

Global,

Inc.

1,680

96,046

Dril-Quip,

Inc.*

3,732

112,408

Exterran

Corp.*

3,237

13,984

Frank's

International

NV*

16,455

45,745

92

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Energy

Equipment

&

Services

Helix

Energy

Solutions

Group,

Inc.*

14,087

58,038

Liberty

Oilfield

Services,

Inc.,

Class

A

7,018

84,356

Nabors

Industries

Ltd.(a)

833

59,493

National

Energy

Services

Reunited

Corp.*

1,997

21,528

Newpark

Resources,

Inc.*

10,954

26,180

NexTier

Oilfield

Solutions,

Inc.*

18,065

59,976

Oceaneering

International,

Inc.*

10,608

89,637

Oil

States

International,

Inc.*

7,031

39,374

Patterson-UTI

Energy,

Inc.

19,132

117,662

ProPetro

Holding

Corp.*

9,345

74,666

RPC,

Inc.*

4,995

22,278

Select

Energy

Services,

Inc.,

Class

A*

6,385

32,053

Solaris

Oilfield

Infrastructure,

Inc.,

Class

A

2,867

26,090

Tidewater,

Inc.*

4,739

44,973

Transocean

Ltd.*(a)

62,642

210,477

US

Silica

Holdings,

Inc.

7,876

64,111

1,919,036

Entertainment

0.3%

AMC

Entertainment

Holdings,

Inc.,

Class

A(a)

6,385

84,665

Cinemark

Holdings,

Inc.(a)

11,629

235,371

Eros

STX

Global

Corp.*(a)

16,412

31,183

Gaia,

Inc.*

1,589

14,523

Glu

Mobile,

Inc.*

15,492

136,485

IMAX

Corp.*

5,440

102,816

Liberty

Media

Corp.-Liberty

Braves,

Class

C*

3,889

104,147

Liberty

Media

Corp-Liberty

Braves,

Class

A*

1,211

33,133

LiveXLive

Media,

Inc.*

3,365

12,821

Marcus

Corp.

(The)

2,585

45,496

800,640

Equity

Real

Estate

Investment

Trusts

(REITs)

5.0%

Acadia

Realty

Trust

8,986

130,297

Agree

Realty

Corp.

5,698

360,114

Alexander

&

Baldwin,

Inc.

7,806

118,027

Alexander's,

Inc.

219

58,517

Alpine

Income

Property

Trust,

Inc.

866

13,354

American

Assets

Trust,

Inc.

5,347

147,738

American

Finance

Trust,

Inc.

11,698

85,161

Armada

Hoffler

Properties,

Inc.

6,279

67,499

Bluerock

Residential

Growth

REIT,

Inc.

2,361

24,696

Broadstone

Net

Lease,

Inc.,

Class

A

3,792

68,370

BRT

Apartments

Corp.

1,281

17,908

CareTrust

REIT,

Inc.

10,212

229,362

CatchMark

Timber

Trust,

Inc.,

Class

A

5,086

46,384

Centerspace

1,428

99,874

Chatham

Lodging

Trust

4,972

53,250

CIM

Commercial

Trust

Corp.

1,381

19,320

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

City

Office

REIT,

Inc.

4,600

43,332

Clipper

Realty,

Inc.

1,899

13,312

Colony

Capital,

Inc.

51,639

256,129

Columbia

Property

Trust,

Inc.

12,197

165,879

Community

Healthcare

Trust,

Inc.

2,387

106,747

CorEnergy

Infrastructure

Trust,

Inc.

1,534

13,821

CorePoint

Lodging,

Inc.

4,061

27,655

CTO

Realty

Growth,

Inc.

606

25,531

DiamondRock

Hospitality

Co.*

21,520

176,464

Diversified

Healthcare

Trust

25,322

101,794

Easterly

Government

Properties,

Inc.

8,461

185,719

EastGroup

Properties,

Inc.

4,181

565,020

Essential

Properties

Realty

Trust,

Inc.

11,113

231,373

Farmland

Partners,

Inc.

3,020

31,136

Four

Corners

Property

Trust,

Inc.

7,472

196,962

Franklin

Street

Properties

Corp.

11,504

47,281

GEO

Group,

Inc.

(The)

12,723

113,744

Getty

Realty

Corp.

3,733

99,186

Gladstone

Commercial

Corp.

3,711

65,722

Gladstone

Land

Corp.

2,208

34,754

Global

Medical

REIT,

Inc.

4,635

58,123

Global

Net

Lease,

Inc.

9,357

150,741

Healthcare

Realty

Trust,

Inc.

14,542

436,405

Hersha

Hospitality

Trust*

2,833

21,644

Independence

Realty

Trust,

Inc.

10,057

133,557

Industrial

Logistics

Properties

Trust

6,947

147,346

Innovative

Industrial

Properties,

Inc.

2,282

427,008

iStar,

Inc.

7,874

119,527

Kite

Realty

Group

Trust

8,867

141,340

Lexington

Realty

Trust

29,235

299,659

LTC

Properties,

Inc.

4,026

155,565

Macerich

Co.

(The)

16,279

255,580

Mack-Cali

Realty

Corp.

9,652

122,870

Monmouth

Real

Estate

Investment

Corp.

10,446

181,029

National

Health

Investors,

Inc.

4,621

299,626

National

Storage

Affiliates

Trust

6,694

244,599

NETSTREIT

Corp.

1,278

22,020

New

Senior

Investment

Group,

Inc.

8,757

46,412

NexPoint

Residential

Trust,

Inc.

2,355

92,952

Office

Properties

Income

Trust

5,173

119,703

One

Liberty

Properties,

Inc.

1,907

38,216

Pebblebrook

Hotel

Trust

13,859

254,728

Physicians

Realty

Trust

22,462

396,005

Piedmont

Office

Realty

Trust,

Inc.,

Class

A

13,489

207,461

Plymouth

Industrial

REIT,

Inc.

1,768

25,884

Nationwide

Small

Cap

Index

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

93

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

PotlatchDeltic

Corp.

7,004

334,511

Preferred

Apartment

Communities,

Inc.,

Class

A

4,654

33,462

PS

Business

Parks,

Inc.

2,130

289,936

QTS

Realty

Trust,

Inc.,

Class

A

6,851

446,000

Retail

Opportunity

Investments

Corp.

12,267

172,842

Retail

Properties

of

America,

Inc.,

Class

A

23,464

216,103

Retail

Value,

Inc.

1,797

28,051

RLJ

Lodging

Trust

17,545

226,506

RPT

Realty

8,967

82,945

Ryman

Hospitality

Properties,

Inc.

5,446

353,173

Sabra

Health

Care

REIT,

Inc.

21,958

368,675

Safehold,

Inc.

1,919

141,200

Saul

Centers,

Inc.

1,132

33,881

Seritage

Growth

Properties,

Class

A*

3,544

63,119

Service

Properties

Trust

17,715

187,956

SITE

Centers

Corp.

16,604

184,138

STAG

Industrial,

Inc.

16,009

477,068

Summit

Hotel

Properties,

Inc.

11,233

90,987

Sunstone

Hotel

Investors,

Inc.

23,090

247,063

Tanger

Factory

Outlet

Centers,

Inc.

10,077

155,488

Terreno

Realty

Corp.

7,195

407,093

UMH

Properties,

Inc.

4,050

59,535

Uniti

Group,

Inc.

21,341

262,708

Universal

Health

Realty

Income

Trust

1,367

81,583

Urban

Edge

Properties

12,666

174,664

Urstadt

Biddle

Properties,

Inc.,

Class

A

2,705

37,410

Washington

REIT

9,057

198,711

Whitestone

REIT

3,887

30,319

Xenia

Hotels

&

Resorts,

Inc.

12,072

174,682

13,999,241

Food

&

Staples

Retailing

0.8%

Andersons,

Inc.

(The)

3,277

75,371

BJ's

Wholesale

Club

Holdings,

Inc.*

14,637

615,779

Chefs'

Warehouse,

Inc.

(The)*

3,315

90,466

HF

Foods

Group,

Inc.*

3,603

28,212

Ingles

Markets,

Inc.,

Class

A

1,454

69,152

Natural

Grocers

by

Vitamin

Cottage,

Inc.

1,040

17,316

Performance

Food

Group

Co.*

14,003

656,461

PriceSmart,

Inc.

2,431

228,222

Rite

Aid

Corp.*

5,681

149,353

SpartanNash

Co.

3,982

73,747

United

Natural

Foods,

Inc.*

5,760

155,981

Village

Super

Market,

Inc.,

Class

A(a)

973

20,501

Weis

Markets,

Inc.

1,018

50,167

2,230,728

Food

Products

1.4%

Alico,

Inc.

596

17,701

B&G

Foods,

Inc.(a)

6,782

258,259

Common

Stocks

Shares

Value

($)

Food

Products

Bridgford

Foods

Corp.*

206

3,451

Calavo

Growers,

Inc.

1,757

133,796

Cal-Maine

Foods,

Inc.*

3,957

151,711

Darling

Ingredients,

Inc.*

17,196

1,066,324

Farmer

Bros

Co.*

2,090

10,952

Fresh

Del

Monte

Produce,

Inc.

3,453

84,495

Freshpet,

Inc.*

4,188

583,430

Hostess

Brands,

Inc.*

13,534

207,747

J

&

J

Snack

Foods

Corp.

1,593

243,187

John

B

Sanfilippo

&

Son,

Inc.

943

75,846

Laird

Superfood,

Inc.*

333

14,432

Lancaster

Colony

Corp.

2,028

354,048

Landec

Corp.*

2,718

28,974

Limoneira

Co.

1,661

26,526

Sanderson

Farms,

Inc.

2,139

291,310

Seneca

Foods

Corp.,

Class

A*

595

21,569

Simply

Good

Foods

Co.

(The)*

9,211

262,882

Tootsie

Roll

Industries,

Inc.(a)

1,783

70,571

Vital

Farms,

Inc.*

1,111

27,475

3,934,686

Gas

Utilities

0.8%

Brookfield

Infrastructure

Corp.,

Class

A

3,392

227,535

Chesapeake

Utilities

Corp.

1,784

180,951

New

Jersey

Resources

Corp.

10,187

356,647

Northwest

Natural

Holding

Co.

3,296

153,956

ONE

Gas,

Inc.

5,618

410,844

RGC

Resources,

Inc.

917

20,642

South

Jersey

Industries,

Inc.

10,817

249,873

Southwest

Gas

Holdings,

Inc.

6,013

360,539

Spire,

Inc.

5,388

329,692

2,290,679

Health

Care

Equipment

&

Supplies

3.4%

Accelerate

Diagnostics,

Inc.*(a)

3,444

35,335

Accuray,

Inc.*

10,494

51,840

Acutus

Medical,

Inc.*(a)

1,084

28,065

Alphatec

Holdings,

Inc.*

5,885

87,569

AngioDynamics,

Inc.*

4,148

77,733

Antares

Pharma,

Inc.*

18,720

81,994

Apyx

Medical

Corp.*

4,134

38,405

Aspira

Women's

Health,

Inc.*(a)

9,187

81,948

AtriCure,

Inc.*

4,685

272,808

Atrion

Corp.

149

97,069

Avanos

Medical,

Inc.*

5,075

229,897

Axogen,

Inc.*

3,771

65,427

Axonics

Modulation

Technologies,

Inc.*(a)

3,233

167,146

Bellerophon

Therapeutics,

Inc.*

444

3,072

Beyond

Air,

Inc.*

1,342

7,945

BioLife

Solutions,

Inc.*

1,516

57,487

BioSig

Technologies,

Inc.*(a)

2,445

10,831

Cantel

Medical

Corp.*

4,080

322,198

Cardiovascular

Systems,

Inc.*

4,106

184,729

Cerus

Corp.*

17,606

116,024

Chembio

Diagnostics,

Inc.*(a)

1,867

12,304

Co-Diagnostics,

Inc.*(a)

3,006

38,597

94

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

CONMED

Corp.

2,921

326,860

CryoLife,

Inc.*

4,238

101,415

CryoPort,

Inc.*

3,721

253,772

Cutera,

Inc.*

1,669

40,406

CytoSorbents

Corp.*

4,022

42,191

Eargo,

Inc.*

854

44,903

Electromed,

Inc.*

833

8,280

FONAR

Corp.*

745

13,276

GenMark

Diagnostics,

Inc.*

7,301

100,827

Glaukos

Corp.*

4,563

404,692

Heska

Corp.*

738

123,512

Inari

Medical,

Inc.*

857

81,775

Inogen,

Inc.*

1,941

94,973

Integer

Holdings

Corp.*

3,496

258,005

Intersect

ENT,

Inc.*

3,484

78,285

IntriCon

Corp.*

1,035

18,972

Invacare

Corp.

3,490

32,666

iRadimed

Corp.*

520

12,865

iRhythm

Technologies,

Inc.*

3,088

520,081

Lantheus

Holdings,

Inc.*

7,202

117,177

LeMaitre

Vascular,

Inc.(a)

1,720

82,663

LENSAR,

Inc.*

957

6,689

LivaNova

plc*

5,259

330,791

Meridian

Bioscience,

Inc.*

4,520

99,892

Merit

Medical

Systems,

Inc.*

5,841

316,290

Mesa

Laboratories,

Inc.(a)

501

138,847

Milestone

Scientific,

Inc.*(a)

4,670

13,169

Misonix,

Inc.*

1,042

14,338

Natus

Medical,

Inc.*

3,500

85,295

Nemaura

Medical,

Inc.*

881

3,744

Neogen

Corp.*

5,638

455,945

Nevro

Corp.*

3,616

585,033

NuVasive,

Inc.*

5,490

295,033

OraSure

Technologies,

Inc.*

7,446

113,403

Orthofix

Medical,

Inc.*

1,884

76,132

OrthoPediatrics

Corp.*(a)

1,320

60,958

Outset

Medical,

Inc.*

1,064

55,147

PAVmed,

Inc.*

3,506

7,187

Pulmonx

Corp.*

1,241

70,389

Pulse

Biosciences,

Inc.*(a)

1,336

45,624

Quotient

Ltd.*

7,746

46,941

Repro-Med

Systems,

Inc.*

2,864

11,571

Retractable

Technologies,

Inc.*(a)

1,297

20,869

Rockwell

Medical,

Inc.*

9,454

11,345

SeaSpine

Holdings

Corp.*

3,096

50,341

Shockwave

Medical,

Inc.*

3,063

355,431

SI-BONE,

Inc.*

2,663

77,973

Sientra,

Inc.*

4,390

20,589

Silk

Road

Medical,

Inc.*

2,870

156,501

Soliton,

Inc.*

749

8,134

STAAR

Surgical

Co.*

4,932

505,925

Stereotaxis,

Inc.*

5,382

25,887

Surgalign

Holdings,

Inc.*

6,820

11,458

Surmodics,

Inc.*

1,390

63,245

Tactile

Systems

Technology,

Inc.*

1,963

107,082

Tela

Bio,

Inc.*

644

9,209

TransMedics

Group,

Inc.*(a)

2,785

63,442

Utah

Medical

Products,

Inc.

310

26,868

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

Vapotherm,

Inc.*

2,251

77,772

Varex

Imaging

Corp.*

4,007

77,575

Venus

Concept,

Inc.*

2,506

4,761

ViewRay,

Inc.*

11,306

50,199

VolitionRX

Ltd.*

2,576

11,875

Zynex,

Inc.*(a)

1,938

35,020

9,429,938

Health

Care

Providers

&

Services

2.8%

1Life

Healthcare,

Inc.*

8,402

425,141

AdaptHealth

Corp.*

2,784

106,544

Addus

HomeCare

Corp.*

1,523

171,414

AMN

Healthcare

Services,

Inc.*

4,979

359,085

Apollo

Medical

Holdings,

Inc.*

2,129

46,838

Avalon

GloboCare

Corp.*(a)

2,534

3,142

BioTelemetry,

Inc.*

3,583

256,041

Brookdale

Senior

Living,

Inc.*

19,683

97,234

Castle

Biosciences,

Inc.*

1,302

87,013

Community

Health

Systems,

Inc.*

8,810

82,109

CorVel

Corp.*

958

94,670

Covetrus,

Inc.*

12,420

423,149

Cross

Country

Healthcare,

Inc.*

3,635

31,843

Ensign

Group,

Inc.

(The)

5,525

432,497

Enzo

Biochem,

Inc.*

5,766

16,260

Exagen,

Inc.*

547

8,588

Five

Star

Senior

Living,

Inc.*

1,773

12,819

Fulgent

Genetics,

Inc.*(a)

1,449

160,100

Hanger,

Inc.*

3,956

81,058

HealthEquity,

Inc.*

8,047

672,327

InfuSystem

Holdings,

Inc.*

1,605

28,280

Joint

Corp.

(The)*

1,296

42,159

LHC

Group,

Inc.*

3,241

645,672

Magellan

Health,

Inc.*

2,506

235,514

MEDNAX,

Inc.*

7,852

214,124

ModivCare,

Inc.*

1,292

204,872

National

HealthCare

Corp.

1,352

86,596

National

Research

Corp.

1,522

68,947

Ontrak,

Inc.*

884

70,092

Option

Care

Health,

Inc.*

4,864

89,887

Owens

&

Minor,

Inc.

7,761

225,690

Patterson

Cos.,

Inc.(a)

9,147

289,777

Pennant

Group,

Inc.

(The)*

2,768

148,835

PetIQ,

Inc.*(a)

2,368

82,075

Progyny,

Inc.*

2,853

133,435

R1

RCM,

Inc.*

11,867

299,404

RadNet,

Inc.*

4,798

85,932

Select

Medical

Holdings

Corp.*

11,622

298,685

Sharps

Compliance

Corp.*

1,434

18,957

Surgery

Partners,

Inc.*

2,381

88,764

Tenet

Healthcare

Corp.*

11,262

532,355

Tivity

Health,

Inc.*

4,604

103,820

Triple-S

Management

Corp.,

Class

B*

2,304

53,983

US

Physical

Therapy,

Inc.

1,357

163,301

Viemed

Healthcare,

Inc.*

4,035

33,854

7,812,882

Nationwide

Small

Cap

Index

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

95

Common

Stocks

Shares

Value

($)

Health

Care

Technology

1.3%

Accolade,

Inc.*(a)

1,292

65,491

Allscripts

Healthcare

Solutions,

Inc.*

16,803

277,249

Computer

Programs

&

Systems,

Inc.

1,315

40,476

Evolent

Health,

Inc.,

Class

A*

7,952

135,741

Health

Catalyst,

Inc.*

3,595

178,600

HealthStream,

Inc.*

2,948

68,629

HMS

Holdings

Corp.*

9,471

348,722

iCAD,

Inc.*

2,285

34,709

Inovalon

Holdings,

Inc.,

Class

A*

7,870

192,028

Inspire

Medical

Systems,

Inc.*

2,796

563,422

NantHealth,

Inc.*(a)

3,319

14,006

NextGen

Healthcare,

Inc.*

6,270

124,021

Omnicell,

Inc.*

4,539

534,694

OptimizeRx

Corp.*

1,486

67,078

Phreesia,

Inc.*

3,552

231,910

Schrodinger,

Inc.*

3,157

285,172

Simulations

Plus,

Inc.

1,578

124,883

Tabula

Rasa

HealthCare,

Inc.*(a)

2,169

123,178

Vocera

Communications,

Inc.*

3,426

150,573

3,560,582

Hotels,

Restaurants

&

Leisure

3.7%

Accel

Entertainment,

Inc.*

4,582

44,125

Bally's

Corp.(a)

1,857

97,455

Biglari

Holdings,

Inc.,

Class

A*

13

7,424

Biglari

Holdings,

Inc.,

Class

B*

17

1,951

BJ's

Restaurants,

Inc.*

2,459

114,934

Bloomin'

Brands,

Inc.

9,312

196,204

Bluegreen

Vacations

Corp.

905

6,996

Bluegreen

Vacations

Holding

Corp.*

1,391

18,208

Boyd

Gaming

Corp.*

8,778

396,415

Brinker

International,

Inc.

4,774

281,093

Caesars

Entertainment,

Inc.*

19,246

1,354,726

Carrols

Restaurant

Group,

Inc.*

4,193

25,745

Century

Casinos,

Inc.*

3,456

24,019

Cheesecake

Factory,

Inc.

(The)

4,622

207,851

Churchill

Downs,

Inc.

4,062

761,422

Chuy's

Holdings,

Inc.*

2,015

70,686

Cracker

Barrel

Old

Country

Store,

Inc.

2,534

342,876

Dave

&

Buster's

Entertainment,

Inc.*

4,799

163,262

Del

Taco

Restaurants,

Inc.*

2,880

27,706

Denny's

Corp.*

6,463

101,663

Dine

Brands

Global,

Inc.

1,657

113,935

El

Pollo

Loco

Holdings,

Inc.*

2,145

43,651

Everi

Holdings,

Inc.*

8,602

112,514

Fiesta

Restaurant

Group,

Inc.*

2,020

30,421

GAN

Ltd.*

2,575

60,796

Golden

Entertainment,

Inc.*

1,541

26,197

Hilton

Grand

Vacations,

Inc.*

9,056

269,144

International

Game

Technology

plc

10,721

172,715

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Jack

in

the

Box,

Inc.

2,419

227,725

Kura

Sushi

USA,

Inc.,

Class

A*

421

9,536

Lindblad

Expeditions

Holdings,

Inc.*(a)

2,907

45,640

Marriott

Vacations

Worldwide

Corp.

4,322

530,569

Monarch

Casino

&

Resort,

Inc.*

1,347

71,189

Nathan's

Famous,

Inc.

349

19,373

Noodles

&

Co.*

3,587

30,382

Papa

John's

International,

Inc.

3,497

357,673

Penn

National

Gaming,

Inc.*

16,653

1,727,249

PlayAGS,

Inc.*

3,335

17,175

RCI

Hospitality

Holdings,

Inc.

784

30,168

Red

Robin

Gourmet

Burgers,

Inc.*

1,455

38,106

Red

Rock

Resorts,

Inc.,

Class

A

7,127

167,342

Ruth's

Hospitality

Group,

Inc.

3,491

63,501

Scientific

Games

Corp.*

6,155

241,399

SeaWorld

Entertainment,

Inc.*

5,346

152,735

Shake

Shack,

Inc.,

Class

A*

3,750

425,325

Target

Hospitality

Corp.*

4,070

7,204

Texas

Roadhouse,

Inc.

7,064

538,347

Wingstop,

Inc.

3,145

471,907

10,246,679

Household

Durables

2.0%

Beazer

Homes

USA,

Inc.*

3,115

51,771

Casper

Sleep,

Inc.*

2,775

21,978

Cavco

Industries,

Inc.*

996

187,905

Century

Communities,

Inc.*

3,188

149,645

Ethan

Allen

Interiors,

Inc.

2,449

57,919

GoPro,

Inc.,

Class

A*

13,079

117,057

Green

Brick

Partners,

Inc.*

2,650

52,735

Hamilton

Beach

Brands

Holding

Co.,

Class

A

596

11,437

Helen

of

Troy

Ltd.*

2,703

660,208

Hooker

Furniture

Corp.

1,389

41,851

Installed

Building

Products,

Inc.*(a)

2,443

256,344

iRobot

Corp.*

2,952

354,535

KB

Home

9,429

392,624

La-Z-Boy,

Inc.

4,884

189,109

Legacy

Housing

Corp.*

1,044

14,793

LGI

Homes,

Inc.*

2,373

253,223

Lifetime

Brands,

Inc.

1,472

20,461

Lovesac

Co.

(The)*

934

52,808

M/I

Homes,

Inc.*

2,938

145,049

MDC

Holdings,

Inc.

5,410

281,428

Meritage

Homes

Corp.*

3,994

320,558

Purple

Innovation,

Inc.*

1,771

60,285

Skyline

Champion

Corp.*

5,635

189,505

Sonos,

Inc.*

8,613

225,230

Taylor

Morrison

Home

Corp.*

13,495

350,600

TopBuild

Corp.*

3,537

707,223

TRI

Pointe

Group,

Inc.*

13,304

268,741

Tupperware

Brands

Corp.*

5,242

157,679

Turtle

Beach

Corp.*

1,315

39,319

Universal

Electronics,

Inc.*(a)

1,512

82,011

96

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Household

Durables

VOXX

International

Corp.*

1,863

34,801

5,748,832

Household

Products

0.2%

Central

Garden

&

Pet

Co.*

924

39,076

Central

Garden

&

Pet

Co.,

Class

A*

4,223

164,697

Oil-Dri

Corp.

of

America(a)

538

18,652

WD-40

Co.(a)

1,458

443,830

666,255

Independent

Power

and

Renewable

Electricity

Producers

0.6%

Atlantic

Power

Corp.*

8,493

25,139

Brookfield

Renewable

Corp.

10,966

613,548

Clearway

Energy,

Inc.,

Class

A

3,644

105,056

Clearway

Energy,

Inc.,

Class

C

8,893

275,505

Ormat

Technologies,

Inc.

4,273

487,806

Sunnova

Energy

International,

Inc.*

5,734

251,436

1,758,490

Industrial

Conglomerates

0.0%

†

Raven

Industries,

Inc.

3,928

126,757

Insurance

1.8%

Ambac

Financial

Group,

Inc.*

4,623

66,664

American

Equity

Investment

Life

Holding

Co.

10,057

293,564

AMERISAFE,

Inc.

2,002

111,111

Argo

Group

International

Holdings

Ltd.

3,438

138,723

BRP

Group,

Inc.,

Class

A*

4,678

108,576

Citizens,

Inc.*(a)

4,681

28,320

CNO

Financial

Group,

Inc.

14,821

314,353

Crawford

&

Co.,

Class

A

1,976

15,037

Donegal

Group,

Inc.,

Class

A

1,392

19,307

eHealth,

Inc.*

2,787

133,358

Employers

Holdings,

Inc.

3,098

94,489

Enstar

Group

Ltd.*

1,299

260,073

FBL

Financial

Group,

Inc.,

Class

A

1,057

59,234

FedNat

Holding

Co.

1,541

8,013

Fidelity

National

Financial,

Inc.

1,442

52,345

Genworth

Financial,

Inc.,

Class

A*

53,785

152,749

Goosehead

Insurance,

Inc.,

Class

A

1,396

186,506

Greenlight

Capital

Re

Ltd.,

Class

A*

3,197

24,010

HCI

Group,

Inc.

715

39,775

Heritage

Insurance

Holdings,

Inc.

2,920

27,214

Horace

Mann

Educators

Corp.

4,394

172,113

Independence

Holding

Co.

452

17,407

Investors

Title

Co.

153

21,879

James

River

Group

Holdings

Ltd.

3,252

144,649

Kinsale

Capital

Group,

Inc.

2,261

424,073

MBIA,

Inc.*

4,952

30,405

National

Western

Life

Group,

Inc.,

Class

A

271

48,780

Common

Stocks

Shares

Value

($)

Insurance

NI

Holdings,

Inc.*

857

14,569

Palomar

Holdings,

Inc.*

2,169

216,011

ProAssurance

Corp.

5,728

104,994

ProSight

Global,

Inc.*

1,141

14,205

Protective

Insurance

Corp.,

Class

B

904

12,719

RLI

Corp.

4,258

412,089

Safety

Insurance

Group,

Inc.

1,493

109,646

Selective

Insurance

Group,

Inc.

6,319

410,609

Selectquote,

Inc.*

3,270

69,062

State

Auto

Financial

Corp.

1,968

32,551

Stewart

Information

Services

Corp.

2,778

128,844

Third

Point

Reinsurance

Ltd.*

8,441

77,910

Tiptree,

Inc.

2,901

14,128

Trean

Insurance

Group,

Inc.*

1,249

18,598

Trupanion,

Inc.*

3,205

359,601

United

Fire

Group,

Inc.

2,068

56,953

United

Insurance

Holdings

Corp.

2,471

12,553

Universal

Insurance

Holdings,

Inc.

2,884

38,617

Watford

Holdings

Ltd.*

1,798

62,139

5,158,525

Interactive

Media

&

Services

0.4%

Cargurus,

Inc.*

9,519

278,431

Cars.com,

Inc.*

6,985

81,096

DHI

Group,

Inc.*

6,378

15,945

Eventbrite,

Inc.,

Class

A*

6,872

122,665

EverQuote,

Inc.,

Class

A*

1,443

65,022

Liberty

TripAdvisor

Holdings,

Inc.,

Class

A*

8,337

34,015

MediaAlpha,

Inc.,

Class

A*

1,148

63,140

QuinStreet,

Inc.*

5,260

111,354

TrueCar,

Inc.*

11,189

50,127

Yelp,

Inc.*

7,577

246,934

1,068,729

Internet

&

Direct

Marketing

Retail

0.9%

1-800-Flowers.com,

Inc.,

Class

A*

2,847

87,488

CarParts.com,

Inc.*

3,650

57,341

Duluth

Holdings,

Inc.,

Class

B*(a)

1,323

16,498

Groupon,

Inc.*

2,536

86,655

Lands'

End,

Inc.*

1,216

33,574

Liquidity

Services,

Inc.*

2,858

55,788

Magnite,

Inc.*

11,294

391,224

Overstock.com,

Inc.*

4,542

352,459

PetMed

Express,

Inc.(a)

2,065

78,883

Quotient

Technology,

Inc.*

9,566

84,755

RealReal,

Inc.

(The)*

7,010

165,997

Shutterstock,

Inc.

2,335

151,752

Stamps.com,

Inc.*

1,817

414,839

Stitch

Fix,

Inc.,

Class

A*(a)

6,452

615,779

Waitr

Holdings,

Inc.*

8,811

31,191

2,624,223

Nationwide

Small

Cap

Index

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

97

Common

Stocks

Shares

Value

($)

IT

Services

1.9%

Brightcove,

Inc.*

4,060

66,787

Cardtronics

plc,

Class

A*

3,838

149,106

Cass

Information

Systems,

Inc.(a)

1,605

65,163

Conduent,

Inc.*

18,095

87,218

CONTRA

BMTECHNOLOGIES*∞

432

6,058

CSG

Systems

International,

Inc.

3,444

148,402

Endurance

International

Group

Holdings,

Inc.*

7,183

68,095

EVERTEC,

Inc.

6,565

227,806

Evo

Payments,

Inc.,

Class

A*

4,269

98,016

ExlService

Holdings,

Inc.*

3,526

270,374

GreenSky,

Inc.,

Class

A*

6,030

29,728

Grid

Dynamics

Holdings,

Inc.*

2,376

30,888

GTT

Communications,

Inc.*(a)

3,546

16,489

Hackett

Group,

Inc.

(The)

2,949

40,165

I3

Verticals,

Inc.,

Class

A*

1,623

47,099

Information

Services

Group,

Inc.*

4,221

14,900

International

Money

Express,

Inc.*

2,574

36,757

KBR,

Inc.

15,151

440,137

Limelight

Networks,

Inc.*

13,446

61,247

LiveRamp

Holdings,

Inc.*

6,843

518,084

ManTech

International

Corp.,

Class

A

2,867

257,141

MAXIMUS,

Inc.

6,560

492,394

MoneyGram

International,

Inc.*

6,480

49,702

NIC,

Inc.

7,032

189,301

Paysign,

Inc.*

3,725

17,433

Perficient,

Inc.*

3,446

188,186

Perspecta,

Inc.

14,881

430,805

PFSweb,

Inc.*

1,770

12,160

Priority

Technology

Holdings,

Inc.*

732

5,739

Rackspace

Technology,

Inc.*

3,712

85,784

Repay

Holdings

Corp.*

6,282

139,146

ServiceSource

International,

Inc.*

10,066

15,804

StarTek,

Inc.*

1,992

17,410

Sykes

Enterprises,

Inc.*

4,078

157,370

TTEC

Holdings,

Inc.

1,928

145,718

Tucows,

Inc.,

Class

A*(a)

997

79,660

Unisys

Corp.*

6,771

161,759

Verra

Mobility

Corp.*

14,514

185,779

Virtusa

Corp.*

3,061

156,264

5,210,074

Leisure

Products

0.6%

Acushnet

Holdings

Corp.

3,659

149,360

American

Outdoor

Brands,

Inc.*

1,545

29,324

Callaway

Golf

Co.

9,925

276,808

Clarus

Corp.

2,511

40,327

Escalade,

Inc.

1,062

22,143

Johnson

Outdoors,

Inc.,

Class

A

599

65,309

Common

Stocks

Shares

Value

($)

Leisure

Products

Malibu

Boats,

Inc.,

Class

A*

2,260

158,449

Marine

Products

Corp.

524

8,531

MasterCraft

Boat

Holdings,

Inc.*

1,895

48,379

Nautilus,

Inc.*

3,188

78,138

Smith

&

Wesson

Brands,

Inc.

5,798

96,015

Sturm

Ruger

&

Co.,

Inc.

1,783

112,971

Vista

Outdoor,

Inc.*

6,190

180,562

YETI

Holdings,

Inc.*

8,550

562,761

1,829,077

Life

Sciences

Tools

&

Services

0.9%

Champions

Oncology,

Inc.*

817

8,971

ChromaDex

Corp.*

4,369

20,709

Codexis,

Inc.*

5,607

130,587

Fluidigm

Corp.*

7,727

50,071

Harvard

Bioscience,

Inc.*

4,360

20,230

Luminex

Corp.

4,702

132,079

Medpace

Holdings,

Inc.*

3,000

398,370

NanoString

Technologies,

Inc.*

4,717

330,332

NeoGenomics,

Inc.*(a)

11,202

593,930

Pacific

Biosciences

of

California,

Inc.*

18,897

611,318

Personalis,

Inc.*

2,392

92,020

Quanterix

Corp.*

2,252

145,795

2,534,412

Machinery

3.5%

Alamo

Group,

Inc.

1,020

142,382

Albany

International

Corp.,

Class

A(a)

3,271

227,400

Altra

Industrial

Motion

Corp.

6,893

354,369

Astec

Industries,

Inc.

2,414

143,561

Barnes

Group,

Inc.(a)

4,979

239,340

Blue

Bird

Corp.*

1,870

38,335

Chart

Industries,

Inc.*

3,859

463,504

CIRCOR

International,

Inc.*

2,071

66,210

Columbus

McKinnon

Corp.

2,495

107,759

Douglas

Dynamics,

Inc.

2,324

94,819

Eastern

Co.

(The)

572

13,465

Energy

Recovery,

Inc.*

4,134

57,215

Enerpac

Tool

Group

Corp.

5,711

115,762

EnPro

Industries,

Inc.

2,170

156,652

ESCO

Technologies,

Inc.

2,745

260,995

Evoqua

Water

Technologies

Corp.*

9,703

264,407

ExOne

Co.

(The)*(a)

1,345

37,310

Federal

Signal

Corp.

6,365

208,072

Franklin

Electric

Co.,

Inc.

4,921

341,616

Gencor

Industries,

Inc.*

755

9,671

Gorman-Rupp

Co.

(The)

1,719

54,148

Graham

Corp.

889

13,122

Greenbrier

Cos.,

Inc.

(The)

3,417

123,627

Helios

Technologies,

Inc.

3,363

183,452

Hillenbrand,

Inc.

7,939

326,293

Hurco

Cos.,

Inc.

696

20,476

Hyster-Yale

Materials

Handling,

Inc.

1,147

102,897

John

Bean

Technologies

Corp.

3,347

387,850

Kadant,

Inc.

1,215

173,684

Kennametal,

Inc.

8,938

338,571

98

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Machinery

L

B

Foster

Co.,

Class

A*

1,248

18,907

Lindsay

Corp.

1,173

164,021

Luxfer

Holdings

plc

2,940

48,422

Lydall,

Inc.*

1,706

51,351

Manitowoc

Co.,

Inc.

(The)*

3,517

46,213

Mayville

Engineering

Co.,

Inc.*

801

11,214

Meritor,

Inc.*

7,397

190,917

Miller

Industries,

Inc.

1,171

46,699

Mueller

Industries,

Inc.

5,857

200,017

Mueller

Water

Products,

Inc.,

Class

A

16,393

196,552

Navistar

International

Corp.*

5,344

235,136

NN,

Inc.*

5,093

30,711

Omega

Flex,

Inc.

304

56,240

Park-Ohio

Holdings

Corp.

819

23,088

Proto

Labs,

Inc.*

2,891

612,314

RBC

Bearings,

Inc.*

2,651

443,592

REV

Group,

Inc.

2,531

26,145

Rexnord

Corp.

12,872

487,334

Shyft

Group,

Inc.

(The)

3,679

111,106

SPX

Corp.*

4,659

240,917

SPX

FLOW,

Inc.*(a)

4,548

240,908

Standex

International

Corp.

1,306

106,974

Tennant

Co.

1,945

131,774

Terex

Corp.

7,233

258,652

TriMas

Corp.*

4,393

139,038

Wabash

National

Corp.

5,597

89,272

Watts

Water

Technologies,

Inc.,

Class

A

2,957

355,047

Welbilt,

Inc.*

14,125

182,354

9,811,879

Marine

0.2%

Costamare,

Inc.

5,014

40,112

Eagle

Bulk

Shipping,

Inc.*(a)

809

15,832

Genco

Shipping

&

Trading

Ltd.

1,943

15,369

Matson,

Inc.(a)

4,625

276,575

Safe

Bulkers,

Inc.*

7,061

12,286

Scorpio

Bulkers,

Inc.

717

11,551

SEACOR

Holdings,

Inc.*

2,131

88,948

460,673

Media

0.8%

AMC

Networks,

Inc.,

Class

A*

3,038

150,138

Boston

Omaha

Corp.,

Class

A*

1,255

34,262

Cardlytics,

Inc.*

2,775

339,299

comScore,

Inc.*

7,838

25,003

Daily

Journal

Corp.*

126

42,084

Emerald

Holding,

Inc.

3,007

12,209

Entercom

Communications

Corp.,

Class

A

14,197

66,016

Entravision

Communications

Corp.,

Class

A

4,701

15,043

EW

Scripps

Co.

(The),

Class

A

6,253

92,607

Fluent,

Inc.*

5,334

28,910

Gannett

Co.,

Inc.*

13,690

61,331

Gray

Television,

Inc.*

9,180

156,519

Hemisphere

Media

Group,

Inc.*

1,888

19,711

iHeartMedia,

Inc.,

Class

A*

6,201

90,163

Common

Stocks

Shares

Value

($)

Media

Loral

Space

&

Communications,

Inc.

1,318

33,477

Meredith

Corp.

4,383

96,119

MSG

Networks,

Inc.,

Class

A*

3,232

55,817

National

CineMedia,

Inc.

6,183

25,752

Saga

Communications,

Inc.,

Class

A

186

4,185

Scholastic

Corp.

3,009

77,542

Sinclair

Broadcast

Group,

Inc.,

Class

A(a)

4,870

153,454

TechTarget,

Inc.*

2,559

191,157

TEGNA,

Inc.

23,446

375,839

Tribune

Publishing

Co.

1,940

28,343

WideOpenWest,

Inc.*

5,404

57,553

2,232,533

Metals

&

Mining

1.5%

Alcoa

Corp.*

20,021

360,378

Allegheny

Technologies,

Inc.*

13,754

233,956

Arconic

Corp.*

10,622

267,674

Caledonia

Mining

Corp.

plc

1,227

18,442

Carpenter

Technology

Corp.

5,075

158,543

Century

Aluminum

Co.*

5,216

50,856

Cleveland-Cliffs,

Inc.

42,219

647,639

Coeur

Mining,

Inc.*

26,298

237,997

Commercial

Metals

Co.

12,906

254,119

Compass

Minerals

International,

Inc.

3,684

214,630

Fortitude

Gold

Corp.*∞

2,146

2,253

Gatos

Silver,

Inc.*(a)

2,526

33,368

Gold

Resource

Corp.

7,512

21,184

Haynes

International,

Inc.

1,122

26,019

Hecla

Mining

Co.

56,396

320,893

Kaiser

Aluminum

Corp.

1,669

144,702

Materion

Corp.

2,227

151,859

Novagold

Resources,

Inc.*

25,229

230,089

Olympic

Steel,

Inc.

717

9,787

Ryerson

Holding

Corp.*

1,675

20,670

Schnitzer

Steel

Industries,

Inc.,

Class

A

2,892

85,372

SunCoke

Energy,

Inc.

8,157

40,214

TimkenSteel

Corp.*

4,016

20,201

United

States

Steel

Corp.(a)

23,678

420,521

Warrior

Met

Coal,

Inc.

5,409

124,515

Worthington

Industries,

Inc.

3,879

203,027

4,298,908

Mortgage

Real

Estate

Investment

Trusts

(REITs)

1.1%

Anworth

Mortgage

Asset

Corp.

11,625

28,365

Apollo

Commercial

Real

Estate

Finance,

Inc.

15,067

168,449

Arbor

Realty

Trust,

Inc.

12,335

175,897

Ares

Commercial

Real

Estate

Corp.

2,940

33,281

Arlington

Asset

Investment

Corp.,

Class

A*

2,889

10,458

ARMOUR

Residential

REIT,

Inc.

6,867

76,704

Blackstone

Mortgage

Trust,

Inc.,

Class

A

14,720

392,435

Broadmark

Realty

Capital,

Inc.

13,512

139,039

Nationwide

Small

Cap

Index

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

99

Common

Stocks

Shares

Value

($)

Mortgage

Real

Estate

Investment

Trusts

(REITs)

Capstead

Mortgage

Corp.

10,019

53,502

Cherry

Hill

Mortgage

Investment

Corp.

1,946

17,125

Chimera

Investment

Corp.

20,487

206,919

Colony

Credit

Real

Estate,

Inc.

9,144

72,238

Dynex

Capital,

Inc.

2,308

41,659

Ellington

Financial,

Inc.

4,353

65,121

Ellington

Residential

Mortgage

REIT

1,022

12,223

Granite

Point

Mortgage

Trust,

Inc.

5,570

51,912

Great

Ajax

Corp.

1,697

16,716

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

7,851

464,387

Invesco

Mortgage

Capital,

Inc.

19,033

76,893

KKR

Real

Estate

Finance

Trust,

Inc.

3,263

55,863

Ladder

Capital

Corp.

11,015

108,277

MFA

Financial,

Inc.

49,436

179,947

New

York

Mortgage

Trust,

Inc.

40,488

151,020

Orchid

Island

Capital,

Inc.

8,005

41,386

PennyMac

Mortgage

Investment

Trust

10,485

180,866

Ready

Capital

Corp.

4,688

53,349

Redwood

Trust,

Inc.

11,976

102,754

TPG

RE

Finance

Trust,

Inc.

6,386

62,391

Two

Harbors

Investment

Corp.

28,538

173,226

Western

Asset

Mortgage

Capital

Corp.

6,394

18,862

3,231,264

Multiline

Retail

0.3%

Big

Lots,

Inc.

4,174

249,104

Dillard's,

Inc.,

Class

A(a)

746

65,506

Macy's,

Inc.(a)

33,668

506,367

820,977

Multi-Utilities

0.4%

Avista

Corp.

7,255

271,917

Black

Hills

Corp.

6,750

399,060

NorthWestern

Corp.

5,394

293,811

Unitil

Corp.(a)

1,654

67,434

1,032,222

Oil,

Gas

&

Consumable

Fuels

1.6%

Adams

Resources

&

Energy,

Inc.

290

7,021

Antero

Resources

Corp.*

25,635

177,907

Arch

Resources,

Inc.

1,679

80,458

Ardmore

Shipping

Corp.

4,185

13,392

Berry

Corp.

7,965

30,665

Bonanza

Creek

Energy,

Inc.*

2,037

42,084

Brigham

Minerals,

Inc.,

Class

A

3,766

50,427

Clean

Energy

Fuels

Corp.*

13,004

133,031

CNX

Resources

Corp.*

23,671

299,912

Comstock

Resources,

Inc.*

1,879

8,549

CONSOL

Energy,

Inc.*

3,017

24,498

Contango

Oil

&

Gas

Co.*

10,448

24,971

CVR

Energy,

Inc.

3,279

56,071

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

Delek

US

Holdings,

Inc.

6,555

122,972

DHT

Holdings,

Inc.

11,265

60,493

Diamond

S

Shipping,

Inc.,

Class

S*

2,754

17,598

Dorian

LPG

Ltd.*

3,788

43,903

Earthstone

Energy,

Inc.,

Class

A*

1,859

9,555

Energy

Fuels,

Inc.*

14,782

56,172

Evolution

Petroleum

Corp.

3,703

11,776

Falcon

Minerals

Corp.

4,678

14,315

Frontline

Ltd.(a)

12,452

73,467

Golar

LNG

Ltd.*

9,600

103,968

Goodrich

Petroleum

Corp.*

1,170

11,314

Green

Plains,

Inc.*

3,583

68,829

International

Seaways,

Inc.

2,346

37,559

Kosmos

Energy

Ltd.

45,337

100,648

Magnolia

Oil

&

Gas

Corp.,

Class

A*

13,385

113,371

Matador

Resources

Co.*

11,955

182,672

NACCO

Industries,

Inc.,

Class

A

539

12,920

NextDecade

Corp.*

3,346

7,796

Nordic

American

Tankers

Ltd.

16,359

48,423

Overseas

Shipholding

Group,

Inc.,

Class

A*

8,148

16,866

Ovintiv,

Inc.

27,982

440,996

Par

Pacific

Holdings,

Inc.*

4,184

55,564

PBF

Energy,

Inc.,

Class

A

10,041

85,047

PDC

Energy,

Inc.*

10,501

227,977

Peabody

Energy

Corp.*

5,912

22,643

Penn

Virginia

Corp.*

1,707

17,138

Petrocorp,

Inc.*^∞

1,500

0

PrimeEnergy

Resources

Corp.*

62

2,218

Range

Resources

Corp.*

23,295

214,547

Renewable

Energy

Group,

Inc.*

4,125

369,600

REX

American

Resources

Corp.*(a)

573

43,835

Scorpio

Tankers,

Inc.

5,199

64,676

SFL

Corp.

Ltd.

10,939

69,134

SM

Energy

Co.

11,741

98,507

Southwestern

Energy

Co.*

69,668

262,648

Talos

Energy,

Inc.*

1,501

12,698

Tellurian,

Inc.*(a)

18,472

55,970

Uranium

Energy

Corp.*

20,823

33,942

W&T

Offshore,

Inc.*

8,024

19,418

Whiting

Petroleum

Corp.*

152

3,092

World

Fuel

Services

Corp.

6,643

203,209

4,366,462

Paper

&

Forest

Products

0.4%

Clearwater

Paper

Corp.*

1,723

65,612

Domtar

Corp.

5,860

175,624

Glatfelter

Corp.

4,616

72,240

Louisiana-Pacific

Corp.

11,746

446,465

Neenah,

Inc.

1,753

89,263

Schweitzer-Mauduit

International,

Inc.

3,335

123,862

100

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Paper

&

Forest

Products

Verso

Corp.,

Class

A

3,461

39,802

1,012,868

Personal

Products

0.4%

BellRing

Brands,

Inc.,

Class

A*

4,288

99,739

Edgewell

Personal

Care

Co.

5,939

198,363

elf

Beauty,

Inc.*

4,672

101,663

Inter

Parfums,

Inc.

1,944

120,878

Lifevantage

Corp.*

1,714

15,323

Medifast,

Inc.

1,251

293,572

Nature's

Sunshine

Products,

Inc.*

728

11,684

Revlon,

Inc.,

Class

A*(a)

882

10,143

USANA

Health

Sciences,

Inc.*

1,189

98,402

Veru,

Inc.*(a)

5,127

45,220

994,987

Pharmaceuticals

1.5%

AcelRx

Pharmaceuticals,

Inc.*(a)

9,771

21,496

Aerie

Pharmaceuticals,

Inc.*(a)

3,605

61,970

Agile

Therapeutics,

Inc.*

7,787

21,959

Amneal

Pharmaceuticals,

Inc.*

10,204

49,081

Amphastar

Pharmaceuticals,

Inc.*

3,708

67,411

ANI

Pharmaceuticals,

Inc.*

849

24,230

Aquestive

Therapeutics,

Inc.*

2,102

11,120

Arvinas,

Inc.*

3,106

234,317

Atea

Pharmaceuticals,

Inc.*(a)

1,550

113,150

Athira

Pharma,

Inc.*

1,373

29,272

Avenue

Therapeutics,

Inc.*

673

3,984

Axsome

Therapeutics,

Inc.*

3,051

207,743

Aytu

BioScience,

Inc.*

345

2,463

BioDelivery

Sciences

International,

Inc.*

10,145

39,058

Cara

Therapeutics,

Inc.*

4,128

77,194

Cassava

Sciences,

Inc.*(a)

1,944

38,530

Cerecor,

Inc.*

4,624

14,566

Chiasma,

Inc.*

6,057

23,986

Collegium

Pharmaceutical,

Inc.*

3,576

86,325

Corcept

Therapeutics,

Inc.*

10,343

292,293

CorMedix,

Inc.*

2,936

25,690

Cymabay

Therapeutics,

Inc.*

7,507

40,162

Durect

Corp.*

23,134

47,656

Eloxx

Pharmaceuticals,

Inc.*

3,052

10,499

Endo

International

plc*(a)

24,260

176,613

Eton

Pharmaceuticals,

Inc.*(a)

1,832

16,341

Evofem

Biosciences,

Inc.*(a)

9,039

23,773

Evolus,

Inc.*(a)

2,840

19,198

Fulcrum

Therapeutics,

Inc.*

1,471

16,269

Graybug

Vision,

Inc.*

698

21,394

Harmony

Biosciences

Holdings,

Inc.*

664

23,811

Harrow

Health,

Inc.*

2,839

25,551

IMARA,

Inc.*

616

8,020

Innoviva,

Inc.*

6,612

79,410

Intra-Cellular

Therapies,

Inc.*

7,000

225,050

Kala

Pharmaceuticals,

Inc.*(a)

4,543

33,754

Kaleido

Biosciences,

Inc.*(a)

1,324

19,794

Lannett

Co.,

Inc.*

3,697

28,652

Common

Stocks

Shares

Value

($)

Pharmaceuticals

Liquidia

Technologies,

Inc.*

2,402

6,581

Lyra

Therapeutics,

Inc.*

564

5,961

Marinus

Pharmaceuticals,

Inc.*

2,539

31,560

NGM

Biopharmaceuticals,

Inc.*

2,464

63,226

Ocular

Therapeutix,

Inc.*

7,330

133,040

Odonate

Therapeutics,

Inc.*

1,555

35,936

Omeros

Corp.*(a)

6,153

119,737

Optinose,

Inc.*(a)

3,925

15,622

Osmotica

Pharmaceuticals

plc*(a)

1,435

5,984

Pacira

BioSciences,

Inc.*(a)

4,506

297,756

Paratek

Pharmaceuticals,

Inc.*

4,557

29,575

Phathom

Pharmaceuticals,

Inc.*(a)

1,077

41,465

Phibro

Animal

Health

Corp.,

Class

A

2,338

48,490

Pliant

Therapeutics,

Inc.*

1,126

27,711

Prestige

Consumer

Healthcare,

Inc.*

5,357

214,280

Provention

Bio,

Inc.*

5,017

69,084

Recro

Pharma,

Inc.*

2,427

7,597

Relmada

Therapeutics,

Inc.*(a)

1,665

54,412

Revance

Therapeutics,

Inc.*

6,764

172,076

Satsuma

Pharmaceuticals,

Inc.*

1,097

6,385

scPharmaceuticals,

Inc.*

688

4,362

SIGA

Technologies,

Inc.*

6,258

40,427

Strongbridge

Biopharma

plc*

4,463

12,050

Supernus

Pharmaceuticals,

Inc.*

5,310

156,061

Tarsus

Pharmaceuticals,

Inc.*(a)

657

24,769

TherapeuticsMD,

Inc.*(a)

23,041

38,018

Theravance

Biopharma,

Inc.*

4,879

90,945

Tricida,

Inc.*

3,307

21,760

Verrica

Pharmaceuticals,

Inc.*

1,636

19,223

VYNE

Therapeutics,

Inc.*

13,402

26,536

WaVe

Life

Sciences

Ltd.*

2,884

29,330

Xeris

Pharmaceuticals,

Inc.*(a)

4,653

23,637

Zogenix,

Inc.*

6,154

116,680

4,252,061

Professional

Services

1.2%

Acacia

Research

Corp.*

4,922

27,563

Akerna

Corp.*(a)

1,235

7,188

ASGN,

Inc.*

5,426

449,870

Barrett

Business

Services,

Inc.

821

51,764

BG

Staffing,

Inc.

1,247

15,737

CBIZ,

Inc.*

5,590

144,837

CRA

International,

Inc.

744

39,588

Exponent,

Inc.

5,489

453,282

Forrester

Research,

Inc.*

1,205

47,790

Franklin

Covey

Co.*

1,259

30,279

GP

Strategies

Corp.*

1,471

17,770

Heidrick

&

Struggles

International,

Inc.

1,971

57,474

Huron

Consulting

Group,

Inc.*

2,405

127,369

ICF

International,

Inc.

1,980

152,717

Nationwide

Small

Cap

Index

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

101

Common

Stocks

Shares

Value

($)

Professional

Services

Insperity,

Inc.

3,836

301,088

Kelly

Services,

Inc.,

Class

A

3,520

68,710

Kforce,

Inc.

2,203

93,958

Korn

Ferry

5,793

264,161

Mastech

Digital,

Inc.*

496

8,090

Mistras

Group,

Inc.*

1,957

13,523

Red

Violet,

Inc.*

690

15,456

Resources

Connection,

Inc.

3,310

38,197

TriNet

Group,

Inc.*

4,402

326,232

TrueBlue,

Inc.*

3,759

69,880

Upwork,

Inc.*

9,914

410,935

Willdan

Group,

Inc.*

1,187

53,047

3,286,505

Real

Estate

Management

&

Development

0.8%

Altisource

Portfolio

Solutions

SA*

111

1,124

Cushman

&

Wakefield

plc*

12,280

175,972

eXp

World

Holdings,

Inc.*

2,619

279,159

Fathom

Holdings,

Inc.*

528

19,953

Forestar

Group,

Inc.*

1,936

41,605

FRP

Holdings,

Inc.*

709

30,622

Indus

Realty

Trust,

Inc.

257

16,379

Kennedy-Wilson

Holdings,

Inc.

12,907

221,871

Marcus

&

Millichap,

Inc.*

2,454

87,681

Maui

Land

&

Pineapple

Co.,

Inc.*

609

7,040

Newmark

Group,

Inc.,

Class

A

15,781

106,680

Rafael

Holdings,

Inc.,

Class

B*

873

20,498

RE/MAX

Holdings,

Inc.,

Class

A

1,879

68,057

Realogy

Holdings

Corp.*

12,147

172,487

Redfin

Corp.*

10,489

746,922

RMR

Group,

Inc.

(The),

Class

A

1,594

58,787

St

Joe

Co.

(The)

3,605

160,423

Stratus

Properties,

Inc.*

627

16,390

Tejon

Ranch

Co.*

2,385

37,993

Transcontinental

Realty

Investors,

Inc.*

239

5,112

2,274,755

Road

&

Rail

0.5%

ArcBest

Corp.

2,693

124,821

Avis

Budget

Group,

Inc.*

5,595

231,297

Covenant

Logistics

Group,

Inc.*

1,155

17,429

Daseke,

Inc.*

4,709

24,769

Heartland

Express,

Inc.

5,349

100,401

Marten

Transport

Ltd.

6,393

101,329

PAM

Transportation

Services,

Inc.*

240

12,396

Saia,

Inc.*

2,809

496,491

Universal

Logistics

Holdings,

Inc.

692

14,670

US

Xpress

Enterprises,

Inc.,

Class

A*

2,536

17,118

Werner

Enterprises,

Inc.

6,567

257,689

1,398,410

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

2.9%

Advanced

Energy

Industries,

Inc.*

4,063

416,782

Alpha

&

Omega

Semiconductor

Ltd.*

2,261

64,981

Ambarella,

Inc.*

3,566

336,488

Amkor

Technology,

Inc.

10,929

169,618

Atomera,

Inc.*(a)

1,716

49,283

Axcelis

Technologies,

Inc.*

3,556

121,757

AXT,

Inc.*

4,177

43,148

Brooks

Automation,

Inc.

7,763

588,125

CEVA,

Inc.*

2,254

132,513

CMC

Materials,

Inc.

3,127

460,638

Cohu,

Inc.

4,487

182,531

CyberOptics

Corp.*

845

20,441

Diodes,

Inc.*

4,573

323,677

DSP

Group,

Inc.*

2,566

41,390

FormFactor,

Inc.*

8,252

337,259

GSI

Technology,

Inc.*

1,836

13,182

Ichor

Holdings

Ltd.*

2,436

87,940

Impinj,

Inc.*(a)

1,788

94,710

Lattice

Semiconductor

Corp.*

14,555

583,801

MACOM

Technology

Solutions

Holdings,

Inc.*

5,041

286,631

Maxeon

Solar

Technologies

Ltd.*(a)

1,141

46,325

MaxLinear,

Inc.*

7,330

230,089

NeoPhotonics

Corp.*(a)

5,012

55,834

NVE

Corp.

460

29,389

Onto

Innovation,

Inc.*

5,045

272,682

PDF

Solutions,

Inc.*

3,369

65,089

Photronics,

Inc.*

6,659

73,915

Pixelworks,

Inc.*

4,276

13,085

Power

Integrations,

Inc.

6,301

507,546

Rambus,

Inc.*

12,121

230,238

Semtech

Corp.*

6,884

488,420

Silicon

Laboratories,

Inc.*

4,617

605,612

SiTime

Corp.*

1,024

124,979

SMART

Global

Holdings,

Inc.*

1,404

52,159

SunPower

Corp.*(a)

8,075

436,131

Synaptics,

Inc.*

3,707

367,808

Ultra

Clean

Holdings,

Inc.*

4,266

164,668

Veeco

Instruments,

Inc.*

4,969

91,728

8,210,592

Software

5.8%

8x8,

Inc.*

11,112

391,698

A10

Networks,

Inc.*

6,200

61,566

ACI

Worldwide,

Inc.*

12,394

475,806

Agilysys,

Inc.*

1,982

72,918

Alarm.com

Holdings,

Inc.*

5,127

476,401

Altair

Engineering,

Inc.,

Class

A*

4,568

255,488

American

Software,

Inc.,

Class

A

3,019

57,995

Appfolio,

Inc.,

Class

A*

1,743

266,348

Appian

Corp.*(a)

3,803

830,803

Asure

Software,

Inc.*

1,174

9,603

Avaya

Holdings

Corp.*

8,847

196,757

Benefitfocus,

Inc.*

3,040

37,392

Blackbaud,

Inc.

5,397

358,847

102

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Software

Blackline,

Inc.*

5,436

704,614

Bottomline

Technologies

DE,

Inc.*

4,792

228,962

Box,

Inc.,

Class

A*

15,158

262,840

Cerence,

Inc.*

3,995

447,080

ChannelAdvisor

Corp.*

3,085

63,243

Cloudera,

Inc.*

22,004

336,001

CommVault

Systems,

Inc.*

4,502

282,636

Cornerstone

OnDemand,

Inc.*

6,468

264,541

Digimarc

Corp.*

1,247

48,458

Digital

Turbine,

Inc.*

9,052

517,865

Domo,

Inc.,

Class

B*

2,843

180,218

Ebix,

Inc.

2,756

143,505

eGain

Corp.*

1,766

19,426

Envestnet,

Inc.*

5,674

435,366

GTY

Technology

Holdings,

Inc.*

4,860

36,547

Intelligent

Systems

Corp.*

847

34,295

InterDigital,

Inc.

3,290

211,251

J2

Global,

Inc.*

4,635

475,736

LivePerson,

Inc.*

6,668

422,485

MicroStrategy,

Inc.,

Class

A*(a)

782

482,736

Mimecast

Ltd.*

6,106

262,924

Mitek

Systems,

Inc.*

4,120

66,538

Model

N,

Inc.*

3,704

125,862

OneSpan,

Inc.*

3,567

83,182

Park

City

Group,

Inc.*

1,299

7,846

Ping

Identity

Holding

Corp.*

4,098

122,571

Progress

Software

Corp.

4,806

193,105

PROS

Holdings,

Inc.*

4,207

177,283

Q2

Holdings,

Inc.*

5,360

686,026

QAD,

Inc.,

Class

A

1,195

77,424

Qualys,

Inc.*

3,653

505,831

Rapid7,

Inc.*

5,429

471,346

Rimini

Street,

Inc.*

2,428

17,117

SailPoint

Technologies

Holdings,

Inc.*

9,519

526,496

Sapiens

International

Corp.

NV

2,695

88,019

SeaChange

International,

Inc.*

2,749

3,244

SecureWorks

Corp.,

Class

A*

1,143

15,819

ShotSpotter,

Inc.*

763

35,090

Smith

Micro

Software,

Inc.*

3,873

24,632

Sprout

Social,

Inc.,

Class

A*

3,058

201,828

SPS

Commerce,

Inc.*

3,808

376,573

Sumo

Logic,

Inc.*

1,519

52,269

SVMK,

Inc.*

13,224

333,377

Synchronoss

Technologies,

Inc.*

4,791

24,147

Telenav,

Inc.*

3,855

18,350

Tenable

Holdings,

Inc.*

7,557

373,996

Upland

Software,

Inc.*

2,914

138,969

Varonis

Systems,

Inc.*

3,361

594,124

Verint

Systems,

Inc.*

6,911

510,239

Veritone,

Inc.*

2,187

85,884

VirnetX

Holding

Corp.(a)

7,092

42,907

Workiva,

Inc.*

4,270

416,197

Xperi

Holding

Corp.

11,164

215,019

Yext,

Inc.*

10,762

181,555

Common

Stocks

Shares

Value

($)

Software

Zix

Corp.*

5,643

45,990

Zuora,

Inc.,

Class

A*

10,848

160,008

16,351,214

Specialty

Retail

3.5%

Aaron's

Co.,

Inc.

(The)*

3,728

63,152

Abercrombie

&

Fitch

Co.,

Class

A

6,592

152,078

Academy

Sports

&

Outdoors,

Inc.*(a)

1,881

40,442

American

Eagle

Outfitters,

Inc.

16,119

365,740

America's

Car-Mart,

Inc.*

686

81,483

Asbury

Automotive

Group,

Inc.*

2,073

295,631

At

Home

Group,

Inc.*

5,697

138,836

Bed

Bath

&

Beyond,

Inc.(a)

13,519

477,626

Boot

Barn

Holdings,

Inc.*

3,144

179,963

Buckle,

Inc.

(The)

3,048

119,847

Caleres,

Inc.

3,943

59,579

Camping

World

Holdings,

Inc.,

Class

A

3,463

118,296

Cato

Corp.

(The),

Class

A

2,412

27,424

Chico's

FAS,

Inc.

13,352

29,508

Children's

Place,

Inc.

(The)*(a)

1,499

110,132

Citi

Trends,

Inc.

1,140

67,260

Conn's,

Inc.*

1,723

27,103

Container

Store

Group,

Inc.

(The)*

1,909

26,020

Designer

Brands,

Inc.,

Class

A

6,145

75,276

Envela

Corp.*

1,226

7,675

Express,

Inc.*(a)

7,889

47,334

GameStop

Corp.,

Class

A*(a)

5,853

1,902,225

Genesco,

Inc.*

1,410

54,722

Group

1

Automotive,

Inc.

1,861

256,111

GrowGeneration

Corp.*(a)

3,989

172,285

Guess?,

Inc.

4,249

98,662

Haverty

Furniture

Cos.,

Inc.

1,789

58,482

Hibbett

Sports,

Inc.*

1,844

104,094

Lithia

Motors,

Inc.,

Class

A

2,755

877,963

Lumber

Liquidators

Holdings,

Inc.*

3,061

85,586

MarineMax,

Inc.*

2,145

89,725

Michaels

Cos.,

Inc.

(The)*

7,845

121,598

Monro,

Inc.

3,569

208,679

Murphy

USA,

Inc.

2,886

359,509

National

Vision

Holdings,

Inc.*(a)

8,668

401,935

ODP

Corp.

(The)

5,641

240,814

OneWater

Marine,

Inc.,

Class

A*

916

29,614

Rent-A-Center,

Inc.

5,132

222,216

Restoration

Hardware

Holdings,

Inc.*

1,681

799,080

Sally

Beauty

Holdings,

Inc.*

12,169

183,752

Shoe

Carnival,

Inc.

969

45,533

Signet

Jewelers

Ltd.*

5,502

223,491

Sleep

Number

Corp.*

2,903

312,769

Sonic

Automotive,

Inc.,

Class

A

2,554

104,535

Nationwide

Small

Cap

Index

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

103

Common

Stocks

Shares

Value

($)

Specialty

Retail

Sportsman's

Warehouse

Holdings,

Inc.*

4,618

80,907

Tilly's,

Inc.,

Class

A

2,033

19,923

Urban

Outfitters,

Inc.*

7,306

200,404

Winmark

Corp.(a)

313

53,407

Zumiez,

Inc.*

2,318

99,860

9,918,286

Technology

Hardware,

Storage

&

Peripherals

0.3%

3D

Systems

Corp.*(a)

12,481

443,575

Avid

Technology,

Inc.*

3,378

57,561

Corsair

Gaming,

Inc.*(a)

2,441

92,221

Diebold

Nixdorf,

Inc.*

7,450

101,767

Eastman

Kodak

Co.*(a)

1,832

17,569

Immersion

Corp.*

2,106

26,641

Intevac,

Inc.*

2,539

17,011

Quantum

Corp.*

3,774

26,909

Super

Micro

Computer,

Inc.*

4,739

146,909

930,163

Textiles,

Apparel

&

Luxury

Goods

0.9%

Crocs,

Inc.*

7,136

499,663

Deckers

Outdoor

Corp.*

2,991

873,312

Fossil

Group,

Inc.*

4,873

70,659

G-III

Apparel

Group

Ltd.*

4,704

127,196

Kontoor

Brands,

Inc.

5,530

199,744

Lakeland

Industries,

Inc.*(a)

882

24,520

Movado

Group,

Inc.

1,928

39,832

Oxford

Industries,

Inc.

1,783

116,323

Rocky

Brands,

Inc.

807

27,809

Steven

Madden

Ltd.

8,818

296,285

Superior

Group

of

Cos.,

Inc.

1,226

27,990

Unifi,

Inc.*

1,500

35,925

Vera

Bradley,

Inc.*

2,432

20,550

Wolverine

World

Wide,

Inc.

8,527

244,213

2,604,021

Thrifts

&

Mortgage

Finance

1.6%

Axos

Financial,

Inc.*

6,115

238,179

Bogota

Financial

Corp.*

363

3,292

Bridgewater

Bancshares,

Inc.*

2,562

32,896

Capitol

Federal

Financial,

Inc.

13,925

172,949

Columbia

Financial,

Inc.*(a)

5,090

78,488

ESSA

Bancorp,

Inc.

965

13,780

Essent

Group

Ltd.

11,775

492,548

Federal

Agricultural

Mortgage

Corp.,

Class

C

1,015

77,140

Flagstar

Bancorp,

Inc.

5,142

220,335

FS

Bancorp,

Inc.

318

17,051

Greene

County

Bancorp,

Inc.

344

8,160

Hingham

Institution

for

Savings

169

37,055

Home

Bancorp,

Inc.

908

25,569

HomeStreet,

Inc.

2,355

85,722

Kearny

Financial

Corp.

8,940

92,529

Luther

Burbank

Corp.

2,014

19,717

Merchants

Bancorp

894

26,659

Meridian

Bancorp,

Inc.

4,732

71,690

Meta

Financial

Group,

Inc.

3,426

132,346

MMA

Capital

Holdings,

Inc.*

584

13,829

Mr.

Cooper

Group,

Inc.*

8,081

220,046

Common

Stocks

Shares

Value

($)

Thrifts

&

Mortgage

Finance

NMI

Holdings,

Inc.,

Class

A*

8,882

188,387

Northfield

Bancorp,

Inc.

4,967

61,392

Northwest

Bancshares,

Inc.(a)

12,599

160,637

Oconee

Federal

Financial

Corp.

196

4,781

OP

Bancorp

1,643

12,470

PCSB

Financial

Corp.

1,679

24,740

PDL

Community

Bancorp*

715

6,735

PennyMac

Financial

Services,

Inc.

4,536

263,088

Pioneer

Bancorp,

Inc.*

1,383

14,452

Premier

Financial

Corp.

3,930

109,097

Provident

Bancorp,

Inc.

791

9,120

Provident

Financial

Holdings,

Inc.

656

10,529

Provident

Financial

Services,

Inc.

7,553

139,882

Prudential

Bancorp,

Inc.

1,148

13,558

Radian

Group,

Inc.

20,460

392,832

Riverview

Bancorp,

Inc.

1,702

8,867

Security

National

Financial

Corp.,

Class

A*

758

6,519

Southern

Missouri

Bancorp,

Inc.

959

29,393

Standard

AVB

Financial

Corp.

381

12,501

Sterling

Bancorp,

Inc.

2,193

10,263

Territorial

Bancorp,

Inc.

873

20,830

Timberland

Bancorp,

Inc.

928

23,432

TrustCo

Bank

Corp.

10,123

62,965

Walker

&

Dunlop,

Inc.

3,023

248,853

Washington

Federal,

Inc.

8,136

213,001

Waterstone

Financial,

Inc.

2,233

41,244

Western

New

England

Bancorp,

Inc.

2,933

18,801

WSFS

Financial

Corp.

5,364

230,491

4,418,840

Tobacco

0.1%

Turning

Point

Brands,

Inc.

1,344

63,302

Universal

Corp.

2,616

119,996

Vector

Group

Ltd.

14,774

173,447

356,745

Trading

Companies

&

Distributors

1.3%

Alta

Equipment

Group,

Inc.*

2,144

20,347

Applied

Industrial

Technologies,

Inc.

4,132

290,851

Beacon

Roofing

Supply,

Inc.*

5,837

232,137

Boise

Cascade

Co.

4,157

197,998

CAI

International,

Inc.

1,799

58,413

DXP

Enterprises,

Inc.*

1,535

35,597

EVI

Industries,

Inc.*(a)

556

19,966

GATX

Corp.

3,721

345,309

General

Finance

Corp.*

1,359

10,029

GMS,

Inc.*

4,414

127,962

H&E

Equipment

Services,

Inc.

3,518

96,675

Herc

Holdings,

Inc.*

2,573

164,621

Lawson

Products,

Inc.*

539

26,729

MRC

Global,

Inc.*

7,907

54,637

Nesco

Holdings,

Inc.*

839

6,393

NOW,

Inc.*

11,996

99,447

104

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Trading

Companies

&

Distributors

Rush

Enterprises,

Inc.,

Class

A

4,308

180,893

Rush

Enterprises,

Inc.,

Class

B

710

27,498

SiteOne

Landscape

Supply,

Inc.*

4,695

740,308

Systemax,

Inc.

1,316

50,574

Textainer

Group

Holdings

Ltd.*

5,179

93,792

Titan

Machinery,

Inc.*

2,323

49,480

Transcat,

Inc.*

776

28,378

Triton

International

Ltd.

6,459

299,310

Veritiv

Corp.*

1,215

22,259

WESCO

International,

Inc.*

5,293

402,850

Willis

Lease

Finance

Corp.*

380

10,534

3,692,987

Water

Utilities

0.4%

American

States

Water

Co.

3,942

304,559

Artesian

Resources

Corp.,

Class

A

916

37,446

Cadiz,

Inc.*(a)

2,243

25,032

California

Water

Service

Group(a)

5,257

287,242

Consolidated

Water

Co.

Ltd.,

Class

D

1,436

18,194

Global

Water

Resources,

Inc.

1,383

22,225

Middlesex

Water

Co.

1,838

146,305

Pure

Cycle

Corp.*

2,316

24,712

SJW

Group

2,820

186,599

York

Water

Co.

(The)

1,365

59,296

1,111,610

Wireless

Telecommunication

Services

0.1%

Boingo

Wireless,

Inc.*

4,630

53,430

Gogo,

Inc.*(a)

5,938

79,569

Shenandoah

Telecommunications

Co.

5,165

200,764

Spok

Holdings,

Inc.

2,204

24,508

358,271

Total

Common

Stocks

(cost

$203,933,557)

277,699,872

Rights

0.0%

†

Number

of

Rights

Biotechnology

0.0%

†

CONTRA

ADURO

BIOTECH

I,

CVR*∞

1,489

0

Oncternal

Therapeutics,

Inc.,

CVR*∞

95

195

195

Total

Rights

(cost

$4,467)

195

Short-Term

Investment

5.2%

Shares

Value

($)

Money

Market

Fund

5.2%

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,

0.01%(c)(d)

14,551,863

14,551,863

Total

Short-Term

Investment

(cost

$14,551,863)

14,551,863

Total

Investments

(cost

$218,489,887)

—

104.3%

292,251,930

Liabilities

in

excess

of

other

assets

—

(4.3)%

(11,932,205)

NET

ASSETS

—

100.0%

$

280,319,725

*

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

January

31,

2021.

The

total

value

of

securities

on

loan

at

January

31,

2021

was

$20,337,651,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

with

a

total

value

of

$14,551,863

and

by

$5,572,967

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

3.13%,

and

maturity

dates

ranging

from

4/8/2021

–

2/15/2049;

a

total

value

of

$20,124,830.

(b)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

at

January

31,

2021

was

$270,316

which

represents

0.10%

of

net

assets.

(c)

Represents

7-day

effective

yield

as

of

January

31,

2021.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2021

was

$14,551,863.

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

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

105

Futures

contracts

outstanding

as

of

January

31,

2021:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

Russell

2000

E-Mini

Index

29

3/2021

USD

2,998,890

10,215

10,215

At

January

31,

2021,

the

Fund

had

$230,600

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

106

-

Statement

of

Investments

-

January

31,

2021

(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

January

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

  Common

Stocks

Aerospace

&

Defense

$

2,424,472

$

–

$

–

$

2,424,472

Air

Freight

&

Logistics

794,159

–

–

794,159

Airlines

845,674

–

–

845,674

Nationwide

Small

Cap

Index

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

107

Level

1

Level

2

Level

3

Total

Assets:

Auto

Components

$

3,882,384

$

–

$

–

$

3,882,384

Automobiles

236,392

–

–

236,392

Banks

21,020,637

–

–

21,020,637

Beverages

895,672

–

–

895,672

Biotechnology

31,624,774

–

–

31,624,774

Building

Products

4,423,816

–

–

4,423,816

Capital

Markets

4,080,491

–

–

4,080,491

Chemicals

4,527,056

–

–

4,527,056

Commercial

Services

&

Supplies

5,204,587

–

–

5,204,587

Communications

Equipment

2,503,824

–

–

2,503,824

Construction

&

Engineering

3,897,223

–

–

3,897,223

Construction

Materials

413,121

–

–

413,121

Consumer

Finance

1,844,636

–

–

1,844,636

Containers

&

Packaging

593,067

–

–

593,067

Distributors

188,641

–

–

188,641

Diversified

Consumer

Services

1,529,647

–

–

1,529,647

Diversified

Financial

Services

479,405

–

–

479,405

Diversified

Telecommunication

Services

2,132,161

–

–

2,132,161

Electric

Utilities

1,612,563

–

–

1,612,563

Electrical

Equipment

6,265,451

–

–

6,265,451

Electronic

Equipment,

Instruments

&

Components

5,902,321

–

–

5,902,321

Energy

Equipment

&

Services

1,919,036

–

–

1,919,036

Entertainment

800,640

–

–

800,640

Equity

Real

Estate

Investment

Trusts

(REITs)

13,999,241

–

–

13,999,241

Food

&

Staples

Retailing

2,230,728

–

–

2,230,728

Food

Products

3,934,686

–

–

3,934,686

Gas

Utilities

2,290,679

–

–

2,290,679

Health

Care

Equipment

&

Supplies

9,429,938

–

–

9,429,938

Health

Care

Providers

&

Services

7,812,882

–

–

7,812,882

Health

Care

Technology

3,560,582

–

–

3,560,582

Hotels,

Restaurants

&

Leisure

10,246,679

–

–

10,246,679

Household

Durables

5,748,832

–

–

5,748,832

Household

Products

666,255

–

–

666,255

Independent

Power

and

Renewable

Electricity

Producers

1,758,490

–

–

1,758,490

Industrial

Conglomerates

126,757

–

–

126,757

Insurance

5,158,525

–

–

5,158,525

Interactive

Media

&

Services

1,068,729

–

–

1,068,729

Internet

&

Direct

Marketing

Retail

2,624,223

–

–

2,624,223

IT

Services

5,204,016

6,058

–

5,210,074

Leisure

Products

1,829,077

–

–

1,829,077

Life

Sciences

Tools

&

Services

2,534,412

–

–

2,534,412

Machinery

9,811,879

–

–

9,811,879

Marine

460,673

–

–

460,673

Media

2,232,533

–

–

2,232,533

Metals

&

Mining

4,296,655

2,253

–

4,298,908

Mortgage

Real

Estate

Investment

Trusts

(REITs)

3,231,264

–

–

3,231,264

Multiline

Retail

820,977

–

–

820,977

Multi-Utilities

1,032,222

–

–

1,032,222

Oil,

Gas

&

Consumable

Fuels

4,366,462

–

–

4,366,462

Paper

&

Forest

Products

1,012,868

–

–

1,012,868

Personal

Products

994,987

–

–

994,987

Pharmaceuticals

4,252,061

–

–

4,252,061

Professional

Services

3,286,505

–

–

3,286,505

Real

Estate

Management

&

Development

2,274,755

–

–

2,274,755

Road

&

Rail

1,398,410

–

–

1,398,410

Semiconductors

&

Semiconductor

Equipment

8,210,592

–

–

8,210,592

108

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

Small

Cap

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

January

31,

2021.

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.

Level

1

Level

2

Level

3

Total

Assets:

Software

$

16,351,214

$

–

$

–

$

16,351,214

Specialty

Retail

9,918,286

–

–

9,918,286

Technology

Hardware,

Storage

&

Peripherals

930,163

–

–

930,163

Textiles,

Apparel

&

Luxury

Goods

2,604,021

–

–

2,604,021

Thrifts

&

Mortgage

Finance

4,418,840

–

–

4,418,840

Tobacco

356,745

–

–

356,745

Trading

Companies

&

Distributors

3,692,987

–

–

3,692,987

Water

Utilities

1,111,610

–

–

1,111,610

Wireless

Telecommunication

Services

358,271

–

–

358,271

Total

Common

Stocks

$

277,691,561

$

8,311

$

–

$

277,699,872

Futures

Contracts

10,215

–

–

10,215

Rights

–

195

–

195

Short-Term

Investment

14,551,863

–

–

14,551,863

Total

$

292,253,639

$

8,506

$

–

$

292,262,145

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

During

the

period

ended

January

31,

2021,

the

Fund

held

one

common

stock

investment

that

was

categorized

as

Level

3

investment

which

was

valued

at

$0.

Nationwide

Small

Cap

Index

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

109

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2021:

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

10,215

Total

$

10,215

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

110

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

NYSE

Arca

Tech

100

Index

Fund

Common

Stocks

99.9%

Shares

Value

($)

Aerospace

&

Defense

6.5%

Boeing

Co.

(The)

50,946

9,893,204

General

Dynamics

Corp.

50,946

7,472,759

L3Harris

Technologies,

Inc.

50,946

8,737,748

Lockheed

Martin

Corp.

50,946

16,395,442

Raytheon

Technologies

Corp.

50,946

3,399,627

45,898,780

Biotechnology

4.4%

Amgen,

Inc.

50,946

12,299,893

Biogen,

Inc.*

50,946

14,397,849

Gilead

Sciences,

Inc.

50,946

3,342,058

Myriad

Genetics,

Inc.*

50,946

1,403,562

31,443,362

Chemicals

0.6%

DuPont

de

Nemours,

Inc.

50,946

4,047,660

Communications

Equipment

5.8%

Ciena

Corp.*

50,946

2,720,007

Cisco

Systems,

Inc.

50,946

2,271,173

F5

Networks,

Inc.*

50,946

9,982,869

Juniper

Networks,

Inc.

50,946

1,244,101

Motorola

Solutions,

Inc.

50,946

8,536,002

Nokia

OYJ,

ADR-FI*(a)

50,946

232,314

Ubiquiti,

Inc.

50,946

15,690,858

Viavi

Solutions,

Inc.*

50,946

787,116

41,464,440

Diversified

Telecommunication

Services

0.2%

AT&T,

Inc.

50,946

1,458,584

Electronic

Equipment,

Instruments

&

Components

1.6%

Amphenol

Corp.,

Class

A

50,946

6,362,137

Corning,

Inc.

50,946

1,827,433

FLIR

Systems,

Inc.

50,946

2,651,739

LG

Display

Co.

Ltd.,

ADR-KR(a)

50,946

492,138

11,333,447

Energy

Equipment

&

Services

0.4%

Halliburton

Co.

50,946

898,178

NOV,

Inc.

50,946

630,711

Schlumberger

NV

50,946

1,131,511

2,660,400

Entertainment

0.6%

Activision

Blizzard,

Inc.

50,946

4,636,086

Health

Care

Equipment

&

Supplies

3.3%

Baxter

International,

Inc.

50,946

3,914,181

Boston

Scientific

Corp.*

50,946

1,805,526

Danaher

Corp.

50,946

12,116,997

Medtronic

plc

50,946

5,671,818

23,508,522

Health

Care

Technology

2.6%

Cerner

Corp.

50,946

4,081,284

Veeva

Systems,

Inc.,

Class

A*

50,946

14,083,512

18,164,796

Household

Durables

1.7%

Garmin

Ltd.

50,946

5,851,657

iRobot

Corp.*

50,946

6,118,615

11,970,272

Common

Stocks

Shares

Value

($)

Industrial

Conglomerates

1.4%

Honeywell

International,

Inc.

50,946

9,953,320

Interactive

Media

&

Services

2.2%

Facebook,

Inc.,

Class

A*

50,946

13,160,880

Twitter,

Inc.*

50,946

2,574,302

15,735,182

Internet

&

Direct

Marketing

Retail

2.9%

Alibaba

Group

Holding

Ltd.,

ADR-CN*

50,946

12,931,623

eBay,

Inc.

50,946

2,878,958

JD.com,

Inc.,

ADR-CN*

50,946

4,518,401

20,328,982

IT

Services

9.1%

Akamai

Technologies,

Inc.*

50,946

5,656,534

Amdocs

Ltd.

50,946

3,597,807

Automatic

Data

Processing,

Inc.

50,946

8,412,204

DXC

Technology

Co.

50,946

1,436,677

International

Business

Machines

Corp.

50,946

6,068,178

LiveRamp

Holdings,

Inc.*

50,946

3,857,122

Mastercard

,

Inc.,

Class

A

50,946

16,113,710

VeriSign,

Inc.*

50,946

9,887,090

Visa,

Inc.,

Class

A

50,946

9,845,314

64,874,636

Life

Sciences

Tools

&

Services

7.6%

Agilent

Technologies,

Inc.

50,946

6,122,181

Illumina,

Inc.*

50,946

21,725,412

Thermo

Fisher

Scientific,

Inc.

50,946

25,967,176

53,814,769

Pharmaceuticals

1.6%

AstraZeneca

plc,

ADR-UK(a)

50,946

2,577,867

Bausch

Health

Cos.,

Inc.*

50,946

1,299,123

Bristol-Myers

Squibb

Co.

50,946

3,129,613

Novartis

AG,

ADR-CH

50,946

4,609,085

11,615,688

Semiconductors

&

Semiconductor

Equipment

26.3%

Advanced

Micro

Devices,

Inc.*

50,946

4,363,015

Analog

Devices,

Inc.

50,946

7,505,874

Applied

Materials,

Inc.

50,946

4,925,459

ASML

Holding

NV

(Registered),

NYRS-NL

50,946

27,213,315

Broadcom,

Inc.

50,946

22,951,173

FormFactor

,

Inc.*

50,946

2,082,163

Intel

Corp.

50,946

2,828,013

KLA

Corp.

50,946

14,268,446

Lam

Research

Corp.

50,946

24,655,317

Microchip

Technology,

Inc.

50,946

6,934,260

Micron

Technology,

Inc.*

50,946

3,987,543

NVIDIA

Corp.

50,946

26,471,032

NXP

Semiconductors

NV

50,946

8,175,305

ON

Semiconductor

Corp.*

50,946

1,757,128

QUALCOMM,

Inc.

50,946

7,961,841

Teradyne,

Inc.

50,946

5,781,352

Texas

Instruments,

Inc.

50,946

8,441,243

Xilinx,

Inc.

50,946

6,652,019

186,954,498

Nationwide

NYSE

Arca

Tech

100

Index

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

111

Common

Stocks

Shares

Value

($)

Software

18.4%

Adobe,

Inc.*

50,946

23,372,496

Check

Point

Software

Technologies

Ltd.*

50,946

6,507,842

Citrix

Systems,

Inc.

50,946

6,791,611

InterDigital

,

Inc.

50,946

3,271,243

Intuit,

Inc.

50,946

18,403,224

J2

Global,

Inc.*

50,946

5,229,098

Microsoft

Corp.

50,946

11,817,434

NortonLifeLock

,

Inc.

50,946

1,073,432

Open

Text

Corp.

50,946

2,281,871

Oracle

Corp.

50,946

3,078,667

Progress

Software

Corp.

50,946

2,047,010

PTC,

Inc.*

50,946

6,771,233

salesforce.com,

Inc.*

50,946

11,491,380

SAP

SE,

ADR-DE

50,946

6,429,385

Synopsys,

Inc.*

50,946

13,014,156

Teradata

Corp.*

50,946

1,370,447

VMware,

Inc.,

Class

A*(a)

50,946

7,022,906

Xperi

Holding

Corp.

50,946

981,220

130,954,655

Technology

Hardware,

Storage

&

Peripherals

2.6%

Apple,

Inc.

50,946

6,722,834

HP,

Inc.

50,946

1,240,026

NetApp,

Inc.

50,946

3,384,852

Seagate

Technology

plc

50,946

3,368,550

Western

Digital

Corp.

50,946

2,874,883

Xerox

Holdings

Corp.

50,946

1,071,394

18,662,539

Wireless

Telecommunication

Services

0.1%

Telephone

and

Data

Systems,

Inc.

50,946

955,238

Total

Common

Stocks

(cost

$201,517,211)

710,435,856

Short-Term

Investments

1.6%

Shares

Value

($)

Money

Market

Fund

1.5%

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,

0.01%(b)(c)

10,777,017

10,777,017

U.S.

Treasury

Obligation

0.1%

U.S.

Treasury

Bills,

0.00%,

2/25/2021(d)

112,000

111,997

Total

Short-Term

Investment

(cost

$10,889,007)

10,889,014

Total

Investments

(cost

$212,406,218)

—

101.5%

721,324,870

Liabilities

in

excess

of

other

assets

—

(1.5)%

(10,397,810)

NET

ASSETS

—

100.0%

$

710,927,060

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

January

31,

2021.

The

total

value

of

securities

on

loan

at

January

31,

2021

was

$10,223,448,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

with

a

value

of

$10,777,017.

(b)

Represents

7-day

effective

yield

as

of

January

31,

2021.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2021

was

$10,777,017.

(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

Futures

contracts

outstanding

as

of

January

31,

2021:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

NASDAQ

100

E-Mini

Index

4

3/2021

USD

1,032,900

(45,059)

(45,059)

Currency:

USD

United

States

Dollar

112

-

Statement

of

Investments

-

January

31,

2021

(Unaudited)

-

Nationwide

NYSE

Arca

Tech

100

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

NYSE

Arca

Tech

100

Index

Fund

-

January

31,

2021

(Unaudited)

-

Statement

of

Investments

-

113

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2021.

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

January

31,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2021:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

710,435,856

$

–

$

–

$

710,435,856

Short-Term

Investments  

10,777,017

111,997

–

10,889,014

Total

Assets

$

721,212,873

$

111,997

$

–

$

721,324,870

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(45,059)

$

–

$

–

$

(45,059)

Total

Liabilities

$

(45,059)

$

–

$

–

$

(45,059)

Total

$

721,167,814

$

111,997

$

–

$

721,279,811

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

Liabilities:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(45,059)

Total

$

(45,059)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.