Nationwide

Destination

2025

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

1

Investment

Companies

87.5%

Shares

Value

($)

Alternative

Assets

4.7%

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

906,190

9,406,257

Total

Alternative

Assets

(cost

$9,040,610)

9,406,257

Equity

Funds

42.9%

Nationwide

International

Index

Fund,

Class

R6(a)

2,647,527

23,086,433

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

295,924

5,175,708

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

4,324,253

55,177,468

Nationwide

Small

Cap

Index

Fund,

Class

R6(a)

193,213

2,235,470

Total

Equity

Funds

(cost

$65,439,378)

85,675,079

Fixed

Income

Funds

39.9%

Nationwide

Bond

Portfolio,

Class

R6(a)

7,334,497

71,584,695

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

751,726

8,058,501

Total

Fixed

Income

Funds

(cost

$81,503,161)

79,643,196

Total

Investment

Companies

(cost

$155,983,149)

174,724,532

Exchange

Traded

Funds

5.7%

Shares

Value

($)

Equity

Fund

3.8%

iShares

Core

MSCI

Emerging

Markets

ETF

124,808

7,436,061

Fixed

Income

Fund

1.9%

iShares

20+

Year

Treasury

Bond

ETF

26,868

3,825,734

Total

Exchange

Traded

Funds

(cost

$9,929,782)

11,261,795

Investment

Contract

6.9%

Principal

Amount

($)

Nationwide

Contract,

2.15%

^∞(a)(b)

13,778,950

13,778,950

Total

Investment

Contract

(cost

$13,778,950)

13,778,950

Total

Investments

(cost

$179,691,881)

—

100.1%

199,765,277

Liabilities

in

excess

of

other

assets

—

(0.1)%

(103,842)

NET

ASSETS

—

100.0%

$

199,661,435

^

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

2

-

Statement

of

Investments

-

January

31,

2022

(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,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

11,261,795

$

–

$

–

$

11,261,795

Investment

Companies

174,724,532

–

–

174,724,532

Investment

Contract

–

–

13,778,950

13,778,950

Total

$

185,986,327

$

–

$

13,778,950

$

199,765,277

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

Nationwide

Destination

2025

Fund

-

January

31,

2022

(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,

2021

$

14,176,467

$

14,176,467

Purchases

*

486,806

486,806

Sales

(884,323)

(884,323)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

January

31,

2022

$

13,778,950

$

13,778,950

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.

4

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Destination

2030

Fund

Investment

Companies

90.7%

Shares

Value

($)

Alternative

Assets

3.4%

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

735,413

7,633,586

Total

Alternative

Assets

(cost

$7,429,572)

7,633,586

Equity

Funds

55.5%

Nationwide

International

Index

Fund,

Class

R6(a)

4,125,311

35,972,710

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

491,609

8,598,246

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

5,891,739

75,178,585

Nationwide

Small

Cap

Index

Fund,

Class

R6(a)

378,316

4,377,120

Total

Equity

Funds

(cost

$96,941,528)

124,126,661

Fixed

Income

Funds

31.8%

Nationwide

Bond

Portfolio,

Class

R6(a)

6,897,408

67,318,703

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

366,703

3,931,053

Total

Fixed

Income

Funds

(cost

$73,184,846)

71,249,756

Total

Investment

Companies

(cost

$177,555,946)

203,010,003

Exchange

Traded

Funds

6.5%

Shares

Value

($)

Equity

Fund

5.1%

iShares

Core

MSCI

Emerging

Markets

ETF

193,005

11,499,238

Fixed

Income

Fund

1.4%

iShares

20+

Year

Treasury

Bond

ETF

21,807

3,105,099

Total

Exchange

Traded

Funds

(cost

$12,945,636)

14,604,337

Investment

Contract

2.9%

Principal

Amount

($)

Nationwide

Contract,

2.15%

^∞(a)(b)

6,460,568

6,460,568

Total

Investment

Contract

(cost

$6,460,568)

6,460,568

Total

Investments

(cost

$196,962,150)

—

100.1%

224,074,908

Liabilities

in

excess

of

other

assets

—

(0.1)%

(130,519)

NET

ASSETS

—

100.0%

$

223,944,389

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

(a)

Investment

in

affiliate.

(b)

The

Nationwide

Contract

is

issued

by

Nationwide

Life

Insurance

Company.

The

interest

rate

is

assessed

and

may

change

quarterly.

The

security

is

restricted

and

has

been

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

ETF

Exchange

Traded

Fund

Nationwide

Destination

2030

Fund

-

January

31,

2022

(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,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

14,604,337

$

–

$

–

$

14,604,337

Investment

Companies

203,010,003

–

–

203,010,003

Investment

Contract

–

–

6,460,568

6,460,568

Total

$

217,614,340

$

–

$

6,460,568

$

224,074,908

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

6

-

Statement

of

Investments

-

January

31,

2022

(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,

2021

$

6,253,955

$

6,253,955

Purchases

*

612,520

612,520

Sales

(405,907)

(405,907)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

January

31,

2022

$

6,460,568

$

6,460,568

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,

2022

(Unaudited)

-

Statement

of

Investments

-

7

Investment

Companies

90.9%

Shares

Value

($)

Alternative

Assets

2.8%

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

537,292

5,577,089

Total

Alternative

Assets

(cost

$5,506,819)

5,577,089

Equity

Funds

66.1%

Nationwide

International

Index

Fund,

Class

R6(a)

4,417,061

38,516,774

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

572,256

10,008,753

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

6,274,564

80,063,440

Nationwide

Small

Cap

Index

Fund,

Class

R6(a)

426,281

4,932,073

Total

Equity

Funds

(cost

$106,608,765)

133,521,040

Fixed

Income

Funds

22.0%

Nationwide

Bond

Portfolio,

Class

R6(a)

4,431,735

43,253,736

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

97,596

1,046,228

Total

Fixed

Income

Funds

(cost

$45,749,559)

44,299,964

Total

Investment

Companies

(cost

$157,865,143)

183,398,093

Exchange

Traded

Funds

8.0%

Shares

Value

($)

Equity

Fund

6.8%

iShares

Core

MSCI

Emerging

Markets

ETF

229,129

13,651,506

Fixed

Income

Fund

1.2%

iShares

20+

Year

Treasury

Bond

ETF

17,816

2,536,820

Total

Exchange

Traded

Funds

(cost

$14,327,381)

16,188,326

Investment

Contract

1.2%

Principal

Amount

($)

Nationwide

Contract,

2.15%

^∞(a)(b)

2,436,311

2,436,311

Total

Investment

Contract

(cost

$2,436,311)

2,436,311

Total

Investments

(cost

$174,628,835)

—

100.1%

202,022,730

Liabilities

in

excess

of

other

assets

—

(0.1)%

(125,416)

NET

ASSETS

—

100.0%

$

201,897,314

^

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

8

-

Statement

of

Investments

-

January

31,

2022

(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,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

16,188,326

$

–

$

–

$

16,188,326

Investment

Companies

183,398,093

–

–

183,398,093

Investment

Contract

–

–

2,436,311

2,436,311

Total

$

199,586,419

$

–

$

2,436,311

$

202,022,730

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

Nationwide

Destination

2035

Fund

-

January

31,

2022

(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,

2021

$

2,306,581

$

2,306,581

Purchases

*

202,708

202,708

Sales

(72,978)

(72,978)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

January

31,

2022

$

2,436,311

$

2,436,311

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,

2022

(Unaudited)

-

Nationwide

Destination

2040

Fund

Investment

Companies

90.3%

Shares

Value

($)

Alternative

Assets

1.3%

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

215,938

2,241,438

Total

Alternative

Assets

(cost

$2,165,440)

2,241,438

Equity

Funds

73.9%

Nationwide

International

Index

Fund,

Class

R6(a)

4,090,528

35,669,403

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

617,872

10,806,579

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

6,161,975

78,626,803

Nationwide

Small

Cap

Index

Fund,

Class

R6(a)

398,370

4,609,146

Total

Equity

Funds

(cost

$103,770,230)

129,711,931

Fixed

Income

Funds

15.1%

Nationwide

Bond

Portfolio,

Class

R6(a)

2,701,755

26,369,126

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

9,980

106,990

Total

Fixed

Income

Funds

(cost

$27,364,901)

26,476,116

Total

Investment

Companies

(cost

$133,300,571)

158,429,485

Exchange

Traded

Funds

9.1%

Shares

Value

($)

Equity

Fund

7.8%

iShares

Core

MSCI

Emerging

Markets

ETF

228,616

13,620,942

Fixed

Income

Fund

1.3%

iShares

20+

Year

Treasury

Bond

ETF

15,818

2,252,325

Total

Exchange

Traded

Funds

(cost

$14,050,523)

15,873,267

Investment

Contract

0.7%

Principal

Amount

($)

Nationwide

Contract,

2.15%

^∞(a)(b)

1,229,914

1,229,914

Total

Investment

Contract

(cost

$1,229,914)

1,229,914

Total

Investments

(cost

$148,581,008)

—

100.1%

175,532,666

Liabilities

in

excess

of

other

assets

—

(0.1)%

(133,023)

NET

ASSETS

—

100.0%

$

175,399,643

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

(a)

Investment

in

affiliate.

(b)

The

Nationwide

Contract

is

issued

by

Nationwide

Life

Insurance

Company.

The

interest

rate

is

assessed

and

may

change

quarterly.

The

security

is

restricted

and

has

been

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

ETF

Exchange

Traded

Fund

Nationwide

Destination

2040

Fund

-

January

31,

2022

(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,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

15,873,267

$

–

$

–

$

15,873,267

Investment

Companies

158,429,485

–

–

158,429,485

Investment

Contract

–

–

1,229,914

1,229,914

Total

$

174,302,752

$

–

$

1,229,914

$

175,532,666

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

12

-

Statement

of

Investments

-

January

31,

2022

(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,

2021

$

1,213,610

$

1,213,610

Purchases

*

69,591

69,591

Sales

(53,287)

(53,287)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

January

31,

2022

$

1,229,914

$

1,229,914

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,

2022

(Unaudited)

-

Statement

of

Investments

-

13

Investment

Companies

90.6%

Shares

Value

($)

Alternative

Assets

0.3%

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

38,133

395,819

Total

Alternative

Assets

(cost

$401,473)

395,819

Equity

Funds

78.8%

Nationwide

International

Index

Fund,

Class

R6(a)

3,718,897

32,428,782

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

585,594

10,242,042

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

5,796,144

73,958,793

Nationwide

Small

Cap

Index

Fund,

Class

R6(a)

370,687

4,288,845

Total

Equity

Funds

(cost

$96,830,891)

120,918,462

Fixed

Income

Fund

11.5%

Nationwide

Bond

Portfolio,

Class

R6(a)

1,803,724

17,604,348

Total

Fixed

Income

Funds

(cost

$18,193,965)

17,604,348

Total

Investment

Companies

(cost

$115,426,329)

138,918,629

Exchange

Traded

Funds

9.3%

Equity

Fund

8.0%

iShares

Core

MSCI

Emerging

Markets

ETF

205,917

12,268,535

Fixed

Income

Fund

1.3%

iShares

20+

Year

Treasury

Bond

ETF(b)

14,268

2,031,621

Total

Exchange

Traded

Funds

(cost

$12,686,038)

14,300,156

Investment

Contract

0.2%

Principal

Amount

($)

Nationwide

Contract,

2.15%

^∞(a)(c)

364,365

364,365

Total

Investment

Contract

(cost

$364,365)

364,365

Short-Term

Investment

0.0%

†

Shares

Value

($)

Money

Market

Fund

0.0%

†

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,

0.01%

(d)(e)

43,800

43,800

Total

Short-Term

Investment

(cost

$43,800)

43,800

Total

Investments

(cost

$128,520,532)

—

100.1%

153,626,950

Liabilities

in

excess

of

other

assets

—

(0.1)%

(180,487)

NET

ASSETS

—

100.0%

$

153,446,463

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2022.

The

total

value

of

securities

on

loan

as

of

January

31,

2022

was

$42,717,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

with

a

value

of

$43,800.

(c)

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.

(d)

Represents

7-day

effective

yield

as

of

January

31,

2022.

(e)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2022

was

$43,800.

ETF

Exchange

Traded

Fund

14

-

Statement

of

Investments

-

January

31,

2022

(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,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

14,300,156

$

–

$

–

$

14,300,156

Investment

Companies

138,918,629

–

–

138,918,629

Investment

Contract

–

–

364,365

364,365

Short-Term

Investment

43,800

–

–

43,800

Total

$

153,262,585

$

–

$

364,365

$

153,626,950

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

Nationwide

Destination

2045

Fund

-

January

31,

2022

(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,

2021

$

322,649

$

322,649

Purchases

*

56,372

56,372

Sales

(14,656)

(14,656)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

January

31,

2022

$

364,365

$

364,365

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,

2022

(Unaudited)

-

Nationwide

Destination

2050

Fund

Investment

Companies

90.5%

Shares

Value

($)

Alternative

Assets

0.0%

†

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

2,797

29,032

Total

Alternative

Assets

(cost

$29,414)

29,032

Equity

Funds

81.5%

Nationwide

International

Index

Fund,

Class

R6(a)

3,478,362

30,331,319

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

582,646

10,190,478

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

5,483,132

69,964,764

Nationwide

Small

Cap

Index

Fund,

Class

R6(a)

351,848

4,070,876

Total

Equity

Funds

(cost

$93,129,749)

114,557,437

Fixed

Income

Fund

9.0%

Nationwide

Bond

Portfolio,

Class

R6(a)

1,297,910

12,667,599

Total

Fixed

Income

Funds

(cost

$13,089,857)

12,667,599

Total

Investment

Companies

(cost

$106,249,020)

127,254,068

Exchange

Traded

Funds

9.6%

Shares

Value

($)

Equity

Fund

8.2%

iShares

Core

MSCI

Emerging

Markets

ETF

193,553

11,531,888

Fixed

Income

Fund

1.4%

iShares

20+

Year

Treasury

Bond

ETF

13,167

1,874,849

Total

Exchange

Traded

Funds

(cost

$11,896,867)

13,406,737

Total

Investments

(cost

$118,145,887)

—

100.1%

140,660,805

Liabilities

in

excess

of

other

assets

—

(0.1)%

(72,808)

NET

ASSETS

—

100.0%

$

140,587,997

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

ETF

Exchange

Traded

Fund

Nationwide

Destination

2050

Fund

-

January

31,

2022

(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,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

13,406,737

$

–

$

–

$

13,406,737

Investment

Companies

127,254,068

–

–

127,254,068

Total

$

140,660,805

$

–

$

–

$

140,660,805

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,

2022

(Unaudited)

-

Nationwide

Destination

2055

Fund

Investment

Companies

90.7%

Shares

Value

($)

Equity

Funds

82.9%

Nationwide

International

Index

Fund,

Class

R6(a)

2,132,509

18,595,483

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

380,077

6,647,543

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

3,391,247

43,272,311

Nationwide

Small

Cap

Index

Fund,

Class

R6(a)

225,547

2,609,584

Total

Equity

Funds

(cost

$58,337,111)

71,124,921

Fixed

Income

Fund

7.8%

Nationwide

Bond

Portfolio,

Class

R6(a)

682,810

6,664,225

Total

Fixed

Income

Funds

(cost

$6,881,234)

6,664,225

Total

Investment

Companies

(cost

$65,218,345)

77,789,146

Exchange

Traded

Funds

9.4%

Equity

Fund

8.4%

iShares

Core

MSCI

Emerging

Markets

ETF

121,196

7,220,857

Exchange

Traded

Funds

Shares

Value

($)

Fixed

Income

Fund

1.0%

iShares

20+

Year

Treasury

Bond

ETF(b)

5,707

812,620

Total

Exchange

Traded

Funds

(cost

$7,117,610)

8,033,477

Short-Term

Investment

0.5%

Money

Market

Fund

0.5%

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,

0.01%

(c)(d)

467,200

467,200

Total

Short-Term

Investment

(cost

$467,200)

467,200

Total

Investments

(cost

$72,803,155)

—

100.6%

86,289,823

Liabilities

in

excess

of

other

assets

—

(0.6)%

(549,520)

NET

ASSETS

—

100.0%

$

85,740,303

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2022.

The

total

value

of

securities

on

loan

as

of

January

31,

2022

was

$455,648,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

with

a

value

of

$467,200.

(c)

Represents

7-day

effective

yield

as

of

January

31,

2022.

(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,

2022

was

$467,200.

ETF

Exchange

Traded

Fund

Nationwide

Destination

2055

Fund

-

January

31,

2022

(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,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

8,033,477

$

–

$

–

$

8,033,477

Investment

Companies

77,789,146

–

–

77,789,146

Short-Term

Investment

467,200

–

–

467,200

Total

$

86,289,823

$

–

$

–

$

86,289,823

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

20

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Destination

2060

Fund

000

Investment

Companies

90.6%

Shares

Value

($)

Equity

Funds

83.7%

Nationwide

International

Index

Fund,

Class

R6(a)

878,141

7,657,389

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

160,284

2,803,372

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

1,409,924

17,990,628

Nationwide

Small

Cap

Index

Fund,

Class

R6(a)

95,532

1,105,303

Total

Equity

Funds

(cost

$24,492,440)

29,556,692

Fixed

Income

Fund

6.9%

Nationwide

Bond

Portfolio,

Class

R6(a)

250,441

2,444,306

Total

Fixed

Income

Funds

(cost

$2,523,581)

2,444,306

Total

Investment

Companies

(cost

$27,016,021)

32,000,998

Exchange

Traded

Funds

9.4%

Equity

Fund

8.7%

iShares

Core

MSCI

Emerging

Markets

ETF

51,718

3,081,358

Exchange

Traded

Funds

Shares

Value

($)

Fixed

Income

Fund

0.7%

iShares

20+

Year

Treasury

Bond

ETF(b)

1,714

244,057

Total

Exchange

Traded

Funds

(cost

$2,928,436)

3,325,415

Short-Term

Investment

0.7%

Money

Market

Fund

0.7%

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,

0.01%

(c)(d)

233,600

233,600

Total

Short-Term

Investment

(cost

$233,600)

233,600

Total

Investments

(cost

$30,178,057)

—

100.7%

35,560,013

Liabilities

in

excess

of

other

assets

—

(0.7)%

(259,610)

NET

ASSETS

—

100.0%

$

35,300,403

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2022.

The

total

value

of

securities

on

loan

as

of

January

31,

2022

was

$227,824,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

with

a

value

of

$233,600.

(c)

Represents

7-day

effective

yield

as

of

January

31,

2022.

(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,

2022

was

$233,600.

ETF

Exchange

Traded

Fund

Nationwide

Destination

2060

Fund

-

January

31,

2022

(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,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

3,325,415

$

–

$

–

$

3,325,415

Investment

Companies

32,000,998

–

–

32,000,998

Short-Term

Investment

233,600

–

–

233,600

Total

$

35,560,013

$

–

$

–

$

35,560,013

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

22

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Destination

2065

Fund

Investment

Companies

91.5%

Shares

Value

($)

Equity

Funds

85.4%

Nationwide

International

Index

Fund,

Class

R6(a)

67,956

592,573

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

12,462

217,961

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

109,741

1,400,296

Nationwide

Small

Cap

Index

Fund,

Class

R6(a)

7,474

86,479

Total

Equity

Funds

(cost

$2,081,703)

2,297,309

Fixed

Income

Fund

6.1%

Nationwide

Bond

Portfolio,

Class

R6(a)

16,760

163,579

Total

Fixed

Income

Funds

(cost

$168,505)

163,579

Total

Investment

Companies

(cost

$2,250,208)

2,460,888

Exchange

Traded

Funds

8.5%

Shares

Value

($)

Equity

Fund

8.0%

iShares

Core

MSCI

Emerging

Markets

ETF

3,622

215,799

Fixed

Income

Fund

0.5%

iShares

20+

Year

Treasury

Bond

ETF

100

14,239

Total

Exchange

Traded

Funds

(cost

$211,814)

230,038

Total

Investments

(cost

$2,462,022)

—

100.0%

2,690,926

Liabilities

in

excess

of

other

assets

—

0.0%

†

(1,051)

NET

ASSETS

—

100.0%

$

2,689,875

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

ETF

Exchange

Traded

Fund

Nationwide

Destination

2065

Fund

-

January

31,

2022

(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,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

230,038

$

–

$

–

$

230,038

Investment

Companies

2,460,888

–

–

2,460,888

Total

$

2,690,926

$

–

$

–

$

2,690,926

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,

2022

(Unaudited)

-

Nationwide

Destination

Retirement

Fund

Investment

Companies

85.1%

Shares

Value

($)

Alternative

Assets

5.9%

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

810,715

8,415,224

Total

Alternative

Assets

(cost

$7,745,167)

8,415,224

Equity

Funds

32.0%

Nationwide

International

Index

Fund,

Class

R6(a)

1,146,603

9,998,382

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

141,122

2,468,231

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

2,609,000

33,290,843

Total

Equity

Funds

(cost

$34,007,826)

45,757,456

Fixed

Income

Funds

47.2%

Nationwide

Bond

Portfolio,

Class

R6(a)

5,911,199

57,693,300

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

908,054

9,734,341

Total

Fixed

Income

Funds

(cost

$68,330,288)

67,427,641

Total

Investment

Companies

(cost

$110,083,281)

121,600,321

Exchange

Traded

Funds

4.8%

Equity

Fund

2.7%

iShares

Core

MSCI

Emerging

Markets

ETF

64,320

3,832,185

Exchange

Traded

Funds

Shares

Value

($)

Fixed

Income

Fund

2.1%

iShares

20+

Year

Treasury

Bond

ETF

20,399

2,904,614

Total

Exchange

Traded

Funds

(cost

$6,228,730)

6,736,799

Investment

Contract

10.2%

Principal

Amount

($)

Nationwide

Contract,

2.15%

^∞(a)(b)

14,642,756

14,642,756

Total

Investment

Contract

(cost

$14,642,756)

14,642,756

Total

Investments

(cost

$130,954,767)

—

100.1%

142,979,876

Liabilities

in

excess

of

other

assets

—

(0.1)%

(78,927)

NET

ASSETS

—

100.0%

$

142,900,949

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

(a)

Investment

in

affiliate.

(b)

The

Nationwide

Contract

is

issued

by

Nationwide

Life

Insurance

Company.

The

interest

rate

is

assessed

and

may

change

quarterly.

The

security

is

restricted

and

has

been

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

ETF

Exchange

Traded

Fund

Nationwide

Destination

Retirement

Fund

-

January

31,

2022

(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,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

6,736,799

$

–

$

–

$

6,736,799

Investment

Companies

121,600,321

–

–

121,600,321

Investment

Contract

–

–

14,642,756

14,642,756

Total

$

128,337,120

$

–

$

14,642,756

$

142,979,876

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

26

-

Statement

of

Investments

-

January

31,

2022

(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,

2021

$

16,883,076

$

16,883,076

Purchases

*

200,467

200,467

Sales

(2,440,787)

(2,440,787)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

January

31,

2022

$

14,642,756

$

14,642,756

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

Aggressive

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

1

Investment

Companies

88.4%

Shares

Value

($)

Alternative

Assets

1.9%

Nationwide

Amundi

Global

High

Yield

Fund,

Class

R6(a)

1,020,291

9,621,343

Nationwide

Emerging

Markets

Debt

Fund,

Class

R6(a)

1,013,859

9,256,531

Total

Alternative

Assets

(cost

$19,514,058)

18,877,874

Equity

Funds

84.2%

Nationwide

GQG

U.S.

Quality

Equity

Fund,

Class

R6(a)

1,935,177

22,873,794

Nationwide

International

Index

Fund,

Class

R6(a)

23,251,747

202,755,230

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

3,588,291

37,892,354

Nationwide

Loomis

All

Cap

Growth

Fund,

Class

R6(a)

1,223,076

19,899,452

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

6,798,796

118,910,940

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

36,267,578

462,774,292

Total

Equity

Funds

(cost

$714,298,599)

865,106,062

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

2.3%

Nationwide

Bond

Index

Fund,

Class

R6(a)

478,459

5,234,342

Nationwide

Bond

Portfolio,

Class

R6(a)

897,386

8,758,485

Nationwide

Core

Plus

Bond

Fund,

Class

R6(a)

814

8,319

Nationwide

Loomis

Core

Bond

Fund,

Class

R6(a)

869,286

9,414,370

Total

Fixed

Income

Funds

(cost

$23,801,478)

23,415,516

Total

Investment

Companies

(cost

$757,614,135)

907,399,452

Exchange

Traded

Funds

11.7%

Equity

Funds

11.7%

iShares

Core

MSCI

Emerging

Markets

ETF

1,229,506

73,253,967

iShares

Core

S&P

Small-Cap

ETF

195,146

20,734,262

Nationwide

Risk-Based

International

Equity

ETF(a)

474,590

12,500,701

Nationwide

Risk-Based

US

Equity

ETF(a)

357,330

13,880,091

Total

Exchange

Traded

Funds

(cost

$113,932,620)

120,369,021

Total

Investments

(cost

$871,546,755)

—

100.1%

1,027,768,473

Liabilities

in

excess

of

other

assets

—

(0.1)%

(638,782)

NET

ASSETS

—

100.0%

$

1,027,129,691

(a)

Investment

in

affiliate.

ETF

Exchange

Traded

Fund

2

-

Statement

of

Investments

-

January

31,

2022

(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,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

120,369,021

$

–

$

–

$

120,369,021

Investment

Companies

907,399,452

–

–

907,399,452

Total

$

1,027,768,473

$

–

$

–

$

1,027,768,473

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

Conservative

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

3

Investment

Companies

73.7%

Shares

Value

($)

Alternative

Assets

5.9%

Nationwide

Amundi

Global

High

Yield

Fund,

Class

R6(a)

1,217,293

11,479,076

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

1,661,285

17,244,142

Nationwide

Emerging

Markets

Debt

Fund,

Class

R6(a)

604,975

5,523,426

Total

Alternative

Assets

(cost

$34,295,658)

34,246,644

Equity

Funds

20.6%

Nationwide

International

Index

Fund,

Class

R6(a)

2,664,749

23,236,608

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

241,113

2,546,156

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

633,751

11,084,304

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

6,467,492

82,525,192

Total

Equity

Funds

(cost

$89,546,997)

119,392,260

Fixed

Income

Funds

47.2%

Nationwide

Bond

Index

Fund,

Class

R6(a)

4,809,437

52,615,246

Nationwide

Bond

Portfolio,

Class

R6(a)

7,150,955

69,793,326

Nationwide

Core

Plus

Bond

Fund,

Class

R6(a)

3,837,459

39,218,830

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

2,732,094

29,288,052

Nationwide

Loomis

Core

Bond

Fund,

Class

R6(a)

1,036,846

11,229,047

Nationwide

Loomis

Short

Term

Bond

Fund,

Class

R6(a)

7,137,208

72,442,662

Total

Fixed

Income

Funds

(cost

$271,722,904)

274,587,163

Total

Investment

Companies

(cost

$395,565,559)

428,226,067

Exchange

Traded

Funds

10.7%

Equity

Funds

3.1%

iShares

Core

MSCI

Emerging

Markets

ETF

159,423

9,498,422

iShares

Core

S&P

Small-Cap

ETF

13,642

1,449,462

Nationwide

Risk-Based

International

Equity

ETF(a)

129,525

3,411,689

Nationwide

Risk-Based

US

Equity

ETF(a)

97,511

3,787,708

Total

Equity

Funds

(cost

$16,941,974)

18,147,281

Exchange

Traded

Funds

Shares

Value

($)

Fixed

Income

Funds

7.6%

iShares

20+

Year

Treasury

Bond

ETF(b)

179,286

25,528,533

iShares

7-10

Year

Treasury

Bond

ETF(b)

164,333

18,498,966

Total

Fixed

Income

Funds

(cost

$44,022,715)

44,027,499

Total

Exchange

Traded

Funds

(cost

$60,964,689)

62,174,780

Investment

Contract

15.7%

Principal

Amount

($)

Nationwide

Contract,

2.15%

^∞(a)(c)

91,480,400

91,480,400

Total

Investment

Contract

(cost

$91,480,400)

91,480,400

Short-Term

Investment

4.7%

Shares

Money

Market

Fund

4.7%

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,

0.01%

(d)(e)

27,561,040

27,561,040

Total

Short-Term

Investment

(cost

$27,561,040)

27,561,040

Total

Investments

(cost

$575,571,688)

—

104.8%

609,442,287

Liabilities

in

excess

of

other

assets

—

(4.8)%

(27,992,443)

NET

ASSETS

—

100.0%

$

581,449,844

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2022.

The

total

value

of

securities

on

loan

as

of

January

31,

2022

was

$39,061,437,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

with

a

total

value

of

$27,561,040

and

by

$12,796,358

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

3.38%,

and

maturity

dates

ranging

from

2/10/2022

–

2/15/2051;

a

total

value

of

$40,357,398.

(c)

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.

(d)

Represents

7-day

effective

yield

as

of

January

31,

2022.

(e)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2022

was

$27,561,040.

ETF

Exchange

Traded

Fund

4

-

Statement

of

Investments

-

January

31,

2022

(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,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

62,174,780

$

–

$

–

$

62,174,780

Investment

Companies

428,226,067

–

–

428,226,067

Investment

Contract

–

–

91,480,400

91,480,400

Short-Term

Investment

27,561,040

–

–

27,561,040

Total

$

517,961,887

$

–

$

91,480,400

$

609,442,287

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

Nationwide

Investor

Destinations

Conservative

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

5

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

The

following

table

represents

the

Fund’s

Level

3

financial

instrument.

The

significant

unobservable

inputs

used

in

the

fair

value

measurement

of

the

Fund’s

investment

in

the

Nationwide

Contract

include

interest

rate

and

daily

transactions

value.

Significant

change

in

any

of

these

inputs

would

significantly

change

the

fair

value

measure

of

the

Nationwide

Contract.

The

interest

rate

and

daily

transactions

value

results

in

stable

valuation

of

the

Nationwide

Contract.

Investment

Contract

Total

Balance

as

of

October

31,

2021

$

93,407,331

$

93,407,331

Purchases

*

2,285,896

2,285,896

Sales

(4,212,827)

(4,212,827)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

January

31,

2022

$

91,480,400

$

91,480,400

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.

6

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Investor

Destinations

Moderate

Fund

Investment

Companies

82.9%

Shares

Value

($)

Alternative

Assets

6.1%

Nationwide

Amundi

Global

High

Yield

Fund,

Class

R6(a)

3,502,631

33,029,814

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

1,593,226

16,537,690

Nationwide

Emerging

Markets

Debt

Fund,

Class

R6(a)

2,320,130

21,182,783

Total

Alternative

Assets

(cost

$72,534,807)

70,750,287

Equity

Funds

56.3%

Nationwide

GQG

U.S.

Quality

Equity

Fund,

Class

R6(a)

1,055,132

12,471,655

Nationwide

International

Index

Fund,

Class

R6(a)

13,871,620

120,960,522

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

1,902,846

20,094,054

Nationwide

Loomis

All

Cap

Growth

Fund,

Class

R6(a)

647,774

10,539,290

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

3,126,621

54,684,608

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

33,813,273

431,457,365

Total

Equity

Funds

(cost

$518,408,997)

650,207,494

Fixed

Income

Funds

20.5%

Nationwide

Bond

Index

Fund,

Class

R6(a)

3,532,897

38,649,890

Nationwide

Bond

Portfolio,

Class

R6(a)

5,879,781

57,386,658

Nationwide

Core

Plus

Bond

Fund,

Class

R6(a)

3,156,566

32,260,105

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

1,048,693

11,241,985

Nationwide

Loomis

Core

Bond

Fund,

Class

R6(a)

4,972,005

53,846,817

Nationwide

Loomis

Short

Term

Bond

Fund,

Class

R6(a)

4,211,246

42,744,144

Total

Fixed

Income

Funds

(cost

$236,419,924)

236,129,599

Total

Investment

Companies

(cost

$827,363,728)

957,087,380

Exchange

Traded

Funds

10.5%

Equity

Funds

8.0%

iShares

Core

MSCI

Emerging

Markets

ETF

757,434

45,127,918

iShares

Core

S&P

Small-Cap

ETF(b)

273,938

29,105,912

Nationwide

Risk-Based

International

Equity

ETF(a)

322,989

8,507,530

Exchange

Traded

Funds

Shares

Value

($)

Nationwide

Risk-Based

US

Equity

ETF(a)

243,147

9,444,778

Total

Equity

Funds

(cost

$88,999,115)

92,186,138

Fixed

Income

Funds

2.5%

iShares

20+

Year

Treasury

Bond

ETF(b)

126,869

18,064,877

iShares

7-10

Year

Treasury

Bond

ETF(b)

103,623

11,664,841

Total

Fixed

Income

Funds

(cost

$29,545,788)

29,729,718

Total

Exchange

Traded

Funds

(cost

$118,544,903)

121,915,856

Investment

Contract

6.6%

Principal

Amount

($)

Nationwide

Contract,

2.15%

^∞(a)(c)

76,762,812

76,762,812

Total

Investment

Contract

(cost

$76,762,812)

76,762,812

Short-Term

Investment

2.8%

Shares

Money

Market

Fund

2.8%

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,

0.01%

(d)(e)

32,163,797

32,163,797

Total

Short-Term

Investment

(cost

$32,163,797)

32,163,797

Total

Investments

(cost

$1,054,835,240)

—

102.8%

1,187,929,845

Liabilities

in

excess

of

other

assets

—

(2.8)%

(32,867,605)

NET

ASSETS

—

100.0%

$

1,155,062,240

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2022.

The

total

value

of

securities

on

loan

as

of

January

31,

2022

was

$31,687,858,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

with

a

value

of

$32,163,797.

(c)

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.

(d)

Represents

7-day

effective

yield

as

of

January

31,

2022.

(e)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2022

was

$32,163,797.

ETF

Exchange

Traded

Fund

Nationwide

Investor

Destinations

Moderate

Fund

-

January

31,

2022

(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,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

121,915,856

$

–

$

–

$

121,915,856

Investment

Companies

957,087,380

–

–

957,087,380

Investment

Contract

–

–

76,762,812

76,762,812

Short-Term

Investment

32,163,797

–

–

32,163,797

Total

$

1,111,167,033

$

–

$

76,762,812

$

1,187,929,845

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

8

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Investor

Destinations

Moderate

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,

2021

$

79,270,126

$

79,270,126

Purchases

*

601,551

601,551

Sales

(3,108,865)

(3,108,865)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

January

31,

2022

$

76,762,812

$

76,762,812

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

Moderately

Aggressive

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

9

Investment

Companies

89.3%

Shares

Value

($)

Alternative

Assets

6.1%

Nationwide

Amundi

Global

High

Yield

Fund,

Class

R6(a)

4,536,068

42,775,119

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

2,063,690

21,421,107

Nationwide

Emerging

Markets

Debt

Fund,

Class

R6(a)

3,004,652

27,432,473

Total

Alternative

Assets

(cost

$93,477,014)

91,628,699

Equity

Funds

71.7%

Nationwide

GQG

U.S.

Quality

Equity

Fund,

Class

R6(a)

2,151,995

25,436,580

Nationwide

International

Index

Fund,

Class

R6(a)

24,561,214

214,173,786

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

4,519,776

47,728,836

Nationwide

Loomis

All

Cap

Growth

Fund,

Class

R6(a)

1,348,153

21,934,447

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

6,631,597

115,986,635

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

51,451,733

656,524,112

Total

Equity

Funds

(cost

$884,122,952)

1,081,784,396

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

11.5%

Nationwide

Bond

Index

Fund,

Class

R6(a)

3,272,795

35,804,375

Nationwide

Bond

Portfolio,

Class

R6(a)

5,538,630

54,057,027

Nationwide

Core

Plus

Bond

Fund,

Class

R6(a)

4,086,333

41,762,321

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

1,358,512

14,563,249

Nationwide

Loomis

Core

Bond

Fund,

Class

R6(a)

2,576,444

27,902,893

Total

Fixed

Income

Funds

(cost

$174,474,438)

174,089,865

Total

Investment

Companies

(cost

$1,152,074,404)

1,347,502,960

Exchange

Traded

Funds

10.8%

Equity

Funds

10.8%

iShares

Core

MSCI

Emerging

Markets

ETF

1,695,867

101,039,756

iShares

Core

S&P

Small-Cap

ETF

287,193

30,514,256

Nationwide

Risk-Based

International

Equity

ETF(a)

559,014

14,724,429

Nationwide

Risk-Based

US

Equity

ETF(a)

420,877

16,348,504

Total

Exchange

Traded

Funds

(cost

$152,859,431)

162,626,945

Total

Investments

(cost

$1,304,933,835)

—

100.1%

1,510,129,905

Liabilities

in

excess

of

other

assets

—

(0.1)%

(943,289)

NET

ASSETS

—

100.0%

$

1,509,186,616

(a)

Investment

in

affiliate.

ETF

Exchange

Traded

Fund

10

-

Statement

of

Investments

-

January

31,

2022

(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,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

162,626,945

$

–

$

–

$

162,626,945

Investment

Companies

1,347,502,960

–

–

1,347,502,960

Total

$

1,510,129,905

$

–

$

–

$

1,510,129,905

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

Conservative

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

11

Investment

Companies

79.1%

Shares

Value

($)

Alternative

Assets

5.3%

Nationwide

Amundi

Global

High

Yield

Fund,

Class

R6(a)

1,260,688

11,888,286

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

573,664

5,954,634

Nationwide

Emerging

Markets

Debt

Fund,

Class

R6(a)

417,492

3,811,699

Total

Alternative

Assets

(cost

$22,035,709)

21,654,619

Equity

Funds

38.6%

Nationwide

International

Index

Fund,

Class

R6(a)

3,445,580

30,045,455

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

332,102

3,506,992

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

955,792

16,716,800

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

8,376,077

106,878,747

Total

Equity

Funds

(cost

$121,394,003)

157,147,994

Fixed

Income

Funds

35.2%

Nationwide

Bond

Index

Fund,

Class

R6(a)

2,644,032

28,925,713

Nationwide

Bond

Portfolio,

Class

R6(a)

3,926,155

38,319,269

Nationwide

Core

Plus

Bond

Fund,

Class

R6(a)

1,893,114

19,347,628

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

1,132,132

12,136,450

Nationwide

Loomis

Core

Bond

Fund,

Class

R6(a)

1,432,059

15,509,201

Nationwide

Loomis

Short

Term

Bond

Fund,

Class

R6(a)

2,844,109

28,867,708

Total

Fixed

Income

Funds

(cost

$142,315,279)

143,105,969

Total

Investment

Companies

(cost

$285,744,991)

321,908,582

Exchange

Traded

Funds

9.8%

Equity

Funds

5.7%

iShares

Core

MSCI

Emerging

Markets

ETF

194,019

11,559,652

iShares

Core

S&P

Small-Cap

ETF

47,821

5,080,981

Nationwide

Risk-Based

International

Equity

ETF(a)

113,408

2,987,167

Nationwide

Risk-Based

US

Equity

ETF(a)

85,259

3,311,792

Total

Equity

Funds

(cost

$21,595,620)

22,939,592

Fixed

Income

Funds

4.1%

iShares

20+

Year

Treasury

Bond

ETF(b)

60,115

8,559,775

Exchange

Traded

Funds

Shares

Value

($)

iShares

7-10

Year

Treasury

Bond

ETF(b)

73,541

8,278,511

Total

Fixed

Income

Funds

(cost

$16,979,157)

16,838,286

Total

Exchange

Traded

Funds

(cost

$38,574,777)

39,777,878

Investment

Contract

11.2%

Principal

Amount

($)

Nationwide

Contract,

2.15%

^∞(a)(c)

45,421,888

45,421,888

Total

Investment

Contract

(cost

$45,421,888)

45,421,888

Short-Term

Investment

3.0%

Shares

Money

Market

Fund

3.0%

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,

0.01%

(d)(e)

12,210,975

12,210,975

Total

Short-Term

Investment

(cost

$12,210,975)

12,210,975

Total

Investments

(cost

$381,952,631)

—

103.1%

419,319,323

Liabilities

in

excess

of

other

assets

—

(3.1)%

(12,629,916)

NET

ASSETS

—

100.0%

$

406,689,407

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2022.

The

total

value

of

securities

on

loan

as

of

January

31,

2022

was

$11,939,953,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

with

a

value

of

$12,210,975.

(c)

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.

(d)

Represents

7-day

effective

yield

as

of

January

31,

2022.

(e)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2022

was

$12,210,975.

ETF

Exchange

Traded

Fund

12

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Investor

Destinations

Moderately

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,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

39,777,878

$

–

$

–

$

39,777,878

Investment

Companies

321,908,582

–

–

321,908,582

Investment

Contract

–

–

45,421,888

45,421,888

Short-Term

Investment

12,210,975

–

–

12,210,975

Total

$

373,897,435

$

–

$

45,421,888

$

419,319,323

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

Nationwide

Investor

Destinations

Moderately

Conservative

Fund

-

January

31,

2022

(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,

2021

$

46,744,045

$

46,744,045

Purchases

*

620,110

620,110

Sales

(1,942,267)

(1,942,267)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

January

31,

2022

$

45,421,888

$

45,421,888

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

Bond

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

1

Asset-Backed

Securities

21.7%

Principal

Amount

($)

Value

($)

Airlines

3.2%

Air

Canada

Pass-Through

Trust,

Series

2015-1,

Class

B,

3.88%,

3/15/2023(a)

2,189,141

2,195,358

American

Airlines

Pass-

Through

Trust,

Series

2021-1,

Class

B,

3.95%,

7/11/2030

1,050,000

1,026,355

British

Airways

Pass-Through

Trust

Series

2021-1,

Class

B,

3.90%,

9/15/2031(a)

2,365,000

2,322,222

Series

2021-1,

Class

A,

2.90%,

3/15/2035(a)

714,931

708,232

Continental

Airlines

Pass-

Through

Trust,

Series

2007-1,

Class

B,

6.90%,

4/19/2022

20,106

20,149

United

Airlines

Pass-Through

Trust

Series

2014-1,

Class

B,

4.75%,

4/11/2022

634,854

639,153

Series

2016-1,

Class

B,

3.65%,

1/7/2026

1,980,111

1,946,140

Series

2020-1,

Class

A,

5.88%,

10/15/2027

1,487,620

1,600,137

Series

2019-2,

Class

B,

3.50%,

5/1/2028

50,135

48,624

10,506,370

Home

Equity

0.6%

Long

Beach

Mortgage

Loan

Trust,

Series

2005-

WL2,

Class

M2,

0.84%,

8/25/2035(b)

761,569

767,697

Park

Place

Securities,

Inc.

Asset-Backed

Pass-

Through

Certificates,

Series

2005-WCH1,

Class

M4,

1.35%,

1/25/2036(b)

511,617

512,083

Soundview

Home

Loan

Trust,

Series

2006-WF2,

Class

M1,

0.44%,

12/25/2036(b)

715,669

714,209

Structured

Asset

Securities

Corp.

Mortgage

Pass-

Through

Certificates,

Series

2004-6XS,

Class

A6,

5.13%,

3/25/2034(c)

48

48

1,994,037

Other

17.9%

American

Homes

4

Rent

Trust

Series

2014-SFR3,

Class

A,

3.68%,

12/17/2036(a)

1,976,690

2,026,669

Series

2015-SFR2,

Class

A,

3.73%,

10/17/2052(a)

2,671,805

2,782,287

Apidos

CLO

XXII,

Series

2015-22A,

Class

A1R,

1.31%,

4/20/2031(a)(b)

1,000,000

1,000,152

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Apidos

CLO

XXXIV

Series

2020-34A,

Class

A1R,

1.37%,

1/20/2035(a)

(b)

1,050,000

1,051,619

Series

2020-34A,

Class

B1R,

1.87%,

1/20/2035(a)

(b)

500,000

500,677

Series

2020-34A,

Class

CR,

2.27%,

1/20/2035(a)(b)

550,000

550,314

Ares

LVI

CLO

Ltd.,

Series

2020-56A,

Class

AR,

1.42%,

10/25/2034(a)(b)

500,000

500,430

Bayview

Opportunity

Master

Fund

IVa

Trust,

Series

2017-SPL5,

Class

B2,

4.50%,

6/28/2057(a)(b)

1,348,100

1,368,077

Broad

River

Bsl

Funding

CLO

Ltd.

Series

2020-1A,

Class

AR,

1.42%,

7/20/2034(a)(b)

2,300,000

2,301,003

Series

2020-1A,

Class

BR,

1.95%,

7/20/2034(a)(b)

1,200,000

1,198,309

CARLYLE

US

CLO

Ltd.,

Series

2019-4A,

Class

BR,

0.00%,

4/15/2035(a)(b)

350,000

350,000

Cedar

Funding

II

CLO

Ltd.,

Series

2013-1A,

Class

BRR,

1.60%,

4/20/2034(a)(b)

3,000,000

3,001,086

Citigroup

Mortgage

Loan

Trust,

Inc.,

Series

2018-

RP1,

Class

A1,

3.00%,

9/25/2064(a)(b)

250,560

253,617

CVS

Pass-Through

Trust,

6.94%,

1/10/2030

1,359,060

1,579,938

Dryden

77

CLO

Ltd.

Series

2020-77A,

Class

AR,

1.28%,

5/20/2034(a)(b)

2,300,000

2,302,905

Series

2020-77A,

Class

BR,

1.81%,

5/20/2034(a)(b)

1,200,000

1,200,929

Dryden

86

CLO

Ltd.

Series

2020-86A,

Class

A1R,

1.34%,

7/17/2034(a)

(b)

1,650,000

1,649,092

Series

2020-86A,

Class

BR,

1.94%,

7/17/2034(a)(b)

850,000

851,350

FCI

Funding

LLC,

Series

2021-1A,

Class

A,

1.13%,

4/15/2033(a)

602,437

597,260

Golden

Bear

LLC,

Series

2016-1A,

Class

A,

3.75%,

9/20/2047(a)

1,069,986

1,069,925

Goodgreen

,

Series

2019-

2A,

Class

A,

2.76%,

4/15/2055(a)

1,219,240

1,207,824

Goodgreen

Trust,

Series

2017-1A,

Class

A,

3.74%,

10/15/2052(a)

117,725

120,246

2

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Bond

Fund

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

HERO

Funding

Trust

Series

2015-2A,

Class

A,

3.99%,

9/20/2040(a)

142,809

147,886

Series

2015-1A,

Class

A,

3.84%,

9/21/2040(a)

596,786

616,577

Series

2015-3A,

Class

A,

4.28%,

9/20/2041(a)

567,969

592,413

Invesco

CLO

Ltd.

Series

2021-2A,

Class

A,

1.36%,

7/15/2034(a)(b)

2,600,000

2,594,257

Series

2021-2A,

Class

B,

1.84%,

7/15/2034(a)(b)

900,000

896,821

Invitation

Homes

Trust,

Series

2018-SFR3,

Class

A,

1.11%,

7/17/2037(a)(b)

450,794

450,560

Magnetite

XXVIII

Ltd.,

Series

2020-28A,

Class

AR,

1.36%,

1/20/2035(a)(b)

2,000,000

2,005,760

Mill

City

Mortgage

Loan

Trust,

Series

2018-4,

Class

A1B,

3.50%,

4/25/2066(a)(b)

1,459,843

1,484,425

Neuberger

Berman

Loan

Advisers

CLO

32

Ltd.,

Series

2019-32A,

Class

AR,

1.24%,

1/20/2032(a)(b)

500,000

500,378

Neuberger

Berman

Loan

Advisers

CLO

38

Ltd.,

Series

2020-38A,

Class

AR,

1.39%,

10/20/2035(a)(b)

1,750,000

1,750,893

NRZ

Advance

Receivables

Trust

Series

2020-T3,

Class

AT3,

1.32%,

10/15/2052(a)

720,000

719,462

Series

2020-T3,

Class

BT3,

1.57%,

10/15/2052(a)

120,000

119,818

Series

2020-T2,

Class

AT2,

1.48%,

9/15/2053(a)

1,700,000

1,689,330

Series

2020-T2,

Class

BT2,

1.72%,

9/15/2053(a)

200,000

198,404

Renew,

Series

2018-1,

Class

A,

3.95%,

9/20/2053(a)

1,111,576

1,140,454

RR

1

LLC

Series

2017-1A,

Class

A1AB,

1.39%,

7/15/2035(a)

(b)

2,500,000

2,501,447

Series

2017-1A,

Class

A2B,

1.84%,

7/15/2035(a)(b)

1,000,000

1,000,866

Towd

Point

Mortgage

Trust

Series

2019-1,

Class

A1,

3.67%,

3/25/2058(a)(b)

1,395,699

1,435,909

Series

2018-6,

Class

A1,

3.75%,

3/25/2058(a)(b)

1,187,209

1,217,365

Series

2019-4,

Class

A2,

3.25%,

10/25/2059(a)(b)

590,000

606,573

Tricon

American

Homes

Trust

Series

2017-SFR2,

Class

A,

2.93%,

1/17/2036(a)

3,411,495

3,431,479

Series

2019-SFR1,

Class

A,

2.75%,

3/17/2038(a)

2,770,301

2,786,374

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Wellman

Park

CLO

Ltd.

Series

2021-1A,

Class

A,

1.34%,

7/15/2034(a)(b)

2,600,000

2,600,751

Series

2021-1A,

Class

B,

1.84%,

7/15/2034(a)(b)

900,000

900,780

58,852,691

Total

Asset-Backed

Securities

(cost

$71,650,095)

71,353,098

Collateralized

Mortgage

Obligations

5.1%

Alternative

Loan

Trust,

Series

2007-2CB,

Class

2A14,

5.75%,

3/25/2037

196,227

139,000

American

Home

Mortgage

Investment

Trust,

Series

2004-3,

Class

6A1,

5.32%,

10/25/2034(c)

6,690

6,891

Angel

Oak

Mortgage

Trust,

Series

2020-1,

Class

A1,

2.47%,

12/25/2059(a)(b)

626,164

625,078

Chase

Mortgage

Finance

Corp.,

Series

2016-

SH2,

Class

M2,

3.75%,

12/25/2045(a)(b)

3,460,063

3,476,001

CHL

Mortgage

Pass-Through

Trust,

Series

2005-15,

Class

A7,

5.50%,

8/25/2035

40,947

28,791

Citigroup

Mortgage

Loan

Trust,

Series

2015-

RP2,

Class

A1,

3.50%,

1/25/2053(a)(b)

276,113

280,917

FNMA

REMICS

Series

2003-33,

Class

LB,

5.50%,

5/25/2023

48,290

49,061

Series

2009-42,

Class

AP,

4.50%,

3/25/2039

19,753

20,126

JP

Morgan

Mortgage

Trust

Series

2021-13,

Class

A15,

2.50%,

4/25/2052(a)(b)

1,342,001

1,299,854

Series

2021-15,

Class

A15,

2.50%,

6/25/2052(a)(b)

1,871,820

1,810,694

MASTR

Alternative

Loan

Trust,

Series

2005-6,

Class

1A5,

5.50%,

12/25/2035

149,899

131,898

Mill

City

Mortgage

Loan

Trust,

Series

2019-GS1,

Class

A1,

2.75%,

7/25/2059(a)(b)

902,524

912,570

New

Residential

Mortgage

Loan

Trust

Series

2016-3A,

Class

A1,

3.75%,

9/25/2056(a)(b)

808,438

842,080

Series

2019-1A,

Class

A1,

3.98%,

9/25/2057(a)(b)

871,010

892,002

Series

2019-2A,

Class

A1,

4.25%,

12/25/2057(a)(b)

251,254

259,783

Nationwide

Bond

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

3

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

Series

2018-5A,

Class

A1,

4.75%,

12/25/2057(a)(b)

1,368,246

1,411,757

Series

2018-2A,

Class

A1,

4.50%,

2/25/2058(a)(b)

788,266

815,915

Series

2018-3A,

Class

A1,

4.50%,

5/25/2058(a)(b)

1,451,237

1,529,906

NYMT

Loan

Trust

Series

2022-CP1,

Class

A2,

3.01%,

7/25/2061(a)

688,000

684,763

Series

2022-CP1,

Class

M1,

3.21%,

7/25/2061(a)

688,000

684,873

Series

2022-CP1,

Class

M2,

3.51%,

7/25/2061(a)

465,000

462,901

Sequoia

Mortgage

Trust,

Series

2017-CH1,

Class

A2,

3.50%,

8/25/2047(a)(b)

79,147

79,376

Visio

Trust,

Series

2019-

2,

Class

A2,

2.92%,

11/25/2054(a)(b)

388,670

388,475

Total

Collateralized

Mortgage

Obligations

(cost

$16,899,116)

16,832,712

Commercial

Mortgage-Backed

Securities

3.3%

AREIT

Trust,

Series

2022-

CRE6,

Class

A,

1.35%,

11/17/2024(a)(b)

600,000

600,000

Aventura

Mall

Trust,

Series

2018-AVM,

Class

A,

4.11%,

7/5/2040(a)(b)

700,000

758,748

BBCMS

Mortgage

Trust,

Series

2016-ETC,

Class

C,

3.39%,

8/14/2036(a)

6,300,000

5,979,670

Benchmark

Mortgage

Trust

Series

2019-B11,

Class

AS,

3.78%,

5/15/2052

730,000

783,601

Series

2019-B10,

Class

AM,

3.98%,

3/15/2062

700,000

756,067

BXP

Trust,

Series

2017-

GM,

Class

B,

3.42%,

6/13/2039(a)(b)

1,300,000

1,346,214

Natixis

Commercial

Mortgage

Securities

Trust,

Series

2019-LVL,

Class

A,

3.89%,

8/15/2038(a)

400,000

425,218

Total

Commercial

Mortgage-Backed

Securities

(cost

$11,037,409)

10,649,518

Corporate

Bonds

38.7%

Aerospace

&

Defense

1.6%

Boeing

Co.

(The)

,

2.95%,

2/1/2030

1,225,000

1,199,027

3.25%,

2/1/2035

500,000

477,887

Huntington

Ingalls

Industries,

Inc.

,

4.20%,

5/1/2030

1,230,000

1,338,015

Corporate

Bonds

Principal

Amount

($)

Value

($)

Aerospace

&

Defense

Moog,

Inc.

,

4.25%,

12/15/2027(a)

215,000

215,763

Raytheon

Technologies

Corp.

,

4.13%,

11/16/2028

1,900,000

2,073,499

5,304,191

Airlines

0.1%

Air

Canada

,

3.88%,

8/15/2026(a)

175,000

170,693

United

Airlines,

Inc.

,

4.63%,

4/15/2029(a)

75,000

74,210

244,903

Auto

Components

0.0%

†

Allison

Transmission,

Inc.

,

4.75%,

10/1/2027(a)

110,000

111,650

Automobiles

0.8%

Hyundai

Capital

America

,

2.38%,

10/15/2027(a)

1,110,000

1,084,555

1.80%,

1/10/2028(a)

140,000

132,275

6.38%,

4/8/2030(a)

460,000

560,669

Nissan

Motor

Co.

Ltd.

,

4.81%,

9/17/2030(a)

700,000

757,857

2,535,356

Banks

4.0%

Bank

of

America

Corp.

,

(ICE

LIBOR

USD

3

Month

+

1.21%),

3.97%,

2/7/2030(d)

1,990,000

2,130,246

(SOFR

+

1.32%),

2.69%,

4/22/2032(d)

1,000,000

979,996

(SOFR

+

1.88%),

2.83%,

10/24/2051(d)

110,000

100,486

Bank

of

Montreal

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.40%),

3.09%,

1/10/2037(d)

1,250,000

1,230,593

Citigroup,

Inc.

,

4.45%,

9/29/2027

2,000,000

2,175,076

Citizens

Financial

Group,

Inc.

,

2.64%,

9/30/2032

1,350,000

1,286,066

Cooperatieve

Rabobank

UA

,

5.75%,

12/1/2043

600,000

790,926

HSBC

Holdings

plc

,

4.38%,

11/23/2026

1,000,000

1,067,044

JPMorgan

Chase

&

Co.

,

Series

I,

(ICE

LIBOR

USD

3

Month

+

3.47%),

3.77%,

4/30/2022(d)(e)

488,000

490,417

(SOFR

+

1.51%),

2.53%,

11/19/2041(d)

650,000

579,783

4.95%,

6/1/2045

950,000

1,152,781

Westpac

Banking

Corp.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.53%),

3.02%,

11/18/2036(d)

1,250,000

1,195,092

13,178,506

4

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Beverages

0.9%

Anheuser-Busch

Cos.

LLC

,

3.65%,

2/1/2026

600,000

635,245

4.90%,

2/1/2046

1,000,000

1,183,100

Anheuser-Busch

InBev

Worldwide,

Inc.

,

4.50%,

6/1/2050

105,000

121,106

Bacardi

Ltd.

,

5.30%,

5/15/2048(a)

810,000

994,800

2,934,251

Biotechnology

0.2%

AbbVie,

Inc.

,

3.20%,

11/21/2029

195,000

200,823

4.25%,

11/21/2049

400,000

445,240

646,063

Building

Products

0.6%

Carrier

Global

Corp.

,

2.72%,

2/15/2030

1,075,000

1,061,870

2.70%,

2/15/2031

425,000

417,586

Johnson

Controls

International

plc

,

4.63%,

7/2/2044(c)

294,000

342,618

1,822,074

Capital

Markets

2.0%

Credit

Suisse

Group

AG

,

(SOFR

+

3.73%),

4.19%,

4/1/2031(a)(d)

250,000

265,815

(SOFR

+

1.73%),

3.09%,

5/14/2032(a)(d)

975,000

946,921

FMR

LLC

,

4.95%,

2/1/2033(a)

925,000

1,088,277

Moody's

Corp.

,

3.25%,

5/20/2050

710,000

691,722

MSCI,

Inc.

,

3.88%,

2/15/2031(a)

220,000

219,752

Nuveen

Finance

LLC

,

4.13%,

11/1/2024(a)

3,230,000

3,405,894

6,618,381

Chemicals

0.4%

CF

Industries,

Inc.

,

5.15%,

3/15/2034

215,000

247,777

Cytec

Industries,

Inc.

,

3.95%,

5/1/2025

600,000

628,487

Mosaic

Co.

(The)

,

5.63%,

11/15/2043

350,000

440,548

1,316,812

Commercial

Services

&

Supplies

0.1%

Clean

Harbors,

Inc.

,

5.13%,

7/15/2029(a)

215,000

224,180

Stericycle,

Inc.

,

3.88%,

1/15/2029(a)

220,000

209,000

433,180

Communications

Equipment

0.3%

Motorola

Solutions,

Inc.

,

5.50%,

9/1/2044

610,000

744,986

Corporate

Bonds

Principal

Amount

($)

Value

($)

Communications

Equipment

Viasat

,

Inc.

,

5.63%,

4/15/2027(a)

220,000

223,872

968,858

Consumer

Finance

0.1%

Ford

Motor

Credit

Co.

LLC

,

4.00%,

11/13/2030

215,000

216,122

Containers

&

Packaging

0.9%

Berry

Global,

Inc.

,

4.88%,

7/15/2026(a)

700,000

716,625

5.63%,

7/15/2027(a)

215,000

221,332

Crown

Americas

LLC

,

4.25%,

9/30/2026

110,000

113,438

Graphic

Packaging

International

LLC

,

3.75%,

2/1/2030(a)

175,000

168,000

Sealed

Air

Corp.

,

4.00%,

12/1/2027(a)

215,000

215,537

Silgan

Holdings,

Inc.

,

1.40%,

4/1/2026(a)

1,250,000

1,193,750

4.13%,

2/1/2028

220,000

220,594

2,849,276

Diversified

Consumer

Services

0.1%

Service

Corp.

International

,

3.38%,

8/15/2030

290,000

270,731

Diversified

Telecommunication

Services

1.5%

AT&T,

Inc.

,

2.55%,

12/1/2033

174,000

163,549

3.65%,

6/1/2051

1,795,000

1,754,682

CCO

Holdings

LLC

,

4.50%,

5/1/2032

290,000

279,488

Level

3

Financing,

Inc.

,

4.63%,

9/15/2027(a)

145,000

144,290

Verizon

Communications,

Inc.

,

2.55%,

3/21/2031

2,500,000

2,441,230

4,783,239

Electric

Utilities

4.8%

Alliant

Energy

Finance

LLC

,

4.25%,

6/15/2028(a)

2,000,000

2,170,407

Appalachian

Power

Co.

,

Series

Z,

3.70%,

5/1/2050

190,000

195,167

Entergy

Arkansas

LLC

,

4.00%,

6/1/2028

2,650,000

2,871,260

Evergy

,

Inc.

,

2.90%,

9/15/2029

1,020,000

1,020,138

Indiana

Michigan

Power

Co.

,

3.85%,

5/15/2028

1,250,000

1,345,276

Jersey

Central

Power

&

Light

Co.

,

4.30%,

1/15/2026(a)

500,000

534,220

2.75%,

3/1/2032(a)

170,000

167,531

Metropolitan

Edison

Co.

,

4.30%,

1/15/2029(a)

1,000,000

1,100,096

NextEra

Energy

Operating

Partners

LP

,

4.50%,

9/15/2027(a)

215,000

217,688

Nationwide

Bond

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

5

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

NRG

Energy,

Inc.

,

3.63%,

2/15/2031(a)

215,000

199,413

Public

Service

Co.

of

Colorado

,

2.90%,

5/15/2025

3,000,000

3,079,363

Vistra

Operations

Co.

LLC

,

3.70%,

1/30/2027(a)

1,500,000

1,521,445

5.63%,

2/15/2027(a)

230,000

234,607

4.30%,

7/15/2029(a)

1,000,000

1,034,589

15,691,200

Electrical

Equipment

0.1%

Sensata

Technologies

BV

,

4.00%,

4/15/2029(a)

200,000

197,636

Electronic

Equipment,

Instruments

&

Components

0.4%

CDW

LLC

,

3.57%,

12/1/2031

1,250,000

1,244,313

Sensata

Technologies,

Inc.

,

3.75%,

2/15/2031(a)

215,000

202,031

1,446,344

Entertainment

0.2%

Walt

Disney

Co.

(The)

,

2.65%,

1/13/2031

800,000

796,156

Equity

Real

Estate

Investment

Trusts

(REITs)

4.4%

Corporate

Office

Properties

LP

,

2.25%,

3/15/2026

1,000,000

995,978

2.75%,

4/15/2031

1,250,000

1,202,234

Crown

Castle

International

Corp.

,

4.15%,

7/1/2050

430,000

454,341

Invitation

Homes

Operating

Partnership

LP

,

2.70%,

1/15/2034

1,475,000

1,382,183

Kite

Realty

Group

Trust

,

4.75%,

9/15/2030

439,000

476,831

LXP

Industrial

Trust

,

2.70%,

9/15/2030

1,300,000

1,256,879

Piedmont

Operating

Partnership

LP

,

3.40%,

6/1/2023

1,500,000

1,526,651

4.45%,

3/15/2024

2,300,000

2,396,703

2.75%,

4/1/2032

191,000

182,492

Sabra

Health

Care

LP

,

3.20%,

12/1/2031

1,325,000

1,257,485

Spirit

Realty

LP

,

2.10%,

3/15/2028

1,000,000

957,629

Sun

Communities

Operating

LP

,

2.30%,

11/1/2028

1,131,000

1,098,524

WP

Carey,

Inc.

,

2.45%,

2/1/2032

1,250,000

1,191,047

14,378,977

Food

&

Staples

Retailing

0.2%

CVS

Pass-Through

Trust

,

7.51%,

1/10/2032(a)

636,273

770,596

Corporate

Bonds

Principal

Amount

($)

Value

($)

Food

Products

1.1%

Cargill,

Inc.

,

3.25%,

5/23/2029(a)

1,775,000

1,868,138

Grupo

Bimbo

SAB

de

CV

,

4.00%,

9/6/2049(a)

150,000

154,962

Ingredion,

Inc.

,

3.90%,

6/1/2050

735,000

778,602

Kraft

Heinz

Foods

Co.

,

4.88%,

10/1/2049

650,000

738,056

Lamb

Weston

Holdings,

Inc.

,

4.88%,

5/15/2028(a)

220,000

228,800

3,768,558

Health

Care

Equipment

&

Supplies

0.2%

Boston

Scientific

Corp.

,

4.70%,

3/1/2049

700,000

826,646

Health

Care

Providers

&

Services

0.2%

CVS

Health

Corp.

,

4.25%,

4/1/2050

300,000

334,526

HCA,

Inc.

,

3.50%,

9/1/2030

215,000

214,009

548,535

Health

Care

Technology

0.1%

IQVIA,

Inc.

,

5.00%,

5/15/2027(a)

220,000

224,994

Hotels,

Restaurants

&

Leisure

0.2%

International

Game

Technology

plc

,

5.25%,

1/15/2029(a)

215,000

219,588

KFC

Holding

Co.

,

4.75%,

6/1/2027(a)

215,000

219,255

MGM

Resorts

International

,

5.50%,

4/15/2027

220,000

227,169

666,012

Household

Durables

0.1%

Newell

Brands,

Inc.

,

5.87%,

4/1/2036(c)

215,000

252,784

6.00%,

4/1/2046(c)

130,000

153,400

406,184

Independent

Power

and

Renewable

Electricity

Producers

0.1%

Calpine

Corp.

,

4.50%,

2/15/2028(a)

215,000

210,141

Industrial

Conglomerates

0.2%

GE

Capital

Funding

LLC

,

4.55%,

5/15/2032

600,000

678,803

Insurance

0.6%

MassMutual

Global

Funding

II

,

1.55%,

10/9/2030(a)

500,000

461,323

Metropolitan

Life

Global

Funding

I

,

3.45%,

12/18/2026(a)

1,375,000

1,453,742

1,915,065

6

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

IT

Services

0.2%

Global

Payments,

Inc.

,

4.15%,

8/15/2049

730,000

767,591

Life

Sciences

Tools

&

Services

0.1%

Charles

River

Laboratories

International,

Inc.

,

4.00%,

3/15/2031(a)

215,000

206,937

Machinery

0.4%

Amsted

Industries,

Inc.

,

4.63%,

5/15/2030(a)

220,000

218,900

Daimler

Trucks

Finance

North

America

LLC

,

2.50%,

12/14/2031(a)

1,250,000

1,192,672

1,411,572

Media

0.9%

Charter

Communications

Operating

LLC

,

5.75%,

4/1/2048

600,000

689,185

3.70%,

4/1/2051

250,000

221,153

Comcast

Corp.

,

2.94%,

11/1/2056(a)

1,358,000

1,200,624

CSC

Holdings

LLC

,

3.38%,

2/15/2031(a)

215,000

187,587

Discovery

Communications

LLC

,

5.30%,

5/15/2049

500,000

585,492

Sirius

XM

Radio,

Inc.

,

5.00%,

8/1/2027(a)

215,000

219,536

3,103,577

Multi-Utilities

1.5%

Black

Hills

Corp.

,

3.95%,

1/15/2026

1,750,000

1,837,488

3.05%,

10/15/2029

675,000

684,154

Dominion

Energy,

Inc.

,

Series

A,

4.60%,

3/15/2049

1,000,000

1,179,428

Southern

Co.

Gas

Capital

Corp.

,

3.88%,

11/15/2025

1,100,000

1,160,448

4,861,518

Oil,

Gas

&

Consumable

Fuels

3.2%

Aker

BP

ASA

,

3.75%,

1/15/2030(a)

550,000

565,295

Apache

Corp.

,

4.38%,

10/15/2028

220,000

227,625

BP

Capital

Markets

America,

Inc.

,

2.94%,

6/4/2051

500,000

446,622

Cheniere

Energy

Partners

LP

,

3.25%,

1/31/2032(a)

9,000

8,465

Continental

Resources,

Inc.

,

4.38%,

1/15/2028

215,000

226,756

5.75%,

1/15/2031(a)

350,000

398,968

2.88%,

4/1/2032(a)

836,000

786,969

DCP

Midstream

Operating

LP

,

5.38%,

7/15/2025

110,000

115,803

Enbridge

Energy

Partners

LP

,

7.38%,

10/15/2045

400,000

585,177

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Energy

Transfer

LP

,

5.50%,

6/1/2027

1,000,000

1,119,880

6.50%,

2/1/2042

400,000

488,773

Exxon

Mobil

Corp.

,

3.45%,

4/15/2051

725,000

750,482

Kinder

Morgan,

Inc.

,

5.05%,

2/15/2046

500,000

562,870

3.25%,

8/1/2050

115,000

102,868

Marathon

Oil

Corp.

,

6.80%,

3/15/2032

450,000

565,503

6.60%,

10/1/2037

300,000

387,581

NGPL

PipeCo

LLC

,

3.25%,

7/15/2031(a)

1,350,000

1,336,551

ONEOK,

Inc.

,

7.15%,

1/15/2051

500,000

689,570

Targa

Resources

Partners

LP

,

5.38%,

2/1/2027

215,000

220,384

Valero

Energy

Corp.

,

4.00%,

4/1/2029

190,000

200,852

4.90%,

3/15/2045

150,000

167,815

Valero

Energy

Partners

LP

,

4.50%,

3/15/2028

80,000

86,238

Williams

Cos.,

Inc.

(The)

,

5.75%,

6/24/2044

375,000

463,078

10,504,125

Pharmaceuticals

0.8%

Bristol-Myers

Squibb

Co.

,

4.25%,

10/26/2049

450,000

519,232

Catalent

Pharma

Solutions,

Inc.

,

3.13%,

2/15/2029(a)

145,000

135,575

Shire

Acquisitions

Investments

Ireland

DAC

,

3.20%,

9/23/2026

1,175,000

1,217,994

Takeda

Pharmaceutical

Co.

Ltd.

,

3.18%,

7/9/2050

520,000

479,115

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

3.15%,

10/1/2026

250,000

229,465

2,581,381

Road

&

Rail

1.5%

Ashtead

Capital,

Inc.

,

4.00%,

5/1/2028(a)

2,000,000

2,070,881

4.25%,

11/1/2029(a)

1,061,000

1,114,926

2.45%,

8/12/2031(a)

205,000

193,985

Burlington

Northern

Santa

Fe

LLC

,

3.00%,

4/1/2025

300,000

311,099

4.15%,

4/1/2045

1,000,000

1,130,287

4,821,178

Semiconductors

&

Semiconductor

Equipment

0.1%

Broadcom,

Inc.

,

2.60%,

2/15/2033(a)

500,000

461,556

Software

0.6%

Open

Text

Holdings,

Inc.

,

4.13%,

2/15/2030(a)

215,000

210,036

Nationwide

Bond

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

7

Corporate

Bonds

Principal

Amount

($)

Value

($)

Software

Oracle

Corp.

,

2.88%,

3/25/2031

500,000

482,574

3.60%,

4/1/2050

665,000

589,113

PTC,

Inc.

,

4.00%,

2/15/2028(a)

215,000

213,094

VMware,

Inc.

,

1.80%,

8/15/2028

675,000

639,427

2,134,244

Specialty

Retail

0.5%

Lowe's

Cos.,

Inc.

,

1.70%,

10/15/2030

1,750,000

1,604,127

Technology

Hardware,

Storage

&

Peripherals

0.3%

Digital

Equipment

Corp.

,

7.75%,

4/1/2023

825,000

862,904

Textiles,

Apparel

&

Luxury

Goods

0.1%

Hanesbrands,

Inc.

,

4.63%,

5/15/2024(a)

215,000

219,026

Thrifts

&

Mortgage

Finance

0.9%

BPCE

SA

,

5.70%,

10/22/2023(a)

1,500,000

1,594,827

(SOFR

+

1.73%),

3.12%,

10/19/2032(a)(d)

1,500,000

1,446,876

3,041,703

Tobacco

0.3%

BAT

Capital

Corp.

,

3.46%,

9/6/2029

1,010,000

1,019,851

Trading

Companies

&

Distributors

0.3%

GATX

Corp.

,

1.90%,

6/1/2031

1,000,000

916,706

United

Rentals

North

America,

Inc.

,

3.88%,

2/15/2031

215,000

209,356

1,126,062

Wireless

Telecommunication

Services

0.5%

T-Mobile

USA,

Inc.

,

2.88%,

2/15/2031

300,000

282,000

3.50%,

4/15/2031

285,000

278,026

3.30%,

2/15/2051

1,060,000

956,415

1,516,441

Total

Corporate

Bonds

(cost

$127,171,613)

127,003,233

Mortgage-Backed

Securities

14.7%

FHLMC

UMBS

Pool#

SB8088

,

1.50%,

2/1/2036

4,152,972

4,091,511

FNMA

Pool#

AM9070

,

3.77%,

8/1/2045

2,995,000

3,240,714

FNMA

UMBS

Pool

Pool#

CA4488

2.50%,

7/1/2034

1,633,431

1,672,942

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

FM1776

3.00%,

10/1/2034

526,532

547,482

Pool#

BC0180

4.00%,

1/1/2046

856,261

920,282

Pool#

BC9003

3.00%,

11/1/2046

124,928

129,927

Pool#

AS8483

3.00%,

12/1/2046

95,059

98,792

Pool#

MA2863

3.00%,

1/1/2047

1,013,155

1,046,387

Pool#

BM2003

4.00%,

10/1/2047

566,229

602,477

Pool#

CA2208

4.50%,

8/1/2048

2,100,914

2,247,544

Pool#

CA2469

4.00%,

10/1/2048

862,600

912,276

Pool#

BN0906

4.00%,

11/1/2048

1,202,098

1,282,123

Pool#

CA3866

3.50%,

7/1/2049

2,642,297

2,759,127

Pool#

BP5783

3.00%,

5/1/2050

6,473,736

6,635,820

Pool#

MA4210

2.50%,

12/1/2050

1,120,031

1,119,351

Pool#

MA4491

1.50%,

12/1/2051

1,496,319

1,416,942

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

2.00%,

2/25/2052

11,000,000

10,723,282

2.50%,

2/25/2052

9,000,000

8,984,531

Total

Mortgage-Backed

Securities

(cost

$48,646,387)

48,431,510

Municipal

Bonds

0.5%

California

0.2

%

Northern

California

Power

Agency,

RB,

Series

B,

7.31%,

6/1/2040

500,000

726,554

District

of

Columbia

0.3

%

Metropolitan

Washington

Airports

Authority,

RB,

Series

D,

7.46%,

10/1/2046

600,000

1,000,046

Total

Municipal

Bonds

(cost

$1,321,327)

1,726,600

Purchased

Options

0.1%

Number

of

Contracts

Call

Options

0.1%

Future

Interest

Rate

Options

0.1%

3

Month

Eurodollar

12/19/2022

at

USD

99.38,

American

Style,

Notional

Amount:

USD

60,000,000

Exchange

Traded

240

25,500

8

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Bond

Fund

Purchased

Options

Number

of

Contracts

Value

($)

Call

Options

Future

Interest

Rate

Options

U.S.

Treasury

30

Year

Bond

2/18/2022

at

USD

157.00,

American

Style,

Notional

Amount:

USD

18,000,000

Exchange

Traded

180

137,813

163,313

Total

Purchased

Options

(cost

$248,999)

163,313

U.S.

Treasury

Obligations

14.4%

Principal

Amount

($)

U.S.

Treasury

Notes

0.25%,

3/15/2024

1,000,000

979,570

0.38%,

4/15/2024

4,000,000

3,926,250

2.25%,

10/31/2024

3,000,000

3,073,477

2.75%,

2/28/2025

3,500,000

3,641,777

2.63%,

1/31/2026

(f)

4,000,000

4,167,500

1.25%,

3/31/2028

19,000,000

18,475,274

1.50%,

2/15/2030

13,300,000

13,055,820

Total

U.S.

Treasury

Obligations

(cost

$48,642,183)

47,319,668

Total

Investments

(cost

$325,617,129)

—

98.5%

323,479,652

Other

assets

in

excess

of

liabilities

—

1.5%

5,076,682

NET

ASSETS

—

100.0%

$

328,556,334

†

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

as

of

January

31,

2022

was

$128,785,565

which

represents

39.20%

of

net

assets.

(b)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

January

31,

2022.

(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

as

of

January

31,

2022.

(d)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

January

31,

2022.

(e)

Perpetual

Bond

Security.

The

rate

reflected

in

the

Statement

of

Investments

is

the

rate

in

effect

on

January

31,

2022.

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

Nationwide

Bond

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

9

Centrally

Cleared

Credit

default

swap

contracts

outstanding

-

buy

protection

as

of

January

31,

2022

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

Investment

Grade

Index

Series

37-V1

1.00

Quarterly

12/20/2026

0.60

USD

10,000,000

(228,455)

30,345

(198,110)

(228,455)

30,345

(198,110)

As

of

January

31,

2022,

the

Fund

had

$119,234

segregated

as

collateral

for

credit

default

swap

contracts.

1

The

Fund,

as

a

buyer

of

credit

protection,

pays

periodic

payments

and

any

upfront

premium

to

the

protection

seller,

and

is

obligated

to

receive

a

contingent

payment,

upon

occurrence

of

a

credit

event

with

respect

to

an

underlying

reference

obligation,

as

defined

under

the

terms

of

each

individual

swap

contract.

2

Implied

credit

spreads

are

an

indication

of

the

seller’s

performance

risk,

related

to

the

likelihood

of

a

credit

event

occurring

that

would

require

a

seller

to

make

a

payment

to

a

buyer.

Implied

credit

spreads

are

used

to

determine

the

value

of

swap

contracts

and

reflect

the

cost

of

buying/selling

protection,

which

may

include

upfront

payments

made

to

enter

into

the

contract.

Therefore,

higher

spreads

would

indicate

a

greater

likelihood

that

a

seller

will

be

obligated

to

perform

(i.e.,

make

payment)

under

the

swap

contract.

Increasing

values,

in

absolute

terms

and

relative

notional

amounts,

are

also

indicative

of

greater

performance

risk.

Implied

credit

spreads

for

credit

default

swaps

on

credit

indices

are

linked

to

the

weighted

average

spread

across

the

underlying

reference

obligations

included

in

a

particular

index.

3

The

notional

amount

is

the

maximum

amount

that

a

seller

of

a

credit

default

swap

would

be

obligated

to

pay

and

a

buyer

of

credit

protection

would

receive,

upon

occurrence

of

a

credit

event.

4

Upfront

premiums

generally

related

to

payments

received

or

paid

at

the

initiation

of

the

swap

agreement

to

compensate

for

differences

between

the

stated

terms

of

the

swap

agreement

and

current

market

conditions

(credit

spreads,

interest

rates

and

other

relevant

factors).

Currency:

USD

United

States

dollar

10

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Bond

Fund

Futures

contracts

outstanding

as

of

January

31,

2022:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

Long

Bond

363

3/2022

USD

56,491,875

(1,075,426)

U.S.

Treasury

Ultra

Bond

68

3/2022

USD

12,847,750

(289,409)

(1,364,835)

Short

Contracts

U.S.

Treasury

5

Year

Note

(40)

3/2022

USD

(4,768,125)

69,551

U.S.

Treasury

10

Year

Note

(278)

3/2022

USD

(35,575,313)

257,037

U.S.

Treasury

10

Year

Ultra

Note

(179)

3/2022

USD

(25,566,234)

217,727

544,315

(820,520)

Currency:

USD

United

States

Dollar

Written

Call

Options

Contracts

as

of

January

31,

2022

:

D

escription

Counterparty

Number

of

Contracts

Notional

Amount

Exercise

  Price  

Expiration

Date

Value

($)  

3

Month

Eurodollar

Exchange

Traded

240

USD

60,000,000

USD

99.63

12/19/2022

(12,000)

U.S.

Treasury

30

Year

Bond

Exchange

Traded

180

USD

18,000,000

USD

159.00

2/18/2022

(53,438)

(65,438)

Written

Put

Options

Contracts

as

of

January

31,

2022

:

D

escription

Counterparty

Number

of

Contracts

Notional

Amount

Exercise

  Price  

Expiration

Date

Value

($)  

3

Month

Eurodollar

Exchange

Traded

240

USD

60,000,000

USD

98.88

12/19/2022

(291,000)

–

Total

Written

Options

Contracts

(Premiums

Received

($179,065))

(356,438)

Currency:

USD

United

States

dollar

Nationwide

Bond

Fund

-

January

31,

2022

(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.

12

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Bond

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2022.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

options,

swap

contracts, and financial

futures

contracts.

(a)

Options

The

Fund

purchased

and/or

wrote

options

on

futures

contracts,

single

stocks,

ETFs,

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.

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.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

71,353,098

$

–

$

71,353,098

Collateralized

Mortgage

Obligations

–

16,832,712

–

16,832,712

Commercial

Mortgage-Backed

Securities

–

10,649,518

–

10,649,518

Corporate

Bonds

–

127,003,233

–

127,003,233

Credit

Default

Swaps*

–

30,345

–

30,345

Futures

Contracts

544,315

–

–

544,315

Mortgage-Backed

Securities

–

48,431,510

–

48,431,510

Municipal

Bonds

–

1,726,600

–

1,726,600

Purchased

Option

163,313

–

–

163,313

U.S.

Treasury

Obligations

–

47,319,668

–

47,319,668

Total

Assets

$

707,628

$

323,346,684

$

–

$

324,054,312

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(1,364,835)

$

–

$

–

$

(1,364,835)

Written

Options

(356,438)

–

–

(356,438)

Total

Liabilities

$

(1,721,273)

$

–

$

–

$

(1,721,273)

Total

$

(1,013,645)

$

323,346,684

$

–

$

322,333,039

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

Bond

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

13

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.

(b)

Swap

Contracts

Credit

Default

Swap

Contracts

— The

Fund entered

into

credit

default

swap

contracts.

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.

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. 

As

the

protection

seller

in

a

credit

default

swap

contract,

the

Fund

receives

from

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

pay

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

to

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.

In

return,

if

no

credit

event

or

default

(or

similar

event)

occurs,

the

Fund

keeps

the

stream

of

payments

and

would

have

no

payment

of

obligations.

14

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Bond

Fund

If

a

credit

event

or

default

(or

similar

event)

occurs,

the

Fund

either

(i)

pays

to

the

counterparty

an

amount

equal

to

the

notional

amount

of

the

swap

and

takes

delivery

of

the

referenced

obligation,

other

deliverable

obligations

or

underlying

securities

comprising

the

referenced

index,

or

(ii)

pays

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.

By

selling

a

credit

default

swap

contract,

the

Fund

effectively

adds

economic

leverage

to

its

portfolio

because,

in

addition

to

its

total

net

assets,

the

Fund

is

subject

to

investment

exposure

on

the

notional

amount

of

the

swap.

Credit

default

swap

agreements

on

credit

indices

involve

one

party

making

a

stream

of

payments

to

another

party

in

exchange

for

the

right

to

receive

a

specified

return

in

the

event

of

a

write-down,

principal

shortfall,

interest

shortfall

or

default

of

all

or

part

of

the

referenced

entities

comprising

the

credit

index.

A

credit

index

is

a

basket

of

credit

instruments

or

exposures

designed

to

be

representative

of

some

part

of

the

credit

market

as

a

whole.

These

indices

are

made

up

of

reference

credits

that

are

judged

by

a

poll

of

dealers

to

be

the

most

liquid

entities

in

the

credit

default

swap

market

based

on

the

sector

of

the

index.

Components

of

the

indices

include

high-yield

securities.

Credit

indices

are

traded

using

credit

default

swap

contracts

with

standardized

terms

including

a

fixed

spread

and

standard

maturity

dates.

An

index

credit

default

swap

contract

references

all

the

names

in

the

index,

and

if

there

is

a

default,

the

credit

event

is

settled

based

on

the

name’s

weight

in

the

index.

For

most

indices,

each

name

has

an

equal

weight

in

the

index.

The

composition

of

the

indices

changes

periodically.

The

use

of

credit

default

swap

contracts

on

indices

is

often

less

expensive

than

it

would

be

to

buy

many

issuer-specific

credit

default

swap

contracts

to

achieve

a

similar

effect.

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,

2022

are

disclosed

in

the

Statement

of

Investments.

The

implied

credit

spread

of

a

particular

referenced

entity

reflects

the

cost

of

selling

protection

on

such

entity’s

debt,

and

may

include

upfront

payments

required

to

be

made

to

enter

into

the

agreement.

For

credit

default

swap

agreements

on

credit

indices,

the

quoted

market

prices

and

resulting

value

serve

as

the

indicator

of

the

current

status

of

the

payment/performance

risk.

Wider

credit

spreads

represent

a

deterioration

of

the

referenced

entity’s

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

Certain

clearinghouses

currently

offer

clearing

for

limited

types

of

derivatives

transactions,

such

as

credit

derivatives.

In

a

centrally

cleared

credit

default

swap

contract,

immediately

following

execution

of

the

swap

agreement,

the

swap

agreement

is

novated

to

a

central

counterparty

(the

“CCP”)

and

the

Fund’s

counterparty

on

the

swap

agreement

becomes

the

CCP.

The

Fund

is

required

to

interface

with

the

CCP

through

a

broker.

Upon

entering

into

a

centrally

cleared

swap

contract,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

the

size

and

risk

profile

of

the

particular

swap.

Securities

deposited

as

initial

margin

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).

(c)

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.

Nationwide

Bond

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

15

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,

2022:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2022:

Assets:

Fair

Value

Purchased

Options

Interest

rate

risk

Investment

securities,

at

value

$

163,313

Swap

Contracts(a)

Credit

risk

Receivable/payable

for

variation

margin

on

centrally

cleared

swap

contracts

30,345

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

544,315

Total

$

737,973

Liabilities:

Written

Options

Interest

rate

risk

Written

options,

at

value

$

(356,438)

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

(1,364,835)

Total

$

(1,721,273)

(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.

16

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund

(formerly,

Na-

tionwide

Core

Plus

Bond

Fund)

Asset-Backed

Securities

1.6%

Principal

Amount

($)

Value

($)

Airlines

0.1%

United

Airlines

Pass-Through

Trust,

Series

2016-1,

Class

B,

3.65%,

1/7/2026

657,407

646,129

Other

1.5%

Cedar

Funding

VII

CLO

Ltd.,

Series

2018-7A,

Class

A1,

1.25%,

1/20/2031(a)(b)

8,250,000

8,255,049

SBA

Tower

Trust,

3.87%,

10/8/2024(b)

4,385,000

4,494,743

12,749,792

Total

Asset-Backed

Securities

(cost

$13,184,035)

13,395,921

Collateralized

Mortgage

Obligations

0.1%

FHLMC

REMICS

Series

4039,

Class

ME,

2.00%,

12/15/2040

31,858

31,914

Series

4026,

Class

WJ,

2.75%,

8/15/2041

580,941

588,051

JP

Morgan

Mortgage

Trust,

Series

2019-3,

Class

A3,

3.90%,

9/25/2049(a)(b)

306,623

308,451

Total

Collateralized

Mortgage

Obligations

(cost

$912,041)

928,416

Commercial

Mortgage-Backed

Securities

2.7%

GNMA

REMICS

Series

2018-17,

Class

MA,

2.60%,

5/1/2052

2,759,859

2,769,519

Series

2018-28,

Class

AG,

2.60%,

8/16/2059(a)

10,947,250

10,779,903

Series

2019-131,

Class

AD,

2.50%,

8/16/2060

5,244,186

5,243,326

Series

2020-89,

Class

GA,

1.50%,

4/16/2062

4,369,507

4,061,433

Total

Commercial

Mortgage-Backed

Securities

(cost

$23,870,904)

22,854,181

Corporate

Bonds

65.9%

Aerospace

&

Defense

1.1%

Raytheon

Technologies

Corp.

,

4.70%,

12/15/2041

2,500,000

2,890,350

TransDigm

,

Inc.

,

5.50%,

11/15/2027

6,410,000

6,442,050

9,332,400

Airlines

0.6%

Delta

Air

Lines,

Inc.

,

2.90%,

10/28/2024

4,989,000

4,925,141

Corporate

Bonds

Principal

Amount

($)

Value

($)

Auto

Components

0.4%

Adient

Global

Holdings

Ltd.

,

4.88%,

8/15/2026(b)

1,656,000

1,667,592

Tenneco,

Inc.

,

5.38%,

12/15/2024

2,000,000

1,960,000

3,627,592

Automobiles

0.2%

General

Motors

Co.

,

6.80%,

10/1/2027

1,500,000

1,801,046

Banks

5.2%

Citigroup,

Inc.

,

(ICE

LIBOR

USD

3

Month

+

1.10%),

1.26%,

5/17/2024(c)

3,850,000

3,892,331

3.20%,

10/21/2026

4,161,000

4,312,717

KeyBank

NA

,

(SOFR

+

0.34%),

0.39%,

1/3/2024(c)

11,500,000

11,497,821

Mizuho

Financial

Group,

Inc.

,

(ICE

LIBOR

USD

3

Month

+

0.61%),

0.80%,

9/8/2024(c)

11,000,000

11,027,971

Royal

Bank

of

Canada

,

(SOFRINDX

+

0.45%),

0.49%,

10/26/2023(c)

13,260,000

13,317,946

44,048,786

Biotechnology

1.5%

AbbVie,

Inc.

,

4.05%,

11/21/2039

1,965,000

2,116,922

Amgen,

Inc.

,

5.15%,

11/15/2041

3,875,000

4,674,916

5.38%,

5/15/2043

1,320,000

1,596,116

Baxalta

,

Inc.

,

4.00%,

6/23/2025

4,009,000

4,242,169

12,630,123

Building

Products

0.1%

JELD-WEN,

Inc.

,

4.88%,

12/15/2027(b)

1,000,000

997,500

Capital

Markets

7.4%

Apollo

Investment

Corp.

,

5.25%,

3/3/2025

3,400,000

3,526,162

Ares

Capital

Corp.

,

2.88%,

6/15/2028

8,500,000

8,172,460

Bain

Capital

Specialty

Finance,

Inc.

,

2.55%,

10/13/2026

6,500,000

6,208,852

BlackRock,

Inc.

,

3.25%,

4/30/2029

4,695,000

4,969,645

Blackstone

Private

Credit

Fund

,

3.25%,

3/15/2027(b)

6,000,000

5,858,250

Charles

Schwab

Corp.

(The)

,

1.95%,

12/1/2031

5,830,000

5,522,156

Goldman

Sachs

Group,

Inc.

(The)

,

(ICE

LIBOR

USD

3

Month

+

1.60%),

1.78%,

11/29/2023(c)

4,631,000

4,732,492

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund

(formerly,

Nationwide

Core

Plus

Bond

Fund)

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

17

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Golub

Capital

BDC,

Inc.

,

2.50%,

8/24/2026

5,860,000

5,645,732

Morgan

Stanley

,

(ICE

LIBOR

USD

3

Month

+

1.40%),

1.66%,

10/24/2023(c)

1,500,000

1,512,314

7.25%,

4/1/2032

5,600,000

7,745,375

Owl

Rock

Capital

Corp.

,

2.88%,

6/11/2028

8,525,000

8,095,417

61,988,855

Chemicals

3.9%

Chevron

Phillips

Chemical

Co.

LLC

,

5.13%,

4/1/2025(b)

7,500,000

8,206,605

3.40%,

12/1/2026(b)

6,865,000

7,224,851

DuPont

de

Nemours,

Inc.

,

(ICE

LIBOR

USD

3

Month

+

1.11%),

1.27%,

11/15/2023(c)

4,110,000

4,165,063

4.49%,

11/15/2025

5,900,000

6,379,921

FXI

Holdings,

Inc.

,

7.88%,

11/1/2024(b)

1,437,000

1,453,095

Methanex

Corp.

,

5.13%,

10/15/2027

2,145,000

2,167,008

5.25%,

12/15/2029

3,250,000

3,288,236

32,884,779

Commercial

Services

&

Supplies

1.1%

Cimpress

plc

,

7.00%,

6/15/2026(b)

5,725,000

5,884,899

ILFC

E-Capital

Trust

I

,

+

1.55%,

14.50%

Cap),

3.37%,

12/21/2065(b)(c)

3,800,000

3,163,500

9,048,399

Communications

Equipment

0.4%

Plantronics,

Inc.

,

4.75%,

3/1/2029(b)(d)

3,500,000

3,176,250

Construction

Materials

0.4%

Martin

Marietta

Materials,

Inc.

,

4.25%,

7/2/2024

3,500,000

3,692,807

Consumer

Finance

1.9%

AerCap

Ireland

Capital

DAC

,

1.15%,

10/29/2023

7,000,000

6,909,284

Capital

One

Financial

Corp.

,

(SOFR

+

0.69%),

0.74%,

12/6/2024(c)

4,295,000

4,291,313

General

Motors

Financial

Co.,

Inc.

,

2.40%,

10/15/2028

1,000,000

964,287

World

Acceptance

Corp.

,

7.00%,

11/1/2026(b)

3,725,000

3,576,745

15,741,629

Diversified

Financial

Services

0.7%

Burford

Capital

Global

Finance

LLC

,

6.25%,

4/15/2028(b)

1,000,000

1,048,210

Corporate

Bonds

Principal

Amount

($)

Value

($)

Diversified

Financial

Services

GTP

Acquisition

Partners

I

LLC

,

3.48%,

6/16/2025(b)

5,000,000

5,136,780

6,184,990

Diversified

Telecommunication

Services

1.8%

CCO

Holdings

LLC

,

4.50%,

5/1/2032(b)

1,500,000

1,445,625

Verizon

Communications,

Inc.

,

(ICE

LIBOR

USD

3

Month

+

1.10%),

1.26%,

5/15/2025(c)

10,000,000

10,205,960

2.85%,

9/3/2041

4,000,000

3,733,906

15,385,491

Electric

Utilities

1.5%

Commonwealth

Edison

Co.

,

3.70%,

8/15/2028

2,090,000

2,234,090

Drax

Finco

plc

,

6.63%,

11/1/2025(b)

2,100,000

2,149,875

Duke

Energy

Florida

LLC

,

3.80%,

7/15/2028

3,825,000

4,106,236

Southern

Co.

(The)

,

Series

A,

3.70%,

4/30/2030

3,750,000

3,957,409

12,447,610

Electrical

Equipment

1.1%

Hubbell,

Inc.

,

3.15%,

8/15/2027

8,585,000

8,864,392

Electronic

Equipment,

Instruments

&

Components

1.3%

Corning,

Inc.

,

7.25%,

8/15/2036

6,312,000

7,483,059

5.75%,

8/15/2040

3,000,000

3,894,699

11,377,758

Entertainment

0.1%

Live

Nation

Entertainment,

Inc.

,

4.75%,

10/15/2027(b)

1,270,000

1,251,274

Equity

Real

Estate

Investment

Trusts

(REITs)

1.5%

Healthpeak

Properties,

Inc.

,

3.40%,

2/1/2025

178,000

184,754

1.35%,

2/1/2027

3,975,000

3,799,634

Omega

Healthcare

Investors,

Inc.

,

3.63%,

10/1/2029

3,000,000

3,049,896

STORE

Capital

Corp.

,

2.75%,

11/18/2030

1,850,000

1,777,737

2.70%,

12/1/2031

1,675,000

1,572,469

Ventas

Realty

LP

,

4.00%,

3/1/2028

2,300,000

2,475,496

12,859,986

Food

&

Staples

Retailing

0.8%

United

Natural

Foods,

Inc.

,

6.75%,

10/15/2028(b)

1,050,000

1,114,312

Walgreens

Boots

Alliance,

Inc.

,

0.95%,

11/17/2023

4,250,000

4,201,715

18

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund

(formerly,

Nation-

wide

Core

Plus

Bond

Fund)

Corporate

Bonds

Principal

Amount

($)

Value

($)

Food

&

Staples

Retailing

Walmart,

Inc.

,

1.80%,

9/22/2031

1,500,000

1,430,676

6,746,703

Food

Products

0.3%

Chobani

LLC

,

4.63%,

11/15/2028(b)

2,000,000

1,999,720

TreeHouse

Foods,

Inc.

,

4.00%,

9/1/2028

907,000

848,045

2,847,765

Health

Care

Equipment

&

Supplies

1.0%

Edwards

Lifesciences

Corp.

,

4.30%,

6/15/2028

3,000,000

3,294,298

Zimmer

Biomet

Holdings,

Inc.

,

1.45%,

11/22/2024

5,000,000

4,925,834

8,220,132

Health

Care

Providers

&

Services

3.1%

AdaptHealth

LLC

,

5.13%,

3/1/2030(b)

6,400,000

6,264,384

Anthem,

Inc.

,

5.10%,

1/15/2044

4,000,000

4,926,892

CVS

Health

Corp.

,

6.25%,

6/1/2027

4,000,000

4,734,833

4.30%,

3/25/2028

1,553,000

1,692,884

2.13%,

9/15/2031

4,000,000

3,769,333

HCA,

Inc.

,

4.50%,

2/15/2027

4,135,000

4,451,999

25,840,325

Hotels,

Restaurants

&

Leisure

2.6%

Carnival

Corp.

,

7.63%,

3/1/2026(b)

2,614,000

2,666,280

Marriott

Ownership

Resorts,

Inc.

,

4.75%,

1/15/2028

2,325,000

2,307,563

Royal

Caribbean

Cruises

Ltd.

,

7.50%,

10/15/2027

1,973,000

2,180,165

Scientific

Games

International,

Inc.

,

8.25%,

3/15/2026(b)

2,000,000

2,087,500

Travel

+

Leisure

Co.

,

6.60%,

10/1/2025(e)

7,272,000

7,926,480

VOC

Escrow

Ltd.

,

5.00%,

2/15/2028(b)

4,800,000

4,658,208

21,826,196

Household

Durables

0.2%

NVR,

Inc.

,

3.95%,

9/15/2022

1,994,000

2,016,698

Industrial

Conglomerates

1.0%

General

Electric

Co.

,

Series

D,

(ICE

LIBOR

USD

3

Month

+

3.33%),

3.53%,

3/15/2022(c)(f)

6,000,000

5,865,000

7.50%,

8/21/2035

1,680,000

2,382,524

8,247,524

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

4.5%

Athene

Holding

Ltd.

,

6.15%,

4/3/2030

1,255,000

1,497,477

Fidelity

National

Financial,

Inc.

,

4.50%,

8/15/2028

11,115,000

12,150,696

Globe

Life,

Inc.

,

7.88%,

5/15/2023

2,975,000

3,204,951

Kuvare

US

Holdings,

Inc.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

6.54%),

7.00%,

2/17/2051(b)(c)

2,500,000

2,650,000

Prudential

Financial,

Inc.

,

5.70%,

12/14/2036

3,416,000

4,391,947

SBL

Holdings,

Inc.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.62%),

6.50%,

11/13/2026(b)(c)(f)

7,500,000

7,125,000

5.00%,

2/18/2031(b)

3,000,000

3,079,768

Sompo

International

Holdings

Ltd.

,

4.70%,

10/15/2022

4,052,000

4,145,481

38,245,320

Leisure

Products

0.2%

Mattel,

Inc.

,

5.88%,

12/15/2027(b)

1,250,000

1,328,125

Life

Sciences

Tools

&

Services

1.0%

Agilent

Technologies,

Inc.

,

2.75%,

9/15/2029

2,750,000

2,749,011

Thermo

Fisher

Scientific,

Inc.

,

2.00%,

10/15/2031

5,750,000

5,465,869

8,214,880

Machinery

0.4%

GrafTech

Finance,

Inc.

,

4.63%,

12/15/2028(b)

3,250,000

3,138,948

Media

1.2%

Comcast

Cable

Communications

Holdings,

Inc.

,

9.46%,

11/15/2022

4,050,000

4,319,487

Comcast

Cable

Holdings

LLC

,

9.88%,

6/15/2022

1,165,000

1,200,273

Comcast

Corp.

,

3.95%,

10/15/2025

3,985,000

4,263,037

9,782,797

Metals

&

Mining

0.4%

Allegheny

Ludlum

LLC

,

6.95%,

12/15/2025

2,000,000

2,161,900

Cleveland-Cliffs,

Inc.

,

5.88%,

6/1/2027

1,000,000

1,034,930

3,196,830

Multiline

Retail

0.9%

Dillard's,

Inc.

,

7.75%,

7/15/2026

4,595,000

5,352,540

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund

(formerly,

Nationwide

Core

Plus

Bond

Fund)

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

19

Corporate

Bonds

Principal

Amount

($)

Value

($)

Multiline

Retail

Nordstrom,

Inc.

,

4.38%,

4/1/2030(d)

2,750,000

2,576,447

7,928,987

Oil,

Gas

&

Consumable

Fuels

5.0%

Enviva

Partners

LP

,

6.50%,

1/15/2026(b)

2,500,000

2,582,825

Genesis

Energy

LP

,

8.00%,

1/15/2027

1,150,000

1,157,337

HollyFrontier

Corp.

,

5.88%,

4/1/2026

3,600,000

3,953,529

Lundin

Energy

Finance

BV

,

2.00%,

7/15/2026(b)

4,500,000

4,409,031

Northern

Oil

and

Gas,

Inc.

,

8.13%,

3/1/2028(b)

2,500,000

2,606,250

NuStar

Logistics

LP

,

6.00%,

6/1/2026

1,593,000

1,670,850

ONEOK

Partners

LP

,

6.85%,

10/15/2037

7,593,000

9,671,240

Tengizchevroil

Finance

Co.

International

Ltd.

,

4.00%,

8/15/2026(b)

3,000,000

3,090,480

TransCanada

PipeLines

Ltd.

,

6.20%,

10/15/2037

1,255,000

1,627,139

Valero

Energy

Corp.

,

8.75%,

6/15/2030

2,500,000

3,471,303

7.50%,

4/15/2032

2,641,000

3,480,270

6.63%,

6/15/2037

3,500,000

4,517,718

42,237,972

Pharmaceuticals

1.8%

Bausch

Health

Cos.,

Inc.

,

5.00%,

1/30/2028(b)

1,500,000

1,263,750

Bayer

US

Finance

II

LLC

,

(ICE

LIBOR

USD

3

Month

+

1.01%),

1.21%,

12/15/2023(b)(c)

10,137,000

10,218,694

Pfizer,

Inc.

,

3.60%,

9/15/2028

3,070,000

3,323,722

14,806,166

Professional

Services

0.4%

ASGN,

Inc.

,

4.63%,

5/15/2028(b)

3,000,000

2,997,000

Real

Estate

Management

&

Development

0.5%

Forestar

Group,

Inc.

,

5.00%,

3/1/2028(b)

2,500,000

2,518,750

Realogy

Group

LLC

,

5.75%,

1/15/2029(b)

2,000,000

1,964,600

4,483,350

Semiconductors

&

Semiconductor

Equipment

1.6%

Broadcom,

Inc.

,

5.00%,

4/15/2030

3,520,000

3,936,481

Microchip

Technology,

Inc.

,

0.97%,

2/15/2024

10,000,000

9,790,987

13,727,468

Corporate

Bonds

Principal

Amount

($)

Value

($)

Software

1.3%

Citrix

Systems,

Inc.

,

4.50%,

12/1/2027

2,000,000

2,050,546

Infor

,

Inc.

,

1.75%,

7/15/2025(b)

2,000,000

1,950,457

Oracle

Corp.

,

2.88%,

3/25/2031

4,085,000

3,942,631

salesforce.com,

Inc.

,

2.70%,

7/15/2041

3,565,000

3,358,829

11,302,463

Specialty

Retail

4.5%

AutoZone,

Inc.

,

4.00%,

4/15/2030

2,000,000

2,170,015

Carvana

Co.

,

5.63%,

10/1/2025(b)

5,000,000

4,743,650

Gap,

Inc.

(The)

,

3.63%,

10/1/2029(b)

4,000,000

3,720,800

Lowe's

Cos.,

Inc.

,

2.80%,

9/15/2041

1,800,000

1,642,992

Michaels

Cos.,

Inc.

(The)

,

5.25%,

5/1/2028(b)

4,000,000

3,851,720

O'Reilly

Automotive,

Inc.

,

4.20%,

4/1/2030

1,180,000

1,294,032

Rent-A-Center,

Inc.

,

6.38%,

2/15/2029(b)

875,000

899,063

Ross

Stores,

Inc.

,

4.70%,

4/15/2027

14,217,000

15,749,718

Sonic

Automotive,

Inc.

,

4.63%,

11/15/2029(b)

3,569,000

3,484,236

37,556,226

Technology

Hardware,

Storage

&

Peripherals

0.1%

Dell

International

LLC

,

5.45%,

6/15/2023

473,000

494,450

Trading

Companies

&

Distributors

0.7%

Alta

Equipment

Group,

Inc.

,

5.63%,

4/15/2026(b)

3,800,000

3,857,000

Fortress

Transportation

and

Infrastructure

Investors

LLC

,

9.75%,

8/1/2027(b)

2,000,000

2,190,000

6,047,000

Water

Utilities

0.2%

American

Water

Capital

Corp.

,

2.95%,

9/1/2027

1,833,000

1,888,465

Total

Corporate

Bonds

(cost

$551,998,949)

555,388,598

Mortgage-Backed

Securities

14.4%

FHLMC

Gold

Pool

Pool#

J14732

4.00%,

3/1/2026

11

12

Pool#

C91768

3.50%,

7/1/2034

2,546,279

2,685,429

Pool#

G30692

3.50%,

8/1/2034

3,401,468

3,587,312

20

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund

(formerly,

Nation-

wide

Core

Plus

Bond

Fund)

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G30782

3.50%,

2/1/2035

885,488

933,586

Pool#

C91859

3.50%,

12/1/2035

857,387

904,152

Pool#

C91868

3.50%,

4/1/2036

2,100,235

2,214,804

Pool#

Q10392

3.50%,

8/1/2042

1,284,274

1,366,413

Pool#

G08541

3.50%,

8/1/2043

1,835,199

1,952,517

Pool#

G08554

3.50%,

10/1/2043

1,068,681

1,136,803

Pool#

G08588

4.00%,

5/1/2044

752,810

814,445

Pool#

G08721

3.00%,

9/1/2046

2,606,075

2,701,486

Pool#

G08726

3.00%,

10/1/2046

3,820,924

3,968,742

FHLMC

UMBS

Pool

Pool#

SB0548

2.00%,

7/1/2036

6,132,180

6,184,103

Pool#

RB5076

2.00%,

8/1/2040

8,520,216

8,442,967

Pool#

SD0040

3.00%,

7/1/2049

2,089,297

2,138,854

Pool#

SD8036

3.00%,

1/1/2050

1,513,518

1,547,603

FNMA

UMBS

Pool

Pool#

MA2124

3.00%,

12/1/2029

501,015

520,702

Pool#

AL6591

3.00%,

9/1/2033

2,558,465

2,667,376

Pool#

MA1608

3.50%,

10/1/2033

3,299,393

3,479,352

Pool#

MA1982

3.50%,

8/1/2034

3,421,489

3,599,797

Pool#

MA2610

3.00%,

5/1/2036

2,964,568

3,068,948

Pool#

MA3697

3.00%,

7/1/2039

2,039,412

2,093,823

Pool#

AE0311

3.50%,

8/1/2040

2,247,466

2,386,595

Pool#

AB1845

4.00%,

11/1/2040

2,206,541

2,391,224

Pool#

AJ9278

3.50%,

12/1/2041

2,331,820

2,474,891

Pool#

AW8165

4.00%,

1/1/2042

1,819,166

1,971,313

Pool#

AJ8414

4.00%,

2/1/2042

1,434,628

1,554,475

Pool#

AU2592

3.50%,

8/1/2043

1,514,564

1,610,517

Pool#

AX4312

3.50%,

2/1/2045

945,205

997,785

Pool#

AZ7353

3.50%,

11/1/2045

1,447,418

1,525,806

Pool#

AS6408

3.50%,

1/1/2046

2,293,345

2,425,092

Pool#

AS8583

3.50%,

1/1/2047

3,866,836

4,075,362

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

MA3088

4.00%,

8/1/2047

927,171

986,384

Pool#

CA1191

3.50%,

11/1/2047

2,253,126

2,353,368

Pool#

MA3744

3.00%,

8/1/2049

1,963,514

2,007,733

Pool#

BP8608

2.50%,

6/1/2050

11,233,715

11,231,579

Pool#

CA7972

3.00%,

9/1/2050

8,745,109

8,969,865

Pool#

MA4439

3.00%,

10/1/2051

8,674,897

8,872,438

GNMA

Pool#

MA7392

,

2.50%,

6/20/2036

9,315,123

9,521,407

Total

Mortgage-Backed

Securities

(cost

$121,424,263)

121,365,060

Municipal

Bonds

1.3%

California

0.6

%

City

of

San

Francisco

CA

Public

Utilities

Commission

Water

Revenue,

RB,

Series

A,

3.47%,

11/1/2043

5,000,000

5,130,570

Virginia

0.7

%

City

of

Richmond

VA

Public

Utility

Revenue,

2.50%,

1/15/2029

2,450,000

2,511,720

Virginia

College

Building

Authority,

RB,

Series

B,

2.17%,

2/1/2034

3,465,000

3,283,100

5,794,820

Total

Municipal

Bonds

(cost

$11,095,070)

10,925,390

U.S.

Treasury

Obligations

12.0%

U.S.

Treasury

Bonds

1.88%,

2/15/2041

2,500,000

2,383,106

2.00%,

8/15/2051

3,770,000

3,677,517

U.S.

Treasury

Notes

1.75%,

5/15/2023

7,500,000

7,577,344

0.13%,

7/31/2023

10,000,000

9,864,844

2.75%,

2/15/2024

10,000,000

10,314,063

0.63%,

7/31/2026

9,750,000

9,342,100

1.13%,

10/31/2026

10,000,000

9,776,953

2.25%,

8/15/2027

2,405,000

2,479,874

1.00%,

7/31/2028

16,150,000

15,417,572

1.13%,

8/31/2028

10,575,000

10,168,110

1.63%,

8/15/2029

9,940,000

9,864,673

1.38%,

11/15/2031

10,400,000

10,021,375

Total

U.S.

Treasury

Obligations

(cost

$103,349,695)

100,887,531

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund

(formerly,

Nationwide

Core

Plus

Bond

Fund)

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

21

Preferred

Stocks

1.0%

Shares

Value

($)

Consumer

Finance

0.4%

Capital

One

Financial

Corp.,

4.80%,

6/1/2025(g)

128,250

3,143,407

Insurance

0.4%

Enstar

Group

Ltd.,

7.00%,

3/1/2024(d)(g)

140,000

3,708,600

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)

50,000

1,236,000

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

83,650

Total

Preferred

Stocks

(cost

$8,903,070)

8,171,657

Short-Term

Investment

0.7%

Shares

Money

Market

Fund

0.7%

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,0.01%(h)(

i

)

5,914,375

5,914,375

Total

Short-Term

Investment

(cost

$5,914,375)

5,914,375

Total

Investments

(cost

$840,652,402)

—

99.7%

839,831,129

Other

assets

in

excess

of

liabilities

—

0.3%

2,328,158

NET

ASSETS

—

100.0%

$

842,159,287

*

Denotes

a

non-income

producing

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,

2022.

(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

as

of

January

31,

2022

was

$157,759,845

which

represents

18.73%

of

net

assets.

(c)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

January

31,

2022.

(d)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2022.

The

total

value

of

securities

on

loan

as

of

January

31,

2022

was

$5,609,466,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

with

a

value

of

$5,914,375.

(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

as

of

January

31,

2022.

(f)

Perpetual

Bond

Security.

The

rate

reflected

in

the

Statement

of

Investments

is

the

rate

in

effect

on

January

31,

2022.

The

maturity

date

reflects

the

next

call

date.

(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,

2022.

(h)

Represents

7-day

effective

yield

as

of

January

31,

2022.

(

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,

2022

was

$5,914,375.

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

22

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund

(formerly,

Nation-

wide

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.

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund

(formerly,

Nationwide

Core

Plus

Bond

Fund)

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

23

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

13,395,921

$

–

$

13,395,921

Collateralized

Mortgage

Obligations

–

928,416

–

928,416

Commercial

Mortgage-Backed

Securities

–

22,854,181

–

22,854,181

Corporate

Bonds

–

555,388,598

–

555,388,598

Mortgage-Backed

Securities

–

121,365,060

–

121,365,060

Municipal

Bonds

–

10,925,390

–

10,925,390

Preferred

Stocks

8,171,657

–

–

8,171,657

Short-Term

Investment

5,914,375

–

–

5,914,375

U.S.

Treasury

Obligations

–

100,887,531

–

100,887,531

Total

$

14,086,032

$

825,745,097

$

–

$

839,831,129

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,

2022

(Unaudited)

-

Nationwide

Inflation-Protected

Securities

Fund

Asset-Backed

Securities

4.1%

Principal

Amount

($)

Value

($)

Other

4.1%

CCG

Receivables

Trust,

Series

2019-1,

Class

A2,

2.80%,

9/14/2026(a)

555,796

558,002

New

Residential

Advance

Receivables

Trust

Advance

Receivables

Backed

Series

2020-T1,

Class

AT1,

1.43%,

8/15/2053(a)

1,900,000

1,888,012

Series

2020-T1,

Class

BT1,

1.82%,

8/15/2053(a)

250,000

247,836

Series

2020-T1,

Class

CT1,

2.27%,

8/15/2053(a)

250,000

247,881

NRZ

Advance

Receivables

Trust,

Series

2020-

T3,

Class

AT3,

1.32%,

10/15/2052(a)

240,000

239,821

SPS

Servicer

Advance

Receivables

Trust,

Series

2020-T2,

Class

A,

1.83%,

11/15/2055(a)

1,290,000

1,263,782

Towd

Point

Mortgage

Trust

Series

2018-6,

Class

A2,

3.75%,

3/25/2058(a)(b)

2,800,000

2,895,490

Series

2018-3,

Class

A2,

3.88%,

5/25/2058(a)(b)

2,820,000

2,932,789

Total

Asset-Backed

Securities

(cost

$10,429,983)

10,273,613

Collateralized

Mortgage

Obligations

0.5%

FHLMC

REMICS

Series

1684,

Class

I,

6.50%,

3/15/2024

36,552

38,363

Series

2296,

Class

H,

6.50%,

3/15/2031

13

13

FNMA

REMICS

Series

1993-16,

Class

Z,

7.50%,

2/25/2023

1,180

1,203

Series

1993-226,

Class

PK,

6.00%,

12/25/2023

16,896

17,398

Series

2013-59,

Class

MX,

2.50%,

9/25/2042

1,121,486

1,134,756

Total

Collateralized

Mortgage

Obligations

(cost

$1,190,373)

1,191,733

Commercial

Mortgage-Backed

Security

0.0%

†

FNMA

REMICS,

Series

1998-73,

Class

MZ,

6.30%,

10/17/2038

72,599

72,566

Total

Commercial

Mortgage-Backed

Security

(cost

$72,874)

72,566

Mortgage-Backed

Securities

0.8%

Principal

Amount

($)

Value

($)

FNMA

Pool

Pool#

874982

6.81%,

11/1/2025

1,368,113

1,421,343

Pool#

773298

2.40%,

4/1/2035(b)

329,594

331,238

Pool#

745769

1.86%,

7/1/2036(b)

96,340

96,669

Pool#

813605

2.30%,

7/1/2036(b)

60,190

60,427

Total

Mortgage-Backed

Securities

(cost

$1,884,507)

1,909,677

U.S.

Government

Agency

Securities

3.2%

FFCB,

2.43%,

9/13/2027

3,000,000

3,101,019

FHLB

5.37%,

9/9/2024

2,615,000

2,881,293

3.00%,

3/12/2027

2,000,000

2,127,089

Total

U.S.

Government

Agency

Securities

(cost

$7,829,030)

8,109,401

U.S.

Treasury

Obligations

90.6%

U.S.

Treasury

Inflation

Linked

Bonds

2.38%,

1/15/2025

(c)

1,300,000

2,154,994

1.75%,

1/15/2028

(c)

4,800,000

7,459,430

3.63%,

4/15/2028

(c)

5,000,000

11,151,557

2.50%,

1/15/2029

(c)

4,750,000

7,669,734

3.88%,

4/15/2029

(c)

3,300,000

7,572,539

2.13%,

2/15/2041

(c)

6,675,000

12,390,584

0.75%,

2/15/2042

(c)

10,000,000

14,611,406

0.63%,

2/15/2043

(c)

15,350,000

21,613,614

0.75%,

2/15/2045

(c)

3,000,000

4,247,656

1.00%,

2/15/2046

(c)

5,875,000

8,754,124

0.88%,

2/15/2047

(c)

5,000,000

7,215,841

U.S.

Treasury

Inflation

Linked

Notes

0.50%,

4/15/2024

(c)

19,500,000

22,665,833

0.13%,

4/15/2025

(c)

9,000,000

10,223,810

0.38%,

7/15/2025

(c)

12,000,000

15,052,950

0.63%,

1/15/2026

(c)

17,500,000

22,102,866

0.13%,

7/15/2026

(c)

3,000,000

3,708,667

0.38%,

7/15/2027

(c)

2,750,000

3,394,009

0.50%,

1/15/2028

(c)

5,000,000

6,155,804

0.75%,

7/15/2028

(c)

4,000,000

4,948,721

0.88%,

1/15/2029

(c)

2,500,000

3,107,131

0.25%,

7/15/2029

(c)

4,000,000

4,744,298

0.13%,

1/15/2030

(c)

1,000,000

1,166,732

0.13%,

1/15/2031

(c)

2,000,000

2,316,974

U.S.

Treasury

Notes

1.50%,

9/30/2024

5,000,000

5,023,047

1.13%,

1/15/2025

6,000,000

5,955,938

Nationwide

Inflation-Protected

Securities

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

25

g

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Notes

1.25%,

9/30/2028

12,000,000

11,622,656

Total

U.S.

Treasury

Obligations

(cost

$210,411,842)

227,030,915

Total

Investments

(cost

$231,818,609)

—

99.2%

248,587,905

Other

assets

in

excess

of

liabilities

—

0.8%

2,103,116

NET

ASSETS

—

100.0%

$

250,691,021

†

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

as

of

January

31,

2022

was

$10,273,613

which

represents

4.10%

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,

2022.

(c)

Principal

amounts

are

not

adjusted

for

inflation.

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,

2022:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Short

Contracts

U.S.

Treasury

10

Year

Note

(30)

3/2022

USD

(3,839,063)

8,834

U.S.

Treasury

Long

Bond

(119)

3/2022

USD

(18,519,375)

362,283

371,117

As

of

January

31,

2022,

the

Fund

had

$507,650

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

26

-

Statement

of

Investments

-

January

31,

2022

(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,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

10,273,613

$

–

$

10,273,613

Collateralized

Mortgage

Obligations

–

1,191,733

–

1,191,733

Commercial

Mortgage-Backed

Security

–

72,566

–

72,566

Futures

Contracts

371,117

–

–

371,117

Mortgage-Backed

Securities

–

1,909,677

–

1,909,677

U.S.

Government

Agency

Securities

–

8,109,401

–

8,109,401

U.S.

Treasury

Obligations

–

227,030,915

–

227,030,915

Total

$

371,117

$

248,587,905

$

–

$

248,959,022

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

Nationwide

Inflation-Protected

Securities

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

27

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2022.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

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,

2022:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2022:

Assets:

Fair

Value

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

$

371,117

Total

$

371,117

The

Statement

of

Investments

should

be

read

in

conjunction

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,

2022

(Unaudited)

-

Nationwide

Loomis

Core

Bond

Fund

Asset-Backed

Securities

8.0%

Principal

Amount

($)

Value

($)

Automobiles

7.0%

American

Credit

Acceptance

Receivables

Trust

Series

2020-2,

Class

B,

2.48%,

9/13/2024(a)

160,991

161,403

Series

2021-1,

Class

B,

0.61%,

3/13/2025(a)

65,000

64,935

Series

2019-4,

Class

C,

2.69%,

12/12/2025(a)

358,949

360,702

Series

2021-3,

Class

B,

0.66%,

2/13/2026(a)

645,000

639,049

Series

2020-4,

Class

C,

1.31%,

12/14/2026(a)

865,000

862,561

Americredit

Automobile

Receivables

Trust,

Series

2019-2,

Class

B,

2.54%,

7/18/2024

2,180,000

2,197,062

AmeriCredit

Automobile

Receivables

Trust

Series

2020-2,

Class

B,

0.97%,

2/18/2026

160,000

159,746

Series

2021-2,

Class

B,

0.69%,

1/19/2027

655,000

642,070

Series

2021-3,

Class

C,

1.41%,

8/18/2027

830,000

814,256

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

Series

2019-2A,

Class

A,

3.35%,

9/22/2025(a)

980,000

1,017,995

Carvana

Auto

Receivables

Trust

Series

2021-P4,

Class

A3,

1.31%,

1/11/2027

1,690,000

1,674,682

Series

2021-N2,

Class

B,

0.75%,

3/10/2028

370,000

366,506

Series

2021-N4,

Class

C,

1.72%,

9/11/2028

480,000

476,612

Credit

Acceptance

Auto

Loan

Trust

Series

2019-3A,

Class

A,

2.38%,

11/15/2028(a)

255,471

257,096

Series

2020-2A,

Class

A,

1.37%,

7/16/2029(a)

680,000

679,905

Series

2020-3A,

Class

B,

1.77%,

12/17/2029(a)

660,000

656,873

Series

2021-2A,

Class

A,

0.96%,

2/15/2030(a)

565,000

557,218

Series

2021-3A,

Class

A,

1.00%,

5/15/2030(a)

625,000

616,567

Series

2021-4,

Class

A,

1.26%,

10/15/2030(a)

530,000

522,480

Donlen

Fleet

Lease

Funding

2

LLC,

Series

2021-2,

Class

A2,

0.56%,

12/11/2034(a)

1,301,168

1,292,354

Drive

Auto

Receivables

Trust

Series

2021-1,

Class

B,

0.65%,

7/15/2025

690,000

688,891

Series

2021-2,

Class

B,

0.58%,

12/15/2025

840,000

831,733

Series

2021-3,

Class

B,

1.11%,

5/15/2026

735,000

728,658

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

DT

Auto

Owner

Trust

Series

2019-1A,

Class

C,

3.61%,

11/15/2024(a)

17,329

17,348

Series

2019-2A,

Class

C,

3.18%,

2/18/2025(a)

105,662

106,193

Series

2021-1A,

Class

B,

0.62%,

9/15/2025(a)

160,000

158,962

Series

2020-2A,

Class

C,

3.28%,

3/16/2026(a)

300,000

306,012

Series

2021-2A,

Class

B,

0.81%,

1/15/2027(a)

510,000

506,490

Series

2021-4A,

Class

C,

1.50%,

9/15/2027(a)

690,000

680,748

Exeter

Automobile

Receivables

Trust

Series

2021-1A,

Class

B,

0.50%,

2/18/2025

625,000

624,351

Series

2020-2A,

Class

C,

3.28%,

5/15/2025(a)

405,000

411,008

Series

2021-2A,

Class

B,

0.57%,

9/15/2025

560,000

557,143

Series

2021-4A,

Class

B,

1.05%,

5/15/2026

1,140,000

1,129,623

Flagship

Credit

Auto

Trust

Series

2020-1,

Class

B,

2.05%,

2/17/2025(a)

230,000

231,203

Series

2020-2,

Class

C,

3.80%,

4/15/2026(a)

65,000

66,367

Series

2020-4,

Class

C,

1.28%,

2/16/2027(a)

120,000

119,258

Series

2021-2,

Class

B,

0.93%,

6/15/2027(a)

500,000

490,620

Series

2021-3,

Class

B,

0.95%,

7/15/2027(a)

375,000

366,143

Ford

Credit

Auto

Owner

Trust

Series

2018-1,

Class

A,

3.19%,

7/15/2031(a)

1,900,000

1,977,822

Series

2021-1,

Class

A,

1.37%,

10/17/2033(a)

980,000

960,551

Foursight

Capital

Automobile

Receivables

Trust,

Series

2022-1,

Class

A3,

1.83%,

12/15/2026(a)

635,000

633,717

GLS

Auto

Receivables

Issuer

Trust

Series

2019-4A,

Class

B,

2.78%,

9/16/2024(a)

397,583

400,243

Series

2021-1A,

Class

B,

0.82%,

4/15/2025(a)

765,000

763,040

Series

2021-3A,

Class

B,

0.78%,

11/17/2025(a)

545,000

536,839

Series

2020-4A,

Class

C,

1.14%,

11/17/2025(a)

430,000

427,993

Series

2021-4A,

Class

B,

1.53%,

4/15/2026(a)

1,570,000

1,557,415

GM

Financial

Consumer

Automobile

Receivables

Trust,

Series

2020-2,

Class

A3,

1.49%,

12/16/2024

214,915

215,777

Nationwide

Loomis

Core

Bond

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

29

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

GMF

Floorplan

Owner

Revolving

Trust,

Series

2020-1,

Class

A,

0.68%,

8/15/2025(a)

310,000

307,081

NextGear

Floorplan

Master

Owner

Trust,

Series

2020-

1A,

Class

A2,

1.55%,

2/15/2025(a)

100,000

100,334

Prestige

Auto

Receivables

Trust,

Series

2021-

1A,

Class

C,

1.53%,

2/15/2028(a)

680,000

669,526

Santander

Consumer

Auto

Receivables

Trust,

Series

2020-AA,

Class

C,

3.71%,

2/17/2026(a)

385,000

395,210

Santander

Drive

Auto

Receivables

Trust

Series

2019-2,

Class

C,

2.90%,

10/15/2024

421,896

423,434

Series

2020-2,

Class

B,

0.96%,

11/15/2024

228,571

228,698

Series

2020-4,

Class

C,

1.01%,

1/15/2026

680,000

679,506

Series

2021-4,

Class

B,

0.88%,

6/15/2026

1,300,000

1,282,052

Series

2021-2,

Class

C,

0.90%,

6/15/2026

790,000

782,445

Series

2021-3,

Class

C,

0.95%,

9/15/2027

1,245,000

1,229,147

Toyota

Auto

Loan

Extended

Note

Trust,

Series

2020-

1A,

Class

A,

1.35%,

5/25/2033(a)

405,000

399,844

Westlake

Automobile

Receivables

Trust

Series

2020-2A,

Class

C,

2.01%,

7/15/2025(a)

370,000

372,783

Series

2020-3A,

Class

C,

1.24%,

11/17/2025(a)

305,000

304,072

Series

2021-1A,

Class

B,

0.64%,

3/16/2026(a)

1,625,000

1,614,594

Series

2021-2A,

Class

B,

0.62%,

7/15/2026(a)

620,000

612,333

Series

2021-3A,

Class

C,

1.58%,

1/15/2027(a)

1,675,000

1,657,361

World

Omni

Select

Auto

Trust

Series

2020-A,

Class

A3,

0.55%,

7/15/2025

545,000

544,224

Series

2021-A,

Class

B,

0.85%,

8/16/2027

595,000

579,928

41,696,792

Other

0.8%

Affirm

Asset

Securitization

Trust,

Series

2021-B,

Class

A,

1.03%,

8/17/2026(a)

665,000

654,490

Aqua

Finance

Trust,

Series

2021-A,

Class

A,

1.54%,

7/17/2046(a)

832,766

817,926

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

New

Economy

Assets

Phase

1

Sponsor

LLC,

Series

2021-1,

Class

A1,

1.91%,

10/20/2061(a)

1,355,000

1,320,260

Onemain

Financial

Issuance

Trust,

Series

2018-

1A,

Class

A,

3.30%,

3/14/2029(a)

791,334

791,554

Planet

Fitness

Master

Issuer

LLC,

Series

2018-1A,

Class

A2II,

4.67%,

9/5/2048(a)

899,775

913,839

4,498,069

Student

Loan

0.2%

Massachusetts

Educational

Financing

Authority,

Series

2018-A,

Class

A,

3.85%,

5/25/2033

345,566

360,103

Navient

Private

Education

Refi

Loan

Trust

Series

2020-HA,

Class

A,

1.31%,

1/15/2069(a)

332,640

330,039

Series

2020-BA,

Class

A2,

2.12%,

1/15/2069(a)

374,906

377,797

Series

2020-GA,

Class

A,

1.17%,

9/16/2069(a)

138,412

136,989

SoFi

Professional

Loan

Program

LLC,

Series

2018-A,

Class

A2B,

2.95%,

2/25/2042(a)

287,582

290,710

1,495,638

Total

Asset-Backed

Securities

(cost

$47,832,229)

47,690,499

Collateralized

Mortgage

Obligations

7.8%

FHLMC

REMICS

Series

5065,

Class

HI,

IO,

5.00%,

4/15/2042(b)

2,354,724

439,849

Series

5115,

Class

FD,

0.30%,

8/15/2043(b)

2,563,281

2,562,287

Series

5065,

Class

EI,

IO,

5.44%,

11/25/2044(b)

514,081

110,769

Series

5094,

Class

,

IO,

1.63%,

12/15/2048(b)

933,701

70,836

FNMA

REMICS

Series

2017-82,

Class

FG,

0.36%,

11/25/2032(b)

10,451,565

10,468,634

Series

2004-29,

Class

PS,

IO,

7.49%,

5/25/2034(b)

1,352,002

268,523

Series

2016-32,

Class

SA,

IO,

5.99%,

10/25/2034(b)

6,496,982

959,414

Series

2020-85,

Class

LI,

IO,

3.00%,

2/25/2035

3,070,000

473,664

Series

2010-57,

Class

SA,

IO,

6.34%,

6/25/2040(b)

1,898,559

319,103

Series

2010-63,

Class

SA,

IO,

6.39%,

6/25/2040(b)

1,628,502

271,725

30

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Loomis

Core

Bond

Fund

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

Series

2010-118,

Class

SN,

IO,

6.49%,

10/25/2040(b)

8,375,975

1,641,551

Series

2013-18,

Class

FB,

0.46%,

10/25/2041(b)

259,307

259,907

Series

2015-55,

Class

IN,

IO,

4.50%,

8/25/2045

356,425

51,937

Series

2017-26,

Class

ID,

IO,

3.50%,

4/25/2047

282,515

27,798

Series

2018-4,

Class

FM,

0.41%,

2/25/2048(b)

383,382

385,320

Series

2019-31,

Class

FA,

0.51%,

7/25/2049(b)

1,677,596

1,691,911

Series

2019-81,

Class

FJ,

0.61%,

1/25/2050(b)

1,055,707

1,067,919

Series

2021-24,

Class

,

IO,

1.21%,

3/25/2059(b)

3,886,576

305,839

GNMA

REMICS

Series

2009-61,

Class

ZQ,

6.00%,

8/16/2039

3,459,790

4,151,684

Series

2019-21,

Class

,

IO,

4.50%,

2/20/2049

5,154,153

724,139

Series

2019-117,

Class

LI,

IO,

3.50%,

9/20/2049

716,498

48,300

Series

2019-132,

Class

LI,

IO,

3.50%,

10/20/2049

232,001

13,938

Series

2012-H20,

Class

PT,

0.97%,

7/20/2062(b)

636,650

635,321

Series

2018-H02,

Class

ZJ,

4.56%,

10/20/2064(b)

535,810

568,320

Series

2017-H12,

Class

EZ,

4.69%,

6/20/2066(b)

629,577

664,107

Series

2017-H13,

Class

JZ,

4.99%,

5/20/2067(b)

145,480

157,106

Series

2017-H22,

Class

FD,

0.30%,

11/20/2067(b)

70,462

70,221

Series

2017-H25,

Class

FD,

0.25%,

12/20/2067(b)

88,183

87,807

Series

2021-H08,

Class

IA,

IO,

4.20%,

1/20/2068(b)

770,709

74,431

Series

2019-H01,

Class

FT,

0.50%,

10/20/2068(b)

6,726,638

6,724,745

Series

2019-H07,

Class

BZ,

4.27%,

1/20/2069(b)

4,168,749

4,751,180

Series

2019-H05,

Class

FT,

0.64%,

4/20/2069(b)

4,390,779

4,394,542

Series

2019-H13,

Class

FT,

0.66%,

8/20/2069(b)

669,357

668,872

Series

2019-H18,

Class

DF,

0.50%,

10/20/2069(b)

651,315

652,541

Series

2021-H03,

Class

,

IO,

4.14%,

4/20/2070(b)

7,399,064

644,712

Total

Collateralized

Mortgage

Obligations

(cost

$45,836,222)

46,408,952

Commercial

Mortgage-Backed

Securities

9.1%

BANK

Series

2020-BN25,

Class

A5,

2.65%,

1/15/2063

1,030,000

1,038,962

Series

2020-BN26,

Class

A4,

2.40%,

3/15/2063

2,050,000

2,031,342

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

Series

2021-BN37,

Class

A5,

2.62%,

11/15/2064(b)

2,555,000

2,559,665

BBCMS

Mortgage

Trust

Series

2020-BID,

Class

A,

2.25%,

10/15/2037(a)(b)

1,095,000

1,097,087

Series

2021-C12,

Class

A5,

2.69%,

11/15/2054

2,920,000

2,957,929

Benchmark

Mortgage

Trust,

Series

2021-B31,

Class

A5,

2.67%,

12/15/2054

1,190,000

1,209,518

BPR

Trust,

Series

2021-

NRD,

Class

A,

1.58%,

12/15/2023(a)(b)

815,000

813,012

CIM

Retail

Portfolio

Trust,

Series

2021-RETL,

Class

A,

1.51%,

8/15/2036(a)(b)

240,000

239,085

Citigroup

Commercial

Mortgage

Trust,

Series

2019-C7,

Class

A4,

3.10%,

12/15/2072

910,000

945,792

COMM

Mortgage

Trust,

Series

2013-CR6,

Class

A4,

3.10%,

3/10/2046

4,450,000

4,478,306

Commercial

Mortgage

Pass-

Through

Certificates,

Series

2012-LTRT,

Class

A2,

3.40%,

10/5/2030(a)

105,000

104,260

CSAIL

Commercial

Mortgage

Trust,

Series

2019-

C18,

Class

A4,

2.97%,

12/15/2052

765,000

781,846

CSMC

OA

LLC

Series

2014-USA,

Class

A1,

3.30%,

9/15/2037(a)

334,917

341,103

Series

2014-USA,

Class

A2,

3.95%,

9/15/2037(a)

830,000

858,624

FHLMC

Multifamily

Structured

Pass-Through

Certificates

REMICS

Series

K107,

Class

X1,

IO,

1.59%,

1/25/2030(b)

484,159

53,057

Series

K157,

Class

X1,

IO,

0.02%,

8/25/2033(b)

9,338,463

55,342

Series

K-1513,

Class

X1,

IO,

0.86%,

8/25/2034(b)

967,529

78,070

Series

K-1521,

Class

X1,

IO,

0.98%,

8/25/2036(b)

684,499

73,343

FNMA

REMICS,

Series

2020-

M37,

Class

X,

IO,

1.11%,

4/25/2032(b)

1,336,158

93,373

FNMA

ACES

REMICS

Series

2020-M33,

Class

X,

IO,

1.92%,

6/25/2028(b)

852,509

71,727

Series

2020-M43,

Class

X1,

IO,

2.12%,

8/25/2034(b)

6,238,092

813,605

Series

2020-M36,

Class

X1,

IO,

1.46%,

9/25/2034(b)

978,471

94,910

GNMA

REMICS

Series

2018-82,

Class

,

IO,

0.47%,

5/16/2058(b)

12,209,587

482,871

Series

2021-145,

Class

,

IO,

0.77%,

7/16/2061(b)

834,061

59,236

Nationwide

Loomis

Core

Bond

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

31

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

Series

2020-108,

Class

,

IO,

0.88%,

6/16/2062(b)

3,055,817

218,157

Series

2021-20,

Class

,

IO,

1.14%,

8/16/2062(b)

3,072,703

271,647

Series

2020-179,

Class

,

IO,

1.00%,

9/16/2062(b)

2,875,942

234,719

Series

2021-33,

Class

,

IO,

0.86%,

10/16/2062(b)

2,608,749

197,759

Series

2020-128,

Class

,

IO,

0.96%,

10/16/2062(b)

1,515,643

119,148

Series

2021-40,

Class

,

IO,

0.84%,

2/16/2063(b)

2,378,267

175,223

Series

2021-12,

Class

,

IO,

0.96%,

3/16/2063(b)

3,239,034

259,333

Series

2021-52,

Class

,

IO,

0.79%,

4/16/2063(b)

3,604,319

252,499

Series

2021-144,

Class

,

IO,

0.80%,

4/16/2063(b)

4,272,829

323,587

Series

2021-106,

Class

,

IO,

0.88%,

4/16/2063(b)

3,227,918

244,280

Series

2021-132,

Class

BI,

IO,

0.91%,

4/16/2063(b)

4,217,328

341,102

Series

2021-151,

Class

,

IO,

0.93%,

4/16/2063(b)

3,591,298

297,056

Series

2021-186,

Class

,

IO,

0.77%,

5/16/2063(b)

4,241,994

310,382

Series

2021-10,

Class

,

IO,

1.00%,

5/16/2063(b)

716,568

62,054

Series

2021-133,

Class

,

IO,

0.87%,

7/16/2063(b)

3,918,287

307,234

Series

2021-163,

Class

,

IO,

0.83%,

3/16/2064(b)

3,801,736

290,518

Series

2022-17,

Class

,

IO,

0.80%,

6/16/2064(b)

2,125,000

167,416

GS

Mortgage

Securities

Corp.

II,

Series

2012-

BWTR,

Class

A,

2.95%,

11/5/2034(a)

1,035,000

1,039,923

GS

Mortgage

Securities

Corp.

Trust,

Series

2013-PEMB,

Class

A,

3.55%,

3/5/2033(a)

(b)

235,000

237,146

GS

Mortgage

Securities

Trust

Series

2014-GC18,

Class

A4,

4.07%,

1/10/2047

4,139,865

4,291,840

Series

2020-GC45,

Class

A5,

2.91%,

2/13/2053

415,000

425,791

Hudsons

Bay

Simon

JV

Trust,

Series

2015-HB10,

Class

A10,

4.15%,

8/5/2034(a)

2,015,000

1,937,554

Med

Trust,

Series

2021-

MDLN,

Class

A,

1.06%,

11/15/2038(a)(b)

755,000

754,093

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2013-C11,

Class

A4,

4.15%,

8/15/2046(b)

1,130,000

1,155,438

Motel

Trust,

Series

2021-

MTL6,

Class

A,

1.01%,

9/15/2038(a)(b)

830,000

830,497

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

Starwood

Retail

Property

Trust,

Series

2014-

STAR,

Class

A,

1.58%,

11/15/2027(a)(b)

655,893

416,492

UBS-Barclays

Commercial

Mortgage

Trust

Series

2013-C5,

Class

A4,

3.18%,

3/10/2046

6,270,000

6,333,800

Series

2013-C6,

Class

A4,

3.24%,

4/10/2046

4,440,000

4,500,068

Wells

Fargo

Commercial

Mortgage

Trust

Series

2013-LC12,

Class

A4,

4.22%,

7/15/2046(b)

1,505,000

1,547,044

Series

2021-C61,

Class

A4,

2.66%,

11/15/2054

2,165,000

2,174,386

WFRBS

Commercial

Mortgage

Trust,

Series

2014-C19,

Class

A5,

4.10%,

3/15/2047

3,490,000

3,634,012

Total

Commercial

Mortgage-Backed

Securities

(cost

$55,280,154)

54,682,263

Corporate

Bonds

48.1%

Auto

Components

0.3%

Aptiv

plc

,

3.10%,

12/1/2051

1,020,000

897,287

Denso

Corp.

,

1.24%,

9/16/2026(a)

1,115,000

1,074,788

1,972,075

Automobiles

0.6%

Hyundai

Capital

America

,

3.95%,

2/1/2022(a)

1,320,000

1,320,000

2.10%,

9/15/2028(a)

1,085,000

1,022,927

Kia

Corp.

,

1.00%,

4/16/2024(a)

400,000

393,644

Nissan

Motor

Co.

Ltd.

,

4.35%,

9/17/2027(a)

410,000

433,417

Volkswagen

Group

of

America

Finance

LLC

,

3.35%,

5/13/2025(a)

490,000

508,131

3,678,119

Banks

13.8%

ABN

AMRO

Bank

NV

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.10%),

2.47%,

12/13/2029(a)(c)

2,100,000

2,034,961

ANZ

New

Zealand

Int'l

Ltd.

,

1.90%,

2/13/2023(a)

1,415,000

1,428,204

Banco

Bilbao

Vizcaya

Argentaria

SA

,

0.88%,

9/18/2023

1,400,000

1,384,938

Bank

of

America

Corp.

,

(SOFR

+

1.06%),

2.09%,

6/14/2029(c)

1,385,000

1,331,218

32

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Loomis

Core

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Bank

of

America

Corp.,

(SOFR

+

1.21%),

2.57%,

10/20/2032(c)

1,135,000

1,099,869

Bank

of

Ireland

Group

plc

,

4.50%,

11/25/2023(a)

620,000

647,122

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.10%),

2.03%,

9/30/2027(a)(c)

1,495,000

1,432,509

Bank

of

Montreal

,

1.50%,

1/10/2025

3,075,000

3,044,720

Bank

of

New

Zealand

,

2.00%,

2/21/2025(a)

1,015,000

1,017,022

2.29%,

1/27/2027(a)

1,970,000

1,962,788

Bank

of

Nova

Scotia

(The)

,

1.63%,

5/1/2023

2,505,000

2,514,446

2.45%,

2/2/2032

1,930,000

1,871,872

Banque

Federative

du

Credit

Mutuel

SA

,

3.75%,

7/20/2023(a)

765,000

790,264

2.38%,

11/21/2024(a)

985,000

994,987

Barclays

plc

,

(ICE

LIBOR

USD

3

Month

+

1.40%),

4.61%,

2/15/2023(c)

945,000

946,094

(ICE

LIBOR

USD

3

Month

+

1.61%),

3.93%,

5/7/2025(c)

545,000

565,607

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.30%),

2.89%,

11/24/2032(c)

1,060,000

1,026,557

BNP

Paribas

SA

,

(SOFR

+

1.23%),

2.59%,

1/20/2028(a)(c)

730,000

724,789

(SOFR

+

1.22%),

2.16%,

9/15/2029(a)(c)

1,065,000

1,014,781

Canadian

Imperial

Bank

of

Commerce

,

1.00%,

10/18/2024

2,560,000

2,498,937

Citigroup,

Inc.

,

(SOFR

+

0.67%),

0.98%,

5/1/2025(c)

395,000

386,651

(SOFR

+

2.84%),

3.11%,

4/8/2026(c)

535,000

548,635

(SOFR

+

1.35%),

3.06%,

1/25/2033(c)

2,115,000

2,136,189

Comerica,

Inc.

,

3.70%,

7/31/2023

570,000

587,993

Commonwealth

Bank

of

Australia

,

1.88%,

9/15/2031(a)

590,000

558,459

Cooperatieve

Rabobank

UA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.73%),

1.98%,

12/15/2027(a)(c)

2,195,000

2,152,955

Credit

Agricole

SA

,

(SOFR

+

1.68%),

1.91%,

6/16/2026(a)(c)

1,395,000

1,376,625

Danske

Bank

A/S

,

3.88%,

9/12/2023(a)

1,125,000

1,157,338

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Danske

Bank

A/S,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.55%),

0.98%,

9/10/2025(a)(c)

955,000

926,595

DNB

Bank

ASA

,

2.15%,

12/2/2022(a)

200,000

202,136

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.85%),

1.13%,

9/16/2026(a)(c)

1,115,000

1,073,284

HSBC

Holdings

plc

,

(SOFR

+

1.29%),

2.21%,

8/17/2029(c)

645,000

614,207

(SOFR

+

1.41%),

2.87%,

11/22/2032(c)

575,000

556,432

JPMorgan

Chase

&

Co.

,

(ICE

LIBOR

USD

3

Month

+

0.70%),

3.21%,

4/1/2023(c)

955,000

958,132

(SOFR

+

1.02%),

2.07%,

6/1/2029(c)

1,820,000

1,748,607

(SOFR

+

1.26%),

2.96%,

1/25/2033(c)

1,325,000

1,333,709

Lloyds

Banking

Group

plc

,

4.05%,

8/16/2023

905,000

938,830

Mitsubishi

UFJ

Financial

Group,

Inc.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.10%),

2.85%,

1/19/2033(c)

2,120,000

2,099,450

National

Australia

Bank

Ltd.

,

1.39%,

1/12/2025(a)

3,075,000

3,044,365

NatWest

Markets

plc

,

3.63%,

9/29/2022(a)

1,180,000

1,202,097

1.60%,

9/29/2026(a)

1,845,000

1,776,980

Nordea

Bank

Abp

,

1.50%,

9/30/2026(a)

2,165,000

2,091,976

Royal

Bank

of

Canada

,

1.15%,

6/10/2025

1,845,000

1,798,064

2.30%,

11/3/2031

635,000

612,118

Santander

Holdings

USA,

Inc.

,

3.45%,

6/2/2025

1,475,000

1,521,331

(SOFR

+

1.25%),

2.49%,

1/6/2028(c)

665,000

654,770

Santander

UK

Group

Holdings

plc

,

(SOFR

+

1.22%),

2.47%,

1/11/2028(c)

1,125,000

1,110,093

Societe

Generale

SA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.60%),

3.34%,

1/21/2033(a)(c)

2,120,000

2,066,387

Standard

Chartered

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.95%),

1.82%,

11/23/2025(a)(c)

405,000

397,298

Nationwide

Loomis

Core

Bond

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

33

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Standard

Chartered

plc,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.18%),

2.61%,

1/12/2028(a)(c)

1,885,000

1,859,527

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.20%),

2.68%,

6/29/2032(a)(c)

640,000

603,419

Sumitomo

Mitsui

Financial

Group,

Inc.

,

2.78%,

7/12/2022

350,000

353,218

1.90%,

9/17/2028

1,560,000

1,485,505

Sumitomo

Mitsui

Trust

Bank

Ltd.

,

0.85%,

3/25/2024(a)

1,505,000

1,477,760

Toronto-Dominion

Bank

(The)

,

1.25%,

9/10/2026

905,000

868,486

2.45%,

1/12/2032

2,150,000

2,105,520

Truist

Financial

Corp.

,

3.05%,

6/20/2022

1,620,000

1,631,831

(SOFR

+

0.86%),

1.89%,

6/7/2029(c)

885,000

849,140

UniCredit

SpA

,

3.75%,

4/12/2022(a)

1,730,000

1,739,307

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.30%),

2.57%,

9/22/2026(a)(c)

1,090,000

1,069,258

US

Bancorp

,

(SOFR

+

1.02%),

2.68%,

1/27/2033(c)

2,115,000

2,123,641

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

0.95%),

2.49%,

11/3/2036(c)

995,000

955,250

Westpac

Banking

Corp.

,

1.95%,

11/20/2028

1,535,000

1,491,432

82,576,685

Beverages

0.4%

Brown-Forman

Corp.

,

3.50%,

4/15/2025

390,000

408,637

Coca-Cola

Europacific

Partners

plc

,

0.80%,

5/3/2024(a)

1,790,000

1,750,315

2,158,952

Biotechnology

0.1%

Amgen,

Inc.

,

3.00%,

1/15/2052

760,000

688,996

Capital

Markets

8.1%

Ares

Capital

Corp.

,

4.25%,

3/1/2025

45,000

46,919

2.88%,

6/15/2027

125,000

122,769

2.88%,

6/15/2028

1,060,000

1,019,154

3.20%,

11/15/2031

940,000

880,530

Ares

Finance

Co.

IV

LLC

,

3.65%,

2/1/2052(a)

905,000

861,052

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Bain

Capital

Specialty

Finance,

Inc.

,

2.55%,

10/13/2026

880,000

840,583

Bank

of

New

York

Mellon

Corp.

(The)

,

1.60%,

4/24/2025

1,135,000

1,124,482

2.05%,

1/26/2027

2,115,000

2,111,537

Barings

BDC,

Inc.

,

3.30%,

11/23/2026(a)

380,000

369,314

BlackRock,

Inc.

,

2.10%,

2/25/2032

1,250,000

1,191,650

Blackstone

Holdings

Finance

Co.

LLC

,

3.20%,

1/30/2052(a)

1,540,000

1,462,061

Blackstone

Private

Credit

Fund

,

2.63%,

12/15/2026(a)

3,070,000

2,912,648

3.25%,

3/15/2027(a)

30,000

29,291

Blackstone

Secured

Lending

Fund

,

2.85%,

9/30/2028(a)

940,000

883,634

Credit

Suisse

AG

,

1.25%,

8/7/2026

865,000

824,129

Deutsche

Bank

AG

,

(SOFR

+

1.13%),

1.45%,

4/1/2025(c)

335,000

329,416

(SOFR

+

2.58%),

3.96%,

11/26/2025(c)

665,000

692,244

(SOFR

+

1.32%),

2.55%,

1/7/2028(c)

2,100,000

2,057,695

FS

KKR

Capital

Corp.

,

3.25%,

7/15/2027

385,000

378,729

3.13%,

10/12/2028

1,245,000

1,199,036

Goldman

Sachs

Group,

Inc.

(The)

,

(SOFR

+

0.80%),

1.43%,

3/9/2027(c)

810,000

777,537

(SOFR

+

0.91%),

1.95%,

10/21/2027(c)

2,330,000

2,267,688

(SOFR

+

1.41%),

3.10%,

2/24/2033(c)

2,115,000

2,127,101

Golub

Capital

BDC,

Inc.

,

2.50%,

8/24/2026

1,685,000

1,623,389

Hercules

Capital,

Inc.

,

3.38%,

1/20/2027

1,510,000

1,493,507

Jefferies

Group

LLC

,

2.63%,

10/15/2031

1,245,000

1,187,053

Lehman

Brothers

Holdings,

Inc.

,

5.63%,

1/24/2013(d)

4,000,000

20,800

Macquarie

Bank

Ltd.

,

2.10%,

10/17/2022(a)

1,870,000

1,886,085

Macquarie

Group

Ltd.

,

(SOFR

+

1.44%),

2.69%,

6/23/2032(a)(c)

510,000

490,415

Main

Street

Capital

Corp.

,

3.00%,

7/14/2026

1,210,000

1,185,344

Morgan

Stanley

,

(SOFR

+

1.00%),

2.48%,

1/21/2028(c)

1,995,000

1,991,617

34

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Loomis

Core

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Morgan

Stanley

Domestic

Holdings,

Inc.

,

2.95%,

8/24/2022

1,075,000

1,085,004

Nomura

Holdings,

Inc.

,

2.33%,

1/22/2027

2,155,000

2,116,135

Northern

Trust

Corp.

,

(ICE

LIBOR

USD

3

Month

+

1.13%),

3.38%,

5/8/2032(c)

1,175,000

1,210,196

Oaktree

Specialty

Lending

Corp.

,

3.50%,

2/25/2025

260,000

266,882

Owl

Rock

Capital

Corp.

,

3.75%,

7/22/2025

210,000

213,605

4.25%,

1/15/2026

490,000

505,967

Owl

Rock

Technology

Finance

Corp.

,

4.75%,

12/15/2025(a)

1,850,000

1,929,549

State

Street

Corp.

,

(ICE

LIBOR

USD

3

Month

+

0.64%),

2.65%,

5/15/2023(c)

1,080,000

1,084,828

(SOFR

+

2.60%),

2.90%,

3/30/2026(c)

495,000

509,368

(SOFR

+

0.56%),

1.68%,

11/18/2027(c)

530,000

520,958

UBS

AG

,

1.75%,

4/21/2022(a)

2,505,000

2,509,828

1.38%,

1/13/2025(a)

2,155,000

2,127,955

48,467,684

Chemicals

0.6%

Cabot

Corp.

,

4.00%,

7/1/2029

625,000

665,773

Ecolab,

Inc.

,

2.70%,

12/15/2051

1,560,000

1,410,653

RPM

International,

Inc.

,

2.95%,

1/15/2032

385,000

382,219

Sherwin-Williams

Co.

(The)

,

2.90%,

3/15/2052

1,160,000

1,049,457

3,508,102

Construction

Materials

0.0%

†

Eagle

Materials,

Inc.

,

2.50%,

7/1/2031

225,000

215,132

Consumer

Finance

2.8%

AerCap

Ireland

Capital

DAC

,

3.15%,

2/15/2024

855,000

871,076

Ally

Financial,

Inc.

,

1.45%,

10/2/2023

1,515,000

1,509,028

American

Express

Co.

,

1.65%,

11/4/2026

765,000

749,107

American

Honda

Finance

Corp.

,

3.63%,

10/10/2023

575,000

595,910

2.15%,

9/10/2024

200,000

202,404

2.25%,

1/12/2029

1,815,000

1,791,272

Avolon

Holdings

Funding

Ltd.

,

3.63%,

5/1/2022(a)

87,000

87,402

BOC

Aviation

USA

Corp.

,

1.63%,

4/29/2024(a)

575,000

568,614

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Finance

Capital

One

Financial

Corp.

,

3.90%,

1/29/2024

1,325,000

1,377,958

(SOFR

+

0.69%),

1.34%,

12/6/2024(c)

65,000

64,495

(SOFR

+

1.34%),

2.36%,

7/29/2032(c)

415,000

380,475

(SOFR

+

1.27%),

2.62%,

11/2/2032(c)

780,000

748,342

Ford

Motor

Credit

Co.

LLC

,

2.98%,

8/3/2022

1,400,000

1,404,242

General

Motors

Financial

Co.,

Inc.

,

3.10%,

1/12/2032

770,000

753,875

Harley-Davidson

Financial

Services,

Inc.

,

4.05%,

2/4/2022(a)

400,000

400,078

3.35%,

6/8/2025(a)

535,000

549,643

Hyundai

Capital

Services,

Inc.

,

2.13%,

4/24/2025(a)

410,000

407,167

John

Deere

Capital

Corp.

,

1.30%,

10/13/2026

345,000

336,031

LeasePlan

Corp.

NV

,

2.88%,

10/24/2024(a)

780,000

792,354

PACCAR

Financial

Corp.

,

2.00%,

2/4/2027

1,640,000

1,637,983

Toyota

Motor

Credit

Corp.

,

1.90%,

4/6/2028

1,640,000

1,601,092

16,828,548

Diversified

Financial

Services

1.4%

AIG

Global

Funding

,

0.65%,

6/17/2024(a)

1,060,000

1,032,004

0.90%,

9/22/2025(a)

1,010,000

968,759

Antares

Holdings

LP

,

3.75%,

7/15/2027(a)

1,220,000

1,208,279

Element

Fleet

Management

Corp.

,

3.85%,

6/15/2025(a)

815,000

853,907

Jackson

Financial,

Inc.

,

4.00%,

11/23/2051(a)

910,000

864,676

Mitsubishi

HC

Capital,

Inc.

,

2.65%,

9/19/2022(a)

1,400,000

1,410,517

National

Rural

Utilities

Cooperative

Finance

Corp.

,

1.88%,

2/7/2025

900,000

899,973

ORIX

Corp.

,

3.25%,

12/4/2024

635,000

658,726

Pine

Street

Trust

II

,

5.57%,

2/15/2049(a)

275,000

344,230

8,241,071

Diversified

Telecommunication

Services

0.1%

Verizon

Communications,

Inc.

,

2.10%,

3/22/2028

830,000

808,934

Electric

Utilities

2.7%

AEP

Transmission

Co.

LLC

,

Series

N,

2.75%,

8/15/2051

290,000

260,408

Alabama

Power

Co.

,

3.00%,

3/15/2052

930,000

862,051

Alliant

Energy

Finance

LLC

,

4.25%,

6/15/2028(a)

1,335,000

1,448,747

Nationwide

Loomis

Core

Bond

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

35

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

American

Electric

Power

Co.,

Inc.

,

2.03%,

3/15/2024

840,000

840,840

Series

J,

4.30%,

12/1/2028

1,000,000

1,087,585

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.68%),

3.88%,

2/15/2062(c)

765,000

750,421

Arizona

Public

Service

Co.

,

2.20%,

12/15/2031

300,000

282,776

Duke

Energy

Corp.

,

0.90%,

9/15/2025

515,000

493,029

Entergy

Corp.

,

0.90%,

9/15/2025

1,100,000

1,051,492

Entergy

Texas,

Inc.

,

3.45%,

12/1/2027

415,000

431,293

Florida

Power

&

Light

Co.

,

2.45%,

2/3/2032

1,440,000

1,425,747

Interstate

Power

and

Light

Co.

,

3.10%,

11/30/2051

1,010,000

945,698

New

England

Power

Co.

,

2.81%,

10/6/2050(a)

1,000,000

867,720

NextEra

Energy

Capital

Holdings,

Inc.

,

0.65%,

3/1/2023

1,535,000

1,528,246

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.55%),

3.80%,

3/15/2082(c)

615,000

602,865

Oncor

Electric

Delivery

Co.

LLC

,

2.70%,

11/15/2051(a)

595,000

541,962

Pacific

Gas

and

Electric

Co.

,

(SOFR

+

1.15%),

1.20%,

11/14/2022(c)

185,000

184,941

PECO

Energy

Co.

,

2.85%,

9/15/2051

430,000

402,016

Southern

California

Edison

Co.

,

(SOFR

+

0.47%),

0.52%,

12/2/2022(c)

1,310,000

1,311,092

Series

J,

0.70%,

8/1/2023

850,000

840,882

16,159,811

Electronic

Equipment,

Instruments

&

Components

0.3%

Amphenol

Corp.

,

2.05%,

3/1/2025

230,000

231,311

CDW

LLC

,

3.28%,

12/1/2028

1,425,000

1,413,532

Flex

Ltd.

,

4.88%,

6/15/2029

210,000

232,460

1,877,303

Equity

Real

Estate

Investment

Trusts

(REITs)

1.4%

American

Campus

Communities

Operating

Partnership

LP

,

2.25%,

1/15/2029

250,000

239,340

CubeSmart

LP

,

2.25%,

12/15/2028

770,000

747,451

Corporate

Bonds

Principal

Amount

($)

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Kilroy

Realty

LP

,

2.65%,

11/15/2033

965,000

894,102

Life

Storage

LP

,

2.40%,

10/15/2031

925,000

880,834

LXP

Industrial

Trust

,

2.38%,

10/1/2031

485,000

450,747

Office

Properties

Income

Trust

,

4.50%,

2/1/2025

585,000

609,811

2.40%,

2/1/2027

300,000

283,499

3.45%,

10/15/2031

925,000

867,049

Omega

Healthcare

Investors,

Inc.

,

4.50%,

1/15/2025

405,000

428,199

Piedmont

Operating

Partnership

LP

,

3.15%,

8/15/2030

370,000

368,295

Simon

Property

Group

LP

,

1.75%,

2/1/2028

535,000

513,063

Ventas

Realty

LP

,

2.50%,

9/1/2031

370,000

354,028

Welltower

,

Inc.

,

2.75%,

1/15/2032

1,680,000

1,642,917

8,279,335

Food

&

Staples

Retailing

0.4%

Sysco

Corp.

,

3.15%,

12/14/2051

950,000

863,570

Walgreens

Boots

Alliance,

Inc.

,

0.95%,

11/17/2023

1,510,000

1,492,845

2,356,415

Food

Products

0.8%

Bunge

Ltd.

Finance

Corp.

,

4.35%,

3/15/2024

1,000,000

1,049,853

J

M

Smucker

Co.

(The)

,

2.13%,

3/15/2032

880,000

824,710

JBS

USA

LUX

SA

,

3.00%,

5/15/2032(a)

1,480,000

1,380,115

4.38%,

2/2/2052(a)

1,510,000

1,464,247

Viterra

Finance

BV

,

2.00%,

4/21/2026(a)

300,000

292,875

5,011,800

Gas

Utilities

0.1%

Southwest

Gas

Corp.

,

3.18%,

8/15/2051

780,000

712,010

Health

Care

Equipment

&

Supplies

0.6%

Abbott

Laboratories

,

3.40%,

11/30/2023

1,508,000

1,557,085

Baxter

International,

Inc.

,

2.54%,

2/1/2032(a)

1,220,000

1,182,001

DH

Europe

Finance

II

Sarl

,

2.20%,

11/15/2024

840,000

848,628

3,587,714

Health

Care

Providers

&

Services

0.6%

Anthem,

Inc.

,

4.10%,

3/1/2028

1,000,000

1,084,144

Centene

Corp.

,

3.00%,

10/15/2030

610,000

592,005

36

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Loomis

Core

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Providers

&

Services

Cigna

Corp.

,

3.75%,

7/15/2023

327,000

337,261

CVS

Health

Corp.

,

4.30%,

3/25/2028

148,000

161,331

McKesson

Corp.

,

1.30%,

8/15/2026

1,430,000

1,367,913

3,542,654

Hotels,

Restaurants

&

Leisure

0.2%

Expedia

Group,

Inc.

,

6.25%,

5/1/2025(a)

319,000

355,900

Marriott

International,

Inc.

,

Series

Z,

4.15%,

12/1/2023

655,000

680,887

1,036,787

Household

Durables

0.4%

Leggett

&

Platt,

Inc.

,

3.50%,

11/15/2051

665,000

630,934

MDC

Holdings,

Inc.

,

3.97%,

8/6/2061

950,000

841,462

Panasonic

Corp.

,

2.54%,

7/19/2022(a)

975,000

980,951

2,453,347

Independent

Power

and

Renewable

Electricity

Producers

0.4%

AES

Corp.

(The)

,

3.30%,

7/15/2025(a)

795,000

810,184

Exelon

Generation

Co.

LLC

,

4.25%,

6/15/2022

1,330,000

1,335,910

2,146,094

Insurance

4.5%

American

Financial

Group,

Inc.

,

3.50%,

8/15/2026

855,000

897,055

Arthur

J

Gallagher

&

Co.

,

3.05%,

3/9/2052

1,010,000

923,096

Assurant,

Inc.

,

4.20%,

9/27/2023

565,000

586,846

Athene

Global

Funding

,

1.72%,

1/7/2025(a)

445,000

439,512

2.50%,

3/24/2028(a)

1,495,000

1,467,501

2.65%,

10/4/2031(a)

815,000

773,686

Brighthouse

Financial

Global

Funding

,

1.20%,

12/15/2023(a)

1,405,000

1,388,201

1.00%,

4/12/2024(a)

395,000

387,728

1.75%,

1/13/2025(a)

955,000

944,734

Brighthouse

Financial,

Inc.

,

4.70%,

6/22/2047

262,000

263,808

CNO

Global

Funding

,

1.75%,

10/7/2026(a)

470,000

454,814

2.65%,

1/6/2029(a)

1,520,000

1,479,029

Equitable

Financial

Life

Global

Funding

,

1.80%,

3/8/2028(a)

620,000

592,285

Everest

Reinsurance

Holdings,

Inc.

,

3.13%,

10/15/2052

1,535,000

1,399,887

F&G

Global

Funding

,

2.00%,

9/20/2028(a)

1,020,000

971,389

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

GA

Global

Funding

Trust

,

1.25%,

12/8/2023(a)

2,320,000

2,297,495

2.25%,

1/6/2027(a)

2,155,000

2,114,608

1.95%,

9/15/2028(a)

150,000

141,551

Great-West

Lifeco

US

Finance

2020

LP

,

0.90%,

8/12/2025(a)

1,225,000

1,180,691

Hill

City

Funding

Trust

,

4.05%,

8/15/2041(a)

1,530,000

1,402,265

Jackson

National

Life

Global

Funding

,

1.75%,

1/12/2025(a)

1,470,000

1,457,318

3.88%,

6/11/2025(a)

195,000

206,367

Protective

Life

Global

Funding

,

1.65%,

1/13/2025(a)

1,785,000

1,769,524

Reliance

Standard

Life

Global

Funding

II

,

3.85%,

9/19/2023(a)

225,000

232,502

2.75%,

5/7/2025(a)

1,270,000

1,293,951

1.51%,

9/28/2026(a)

300,000

290,245

RGA

Global

Funding

,

2.00%,

11/30/2026(a)

555,000

545,303

2.70%,

1/18/2029(a)

1,160,000

1,157,576

27,058,967

Internet

&

Direct

Marketing

Retail

0.3%

Prosus

NV

,

4.99%,

1/19/2052(a)

1,515,000

1,479,757

IT

Services

0.7%

CGI,

Inc.

,

1.45%,

9/14/2026(a)

825,000

792,170

DXC

Technology

Co.

,

2.38%,

9/15/2028

1,545,000

1,481,860

Global

Payments,

Inc.

,

1.50%,

11/15/2024

860,000

847,665

Western

Union

Co.

(The)

,

4.25%,

6/9/2023

645,000

667,245

1.35%,

3/15/2026

235,000

225,918

4,014,858

Life

Sciences

Tools

&

Services

0.1%

Danaher

Corp.

,

2.80%,

12/10/2051

480,000

434,566

Machinery

0.5%

CNH

Industrial

Capital

LLC

,

1.95%,

7/2/2023

560,000

562,474

Daimler

Trucks

Finance

North

America

LLC

,

2.38%,

12/14/2028(a)

1,210,000

1,177,329

Kennametal,

Inc.

,

4.63%,

6/15/2028

380,000

412,752

Timken

Co.

(The)

,

4.50%,

12/15/2028

660,000

722,796

2,875,351

Media

0.1%

ViacomCBS

,

Inc.

,

6.88%,

4/30/2036

440,000

604,022

Nationwide

Loomis

Core

Bond

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

37

Corporate

Bonds

Principal

Amount

($)

Value

($)

Metals

&

Mining

0.3%

Anglo

American

Capital

plc

,

2.25%,

3/17/2028(a)

355,000

343,086

Glencore

Funding

LLC

,

4.13%,

3/12/2024(a)

290,000

302,134

3.38%,

9/23/2051(a)

805,000

721,358

Rio

Tinto

Finance

USA

Ltd.

,

2.75%,

11/2/2051

505,000

462,180

1,828,758

Multiline

Retail

0.3%

Falabella

SA

,

3.38%,

1/15/2032(a)

515,000

498,263

Target

Corp.

,

2.95%,

1/15/2052

1,505,000

1,471,113

1,969,376

Multi-Utilities

0.6%

Ameren

Corp.

,

1.75%,

3/15/2028

770,000

728,740

Dominion

Energy,

Inc.

,

3.07%,

8/15/2024(e)

405,000

415,073

DTE

Energy

Co.

,

Series

C,

2.53%,

10/1/2024(e)

495,000

502,009

Series

F,

1.05%,

6/1/2025

660,000

636,359

Sempra

Energy

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.87%),

4.12%,

4/1/2052(c)

970,000

944,396

3,226,577

Oil,

Gas

&

Consumable

Fuels

1.2%

BP

Capital

Markets

America,

Inc.

,

2.72%,

1/12/2032

2,120,000

2,097,550

Continental

Resources,

Inc.

,

2.88%,

4/1/2032(a)

425,000

400,074

Diamondback

Energy,

Inc.

,

4.75%,

5/31/2025

805,000

868,941

Enbridge,

Inc.

,

3.40%,

8/1/2051

765,000

726,997

Midwest

Connector

Capital

Co.

LLC

,

3.63%,

4/1/2022(a)

830,000

831,772

ONEOK,

Inc.

,

7.15%,

1/15/2051

470,000

648,196

Pioneer

Natural

Resources

Co.

,

0.55%,

5/15/2023

900,000

891,233

Sempra

Infrastructure

Partners

LP

,

3.25%,

1/15/2032(a)

470,000

460,025

6,924,788

Pharmaceuticals

0.5%

Bayer

US

Finance

II

LLC

,

3.38%,

7/15/2024(a)

605,000

621,773

Merck

&

Co.,

Inc.

,

2.75%,

12/10/2051

780,000

715,509

Pfizer,

Inc.

,

3.45%,

3/15/2029

1,000,000

1,070,885

Corporate

Bonds

Principal

Amount

($)

Value

($)

Pharmaceuticals

Roche

Holdings,

Inc.

,

2.08%,

12/13/2031(a)

780,000

750,400

3,158,567

Road

&

Rail

0.5%

DAE

Funding

LLC

,

1.55%,

8/1/2024(a)

525,000

511,335

Penske

Truck

Leasing

Co.

LP

,

4.13%,

8/1/2023(a)

1,315,000

1,360,364

4.00%,

7/15/2025(a)

400,000

422,055

Ryder

System,

Inc.

,

4.63%,

6/1/2025

745,000

799,905

3,093,659

Semiconductors

&

Semiconductor

Equipment

0.4%

Marvell

Technology,

Inc.

,

4.20%,

6/22/2023

940,000

969,756

Microchip

Technology,

Inc.

,

2.67%,

9/1/2023

860,000

872,062

0.97%,

2/15/2024

240,000

234,984

Qorvo

,

Inc.

,

1.75%,

12/15/2024(a)

320,000

313,987

2,390,789

Software

0.1%

Infor

,

Inc.

,

1.45%,

7/15/2023(a)

585,000

582,828

Specialty

Retail

0.6%

AutoNation,

Inc.

,

3.50%,

11/15/2024

800,000

829,880

4.50%,

10/1/2025

675,000

722,672

2.40%,

8/1/2031

795,000

740,035

Dick's

Sporting

Goods,

Inc.

,

4.10%,

1/15/2052

710,000

671,280

Lowe's

Cos.,

Inc.

,

1.70%,

9/15/2028

890,000

846,910

3,810,777

Technology

Hardware,

Storage

&

Peripherals

0.4%

HP,

Inc.

,

1.45%,

6/17/2026

810,000

778,967

NetApp,

Inc.

,

1.88%,

6/22/2025

535,000

528,395

Seagate

HDD

Cayman

,

4.88%,

3/1/2024

685,000

708,975

Western

Digital

Corp.

,

3.10%,

2/1/2032

130,000

124,094

2,140,431

Textiles,

Apparel

&

Luxury

Goods

0.1%

Tapestry,

Inc.

,

3.05%,

3/15/2032

300,000

289,385

Thrifts

&

Mortgage

Finance

0.2%

Nationwide

Building

Society

,

(ICE

LIBOR

USD

3

Month

+

1.39%),

4.36%,

8/1/2024(a)

(c)

1,310,000

1,358,601

Trading

Companies

&

Distributors

0.5%

Air

Lease

Corp.

,

1.88%,

8/15/2026

605,000

579,961

38

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Loomis

Core

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Trading

Companies

&

Distributors

Aircastle

Ltd.

,

2.85%,

1/26/2028(a)

885,000

865,239

Aviation

Capital

Group

LLC

,

3.88%,

5/1/2023(a)

835,000

853,682

WW

Grainger,

Inc.

,

1.85%,

2/15/2025

715,000

716,390

3,015,272

Wireless

Telecommunication

Services

0.1%

SK

Telecom

Co.

Ltd.

,

3.75%,

4/16/2023(a)

560,000

575,791

Total

Corporate

Bonds

(cost

$294,318,715)

287,140,688

Foreign

Government

Securities

0.4%

CHILE

0.1%

Republic

of

Chile,

4.00%,

1/31/2052

340,000

349,350

MEXICO

0.1%

United

Mexican

States,

4.40%,

2/12/2052

775,000

744,705

PANAMA

0.2%

Republic

of

Panama,

4.50%,

1/19/2063

1,510,000

1,527,003

Total

Foreign

Government

Securities

(cost

$2,609,285)

2,621,058

Mortgage-Backed

Securities

11.4%

FNMA

UMBS

Pool

Pool#

292234

8.00%,

8/1/2024

28

29

Pool#

303300

8.50%,

5/1/2025

1,083

1,145

Pool#

342718

6.50%,

5/1/2026

8,289

9,229

Pool#

250764

7.50%,

12/1/2026

14,599

15,562

Pool#

252212

6.50%,

1/1/2029

39,229

43,116

Pool#

504076

6.50%,

6/1/2029

22,109

24,500

Pool#

484939

6.50%,

6/1/2029

7,794

8,563

Pool#

252570

6.50%,

7/1/2029

17,872

19,759

Pool#

506638

6.50%,

8/1/2029

7,196

7,905

Pool#

535300

6.50%,

5/1/2030

23,506

26,172

Pool#

539932

7.00%,

5/1/2030

3,911

3,923

Pool#

MA3209

3.00%,

12/1/2047

1,688,038

1,736,581

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

MA3275

3.00%,

2/1/2048

1,524,685

1,567,364

FNMA/FHLMC

UMBS,

15

Year,

Single

Family

TBA

1.50%,

2/25/2037

2,218,000

2,182,607

2.00%,

3/25/2037

7,668,000

7,687,619

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

2.50%,

2/25/2052

5,825,000

5,814,988

2.00%,

3/25/2052

17,136,000

16,668,030

2.50%,

3/25/2052

15,314,000

15,249,924

3.00%,

3/25/2052

3,000,000

3,057,188

GNMA

I

Pool

Pool#

348637

7.50%,

5/15/2023

802

810

Pool#

354696

6.50%,

12/15/2023

1,005

1,098

Pool#

369270

6.50%,

12/15/2023

825

902

Pool#

368677

7.50%,

1/15/2024

2,086

2,108

Pool#

359986

7.50%,

1/15/2024

248

249

Pool#

362734

7.50%,

1/15/2024

88

88

Pool#

371909

6.50%,

2/15/2024

1,418

1,550

Pool#

442138

8.00%,

11/15/2026

12,987

13,948

Pool#

399109

7.50%,

2/15/2027

5,375

5,636

Pool#

445661

7.50%,

7/15/2027

2,240

2,270

Pool#

443887

7.50%,

8/15/2027

3,813

3,863

Pool#

455381

7.50%,

8/15/2027

2,567

2,759

Pool#

450591

7.50%,

8/15/2027

438

446

Pool#

453295

7.50%,

8/15/2027

224

228

Pool#

446699

6.00%,

8/15/2028

6,296

6,892

Pool#

482748

6.00%,

9/15/2028

26,181

28,673

Pool#

460906

6.00%,

9/15/2028

3,206

3,502

Pool#

476969

6.50%,

1/15/2029

16,451

18,090

Pool#

781029

6.50%,

5/15/2029

51,768

57,102

GNMA

TBA

2.00%,

2/15/2052

9,000,000

8,897,344

2.50%,

3/15/2052

5,000,000

5,020,900

Total

Mortgage-Backed

Securities

(cost

$68,410,994)

68,192,662

Nationwide

Loomis

Core

Bond

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

39

U.S.

Treasury

Obligations

14.8%

Principal

Amount

($)

Value

($)

U.S.

Treasury

Bonds

4.25%,

5/15/2039

570,000

755,205

4.38%,

11/15/2039

2,400,000

3,230,813

1.13%,

5/15/2040

17,455,000

14,726,974

4.38%,

5/15/2040

8,870,000

11,985,934

1.75%,

8/15/2041

8,735,000

8,134,469

2.00%,

11/15/2041

8,745,000

8,500,413

2.25%,

8/15/2049

11,385,000

11,684,746

2.00%,

2/15/2050

8,630,000

8,411,890

1.63%,

11/15/2050

4,860,000

4,337,740

1.88%,

2/15/2051

4,625,000

4,380,381

2.38%,

5/15/2051

355,000

375,801

U.S.

Treasury

Notes

1.25%,

12/31/2026

9,550,000

9,387,351

1.25%,

8/15/2031

2,510,000

2,395,089

Total

U.S.

Treasury

Obligations

(cost

$91,788,545)

88,306,806

Short-Term

Investments

10.2%

U.S.

Treasury

Obligations

10.2%

U.S.

Treasury

Bills

0.05%,

2/17/2022

12,000,000

11,999,839

0.06%,

3/10/2022

2,000,000

1,999,932

0.07%,

3/31/2022

24,000,000

23,995,940

0.09%,

4/7/2022

2,000,000

1,999,499

0.15%,

4/28/2022

15,000,000

14,993,281

0.39%,

7/21/2022

5,985,000

5,972,918

Total

U.S.

Treasury

Obligations

(cost

$60,964,292)

60,961,409

Total

Short-Term

Investments

(cost

$60,964,292)

60,961,409

Total

Investments

(cost

$667,040,436)

—

109.8%

656,004,337

Liabilities

in

excess

of

other

assets

—

(9.8)%

(58,603,031)

NET

ASSETS

—

100.0%

$

597,401,306

†

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

as

of

January

31,

2022

was

$154,953,605

which

represents

25.94%

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,

2022.

(c)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

January

31,

2022.

(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

as

of

January

31,

2022.

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,

2022:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

5

Year

Note

70

3/2022

USD

8,344,219

(122,085)

U.S.

Treasury

10

Year

Ultra

Note

24

3/2022

USD

3,427,875

12,090

(109,995)

As

of

January

31,

2022,

the

Fund

had

$340,230

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

40

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Loomis

Core

Bond

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-

exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

47,690,499

$

–

$

47,690,499

Collateralized

Mortgage

Obligations

–

46,408,952

–

46,408,952

Commercial

Mortgage-Backed

Securities

–

54,682,263

–

54,682,263

Corporate

Bonds

–

287,140,688

–

287,140,688

Foreign

Government

Securities

–

2,621,058

–

2,621,058

Futures

Contracts

12,090

–

–

12,090

Mortgage-Backed

Securities

–

68,192,662

–

68,192,662

Short-Term

Investments

–

60,961,409

–

60,961,409

U.S.

Treasury

Obligations

–

88,306,806

–

88,306,806

Total

Assets

$

12,090

$

656,004,337

$

–

$

656,016,427

$

–

$

–

$

–

$

–

Nationwide

Loomis

Core

Bond

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

41

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2022.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

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.

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,

2022:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2022:

Level

1

Level

2

Level

3

Total

Liabilities:

Futures

Contracts

$

(122,085)

$

–

$

–

$

(122,085)

Total

Liabilities

$

(122,085)

$

–

$

–

$

(122,085)

Total

$

(109,995)

$

656,004,337

$

–

$

655,894,342

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

$

12,090

Total

$

12,090

Liabilities:

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

(122,085)

Total

$

(122,085)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

42

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Loomis

Short

Term

Bond

Fund

Asset-Backed

Securities

19.4%

Principal

Amount

($)

Value

($)

Automobiles

15.6%

Ally

Auto

Receivables

Trust,

Series

2019-4,

Class

A3,

1.84%,

6/17/2024

545,991

548,660

American

Credit

Acceptance

Receivables

Trust

Series

2021-1,

Class

A,

0.35%,

5/13/2024(a)

81,561

81,535

Series

2020-2,

Class

B,

2.48%,

9/13/2024(a)

96,595

96,842

Series

2021-2,

Class

A,

0.37%,

10/15/2024(a)

207,089

206,936

Series

2019-4,

Class

C,

2.69%,

12/12/2025(a)

430,739

432,842

Series

2021-3,

Class

B,

0.66%,

2/13/2026(a)

215,000

213,016

Americredit

Automobile

Receivables

Trust,

Series

2019-2,

Class

B,

2.54%,

7/18/2024

1,255,000

1,264,823

AmeriCredit

Automobile

Receivables

Trust

Series

2020-2,

Class

B,

0.97%,

2/18/2026

25,000

24,960

Series

2021-3,

Class

C,

1.41%,

8/18/2027

265,000

259,974

Avid

Automobile

Receivables

Trust,

Series

2021-1,

Class

A,

0.61%,

1/15/2025(a)

203,380

202,863

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

Series

2019-2A,

Class

A,

3.35%,

9/22/2025(a)

570,000

592,099

Bank

of

The

West

Auto

Trust,

Series

2019-1,

Class

A3,

2.43%,

4/15/2024(a)

176,765

177,674

Carmax

Auto

Owner

Trust,

Series

2021-1,

Class

A3,

0.34%,

12/15/2025

200,000

198,132

Carvana

Auto

Receivables

Trust

Series

2021-P4,

Class

A3,

1.31%,

1/11/2027

515,000

510,332

Series

2021-N2,

Class

B,

0.75%,

3/10/2028

130,000

128,772

Series

2021-N4,

Class

A1,

0.83%,

9/11/2028

746,436

743,315

Series

2021-N4,

Class

C,

1.72%,

9/11/2028

150,000

148,941

CIG

Auto

Receivables

Trust,

Series

2021-1A,

Class

A,

0.69%,

4/14/2025(a)

302,300

301,004

Credit

Acceptance

Auto

Loan

Trust

Series

2019-3A,

Class

A,

2.38%,

11/15/2028(a)

193,539

194,769

Series

2020-2A,

Class

A,

1.37%,

7/16/2029(a)

280,000

279,961

Series

2021-3A,

Class

A,

1.00%,

5/15/2030(a)

275,000

271,290

Series

2021-4,

Class

A,

1.26%,

10/15/2030(a)

255,000

251,382

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

Donlen

Fleet

Lease

Funding

2

LLC,

Series

2021-2,

Class

A2,

0.56%,

12/11/2034(a)

443,361

440,358

Drive

Auto

Receivables

Trust

Series

2020-1,

Class

B,

2.08%,

7/15/2024

32,432

32,450

Series

2021-1,

Class

B,

0.65%,

7/15/2025

235,000

234,622

Series

2021-3,

Class

B,

1.11%,

5/15/2026

235,000

232,973

DT

Auto

Owner

Trust

Series

2019-1A,

Class

C,

3.61%,

11/15/2024(a)

11,232

11,244

Series

2021-1A,

Class

A,

0.35%,

1/15/2025(a)

192,393

192,160

Series

2019-2A,

Class

C,

3.18%,

2/18/2025(a)

38,218

38,410

Series

2020-2A,

Class

C,

3.28%,

3/16/2026(a)

135,000

137,705

Series

2020-3A,

Class

C,

1.47%,

6/15/2026(a)

225,000

224,397

Series

2021-2A,

Class

B,

0.81%,

1/15/2027(a)

175,000

173,796

Series

2021-4A,

Class

C,

1.50%,

9/15/2027(a)

325,000

320,643

Exeter

Automobile

Receivables

Trust

Series

2021-1A,

Class

B,

0.50%,

2/18/2025

135,000

134,860

Series

2020-2A,

Class

C,

3.28%,

5/15/2025(a)

185,000

187,745

Series

2020-3A,

Class

C,

1.32%,

7/15/2025

205,000

205,518

Series

2021-2A,

Class

B,

0.57%,

9/15/2025

195,000

194,005

Series

2021-4A,

Class

B,

1.05%,

5/15/2026

365,000

361,677

First

Investors

Auto

Owner

Trust

Series

2019-2A,

Class

A,

2.21%,

9/16/2024(a)

17,199

17,218

Series

2021-1A,

Class

A,

0.45%,

3/16/2026(a)

107,360

107,049

Flagship

Credit

Auto

Trust

Series

2020-1,

Class

A,

1.90%,

8/15/2024(a)

108,403

108,780

Series

2020-1,

Class

B,

2.05%,

2/17/2025(a)

705,000

708,687

Series

2021-1,

Class

A,

0.31%,

6/16/2025(a)

291,787

290,738

Series

2021-2,

Class

B,

0.93%,

6/15/2027(a)

175,000

171,717

Ford

Credit

Auto

Lease

Trust,

Series

2020-A,

Class

A3,

1.85%,

3/15/2023

54,227

54,310

Ford

Credit

Auto

Owner

Trust

Series

2019-C,

Class

A3,

1.87%,

3/15/2024

519,223

521,826

Series

2020-C,

Class

A3,

0.41%,

7/15/2025

270,000

268,127

Nationwide

Loomis

Short

Term

Bond

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

43

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

Series

2021-A,

Class

A3,

0.30%,

8/15/2025

475,000

470,222

Ford

Credit

Floorplan

Master

Owner

Trust,

Series

2019-1,

Class

A,

2.84%,

3/15/2024

735,000

737,171

Foursight

Capital

Automobile

Receivables

Trust,

Series

2022-1,

Class

A3,

1.83%,

12/15/2026(a)

205,000

204,586

GLS

Auto

Receivables

Issuer

Trust

Series

2020-3A,

Class

B,

1.38%,

8/15/2024(a)

387,463

388,087

Series

2019-4A,

Class

B,

2.78%,

9/16/2024(a)

243,228

244,854

Series

2020-4A,

Class

C,

1.14%,

11/17/2025(a)

120,000

119,440

Series

2021-4A,

Class

B,

1.53%,

4/15/2026(a)

485,000

481,112

GM

Financial

Automobile

Leasing

Trust,

Series

2020-2,

Class

A3,

0.80%,

7/20/2023

94,524

94,606

GM

Financial

Consumer

Automobile

Receivables

Trust

Series

2019-3,

Class

A3,

2.18%,

4/16/2024

175,038

176,024

Series

2021-1,

Class

A3,

0.35%,

10/16/2025

185,000

183,421

GM

Financial

Leasing

Trust,

Series

2021-1,

Class

A3,

0.26%,

2/20/2024

585,000

582,145

Harley-Davidson

Motorcycle

Trust

Series

2020-A,

Class

A3,

1.87%,

10/15/2024

154,685

155,485

Series

2021-A,

Class

A3,

0.37%,

4/15/2026

330,000

327,800

Honda

Auto

Receivables

Owner

Trust

Series

2019-4,

Class

A3,

1.83%,

1/18/2024

673,263

677,297

Series

2021-1,

Class

A3,

0.27%,

4/21/2025

285,000

282,452

Hyundai

Auto

Lease

Securitization

Trust,

Series

2020-A,

Class

A3,

1.95%,

7/17/2023(a)

303,741

304,381

Hyundai

Auto

Receivables

Trust,

Series

2019-B,

Class

A3,

1.94%,

2/15/2024

389,296

391,321

Mercedes-Benz

Auto

Lease

Trust,

Series

2020-A,

Class

A3,

1.84%,

12/15/2022

154,542

154,920

Nissan

Auto

Lease

Trust,

Series

2020-A,

Class

A3,

1.84%,

1/17/2023

146,355

146,717

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

Prestige

Auto

Receivables

Trust

Series

2020-1A,

Class

C,

1.31%,

11/16/2026(a)

480,000

480,309

Series

2021-1A,

Class

C,

1.53%,

2/15/2028(a)

215,000

211,688

Santander

Consumer

Auto

Receivables

Trust

Series

2020-AA,

Class

A,

1.37%,

10/15/2024(a)

117,928

118,165

Series

2020-AA,

Class

C,

3.71%,

2/17/2026(a)

175,000

179,641

Santander

Drive

Auto

Receivables

Trust

Series

2021-1,

Class

A3,

0.32%,

9/16/2024

651,205

650,961

Series

2019-2,

Class

C,

2.90%,

10/15/2024

197,700

198,421

Series

2020-2,

Class

B,

0.96%,

11/15/2024

85,714

85,762

Series

2020-4,

Class

C,

1.01%,

1/15/2026

265,000

264,807

Series

2020-3,

Class

C,

1.12%,

1/15/2026

420,000

420,497

Series

2021-2,

Class

C,

0.90%,

6/15/2026

275,000

272,370

Series

2021-3,

Class

C,

0.95%,

9/15/2027

410,000

404,779

Toyota

Auto

Loan

Extended

Note

Trust,

Series

2020-

1A,

Class

A,

1.35%,

5/25/2033(a)

170,000

167,836

Toyota

Auto

Receivables

Owner

Trust

Series

2019-D,

Class

A3,

1.92%,

1/16/2024

662,447

666,545

Series

2020-A,

Class

A3,

1.66%,

5/15/2024

1,779,617

1,788,029

Westlake

Automobile

Receivables

Trust

Series

2020-2A,

Class

C,

2.01%,

7/15/2025(a)

165,000

166,241

Series

2020-3A,

Class

C,

1.24%,

11/17/2025(a)

80,000

79,757

Series

2021-1A,

Class

B,

0.64%,

3/16/2026(a)

570,000

566,350

Series

2021-3A,

Class

C,

1.58%,

1/15/2027(a)

535,000

529,366

Wheels

SPV

2

LLC,

Series

2019-1A,

Class

A2,

2.30%,

5/22/2028(a)

30,619

30,716

World

Omni

Auto

Receivables

Trust

Series

2020-A,

Class

A3,

1.70%,

1/17/2023

1,465,555

1,471,833

Series

2019-C,

Class

A3,

1.96%,

12/16/2024

825,058

830,266

Series

2020-B,

Class

A3,

0.63%,

5/15/2025

461,043

460,034

44

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Loomis

Short

Term

Bond

Fund

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

World

Omni

Select

Auto

Trust,

Series

2021-A,

Class

B,

0.85%,

8/16/2027

190,000

185,187

28,852,738

Credit

Card

1.2%

Barclays

Dryrock

Issuance

Trust,

Series

2019-1,

Class

A,

1.96%,

5/15/2025

925,000

930,826

World

Financial

Network

Credit

Card

Master

Trust,

Series

2019-B,

Class

A,

2.49%,

4/15/2026

1,200,000

1,208,408

2,139,234

Other

1.6%

Affirm

Asset

Securitization

Trust,

Series

2021-B,

Class

A,

1.03%,

8/17/2026(a)

220,000

216,523

Aqua

Finance

Trust,

Series

2021-A,

Class

A,

1.54%,

7/17/2046(a)

267,029

262,270

CNH

Equipment

Trust,

Series

2020-A,

Class

A3,

1.16%,

6/16/2025

77,923

78,007

Diamond

Resorts

Owner

Trust,

Series

2018-1,

Class

A,

3.70%,

1/21/2031(a)

127,092

128,754

FREED

ABS

Trust,

Series

2021-3FP,

Class

A,

0.62%,

11/20/2028(a)

106,250

106,050

GreatAmerica

Leasing

Receivables

Funding

LLC,

Series

2020-1,

Class

A3,

1.76%,

8/15/2023(a)

531,561

534,152

HPEFS

Equipment

Trust,

Series

2021-1A,

Class

A2,

0.27%,

3/20/2031(a)

255,784

255,344

Marlette

Funding

Trust,

Series

2021-3A,

Class

A,

0.65%,

12/15/2031(a)

273,279

271,861

New

Economy

Assets

Phase

1

Sponsor

LLC,

Series

2021-1,

Class

A1,

1.91%,

10/20/2061(a)

450,000

438,463

Onemain

Financial

Issuance

Trust,

Series

2018-

1A,

Class

A,

3.30%,

3/14/2029(a)

433,744

433,864

SCF

Equipment

Leasing

LLC,

Series

2021-1A,

Class

A2,

0.42%,

8/20/2026(a)

237,093

236,654

2,961,942

Student

Loan

1.0%

Massachusetts

Educational

Financing

Authority,

Series

2018-A,

Class

A,

3.85%,

5/25/2033

229,165

238,806

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Student

Loan

Navient

Private

Education

Refi

Loan

Trust

Series

2020-HA,

Class

A,

1.31%,

1/15/2069(a)

160,955

159,696

Series

2021-A,

Class

A,

0.84%,

5/15/2069(a)

146,645

144,368

Series

2020-GA,

Class

A,

1.17%,

9/16/2069(a)

54,925

54,361

Series

2021-CA,

Class

A,

1.06%,

10/15/2069(a)

423,922

414,432

Series

2021-EA,

Class

A,

0.97%,

12/16/2069(a)

891,317

864,167

SoFi

Professional

Loan

Program

LLC,

Series

2018-A,

Class

A1,

0.46%,

2/25/2042(a)(b)

71,180

70,937

1,946,767

Total

Asset-Backed

Securities

(cost

$35,924,519)

35,900,681

Collateralized

Mortgage

Obligations

1.1%

FHLMC

REMICS

Series

4060,

Class

EA,

1.75%,

6/15/2022

5,129

5,135

Series

2611,

Class

HD,

5.00%,

5/15/2023

14,037

14,295

Series

3585,

Class

LA,

3.50%,

10/15/2024

4,836

4,945

Series

3609,

Class

LE,

3.00%,

12/15/2024

1

1

Series

3721,

Class

PE,

3.50%,

9/15/2040

58,236

60,720

FNMA

REMICS

Series

2012-99,

Class

TC,

1.50%,

9/25/2022

10,975

10,983

Series

2012-100,

Class

WA,

1.50%,

9/25/2027

125,139

124,553

Series

2012-93,

Class

DP,

1.50%,

9/25/2027

110,970

110,647

GNMA

REMICS

Series

2009-104,

Class

KE,

2.50%,

8/16/2039

13,814

13,956

Series

2009-88,

Class

QE,

3.00%,

9/16/2039

20,135

20,383

Series

2011-39,

Class

NE,

3.50%,

9/16/2039

54,894

56,405

Series

2010-H22,

Class

FE,

0.45%,

5/20/2059(b)

36,773

36,739

Series

2010-H02,

Class

FA,

0.78%,

2/20/2060(b)

247,438

248,305

Series

2011-H11,

Class

FA,

0.60%,

3/20/2061(b)

172,567

172,904

Series

2011-H23,

Class

HA,

3.00%,

12/20/2061

4,428

4,529

Series

2012-H18,

Class

NA,

0.62%,

8/20/2062(b)

68,731

68,942

Series

2016-H13,

Class

FT,

0.68%,

5/20/2066(b)

43,584

43,664

Nationwide

Loomis

Short

Term

Bond

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

45

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

Series

2017-H25,

Class

FD,

0.25%,

12/20/2067(b)

67,629

67,340

Series

2019-H01,

Class

FJ,

0.40%,

9/20/2068(b)

138,146

137,949

Series

2019-H01,

Class

FT,

0.50%,

10/20/2068(b)

333,641

333,548

Series

2019-H13,

Class

FT,

0.66%,

8/20/2069(b)

544,373

543,979

Total

Collateralized

Mortgage

Obligations

(cost

$2,083,671)

2,079,922

Commercial

Mortgage-Backed

Securities

4.4%

AOA

Mortgage

Trust,

Series

2021-1177,

Class

A,

0.98%,

10/15/2038(a)(b)

680,000

678,600

BBCMS

Mortgage

Trust,

Series

2020-BID,

Class

A,

2.25%,

10/15/2037(a)(b)

425,000

425,810

Benchmark

Mortgage

Trust,

Series

2019-B10,

Class

A1,

2.79%,

3/15/2062

1,147,969

1,160,024

BPR

Trust,

Series

2021-

NRD,

Class

A,

1.58%,

12/15/2023(a)(b)

350,000

349,146

Citigroup

Commercial

Mortgage

Trust,

Series

2021-PRM2,

Class

A,

1.06%,

10/15/2036(a)(b)

680,000

680,307

CSMC

OA

LLC,

Series

2014-

USA,

Class

A2,

3.95%,

9/15/2037(a)

395,000

408,622

DROP

Mortgage

Trust,

Series

2021-FILE,

Class

A,

1.26%,

4/15/2026(a)(b)

525,000

524,684

GS

Mortgage

Securities

Corp.

II,

Series

2012-

BWTR,

Class

A,

2.95%,

11/5/2034(a)

350,000

351,665

GS

Mortgage

Securities

Corp.

Trust,

Series

2013-PEMB,

Class

A,

3.55%,

3/5/2033(a)

(b)

100,000

100,913

Med

Trust,

Series

2021-

MDLN,

Class

A,

1.06%,

11/15/2038(a)(b)

250,000

249,700

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2013-C11,

Class

A4,

4.15%,

8/15/2046(b)

565,000

577,719

Motel

Trust,

Series

2021-

MTL6,

Class

A,

1.01%,

9/15/2038(a)(b)

145,000

145,087

MSBAM

Commercial

Mortgage

Securities

Trust,

Series

2012-CKSV,

Class

A2,

3.28%,

10/15/2030(a)

465,000

461,605

OPG

Trust,

Series

2021-

PORT,

Class

A,

0.59%,

10/15/2036(a)(b)

785,000

772,726

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

Starwood

Retail

Property

Trust,

Series

2014-

STAR,

Class

A,

1.58%,

11/15/2027(a)(b)

336,810

213,874

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2013-LC12,

Class

A4,

4.22%,

7/15/2046(b)

1,015,000

1,043,355

Total

Commercial

Mortgage-Backed

Securities

(cost

$8,262,295)

8,143,837

Corporate

Bonds

61.2%

Aerospace

&

Defense

0.0%

†

Raytheon

Technologies

Corp.

,

3.65%,

8/16/2023

23,000

23,694

Airlines

0.2%

Southwest

Airlines

Co.

,

5.25%,

5/4/2025

255,000

278,174

United

Airlines,

Inc.

,

4.38%,

4/15/2026(a)

120,000

119,112

397,286

Auto

Components

0.1%

Icahn

Enterprises

LP

,

5.25%,

5/15/2027

275,000

276,980

Automobiles

2.0%

BMW

Finance

NV

,

2.25%,

8/12/2022(a)

1,200,000

1,208,402

BMW

US

Capital

LLC

,

3.45%,

4/12/2023(a)

750,000

768,085

Hyundai

Capital

America

,

0.88%,

6/14/2024(a)

715,000

696,480

Kia

Corp.

,

1.00%,

4/16/2024(a)

205,000

201,742

Nissan

Motor

Co.

Ltd.

,

3.52%,

9/17/2025(a)

490,000

505,605

Volkswagen

Group

of

America

Finance

LLC

,

4.25%,

11/13/2023(a)

330,000

344,522

3,724,836

Banks

17.1%

Australia

&

New

Zealand

Banking

Group

Ltd.

,

2.05%,

11/21/2022

1,200,000

1,211,626

Banco

Bilbao

Vizcaya

Argentaria

SA

,

0.88%,

9/18/2023

600,000

593,545

Banco

Santander

SA

,

2.75%,

5/28/2025

600,000

608,408

Bank

of

Ireland

Group

plc

,

4.50%,

11/25/2023(a)

360,000

375,748

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.10%),

2.03%,

9/30/2027(a)(c)

295,000

282,669

Bank

of

Montreal

,

1.50%,

1/10/2025

930,000

920,842

46

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Loomis

Short

Term

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Bank

of

Nova

Scotia

(The)

,

1.95%,

2/1/2023

1,190,000

1,201,535

1.95%,

2/2/2027

940,000

922,176

Barclays

plc

,

(ICE

LIBOR

USD

3

Month

+

1.40%),

4.61%,

2/15/2023(c)

415,000

415,481

BNP

Paribas

SA

,

(ICE

LIBOR

USD

3

Month

+

2.24%),

4.70%,

1/10/2025(a)(c)

545,000

572,423

(SOFR

+

1.23%),

2.59%,

1/20/2028(a)(c)

320,000

317,716

(SOFR

+

1.22%),

2.16%,

9/15/2029(a)(c)

245,000

233,447

Canadian

Imperial

Bank

of

Commerce

,

1.00%,

10/18/2024

815,000

795,560

Citigroup,

Inc.

,

(SOFR

+

0.67%),

0.98%,

5/1/2025(c)

95,000

92,992

(SOFR

+

1.35%),

3.06%,

1/25/2033(c)

460,000

464,608

Comerica,

Inc.

,

3.70%,

7/31/2023

375,000

386,837

Cooperatieve

Rabobank

UA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.73%),

1.98%,

12/15/2027(a)(c)

680,000

666,975

Credit

Agricole

SA

,

3.75%,

4/24/2023(a)

595,000

612,392

Danske

Bank

A/S

,

3.88%,

9/12/2023(a)

645,000

663,540

DNB

Bank

ASA

,

2.15%,

12/2/2022(a)

645,000

651,889

Fifth

Third

Bank

NA

,

1.80%,

1/30/2023

1,005,000

1,012,580

HSBC

Holdings

plc

,

(SOFR

+

1.54%),

1.64%,

4/18/2026(c)

710,000

692,954

(SOFR

+

1.10%),

2.25%,

11/22/2027(c)

285,000

279,117

(SOFR

+

1.29%),

2.21%,

8/17/2029(c)

225,000

214,258

ING

Groep

NV

,

4.10%,

10/2/2023

790,000

823,112

JPMorgan

Chase

&

Co.

,

(ICE

LIBOR

USD

3

Month

+

0.70%),

3.21%,

4/1/2023(c)

590,000

591,935

(SOFR

+

1.26%),

2.96%,

1/25/2033(c)

200,000

201,315

KeyBank

NA

,

3.30%,

2/1/2022

500,000

500,000

Lloyds

Banking

Group

plc

,

4.05%,

8/16/2023

340,000

352,710

Mitsubishi

UFJ

Financial

Group,

Inc.

,

2.67%,

7/25/2022

540,000

544,943

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Mitsubishi

UFJ

Financial

Group,

Inc.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.83%),

2.34%,

1/19/2028(c)

935,000

925,708

Mizuho

Financial

Group,

Inc.

,

(ICE

LIBOR

USD

3

Month

+

0.84%),

2.72%,

7/16/2023(c)

1,150,000

1,157,994

National

Australia

Bank

Ltd.

,

1.88%,

12/13/2022

1,215,000

1,225,761

1.39%,

1/12/2025(a)

940,000

930,635

NatWest

Markets

plc

,

1.60%,

9/29/2026(a)

455,000

438,225

Royal

Bank

of

Canada

,

2.80%,

4/29/2022

545,000

548,230

1.60%,

1/21/2025

940,000

933,183

Santander

Holdings

USA,

Inc.

,

3.45%,

6/2/2025

610,000

629,161

(SOFR

+

1.25%),

2.49%,

1/6/2028(c)

130,000

128,000

Santander

UK

Group

Holdings

plc

,

(SOFR

+

1.22%),

2.47%,

1/11/2028(c)

350,000

345,362

Skandinaviska

Enskilda

Banken

AB

,

2.20%,

12/12/2022(a)

1,210,000

1,223,856

Societe

Generale

SA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.30%),

2.80%,

1/19/2028(a)(c)

940,000

929,913

Standard

Chartered

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.95%),

1.82%,

11/23/2025(a)(c)

365,000

358,059

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.18%),

2.61%,

1/12/2028(a)(c)

585,000

577,094

Toronto-Dominion

Bank

(The)

,

(SOFR

+

0.24%),

0.29%,

1/6/2023(c)

1,075,000

1,075,095

1.95%,

1/12/2027

935,000

922,493

Truist

Financial

Corp.

,

3.05%,

6/20/2022

395,000

397,885

UniCredit

SpA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.30%),

2.57%,

9/22/2026(a)(c)

455,000

446,342

US

Bancorp

,

(SOFR

+

0.73%),

2.22%,

1/27/2028(c)

930,000

928,528

Westpac

Banking

Corp.

,

1.95%,

11/20/2028

475,000

461,518

31,786,375

Nationwide

Loomis

Short

Term

Bond

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

47

Corporate

Bonds

Principal

Amount

($)

Value

($)

Beverages

0.6%

Bacardi

Ltd.

,

4.45%,

5/15/2025(a)

565,000

602,773

Coca-Cola

Europacific

Partners

plc

,

0.50%,

5/5/2023(a)

490,000

484,182

1,086,955

Capital

Markets

8.2%

Ameriprise

Financial,

Inc.

,

3.00%,

3/22/2022

505,000

506,811

Ares

Capital

Corp.

,

2.88%,

6/15/2028

385,000

370,164

3.20%,

11/15/2031

290,000

271,653

Bain

Capital

Specialty

Finance,

Inc.

,

2.55%,

10/13/2026

285,000

272,234

Bank

of

New

York

Mellon

Corp.

(The)

,

2.05%,

1/26/2027

935,000

933,469

Barings

BDC,

Inc.

,

3.30%,

11/23/2026(a)

120,000

116,625

Blackstone

Holdings

Finance

Co.

LLC

,

1.63%,

8/5/2028(a)

350,000

330,107

Blackstone

Private

Credit

Fund

,

1.75%,

9/15/2024(a)

320,000

311,020

2.63%,

12/15/2026(a)

605,000

573,991

Blackstone

Secured

Lending

Fund

,

2.85%,

9/30/2028(a)

290,000

272,610

Deutsche

Bank

AG

,

(SOFR

+

1.13%),

1.45%,

4/1/2025(c)

455,000

447,415

(SOFR

+

1.32%),

2.55%,

1/7/2028(c)

645,000

632,007

FS

KKR

Capital

Corp.

,

4.25%,

2/14/2025(a)

90,000

92,514

3.25%,

7/15/2027

370,000

363,974

Goldman

Sachs

Group,

Inc.

(The)

,

(SOFR

+

0.54%),

0.63%,

11/17/2023(c)

655,000

650,855

(SOFR

+

0.91%),

1.95%,

10/21/2027(c)

730,000

710,477

(SOFR

+

1.11%),

2.64%,

2/24/2028(c)

930,000

931,562

Golub

Capital

BDC,

Inc.

,

2.50%,

8/24/2026

540,000

520,255

Hercules

Capital,

Inc.

,

3.38%,

1/20/2027

460,000

454,976

Jefferies

Group

LLC

,

2.63%,

10/15/2031

390,000

371,848

Lehman

Brothers

Holdings,

Inc.

,

5.63%,

1/24/2013(d)

500,000

2,600

Macquarie

Bank

Ltd.

,

2.10%,

10/17/2022(a)

1,210,000

1,220,408

Main

Street

Capital

Corp.

,

3.00%,

7/14/2026

410,000

401,646

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Morgan

Stanley

,

(SOFR

+

0.46%),

0.53%,

1/25/2024(c)

1,080,000

1,070,824

(SOFR

+

0.62%),

0.73%,

4/5/2024(c)

835,000

828,114

(SOFR

+

1.00%),

2.48%,

1/21/2028(c)

305,000

304,483

Nomura

Holdings,

Inc.

,

2.33%,

1/22/2027

935,000

918,137

Oaktree

Specialty

Lending

Corp.

,

3.50%,

2/25/2025

150,000

153,970

Owl

Rock

Capital

Corp.

,

3.75%,

7/22/2025

310,000

315,321

Owl

Rock

Technology

Finance

Corp.

,

4.75%,

12/15/2025(a)

440,000

458,920

UBS

AG

,

1.38%,

1/13/2025(a)

485,000

478,913

15,287,903

Chemicals

0.4%

Ashland

LLC

,

3.38%,

9/1/2031(a)

350,000

330,750

Chemours

Co.

(The)

,

4.63%,

11/15/2029(a)

250,000

238,125

RPM

International,

Inc.

,

2.95%,

1/15/2032

120,000

119,133

688,008

Consumer

Finance

3.9%

AerCap

Ireland

Capital

DAC

,

3.15%,

2/15/2024

280,000

285,265

Ally

Financial,

Inc.

,

1.45%,

10/2/2023

520,000

517,950

American

Honda

Finance

Corp.

,

2.25%,

1/12/2029

565,000

557,614

Avolon

Holdings

Funding

Ltd.

,

5.50%,

1/15/2026(a)

345,000

374,822

BOC

Aviation

USA

Corp.

,

1.63%,

4/29/2024(a)

205,000

202,723

Capital

One

Financial

Corp.

,

3.90%,

1/29/2024

855,000

889,172

(SOFR

+

0.69%),

1.34%,

12/6/2024(c)

25,000

24,806

Caterpillar

Financial

Services

Corp.

,

1.95%,

11/18/2022

320,000

322,926

Ford

Motor

Credit

Co.

LLC

,

2.30%,

2/10/2025

465,000

456,202

General

Motors

Financial

Co.,

Inc.

,

2.90%,

2/26/2025

290,000

295,461

2.35%,

2/26/2027

650,000

638,485

Harley-Davidson

Financial

Services,

Inc.

,

4.05%,

2/4/2022(a)

230,000

230,045

3.35%,

6/8/2025(a)

70,000

71,916

Hyundai

Capital

Services,

Inc.

,

2.13%,

4/24/2025(a)

200,000

198,618

48

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Loomis

Short

Term

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Finance

LeasePlan

Corp.

NV

,

2.88%,

10/24/2024(a)

495,000

502,840

Navient

Corp.

,

5.50%,

3/15/2029

280,000

273,224

PACCAR

Financial

Corp.

,

1.90%,

2/7/2023

960,000

968,132

1.80%,

2/6/2025

135,000

134,992

Synchrony

Financial

,

2.85%,

7/25/2022

155,000

156,191

4.38%,

3/19/2024

120,000

125,459

7,226,843

Containers

&

Packaging

0.6%

Canpack

SA

,

3.88%,

11/15/2029(a)

460,000

440,531

Sonoco

Products

Co.

,

1.80%,

2/1/2025

655,000

650,277

1,090,808

Diversified

Financial

Services

0.8%

Antares

Holdings

LP

,

3.75%,

7/15/2027(a)

390,000

386,253

Element

Fleet

Management

Corp.

,

3.85%,

6/15/2025(a)

320,000

335,276

Equitable

Holdings,

Inc.

,

3.90%,

4/20/2023

379,000

389,689

National

Rural

Utilities

Cooperative

Finance

Corp.

,

1.88%,

2/7/2025

395,000

394,988

1,506,206

Diversified

Telecommunication

Services

0.5%

British

Telecommunications

plc

,

4.50%,

12/4/2023

400,000

418,477

NBN

Co.

Ltd.

,

1.45%,

5/5/2026(a)

595,000

575,195

993,672

Electric

Utilities

3.3%

Alliant

Energy

Finance

LLC

,

3.75%,

6/15/2023(a)

820,000

842,322

American

Electric

Power

Co.,

Inc.

,

Series

A,

(ICE

LIBOR

USD

3

Month

+

0.48%),

0.61%,

11/1/2023(c)

1,085,000

1,085,084

2.03%,

3/15/2024

255,000

255,255

Eversource

Energy

,

Series

N,

3.80%,

12/1/2023

1,155,000

1,198,942

Florida

Power

&

Light

Co.

,

2.45%,

2/3/2032

320,000

316,833

NextEra

Energy

Capital

Holdings,

Inc.

,

0.65%,

3/1/2023

500,000

497,800

(SOFR

+

0.40%),

0.45%,

11/3/2023(c)

170,000

170,034

NRG

Energy,

Inc.

,

3.88%,

2/15/2032(a)

345,000

324,386

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Pacific

Gas

and

Electric

Co.

,

(SOFR

+

1.15%),

1.20%,

11/14/2022(c)

60,000

59,981

Southern

California

Edison

Co.

,

(SOFR

+

0.47%),

0.52%,

12/2/2022(c)

340,000

340,284

Series

J,

0.70%,

8/1/2023

360,000

356,138

Southern

Co.

(The)

,

Series

21-A,

0.60%,

2/26/2024

750,000

732,354

6,179,413

Equity

Real

Estate

Investment

Trusts

(REITs)

1.4%

Federal

Realty

Investment

Trust

,

3.95%,

1/15/2024

665,000

689,268

GLP

Capital

LP

,

5.25%,

6/1/2025

600,000

643,572

Iron

Mountain

Information

Management

Services,

Inc.

,

5.00%,

7/15/2032(a)

655,000

640,263

LXP

Industrial

Trust

,

2.38%,

10/1/2031

160,000

148,700

Office

Properties

Income

Trust

,

4.50%,

2/1/2025

400,000

416,965

3.45%,

10/15/2031

150,000

140,602

2,679,370

Food

&

Staples

Retailing

0.3%

Walgreens

Boots

Alliance,

Inc.

,

0.95%,

11/17/2023

635,000

627,786

Food

Products

0.9%

Bunge

Ltd.

Finance

Corp.

,

4.35%,

3/15/2024

795,000

834,633

JBS

USA

LUX

SA

,

3.00%,

5/15/2032(a)

480,000

447,605

Lamb

Weston

Holdings,

Inc.

,

4.13%,

1/31/2030(a)

335,000

330,948

1,613,186

Gas

Utilities

0.2%

CenterPoint

Energy

Resources

Corp.

,

0.70%,

3/2/2023

260,000

258,124

Southern

Natural

Gas

Co.

LLC

,

0.63%,

4/28/2023(a)

185,000

183,078

441,202

Health

Care

Equipment

&

Supplies

0.4%

Baxter

International,

Inc.

,

2.27%,

12/1/2028(a)

670,000

655,657

Health

Care

Providers

&

Services

0.2%

Cigna

Corp.

,

3.75%,

7/15/2023

289,000

298,068

Nationwide

Loomis

Short

Term

Bond

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

49

Corporate

Bonds

Principal

Amount

($)

Value

($)

Hotels,

Restaurants

&

Leisure

0.3%

Expedia

Group,

Inc.

,

6.25%,

5/1/2025(a)

126,000

140,575

Hyatt

Hotels

Corp.

,

1.30%,

10/1/2023

405,000

401,507

5.38%,

4/23/2025(e)

65,000

70,976

613,058

Household

Durables

0.3%

Panasonic

Corp.

,

2.54%,

7/19/2022(a)

590,000

593,601

Independent

Power

and

Renewable

Electricity

Producers

0.2%

AES

Corp.

(The)

,

3.30%,

7/15/2025(a)

315,000

321,016

Insurance

8.2%

Aon

Corp.

,

2.20%,

11/15/2022

1,195,000

1,206,835

Assurant,

Inc.

,

4.20%,

9/27/2023

305,000

316,793

Athene

Global

Funding

,

1.72%,

1/7/2025(a)

540,000

533,341

2.50%,

1/14/2025(a)

55,000

55,445

2.50%,

3/24/2028(a)

490,000

480,987

Brighthouse

Financial

Global

Funding

,

1.20%,

12/15/2023(a)

430,000

424,858

1.00%,

4/12/2024(a)

135,000

132,515

1.75%,

1/13/2025(a)

375,000

370,969

CNO

Global

Funding

,

2.65%,

1/6/2029(a)

475,000

462,197

F&G

Global

Funding

,

0.90%,

9/20/2024(a)

985,000

957,580

GA

Global

Funding

Trust

,

1.25%,

12/8/2023(a)

715,000

708,064

2.25%,

1/6/2027(a)

935,000

917,475

Guardian

Life

Global

Funding

,

1.10%,

6/23/2025(a)

995,000

972,389

Jackson

National

Life

Global

Funding

,

(SOFR

+

0.60%),

0.65%,

1/6/2023(a)(c)

1,205,000

1,208,712

1.75%,

1/12/2025(a)

460,000

456,031

MassMutual

Global

Funding

II

,

2.25%,

7/1/2022(a)

990,000

996,785

Metropolitan

Life

Global

Funding

I

,

2.40%,

6/17/2022(a)

560,000

563,808

0.90%,

6/8/2023(a)

445,000

443,253

1.88%,

1/11/2027(a)

940,000

925,279

Pricoa

Global

Funding

I

,

1.15%,

12/6/2024(a)

955,000

937,494

Protective

Life

Global

Funding

,

1.65%,

1/13/2025(a)

780,000

773,237

Reliance

Standard

Life

Global

Funding

II

,

2.15%,

1/21/2023(a)

380,000

383,489

RGA

Global

Funding

,

2.00%,

11/30/2026(a)

170,000

167,030

2.70%,

1/18/2029(a)

360,000

359,247

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

Security

Benefit

Global

Funding

,

1.25%,

5/17/2024(a)

450,000

440,903

15,194,716

Internet

&

Direct

Marketing

Retail

0.2%

Prosus

NV

,

3.26%,

1/19/2027(a)

370,000

369,488

IT

Services

0.7%

DXC

Technology

Co.

,

1.80%,

9/15/2026

455,000

440,161

Global

Payments,

Inc.

,

1.50%,

11/15/2024

275,000

271,055

Western

Union

Co.

(The)

,

4.25%,

6/9/2023

570,000

589,659

1,300,875

Machinery

0.1%

CNH

Industrial

Capital

LLC

,

1.95%,

7/2/2023

230,000

231,016

Metals

&

Mining

0.3%

Commercial

Metals

Co.

,

4.38%,

3/15/2032

320,000

318,123

Glencore

Funding

LLC

,

4.13%,

3/12/2024(a)

190,000

197,950

516,073

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.4%

Starwood

Property

Trust,

Inc.

,

5.50%,

11/1/2023(a)

290,000

299,063

3.75%,

12/31/2024(a)

355,000

354,556

653,619

Multiline

Retail

0.1%

Target

Corp.

,

1.95%,

1/15/2027

210,000

209,765

Multi-Utilities

1.1%

Dominion

Energy,

Inc.

,

3.07%,

8/15/2024(e)

295,000

302,337

Public

Service

Enterprise

Group,

Inc.

,

0.84%,

11/8/2023

675,000

664,422

WEC

Energy

Group,

Inc.

,

0.55%,

9/15/2023

1,105,000

1,086,962

2,053,721

Oil,

Gas

&

Consumable

Fuels

2.1%

BP

Capital

Markets

America,

Inc.

,

2.72%,

1/12/2032

470,000

465,023

Continental

Resources,

Inc.

,

2.88%,

4/1/2032(a)

135,000

127,082

EQT

Corp.

,

6.63%,

2/1/2025(e)

240,000

258,600

Gray

Oak

Pipeline

LLC

,

2.60%,

10/15/2025(a)

75,000

75,631

Midwest

Connector

Capital

Co.

LLC

,

3.63%,

4/1/2022(a)

770,000

771,644

50

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Loomis

Short

Term

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

MPLX

LP

,

3.38%,

3/15/2023

780,000

795,408

Pioneer

Natural

Resources

Co.

,

0.55%,

5/15/2023

315,000

311,931

Sempra

Infrastructure

Partners

LP

,

3.25%,

1/15/2032(a)

140,000

137,029

TransCanada

PipeLines

Ltd.

,

1.00%,

10/12/2024

975,000

952,909

3,895,257

Pharmaceuticals

0.8%

AstraZeneca

plc

,

3.50%,

8/17/2023

695,000

718,357

Bayer

US

Finance

II

LLC

,

3.38%,

7/15/2024(a)

385,000

395,674

Bristol-Myers

Squibb

Co.

,

2.00%,

8/1/2022

100,000

100,661

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

4.75%,

5/9/2027

230,000

222,525

1,437,217

Real

Estate

Management

&

Development

0.1%

Forestar

Group,

Inc.

,

3.85%,

5/15/2026(a)

155,000

151,900

Road

&

Rail

1.3%

Canadian

Pacific

Railway

Co.

,

1.35%,

12/2/2024

480,000

473,651

DAE

Funding

LLC

,

1.55%,

8/1/2024(a)

215,000

209,404

Penske

Truck

Leasing

Co.

LP

,

4.13%,

8/1/2023(a)

845,000

874,150

4.00%,

7/15/2025(a)

45,000

47,481

Ryder

System,

Inc.

,

4.63%,

6/1/2025

245,000

263,056

Triton

Container

International

Ltd.

,

0.80%,

8/1/2023(a)

495,000

489,294

2,357,036

Semiconductors

&

Semiconductor

Equipment

0.9%

Marvell

Technology,

Inc.

,

4.20%,

6/22/2023

600,000

618,993

Microchip

Technology,

Inc.

,

2.67%,

9/1/2023

335,000

339,699

Qorvo

,

Inc.

,

1.75%,

12/15/2024(a)

100,000

98,121

Skyworks

Solutions,

Inc.

,

0.90%,

6/1/2023

525,000

519,449

1,576,262

Software

0.7%

Infor

,

Inc.

,

1.45%,

7/15/2023(a)

225,000

224,165

VMware,

Inc.

,

0.60%,

8/15/2023

1,005,000

991,129

1,215,294

Corporate

Bonds

Principal

Amount

($)

Value

($)

Specialty

Retail

0.3%

Dick's

Sporting

Goods,

Inc.

,

3.15%,

1/15/2032

410,000

401,030

Lithia

Motors,

Inc.

,

3.88%,

6/1/2029(a)

215,000

211,238

612,268

Technology

Hardware,

Storage

&

Peripherals

0.3%

Dell

International

LLC

,

5.85%,

7/15/2025

390,000

433,418

Western

Digital

Corp.

,

2.85%,

2/1/2029

85,000

82,032

515,450

Textiles,

Apparel

&

Luxury

Goods

0.1%

Tapestry,

Inc.

,

3.05%,

3/15/2032

95,000

91,639

Thrifts

&

Mortgage

Finance

0.6%

Nationwide

Building

Society

,

0.55%,

1/22/2024(a)

930,000

908,397

Rocket

Mortgage

LLC

,

4.00%,

10/15/2033(a)

225,000

210,533

1,118,930

Trading

Companies

&

Distributors

0.8%

Air

Lease

Corp.

,

0.70%,

2/15/2024

505,000

490,931

0.80%,

8/18/2024

200,000

193,573

Aircastle

Ltd.

,

2.85%,

1/26/2028(a)

330,000

322,631

Aviation

Capital

Group

LLC

,

3.88%,

5/1/2023(a)

515,000

526,523

1,533,658

Wireless

Telecommunication

Services

0.2%

SK

Telecom

Co.

Ltd.

,

3.75%,

4/16/2023(a)

315,000

323,882

Total

Corporate

Bonds

(cost

$113,997,930)

113,469,989

Foreign

Government

Security

0.2%

CHILE

0.2%

Republic

of

Chile,

2.75%,

1/31/2027

455,000

461,147

Total

Foreign

Government

Security

(cost

$454,727)

461,147

Mortgage-Backed

Securities

0.6%

FHLMC

Gold

Pool

Pool#

G14899

3.00%,

11/1/2023

44,136

45,713

Pool#

G13746

4.50%,

1/1/2025

34,963

36,394

Pool#

G13888

5.00%,

6/1/2025

7,117

7,323

Pool#

J19197

3.00%,

5/1/2027

144,107

149,527

Nationwide

Loomis

Short

Term

Bond

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

51

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

C00748

6.00%,

4/1/2029

5,444

6,077

Pool#

C01418

5.50%,

10/1/2032

36,972

41,590

Pool#

G01740

5.50%,

12/1/2034

20,758

23,401

Pool#

G04342

6.00%,

4/1/2038

24,811

28,574

FHLMC

Non

Gold

Pool

Pool#

972136

2.35%,

1/1/2034(b)

23,918

25,177

Pool#

848191

2.33%,

12/1/2034(b)

133,996

135,636

FNMA

Pool#

815323

,

1.76%,

1/1/2035

(b)

35,660

36,927

FNMA

UMBS

Pool

Pool#

981257

5.00%,

5/1/2023

7,901

8,121

Pool#

931892

4.50%,

9/1/2024

137,369

143,739

Pool#

AL0802

4.50%,

4/1/2025

27,103

28,214

Pool#

AB2518

4.00%,

3/1/2026

30,557

32,038

Pool#

AB4998

3.00%,

4/1/2027

239,766

249,103

Pool#

190307

8.00%,

6/1/2030

468

530

Pool#

253516

8.00%,

11/1/2030

389

438

Pool#

725773

5.50%,

9/1/2034

45,452

51,171

Pool#

811773

5.50%,

1/1/2035

45,865

51,787

GNMA

Pool#

5080

,

4.00%,

6/20/2026

37,517

39,326

Total

Mortgage-Backed

Securities

(cost

$1,108,378)

1,140,806

U.S.

Treasury

Obligations

12.6%

U.S.

Treasury

Notes

0.13%,

7/31/2023

1,880,000

1,854,590

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Notes

0.13%,

8/31/2023

9,130,000

8,996,260

0.38%,

10/31/2023

7,340,000

7,246,243

0.75%,

12/31/2023

1,870,000

1,855,391

1.50%,

1/31/2027

3,360,000

3,342,412

Total

U.S.

Treasury

Obligations

(cost

$23,507,552)

23,294,896

Total

Investments

(cost

$185,339,072)

—

99.5%

184,491,278

Other

assets

in

excess

of

liabilities

—

0.5%

946,985

NET

ASSETS

—

100.0%

$

185,438,263

†

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

as

of

January

31,

2022

was

$68,090,427

which

represents

36.72%

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,

2022.

(c)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

January

31,

2022.

(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

as

of

January

31,

2022.

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

52

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Loomis

Short

Term

Bond

Fund

Futures

contracts

outstanding

as

of

January

31,

2022:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

2

Year

Note

28

3/2022

USD

6,066,375

(47,964)

(47,964)

Short

Contracts

U.S.

Treasury

5

Year

Note

(31)

3/2022

USD

(3,695,297)

43,566

U.S.

Treasury

10

Year

Ultra

Note

(40)

3/2022

USD

(5,713,125)

68,223

111,789

63,825

As

of

January

31,

2022,

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,

2022

(Unaudited)

-

Statement

of

Investments

-

53

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

35,900,681

$

–

$

35,900,681

Collateralized

Mortgage

Obligations

–

2,079,922

–

2,079,922

Commercial

Mortgage-Backed

Securities

–

8,143,837

–

8,143,837

Corporate

Bonds

–

113,469,989

–

113,469,989

Foreign

Government

Security

–

461,147

–

461,147

Futures

Contracts

111,789

–

–

111,789

Mortgage-Backed

Securities

–

1,140,806

–

1,140,806

U.S.

Treasury

Obligations

–

23,294,896

–

23,294,896

Total

Assets

$

111,789

$

184,491,278

$

–

$

184,603,067

$

–

$

–

$

–

$

–

54

-

Statement

of

Investments

-

January

31,

2022

(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,

2022.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

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,

2022:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2022:

Level

1

Level

2

Level

3

Total

Liabilities:

Futures

Contracts

$

(47,964)

$

–

$

–

$

(47,964)

Total

Liabilities

$

(47,964)

$

–

$

–

$

(47,964)

Total

$

63,825

$

184,491,278

$

–

$

184,555,103

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

$

111,789

Total

$

111,789

Liabilities:

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

(47,964)

Total

$

(47,964)

The

Statement

of

Investments

should

be

read

in

conjunction

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,

2022

(Unaudited)

-

Statement

of

Investments

-

1

Common

Stocks

99.1%

Shares

Value

($)

Air

Freight

&

Logistics

0.5%

Atlas

Air

Worldwide

Holdings,

Inc.*

6,339

509,212

Auto

Components

0.6%

American

Axle

&

Manufacturing

Holdings,

Inc.*

72,500

590,150

Motorcar

Parts

of

America,

Inc.*

4,300

71,079

661,229

Banks

16.9%

American

National

Bankshares,

Inc.

4,271

161,444

Ameris

Bancorp

4,880

240,633

Associated

Banc-Corp.

11,350

271,265

Bancorp,

Inc.

(The)*

35,139

1,047,845

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

5,800

212,570

Banner

Corp.

9,700

602,467

Camden

National

Corp.

2,300

114,218

Capstar

Financial

Holdings,

Inc.

26,400

566,280

Carter

Bankshares,

Inc.*

24,746

380,841

Central

Pacific

Financial

Corp.

20,600

599,460

Civista

Bancshares,

Inc.

29,266

705,603

CrossFirst

Bankshares,

Inc.*

6,600

102,036

Financial

Institutions,

Inc.

26,000

838,240

First

Busey

Corp.

11,741

327,339

First

Financial

Bancorp

21,700

547,057

First

Hawaiian,

Inc.

11,998

340,143

First

Horizon

Corp.

36,400

622,804

First

Internet

Bancorp

2,500

125,650

Great

Western

Bancorp,

Inc.

9,955

307,410

Hancock

Whitney

Corp.

12,200

643,184

Hanmi

Financial

Corp.

35,623

957,546

Heartland

Financial

USA,

Inc.

11,125

578,834

Heritage

Financial

Corp.

9,264

224,745

HomeStreet,

Inc.

7,000

341,250

Independent

Bank

Corp.

30,487

746,322

Level

One

Bancorp,

Inc.

8,520

337,562

Live

Oak

Bancshares,

Inc.

3,945

232,203

Northrim

Bancorp,

Inc.

15,917

699,393

OceanFirst

Financial

Corp.

19,900

451,730

Old

Second

Bancorp,

Inc.

27,000

362,610

Origin

Bancorp,

Inc.

700

29,904

Orrstown

Financial

Services,

Inc.

13,745

340,189

Popular,

Inc.

10,600

945,202

Simmons

First

National

Corp.,

Class

A

7,055

201,773

SmartFinancial,

Inc.

22,126

593,198

South

State

Corp.

3,680

310,629

TriCo

Bancshares

1,900

82,593

Trustmark

Corp.

6,100

198,738

United

Community

Banks,

Inc.

7,275

257,462

Wintrust

Financial

Corp.

7,300

715,911

17,364,283

Beverages

0.4%

Primo

Water

Corp.

27,089

452,386

Common

Stocks

Shares

Value

($)

Biotechnology

3.2%

2seventy

bio,

Inc.*

4,233

79,030

Actinium

Pharmaceuticals,

Inc.*

6,000

32,460

Agios

Pharmaceuticals,

Inc.*

4,900

151,361

Alkermes

plc*

11,162

284,631

AnaptysBio,

Inc.*

3,300

105,501

Arcturus

Therapeutics

Holdings,

Inc.*

4,500

117,585

Arcutis

Biotherapeutics,

Inc.*

6,500

98,215

Arena

Pharmaceuticals,

Inc.*

4,200

386,316

Atara

Biotherapeutics,

Inc.*

7,347

112,850

Biocept,

Inc.*

9,325

26,110

Biohaven

Pharmaceutical

Holding

Co.

Ltd.*

1,500

199,305

Bluebird

Bio,

Inc.*

12,900

101,781

Chinook

Therapeutics,

Inc.*

8,300

107,070

Cyteir

Therapeutics,

Inc.*

9,800

59,584

Day

One

Biopharmaceuticals,

Inc.*

10,253

151,232

Erasca,

Inc.*(a)

9,100

107,835

Iovance

Biotherapeutics,

Inc.*

7,300

121,545

Kezar

Life

Sciences,

Inc.*

8,700

114,666

Kiniksa

Pharmaceuticals

Ltd.,

Class

A*

9,800

110,054

Kura

Oncology,

Inc.*

8,800

123,992

MeiraGTx

Holdings

plc*

6,800

101,932

Nuvalent,

Inc.,

Class

A*(a)

8,100

109,269

Prometheus

Biosciences,

Inc.*(a)

3,100

111,383

Recursion

Pharmaceuticals,

Inc.,

Class

A*(a)

9,100

107,744

Savara,

Inc.*

11,168

13,736

Sutro

Biopharma,

Inc.*

10,100

107,868

UNITY

Biotechnology,

Inc.*

72,900

88,209

Vaxcyte,

Inc.*

5,800

110,432

3,341,696

Building

Products

1.7%

JELD-WEN

Holding,

Inc.*

8,552

201,827

Masonite

International

Corp.*

6,309

626,105

Resideo

Technologies,

Inc.*

28,100

696,318

Zurn

Water

Solutions

Corp.

6,356

194,113

1,718,363

Capital

Markets

1.1%

Donnelley

Financial

Solutions,

Inc.*

10,700

398,254

Janus

Henderson

Group

plc

5,400

199,260

Open

Lending

Corp.,

Class

A*

10,700

203,193

Oppenheimer

Holdings,

Inc.,

Class

A

6,900

292,491

Safeguard

Scientifics,

Inc.*

13,361

85,243

1,178,441

Chemicals

1.4%

AdvanSix,

Inc.

11,600

488,244

Flexible

Solutions

International,

Inc.*

15,124

51,724

Koppers

Holdings,

Inc.*

6,600

197,208

Trinseo

plc

12,200

653,188

1,390,364

2

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Bailard

Cognitive

Value

Fund

Common

Stocks

Shares

Value

($)

Commercial

Services

&

Supplies

1.4%

Charah

Solutions,

Inc.*

20,726

108,811

CompX

International,

Inc.

2,800

63,196

Deluxe

Corp.

9,300

279,930

KAR

Auction

Services,

Inc.*

10,200

145,044

Matthews

International

Corp.,

Class

A

20,400

716,448

MillerKnoll,

Inc.

4,300

166,066

1,479,495

Communications

Equipment

0.3%

Aviat

Networks,

Inc.*

8,921

258,887

Harmonic,

Inc.*

2,000

21,520

280,407

Construction

&

Engineering

0.8%

EMCOR

Group,

Inc.

4,500

536,445

MYR

Group,

Inc.*

3,400

319,702

856,147

Construction

Materials

0.4%

Summit

Materials,

Inc.,

Class

A*

10,800

384,048

Consumer

Finance

1.3%

OneMain

Holdings,

Inc.

13,900

718,074

PROG

Holdings,

Inc.*

6,600

262,746

Regional

Management

Corp.

7,361

373,644

1,354,464

Containers

&

Packaging

1.4%

Graphic

Packaging

Holding

Co.

11,000

208,010

Greif,

Inc.,

Class

A

11,200

662,592

O-I

Glass,

Inc.*

44,600

593,626

1,464,228

Diversified

Consumer

Services

0.8%

Carriage

Services,

Inc.

4,991

251,147

Graham

Holdings

Co.,

Class

B

1,000

595,120

846,267

Diversified

Financial

Services

0.3%

A-Mark

Precious

Metals,

Inc.

4,747

293,839

Diversified

Telecommunication

Services

0.3%

Radius

Global

Infrastructure,

Inc.*

20,077

276,260

Electric

Utilities

1.4%

IDACORP,

Inc.

2,700

297,594

OGE

Energy

Corp.

12,400

470,208

Pinnacle

West

Capital

Corp.

1,500

104,415

Portland

General

Electric

Co.

9,400

493,876

Via

Renewables,

Inc.

8,800

100,672

1,466,765

Electrical

Equipment

2.3%

Atkore,

Inc.*

8,900

959,242

AZZ,

Inc.

7,473

355,565

LSI

Industries,

Inc.

10,000

74,400

nVent

Electric

plc

21,800

754,062

Preformed

Line

Products

Co.

4,281

259,600

2,402,869

Electronic

Equipment,

Instruments

&

Components

2.1%

Autoscope

Technologies

Corp.

8,652

59,396

Common

Stocks

Shares

Value

($)

Electronic

Equipment,

Instruments

&

Components

Avnet,

Inc.

10,800

435,888

Bel

Fuse,

Inc.,

Class

B

20,375

253,057

CTS

Corp.

4,569

153,290

Daktronics,

Inc.*

53,900

264,110

Flex

Ltd.*

23,300

376,994

Knowles

Corp.*

17,727

375,990

Methode

Electronics,

Inc.

6,500

286,195

2,204,920

Energy

Equipment

&

Services

1.0%

ChampionX

Corp.*

11,800

264,320

Nabors

Industries

Ltd.*(a)

2,400

248,424

Natural

Gas

Services

Group,

Inc.*

23,490

252,987

TETRA

Technologies,

Inc.*

75,371

220,837

986,568

Equity

Real

Estate

Investment

Trusts

(REITs)

11.9%

Apple

Hospitality

REIT,

Inc.

9,300

150,009

Brixmor

Property

Group,

Inc.

26,800

679,648

Broadstone

Net

Lease,

Inc.

14,300

330,473

Corporate

Office

Properties

Trust

8,800

222,288

DigitalBridge

Group,

Inc.*

116,313

849,085

Essential

Properties

Realty

Trust,

Inc.

7,100

188,505

First

Industrial

Realty

Trust,

Inc.

10,850

659,463

Global

Medical

REIT,

Inc.

15,100

255,341

Healthcare

Realty

Trust,

Inc.

8,600

266,772

Independence

Realty

Trust,

Inc.

40,600

933,394

Kite

Realty

Group

Trust

4,899

102,291

LXP

Industrial

Trust

65,400

973,806

National

Storage

Affiliates

Trust

11,786

725,546

NexPoint

Residential

Trust,

Inc.

12,400

983,320

One

Liberty

Properties,

Inc.

16,154

492,697

Outfront

Media,

Inc.

7,900

196,236

Pebblebrook

Hotel

Trust

9,791

211,975

Physicians

Realty

Trust

15,700

286,682

PotlatchDeltic

Corp.

4,000

215,160

Rayonier,

Inc.

16,558

605,029

Ryman

Hospitality

Properties,

Inc.*

3,500

309,400

Sabra

Health

Care

REIT,

Inc.

19,100

259,951

Safehold,

Inc.

12,775

790,773

STAG

Industrial,

Inc.

14,700

628,131

Sunstone

Hotel

Investors,

Inc.*

16,100

182,091

Tanger

Factory

Outlet

Centers,

Inc.

8,153

138,683

Terreno

Realty

Corp.

4,500

336,465

UMH

Properties,

Inc.

8,500

200,600

Xenia

Hotels

&

Resorts,

Inc.*

5,900

102,306

12,276,120

Food

&

Staples

Retailing

1.3%

Andersons,

Inc.

(The)

22,000

838,200

BJ's

Wholesale

Club

Holdings,

Inc.*

2,400

147,528

Nationwide

Bailard

Cognitive

Value

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

3

Common

Stocks

Shares

Value

($)

Food

&

Staples

Retailing

Performance

Food

Group

Co.*

7,000

295,330

SpartanNash

Co.

4,380

107,617

1,388,675

Food

Products

0.3%

Seneca

Foods

Corp.,

Class

A*

5,501

257,172

Gas

Utilities

0.9%

Brookfield

Infrastructure

Corp.,

Class

A(a)

2,100

139,272

South

Jersey

Industries,

Inc.

7,900

197,658

Southwest

Gas

Holdings,

Inc.

4,100

279,538

UGI

Corp.

6,900

312,915

929,383

Health

Care

Equipment

&

Supplies

0.4%

Orthofix

Medical,

Inc.*

4,800

145,920

Sensus

Healthcare,

Inc.*

35,501

273,713

419,633

Health

Care

Providers

&

Services

1.8%

Acadia

Healthcare

Co.,

Inc.*

4,300

226,395

Cross

Country

Healthcare,

Inc.*

9,924

213,465

Encompass

Health

Corp.

4,900

303,996

Option

Care

Health,

Inc.*

18,900

441,693

Premier,

Inc.,

Class

A

6,400

244,608

Select

Medical

Holdings

Corp.

18,700

434,401

1,864,558

Health

Care

Technology

1.2%

Allscripts

Healthcare

Solutions,

Inc.*

28,248

571,175

NextGen

Healthcare,

Inc.*

34,400

664,264

1,235,439

Hotels,

Restaurants

&

Leisure

0.8%

Bluegreen

Vacations

Holding

Corp.*

9,800

293,706

Brinker

International,

Inc.*

7,400

245,754

Travel

+

Leisure

Co.

5,500

312,400

851,860

Household

Durables

2.5%

Beazer

Homes

USA,

Inc.*

15,500

282,720

Century

Communities,

Inc.

9,777

643,815

KB

Home

9,800

414,050

Lifetime

Brands,

Inc.

16,721

259,176

TRI

Pointe

Group,

Inc.*

29,633

705,562

VOXX

International

Corp.*

20,044

221,486

2,526,809

Household

Products

0.6%

Spectrum

Brands

Holdings,

Inc.

7,100

634,598

Independent

Power

and

Renewable

Electricity

Producers

1.1%

Atlantica

Sustainable

Infrastructure

plc

16,300

531,869

Clearway

Energy,

Inc.,

Class

A

19,650

606,202

1,138,071

Insurance

2.5%

American

National

Group,

Inc.

1,100

207,669

Common

Stocks

Shares

Value

($)

Insurance

Argo

Group

International

Holdings

Ltd.

4,600

261,188

Assured

Guaranty

Ltd.

14,800

788,692

CNO

Financial

Group,

Inc.

4,500

112,230

Investors

Title

Co.

1,961

392,180

Stewart

Information

Services

Corp.

11,200

800,016

2,561,975

Interactive

Media

&

Services

0.2%

DHI

Group,

Inc.*

42,300

227,574

Internet

&

Direct

Marketing

Retail

0.2%

Liquidity

Services,

Inc.*

10,400

197,912

IT

Services

1.7%

Alliance

Data

Systems

Corp.

6,200

428,048

Conduent,

Inc.*

98,000

463,540

CSG

Systems

International,

Inc.

4,600

261,142

Information

Services

Group,

Inc.

53,888

348,116

Perficient,

Inc.*

2,100

220,122

1,720,968

Leisure

Products

0.2%

Brunswick

Corp.

2,300

208,817

Life

Sciences

Tools

&

Services

0.1%

Harvard

Bioscience,

Inc.*

4,000

23,280

Seer,

Inc.*(a)

6,700

105,391

128,671

Machinery

3.0%

Evoqua

Water

Technologies

Corp.*

5,600

226,800

Gates

Industrial

Corp.

plc*

38,640

597,761

Hillenbrand,

Inc.

14,800

687,904

Hyster-Yale

Materials

Handling,

Inc.

3,800

170,582

LS

Starrett

Co.

(The),

Class

A*

2,200

19,932

Manitowoc

Co.,

Inc.

(The)*

14,800

270,100

Meritor,

Inc.*

9,500

218,975

Miller

Industries,

Inc.

7,773

244,616

Terex

Corp.

15,100

629,972

3,066,642

Marine

1.5%

Eagle

Bulk

Shipping,

Inc.(a)

6,500

291,330

Genco

Shipping

&

Trading

Ltd.

23,600

367,216

Matson,

Inc.

3,383

330,384

Pangaea

Logistics

Solutions

Ltd.

62,160

248,640

Safe

Bulkers,

Inc.*

74,500

260,005

1,497,575

Media

2.0%

Gray

Television,

Inc.

18,061

376,572

Loyalty

Ventures,

Inc.*

7,516

220,294

Nexstar

Media

Group,

Inc.,

Class

A

2,500

413,450

TEGNA,

Inc.

39,814

770,799

4

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Bailard

Cognitive

Value

Fund

Common

Stocks

Shares

Value

($)

Media

Townsquare

Media,

Inc.,

Class

A*

21,900

288,642

2,069,757

Metals

&

Mining

1.2%

Alcoa

Corp.

14,700

833,637

Gold

Resource

Corp.

98,900

162,196

Olympic

Steel,

Inc.

11,900

253,351

1,249,184

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.9%

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

21,200

879,376

Multiline

Retail

0.7%

Big

Lots,

Inc.

3,700

155,067

Franchise

Group,

Inc.

5,436

272,181

Macy's,

Inc.

9,500

243,200

670,448

Multi-Utilities

1.1%

Avista

Corp.

9,700

431,262

MDU

Resources

Group,

Inc.

14,200

417,054

NorthWestern

Corp.

4,500

261,540

1,109,856

Oil,

Gas

&

Consumable

Fuels

6.0%

Antero

Resources

Corp.*

37,700

736,281

California

Resources

Corp.

14,736

628,048

Centrus

Energy

Corp.,

Class

A*

5,058

219,770

CNX

Resources

Corp.*

22,376

331,836

Crescent

Point

Energy

Corp.

28,600

184,184

Earthstone

Energy,

Inc.,

Class

A*

25,820

352,701

Enerplus

Corp.

49,100

568,087

Equitrans

Midstream

Corp.

12,331

100,005

HollyFrontier

Corp.

19,100

671,556

Ovintiv,

Inc.

19,900

772,120

Range

Resources

Corp.*

11,100

213,675

Ranger

Oil

Corp.*

12,800

396,928

Ring

Energy,

Inc.*(a)

100,900

254,268

SilverBow

Resources,

Inc.*

10,115

235,578

SM

Energy

Co.

17,000

557,770

6,222,807

Paper

&

Forest

Products

0.2%

Glatfelter

Corp.

14,700

255,192

Personal

Products

0.5%

Edgewell

Personal

Care

Co.

4,600

210,680

Nature's

Sunshine

Products,

Inc.

14,300

252,252

462,932

Pharmaceuticals

1.3%

Atea

Pharmaceuticals,

Inc.*

15,500

110,670

Cara

Therapeutics,

Inc.*

9,000

104,220

Citius

Pharmaceuticals,

Inc.*

35,600

53,756

Endo

International

plc*

31,900

101,761

Harrow

Health,

Inc.*

13,800

103,500

NGM

Biopharmaceuticals,

Inc.*

7,000

110,670

Common

Stocks

Shares

Value

($)

Pharmaceuticals

Opiant

Pharmaceuticals,

Inc.*

16,242

405,888

Perrigo

Co.

plc

2,700

102,789

Prestige

Consumer

Healthcare,

Inc.*

3,600

203,220

Recro

Pharma,

Inc.*

30,815

47,455

1,343,929

Professional

Services

1.8%

BGSF,

Inc.

7,500

102,075

CRA

International,

Inc.

3,975

338,114

Heidrick

&

Struggles

International,

Inc.

6,290

275,313

ICF

International,

Inc.

2,100

198,219

Korn

Ferry

3,900

258,882

ManpowerGroup,

Inc.

2,950

309,367

Mistras

Group,

Inc.*

21,884

147,060

TrueBlue,

Inc.*

9,600

255,360

1,884,390

Real

Estate

Management

&

Development

0.2%

Newmark

Group,

Inc.,

Class

A

13,600

208,216

Road

&

Rail

0.7%

Avis

Budget

Group,

Inc.*

1,100

193,798

Saia,

Inc.*

700

198,996

USA

Truck,

Inc.*

15,200

286,824

679,618

Semiconductors

&

Semiconductor

Equipment

1.5%

Alpha

&

Omega

Semiconductor

Ltd.*

4,500

202,635

Amkor

Technology,

Inc.

23,290

512,846

Axcelis

Technologies,

Inc.*

10,500

657,405

Power

Integrations,

Inc.

2,600

209,846

1,582,732

Software

0.7%

Consensus

Cloud

Solutions,

Inc.*

1,800

102,060

Progress

Software

Corp.

3,300

150,183

Upland

Software,

Inc.*

13,000

254,800

Xperi

Holding

Corp.

13,800

232,806

739,849

Specialty

Retail

2.1%

Academy

Sports

&

Outdoors,

Inc.*

8,300

322,870

Caleres,

Inc.

10,700

256,586

Genesco,

Inc.*

1,700

109,361

Group

1

Automotive,

Inc.

1,200

203,772

Haverty

Furniture

Cos.,

Inc.

1,900

56,088

Hibbett,

Inc.

1,600

98,640

MarineMax,

Inc.*

6,100

287,066

Monro,

Inc.

900

44,757

OneWater

Marine,

Inc.,

Class

A

3,500

180,985

Sally

Beauty

Holdings,

Inc.*

2,900

49,793

Signet

Jewelers

Ltd.

2,500

215,325

TravelCenters

of

America,

Inc.*

2,900

132,182

Urban

Outfitters,

Inc.*

5,300

152,216

2,109,641

Nationwide

Bailard

Cognitive

Value

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

5

Common

Stocks

Shares

Value

($)

Textiles,

Apparel

&

Luxury

Goods

0.0%

†

Jerash

Holdings

US,

Inc.

6,500

40,300

Thrifts

&

Mortgage

Finance

2.5%

Essent

Group

Ltd.

7,827

357,225

Flagstar

Bancorp,

Inc.

17,001

769,295

MGIC

Investment

Corp.

27,500

417,450

Mr.

Cooper

Group,

Inc.*

8,300

333,245

Radian

Group,

Inc.

20,800

465,712

Timberland

Bancorp,

Inc.

6,700

186,126

2,529,053

Trading

Companies

&

Distributors

3.2%

Alta

Equipment

Group,

Inc.*

18,874

257,253

MRC

Global,

Inc.*

28,300

209,703

Rush

Enterprises,

Inc.,

Class

A

12,300

649,686

Titan

Machinery,

Inc.*

11,100

341,880

Triton

International

Ltd.

10,500

634,410

Veritiv

Corp.*

3,000

279,240

WESCO

International,

Inc.*

7,535

918,441

3,290,613

Wireless

Telecommunication

Services

0.7%

United

States

Cellular

Corp.*

22,100

676,702

Total

Common

Stocks

(cost

$78,912,948)

102,049,298

Exchange

Traded

Funds

0.3%

Equity

Funds  0.3%

iShares

Micro-Cap

ETF

1,079

135,717

Vanguard

Small-Cap

Value

ETF

1,178

201,391

337,108

Total

Exchange

Traded

Funds

(cost

$332,351)

337,108

Short-Term

Investment

1.3%

Money

Market

Fund

1.3%

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,

0.01%(b)(c)

1,296,233

1,296,233

Total

Short-Term

Investment

(cost

$1,296,233)

1,296,233

Total

Investments

(cost

$80,541,532)

—

100.7%

103,682,639

Liabilities

in

excess

of

other

assets

—

(0.7)%

(744,168)

NET

ASSETS

—

100.0%

$

102,938,471

*

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

as

of

January

31,

2022.

The

total

value

of

securities

on

loan

as

of

January

31,

2022

was

$1,291,162,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

with

a

value

of

$1,296,233.

(b)

Represents

7-day

effective

yield

as

of

January

31,

2022.

(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,

2022

was

$1,296,233.

ETF

Exchange

Traded

Fund

REIT

Real

Estate

Investment

Trust

6

-

Statement

of

Investments

-

January

31,

2022

(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,

2022

(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,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

102,049,298

$

–

$

–

$

102,049,298

Exchange

Traded

Funds

337,108

–

–

337,108

Short-Term

Investment

1,296,233

–

–

1,296,233

Total

$

103,682,639

$

–

$

–

$

103,682,639

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.

8

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Bailard

Technology

&

Science

Fund

Common

Stocks

99.5%

Shares

Value

($)

Biotechnology

2.3%

Aurinia

Pharmaceuticals,

Inc.*(a)

90,000

1,499,400

Blueprint

Medicines

Corp.*

13,400

1,033,140

Horizon

Therapeutics

plc*

13,510

1,260,888

3,793,428

Electronic

Equipment,

Instruments

&

Components

5.3%

Insight

Enterprises,

Inc.*

48,033

4,522,307

TE

Connectivity

Ltd.

28,265

4,042,178

8,564,485

Entertainment

2.2%

Activision

Blizzard,

Inc.

8,000

632,080

Netflix,

Inc.*

2,680

1,144,735

Sea

Ltd.,

ADR-TW*

12,190

1,832,279

3,609,094

Hotels,

Restaurants

&

Leisure

0.5%

Airbnb,

Inc.,

Class

A*

4,825

742,905

Household

Durables

2.7%

Sony

Group

Corp.,

ADR-JP

39,700

4,432,902

Interactive

Media

&

Services

11.0%

Alphabet,

Inc.,

Class

A*

3,718

10,061,168

Meta

Platforms,

Inc.,

Class

A*

24,560

7,693,666

17,754,834

Internet

&

Direct

Marketing

Retail

3.4%

Amazon.com,

Inc.*

1,837

5,495,330

IT

Services

11.0%

Adyen

NV,

ADR-NL*

24,550

498,856

Block,

Inc.,

Class

A*

15,595

1,907,112

Fiserv,

Inc.*

20,380

2,154,166

PayPal

Holdings,

Inc.*

22,000

3,782,680

Twilio

,

Inc.,

Class

A*

14,863

3,063,562

Visa,

Inc.,

Class

A

28,265

6,392,695

17,799,071

Life

Sciences

Tools

&

Services

1.8%

Danaher

Corp.

10,200

2,915,058

Pharmaceuticals

0.9%

Intra-Cellular

Therapies,

Inc.*

32,180

1,528,228

Professional

Services

1.6%

Booz

Allen

Hamilton

Holding

Corp.

34,450

2,643,349

Road

&

Rail

0.5%

Uber

Technologies,

Inc.*

21,850

817,190

Semiconductors

&

Semiconductor

Equipment

23.9%

KLA

Corp.

16,090

6,263,354

Lam

Research

Corp.

9,640

5,686,829

Micron

Technology,

Inc.

9,136

751,619

NVIDIA

Corp.

34,165

8,365,642

NXP

Semiconductors

NV

28,900

5,937,216

QUALCOMM,

Inc.

44,085

7,748,380

Texas

Instruments,

Inc.

21,660

3,887,753

38,640,793

Software

27.5%

Adobe,

Inc.*

12,694

6,782,404

Cadence

Design

Systems,

Inc.*

16,580

2,522,481

Common

Stocks

Shares

Value

($)

Software

Crowdstrike

Holdings,

Inc.,

Class

A*

6,700

1,210,288

Dropbox,

Inc.,

Class

A*

140,515

3,477,746

Elastic

NV*

9,710

905,458

HubSpot

,

Inc.*

4,350

2,126,280

Intuit,

Inc.

7,000

3,886,610

Microsoft

Corp.

54,460

16,935,971

Paycom

Software,

Inc.*

5,160

1,730,148

RingCentral,

Inc.,

Class

A*

13,605

2,401,147

ServiceNow

,

Inc.*

2,950

1,728,051

Varonis

Systems,

Inc.*

21,140

787,676

44,494,260

Technology

Hardware,

Storage

&

Peripherals

4.9%

Apple,

Inc.

45,253

7,909,319

Total

Common

Stocks

(cost

$57,428,482)

161,140,246

Short-Term

Investment

0.9%

Money

Market

Fund

0.9%

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,

0.01%(b)(c)

1,425,600

1,425,600

Total

Short-Term

Investment

(cost

$1,425,600)

1,425,600

Total

Investments

(cost

$58,854,082)

—

100.4%

162,565,846

Liabilities

in

excess

of

other

assets

—

(0.4)%

(683,053)

NET

ASSETS

—

100.0%

$

161,882,793

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2022.

The

total

value

of

securities

on

loan

as

of

January

31,

2022

was

$1,484,406,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

with

a

value

of

$1,425,600.

(b)

Represents

7-day

effective

yield

as

of

January

31,

2022.

(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,

2022

was

$1,425,600.

ADR

American

Depositary

Receipt

JP

Japan

NL

Netherlands

TW

Taiwan

Nationwide

Bailard

Technology

&

Science

Fund

-

January

31,

2022

(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.

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.

10

-

Statement

of

Investments

-

January

31,

2022

(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,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

161,140,246

$

–

$

–

$

161,140,246

Short-Term

Investment

1,425,600

–

–

1,425,600

Total

$

162,565,846

$

–

$

–

$

162,565,846

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,

2022

(Unaudited)

-

Statement

of

Investments

-

11

Common

Stocks

96.2%

Shares

Value

($)

Automobiles

4.0%

General

Motors

Co.*

20,667

1,089,771

Banks

9.3%

Bank

of

America

Corp.

27,391

1,263,821

Truist

Financial

Corp.

20,054

1,259,792

2,523,613

Beverages

5.4%

PepsiCo,

Inc.

8,506

1,475,961

Capital

Markets

5.3%

KKR

&

Co.,

Inc.

20,092

1,429,747

Diversified

Financial

Services

6.8%

Berkshire

Hathaway,

Inc.,

Class

B*

5,925

1,854,644

Entertainment

4.8%

Walt

Disney

Co.

(The)*

9,142

1,307,032

Food

Products

5.6%

Mondelez

International,

Inc.,

Class

A

22,749

1,524,865

Health

Care

Equipment

&

Supplies

5.9%

Abbott

Laboratories

12,515

1,595,162

Health

Care

Providers

&

Services

3.7%

Humana,

Inc.

2,565

1,006,762

Household

Durables

4.7%

NVR,

Inc.*

241

1,283,860

Common

Stocks

Shares

Value

($)

Insurance

8.1%

American

International

Group,

Inc.

38,314

2,212,633

Interactive

Media

&

Services

8.1%

Alphabet,

Inc.,

Class

A*

419

1,133,843

Meta

Platforms,

Inc.,

Class

A*

3,448

1,080,121

2,213,964

Machinery

3.6%

Parker-Hannifin

Corp.

3,123

968,161

Metals

&

Mining

4.2%

Freeport-McMoRan,

Inc.

30,998

1,153,746

Oil,

Gas

&

Consumable

Fuels

5.6%

Chevron

Corp.

11,694

1,535,773

Pharmaceuticals

3.8%

Pfizer,

Inc.

19,848

1,045,791

Semiconductors

&

Semiconductor

Equipment

3.7%

Texas

Instruments,

Inc.

5,525

991,682

Textiles,

Apparel

&

Luxury

Goods

3.6%

VF

Corp.

14,875

969,999

Total

Investments

(cost

$19,182,497)

—

96.2%

26,183,166

Other

assets

in

excess

of

liabilities

—

3.8%

1,044,486

NET

ASSETS

—

100.0%

$

27,227,652

*

Denotes

a

non-income

producing

security.

12

-

Statement

of

Investments

-

January

31,

2022

(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.

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

Diamond

Hill

Large

Cap

Concentrated

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

13

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

26,183,166

$

–

$

–

$

26,183,166

Total

$

26,183,166

$

–

$

–

$

26,183,166

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.

14

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Fund

Common

Stocks

99.4%

Shares

Value

($)

Aerospace

&

Defense

1.9%

Boeing

Co.

(The)*

17,650

3,534,236

General

Dynamics

Corp.

26,117

5,539,416

Lockheed

Martin

Corp.

17,299

6,731,560

Raytheon

Technologies

Corp.

91,133

8,219,285

24,024,497

Air

Freight

&

Logistics

0.7%

FedEx

Corp.

37,678

9,263,513

Airlines

0.4%

Southwest

Airlines

Co.*

122,019

5,461,570

Automobiles

1.2%

Tesla,

Inc.*

15,884

14,878,861

Banks

0.5%

PNC

Financial

Services

Group,

Inc.

(The)

31,659

6,521,437

Beverages

1.5%

Constellation

Brands,

Inc.,

Class

A

52,225

12,416,494

Monster

Beverage

Corp.*

82,646

7,167,061

19,583,555

Biotechnology

0.9%

Biogen,

Inc.*

5,984

1,352,384

Exact

Sciences

Corp.*

29,332

2,239,792

Incyte

Corp.*

7,188

534,284

Moderna

,

Inc.*

1,800

304,794

Regeneron

Pharmaceuticals,

Inc.*

3,909

2,378,978

Seagen

,

Inc.*

11,927

1,604,301

Vertex

Pharmaceuticals,

Inc.*

13,563

3,296,487

11,711,020

Building

Products

0.9%

Johnson

Controls

International

plc

107,714

7,827,577

Trane

Technologies

plc

23,573

4,080,486

11,908,063

Capital

Markets

6.1%

Ares

Management

Corp.

142,685

11,374,848

Charles

Schwab

Corp.

(The)

363,722

31,898,420

Morgan

Stanley

260,458

26,707,363

S&P

Global,

Inc.

19,147

7,950,217

77,930,848

Chemicals

2.2%

Celanese

Corp.

46,654

7,264,494

FMC

Corp.

59,252

6,539,643

Linde

plc

26,285

8,376,504

PPG

Industries,

Inc.

37,980

5,932,476

28,113,117

Commercial

Services

&

Supplies

0.4%

Waste

Management,

Inc.

37,689

5,669,933

Consumer

Finance

1.3%

American

Express

Co.

93,916

16,887,975

Containers

&

Packaging

0.5%

Ball

Corp.

35,137

3,411,803

Crown

Holdings,

Inc.

26,985

3,087,084

6,498,887

Common

Stocks

Shares

Value

($)

Diversified

Financial

Services

1.4%

Berkshire

Hathaway,

Inc.,

Class

B*

22,641

7,087,086

Equitable

Holdings,

Inc.

309,253

10,403,271

17,490,357

Electric

Utilities

3.1%

Duke

Energy

Corp.

110,380

11,596,523

Edison

International

105,814

6,644,061

Exelon

Corp.

179,611

10,408,457

FirstEnergy

Corp.

257,457

10,802,896

39,451,937

Energy

Equipment

&

Services

0.3%

Schlumberger

NV

80,469

3,143,924

Entertainment

1.2%

Electronic

Arts,

Inc.

41,646

5,524,759

Netflix,

Inc.*

4,642

1,982,784

ROBLOX

Corp.,

Class

A*

19,749

1,300,669

Roku,

Inc.*

40,845

6,700,622

15,508,834

Equity

Real

Estate

Investment

Trusts

(REITs)

3.0%

American

Tower

Corp.

22,551

5,671,577

AvalonBay

Communities,

Inc.

38,793

9,474,414

Host

Hotels

&

Resorts,

Inc.*

290,216

5,032,345

Prologis,

Inc.

63,366

9,937,056

Welltower

,

Inc.

89,100

7,718,733

37,834,125

Food

&

Staples

Retailing

1.9%

Sysco

Corp.

303,856

23,746,346

Food

Products

1.5%

Hershey

Co.

(The)

26,827

5,286,797

Mondelez

International,

Inc.,

Class

A

201,563

13,510,768

18,797,565

Health

Care

Equipment

&

Supplies

2.7%

Align

Technology,

Inc.*

6,044

2,991,539

Baxter

International,

Inc.

49,664

4,243,292

Boston

Scientific

Corp.*

171,800

7,370,220

Edwards

Lifesciences

Corp.*

56,006

6,115,855

Insulet

Corp.*

11,547

2,863,656

Stryker

Corp.

27,802

6,896,286

Teleflex,

Inc.

14,696

4,558,552

35,039,400

Health

Care

Providers

&

Services

2.9%

Anthem,

Inc.

14,897

6,569,428

Centene

Corp.*

69,739

5,422,905

HCA

Healthcare,

Inc.

12,112

2,907,486

Humana,

Inc.

23,326

9,155,455

Laboratory

Corp.

of

America

Holdings*

10,771

2,922,818

McKesson

Corp.

11,924

3,061,129

UnitedHealth

Group,

Inc.

15,825

7,478,420

37,517,641

Hotels,

Restaurants

&

Leisure

2.1%

Airbnb,

Inc.,

Class

A*

61,280

9,435,282

Chipotle

Mexican

Grill,

Inc.*

2,919

4,336,408

Starbucks

Corp.

129,784

12,760,363

26,532,053

Nationwide

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

15

Common

Stocks

Shares

Value

($)

Household

Durables

0.5%

DR

Horton,

Inc.

66,701

5,951,063

Industrial

Conglomerates

0.5%

General

Electric

Co.

17,159

1,621,182

Honeywell

International,

Inc.

22,493

4,599,369

6,220,551

Insurance

2.6%

American

International

Group,

Inc.

149,282

8,621,035

Chubb

Ltd.

44,597

8,798,096

Hartford

Financial

Services

Group,

Inc.

(The)

71,633

5,148,264

Marsh

&

McLennan

Cos.,

Inc.

45,091

6,927,781

MetLife,

Inc.

49,577

3,324,634

32,819,810

Interactive

Media

&

Services

8.1%

Alphabet,

Inc.,

Class

A*

25,328

68,539,341

Match

Group,

Inc.*

72,266

8,144,378

Meta

Platforms,

Inc.,

Class

A*

79,186

24,805,807

Snap,

Inc.,

Class

A*

46,300

1,506,602

102,996,128

Internet

&

Direct

Marketing

Retail

5.3%

Amazon.com,

Inc.*

18,978

56,772,117

Etsy,

Inc.*

69,647

10,940,151

67,712,268

IT

Services

3.7%

Cognizant

Technology

Solutions

Corp.,

Class

A

35,377

3,021,903

FleetCor

Technologies,

Inc.*

31,967

7,616,457

Global

Payments,

Inc.

96,884

14,520,974

GoDaddy

,

Inc.,

Class

A*

18,562

1,405,329

Nuvei

Corp.

Reg.

S*(a)

62,278

3,798,958

PayPal

Holdings,

Inc.*

28,630

4,922,642

Shopify,

Inc.,

Class

A*

2,035

1,962,228

Snowflake,

Inc.,

Class

A*

2,764

762,588

Visa,

Inc.,

Class

A

43,038

9,733,905

47,744,984

Life

Sciences

Tools

&

Services

1.7%

Agilent

Technologies,

Inc.

35,270

4,913,816

Danaher

Corp.

33,229

9,496,516

Illumina,

Inc.*

12,094

4,218,629

Waters

Corp.*

7,998

2,560,320

21,189,281

Machinery

3.0%

Caterpillar,

Inc.

7,782

1,568,540

Fortive

Corp.

97,197

6,856,276

Ingersoll

Rand,

Inc.

123,608

6,948,006

PACCAR,

Inc.

43,073

4,005,358

Parker-Hannifin

Corp.

25,493

7,903,085

Westinghouse

Air

Brake

Technologies

Corp.

125,254

11,135,081

38,416,346

Media

2.8%

Charter

Communications,

Inc.,

Class

A*

23,124

13,720,394

DISH

Network

Corp.,

Class

A*

132,345

4,155,633

Common

Stocks

Shares

Value

($)

Media

Omnicom

Group,

Inc.

236,926

17,854,744

35,730,771

Oil,

Gas

&

Consumable

Fuels

3.7%

ConocoPhillips

117,174

10,383,960

Marathon

Petroleum

Corp.

61,392

4,404,876

Pioneer

Natural

Resources

Co.

16,532

3,618,690

Shell

plc,

ADR-NL*(b)

569,266

29,260,272

47,667,798

Pharmaceuticals

5.4%

AstraZeneca

plc,

ADR-UK

161,594

9,406,387

Bristol-Myers

Squibb

Co.

180,273

11,697,915

Eli

Lilly

&

Co.

70,743

17,359,625

Pfizer,

Inc.

354,969

18,703,316

Zoetis,

Inc.

59,103

11,808,188

68,975,431

Professional

Services

1.1%

Equifax,

Inc.

12,777

3,063,414

IHS

Markit

Ltd.

95,100

11,106,729

14,170,143

Road

&

Rail

1.0%

JB

Hunt

Transport

Services,

Inc.

28,435

5,474,875

Uber

Technologies,

Inc.*

195,448

7,309,755

12,784,630

Semiconductors

&

Semiconductor

Equipment

4.9%

Advanced

Micro

Devices,

Inc.*

113,204

12,933,557

KLA

Corp.

18,111

7,050,069

Marvell

Technology,

Inc.

105,433

7,527,916

Micron

Technology,

Inc.

117,061

9,630,609

NVIDIA

Corp.

21,192

5,189,073

Teradyne,

Inc.

42,242

4,960,478

Texas

Instruments,

Inc.

84,374

15,144,289

62,435,991

Software

8.7%

Adobe,

Inc.*

12,969

6,929,337

Avalara,

Inc.*

1,116

122,336

Ceridian

HCM

Holding,

Inc.*

29,503

2,236,918

Confluent,

Inc.,

Class

A*(b)

5,139

336,039

Gitlab

,

Inc.,

Class

A*(b)

3,736

239,141

HashiCorp

,

Inc.,

Class

A*(b)

7,800

517,842

Microsoft

Corp.

247,086

76,838,804

Palo

Alto

Networks,

Inc.*

2,772

1,434,233

Qualtrics

International,

Inc.,

Class

A*

40,233

1,177,620

salesforce.com,

Inc.*

48,972

11,392,356

ServiceNow

,

Inc.*

7,556

4,426,154

UiPath

,

Inc.,

Class

A*

36,387

1,329,217

Workday,

Inc.,

Class

A*

16,840

4,260,688

111,240,685

Specialty

Retail

1.9%

Ross

Stores,

Inc.

33,149

3,240,315

TJX

Cos.,

Inc.

(The)

196,433

14,137,283

Ulta

Beauty,

Inc.*

20,285

7,378,466

24,756,064

16

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Fund

Common

Stocks

Shares

Value

($)

Technology

Hardware,

Storage

&

Peripherals

4.2%

Apple,

Inc.

306,024

53,486,875

Tobacco

1.0%

Philip

Morris

International,

Inc.

121,289

12,474,574

Wireless

Telecommunication

Services

0.7%

T-Mobile

US,

Inc.*

82,914

8,968,807

Total

Common

Stocks

(cost

$851,180,816)

1,269,257,658

Short-Term

Investment

0.9%

Money

Market

Fund

0.9%

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,

0.01%(c)(d)

11,356,066

11,356,066

Total

Short-Term

Investment

(cost

$11,356,066)

11,356,066

Total

Investments

(cost

$862,536,882)

—

100.3%

1,280,613,724

Liabilities

in

excess

of

other

assets

—

(0.3)%

(4,340,775)

NET

ASSETS

—

100.0%

$

1,276,272,949

*

Denotes

a

non-income

producing

security.

(a)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

January

31,

2022

was

$3,798,958

which

represents

0.30%

of

net

assets.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2022.

The

total

value

of

securities

on

loan

as

of

January

31,

2022

was

$11,208,619,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

with

a

value

of

$11,356,066.

(c)

Represents

7-day

effective

yield

as

of

January

31,

2022.

(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,

2022

was

$11,356,066.

ADR

American

Depositary

Receipt

NL

Netherlands

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

UK

United

Kingdom

Nationwide

Fund

-

January

31,

2022

(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.

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.

18

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

1,269,257,658

$

–

$

–

$

1,269,257,658

Short-Term

Investment

11,356,066

–

–

11,356,066

Total

$

1,280,613,724

$

–

$

–

$

1,280,613,724

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

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

19

Common

Stocks

85.8%

Shares

Value

($)

Aerospace

&

Defense

1.2%

Boeing

Co.

(The)*

17,826

3,569,478

General

Dynamics

Corp.

7,478

1,586,084

Howmet

Aerospace,

Inc.

12,500

388,625

Huntington

Ingalls

Industries,

Inc.

1,334

249,725

L3Harris

Technologies,

Inc.

6,332

1,325,224

Lockheed

Martin

Corp.

7,920

3,081,909

Northrop

Grumman

Corp.

4,809

1,778,849

Raytheon

Technologies

Corp.

48,298

4,355,997

Textron,

Inc.

7,099

483,158

TransDigm

Group,

Inc.*

1,705

1,050,604

17,869,653

Air

Freight

&

Logistics

0.5%

CH

Robinson

Worldwide,

Inc.

4,116

430,740

Expeditors

International

of

Washington,

Inc.

5,394

617,505

FedEx

Corp.

7,886

1,938,852

United

Parcel

Service,

Inc.,

Class

B

23,529

4,757,799

7,744,896

Airlines

0.2%

Alaska

Air

Group,

Inc.*

4,033

220,766

American

Airlines

Group,

Inc.*(a)

20,980

345,540

Delta

Air

Lines,

Inc.*

20,829

826,703

Southwest

Airlines

Co.*

18,801

841,533

United

Airlines

Holdings,

Inc.*

10,503

450,369

2,684,911

Auto

Components

0.1%

Aptiv

plc*

8,729

1,192,207

BorgWarner,

Inc.

7,753

339,969

1,532,176

Automobiles

2.1%

Ford

Motor

Co.

126,666

2,571,320

General

Motors

Co.*

46,849

2,470,348

Tesla,

Inc.*

26,249

24,587,963

29,629,631

Banks

3.6%

Bank

of

America

Corp.

232,396

10,722,751

Citigroup,

Inc.

64,029

4,169,569

Citizens

Financial

Group,

Inc.

13,563

698,088

Comerica,

Inc.

4,162

386,150

Fifth

Third

Bancorp

22,488

1,003,639

First

Republic

Bank

5,743

996,927

Huntington

Bancshares,

Inc.

46,624

702,157

JPMorgan

Chase

&

Co.

95,361

14,170,645

KeyCorp

30,044

752,903

M&T

Bank

Corp.

4,080

691,070

People's

United

Financial,

Inc.

13,780

267,056

PNC

Financial

Services

Group,

Inc.

(The)

13,638

2,809,292

Regions

Financial

Corp.

30,426

697,972

Signature

Bank

1,989

605,909

SVB

Financial

Group*

1,911

1,115,833

Truist

Financial

Corp.

43,075

2,705,972

US

Bancorp

43,541

2,533,651

Wells

Fargo

&

Co.

128,661

6,921,962

Common

Stocks

Shares

Value

($)

Banks

Zions

Bancorp

NA

4,972

337,201

52,288,747

Beverages

1.3%

Brown-Forman

Corp.,

Class

B

6,019

405,861

Coca-Cola

Co.

(The)

125,442

7,653,216

Constellation

Brands,

Inc.,

Class

A

5,301

1,260,313

Molson

Coors

Beverage

Co.,

Class

B

6,157

293,443

Monster

Beverage

Corp.*

12,160

1,054,515

PepsiCo,

Inc.

44,616

7,741,768

18,409,116

Biotechnology

1.5%

AbbVie,

Inc.

57,046

7,809,027

Amgen,

Inc.

18,176

4,128,497

Biogen,

Inc.*

4,740

1,071,240

Gilead

Sciences,

Inc.

40,477

2,779,960

Incyte

Corp.*

6,162

458,021

Moderna

,

Inc.*

11,359

1,923,420

Regeneron

Pharmaceuticals,

Inc.*

3,407

2,073,466

Vertex

Pharmaceuticals,

Inc.*

8,204

1,993,982

22,237,613

Building

Products

0.4%

A

O

Smith

Corp.

4,406

336,707

Allegion

plc

2,955

362,667

Carrier

Global

Corp.

27,796

1,325,313

Fortune

Brands

Home

&

Security,

Inc.

4,302

405,119

Johnson

Controls

International

plc

22,869

1,661,890

Masco

Corp.

8,011

507,337

Trane

Technologies

plc

7,743

1,340,313

5,939,346

Capital

Markets

2.6%

Ameriprise

Financial,

Inc.

3,610

1,098,559

Bank

of

New

York

Mellon

Corp.

(The)

24,516

1,452,818

BlackRock,

Inc.

4,608

3,792,108

Cboe

Global

Markets,

Inc.

3,505

415,448

Charles

Schwab

Corp.

(The)

48,512

4,254,502

CME

Group,

Inc.

11,597

2,661,512

FactSet

Research

Systems,

Inc.

1,235

521,034

Franklin

Resources,

Inc.

9,247

295,627

Goldman

Sachs

Group,

Inc.

(The)

10,938

3,879,490

Intercontinental

Exchange,

Inc.

18,180

2,302,679

Invesco

Ltd.

11,458

259,638

MarketAxess

Holdings,

Inc.

1,192

410,620

Moody's

Corp.

5,219

1,790,117

Morgan

Stanley

46,322

4,749,858

MSCI,

Inc.

2,645

1,418,037

Nasdaq,

Inc.

3,802

681,356

Northern

Trust

Corp.

6,777

790,469

Raymond

James

Financial,

Inc.

6,054

640,937

S&P

Global,

Inc.

7,777

3,229,166

20

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

BNY

Mellon

Dynamic

U.S.

Core

Fund

Common

Stocks

Shares

Value

($)

Capital

Markets

State

Street

Corp.

11,372

1,074,654

T.

Rowe

Price

Group,

Inc.

7,252

1,119,926

36,838,555

Chemicals

1.5%

Air

Products

&

Chemicals,

Inc.

7,133

2,012,362

Albemarle

Corp.

3,751

827,996

Celanese

Corp.

3,447

536,732

CF

Industries

Holdings,

Inc.

6,968

479,886

Corteva

,

Inc.

23,905

1,149,352

Dow,

Inc.

23,838

1,423,844

DuPont

de

Nemours,

Inc.

16,711

1,280,063

Eastman

Chemical

Co.

4,284

509,496

Ecolab,

Inc.

8,116

1,537,576

FMC

Corp.

4,005

442,032

International

Flavors

&

Fragrances,

Inc.

8,184

1,079,633

Linde

plc

16,539

5,270,649

LyondellBasell

Industries

NV,

Class

A

8,439

816,305

Mosaic

Co.

(The)

11,215

448,039

PPG

Industries,

Inc.

7,641

1,193,524

Sherwin-Williams

Co.

(The)

7,784

2,230,194

21,237,683

Commercial

Services

&

Supplies

0.3%

Cintas

Corp.

2,851

1,116,252

Copart

,

Inc.*

6,854

885,880

Republic

Services,

Inc.

6,753

862,088

Rollins,

Inc.

7,644

235,817

Waste

Management,

Inc.

12,418

1,868,164

4,968,201

Communications

Equipment

0.7%

Arista

Networks,

Inc.*

7,388

918,402

Cisco

Systems,

Inc.

136,096

7,576,464

F5,

Inc.*

1,954

405,690

Juniper

Networks,

Inc.

10,725

373,445

Motorola

Solutions,

Inc.

5,450

1,264,073

10,538,074

Construction

&

Engineering

0.0%

†

Quanta

Services,

Inc.

4,535

465,835

Construction

Materials

0.1%

Martin

Marietta

Materials,

Inc.

2,028

789,135

Vulcan

Materials

Co.

4,315

821,188

1,610,323

Consumer

Finance

0.5%

American

Express

Co.

20,245

3,640,456

Capital

One

Financial

Corp.

13,734

2,015,190

Discover

Financial

Services

9,457

1,094,647

Synchrony

Financial

17,659

752,097

7,502,390

Containers

&

Packaging

0.3%

Amcor

plc

50,413

605,460

Avery

Dennison

Corp.

2,691

552,785

Ball

Corp.

10,452

1,014,889

International

Paper

Co.

12,274

592,221

Packaging

Corp.

of

America

3,128

471,171

Sealed

Air

Corp.

4,558

309,579

Common

Stocks

Shares

Value

($)

Containers

&

Packaging

Westrock

Co.

8,653

399,423

3,945,528

Distributors

0.1%

Genuine

Parts

Co.

4,651

619,653

LKQ

Corp.

8,762

480,946

Pool

Corp.

1,280

609,600

1,710,199

Diversified

Financial

Services

1.3%

Berkshire

Hathaway,

Inc.,

Class

B*

59,095

18,497,917

Diversified

Telecommunication

Services

0.9%

AT&T,

Inc.

230,428

5,875,914

Lumen

Technologies,

Inc.

29,735

367,525

Verizon

Communications,

Inc.

133,596

7,111,315

13,354,754

Electric

Utilities

1.4%

Alliant

Energy

Corp.

8,253

494,024

American

Electric

Power

Co.,

Inc.

16,445

1,486,628

Duke

Energy

Corp.

24,821

2,607,694

Edison

International

12,344

775,080

Entergy

Corp.

6,532

730,082

Evergy

,

Inc.

7,179

466,348

Eversource

Energy

10,990

983,495

Exelon

Corp.

31,405

1,819,920

FirstEnergy

Corp.

17,683

741,979

NextEra

Energy,

Inc.

63,315

4,946,168

NRG

Energy,

Inc.

8,125

324,431

Pinnacle

West

Capital

Corp.

3,636

253,102

PPL

Corp.

24,143

716,564

Southern

Co.

(The)

34,153

2,373,292

Xcel

Energy,

Inc.

17,306

1,205,536

19,924,343

Electrical

Equipment

0.5%

AMETEK,

Inc.

7,586

1,037,537

Eaton

Corp.

plc

12,847

2,035,350

Emerson

Electric

Co.

19,213

1,766,635

Generac

Holdings,

Inc.*

2,015

568,996

Rockwell

Automation,

Inc.

3,740

1,081,683

6,490,201

Electronic

Equipment,

Instruments

&

Components

0.6%

Amphenol

Corp.,

Class

A

19,194

1,527,651

CDW

Corp.

4,344

821,233

Corning,

Inc.

25,017

1,051,715

IPG

Photonics

Corp.*

1,086

167,754

Keysight

Technologies,

Inc.*

5,997

1,012,414

TE

Connectivity

Ltd.

10,530

1,505,895

Teledyne

Technologies,

Inc.*

1,537

647,738

Trimble,

Inc.*

8,008

577,857

Zebra

Technologies

Corp.,

Class

A*

1,712

871,613

8,183,870

Energy

Equipment

&

Services

0.2%

Baker

Hughes

Co.

27,280

748,563

Halliburton

Co.

29,430

904,679

Nationwide

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

21

Common

Stocks

Shares

Value

($)

Energy

Equipment

&

Services

Schlumberger

NV

45,117

1,762,721

3,415,963

Entertainment

1.3%

Activision

Blizzard,

Inc.

25,366

2,004,168

Electronic

Arts,

Inc.

9,077

1,204,155

Live

Nation

Entertainment,

Inc.*

4,413

483,267

Netflix,

Inc.*

14,293

6,105,112

Take-Two

Interactive

Software,

Inc.*

3,721

607,788

Walt

Disney

Co.

(The)*

58,636

8,383,189

18,787,679

Equity

Real

Estate

Investment

Trusts

(REITs)

2.2%

Alexandria

Real

Estate

Equities,

Inc.

4,503

877,365

American

Tower

Corp.

14,695

3,695,793

AvalonBay

Communities,

Inc.

4,480

1,094,150

Boston

Properties,

Inc.

4,687

525,319

Crown

Castle

International

Corp.

13,946

2,545,284

Digital

Realty

Trust,

Inc.

9,112

1,359,784

Duke

Realty

Corp.

12,396

716,241

Equinix

,

Inc.

2,896

2,099,310

Equity

Residential

11,092

984,193

Essex

Property

Trust,

Inc.

2,114

702,905

Extra

Space

Storage,

Inc.

4,351

862,325

Federal

Realty

Investment

Trust

2,257

287,745

Healthpeak

Properties,

Inc.

17,814

630,081

Host

Hotels

&

Resorts,

Inc.*

23,201

402,305

Iron

Mountain,

Inc.

9,490

435,781

Kimco

Realty

Corp.

20,119

488,087

Mid-America

Apartment

Communities,

Inc.

3,715

767,816

Prologis,

Inc.

23,857

3,741,255

Public

Storage

4,898

1,756,080

Realty

Income

Corp.

17,137

1,189,479

Regency

Centers

Corp.

5,093

365,423

SBA

Communications

Corp.

3,510

1,142,294

Simon

Property

Group,

Inc.

10,604

1,560,909

UDR,

Inc.

9,280

527,475

Ventas,

Inc.

12,604

668,264

Vornado

Realty

Trust

4,796

196,684

Welltower

,

Inc.

13,725

1,188,997

Weyerhaeuser

Co.

24,400

986,492

31,797,836

Food

&

Staples

Retailing

1.2%

Costco

Wholesale

Corp.

14,257

7,201,638

Kroger

Co.

(The)

22,128

964,559

Sysco

Corp.

16,484

1,288,225

Walgreens

Boots

Alliance,

Inc.

23,064

1,147,665

Walmart,

Inc.

45,890

6,415,881

17,017,968

Food

Products

0.8%

Archer-Daniels-Midland

Co.

17,964

1,347,300

Campbell

Soup

Co.

6,550

288,986

Conagra

Brands,

Inc.

15,063

523,590

General

Mills,

Inc.

19,753

1,356,636

Common

Stocks

Shares

Value

($)

Food

Products

Hershey

Co.

(The)

4,665

919,332

Hormel

Foods

Corp.

9,293

441,139

J

M

Smucker

Co.

(The)

3,414

479,940

Kellogg

Co.

8,312

523,656

Kraft

Heinz

Co.

(The)

22,210

795,118

Lamb

Weston

Holdings,

Inc.

4,807

308,658

McCormick

&

Co.,

Inc.

(Non-Voting)

8,098

812,310

Mondelez

International,

Inc.,

Class

A

45,013

3,017,221

Tyson

Foods,

Inc.,

Class

A

9,588

871,453

11,685,339

Gas

Utilities

0.0%

†

Atmos

Energy

Corp.

4,149

444,856

Health

Care

Equipment

&

Supplies

2.4%

Abbott

Laboratories

57,060

7,272,868

ABIOMED,

Inc.*

1,492

441,438

Align

Technology,

Inc.*

2,356

1,166,126

Baxter

International,

Inc.

16,291

1,391,903

Becton

Dickinson

and

Co.

9,266

2,354,861

Boston

Scientific

Corp.*

45,837

1,966,407

Cooper

Cos.,

Inc.

(The)

1,567

624,136

Dentsply

Sirona,

Inc.

7,183

383,716

DexCom

,

Inc.*

3,154

1,357,734

Edwards

Lifesciences

Corp.*

20,135

2,198,742

Hologic

,

Inc.*

8,232

578,216

IDEXX

Laboratories,

Inc.*

2,733

1,386,451

Intuitive

Surgical,

Inc.*

11,519

3,273,469

Medtronic

plc

43,427

4,494,260

ResMed

,

Inc.

4,685

1,070,991

STERIS

plc

3,198

717,631

Stryker

Corp.

10,834

2,687,374

Teleflex,

Inc.

1,519

471,179

Zimmer

Biomet

Holdings,

Inc.

6,647

817,714

34,655,216

Health

Care

Providers

&

Services

2.4%

AmerisourceBergen

Corp.

4,883

665,065

Anthem,

Inc.

7,832

3,453,834

Cardinal

Health,

Inc.

8,975

462,841

Centene

Corp.*

18,829

1,464,143

Cigna

Corp.

10,695

2,464,770

CVS

Health

Corp.

42,596

4,536,900

DaVita,

Inc.*

2,051

222,267

HCA

Healthcare,

Inc.

7,728

1,855,106

Henry

Schein,

Inc.*

4,609

347,058

Humana,

Inc.

4,133

1,622,202

Laboratory

Corp.

of

America

Holdings*

3,061

830,633

McKesson

Corp.

4,927

1,264,859

Quest

Diagnostics,

Inc.

3,911

528,063

UnitedHealth

Group,

Inc.

30,392

14,362,347

Universal

Health

Services,

Inc.,

Class

B

2,359

306,812

34,386,900

Health

Care

Technology

0.1%

Cerner

Corp.

9,494

865,853

Hotels,

Restaurants

&

Leisure

1.7%

Booking

Holdings,

Inc.*

1,325

3,254,372

22

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

BNY

Mellon

Dynamic

U.S.

Core

Fund

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Caesars

Entertainment,

Inc.*

7,067

538,082

Carnival

Corp.*(a)

25,948

514,030

Chipotle

Mexican

Grill,

Inc.*

916

1,360,791

Darden

Restaurants,

Inc.

4,236

592,489

Domino's

Pizza,

Inc.

1,174

533,759

Expedia

Group,

Inc.*

4,732

867,328

Hilton

Worldwide

Holdings,

Inc.*

8,989

1,304,394

Las

Vegas

Sands

Corp.*

11,049

483,946

Marriott

International,

Inc.,

Class

A*

8,916

1,436,546

McDonald's

Corp.

24,112

6,255,859

MGM

Resorts

International

12,424

530,753

Norwegian

Cruise

Line

Holdings

Ltd.*(a)

12,287

255,938

Penn

National

Gaming,

Inc.*

5,030

229,418

Royal

Caribbean

Cruises

Ltd.*

7,095

552,062

Starbucks

Corp.

38,077

3,743,731

Wynn

Resorts

Ltd.*

3,397

290,274

Yum!

Brands,

Inc.

9,441

1,181,730

23,925,502

Household

Durables

0.3%

DR

Horton,

Inc.

10,607

946,357

Garmin

Ltd.

4,964

617,621

Lennar

Corp.,

Class

A

8,772

843,077

Mohawk

Industries,

Inc.*

1,807

285,271

Newell

Brands,

Inc.

12,208

283,348

NVR,

Inc.*

106

564,685

PulteGroup,

Inc.

8,139

428,844

Whirlpool

Corp.

1,950

409,870

4,379,073

Household

Products

1.2%

Church

&

Dwight

Co.,

Inc.

7,980

819,147

Clorox

Co.

(The)

3,991

669,929

Colgate-Palmolive

Co.

27,197

2,242,393

Kimberly-Clark

Corp.

10,791

1,485,381

Procter

&

Gamble

Co.

(The)

78,088

12,529,220

17,746,070

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

AES

Corp.

(The)

21,992

487,783

Industrial

Conglomerates

0.9%

3M

Co.

18,595

3,087,142

General

Electric

Co.

35,435

3,347,899

Honeywell

International,

Inc.

22,214

4,542,319

Roper

Technologies,

Inc.

3,404

1,488,092

12,465,452

Insurance

1.7%

Aflac,

Inc.

19,639

1,233,722

Allstate

Corp.

(The)

9,251

1,116,318

American

International

Group,

Inc.

26,792

1,547,238

Aon

plc,

Class

A

7,110

1,965,488

Arthur

J

Gallagher

&

Co.

6,646

1,049,669

Assurant,

Inc.

1,899

289,616

Brown

&

Brown,

Inc.

7,493

496,636

Chubb

Ltd.

13,899

2,741,995

Cincinnati

Financial

Corp.

4,720

556,158

Common

Stocks

Shares

Value

($)

Insurance

Everest

Re

Group

Ltd.

1,227

347,732

Globe

Life,

Inc.

3,102

317,335

Hartford

Financial

Services

Group,

Inc.

(The)

10,916

784,533

Lincoln

National

Corp.

5,481

383,560

Loews

Corp.

6,327

377,469

Marsh

&

McLennan

Cos.,

Inc.

16,292

2,503,103

MetLife,

Inc.

23,071

1,547,141

Principal

Financial

Group,

Inc.

7,915

578,270

Progressive

Corp.

(The)

18,827

2,045,742

Prudential

Financial,

Inc.

12,197

1,360,819

Travelers

Cos.,

Inc.

(The)

7,938

1,319,137

W

R

Berkley

Corp.

4,601

388,785

Willis

Towers

Watson

plc

4,021

940,753

23,891,219

Interactive

Media

&

Services

5.3%

Alphabet,

Inc.,

Class

A*

9,707

26,267,822

Alphabet,

Inc.,

Class

C*

9,023

24,488,151

Match

Group,

Inc.*

8,875

1,000,212

Meta

Platforms,

Inc.,

Class

A*

76,356

23,919,281

Twitter,

Inc.*

26,016

975,860

76,651,326

Internet

&

Direct

Marketing

Retail

3.1%

Amazon.com,

Inc.*

14,074

42,101,949

eBay,

Inc.

20,200

1,213,414

Etsy,

Inc.*

4,054

636,802

43,952,165

IT

Services

3.9%

Accenture

plc,

Class

A

20,382

7,206,668

Akamai

Technologies,

Inc.*

5,286

605,511

Automatic

Data

Processing,

Inc.

13,597

2,803,294

Broadridge

Financial

Solutions,

Inc.

3,774

600,896

Cognizant

Technology

Solutions

Corp.,

Class

A

17,126

1,462,903

DXC

Technology

Co.*

8,276

248,942

EPAM

Systems,

Inc.*

1,822

867,527

Fidelity

National

Information

Services,

Inc.

19,649

2,356,308

Fiserv,

Inc.*

19,174

2,026,692

FleetCor

Technologies,

Inc.*

2,620

624,241

Gartner,

Inc.*

2,641

776,164

Global

Payments,

Inc.

9,363

1,403,326

International

Business

Machines

Corp.

28,938

3,865,249

Jack

Henry

&

Associates,

Inc.

2,441

409,624

Mastercard

,

Inc.,

Class

A

27,992

10,815,549

Paychex,

Inc.

10,351

1,218,934

PayPal

Holdings,

Inc.*

37,913

6,518,761

VeriSign,

Inc.*

3,118

677,167

Visa,

Inc.,

Class

A

54,114

12,238,963

56,726,719

Leisure

Products

0.0%

†

Hasbro,

Inc.

4,209

389,248

Life

Sciences

Tools

&

Services

1.6%

Agilent

Technologies,

Inc.

9,728

1,355,305

Nationwide

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

23

Common

Stocks

Shares

Value

($)

Life

Sciences

Tools

&

Services

Bio-Rad

Laboratories,

Inc.,

Class

A*

697

418,012

Bio-

Techne

Corp.

1,281

482,181

Charles

River

Laboratories

International,

Inc.*

1,646

542,785

Danaher

Corp.

20,522

5,864,982

Illumina,

Inc.*

5,044

1,759,448

IQVIA

Holdings,

Inc.*

6,165

1,509,809

Mettler

-Toledo

International,

Inc.*

736

1,083,892

PerkinElmer,

Inc.

4,140

712,784

Thermo

Fisher

Scientific,

Inc.

12,715

7,391,230

Waters

Corp.*

1,951

624,554

West

Pharmaceutical

Services,

Inc.

2,424

953,165

22,698,147

Machinery

1.3%

Caterpillar,

Inc.

17,455

3,518,230

Cummins,

Inc.

4,678

1,033,276

Deere

&

Co.

9,105

3,427,122

Dover

Corp.

4,681

795,349

Fortive

Corp.

11,484

810,081

IDEX

Corp.

2,466

531,275

Illinois

Tool

Works,

Inc.

9,217

2,156,041

Ingersoll

Rand,

Inc.

12,932

726,908

Otis

Worldwide

Corp.

13,707

1,170,989

PACCAR,

Inc.

11,396

1,059,714

Parker-Hannifin

Corp.

4,162

1,290,261

Pentair

plc

5,464

348,057

Snap-on,

Inc.

1,779

370,477

Stanley

Black

&

Decker,

Inc.

5,305

926,518

Westinghouse

Air

Brake

Technologies

Corp.

5,951

529,044

Xylem,

Inc.

5,746

603,445

19,296,787

Media

0.9%

Charter

Communications,

Inc.,

Class

A*

3,992

2,368,613

Comcast

Corp.,

Class

A

147,127

7,354,879

Discovery,

Inc.,

Class

A*(a)

5,558

155,124

Discovery,

Inc.,

Class

C*(a)

10,005

273,637

DISH

Network

Corp.,

Class

A*

8,148

255,847

Fox

Corp.,

Class

A

10,037

407,603

Fox

Corp.,

Class

B

4,946

183,892

Interpublic

Group

of

Cos.,

Inc.

(The)

12,825

455,801

News

Corp.,

Class

A

12,678

281,959

News

Corp.,

Class

B

4,198

93,363

Omnicom

Group,

Inc.

6,742

508,077

ViacomCBS

,

Inc.

19,861

664,350

13,003,145

Metals

&

Mining

0.3%

Freeport-McMoRan,

Inc.

47,385

1,763,669

Newmont

Corp.

26,046

1,593,234

Nucor

Corp.

9,222

935,111

4,292,014

Multiline

Retail

0.4%

Dollar

General

Corp.

7,529

1,569,646

Common

Stocks

Shares

Value

($)

Multiline

Retail

Dollar

Tree,

Inc.*

7,258

952,395

Target

Corp.

15,748

3,471,331

5,993,372

Multi-Utilities

0.7%

Ameren

Corp.

8,359

741,778

CenterPoint

Energy,

Inc.

18,826

533,905

CMS

Energy

Corp.

9,560

615,473

Consolidated

Edison,

Inc.

11,367

982,677

Dominion

Energy,

Inc.

26,134

2,107,969

DTE

Energy

Co.

6,194

745,943

NiSource,

Inc.

12,280

358,330

Public

Service

Enterprise

Group,

Inc.

16,592

1,103,866

Sempra

Energy

10,286

1,421,114

WEC

Energy

Group,

Inc.

10,358

1,005,140

9,616,195

Oil,

Gas

&

Consumable

Fuels

2.6%

APA

Corp.

12,188

404,763

Chevron

Corp.

62,203

8,169,120

ConocoPhillips

42,560

3,771,667

Coterra

Energy,

Inc.

24,064

527,002

Devon

Energy

Corp.

20,167

1,019,845

Diamondback

Energy,

Inc.

5,427

684,670

EOG

Resources,

Inc.

19,037

2,122,245

Exxon

Mobil

Corp.

136,610

10,376,896

Hess

Corp.

8,962

827,103

Kinder

Morgan,

Inc.

64,000

1,111,040

Marathon

Oil

Corp.

24,570

478,378

Marathon

Petroleum

Corp.

19,864

1,425,242

Occidental

Petroleum

Corp.

28,389

1,069,414

ONEOK,

Inc.

14,503

880,042

Phillips

66

14,385

1,219,704

Pioneer

Natural

Resources

Co.

7,394

1,618,473

Valero

Energy

Corp.

13,054

1,083,090

Williams

Cos.,

Inc.

(The)

38,895

1,164,516

37,953,210

Personal

Products

0.2%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

7,477

2,331,254

Pharmaceuticals

3.2%

Bristol-Myers

Squibb

Co.

71,624

4,647,681

Catalent

,

Inc.*

5,638

585,957

Eli

Lilly

&

Co.

25,620

6,286,892

Johnson

&

Johnson

84,949

14,635,863

Merck

&

Co.,

Inc.

81,508

6,641,272

Organon

&

Co.

8,550

272,831

Pfizer,

Inc.

181,118

9,543,107

Viatris

,

Inc.

38,008

568,980

Zoetis,

Inc.

15,267

3,050,194

46,232,777

Professional

Services

0.4%

Equifax,

Inc.

3,908

936,982

IHS

Markit

Ltd.

12,994

1,517,569

Jacobs

Engineering

Group,

Inc.

4,111

535,170

Leidos

Holdings,

Inc.

4,374

391,255

Nielsen

Holdings

plc

11,535

217,550

24

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

BNY

Mellon

Dynamic

U.S.

Core

Fund

Common

Stocks

Shares

Value

($)

Professional

Services

Robert

Half

International,

Inc.

3,697

418,722

Verisk

Analytics,

Inc.

5,254

1,030,467

5,047,715

Real

Estate

Management

&

Development

0.1%

CBRE

Group,

Inc.,

Class

A*

10,782

1,092,648

Road

&

Rail

0.8%

CSX

Corp.

71,570

2,449,125

JB

Hunt

Transport

Services,

Inc.

2,748

529,100

Norfolk

Southern

Corp.

7,852

2,135,665

Old

Dominion

Freight

Line,

Inc.

2,978

899,148

Union

Pacific

Corp.

20,745

5,073,190

11,086,228

Semiconductors

&

Semiconductor

Equipment

5.1%

Advanced

Micro

Devices,

Inc.*

38,967

4,451,980

Analog

Devices,

Inc.

17,341

2,843,404

Applied

Materials,

Inc.

29,136

4,026,012

Broadcom,

Inc.

13,282

7,781,658

Enphase

Energy,

Inc.*

4,312

605,707

Intel

Corp.

131,235

6,406,893

KLA

Corp.

4,893

1,904,698

Lam

Research

Corp.

4,543

2,680,007

Microchip

Technology,

Inc.

17,860

1,383,793

Micron

Technology,

Inc.

36,096

2,969,618

Monolithic

Power

Systems,

Inc.

1,407

566,922

NVIDIA

Corp.

80,671

19,753,101

NXP

Semiconductors

NV

8,645

1,776,029

Qorvo

,

Inc.*

3,518

482,951

QUALCOMM,

Inc.

36,140

6,351,966

Skyworks

Solutions,

Inc.

5,422

794,431

SolarEdge

Technologies,

Inc.*

1,723

410,453

Teradyne,

Inc.

5,199

610,519

Texas

Instruments,

Inc.

29,801

5,348,981

Xilinx,

Inc.

7,963

1,541,239

72,690,362

Software

7.9%

Adobe,

Inc.*

15,353

8,203,108

ANSYS,

Inc.*

2,840

965,628

Autodesk,

Inc.*

7,084

1,769,512

Cadence

Design

Systems,

Inc.*

8,882

1,351,307

Ceridian

HCM

Holding,

Inc.*

4,324

327,846

Citrix

Systems,

Inc.

4,120

419,993

Fortinet,

Inc.*

4,379

1,301,614

Intuit,

Inc.

9,137

5,073,137

Microsoft

Corp.

242,270

75,341,125

NortonLifeLock

,

Inc.

19,129

497,545

Oracle

Corp.

52,045

4,223,972

Paycom

Software,

Inc.*

1,531

513,344

PTC,

Inc.*

3,422

397,842

salesforce.com,

Inc.*

31,591

7,349,014

ServiceNow

,

Inc.*

6,421

3,761,293

Synopsys,

Inc.*

4,921

1,527,971

Tyler

Technologies,

Inc.*

1,347

638,209

113,662,460

Specialty

Retail

2.0%

Advance

Auto

Parts,

Inc.

2,033

470,660

Common

Stocks

Shares

Value

($)

Specialty

Retail

AutoZone,

Inc.*

677

1,344,759

Bath

&

Body

Works,

Inc.

8,348

468,072

Best

Buy

Co.,

Inc.

7,126

707,469

CarMax,

Inc.*

5,296

588,756

Gap,

Inc.

(The)

7,109

128,460

Home

Depot,

Inc.

(The)

34,055

12,497,504

Lowe's

Cos.,

Inc.

22,344

5,303,348

O'Reilly

Automotive,

Inc.*

2,174

1,416,905

Ross

Stores,

Inc.

11,467

1,120,899

TJX

Cos.,

Inc.

(The)

38,804

2,792,724

Tractor

Supply

Co.

3,660

799,015

Ulta

Beauty,

Inc.*

1,791

651,458

28,290,029

Technology

Hardware,

Storage

&

Peripherals

6.4%

Apple,

Inc.

502,936

87,903,154

Hewlett

Packard

Enterprise

Co.

42,729

697,764

HP,

Inc.

37,190

1,365,989

NetApp,

Inc.

7,280

629,793

Seagate

Technology

Holdings

plc

6,514

697,975

Western

Digital

Corp.*

10,146

524,954

91,819,629

Textiles,

Apparel

&

Luxury

Goods

0.5%

NIKE,

Inc.,

Class

B

41,233

6,105,370

PVH

Corp.

2,297

218,238

Ralph

Lauren

Corp.

1,666

184,659

Tapestry,

Inc.

9,070

344,207

Under

Armour

,

Inc.,

Class

A*

5,364

101,004

Under

Armour

,

Inc.,

Class

C*

6,836

109,308

VF

Corp.

10,551

688,031

7,750,817

Tobacco

0.6%

Altria

Group,

Inc.

59,276

3,015,963

Philip

Morris

International,

Inc.

50,236

5,166,772

8,182,735

Trading

Companies

&

Distributors

0.2%

Fastenal

Co.

18,454

1,045,973

United

Rentals,

Inc.*

2,355

753,883

WW

Grainger,

Inc.

1,396

691,173

2,491,029

Water

Utilities

0.1%

American

Water

Works

Co.,

Inc.

5,818

935,534

Wireless

Telecommunication

Services

0.1%

T-Mobile

US,

Inc.*

18,922

2,046,793

Total

Common

Stocks

(cost

$712,901,730)

1,233,789,009

Nationwide

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

25

Purchased

Options

2.6%

Number

of

Contracts

Value

($)

Call

Options

2.6%

Future

Equity

Index

Options:

2.6%

S&P

500

E-Mini

Index

4/14/2022

at

USD

3,800.00,

European

Style

Notional

Amount:

USD

73,151,910

Exchange

Traded

*

324

11,886,750

S&P

500

E-Mini

Index

3/18/2022

at

USD

3,900.00,

American

Style

Notional

Amount:

USD

73,151,910

Exchange

Traded

*

324

10,193,850

S&P

500

E-Mini

Index

5/20/2022

at

USD

3,800.00,

European

Style

Notional

Amount:

USD

75,861,240

Exchange

Traded

*

336

12,675,600

S&P

500

E-Mini

Index

3/18/2022

at

USD

4,550.00,

American

Style

Notional

Amount:

USD

143,594,490

Exchange

Traded

*

636

3,275,400

Total

Purchased

Options

(cost

$46,974,233)

38,031,600

Short-Term

Investment

0.1%

Shares

Money

Market

Fund

0.1%

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,

0.01%(b)(c)

1,070,730

1,070,730

(cost

$1,070,730)

Total

Short-Term

Investment

(cost

$1,070,730)

1,070,730

U.S.

Treasury

Obligation

6.8%

Principal

Amount

($)

U.S.

Treasury

Bills,

0.03%,

03/17/2022

98,155,000

98,151,191

Total

U.S.

Treasury

Obligation

(cost

$98,151,069)

98,151,191

Total

Investments

(cost

$859,097,762)

—

95.3%

1,371,042,530

Other

assets

in

excess

of

liabilities

—

4.7%

67,299,023

NET

ASSETS

—

100.0%

$

1,438,341,553

*

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

as

of

January

31,

2022.

The

total

value

of

securities

on

loan

as

of

January

31,

2022

was

$1,088,722,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

with

a

value

of

$1,070,730.

(b)

Represents

7-day

effective

yield

as

of

January

31,

2022.

(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,

2022

was

$1,070,730.

REIT

Real

Estate

Investment

Trust

Currency:

USD

United

States

Dollar

26

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

BNY

Mellon

Dynamic

U.S.

Core

Fund

Futures

contracts

outstanding

as

of

January

31,

2022:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

S&P

500

E-Mini

Index

847

3/2022

USD

190,754,988

(5,461,176)

U.S.

Treasury

Long

Bond

755

3/2022

USD

117,496,875

(2,090,485)

(7,551,661)

Currency:

USD

United

States

Dollar

Nationwide

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

27

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

28

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

BNY

Mellon

Dynamic

U.S.

Core

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2022.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using options and financial

futures

contracts.

(a)

Options

The

Fund

purchased

and/or

wrote

options

on

futures

contracts,

single

stocks,

ETFs,

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.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

1,233,789,009

$

–

$

–

$

1,233,789,009

Purchased

Option

38,031,600

–

–

38,031,600

Short-Term

Investment

1,070,730

–

–

1,070,730

U.S.

Treasury

Obligation

–

98,151,191

–

98,151,191

Total

Assets

$

1,272,891,339

$

98,151,191

$

–

$

1,371,042,530

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(7,551,661)

$

–

$

–

$

(7,551,661)

Total

Liabilities

$

(7,551,661)

$

–

$

–

$

(7,551,661)

Total

$

1,265,339,678

$

98,151,191

$

–

$

1,363,490,869

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

Nationwide

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

29

(b)

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,

2022:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2022:

Assets:

Fair

Value

Purchased

Options

Equity

risk

Investment

securities,

at

value

$

38,031,600

Total

$

38,031,600

Liabilities:

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

(5,461,176)

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

(2,090,485)

Total

$

(7,551,661)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

30

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Geneva

Mid

Cap

Growth

Fund

Common

Stocks

98.6%

Shares

Value

($)

Aerospace

&

Defense

3.8%

Axon

Enterprise,

Inc.*

71,932

10,065,445

HEICO

Corp.,

Class

A

46,339

5,083,388

15,148,833

Banks

2.8%

Signature

Bank

35,956

10,953,276

Building

Products

3.8%

Advanced

Drainage

Systems,

Inc.

107,640

12,173,008

Fortune

Brands

Home

&

Security,

Inc.

31,882

3,002,328

15,175,336

Capital

Markets

3.8%

Intercontinental

Exchange,

Inc.

69,682

8,825,922

Raymond

James

Financial,

Inc.

57,004

6,035,014

14,860,936

Commercial

Services

&

Supplies

3.4%

Copart

,

Inc.*

103,410

13,365,743

Distributors

4.0%

Pool

Corp.

32,748

15,596,235

Electrical

Equipment

2.0%

Generac

Holdings,

Inc.*

27,961

7,895,627

Electronic

Equipment,

Instruments

&

Components

8.4%

Amphenol

Corp.,

Class

A

145,246

11,560,129

Cognex

Corp.

45,317

3,011,768

Keysight

Technologies,

Inc.*

80,322

13,559,960

Trimble,

Inc.*

71,471

5,157,347

33,289,204

Food

Products

0.6%

Freshpet

,

Inc.*

24,932

2,319,424

Health

Care

Equipment

&

Supplies

11.5%

ABIOMED,

Inc.*

23,097

6,833,709

Align

Technology,

Inc.*

11,919

5,899,428

Cooper

Cos.,

Inc.

(The)

8,948

3,563,989

IDEXX

Laboratories,

Inc.*

21,253

10,781,647

Masimo

Corp.*

20,660

4,542,514

STERIS

plc

41,596

9,334,143

Teleflex,

Inc.

14,859

4,609,113

45,564,543

Health

Care

Providers

&

Services

0.3%

HealthEquity

,

Inc.*

21,411

1,144,204

Household

Products

1.6%

Church

&

Dwight

Co.,

Inc.

61,652

6,328,578

Industrial

Conglomerates

1.9%

Roper

Technologies,

Inc.

17,383

7,599,152

Internet

&

Direct

Marketing

Retail

0.7%

Etsy,

Inc.*

17,181

2,698,791

IT

Services

12.3%

Broadridge

Financial

Solutions,

Inc.

47,044

7,490,346

EPAM

Systems,

Inc.*

28,520

13,579,513

Fiserv,

Inc.*

77,879

8,231,810

Gartner,

Inc.*

32,771

9,631,069

Global

Payments,

Inc.

53,740

8,054,551

Common

Stocks

Shares

Value

($)

IT

Services

Twilio

,

Inc.,

Class

A*

6,602

1,360,804

48,348,093

Life

Sciences

Tools

&

Services

2.0%

Repligen

Corp.*

39,785

7,890,957

Machinery

2.3%

IDEX

Corp.

42,701

9,199,503

Pharmaceuticals

2.1%

Catalent

,

Inc.*

79,921

8,306,190

Professional

Services

4.3%

CoStar

Group,

Inc.*

130,471

9,153,845

Verisk

Analytics,

Inc.

40,707

7,983,864

17,137,709

Road

&

Rail

0.6%

JB

Hunt

Transport

Services,

Inc.

11,506

2,215,365

Semiconductors

&

Semiconductor

Equipment

0.8%

Microchip

Technology,

Inc.

41,942

3,249,666

Software

15.6%

ANSYS,

Inc.*

30,889

10,502,569

Blackline,

Inc.*

78,472

7,209,223

HubSpot

,

Inc.*

21,133

10,329,810

Intuit,

Inc.

31,357

17,410,347

SS&C

Technologies

Holdings,

Inc.

56,391

4,503,949

Tyler

Technologies,

Inc.*

24,895

11,795,251

61,751,149

Specialty

Retail

7.2%

Burlington

Stores,

Inc.*

40,250

9,536,433

O'Reilly

Automotive,

Inc.*

19,995

13,031,741

Ulta

Beauty,

Inc.*

15,754

5,730,360

28,298,534

Textiles,

Apparel

&

Luxury

Goods

1.3%

Lululemon

Athletica

,

Inc.*

15,598

5,205,989

Trading

Companies

&

Distributors

1.5%

Watsco

,

Inc.

20,656

5,836,559

Total

Investments

(cost

$170,210,869)

—

98.6%

389,379,596

Other

assets

in

excess

of

liabilities

—

1.4%

5,449,150

NET

ASSETS

—

100.0%

$

394,828,746

*

Denotes

a

non-income

producing

security.

Nationwide

Geneva

Mid

Cap

Growth

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

31

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.

32

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Geneva

Mid

Cap

Growth

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

389,379,596

$

–

$

–

$

389,379,596

Total

$

389,379,596

$

–

$

–

$

389,379,596

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,

2022

(Unaudited)

-

Statement

of

Investments

-

33

Common

Stocks

98.3%

Shares

Value

($)

Aerospace

&

Defense

4.3%

Boeing

Co.

(The)*

74,171

14,852,001

Air

Freight

&

Logistics

1.7%

Expeditors

International

of

Washington,

Inc.

50,761

5,811,119

Beverages

4.0%

Monster

Beverage

Corp.*

156,152

13,541,501

Biotechnology

7.1%

Alnylam

Pharmaceuticals,

Inc.*

50,879

7,000,950

BioMarin

Pharmaceutical,

Inc.*

40,258

3,568,067

CRISPR

Therapeutics

AG*(a)

52,148

3,324,435

Regeneron

Pharmaceuticals,

Inc.*

17,295

10,525,564

24,419,016

Capital

Markets

5.0%

FactSet

Research

Systems,

Inc.

13,905

5,866,380

MSCI,

Inc.

11,663

6,252,768

SEI

Investments

Co.

86,219

5,053,296

17,172,444

Communications

Equipment

1.5%

Cisco

Systems,

Inc.

89,206

4,966,098

Energy

Equipment

&

Services

1.7%

Schlumberger

NV

147,967

5,781,071

Entertainment

4.0%

Netflix,

Inc.*

5,783

2,470,151

Walt

Disney

Co.

(The)*

78,634

11,242,303

13,712,454

Health

Care

Equipment

&

Supplies

1.0%

Intuitive

Surgical,

Inc.*

11,733

3,334,284

Hotels,

Restaurants

&

Leisure

4.5%

Starbucks

Corp.

74,764

7,350,796

Yum

China

Holdings,

Inc.

86,550

4,169,114

Yum!

Brands,

Inc.

30,002

3,755,350

15,275,260

Household

Products

0.9%

Colgate-Palmolive

Co.

38,362

3,162,947

Interactive

Media

&

Services

11.7%

Alphabet,

Inc.,

Class

A*

3,929

10,632,149

Alphabet,

Inc.,

Class

C*

3,946

10,709,326

Meta

Platforms,

Inc.,

Class

A*

59,606

18,672,175

40,013,650

Internet

&

Direct

Marketing

Retail

7.6%

Alibaba

Group

Holding

Ltd.,

ADR-CN*

42,876

5,393,372

Amazon.com,

Inc.*

6,883

20,590,288

25,983,660

IT

Services

5.2%

Automatic

Data

Processing,

Inc.

12,567

2,590,938

Visa,

Inc.,

Class

A

66,912

15,133,487

17,724,425

Life

Sciences

Tools

&

Services

2.2%

Illumina,

Inc.*

21,962

7,660,785

Common

Stocks

Shares

Value

($)

Machinery

2.3%

Deere

&

Co.

21,083

7,935,641

Pharmaceuticals

5.9%

Novartis

AG,

ADR-CH

96,127

8,354,398

Novo

Nordisk

A/S,

ADR-DK

36,191

3,614,395

Roche

Holding

AG,

ADR-CH

166,738

8,101,799

20,070,592

Semiconductors

&

Semiconductor

Equipment

9.2%

NVIDIA

Corp.

90,567

22,176,236

QUALCOMM,

Inc.

53,557

9,413,178

31,589,414

Software

16.9%

Autodesk,

Inc.*

55,016

13,742,447

Microsoft

Corp.

37,164

11,557,261

Oracle

Corp.

183,930

14,927,759

salesforce.com,

Inc.*

37,948

8,827,843

Workday,

Inc.,

Class

A*

35,026

8,861,928

57,917,238

Textiles,

Apparel

&

Luxury

Goods

1.6%

Under

Armour

,

Inc.,

Class

A*

294,243

5,540,596

Total

Common

Stocks

(cost

$194,151,003)

336,464,196

Short-Term

Investment

0.6%

Money

Market

Fund

0.6%

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,

0.01%(b)(c)

2,165,033

2,165,033

Total

Short-Term

Investment

(cost

$2,165,033)

2,165,033

Total

Investments

(cost

$196,316,036)

—

98.9%

338,629,229

Other

assets

in

excess

of

liabilities

—

1.1%

3,842,290

NET

ASSETS

—

100.0%

$

342,471,519

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2022.

The

total

value

of

securities

on

loan

as

of

January

31,

2022

was

$2,292,705,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

with

a

value

of

$2,165,033.

(b)

Represents

7-day

effective

yield

as

of

January

31,

2022.

(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,

2022

was

$2,165,033.

ADR

American

Depositary

Receipt

CH

Switzerland

CN

China

DK

Denmark

34

-

Statement

of

Investments

-

January

31,

2022

(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,

2022

(Unaudited)

-

Statement

of

Investments

-

35

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

336,464,196

$

–

$

–

$

336,464,196

Short-Term

Investment

2,165,033

–

–

2,165,033

Total

$

338,629,229

$

–

$

–

$

338,629,229

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.

36

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Small

Company

Growth

Fund

Common

Stocks

98.8%

Shares

Value

($)

Biotechnology

3.2%

Ironwood

Pharmaceuticals,

Inc.*

191,728

2,137,767

Vericel

Corp.*

120,652

4,292,798

6,430,565

Chemicals

0.3%

Balchem

Corp.

4,068

597,752

Electronic

Equipment,

Instruments

&

Components

4.4%

Cognex

Corp.

131,815

8,760,425

Energy

Equipment

&

Services

0.6%

DMC

Global,

Inc.*

30,641

1,236,058

Health

Care

Equipment

&

Supplies

19.9%

ABIOMED,

Inc.*

28,874

8,542,950

Cardiovascular

Systems,

Inc.*

160,186

2,814,468

CryoPort

,

Inc.*

45,759

1,911,353

Glaukos

Corp.*

54,684

2,911,376

Inogen

,

Inc.*

128,684

3,825,775

Neogen

Corp.*

239,367

8,729,715

OrthoPediatrics

Corp.*

59,658

2,821,227

Quidel

Corp.*

47,225

4,881,176

Tandem

Diabetes

Care,

Inc.*

30,361

3,585,938

40,023,978

Health

Care

Technology

7.9%

NextGen

Healthcare,

Inc.*

30,992

598,456

Veeva

Systems,

Inc.,

Class

A*

38,238

9,044,817

Vocera

Communications,

Inc.*

78,039

6,165,861

15,809,134

Life

Sciences

Tools

&

Services

7.1%

10X

Genomics,

Inc.,

Class

A*

27,119

2,610,746

Bio-

Techne

Corp.

16,899

6,360,953

Repligen

Corp.*

26,155

5,187,583

14,159,282

Machinery

3.3%

Helios

Technologies,

Inc.

67,777

5,193,751

Proto

Labs,

Inc.*

29,592

1,484,927

6,678,678

Software

52.1%

Alarm.com

Holdings,

Inc.*

121,796

9,082,328

Alteryx

,

Inc.,

Class

A*(a)

24,216

1,382,007

American

Software,

Inc.,

Class

A

21,745

499,917

Anaplan,

Inc.*

131,453

6,346,551

ANSYS,

Inc.*

27,333

9,293,493

Appfolio

,

Inc.,

Class

A*

78,337

9,029,123

Blackbaud

,

Inc.*

7,772

529,584

Datadog

,

Inc.,

Class

A*

60,493

8,838,632

Duck

Creek

Technologies,

Inc.*

83,315

2,128,698

Guidewire

Software,

Inc.*

68,405

6,897,960

Manhattan

Associates,

Inc.*

69,603

9,317,754

nCino

,

Inc.*(a)

33,601

1,539,934

Olo

,

Inc.,

Class

A*(a)

129,894

2,279,640

Paycom

Software,

Inc.*

25,068

8,405,300

PROS

Holdings,

Inc.*

137,891

3,820,960

Q2

Holdings,

Inc.*

111,633

7,284,053

Smartsheet

,

Inc.,

Class

A*

135,888

8,454,951

Common

Stocks

Shares

Value

($)

Software

Tyler

Technologies,

Inc.*

19,757

9,360,867

104,491,752

Total

Common

Stocks

(cost

$118,015,268)

198,187,624

Short-Term

Investment

0.9%

Money

Market

Fund

0.9%

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,

0.01%(b)(c)

1,787,745

1,787,745

Total

Short-Term

Investment

(cost

$1,787,745)

1,787,745

Total

Investments

(cost

$119,803,013)

—

99.7%

199,975,369

Other

assets

in

excess

of

liabilities

—

0.3%

554,525

NET

ASSETS

—

100.0%

$

200,529,894

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2022.

The

total

value

of

securities

on

loan

as

of

January

31,

2022

was

$1,876,685,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

with

a

value

of

$1,787,745.

(b)

Represents

7-day

effective

yield

as

of

January

31,

2022.

(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,

2022

was

$1,787,745.

Nationwide

Small

Company

Growth

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

37

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

38

-

Statement

of

Investments

-

January

31,

2022

(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,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

198,187,624

$

–

$

–

$

198,187,624

Short-Term

Investment

1,787,745

–

–

1,787,745

Total

$

199,975,369

$

–

$

–

$

199,975,369

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

WCM

Focused

Small

Cap

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

39

Common

Stocks

96.4%

Shares

Value

($)

Aerospace

&

Defense

1.2%

Vectrus

,

Inc.*

53,300

2,452,333

Auto

Components

2.3%

Dorman

Products,

Inc.*

48,500

4,541,055

Building

Products

2.1%

American

Woodmark

Corp.*

70,400

4,219,072

Capital

Markets

9.1%

Focus

Financial

Partners,

Inc.,

Class

A*

206,594

10,404,074

Virtus

Investment

Partners,

Inc.(a)

28,300

7,405,544

17,809,618

Chemicals

5.8%

Chase

Corp.

18,800

1,783,744

Element

Solutions,

Inc.

427,600

9,595,344

11,379,088

Commercial

Services

&

Supplies

7.9%

Healthcare

Services

Group,

Inc.

174,300

3,170,517

SP

Plus

Corp.*

147,900

4,167,822

UniFirst

Corp.

27,500

5,227,475

US

Ecology,

Inc.*

106,600

3,046,628

15,612,442

Construction

&

Engineering

4.6%

API

Group

Corp.*

105,900

2,361,570

EMCOR

Group,

Inc.

55,300

6,592,313

8,953,883

Electrical

Equipment

2.5%

EnerSys

65,900

4,937,887

Electronic

Equipment,

Instruments

&

Components

5.3%

ePlus

,

Inc.*

227,528

10,459,462

Food

&

Staples

Retailing

5.3%

Grocery

Outlet

Holding

Corp.*

408,800

10,375,344

Food

Products

0.2%

Lancaster

Colony

Corp.

2,166

343,896

Health

Care

Equipment

&

Supplies

2.8%

ICU

Medical,

Inc.*

25,800

5,504,688

Health

Care

Providers

&

Services

4.8%

Addus

HomeCare

Corp.*

119,200

9,515,736

Hotels,

Restaurants

&

Leisure

4.1%

Wyndham

Hotels

&

Resorts,

Inc.

94,800

7,958,460

Insurance

4.6%

Enstar

Group

Ltd.*

34,100

9,039,228

IT

Services

3.9%

Verra

Mobility

Corp.*

479,300

7,592,112

Machinery

2.9%

Crane

Co.

55,048

5,698,018

Multiline

Retail

1.8%

Ollie's

Bargain

Outlet

Holdings,

Inc.*

75,600

3,624,264

Personal

Products

4.9%

Inter

Parfums

,

Inc.

97,800

9,679,266

Common

Stocks

Shares

Value

($)

Real

Estate

Management

&

Development

4.3%

Cushman

&

Wakefield

plc*

406,400

8,530,336

Road

&

Rail

3.0%

Landstar

System,

Inc.

36,500

5,840,000

Semiconductors

&

Semiconductor

Equipment

4.6%

CMC

Materials,

Inc.

50,100

9,062,088

Specialty

Retail

4.4%

America's

Car-Mart,

Inc.*

57,200

5,429,424

Leslie's,

Inc.*

150,500

3,134,915

8,564,339

Trading

Companies

&

Distributors

4.0%

Beacon

Roofing

Supply,

Inc.*

142,700

7,829,949

Total

Common

Stocks

(cost

$160,033,077)

189,522,564

Short-Term

Investment

0.0%

†

Money

Market

Fund

0.0%

†

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,

0.01%(b)(c)

50,600

50,600

Total

Short-Term

Investment

(cost

$50,600)

50,600

Total

Investments

(cost

$160,083,677)

—

96.4%

189,573,164

Other

assets

in

excess

of

liabilities

—

3.6%

7,016,891

NET

ASSETS

—

100.0%

$

196,590,055

*

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

as

of

January

31,

2022.

The

total

value

of

securities

on

loan

as

of

January

31,

2022

was

$52,336,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

with

a

value

of

$50,600.

(b)

Represents

7-day

effective

yield

as

of

January

31,

2022.

(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,

2022

was

$50,600.

40

-

Statement

of

Investments

-

January

31,

2022

(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.

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

WCM

Focused

Small

Cap

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

41

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

189,522,564

$

–

$

–

$

189,522,564

Short-Term

Investment

50,600

–

–

50,600

Total

$

189,573,164

$

–

$

–

$

189,573,164

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

42

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

American

Century

Small

Cap

Income

Fund

Common

Stocks

92.0%

Shares

Value

($)

Aerospace

&

Defense

2.8%

Cadre

Holdings,

Inc.(a)

80,468

1,756,617

Park

Aerospace

Corp.

125,976

1,704,455

3,461,072

Banks

19.5%

CVB

Financial

Corp.

61,941

1,364,560

Financial

Institutions,

Inc.

49,216

1,586,724

First

Hawaiian,

Inc.

28,198

799,413

FNB

Corp.

83,939

1,084,492

HBT

Financial,

Inc.

74,158

1,380,081

Home

BancShares,

Inc.

99,481

2,343,772

Pacific

Premier

Bancorp,

Inc.

54,773

2,095,067

PacWest

Bancorp

59,847

2,778,696

Popular,

Inc.

26,652

2,376,559

Towne

Bank

31,635

992,706

Umpqua

Holdings

Corp.

131,268

2,662,115

United

Bankshares,

Inc.

73,538

2,598,098

Valley

National

Bancorp

92,495

1,287,531

Webster

Financial

Corp.

17,114

972,246

24,322,060

Building

Products

3.1%

Carlisle

Cos.,

Inc.

2,608

582,731

Fortune

Brands

Home

&

Security,

Inc.

17,340

1,632,908

Tecnoglass,

Inc.(a)

79,490

1,637,494

3,853,133

Capital

Markets

3.9%

Carlyle

Group,

Inc.

(The)

30,788

1,571,727

Patria

Investments

Ltd.,

Class

A

82,536

1,403,112

Sculptor

Capital

Management,

Inc.

95,023

1,862,451

4,837,290

Chemicals

2.7%

Chase

Corp.

6,701

635,791

RPM

International,

Inc.

12,920

1,144,841

Valvoline,

Inc.

46,827

1,542,482

3,323,114

Commercial

Services

&

Supplies

4.2%

Brink's

Co.

(The)

36,465

2,544,528

Deluxe

Corp.

57,340

1,725,934

Healthcare

Services

Group,

Inc.

54,873

998,140

5,268,602

Containers

&

Packaging

2.9%

Graphic

Packaging

Holding

Co.

145,303

2,747,680

Sonoco

Products

Co.

15,393

871,859

3,619,539

Diversified

Consumer

Services

1.5%

H&R

Block,

Inc.

80,263

1,834,812

Diversified

Financial

Services

1.4%

Compass

Diversified

Holdings

71,252

1,792,700

Electronic

Equipment,

Instruments

&

Components

3.2%

Avnet,

Inc.

61,987

2,501,795

Common

Stocks

Shares

Value

($)

Electronic

Equipment,

Instruments

&

Components

Vishay

Intertechnology,

Inc.

70,112

1,452,020

3,953,815

Energy

Equipment

&

Services

1.0%

Cactus,

Inc.,

Class

A

24,458

1,185,235

Equity

Real

Estate

Investment

Trusts

(REITs)

6.0%

Brandywine

Realty

Trust

100,591

1,293,600

CareTrust

REIT,

Inc.

66,752

1,415,810

Easterly

Government

Properties,

Inc.

33,713

706,962

Four

Corners

Property

Trust,

Inc.

57,576

1,558,582

Healthcare

Realty

Trust,

Inc.

11,566

358,777

Highwoods

Properties,

Inc.

31,315

1,350,303

LTC

Properties,

Inc.

10,719

386,635

Urstadt

Biddle

Properties,

Inc.,

Class

A

22,542

443,852

7,514,521

Food

&

Staples

Retailing

0.5%

Casey's

General

Stores,

Inc.

3,537

664,284

Food

Products

0.0%

†

Sanderson

Farms,

Inc.*^∞

200

0

Gas

Utilities

0.9%

South

Jersey

Industries,

Inc.

47,231

1,181,720

Health

Care

Providers

&

Services

2.0%

National

HealthCare

Corp.

8,346

545,828

Patterson

Cos.,

Inc.

70,011

2,008,616

2,554,444

Household

Durables

1.6%

Leggett

&

Platt,

Inc.

49,680

1,979,748

Orleans

Homebuilders,

Inc.*^∞

1,500

0

1,979,748

Household

Products

2.5%

Spectrum

Brands

Holdings,

Inc.

34,835

3,113,552

Insurance

4.4%

AMERISAFE,

Inc.

10,649

559,285

Axis

Capital

Holdings

Ltd.

40,056

2,282,391

James

River

Group

Holdings

Ltd.

13,466

381,357

ProAssurance

Corp.

32,116

769,499

RenaissanceRe

Holdings

Ltd.

9,568

1,503,803

5,496,335

IT

Services

2.0%

EVERTEC,

Inc.

58,373

2,547,398

Machinery

6.4%

Graham

Corp.

165,283

2,039,592

Hurco

Cos.,

Inc.

14,564

469,107

IMI

plc

50,940

1,141,304

Luxfer

Holdings

plc

111,118

1,897,895

Timken

Co.

(The)

35,970

2,402,796

7,950,694

Media

2.5%

Entravision

Communications

Corp.,

Class

A

342,707

2,076,804

Nationwide

American

Century

Small

Cap

Income

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

43

Common

Stocks

Shares

Value

($)

Media

John

Wiley

&

Sons,

Inc.,

Class

A

19,277

978,308

3,055,112

Multi-Utilities

0.9%

NorthWestern

Corp.

19,950

1,159,494

Oil,

Gas

&

Consumable

Fuels

3.4%

Enviva,

Inc.

35,843

2,508,293

Hess

Midstream

LP,

Class

A

56,938

1,671,700

4,179,993

Paper

&

Forest

Products

0.8%

Neenah,

Inc.

21,521

992,118

Professional

Services

1.1%

Public

Policy

Holding

Co.,

Inc.

Reg.

S*

695,452

1,332,822

Semiconductors

&

Semiconductor

Equipment

2.3%

Kulicke

&

Soffa

Industries,

Inc.

34,167

1,868,593

MKS

Instruments,

Inc.

6,750

1,048,478

2,917,071

Specialty

Retail

2.2%

Penske

Automotive

Group,

Inc.

26,794

2,723,074

Textiles,

Apparel

&

Luxury

Goods

3.3%

Ralph

Lauren

Corp.

17,113

1,896,805

Tapestry,

Inc.

56,973

2,162,125

4,058,930

Thrifts

&

Mortgage

Finance

1.5%

Enact

Holdings,

Inc.(a)

23,755

519,759

First

Place

Financial

Corp.*^∞

367

0

Premier

Financial

Corp.

27,963

834,696

Provident

Financial

Services,

Inc.

21,184

512,017

1,866,472

Trading

Companies

&

Distributors

1.5%

Applied

Industrial

Technologies,

Inc.

18,799

1,841,926

Total

Common

Stocks

(cost

$99,580,047)

114,581,080

Convertible

Bond

0.8%

Principal

Amount

($)

Building

Products

0.8%

DIRTT

Environmental

Solutions,

6.00%,

01/31/26

1,426,000

1,032,073

Total

Convertible

Bond

(cost  $1,142,495)

1,032,073

Convertible

Preferred

Stock

2.3%

Electronic

Equipment,

Instruments

&

Components

2.3%

II-VI,

Inc.,

6.00%,

07/01/23

11,051

2,913,044

Total

Convertible

Preferred

Stock

(cost  $3,097,566)

2,913,044

Preferred

Stocks

4.5%

Shares

Value

($)

Banks

2.6%

FNB

Corp.(ICE

LIBOR

USD

3

Month

+

4.60%),

(b)

33,429

907,597

People's

United

Financial,

Inc., Series

A(ICE

LIBOR

USD

3

Month

+

4.02%),

(b)

28,480

780,922

Valley

National

Bancorp, Series

A(ICE

LIBOR

USD

3

Month

+

3.85%),

(b)

57,929

1,546,704

3,235,223

Diversified

Financial

Services

1.9%

Compass

Diversified

Holdings, Series

B(ICE

LIBOR

USD

3

Month

+

4.99%),

(b)

86,026

2,296,894

Total

Preferred

Stocks

(cost

$5,669,989)

5,532,117

Rights

0.0%

†

Number

of

Rights

Biotechnology

0.0%

†

Achillion

Pharmaceuticals,

Inc.,

CVR*∞

12,733

5,857

Media

0.0%

†

Media

General,

Inc.,

CVR*^∞

5,993

0

Total

Rights

(cost

$27,323)

5,857

Short-Term

Investment

2.7%

Shares

Money

Market

Fund

2.7%

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,

0.01%(c)(d)

3,396,220

3,396,220

Total

Short-Term

Investment

(cost

$3,396,220)

3,396,220

Total

Investments

(cost

$112,913,640)

—

102.3%

127,460,391

Liabilities

in

excess

of

other

assets

—

(2.3)%

(2,889,961)

NET

ASSETS

—

100.0%

$

124,570,430

44

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

American

Century

Small

Cap

Income

Fund

*

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

as

of

January

31,

2022.

The

total

value

of

securities

on

loan

as

of

January

31,

2022

was

$3,416,897,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

with

a

value

of

$3,396,220.

(b)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

January

31,

2022.

(c)

Represents

7-day

effective

yield

as

of

January

31,

2022.

(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,

2022

was

$3,396,220.

CVR

Contingent

Value

Rights

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

Nationwide

American

Century

Small

Cap

Income

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

45

Forward

Foreign

Currency

Contracts

outstanding

as

of

January

31,

2022:

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

($)

GBP

301,617

USD

406,784

JPMorgan

Chase

Bank

3/31/2022

(1,275)

USD

861,478

CAD

1,115,132

UBS

AG

3/31/2022

(15,697)

USD

2,417,142

GBP

1,828,107

JPMorgan

Chase

Bank

3/31/2022

(40,659)

Net

unrealized

depreciation

(57,631)

Currency:

CAD

Canadian

dollar

GBP

British

pound

USD

United

States

dollar

46

-

Statement

of

Investments

-

January

31,

2022

(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,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

  Common

Stocks

Aerospace

&

Defense

$

3,461,072

$

–

$

–

$

3,461,072

Banks

24,322,060

–

–

24,322,060

Building

Products

3,853,133

–

–

3,853,133

Capital

Markets

4,837,290

–

–

4,837,290

Chemicals

3,323,114

–

–

3,323,114

Commercial

Services

&

Supplies

5,268,602

–

–

5,268,602

Containers

&

Packaging

3,619,539

–

–

3,619,539

Diversified

Consumer

Services

1,834,812

–

–

1,834,812

Diversified

Financial

Services

1,792,700

–

–

1,792,700

Nationwide

American

Century

Small

Cap

Income

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

47

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:

Electronic

Equipment,

Instruments

&

Components

$

3,953,815

$

–

$

–

$

3,953,815

Energy

Equipment

&

Services

1,185,235

–

–

1,185,235

Equity

Real

Estate

Investment

Trusts

(REITs)

7,514,521

–

–

7,514,521

Food

&

Staples

Retailing

664,284

–

–

664,284

Food

Products

–

–

–

–

Gas

Utilities

1,181,720

–

–

1,181,720

Health

Care

Providers

&

Services

2,554,444

–

–

2,554,444

Household

Durables

1,979,748

–

–

1,979,748

Household

Products

3,113,552

–

–

3,113,552

Insurance

5,496,335

–

–

5,496,335

IT

Services

2,547,398

–

–

2,547,398

Machinery

6,809,390

1,141,304

–

7,950,694

Media

3,055,112

–

–

3,055,112

Multi-Utilities

1,159,494

–

–

1,159,494

Oil,

Gas

&

Consumable

Fuels

4,179,993

–

–

4,179,993

Paper

&

Forest

Products

992,118

–

–

992,118

Professional

Services

1,332,822

–

–

1,332,822

Semiconductors

&

Semiconductor

Equipment

2,917,071

–

–

2,917,071

Specialty

Retail

2,723,074

–

–

2,723,074

Textiles,

Apparel

&

Luxury

Goods

4,058,930

–

–

4,058,930

Thrifts

&

Mortgage

Finance

1,866,472

–

–

1,866,472

Trading

Companies

&

Distributors

1,841,926

–

–

1,841,926

Total

Common

Stocks

$

113,439,776

$

1,141,304

$

–

$

114,581,080

Convertible

Bond

–

1,032,073

–

1,032,073

Convertible

Preferred

Stock

2,913,044

–

–

2,913,044

Preferred

Stocks

5,532,117

–

–

5,532,117

Rights  

–

5,857

–

5,857

Short-Term

Investment

3,396,220

–

–

3,396,220

Total

Assets

$

125,281,157

$

2,179,234

$

–

$

127,460,391

Liabilities:

Forward

Foreign

Currency

Contracts

$

–

$

(57,631)

$

–

$

(57,631)

Total

Liabilities

$

–

$

(57,631)

$

–

$

(57,631)

Total

$

125,281,157

$

2,121,603

$

–

$

127,402,760

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

During

the

period

ended

January

31,

2022,

the

Fund

held

three

common

stocks

and

one

rights

investments

that

were

categorized

as

Level

3

investments

which

were

each

valued

at

$0.

Common

Stocks

Rights

Total

Balance

as

of

10/31/2021

$

—

$

—

$—

Accrued

Accretion/(Amortization)

—

—

—

Realized

Gains

(Losses)

—

(6,520)

(6,520)

Purchases

—

—

—

Sales

—

(862)

(862)

Change

in

Unrealized

Appreciation/Depreciation

—

7,382

7,382

Transfers

into

Level

3

—

—

—

Transfers

out

of

Level

3

—

—

—

Balance

as

of

1/31/2022

$

—

$

—

$—

Change

in

Unrealized

Appreciation/Depreciation

for

Investments

Still

held

as

of

1/31/2022

$

—

$

—

$—

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

48

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

American

Century

Small

Cap

Income

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2022.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

forward

foreign

currency

contracts.

(a)

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,

2022:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2022:

Liabilities:

Fair

Value

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

depreciation

on

forward

foreign

currency

contracts

$

(57,631)

Total

$

(57,631)

The

Statement

of

Investments

should

be

read

in

conjunction

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

GQG

US

Quality

Equity

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

49

Common

Stocks

95.0%

Shares

Value

($)

Aerospace

&

Defense

2.5%

Lockheed

Martin

Corp.

4,652

1,810,233

Banks

6.8%

JPMorgan

Chase

&

Co.

17,671

2,625,910

Wells

Fargo

&

Co.

43,286

2,328,787

4,954,697

Capital

Markets

2.2%

Goldman

Sachs

Group,

Inc.

(The)

314

111,370

KKR

&

Co.,

Inc.

19,605

1,395,092

Nasdaq,

Inc.

378

67,741

1,574,203

Electric

Utilities

4.9%

Exelon

Corp.

39,559

2,292,444

FirstEnergy

Corp.

30,106

1,263,248

3,555,692

Energy

Equipment

&

Services

0.5%

Schlumberger

NV

9,718

379,682

Food

&

Staples

Retailing

5.4%

Walmart,

Inc.

28,099

3,928,521

Food

Products

2.6%

Mondelez

International,

Inc.,

Class

A

28,517

1,911,495

Gas

Utilities

3.3%

Atmos

Energy

Corp.

22,175

2,377,603

Health

Care

Providers

&

Services

4.9%

UnitedHealth

Group,

Inc.

7,588

3,585,861

Household

Products

4.2%

Colgate-Palmolive

Co.

432

35,618

Procter

&

Gamble

Co.

(The)

18,749

3,008,277

3,043,895

Insurance

3.3%

American

International

Group,

Inc.

38,836

2,242,779

Chubb

Ltd.

190

37,483

Progressive

Corp.

(The)

931

101,163

2,381,425

Common

Stocks

Shares

Value

($)

Interactive

Media

&

Services

6.0%

Alphabet,

Inc.,

Class

C*

1,600

4,342,352

IT

Services

2.9%

Visa,

Inc.,

Class

A

9,406

2,127,355

Life

Sciences

Tools

&

Services

1.9%

Syneos

Health,

Inc.*

15,477

1,401,597

Media

2.5%

Charter

Communications,

Inc.,

Class

A*

3,097

1,837,574

Metals

&

Mining

2.4%

Newmont

Corp.

28,123

1,720,284

Multiline

Retail

2.7%

Target

Corp.

8,998

1,983,429

Oil,

Gas

&

Consumable

Fuels

15.3%

Devon

Energy

Corp.

65,191

3,296,709

Exxon

Mobil

Corp.

60,903

4,626,192

Occidental

Petroleum

Corp.

84,813

3,194,905

11,117,806

Pharmaceuticals

9.3%

AstraZeneca

plc,

ADR-UK

37,087

2,158,834

Eli

Lilly

&

Co.

5,914

1,451,237

Johnson

&

Johnson

18,491

3,185,814

6,795,885

Semiconductors

&

Semiconductor

Equipment

0.1%

Lam

Research

Corp.

106

62,532

Software

3.7%

Microsoft

Corp.

8,615

2,679,093

Tobacco

7.6%

Altria

Group,

Inc.

56,440

2,871,667

Philip

Morris

International,

Inc.

26,011

2,675,232

5,546,899

Total

Investments

(cost

$62,423,274)

—

95.0%

69,118,113

Other

assets

in

excess

of

liabilities

—

5.0%

3,635,545

NET

ASSETS

—

100.0%

$

72,753,658

*

Denotes

a

non-income

producing

security.

ADR

American

Depositary

Receipt

UK

United

Kingdom

50

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

GQG

US

Quality

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

GQG

US

Quality

Equity

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

51

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

69,118,113

$

–

$

–

$

69,118,113

Total

$

69,118,113

$

–

$

–

$

69,118,113

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.

52

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

BNY

Mellon

Disciplined

Value

Fund

Common

Stocks

87.7%

Shares

Value

($)

Aerospace

&

Defense

2.9%

Howmet

Aerospace,

Inc.

218,542

6,794,471

L3Harris

Technologies,

Inc.

30,953

6,478,153

Northrop

Grumman

Corp.

12,916

4,777,629

18,050,253

Automobiles

1.1%

General

Motors

Co.*

125,607

6,623,257

Banks

6.3%

Bank

of

America

Corp.

194,160

8,958,542

Comerica,

Inc.

93,098

8,637,632

JPMorgan

Chase

&

Co.

82,486

12,257,420

US

Bancorp

154,176

8,971,502

38,825,096

Beverages

0.7%

PepsiCo,

Inc.

25,525

4,429,098

Biotechnology

3.0%

AbbVie,

Inc.

133,705

18,302,877

Building

Products

0.8%

Armstrong

World

Industries,

Inc.

49,022

4,854,158

Capital

Markets

8.2%

Ameriprise

Financial,

Inc.

32,324

9,836,516

Charles

Schwab

Corp.

(The)

89,748

7,870,900

CME

Group,

Inc.

17,357

3,983,431

LPL

Financial

Holdings,

Inc.

27,640

4,762,925

Morgan

Stanley

149,372

15,316,605

State

Street

Corp.

92,106

8,704,017

50,474,394

Chemicals

1.4%

CF

Industries

Holdings,

Inc.

128,163

8,826,586

Communications

Equipment

2.4%

Cisco

Systems,

Inc.

268,472

14,945,836

Construction

&

Engineering

0.8%

Quanta

Services,

Inc.

49,154

5,049,099

Construction

Materials

0.4%

Vulcan

Materials

Co.

14,026

2,669,288

Diversified

Financial

Services

4.8%

Berkshire

Hathaway,

Inc.,

Class

B*

55,426

17,349,446

Equitable

Holdings,

Inc.

106,425

3,580,137

Voya

Financial,

Inc.

127,051

8,634,386

29,563,969

Electric

Utilities

3.3%

Exelon

Corp.

351,468

20,367,571

Electrical

Equipment

2.0%

Eaton

Corp.

plc

38,579

6,112,071

Hubbell,

Inc.

31,286

5,859,555

11,971,626

Electronic

Equipment,

Instruments

&

Components

0.8%

Corning,

Inc.

122,720

5,159,149

Equity

Real

Estate

Investment

Trusts

(REITs)

0.9%

Medical

Properties

Trust,

Inc.

124,216

2,827,156

Weyerhaeuser

Co.

72,750

2,941,283

5,768,439

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

2.0%

Becton

Dickinson

and

Co.

15,684

3,985,932

Medtronic

plc

81,508

8,435,263

12,421,195

Health

Care

Providers

&

Services

6.6%

CVS

Health

Corp.

108,079

11,511,494

HCA

Healthcare,

Inc.

10,016

2,404,341

Laboratory

Corp.

of

America

Holdings*

13,522

3,669,330

McKesson

Corp.

36,536

9,379,522

UnitedHealth

Group,

Inc.

28,608

13,519,282

40,483,969

Hotels,

Restaurants

&

Leisure

0.9%

International

Game

Technology

plc

210,276

5,629,089

Household

Durables

0.4%

Newell

Brands,

Inc.

115,009

2,669,359

Independent

Power

and

Renewable

Electricity

Producers

3.8%

AES

Corp.

(The)

286,414

6,352,662

Clearway

Energy,

Inc.,

Class

C

206,290

6,947,847

NextEra

Energy

Partners

LP(a)

73,560

5,533,183

Vistra

Corp.

218,955

4,775,409

23,609,101

Insurance

7.4%

Aon

plc,

Class

A

27,567

7,620,622

Assurant,

Inc.

75,895

11,574,746

Chubb

Ltd.

35,346

6,973,059

Hartford

Financial

Services

Group,

Inc.

(The)

57,258

4,115,132

MetLife,

Inc.

80,443

5,394,508

Willis

Towers

Watson

plc

41,424

9,691,559

45,369,626

Interactive

Media

&

Services

2.4%

Alphabet,

Inc.,

Class

A*

5,518

14,932,094

Life

Sciences

Tools

&

Services

1.2%

Danaher

Corp.

25,744

7,357,378

Machinery

1.0%

Ingersoll

Rand,

Inc.

112,407

6,318,397

Media

1.3%

Comcast

Corp.,

Class

A

157,525

7,874,675

Metals

&

Mining

1.4%

Freeport-McMoRan,

Inc.

225,871

8,406,919

Oil,

Gas

&

Consumable

Fuels

8.6%

ConocoPhillips

80,857

7,165,548

Devon

Energy

Corp.

197,816

10,003,555

EQT

Corp.*

281,689

5,985,891

Exxon

Mobil

Corp.

123,848

9,407,494

Hess

Corp.

86,972

8,026,646

Marathon

Petroleum

Corp.

171,923

12,335,475

52,924,609

Pharmaceuticals

3.2%

Eli

Lilly

&

Co.

33,046

8,109,158

Merck

&

Co.,

Inc.

76,064

6,197,695

Nationwide

BNY

Mellon

Disciplined

Value

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

53

Common

Stocks

Shares

Value

($)

Pharmaceuticals

Organon

&

Co.

176,511

5,632,466

19,939,319

Road

&

Rail

1.3%

Norfolk

Southern

Corp.

28,685

7,802,033

Semiconductors

&

Semiconductor

Equipment

2.5%

Applied

Materials,

Inc.

40,370

5,578,326

QUALCOMM,

Inc.

53,988

9,488,931

15,067,257

Software

1.7%

Dolby

Laboratories,

Inc.,

Class

A

67,361

5,917,664

SS&C

Technologies

Holdings,

Inc.

58,319

4,657,938

10,575,602

Technology

Hardware,

Storage

&

Peripherals

1.0%

Hewlett

Packard

Enterprise

Co.

369,726

6,037,626

Wireless

Telecommunication

Services

1.2%

Vodafone

Group

plc,

ADR-UK

421,915

7,387,732

Total

Common

Stocks

(cost

$404,589,124)

540,686,676

Purchased

Options

2.5%

Number

of

Contracts

Call

Options

2.5%

Future

Equity

Index

Options:

2.5%

S&P

500

E-Mini

Index

4/14/2022

at

USD

3,800.00,

European

Style

Notional

Amount:

USD

30,254,185

Exchange

Traded

134

4,916,125

S&P

500

E-Mini

Index

3/18/2022

at

USD

3,900.00,

American

Style

Notional

Amount:

USD

30,254,185

Exchange

Traded

134

4,215,975

S&P

500

E-Mini

Index

5/20/2022

at

USD

3,800.00,

European

Style

Notional

Amount:

USD

29,576,853

Exchange

Traded

131

4,941,975

Purchased

Options

Number

of

Contracts

Value

($)

Call

Options

S&P

500

E-Mini

Index

3/18/2022

at

USD

4,550.00,

American

Style

Notional

Amount:

USD

62,088,813

Exchange

Traded

275

1,416,250

Total

Purchased

Options

(cost

$19,046,356)

15,490,325

Short-Term

Investment

0.7%

Shares

Money

Market

Fund

0.7%

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,

0.01%(b)(c)

4,417,350

4,417,350

Total

Short-Term

Investment

(cost

$4,417,350)

4,417,350

U.S.

Treasury

Obligation

1.6%

Principal

Amount

($)

U.S.

Treasury

Bills,

0.06%,

03/17/2022

10,000,000

9,999,612

Total

U.S.

Treasury

Obligation

(cost

$9,999,609)

9,999,612

Total

Investments

(cost

$438,052,439)

—

92.5%

570,593,963

Other

assets

in

excess

of

liabilities

—

7.5%

46,197,858

NET

ASSETS

—

100.0%

$

616,791,821

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2022.

The

total

value

of

securities

on

loan

as

of

January

31,

2022

was

$4,520,722,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

with

a

value

of

$4,417,350.

(b)

Represents

7-day

effective

yield

as

of

January

31,

2022.

(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,

2022

was

$4,417,350.

ADR

American

Depositary

Receipt

REIT

Real

Estate

Investment

Trust

UK

United

Kingdom

Currency:

USD

United

States

Dollar

54

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

BNY

Mellon

Disciplined

Value

Fund

Futures

contracts

outstanding

as

of

January

31,

2022:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

Russell

1000

Value

E-Mini

Index

766

3/2022

USD

61,693,640

220,707

U.S.

Treasury

Long

Bond

311

3/2022

USD

48,399,375

(853,039)

(632,332)

Short

Contracts

S&P

500

E-Mini

Index

(41)

3/2022

USD

(9,233,712)

(418,871)

(418,871)

(1,051,203)

Currency:

USD

United

States

Dollar

Nationwide

BNY

Mellon

Disciplined

Value

Fund

-

January

31,

2022

(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.

56

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

BNY

Mellon

Disciplined

Value

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2022.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using options and financial

futures

contracts.

(a)

Options

The

Fund

purchased

and/or

wrote

options

on

futures

contracts,

single

stocks,

ETFs,

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.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

540,686,676

$

–

$

–

$

540,686,676

Futures

Contracts

220,707

–

–

220,707

Purchased

Option

15,490,325

–

–

15,490,325

Short-Term

Investment

4,417,350

–

–

4,417,350

U.S.

Treasury

Obligation

–

9,999,612

–

9,999,612

Total

Assets

$

560,815,058

$

9,999,612

$

–

$

570,814,670

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(1,271,910)

$

–

$

–

$

(1,271,910)

Total

Liabilities

$

(1,271,910)

$

–

$

–

$

(1,271,910)

Total

$

559,543,148

$

9,999,612

$

–

$

569,542,760

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

Nationwide

BNY

Mellon

Disciplined

Value

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

57

(b)

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,

2022:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2022:

Assets:

Fair

Value

Purchased

Options

Equity

risk

Investment

securities,

at

value

$

15,490,325

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

220,707

Total

$

15,711,032

Liabilities:

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

(418,871)

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

(853,039)

Total

$

(1,271,910)

The

Statement

of

Investments

should

be

read

in

conjunction

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,

2022

(Unaudited)

-

Statement

of

Investments

-

1

Asset-Backed

Securities

6.6%

Principal

Amount

($)

Value

($)

Automobiles

1.0%

Avis

Budget

Rental

Car

Funding

AESOP

LLC

Series

2021-1A,

Class

A,

1.38%,

8/20/2027(a)

2,190,000

2,122,175

Series

2021-2A,

Class

A,

1.66%,

2/20/2028(a)

5,000,000

4,881,586

Enterprise

Fleet

Financing

LLC,

Series

2020-2,

Class

A2,

0.61%,

7/20/2026(a)

6,742,035

6,705,543

Ford

Credit

Floorplan

Master

Owner

Trust,

Series

2018-4,

Class

A,

4.06%,

11/15/2030

1,150,000

1,272,024

Ford

Credit

Floorplan

Master

Owner

Trust

A,

Series

2020-2,

Class

A,

1.06%,

9/15/2027

2,940,000

2,857,385

GM

Financial

Revolving

Receivables

Trust,

Series

2021-1,

Class

A,

1.17%,

6/12/2034(a)

6,500,000

6,303,510

Hertz

Vehicle

Financing

III

LP

Series

2021-2A,

Class

A,

1.68%,

12/27/2027(a)

4,250,000

4,120,843

Series

2021-2A,

Class

B,

2.12%,

12/27/2027(a)

2,060,000

2,015,241

Honda

Auto

Receivables

Owner

Trust,

Series

2019-2,

Class

A4,

2.54%,

3/21/2025

7,800,000

7,895,256

NextGear

Floorplan

Master

Owner

Trust,

Series

2020-

1A,

Class

A2,

1.55%,

2/15/2025(a)

4,530,000

4,545,124

Tesla

Auto

Lease

Trust,

Series

2021-A,

Class

A3,

0.56%,

3/20/2025(a)

5,159,000

5,101,125

Toyota

Auto

Loan

Extended

Note

Trust

Series

2020-1A,

Class

A,

1.35%,

5/25/2033(a)

3,150,000

3,109,895

Series

2021-1A,

Class

A,

1.07%,

2/27/2034(a)

3,690,000

3,581,145

54,510,852

Home

Equity

0.6%

Aegis

Asset-Backed

Securities

Trust

Mortgage

Pass-

Through

Certificates,

Series

2005-4,

Class

M2,

0.81%,

10/25/2035(b)

2,330,000

2,298,653

Ameriquest

Mortgage

Securities,

Inc.,

Series

2004-R10,

Class

M6,

2.16%,

11/25/2034(b)

1,815,679

1,825,065

Asset-Backed

Securities

Corp.

Home

Equity

Loan

Trust,

Series

2006-HE5,

Class

A5,

0.35%,

7/25/2036(b)

4,140,000

4,080,511

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Home

Equity

Bayview

Financial

Mortgage

Pass-Through

Trust,

Series

2006-A,

Class

M3,

1.08%,

2/28/2041(b)

3,919,821

3,918,164

Bear

Stearns

Asset-Backed

Securities

I

Trust,

Series

2004-HE7,

Class

M1,

1.01%,

8/25/2034(b)

3,806,067

3,782,973

CIT

Mortgage

Loan

Trust,

Series

2007-1,

Class

1M2,

1.86%,

10/25/2037(a)(b)

5,000,000

4,941,688

Countrywide

Asset-Backed

Certificates,

Series

2004-

3,

Class

1A,

0.53%,

8/25/2034(b)

1,731,575

1,690,202

CWABS,

Inc.

Asset-Backed

Certificates

Trust,

Series

2004-6,

Class

1A1,

0.65%,

12/25/2034(b)

835,614

819,151

First

Franklin

Mortgage

Loan

Trust,

Series

2006-

FF15,

Class

A2,

0.23%,

11/25/2036(b)

1,067,718

1,028,061

GSAA

Home

Equity

Trust,

Series

2005-6,

Class

M4,

1.16%,

6/25/2035(b)

1,090,000

1,077,445

JP

Morgan

Mortgage

Acquisition

Corp.,

Series

2005-OPT2,

Class

M4,

1.04%,

12/25/2035(b)

2,190,000

2,189,810

Morgan

Stanley

Home

Equity

Loan

Trust,

Series

2006-2,

Class

A4,

0.67%,

2/25/2036(b)

1,003,118

999,107

RAAC

Trust,

Series

2005-

SP3,

Class

M2,

1.31%,

12/25/2035(b)

540,297

540,367

Saxon

Asset

Securities

Trust,

Series

2006-3,

Class

A4,

0.35%,

10/25/2046(b)

1,329,000

1,227,801

Securitized

Asset-Backed

Receivables

LLC

Trust,

Series

2005-OP1,

Class

M1,

0.72%,

1/25/2035(b)

2,510,874

2,490,311

Structured

Asset

Investment

Loan

Trust,

Series

2004-

7,

Class

A8,

1.31%,

8/25/2034(b)

1,000,000

1,002,527

33,911,836

Other

4.2%

ABPCI

Direct

Lending

Fund

CLO

X

LP,

Series

2020-

10A,

Class

A1A,

2.20%,

1/20/2032(a)(b)

1,340,000

1,341,146

ABPCI

Direct

Lending

Fund

IX

LLC,

Series

2020-9A,

Class

A1R,

1.52%,

11/18/2031(a)

(b)

6,200,000

6,198,072

2

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

AMMC

CLO

21

Ltd.,

Series

2017-21A,

Class

A,

1.38%,

11/2/2030(a)(b)

392,000

392,005

Apidos

CLO

XII,

Series

2013-

12A,

Class

AR,

1.32%,

4/15/2031(a)(b)

1,100,000

1,100,201

Arbor

Realty

Collateralized

Loan

Obligation

Ltd.,

Series

2022-FL1,

Class

A,

0.00%,

1/15/2037(a)(b)

666,000

666,002

Arbor

Realty

Commercial

Real

Estate

Notes

Ltd.,

Series

2021-FL4,

Class

A,

1.45%,

11/15/2036(a)(b)

2,060,000

2,060,020

Avery

Point

VII

CLO

Ltd.,

Series

2015-7A,

Class

AR2,

1.20%,

1/15/2028(a)(b)

2,617,029

2,617,616

Bain

Capital

Credit

CLO,

Series

2020-1A,

Class

A1,

1.43%,

4/18/2033(a)(b)

2,250,000

2,250,475

Balboa

Bay

Loan

Funding

Ltd.,

Series

2020-1A,

Class

AR,

1.37%,

1/20/2032(a)(b)

5,000,000

4,996,780

Ballyrock

CLO

Ltd.,

Series

2019-2A,

Class

A1BR,

1.36%,

11/20/2030(a)(b)

970,000

970,016

BCRED

MML

CLO

LLC,

Series

2021-1A,

Class

A,

1.81%,

1/15/2035(a)(b)

1,650,000

1,648,307

Blackbird

Capital

Aircraft,

Series

2021-1A,

Class

A,

2.44%,

7/15/2046(a)

1,453,125

1,414,037

Blackrock

Rainier

CLO

VI

Ltd.,

Series

2021-6A,

Class

A,

1.95%,

4/20/2033(a)(b)

5,000,000

5,010,960

BlueMountain

CLO

Ltd.

Series

2013-2A,

Class

A1R,

1.44%,

10/22/2030(a)(b)

4,539,186

4,541,215

Series

2015-3A,

Class

A1R,

1.25%,

4/20/2031(a)(b)

1,215,000

1,213,680

BlueMountain

CLO

XXII

Ltd.,

Series

2018-22A,

Class

A1,

1.32%,

7/15/2031(a)(b)

2,000,000

2,000,736

BlueMountain

CLO

XXX

Ltd.,

Series

2020-30A,

Class

A,

1.63%,

1/15/2033(a)(b)

1,140,000

1,142,714

Carlyle

Global

Market

Strategies

CLO

Ltd.

Series

2015-3A,

Class

A1R,

1.28%,

7/28/2028(a)(b)

4,503,483

4,504,780

Series

2014-1A,

Class

A1R2,

1.21%,

4/17/2031(a)

(b)

1,450,590

1,448,620

Series

2014-3RA,

Class

A1A,

1.32%,

7/27/2031(a)

(b)

4,711,205

4,711,540

Carlyle

US

CLO

Ltd.,

Series

2017-2A,

Class

A1R,

1.30%,

7/20/2031(a)(b)

2,700,000

2,700,173

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Catskill

Park

CLO

Ltd.,

Series

2017-1A,

Class

A2,

1.95%,

4/20/2029(a)(b)

3,050,000

3,051,925

CBAM

Ltd.,

Series

2017-

1A,

Class

A1,

1.50%,

7/20/2030(a)(b)

1,050,000

1,050,825

Cerberus

Loan

Funding

XXVIII

LP,

Series

2020-1A,

Class

A,

1.97%,

10/15/2031(a)(b)

360,000

360,419

CIFC

Funding

Ltd.

Series

2021-4A,

Class

A,

1.29%,

7/15/2033(a)(b)

1,980,000

1,980,901

Series

2014-4RA,

Class

A1AR,

1.41%,

1/17/2035(a)

(b)

2,490,000

2,490,575

CLI

Funding

VIII

LLC,

Series

2022-1A,

Class

A1,

2.72%,

1/18/2047(a)

4,290,000

4,313,387

CQS

U.S.

CLO

Ltd.,

Series

2021-1A,

Class

A,

1.47%,

1/20/2035(a)(b)

7,000,000

7,009,541

Diamond

Resorts

Owner

Trust,

Series

2019-

1A,

Class

A,

2.89%,

2/20/2032(a)

1,345,224

1,357,230

Eaton

Vance

CLO

Ltd.,

Series

2020-2A,

Class

AR,

1.39%,

1/15/2035(a)(b)

5,000,000

5,006,780

Fortress

Credit

Bsl

X

Ltd.,

Series

2021-1A,

Class

A,

1.72%,

4/20/2033(a)(b)

6,960,000

6,987,067

Foundation

Finance

Trust,

Series

2021-1A,

Class

A,

1.27%,

5/15/2041(a)

1,593,631

1,555,896

Galaxy

XXVI

CLO

Ltd.,

Series

2018-26A,

Class

A,

1.36%,

11/22/2031(a)(b)

450,000

450,043

GoldenTree

Loan

Opportunities

IX

Ltd.,

Series

2014-9A,

Class

AR2,

1.24%,

10/29/2029(a)(b)

725,000

725,760

Golub

Capital

Partners

CLO

47M

Ltd.,

Series

2020-

47A,

Class

A1,

1.82%,

5/5/2032(a)(b)

1,640,000

1,640,977

Golub

Capital

Partners

CLO

54M

LP,

Series

2021-54A,

Class

A,

1.65%,

8/5/2033(a)

(b)

1,750,000

1,750,025

Golub

Capital

Partners

CLO

57M

Ltd.,

Series

2021-

57A,

Class

A1,

1.69%,

10/25/2034(a)(b)

5,530,000

5,527,196

GoodLeap

Sustainable

Home

Solutions

Trust,

Series

2021-4GS,

Class

A,

1.93%,

7/20/2048(a)

1,932,998

1,858,317

Nationwide

Multi-Cap

Portfolio

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

3

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Great

Lakes

Kcap

F3c

Senior

LLC,

Series

2017-1A,

Class

A,

2.11%,

12/20/2029(a)(b)

2,290,000

2,290,918

Greenwood

Park

CLO

Ltd.,

Series

2018-1A,

Class

A2,

1.25%,

4/15/2031(a)(b)

1,500,000

1,500,090

Greystone

CRE

Notes

Ltd.,

Series

2021-FL3,

Class

A,

1.12%,

7/15/2039(a)(b)

2,070,000

2,060,672

Greywolf

CLO

V

Ltd.,

Series

2015-1A,

Class

A1R,

1.42%,

1/27/2031(a)(b)

2,250,000

2,250,992

Grippen

Park

CLO

Ltd.,

Series

2017-1A,

Class

A,

1.51%,

1/20/2030(a)(b)

1,850,000

1,853,119

Halcyon

Loan

Advisors

Funding

Ltd.,

Series

2017-2A,

Class

A2,

1.94%,

1/17/2030(a)(b)

750,000

747,173

Hildene

Community

Funding

CDO

Ltd.,

Series

2015-

1A,

Class

ARR,

2.60%,

11/1/2035(a)

2,260,000

2,133,087

Jamestown

CLO

X

Ltd.,

Series

2017-10A,

Class

A1R,

1.27%,

7/17/2029(a)

(b)

3,193,075

3,193,956

KKR

CLO

20

Ltd.,

Series

20,

Class

A,

1.37%,

10/16/2030(a)(b)

1,100,000

1,100,327

KKR

CLO

Ltd.,

Series

21,

Class

A,

1.24%,

4/15/2031(a)(b)

1,160,000

1,158,419

LCM

XVIII

LP,

Series

19A,

Class

AR,

1.48%,

7/15/2027(a)(b)

95,348

95,499

Legacy

Mortgage

Asset

Trust,

Series

2019-GS5,

Class

A1,

3.20%,

5/25/2059(a)(c)

1,334,752

1,336,760

Lunar

Structured

Aircraft

Portfolio

Notes,

Series

2021-1,

Class

A,

2.64%,

10/15/2046(a)

2,289,793

2,248,003

Madison

Park

Funding

X

Ltd.,

Series

2012-10A,

Class

AR3,

1.26%,

1/20/2029(a)

(b)

1,733,728

1,734,372

Madison

Park

Funding

XXXV

Ltd.,

Series

2019-

35A,

Class

A1R,

1.24%,

4/20/2032(a)(b)

2,140,000

2,140,856

Marathon

CLO

Ltd.,

Series

2020-15A,

Class

A2R,

2.02%,

11/15/2031(a)(b)

3,400,000

3,400,286

MF1

Ltd.

Series

2021-FL7,

Class

A,

1.19%,

10/16/2036(a)(b)

2,080,000

2,070,569

Series

2022-FL8,

Class

A,

1.40%,

2/19/2037(a)(b)

4,570,000

4,571,419

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

MidOcean

Credit

CLO

VIII,

Series

2018-8A,

Class

A1R,

1.21%,

2/20/2031(a)(b)

2,860,000

2,859,994

MKS

CLO

Ltd.,

Series

2017-2A,

Class

A,

1.44%,

1/20/2031(a)(b)

5,000,000

5,001,195

MMAF

Equipment

Finance

LLC,

Series

2019-A,

Class

A5,

3.08%,

11/12/2041(a)

2,105,000

2,168,584

Myers

Park

CLO

Ltd.,

Series

2018-1A,

Class

B1,

1.85%,

10/20/2030(a)(b)

510,000

510,199

Neuberger

Berman

Loan

Advisers

CLO

24

Ltd.,

Series

2017-24A,

Class

AR,

1.27%,

4/19/2030(a)(b)

500,000

500,108

Neuberger

Berman

Loan

Advisers

CLO

29

Ltd.,

Series

2018-29A,

Class

A1,

1.38%,

10/19/2031(a)(b)

283,333

283,473

Newark

BSL

CLO

2

Ltd.,

Series

2017-1A,

Class

A1R,

1.23%,

7/25/2030(a)(b)

1,050,000

1,051,026

Octagon

Investment

Partners

35

Ltd.,

Series

2018-

1A,

Class

A1A,

1.31%,

1/20/2031(a)(b)

7,550,000

7,551,472

Octagon

Investment

Partners

XXI

Ltd.,

Series

2014-

1A,

Class

AAR3,

1.16%,

2/14/2031(a)(b)

720,000

720,472

OHA

Loan

Funding

Ltd.,

Series

2013-2A,

Class

AR,

1.20%,

5/23/2031(a)(b)

500,000

500,025

Owl

Rock

CLO

I

Ltd.,

Series

2019-1A,

Class

A,

1.96%,

5/20/2031(a)(b)

1,810,000

1,810,769

OZLM

VIII

Ltd.,

Series

2014-

8A,

Class

A1R3,

1.22%,

10/17/2029(a)(b)

5,941,519

5,940,544

Palmer

Square

CLO

Ltd.,

Series

2019-1A,

Class

A1R,

1.30%,

11/14/2034(a)(b)

5,500,000

5,506,721

Parliament

Funding

II

Ltd.,

Series

2020-1A,

Class

AR,

1.49%,

10/20/2031(a)(b)

3,120,000

3,117,136

Pawnee

Equipment

Receivables

LLC,

Series

2020-1,

Class

A,

1.37%,

11/17/2025(a)

881,018

881,726

Rad

CLO

15

Ltd.,

Series

2021-15A,

Class

A,

1.34%,

1/20/2034(a)(b)

4,590,000

4,591,740

Recette

CLO

Ltd.,

Series

2015-1A,

Class

ARR,

1.33%,

4/20/2034(a)(b)

340,000

338,533

4

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Sierra

Timeshare

Receivables

Funding

LLC,

Series

2020-2A,

Class

A,

1.33%,

7/20/2037(a)

829,221

819,100

Stonepeak

ABS,

Series

2021-

1A

2.30%,

2/28/2033(a)

2,290,575

2,244,334

Stratus

CLO

Ltd.,

Series

2021-3A,

Class

A,

1.17%,

12/29/2029(a)(b)

6,500,000

6,503,263

STWD

Ltd.

Series

2019-FL1,

Class

A,

1.25%,

7/15/2038(a)(b)

1,100,000

1,099,665

Series

2022-FL3,

Class

E,

1.00%,

11/15/2038(a)(b)

1,880,000

1,880,025

Sunnova

Helios

II

Issuer

LLC,

Series

2018-1A,

Class

A,

4.87%,

7/20/2048(a)

2,168,758

2,265,107

Symphony

CLO

XIX

Ltd.,

Series

2018-19A,

Class

A,

1.20%,

4/16/2031(a)(b)

1,750,000

1,750,945

Symphony

CLO

XVIII

Ltd.,

Series

2016-18A,

Class

BR,

1.72%,

7/23/2033(a)(b)

2,320,000

2,321,227

TCI-Flatiron

CLO

Ltd.,

Series

2016-1A,

Class

AR3,

0.00%,

1/17/2032(a)(b)

3,560,000

3,560,000

Towd

Point

Mortgage

Trust

Series

2019-HY1,

Class

B1,

2.26%,

10/25/2048(a)(b)

970,000

1,005,594

Series

2017-6,

Class

A1,

2.75%,

10/25/2057(a)(b)

4,017,690

4,057,845

Series

2019-HY2,

Class

A1,

1.11%,

5/25/2058(a)(b)

1,180,025

1,185,478

TRP

LLC,

Series

2021-

1,

Class

A,

2.07%,

6/19/2051(a)

881,494

857,222

Tryon

Park

CLO

Ltd.

Series

2013-1A,

Class

A1SR,

1.13%,

4/15/2029(a)

(b)

1,253,063

1,253,730

Series

2013-1A,

Class

A2R,

1.74%,

4/15/2029(a)(b)

1,500,000

1,500,580

Venture

31

CLO

Ltd.,

Series

2018-31A,

Class

A1,

1.28%,

4/20/2031(a)(b)

1,300,000

1,300,567

Voya

CLO

Ltd.

Series

2018-2A,

Class

A1,

1.24%,

7/15/2031(a)(b)

1,586,582

1,586,579

Series

2018-3A,

Class

A1A,

1.39%,

10/15/2031(a)(b)

940,000

940,711

Series

2016-3A,

Class

A1R,

1.43%,

10/18/2031(a)(b)

6,560,000

6,567,833

Series

2018-4A,

Class

A1AR,

1.28%,

1/15/2032(a)

(b)

1,930,000

1,930,075

Wellman

Park

CLO

Ltd.,

Series

2021-1A,

Class

A,

1.34%,

7/15/2034(a)(b)

5,250,000

5,251,517

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Whitebox

CLO

II

Ltd.,

Series

2020-2A,

Class

A1R,

1.48%,

10/24/2034(a)(b)

2,260,000

2,265,042

231,412,632

Student

Loan

0.8%

AccessLex

Institute,

Series

2007-A,

Class

A3,

0.48%,

5/25/2036(b)

2,571,198

2,529,133

Commonbond

Student

Loan

Trust,

Series

2021-

AGS,

Class

A,

1.20%,

3/25/2052(a)

1,678,984

1,653,029

ECMC

Group

Student

Loan

Trust,

Series

2020-

2A,

Class

A,

1.26%,

11/25/2069(a)(b)

1,655,035

1,680,665

Montana

Higher

Education

Student

Assistance

Corp.,

Series

2012-1,

Class

A2,

1.10%,

5/20/2030(b)

1,052,388

1,054,944

Navient

Private

Education

Refi

Loan

Trust

Series

2018-CA,

Class

B,

4.22%,

6/16/2042(a)

3,360,000

3,449,256

Series

2019-D,

Class

A2B,

1.15%,

12/15/2059(a)(b)

3,278,178

3,291,917

Series

2018-DA,

Class

A2A,

4.00%,

12/15/2059(a)

4,472,389

4,601,974

Series

2020-CA,

Class

A2A,

2.15%,

11/15/2068(a)

3,150,000

3,144,524

Series

2020-GA,

Class

A,

1.17%,

9/16/2069(a)

1,537,911

1,522,099

Navient

Student

Loan

Trust,

Series

2021-1A,

Class

A1B,

0.71%,

12/26/2069(a)(b)

2,451,128

2,455,956

SLM

Student

Loan

Trust,

Series

2005-7,

Class

A4,

0.41%,

10/25/2029(b)

295,112

293,870

SMB

Private

Education

Loan

Trust

Series

2017-A,

Class

B,

3.50%,

6/17/2041(a)

1,000,000

1,020,233

Series

2021-B,

Class

A,

1.31%,

7/17/2051(a)

1,415,841

1,379,254

Series

2021-C,

Class

A2,

0.91%,

1/15/2053(a)(b)

7,960,000

7,940,161

Series

2021-A,

Class

APT2,

1.07%,

1/15/2053(a)

1,702,486

1,635,486

Series

2021-A,

Class

A2B,

1.59%,

1/15/2053(a)

2,120,000

2,084,236

SoFi

Professional

Loan

Program

LLC,

Series

2019-

C,

Class

A2FX,

2.37%,

11/16/2048(a)

1,682,908

1,696,565

Nationwide

Multi-Cap

Portfolio

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

5

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Student

Loan

SoFi

Professional

Loan

Program

Trust,

Series

2020-C,

Class

AFX,

1.95%,

2/15/2046(a)

1,413,977

1,418,648

42,851,950

Total

Asset-Backed

Securities

(cost

$363,109,533)

362,687,270

Collateralized

Mortgage

Obligations

2.6%

Angel

Oak

Mortgage

Trust,

Series

2021-7,

Class

A3,

2.34%,

10/25/2066(a)(b)

4,343,624

4,288,103

Citigroup

Mortgage

Loan

Trust,

Series

2018-

RP3,

Class

M3,

3.25%,

3/25/2061(a)(b)

4,471,000

4,475,715

Connecticut

Avenue

Securities

Trust

Series

2019-R07,

Class

1M2,

2.21%,

10/25/2039(a)

(b)

153,146

153,530

Series

2021-R03,

Class

1M2,

1.70%,

12/25/2041(a)

(b)

4,650,000

4,652,899

CSMC

Trust

Series

2015-12R,

Class

2A1,

0.59%,

11/30/2037(a)

(b)

720,556

719,965

Series

2021-2R,

Class

1A1,

1.85%,

7/25/2047(a)(b)

1,023,007

1,027,524

Series

2021-AFC1,

Class

A1,

0.83%,

3/25/2056(a)(b)

401,961

394,843

Series

2021-AFC1,

Class

A3,

1.17%,

3/25/2056(a)(b)

401,961

394,687

Series

2021-RPL3,

Class

A1,

2.00%,

1/25/2060(a)(b)

1,466,778

1,463,248

Series

2021-NQM6,

Class

A3,

1.59%,

7/25/2066(a)(b)

1,881,150

1,843,567

Series

2021-NQM8,

Class

A1,

1.84%,

10/25/2066(a)(b)

2,693,407

2,667,611

Deephaven

Residential

Mortgage

Trust,

Series

2020-2,

Class

A2,

2.59%,

5/25/2065(a)

2,760,000

2,773,702

DSLA

Mortgage

Loan

Trust,

Series

2007-AR1,

Class

1A1B,

0.24%,

4/19/2047(b)

985,286

882,619

Ellington

Financial

Mortgage

Trust,

Series

2021-2,

Class

A1,

0.93%,

6/25/2066(a)(b)

1,752,397

1,718,474

FHLMC

STACR

REMIC

Trust

Series

2021-DNA3,

Class

M2,

2.15%,

10/25/2033(a)

(b)

3,153,000

3,188,396

Series

2021-DNA5,

Class

M2,

1.70%,

1/25/2034(a)(b)

1,670,000

1,675,237

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

Series

2021-DNA6,

Class

M2,

1.55%,

10/25/2041(a)

(b)

2,090,000

2,076,937

Series

2022-DNA1,

Class

M1A,

1.05%,

1/25/2042(a)

(b)

4,280,000

4,281,641

Series

2020-DNA4,

Class

M2,

3.86%,

8/25/2050(a)(b)

213,042

214,091

FHLMC

Structured

Agency

Credit

Risk

Debt

Notes

Series

2016-DNA1,

Class

M3,

5.66%,

7/25/2028(b)

557,757

583,085

Series

2017-DNA2,

Class

M2,

3.56%,

10/25/2029(b)

1,985,046

2,044,678

Series

2017-DNA3,

Class

M2,

2.61%,

3/25/2030(b)

3,701,821

3,757,451

Series

2018-DNA1,

Class

M2,

1.91%,

7/25/2030(b)

1,086,675

1,093,425

Series

2021-DNA2,

Class

M2,

2.35%,

8/25/2033(a)(b)

4,410,000

4,469,376

Series

2021-DNA7,

Class

M2,

1.85%,

11/25/2041(a)

(b)

4,540,000

4,537,169

FNMA

Series

2014-C02,

Class

1M2,

2.71%,

5/25/2024(b)

931,042

945,608

Series

2014-C02,

Class

2M2,

2.71%,

5/25/2024(b)

438,745

444,848

Series

2014-C03,

Class

1M2,

3.11%,

7/25/2024(b)

551,297

560,241

Series

2016-C02,

Class

1M2,

6.11%,

9/25/2028(b)

610,700

628,372

Series

2016-C06,

Class

1M2,

4.36%,

4/25/2029(b)

555,017

572,761

Series

2017-C03,

Class

1M2,

3.11%,

10/25/2029(b)

3,332,796

3,413,218

Series

2017-C05,

Class

1M2,

2.31%,

1/25/2030(b)

1,206,127

1,221,989

Series

2018-C01,

Class

1M2,

2.36%,

7/25/2030(b)

1,516,649

1,535,664

GNMA

REMICS

Series

2016-H04,

Class

HA,

2.25%,

7/20/2065

18,907,641

19,057,225

Series

2020-H09,

Class

FL,

1.25%,

5/20/2070(b)

559,799

584,039

GSMSC

Resecuritization

Trust,

Series

2015-

7R,

Class

A,

0.25%,

9/26/2037(a)(b)

1,059,463

1,052,235

Legacy

Mortgage

Asset

Trust

Series

2020-RPL1,

Class

A1,

3.00%,

9/25/2059(a)(b)

1,719,557

1,750,539

Series

2020-GS2,

Class

A1,

2.75%,

3/25/2060(a)(c)

1,324,239

1,328,765

Series

2020-GS5,

Class

A1,

3.25%,

6/25/2060(a)(c)

3,055,348

3,082,304

Series

2021-GS2,

Class

A1,

1.75%,

4/25/2061(a)(c)

504,279

496,802

Series

2021-GS5,

Class

A1,

2.25%,

7/25/2067(a)(c)

5,481,164

5,420,752

6

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

Mill

City

Mortgage

Loan

Trust,

Series

2019-GS2,

Class

A1,

2.75%,

8/25/2059(a)(b)

3,795,907

3,837,041

Morgan

Stanley

Mortgage

Loan

Trust,

Series

2005-

2AR,

Class

A,

0.37%,

4/25/2035(b)

1,087,464

1,088,649

New

Residential

Mortgage

Loan

Trust

Series

2017-3A,

Class

A1,

4.00%,

4/25/2057(a)(b)

2,893,104

2,998,839

Series

2018-RPL1,

Class

A1,

3.50%,

12/25/2057(a)(b)

3,704,155

3,754,683

Series

2019-RPL3,

Class

A1,

2.75%,

7/25/2059(a)(b)

2,686,069

2,709,136

Series

2019-6A,

Class

A1B,

3.50%,

9/25/2059(a)(b)

1,950,180

1,995,826

Series

2019-6A,

Class

B1,

4.00%,

9/25/2059(a)(b)

909,599

962,439

Series

2019-6A,

Class

B2,

4.25%,

9/25/2059(a)(b)

882,846

933,957

OBX

Trust

Series

2021-NQM2,

Class

A3,

1.56%,

5/25/2061(a)(b)

1,068,765

1,049,888

Series

2021-NQM1,

Class

A1,

1.07%,

2/25/2066(a)(b)

4,854,628

4,774,082

Onslow

Bay

Mortgage

Loan

Trust,

Series

2021-

NQM4,

Class

A1,

1.96%,

10/25/2061(a)(b)

5,414,186

5,342,320

PRKCM

Trust,

Series

2021-

AFC2,

Class

A1,

2.07%,

11/25/2056(a)(b)

4,386,402

4,314,860

Residential

Mortgage

Loan

Trust,

Series

2020-2,

Class

A1,

1.65%,

5/25/2060(a)(b)

1,443,931

1,445,158

Seasoned

Credit

Risk

Transfer

Trust

Series

2017-1,

Class

M1,

4.00%,

1/25/2056(a)(b)

2,767,846

2,783,264

Series

2019-1,

Class

M,

4.75%,

7/25/2058(a)(b)

1,850,000

1,871,016

Series

2019-4,

Class

M,

4.50%,

2/25/2059(a)(b)

2,107,000

2,119,315

Series

2020-1,

Class

M,

4.25%,

8/25/2059(a)(b)

3,130,000

3,159,084

WaMu

Mortgage

Pass-

Through

Trust

Series

2004-AR9,

Class

A7,

2.72%,

8/25/2034(b)

1,687,351

1,740,357

Series

2005-AR13,

Class

A1A1,

0.69%,

10/25/2045(b)

654,206

655,595

Total

Collateralized

Mortgage

Obligations

(cost

$146,169,856)

145,008,844

Commercial

Mortgage-Backed

Securities

2.8%

Principal

Amount

($)

Value

($)

AOA

Mortgage

Trust,

Series

2021-1177,

Class

A,

0.98%,

10/15/2038(a)(b)

2,580,000

2,574,688

AREIT

Trust

Series

2022-CRE6,

Class

A,

1.35%,

11/17/2024(a)(b)

2,220,000

2,220,000

Series

2022-CRE6,

Class

E,

3.50%,

1/17/2025(a)(b)

2,050,000

2,050,000

Series

2021-CRE5,

Class

A,

1.19%,

7/17/2026(a)(b)

1,540,000

1,539,517

BAMLL

Commercial

Mortgage

Securities

Trust,

Series

2018-DSNY,

Class

A,

0.96%,

9/15/2034(a)(b)

2,500,000

2,493,709

BANK

Series

2017-BNK8,

Class

A4,

3.49%,

11/15/2050

1,200,000

1,272,505

Series

2017-BNK9,

Class

A4,

3.54%,

11/15/2054

1,406,400

1,494,461

Series

2022-BNK39,

Class

XA,

IO,

1.00%,

2/15/2055(b)

186,210,000

6,978,220

Series

2017-BNK5,

Class

A5,

3.39%,

6/15/2060

2,000,000

2,108,099

Series

2021-BN37,

Class

A5,

2.62%,

11/15/2064(b)

3,630,000

3,636,628

Series

2021-BN38,

Class

XA,

IO,

0.82%,

12/15/2064(b)

40,380,000

2,704,329

BBCMS

Mortgage

Trust,

Series

2017-DELC,

Class

A,

0.96%,

8/15/2036(a)(b)

2,610,000

2,604,995

BDS,

Series

2021-FL8,

Class

A,

1.02%,

1/18/2036(a)(b)

1,025,000

1,020,527

Benchmark

Mortgage

Trust,

Series

2021-B31,

Class

A5,

2.67%,

12/15/2054

4,530,000

4,604,299

BHMS,

Series

2018-

ATLS,

Class

D,

2.36%,

7/15/2035(a)(b)

3,830,000

3,801,155

BPR

Trust,

Series

2021-

TY,

Class

B,

1.26%,

9/15/2038(a)(b)

780,000

778,750

BX

Commercial

Mortgage

Trust

Series

2021-ACNT,

Class

A,

0.96%,

11/15/2026(a)(b)

950,000

948,690

Series

2019-IMC,

Class

A,

1.11%,

4/15/2034(a)(b)

4,420,000

4,414,701

Series

2021-VOLT,

Class

A,

0.81%,

9/15/2036(a)(b)

5,570,000

5,554,410

Series

2021-XL2,

Class

D,

1.50%,

10/15/2038(a)(b)

2,500,000

2,481,204

Series

2021-CIP,

Class

A,

1.03%,

12/15/2038(a)(b)

5,460,000

5,449,594

Series

2020-VIVA,

Class

E,

3.55%,

3/11/2044(a)(b)

2,140,000

1,969,590

BX

Trust

Series

2021-BXMF,

Class

A,

0.75%,

10/15/2026(a)(b)

1,310,000

1,295,352

Nationwide

Multi-Cap

Portfolio

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

7

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

Series

2019-MMP,

Class

A,

1.11%,

8/15/2036(a)(b)

2,009,942

2,006,111

Series

2021-ARIA,

Class

D,

2.01%,

10/15/2036(a)(b)

2,490,000

2,477,531

Series

2022-LBA6,

Class

A,

0.00%,

1/15/2039(a)(b)

4,190,000

4,190,000

BXHPP

Trust,

Series

2021-

FILM,

Class

A,

0.76%,

8/15/2036(a)(b)

2,250,000

2,236,017

CFK

Trust

Series

2020-MF2,

Class

E,

3.46%,

3/15/2039(a)(b)

2,670,000

2,548,765

Series

2020-MF2,

Class

F,

3.46%,

3/15/2039(a)(b)

1,500,000

1,380,428

CHT

Mortgage

Trust,

Series

2017-CSMO,

Class

A,

1.04%,

11/15/2036(a)(b)

1,670,000

1,668,476

Credit

Suisse

Mortgage

Capital

Certificates,

Series

2019-ICE4,

Class

A,

1.09%,

5/15/2036(a)(b)

4,260,000

4,261,367

DBJPM

Mortgage

Trust,

Series

2016-C1,

Class

B,

4.20%,

5/10/2049(b)

1,530,000

1,582,652

ELP

Commercial

Mortgage

Trust,

Series

2021-

ELP,

Class

A,

0.81%,

11/15/2038(a)(b)

3,660,000

3,637,255

GNMA

REMICS

Series

2020-157,

Class

,

IO,

0.95%,

6/16/2062(b)

9,774,920

744,854

Series

2020-190,

Class

,

IO,

1.06%,

11/16/2062(b)

11,159,117

987,721

GS

Mortgage

Securities

Corp.

Trust

Series

2021-IP,

Class

A,

1.06%,

10/15/2036(a)(b)

1,500,000

1,499,073

Series

2021-DM,

Class

A,

0.99%,

11/15/2036(a)(b)

4,660,000

4,646,104

Series

2020-DUNE,

Class

A,

1.21%,

12/15/2036(a)(b)

4,500,000

4,495,632

GS

Mortgage

Securities

Trust

Series

2015-GS1,

Class

A3,

3.73%,

11/10/2048

2,000,000

2,108,205

Series

2017-GS8,

Class

A4,

3.47%,

11/10/2050

1,250,000

1,322,433

Hawaii

Hotel

Trust,

Series

2019-MAUI,

Class

F,

2.86%,

5/15/2038(a)(b)

2,040,000

2,025,875

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

Series

2020-NNN,

Class

GFL,

3.11%,

1/16/2037(a)

(b)

1,532,452

1,493,932

Series

2020-NNN,

Class

GFX,

4.69%,

1/16/2037(a)

(b)

3,550,000

3,371,653

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

JPMCC

Commercial

Mortgage

Securities

Trust,

Series

2017-JP6,

Class

A5,

3.49%,

7/15/2050

2,000,000

2,098,697

JPMDB

Commercial

Mortgage

Securities

Trust,

Series

2017-C5,

Class

B,

4.01%,

3/15/2050(b)

1,610,000

1,645,149

Morgan

Stanley

Capital

I

Trust

Series

2019-BPR,

Class

A,

1.51%,

5/15/2036(a)(b)

1,780,000

1,757,180

Series

2018-H4,

Class

XA,

IO,

0.84%,

12/15/2051(b)

20,845,522

1,003,676

OPG

Trust,

Series

2021-

PORT,

Class

A,

0.59%,

10/15/2036(a)(b)

2,000,000

1,968,730

Ready

Capital

Mortgage

Financing

LLC

Series

2021-FL6,

Class

A,

1.06%,

7/25/2036(a)(b)

980,000

970,205

Series

2021-FL7,

Class

A,

1.31%,

11/25/2036(a)(b)

2,569,795

2,555,879

SFO

Commercial

Mortgage

Trust,

Series

2021-

555,

Class

A,

1.26%,

5/15/2038(a)(b)

2,280,000

2,279,309

SMRT,

Series

2022-

MINI,

Class

A,

0.00%,

1/15/2024(a)(b)

4,110,000

4,114,057

SREIT

Trust

Series

2021-PALM,

Class

A,

0.70%,

10/15/2034(a)(b)

6,200,000

6,134,412

Series

2021-PALM,

Class

B,

0.92%,

10/15/2034(a)(b)

1,510,000

1,494,021

Series

2021-MFP2,

Class

A,

0.92%,

11/15/2036(a)(b)

5,720,000

5,684,451

Series

2021-MFP,

Class

A,

0.84%,

11/15/2038(a)(b)

2,650,000

2,645,214

TPGI

Trust,

Series

2021-

DGWD,

Class

A,

0.81%,

6/15/2026(a)(b)

1,370,000

1,364,791

UBS

Commercial

Mortgage

Trust,

Series

2018-

C11,

Class

B,

4.71%,

6/15/2051(b)

1,490,000

1,590,552

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2018-C44,

Class

A5,

4.21%,

5/15/2051

2,000,000

2,196,588

Total

Commercial

Mortgage-Backed

Securities

(cost

$152,098,532)

152,182,418

Common

Stocks

45.5%

Shares

Aerospace

&

Defense

0.6%

AAR

Corp.

*

1,396

56,217

8

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Aerospace

&

Defense

Aerojet

Rocketdyne

Holdings,

Inc.

4,356

168,098

AeroVironment,

Inc.

*

1,297

73,825

Archer

Aviation,

Inc.,

Class A

*

720

2,268

Astra

Space,

Inc.

*

799

3,819

Astronics

Corp.

*

964

11,597

Axon

Enterprise,

Inc.

*

3,493

488,776

Boeing

Co.

(The)

*

28,150

5,636,756

BWX

Technologies,

Inc.

4,524

201,363

Curtiss-Wright

Corp.

2,389

317,235

Ducommun,

Inc.

*

443

19,381

General

Dynamics

Corp.

12,597

2,671,824

HEICO

Corp.

5,995

727,553

Hexcel

Corp.

*

4,408

229,965

Howmet

Aerospace,

Inc.

20,269

630,163

Huntington

Ingalls

Industries,

Inc.

3,331

623,563

Kaman

Corp.

1,097

43,847

Kratos

Defense

&

Security

Solutions,

Inc.

*

7,473

125,247

L3Harris

Technologies,

Inc.

9,746

2,039,740

Lockheed

Martin

Corp.

12,292

4,783,186

Maxar

Technologies,

Inc.

(d)

4,269

111,037

Mercury

Systems,

Inc.

*

3,135

178,444

Momentus,

Inc.

*

467

1,681

Moog,

Inc.,

Class A

1,915

146,000

National

Presto

Industries,

Inc.

208

17,108

Northrop

Grumman

Corp.

7,408

2,740,219

PAE,

Inc.

*

2,485

24,875

Park

Aerospace

Corp.

705

9,539

Parsons

Corp.

*

2,716

82,702

Raytheon

Technologies

Corp.

77,961

7,031,303

Rocket

Lab

USA,

Inc.

*

1,692

15,296

Spirit

AeroSystems

Holdings,

Inc.,

Class A

5,924

259,649

Textron,

Inc.

12,322

838,635

TransDigm

Group,

Inc.

*

2,679

1,650,773

Triumph

Group,

Inc.

*

2,054

37,424

Vectrus,

Inc.

*

460

21,165

Virgin

Galactic

Holdings,

Inc.

*(d)

10,426

95,919

Virgin

Orbit

Holdings,

Inc.

*

241

2,010

32,118,202

Air

Freight

&

Logistics

0.2%

Air

Transport

Services

Group,

Inc.

*

3,457

92,821

Atlas

Air

Worldwide

Holdings,

Inc.

*

1,007

80,892

CH

Robinson

Worldwide,

Inc.

6,676

698,643

Expeditors

International

of

Washington,

Inc.

8,637

988,764

FedEx

Corp.

12,848

3,158,809

Forward

Air

Corp.

1,070

113,741

GXO

Logistics,

Inc.

*

5,239

425,459

Hub

Group,

Inc.,

Class A

*

1,254

94,953

Radiant

Logistics,

Inc.

*

1,583

9,831

Common

Stocks

Shares

Value

($)

Air

Freight

&

Logistics

United

Parcel

Service,

Inc.,

Class B

37,305

7,543,444

13,207,357

Airlines

0.1%

Alaska

Air

Group,

Inc.

*

7,089

388,052

Allegiant

Travel

Co.

*

890

159,007

American

Airlines

Group,

Inc.

*(d)

34,739

572,151

Blade

Air

Mobility,

Inc.

*

372

2,273

Copa

Holdings

SA,

Class A

*

1,510

126,206

Delta

Air

Lines,

Inc.

*

46,078

1,828,836

Frontier

Group

Holdings,

Inc.

*

2,119

27,717

Hawaiian

Holdings,

Inc.

*

1,911

32,678

JetBlue

Airways

Corp.

*

19,798

289,645

Joby

Aviation,

Inc.

*

2,210

9,171

Mesa

Air

Group,

Inc.

*

876

4,380

SkyWest,

Inc.

*

2,774

105,828

Southwest

Airlines

Co.

*

44,962

2,012,499

Spirit

Airlines,

Inc.

*

6,364

136,635

Sun

Country

Airlines

Holdings,

Inc.

*

2,295

61,001

United

Airlines

Holdings,

Inc.

*

17,659

757,218

6,513,297

Auto

Components

0.1%

Adient

plc

*

5,169

216,943

American

Axle

&

Manufacturing

Holdings,

Inc.

*

4,532

36,891

Aptiv

plc

*

12,535

1,712,030

BorgWarner,

Inc.

12,371

542,468

Cooper-Standard

Holdings,

Inc.

*

627

12,910

Dana,

Inc.

7,939

171,959

Dorman

Products,

Inc.

*

1,404

131,457

Fox

Factory

Holding

Corp.

*

2,221

295,548

Gentex

Corp.

12,446

390,804

Gentherm,

Inc.

*

1,789

156,341

Goodyear

Tire

&

Rubber

Co.

(The)

*

15,085

312,712

Holley,

Inc.

*

196

2,321

LCI

Industries

1,427

175,764

Lear

Corp.

3,258

545,129

Luminar

Technologies,

Inc.

*

1,335

19,544

Modine

Manufacturing

Co.

*

2,023

18,510

Motorcar

Parts

of

America,

Inc.

*

763

12,612

Patrick

Industries,

Inc.

421

27,112

QuantumScape

Corp.

*(d)

11,235

187,512

Solid

Power,

Inc.

*

221

1,474

Standard

Motor

Products,

Inc.

779

37,291

Stoneridge,

Inc.

*

1,057

19,946

Tenneco,

Inc.,

Class A

*

2,142

22,491

Visteon

Corp.

*

1,735

176,120

XL

Fleet

Corp.

*

714

1,528

XPEL,

Inc.

Reg.

S*

562

35,046

5,262,463

Nationwide

Multi-Cap

Portfolio

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

9

Common

Stocks

Shares

Value

($)

Automobiles

0.9%

Arcimoto,

Inc.

*

178

1,088

Canoo,

Inc.

*(d)

4,235

25,918

Electric

Last

Mile

Solutions,

Inc.

*

331

1,725

Faraday

Future

Intelligent

Electric,

Inc.

*

1,887

8,076

Fisker,

Inc.

*(d)

9,456

111,675

Ford

Motor

Co.

202,126

4,103,158

General

Motors

Co.

*

101,550

5,354,731

Harley-Davidson,

Inc.

8,296

286,793

Lordstown

Motors

Corp.

*

657

1,971

Lucid

Group,

Inc.

*

3,224

94,753

Rivian

Automotive,

Inc.,

Class A

*(d)

7,568

497,520

Stellantis

NV

13,359

257,695

Tesla,

Inc.

*

41,914

39,261,682

Thor

Industries,

Inc.

2,820

266,744

Toyota

Motor

Corp.

,

ADR-JP

3,187

632,460

Winnebago

Industries,

Inc.

1,886

121,685

Workhorse

Group,

Inc.

*(d)

3,842

12,986

51,040,660

Banks

1.9%

1st

Source

Corp.

624

31,125

Allegiance

Bancshares,

Inc.

119

5,240

Amalgamated

Financial

Corp.

442

7,518

Amerant

Bancorp,

Inc.

923

31,382

American

National

Bankshares,

Inc.

467

17,653

Ameris

Bancorp

3,451

170,169

Arrow

Financial

Corp.

677

23,952

Associated

Banc-Corp.

12,655

302,455

Atlantic

Capital

Bancshares,

Inc.

*

881

26,536

Atlantic

Union

Bankshares

Corp.

5,483

223,268

Banc

of

California,

Inc.

4,121

79,618

BancFirst

Corp.

643

48,193

Bancorp,

Inc.

(The)

*

825

24,602

Bank

First

Corp.

(d)

252

17,638

Bank

of

America

Corp.

376,300

17,362,482

Bank

of

Hawaii

Corp.

3,178

273,530

Bank

of

Marin

Bancorp

562

20,957

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

3,080

112,882

Bank

OZK

7,447

348,892

BankUnited,

Inc.

2,032

84,836

Banner

Corp.

691

42,918

Bar

Harbor

Bankshares

631

19,271

Berkshire

Hills

Bancorp,

Inc.

708

20,950

BOK

Financial

Corp.

2,039

209,099

Brookline

Bancorp,

Inc.

1,107

18,930

Business

First

Bancshares,

Inc.

579

15,894

Byline

Bancorp,

Inc.

1,022

26,572

Cadence

Bank

3,940

122,810

Cambridge

Bancorp

256

22,922

Camden

National

Corp.

591

29,349

Canadian

Imperial

Bank

of

Commerce

5,344

670,779

Common

Stocks

Shares

Value

($)

Banks

Capital

Bancorp,

Inc.

299

7,726

Capital

City

Bank

Group,

Inc.

584

16,153

Capstar

Financial

Holdings,

Inc.

631

13,535

Carter

Bankshares,

Inc.

*

984

15,144

Cathay

General

Bancorp

5,466

246,845

CBTX,

Inc.

743

21,867

Central

Pacific

Financial

Corp.

172

5,005

Citigroup,

Inc.

103,618

6,747,604

Citizens

&

Northern

Corp.

593

14,896

Citizens

Financial

Group,

Inc.

23,646

1,217,060

City

Holding

Co.

92

7,379

Civista

Bancshares,

Inc.

691

16,660

CNB

Financial

Corp.

655

17,495

Coastal

Financial

Corp.

*

330

15,979

Columbia

Banking

System,

Inc.

1,113

38,699

Comerica,

Inc.

7,040

653,171

Commerce

Bancshares,

Inc.

6,496

447,639

Community

Bank

System,

Inc.

335

23,926

Community

Trust

Bancorp,

Inc.

673

29,740

ConnectOne

Bancorp,

Inc.

3,425

109,634

CrossFirst

Bankshares,

Inc.

*

2,063

31,894

Cullen/Frost

Bankers,

Inc.

3,787

534,005

Customers

Bancorp,

Inc.

*

1,550

90,365

CVB

Financial

Corp.

3,565

78,537

Dime

Community

Bancshares,

Inc.

2,473

86,456

Eagle

Bancorp,

Inc.

720

43,178

East

West

Bancorp,

Inc.

7,077

611,028

Eastern

Bankshares,

Inc.

10,098

214,986

Enterprise

Bancorp,

Inc.

412

17,588

Enterprise

Financial

Services

Corp.

3,388

167,842

Equity

Bancshares,

Inc.,

Class A

610

19,557

Farmers

National

Banc

Corp.

1,095

19,108

FB

Financial

Corp.

1,316

58,588

Fidelity

D&D

Bancorp,

Inc.

118

6,210

Fifth

Third

Bancorp

37,339

1,666,440

Financial

Institutions,

Inc.

533

17,184

First

Bancorp,

Inc.

(The)

471

15,138

First

Bancorp/NC

1,786

78,423

First

Bancorp/PR

1,504

21,883

First

Bancshares,

Inc.

(The)

866

31,237

First

Bank

579

8,482

First

Busey

Corp.

2,127

59,301

First

Citizens

BancShares,

Inc.,

Class A

623

485,367

First

Commonwealth

Financial

Corp.

888

14,705

First

Community

Bankshares,

Inc.

717

22,378

First

Financial

Bancorp

1,053

26,546

First

Financial

Bankshares,

Inc.

7,781

365,629

First

Financial

Corp.

1,543

69,265

First

Foundation,

Inc.

1,622

42,415

First

Hawaiian,

Inc.

8,421

238,735

10

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Banks

First

Horizon

Corp.

31,944

546,562

First

Internet

Bancorp

361

18,144

First

Interstate

BancSystem,

Inc.,

Class A

1,451

53,324

First

Merchants

Corp.

3,636

154,276

First

Mid

Bancshares,

Inc.

628

25,842

First

Midwest

Bancorp,

Inc.

1,730

35,932

First

of

Long

Island

Corp.

(The)

961

21,056

First

Republic

Bank

9,585

1,663,860

Flushing

Financial

Corp.

1,216

28,710

FNB

Corp.

27,259

352,186

Fulton

Financial

Corp.

13,282

238,412

German

American

Bancorp,

Inc.

937

37,105

Glacier

Bancorp,

Inc.

6,283

326,276

Great

Southern

Bancorp,

Inc.

497

29,492

Great

Western

Bancorp,

Inc.

955

29,490

Guaranty

Bancshares,

Inc.

381

13,541

Hancock

Whitney

Corp.

5,781

304,774

Hanmi

Financial

Corp.

1,000

26,880

HarborOne

Bancorp,

Inc.

2,104

29,877

HBT

Financial,

Inc.

317

5,899

HDFC

Bank

Ltd.

,

ADR-IN

4,673

320,708

Heartland

Financial

USA,

Inc.

2,818

146,621

Heritage

Commerce

Corp.

2,455

30,589

Heritage

Financial

Corp.

577

13,998

Hilltop

Holdings,

Inc.

4,445

146,818

Home

BancShares,

Inc.

9,854

232,160

HomeStreet,

Inc.

125

6,094

HomeTrust

Bancshares,

Inc.

659

20,515

Hope

Bancorp,

Inc.

740

12,395

Horizon

Bancorp,

Inc.

1,718

36,645

Huntington

Bancshares,

Inc.

79,868

1,202,812

Independent

Bank

Corp.

2,326

140,639

Independent

Bank

Group,

Inc.

2,232

169,453

International

Bancshares

Corp.

3,620

152,149

Investors

Bancorp,

Inc.

11,871

193,735

JPMorgan

Chase

&

Co.

152,739

22,697,015

KeyCorp

52,444

1,314,247

Lakeland

Bancorp,

Inc.

1,938

36,686

Lakeland

Financial

Corp.

991

79,211

Live

Oak

Bancshares,

Inc.

1,787

105,183

M&T

Bank

Corp.

6,516

1,103,680

Macatawa

Bank

Corp.

1,692

15,296

Mercantile

Bank

Corp.

577

22,197

Meta

Financial

Group,

Inc.

402

23,903

Metrocity

Bankshares,

Inc.

710

18,311

Metropolitan

Bank

Holding

Corp.

*

325

32,500

Mid

Penn

Bancorp,

Inc.

211

6,298

Midland

States

Bancorp,

Inc.

941

27,167

MidWestOne

Financial

Group,

Inc.

570

18,200

MVB

Financial

Corp.

352

14,087

National

Bank

Holdings

Corp.,

Class A

297

13,484

NBT

Bancorp,

Inc.

811

31,369

Nicolet

Bankshares,

Inc.

*

382

35,560

Common

Stocks

Shares

Value

($)

Banks

Northrim

Bancorp,

Inc.

276

12,127

OceanFirst

Financial

Corp.

2,330

52,891

OFG

Bancorp

223

6,170

Old

National

Bancorp

1,023

18,752

Old

Second

Bancorp,

Inc.

1,142

15,337

Origin

Bancorp,

Inc.

874

37,337

Orrstown

Financial

Services,

Inc.

369

9,133

Pacific

Premier

Bancorp,

Inc.

1,802

68,927

PacWest

Bancorp

7,515

348,921

Park

National

Corp.

589

79,786

Peapack-Gladstone

Financial

Corp.

828

30,504

Peoples

Bancorp,

Inc.

2,969

98,422

Peoples

Financial

Services

Corp.

297

15,067

People's

United

Financial,

Inc.

22,563

437,271

Pinnacle

Financial

Partners,

Inc.

4,303

416,143

PNC

Financial

Services

Group,

Inc.

(The)

22,544

4,643,839

Popular,

Inc.

3,402

303,356

Preferred

Bank

86

6,713

Primis

Financial

Corp.

887

13,181

Prosperity

Bancshares,

Inc.

10,227

749,128

QCR

Holdings,

Inc.

649

37,019

RBB

Bancorp

691

18,650

Red

River

Bancshares,

Inc.

159

8,263

Regions

Financial

Corp.

52,794

1,211,094

Renasant

Corp.

1,336

49,138

Republic

Bancorp,

Inc.,

Class A

423

20,735

Republic

First

Bancorp,

Inc.

*

1,351

5,809

S&T

Bancorp,

Inc.

480

14,789

Sandy

Spring

Bancorp,

Inc.

3,525

166,768

Seacoast

Banking

Corp.

of

Florida

2,832

103,368

ServisFirst

Bancshares,

Inc.

3,157

267,935

Sierra

Bancorp

550

14,592

Signature

Bank

3,750

1,142,363

Silvergate

Capital

Corp.,

Class A

*

1,269

136,722

Simmons

First

National

Corp.,

Class A

5,484

156,842

SmartFinancial,

Inc.

595

15,952

South

Plains

Financial,

Inc.

366

10,588

South

State

Corp.

3,910

330,043

Southern

First

Bancshares,

Inc.

*

339

19,865

Southside

Bancshares,

Inc.

318

13,324

Spirit

of

Texas

Bancshares,

Inc.

561

15,618

Sterling

Bancorp

12,387

325,654

Stock

Yards

Bancorp,

Inc.

806

48,022

Summit

Financial

Group,

Inc.

520

14,518

SVB

Financial

Group

*

2,997

1,749,948

Synovus

Financial

Corp.

8,963

445,999

Texas

Capital

Bancshares,

Inc.

*

2,973

186,407

Tompkins

Financial

Corp.

604

48,054

Nationwide

Multi-Cap

Portfolio

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

11

Common

Stocks

Shares

Value

($)

Banks

Toronto-Dominion

Bank

(The)

4,017

321,481

Towne

Bank

5,239

164,400

TriCo

Bancshares

1,106

48,078

TriState

Capital

Holdings,

Inc.

*

977

30,863

Triumph

Bancorp,

Inc.

*

1,363

119,235

Truist

Financial

Corp.

69,429

4,361,530

Trustmark

Corp.

2,433

79,267

UMB

Financial

Corp.

2,693

265,126

Umpqua

Holdings

Corp.

18,169

368,467

United

Bankshares,

Inc.

8,082

285,537

United

Community

Banks,

Inc.

1,477

52,271

Univest

Financial

Corp.

1,155

34,800

US

Bancorp

70,643

4,110,716

Valley

National

Bancorp

25,011

348,153

Veritex

Holdings,

Inc.

342

13,731

Washington

Trust

Bancorp,

Inc.

679

38,757

Webster

Financial

Corp.

5,676

322,454

Wells

Fargo

&

Co.

206,988

11,135,954

WesBanco,

Inc.

4,423

156,972

West

Bancorp,

Inc.

678

20,015

Westamerica

Bancorp

382

22,187

Western

Alliance

Bancorp

4,989

494,859

Wintrust

Financial

Corp.

3,630

355,994

Zions

Bancorp

NA

9,449

640,831

105,315,174

Beverages

0.6%

Boston

Beer

Co.,

Inc.

(The),

Class A

*

522

219,673

Brown-Forman

Corp.,

Class A

12,455

833,863

Celsius

Holdings,

Inc.

*

2,846

135,840

Coca-Cola

Co.

(The)

200,227

12,215,849

Coca-Cola

Consolidated,

Inc.

165

94,545

Constellation

Brands,

Inc.,

Class A

8,083

1,921,733

Duckhorn

Portfolio,

Inc.

(The)

*

224

4,471

Keurig

Dr

Pepper,

Inc.

48,093

1,825,129

MGP

Ingredients,

Inc.

532

40,251

Molson

Coors

Beverage

Co.,

Class B

9,877

470,738

Monster

Beverage

Corp.

*

19,622

1,701,620

National

Beverage

Corp.

903

40,337

NewAge,

Inc.

*

3,377

2,531

PepsiCo,

Inc.

70,811

12,287,125

Primo

Water

Corp.

8,129

135,754

31,929,459

Biotechnology

1.0%

2seventy

bio,

Inc.

*

853

15,926

4D

Molecular

Therapeutics,

Inc.

*

1,095

17,301

89bio,

Inc.

*

83

489

Aadi

Bioscience,

Inc.

*

113

2,147

AbbVie,

Inc.

91,128

12,474,512

ACADIA

Pharmaceuticals,

Inc.

*

7,861

176,794

Adagio

Therapeutics,

Inc.

*(d)

818

5,873

Common

Stocks

Shares

Value

($)

Biotechnology

Adverum

Biotechnologies,

Inc.

*

2,428

4,006

Aeglea

BioTherapeutics,

Inc.

*

2,033

8,742

Affimed

NV

*

1,865

7,609

Agenus,

Inc.

*

5,984

16,516

Agios

Pharmaceuticals,

Inc.

*

4,034

124,610

Akebia

Therapeutics,

Inc.

*

5,418

10,782

Akero

Therapeutics,

Inc.

*

453

7,937

Alaunos

Therapeutics,

Inc.

*(d)

8,205

8,861

Albireo

Pharma,

Inc.

*

577

16,439

Aldeyra

Therapeutics,

Inc.

*

358

1,314

Alector,

Inc.

*

1,872

29,690

Aligos

Therapeutics,

Inc.

*

528

1,684

Alkermes

plc

*

9,627

245,489

Allakos,

Inc.

*

2,095

14,162

Allogene

Therapeutics,

Inc.

*

5,364

61,418

Allovir,

Inc.

*

971

7,923

Alnylam

Pharmaceuticals,

Inc.

*

6,366

875,962

Altimmune,

Inc.

*

225

1,816

ALX

Oncology

Holdings,

Inc.

*

413

6,608

Amgen,

Inc.

29,393

6,676,326

Amicus

Therapeutics,

Inc.

*

16,528

155,528

AnaptysBio,

Inc.

*

889

28,421

Anavex

Life

Sciences

Corp.

*

1,804

23,596

Anika

Therapeutics,

Inc.

*

568

18,062

Annexon,

Inc.

*

277

2,077

Apellis

Pharmaceuticals,

Inc.

*

4,046

162,932

Applied

Molecular

Transport,

Inc.

*

670

6,311

Applied

Therapeutics,

Inc.

*

533

1,642

Arcturus

Therapeutics

Holdings,

Inc.

*

802

20,956

Arcus

Biosciences,

Inc.

*

1,359

41,857

Arcutis

Biotherapeutics,

Inc.

*

499

7,540

Ardelyx,

Inc.

*

2,586

2,137

Arena

Pharmaceuticals,

Inc.

*

3,274

301,143

Arrowhead

Pharmaceuticals,

Inc.

*

5,601

295,509

Atara

Biotherapeutics,

Inc.

*

2,403

36,910

Athenex,

Inc.

*

2,401

2,449

Athersys,

Inc.

*

6,642

6,576

Atossa

Therapeutics,

Inc.

*

1,437

1,969

Atreca,

Inc.,

Class A

*

782

1,658

Avalo

Therapeutics,

Inc.

*

769

756

Avid

Bioservices,

Inc.

*

3,894

73,480

Avidity

Biosciences,

Inc.

*

1,144

19,013

Avita

Medical,

Inc.

*

151

1,460

Avrobio,

Inc.

*

913

1,771

Beam

Therapeutics,

Inc.

*

2,853

197,456

Beyondspring,

Inc.

*

830

2,681

BioAtla,

Inc.

*

150

1,434

BioCryst

Pharmaceuticals,

Inc.

*(d)

10,791

166,721

Biogen,

Inc.

*

7,793

1,761,218

Biohaven

Pharmaceutical

Holding

Co.

Ltd.

*

3,125

415,219

BioMarin

Pharmaceutical,

Inc.

*

10,254

908,812

Bioxcel

Therapeutics,

Inc.

*

473

7,994

12

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Biotechnology

Black

Diamond

Therapeutics,

Inc.

*

446

1,860

Bluebird

Bio,

Inc.

*

2,560

20,198

Blueprint

Medicines

Corp.

*

3,432

264,607

Bolt

Biotherapeutics,

Inc.

*

1,064

4,086

Bridgebio

Pharma,

Inc.

*(d)

6,319

62,369

C4

Therapeutics,

Inc.

*

1,460

35,668

CareDx,

Inc.

*

3,124

130,583

Caribou

Biosciences,

Inc.

*

140

1,502

Catalyst

Pharmaceuticals,

Inc.

*

4,020

23,155

Celldex

Therapeutics,

Inc.

*

1,436

44,530

CEL-SCI

Corp.

*

1,414

8,541

Celularity,

Inc.,

Class A

*

261

1,175

Cerevel

Therapeutics

Holdings,

Inc.

*

3,115

81,115

ChemoCentryx,

Inc.

*

3,506

94,276

Chimerix,

Inc.

*

1,764

10,072

Chinook

Therapeutics,

Inc.

*

588

7,585

Clovis

Oncology,

Inc.

*(d)

2,843

5,800

Cogent

Biosciences,

Inc.

*

211

1,595

Coherus

Biosciences,

Inc.

*

1,228

15,178

Cortexyme,

Inc.

*

624

3,794

Crinetics

Pharmaceuticals,

Inc.

*

1,083

20,458

Cue

Biopharma,

Inc.

*

970

7,168

Cullinan

Oncology,

Inc.

*

1,004

13,534

CureVac

NV

*

1,540

29,737

Curis,

Inc.

*

544

1,735

Cytokinetics,

Inc.

*

4,680

155,329

CytomX

Therapeutics,

Inc.

*

1,893

8,708

Deciphera

Pharmaceuticals,

Inc.

*

1,539

12,974

Denali

Therapeutics,

Inc.

*

5,052

172,879

DermTech,

Inc.

*

373

4,778

Design

Therapeutics,

Inc.

*

131

1,656

Dynavax

Technologies

Corp.

*(d)

7,093

91,996

Dyne

Therapeutics,

Inc.

*

179

1,328

Eagle

Pharmaceuticals,

Inc.

*

407

18,698

Editas

Medicine,

Inc.

*

4,283

81,548

Eiger

BioPharmaceuticals,

Inc.

*

922

3,983

Emergent

BioSolutions,

Inc.

*

3,366

157,529

Enanta

Pharmaceuticals,

Inc.

*

741

44,030

Epizyme,

Inc.

*

3,362

4,135

EQRx,

Inc.

*

349

1,616

Erasca,

Inc.

*

144

1,706

Evelo

Biosciences,

Inc.

*

409

1,926

Exact

Sciences

Corp.

*

9,319

711,599

Exagen,

Inc.

*

171

1,681

Exelixis,

Inc.

*

17,178

310,922

Fate

Therapeutics,

Inc.

*

4,773

198,127

FibroGen,

Inc.

*

7,523

113,522

Foghorn

Therapeutics,

Inc.

*

1,604

24,670

Forma

Therapeutics

Holdings,

Inc.

*

902

10,680

Fortress

Biotech,

Inc.

*

1,684

3,520

Frequency

Therapeutics,

Inc.

*

1,005

5,397

G1

Therapeutics,

Inc.

*

1,342

13,527

Common

Stocks

Shares

Value

($)

Biotechnology

Generation

Bio

Co.

*

1,291

8,391

Geron

Corp.

*(d)

8,930

10,002

Gilead

Sciences,

Inc.

66,517

4,568,388

Ginkgo

Bioworks

Holdings,

Inc.

*

7,747

46,327

Global

Blood

Therapeutics,

Inc.

*

2,379

68,634

Gossamer

Bio,

Inc.

*

1,956

18,758

Gritstone

bio,

Inc.

*

1,464

7,993

Halozyme

Therapeutics,

Inc.

*

8,111

280,722

Harpoon

Therapeutics,

Inc.

*

334

1,767

Heron

Therapeutics,

Inc.

*(d)

3,456

30,102

Homology

Medicines,

Inc.

*

1,059

3,939

Hookipa

Pharma,

Inc.

*

635

953

Horizon

Therapeutics

plc

*

12,576

1,173,718

Humacyte,

Inc.

*

313

1,684

Humanigen,

Inc.

*

2,180

5,624

iBio,

Inc.

*

1,285

615

Ideaya

Biosciences,

Inc.

*

559

9,263

IGM

Biosciences,

Inc.

*

292

5,168

Immunic,

Inc.

*

138

1,627

ImmunityBio,

Inc.

*(d)

1,198

6,972

ImmunoGen,

Inc.

*

6,935

39,183

Immunovant,

Inc.

*

1,571

10,981

Incyte

Corp.

*

10,310

766,342

Inhibrx,

Inc.

*(d)

2,017

53,572

Inovio

Pharmaceuticals,

Inc.

*(d)

5,800

24,012

Insmed,

Inc.

*

7,133

161,776

Instil

Bio,

Inc.

*

343

3,982

Intellia

Therapeutics,

Inc.

*

3,731

352,841

Intercept

Pharmaceuticals,

Inc.

*(d)

994

16,292

Invitae

Corp.

*(d)

11,847

133,160

Ionis

Pharmaceuticals,

Inc.

*

9,039

287,440

Iovance

Biotherapeutics,

Inc.

*

8,876

147,785

Ironwood

Pharmaceuticals,

Inc.

*

9,518

106,126

iTeos

Therapeutics,

Inc.

*

355

13,000

IVERIC

bio,

Inc.

*

8,521

118,783

Jounce

Therapeutics,

Inc.

*

706

5,281

KalVista

Pharmaceuticals,

Inc.

*

621

7,837

Karuna

Therapeutics,

Inc.

*

1,388

154,151

Karyopharm

Therapeutics,

Inc.

*

3,326

29,601

Keros

Therapeutics,

Inc.

*

267

12,381

Kezar

Life

Sciences,

Inc.

*

1,144

15,078

Kiniksa

Pharmaceuticals

Ltd.,

Class A

*

877

9,849

Kinnate

Biopharma,

Inc.

*

1,122

12,320

Kodiak

Sciences,

Inc.

*

1,973

115,815

Kronos

Bio,

Inc.

*

1,329

12,094

Krystal

Biotech,

Inc.

*

503

29,677

Kura

Oncology,

Inc.

*

2,061

29,039

Kymera

Therapeutics,

Inc.

*

1,043

43,806

Lexicon

Pharmaceuticals,

Inc.

*

2,159

6,844

Ligand

Pharmaceuticals,

Inc.

*

862

107,431

Nationwide

Multi-Cap

Portfolio

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

13

Common

Stocks

Shares

Value

($)

Biotechnology

Lineage

Cell

Therapeutics,

Inc.

*

795

1,256

Lyell

Immunopharma,

Inc.

*

148

841

MacroGenics,

Inc.

*

5,295

65,393

Madrigal

Pharmaceuticals,

Inc.

*

1,083

62,359

Magenta

Therapeutics,

Inc.

*

1,122

3,669

MannKind

Corp.

*

10,165

37,915

MEI

Pharma,

Inc.

*

4,723

9,115

MeiraGTx

Holdings

plc

*

876

13,131

Mersana

Therapeutics,

Inc.

*

1,770

8,443

MiMedx

Group,

Inc.

*

4,025

19,964

Mirati

Therapeutics,

Inc.

*

2,473

295,029

Mirum

Pharmaceuticals,

Inc.

*

304

5,791

Moderna,

Inc.

*

17,781

3,010,857

Molecular

Templates,

Inc.

*

912

2,809

Morphic

Holding,

Inc.

*

494

20,960

Mustang

Bio,

Inc.

*

912

1,076

Myovant

Sciences

Ltd.

*

220

2,873

Myriad

Genetics,

Inc.

*

2,833

74,480

Natera,

Inc.

*

4,736

334,598

Neoleukin

Therapeutics,

Inc.

*

827

2,952

Neurocrine

Biosciences,

Inc.

*

5,160

407,743

Nkarta,

Inc.

*

503

4,985

Novavax,

Inc.

*(d)

4,032

377,798

Nurix

Therapeutics,

Inc.

*

1,036

19,290

Ocugen,

Inc.

*(d)

5,966

21,179

Olema

Pharmaceuticals,

Inc.

*

927

5,961

Oncocyte

Corp.

*

1,983

3,371

OPKO

Health,

Inc.

*(d)

30,522

95,534

Organogenesis

Holdings,

Inc.

*

1,157

8,897

ORIC

Pharmaceuticals,

Inc.

*

497

4,915

Oyster

Point

Pharma,

Inc.

*

167

2,002

Passage

Bio,

Inc.

*

785

3,949

PMV

Pharmaceuticals,

Inc.

*

954

15,321

Point

Biopharma

Global,

Inc.

*

447

2,883

Praxis

Precision

Medicines,

Inc.

*

333

4,948

Precigen,

Inc.

*

3,010

7,766

Precision

BioSciences,

Inc.

*

1,547

7,379

Prelude

Therapeutics,

Inc.

*

490

4,866

Prometheus

Biosciences,

Inc.

*

162

5,821

Protagonist

Therapeutics,

Inc.

*

1,090

31,926

Prothena

Corp.

plc

*

1,095

37,318

PTC

Therapeutics,

Inc.

*

5,325

214,171

Puma

Biotechnology,

Inc.

*

916

2,253

Radius

Health,

Inc.

*

1,805

13,682

RAPT

Therapeutics,

Inc.

*

2,311

49,964

Recursion

Pharmaceuticals,

Inc.,

Class A

*(d)

7,177

84,976

Regeneron

Pharmaceuticals,

Inc.

*

5,161

3,140,933

REGENXBIO,

Inc.

*

1,352

35,693

Relay

Therapeutics,

Inc.

*

5,631

124,614

Replimune

Group,

Inc.

*

839

16,637

REVOLUTION

Medicines,

Inc.

*

2,487

53,520

Common

Stocks

Shares

Value

($)

Biotechnology

Rhythm

Pharmaceuticals,

Inc.

*

1,388

10,285

Rigel

Pharmaceuticals,

Inc.

*

6,857

17,554

Rocket

Pharmaceuticals,

Inc.

*

1,574

26,191

Rubius

Therapeutics,

Inc.

*

1,592

10,746

Sage

Therapeutics,

Inc.

*

3,105

122,399

Sana

Biotechnology,

Inc.

*(d)

2,888

25,299

Sangamo

Therapeutics,

Inc.

*

4,672

28,172

Sarepta

Therapeutics,

Inc.

*

4,743

339,457

Scholar

Rock

Holding

Corp.

*

962

17,133

Seagen,

Inc.

*

7,225

971,835

Selecta

Biosciences,

Inc.

*

2,499

6,247

Seres

Therapeutics,

Inc.

*

1,571

13,102

Shattuck

Labs,

Inc.

*

377

2,605

Silverback

Therapeutics,

Inc.

*(d)

603

2,937

Solid

Biosciences,

Inc.

*

903

1,102

Sorrento

Therapeutics,

Inc.

*(d)

18,036

62,224

Spectrum

Pharmaceuticals,

Inc.

*

5,023

3,523

Spero

Therapeutics,

Inc.

*

668

7,929

SpringWorks

Therapeutics,

Inc.

*

949

52,840

Stoke

Therapeutics,

Inc.

*

587

11,124

Sutro

Biopharma,

Inc.

*

724

7,732

Syndax

Pharmaceuticals,

Inc.

*

1,320

21,569

Syros

Pharmaceuticals,

Inc.

*

1,525

3,020

Tango

Therapeutics,

Inc.

*

303

2,585

Taysha

Gene

Therapies,

Inc.

*

386

3,069

TCR2

Therapeutics,

Inc.

*

455

1,520

TG

Therapeutics,

Inc.

*

7,368

85,248

Travere

Therapeutics,

Inc.

*

3,915

107,662

Turning

Point

Therapeutics,

Inc.

*

1,577

58,712

Twist

Bioscience

Corp.

*

2,785

165,485

Ultragenyx

Pharmaceutical,

Inc.

*

3,876

271,049

United

Therapeutics

Corp.

*

2,231

450,372

UroGen

Pharma

Ltd.

*

672

5,188

Vanda

Pharmaceuticals,

Inc.

*

2,054

31,139

Vaxart,

Inc.

*(d)

1,622

8,029

Vaxcyte,

Inc.

*

922

17,555

VBI

Vaccines,

Inc.

*

4,464

7,589

Veracyte,

Inc.

*

4,176

126,992

Verastem,

Inc.

*

5,575

8,530

Vericel

Corp.

*

1,690

60,130

Vertex

Pharmaceuticals,

Inc.

*

13,092

3,182,011

Verve

Therapeutics,

Inc.

*

643

18,531

Viking

Therapeutics,

Inc.

*

2,682

9,950

Vir

Biotechnology,

Inc.

*

3,675

126,163

VistaGen

Therapeutics,

Inc.

*

1,216

1,982

Vor

BioPharma,

Inc.

*

960

7,920

XBiotech,

Inc.

515

5,547

Xencor,

Inc.

*

4,256

146,279

Xilio

Therapeutics,

Inc.

*

345

4,695

XOMA

Corp.

*

198

4,103

Y-mAbs

Therapeutics,

Inc.

*

1,185

11,720

14

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Biotechnology

Zentalis

Pharmaceuticals,

Inc.

*

2,282

130,257

53,230,978

Building

Products

0.4%

A

O

Smith

Corp.

7,220

551,752

AAON,

Inc.

2,219

142,571

Advanced

Drainage

Systems,

Inc.

3,175

359,061

AGC,

Inc.

91,400

4,188,965

Allegion

plc

4,760

584,195

American

Woodmark

Corp.

*

1,123

67,301

Apogee

Enterprises,

Inc.

1,052

46,972

Armstrong

World

Industries,

Inc.

2,817

278,939

AZEK

Co.,

Inc.

(The)

*

6,429

212,350

Builders

FirstSource,

Inc.

*

9,517

647,061

Caesarstone

Ltd.

815

10,049

Carlisle

Cos.,

Inc.

2,794

624,291

Carrier

Global

Corp.

57,734

2,752,757

Cornerstone

Building

Brands,

Inc.

*

1,587

23,408

CSW

Industrials,

Inc.

580

64,380

Daikin

Industries

Ltd.

4,300

903,411

Fortune

Brands

Home

&

Security,

Inc.

7,273

684,898

Gibraltar

Industries,

Inc.

*

1,248

68,390

Griffon

Corp.

1,553

34,772

Insteel

Industries,

Inc.

783

29,621

Janus

International

Group,

Inc.

*

352

3,731

JELD-WEN

Holding,

Inc.

*

5,300

125,080

Johnson

Controls

International

plc

41,163

2,991,315

Lennox

International,

Inc.

1,661

471,093

Masco

Corp.

17,408

1,102,449

Masonite

International

Corp.

*

1,294

128,417

Owens

Corning

5,620

498,494

PGT

Innovations,

Inc.

*

747

14,186

Quanex

Building

Products

Corp.

1,331

29,002

Resideo

Technologies,

Inc.

*

7,662

189,864

Simpson

Manufacturing

Co.,

Inc.

2,402

270,922

Trane

Technologies

plc

12,448

2,154,749

Trex

Co.,

Inc.

*

6,028

551,381

UFP

Industries,

Inc.

2,962

236,545

View,

Inc.

*

4,522

11,893

Zurn

Water

Solutions

Corp.

6,739

205,809

21,260,074

Capital

Markets

1.3%

Accelerate

Acquisition

Corp.,

Class A

*

253

2,452

Advanced

Merger

Partners,

Inc.,

Class A

*

181

1,758

Affiliated

Managers

Group,

Inc.

1,816

265,517

African

Gold

Acquisition

Corp.,

Class A

*

262

2,533

Common

Stocks

Shares

Value

($)

Capital

Markets

Agile

Growth

Corp.,

Class A

*

195

1,886

AltC

Acquisition

Corp.,

Class A

*

309

2,988

Altimeter

Growth

Corp.

2,

Class A

*

274

2,672

Altitude

Acquisition

Corp.,

Class A

*

189

1,869

Ameriprise

Financial,

Inc.

4,913

1,495,075

Anzu

Special

Acquisition

Corp.

I,

Class A

*

269

2,607

Apollo

Strategic

Growth

Capital,

Class A

*

517

5,113

Apollo

Strategic

Growth

Capital

II,

Class A

*

437

4,235

ArcLight

Clean

Transition

Corp.

II,

Class A

*

196

1,931

Arctos

NorthStar

Acquisition

Corp.,

Class A

*

199

1,932

Ares

Acquisition

Corp.,

Class A

*

632

6,143

Ares

Management

Corp.

8,047

641,507

Artisan

Partners

Asset

Management,

Inc.,

Class A

8,053

347,970

Assetmark

Financial

Holdings,

Inc.

*

3,875

92,961

Associated

Capital

Group,

Inc.,

Class A

184

8,262

Atlantic

Coastal

Acquisition

Corp.,

Class A

*

217

2,142

Atlas

Crest

Investment

Corp.

II,

Class A

*

213

2,075

Austerlitz

Acquisition

Corp.

I,

Class A

*

437

4,239

Austerlitz

Acquisition

Corp.

II,

Class A

*

871

8,440

B.

Riley

Financial,

Inc.

3,104

191,113

Bakkt

Holdings,

Inc.

*

1,624

6,999

Bank

of

New

York

Mellon

Corp.

(The)

47,175

2,795,591

BGC

Partners,

Inc.,

Class A

12,570

53,045

BlackRock,

Inc.

889

731,594

Blackstone,

Inc.

36,779

4,853,725

Blucora,

Inc.

*

5,665

91,886

Blue

Owl

Capital,

Inc.

1,811

22,511

BlueRiver

Acquisition

Corp.,

Class A

*

177

1,722

Bluescape

Opportunities

Acquisition

Corp.,

Class A

*

385

3,769

Bridge

Investment

Group

Holdings,

Inc.,

Class A

152

3,268

Brightsphere

Investment

Group,

Inc.

2,835

61,179

Broadscale

Acquisition

Corp.,

Class A

*

217

2,137

Burgundy

Technology

Acquisition

Corp.,

Class A

*

224

2,242

BYTE

Acquisition

Corp.,

Class A

*

210

2,031

Carlyle

Group,

Inc.

(The)

22,853

1,166,646

Nationwide

Multi-Cap

Portfolio

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

15

Common

Stocks

Shares

Value

($)

Capital

Markets

Carney

Technology

Acquisition

Corp.

II,

Class A

*

260

2,540

Cartesian

Growth

Corp.,

Class A

*

217

2,148

Catalyst

Partners

Acquisition

Corp.,

Class A

*

217

2,098

Cboe

Global

Markets,

Inc.

6,028

714,499

CC

Neuberger

Principal

Holdings

II,

Class A

*

511

5,054

CC

Neuberger

Principal

Holdings

III,

Class A

*

252

2,457

CF

Acquisition

Corp.

IV,

Class A

*

323

3,159

CF

Acquisition

Corp.

VI,

Class A

*

185

2,155

Charles

Schwab

Corp.

(The)

77,831

6,825,779

CHP

Merger

Corp.,

Class A

*

189

1,918

Churchill

Capital

Corp.

V,

Class A

*

317

3,094

Churchill

Capital

Corp.

VI,

Class A

*

350

3,423

Churchill

Capital

Corp.

VII,

Class A

*

872

8,485

CION

Investment

Corp.

360

4,500

Clarim

Acquisition

Corp.,

Class A

*

181

1,754

CME

Group,

Inc.

18,951

4,349,254

Cohen

&

Steers,

Inc.

2,103

175,664

Cohn

Robbins

Holdings

Corp.,

Class A

*

524

5,172

Coinbase

Global,

Inc.,

Class A

*

814

154,782

Colicity,

Inc.,

Class A

*

217

2,107

Colonnade

Acquisition

Corp.

II,

Class A

*

208

2,018

Compute

Health

Acquisition

Corp.,

Class A

*

546

5,302

Concord

Acquisition

Corp.,

Class A

*

175

1,741

Constellation

Acquisition

Corp.

I,

Class A

*

195

1,893

Conx

Corp.,

Class A

*

475

4,655

Corner

Growth

Acquisition

Corp.,

Class A

*

253

2,467

COVA

Acquisition

Corp.,

Class A

*

189

1,839

Cowen,

Inc.,

Class A

1,090

34,531

D

&

Z

Media

Acquisition

Corp.,

Class A

*

181

1,756

Decarbonization

Plus

Acquisition

Corp.

IV,

Class A

*

199

1,970

DHC

Acquisition

Corp.,

Class A

*

195

1,889

Diamond

Hill

Investment

Group,

Inc.

405

75,634

DiamondHead

Holdings

Corp.,

Class A

*

217

2,108

Common

Stocks

Shares

Value

($)

Capital

Markets

Digital

Transformation

Opportunities

Corp.,

Class A

*

210

2,037

Donnelley

Financial

Solutions,

Inc.

*

1,232

45,855

DPCM

Capital,

Inc.,

Class A

*

189

1,852

Dragoneer

Growth

Opportunities

Corp.

III,

Class A

*

272

2,644

E.Merge

Technology

Acquisition

Corp.,

Class A

*

388

3,822

East

Resources

Acquisition

Co.,

Class A

*

217

2,144

ECP

Environmental

Growth

Opportunities

Corp.,

Class A

*

217

1,526

Elliott

Opportunity

II

Corp.,

Class A

*

386

3,760

Epiphany

Technology

Acquisition

Corp.,

Class A

*

260

2,532

Equity

Distribution

Acquisition

Corp.,

Class A

*

196

1,925

Evercore,

Inc.,

Class A

2,454

306,308

Executive

Network

Partnering

Corp.,

Class A

*

249

2,448

FactSet

Research

Systems,

Inc.

2,140

902,845

Far

Peak

Acquisition

Corp.,

Class A

*

329

3,257

Federated

Hermes,

Inc.,

Class B

6,755

223,658

Figure

Acquisition

Corp.

I,

Class A

*

181

1,772

FirstMark

Horizon

Acquisition

Corp.,

Class A

*

262

2,586

Focus

Financial

Partners,

Inc.,

Class A

*

3,607

181,649

Forest

Road

Acquisition

Corp.

II,

Class A

*

221

2,146

Fortress

Capital

Acquisition

Corp.,

Class A

*

253

2,469

Fortress

Value

Acquisition

Corp.

IV,

Class A

*

412

3,996

Forum

Merger

IV

Corp.,

Class A

*

218

2,119

Franklin

Resources,

Inc.

34,952

1,117,415

Freedom

Acquisition

I

Corp.,

Class A

*

217

2,112

FTAC

Hera

Acquisition

Corp.,

Class A

*

416

4,044

Fusion

Acquisition

Corp.

II,

Class A

*

317

3,075

G

Squared

Ascend

I,

Inc.,

Class A

*

217

2,148

GAMCO

Investors,

Inc.,

Class A

215

4,840

GCM

Grosvenor,

Inc.,

Class A

(d)

3,560

32,360

16

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Capital

Markets

Global

Partner

Acquisition

Corp.

II,

Class A

*

189

1,843

GO

Acquisition

Corp.,

Class A

*

364

3,585

Golden

Arrow

Merger

Corp.,

Class A

*

181

1,754

Golden

Falcon

Acquisition

Corp.,

Class A

*

217

2,120

Goldman

Sachs

Group,

Inc.

(The)

17,429

6,181,718

Gores

Guggenheim,

Inc.,

Class A

*

506

5,257

Gores

Holdings

VII,

Inc.,

Class A

*

349

3,396

Gores

Holdings

VIII,

Inc.,

Class A

*

217

2,168

Gores

Technology

Partners

II,

Inc.,

Class A

*

292

2,856

Greenhill

&

Co.,

Inc.

736

12,276

GX

Acquisition

Corp.

II,

Class A

*

189

1,847

Hamilton

Lane,

Inc.,

Class A

3,675

332,440

Haymaker

Acquisition

Corp.

III,

Class A

*

200

1,968

Health

Assurance

Acquisition

Corp.,

Class A

*

333

3,253

Healthcare

Capital

Corp.,

Class A

*

173

1,727

Healthcare

Services

Acquisition

Corp.,

Class A

*

209

2,036

Hennessy

Capital

Investment

Corp.

V,

Class A

*

217

2,105

HIG

Acquisition

Corp.,

Class A

*

229

2,246

Highland

Transcend

Partners

I

Corp.,

Class A

*

189

1,873

Houlihan

Lokey,

Inc.

2,732

290,357

Hudson

Executive

Investment

Corp.

III,

Class A

*

380

3,690

HumanCo

Acquisition

Corp.,

Class A

*

197

1,927

IG

Acquisition

Corp.,

Class A

*

189

1,852

Independence

Holdings

Corp.,

Class A

*

315

3,056

Interactive

Brokers

Group,

Inc.,

Class A

4,907

334,608

Intercontinental

Exchange,

Inc.

32,180

4,075,919

InterPrivate

IV

InfraTech

Partners,

Inc.,

Class A

*

181

1,759

Invesco

Ltd.

20,105

455,579

Jack

Creek

Investment

Corp.,

Class A

*

217

2,109

Janus

Henderson

Group

plc

8,419

310,661

Jaws

Hurricane

Acquisition

Corp.,

Class A

*

199

1,970

Jaws

Mustang

Acquisition

Corp.,

Class A

*

652

6,337

Jefferies

Financial

Group,

Inc.

13,077

479,141

Common

Stocks

Shares

Value

($)

Capital

Markets

JOFF

Fintech

Acquisition

Corp.,

Class A

*

262

2,544

Kernel

Group

Holdings,

Inc.,

Class A

*

192

1,859

Khosla

Ventures

Acquisition

Co.

*

224

2,180

Khosla

Ventures

Acquisition

Co.

III,

Class A

*

357

3,459

KINS

Technology

Group,

Inc.,

Class A

*

174

1,738

KKR

&

Co.,

Inc.

27,509

1,957,540

KKR

Acquisition

Holdings

I

Corp.,

Class A

*

872

8,467

KL

Acquisition

Corp.,

Class A

*

181

1,774

Landcadia

Holdings

IV,

Inc.,

Class A

*

317

3,075

Lazard

Growth

Acquisition

Corp.

I

*

364

3,527

Lazard

Ltd.,

Class A

2,681

116,999

Lead

Edge

Growth

Opportunities

Ltd.,

Class A

*

217

2,101

Leo

Holdings

Corp.

II,

Class A

*

236

2,292

Liberty

Media

Acquisition

Corp.,

Class A

*

362

3,638

Longview

Acquisition

Corp.

II,

Class A

*

437

4,239

LPL

Financial

Holdings,

Inc.

4,559

785,607

M3-Brigade

Acquisition

II

Corp.,

Class A

*

253

2,522

MarketAxess

Holdings,

Inc.

2,083

717,552

Marlin

Technology

Corp.,

Class A

*

262

2,547

Mason

Industrial

Technology,

Inc.,

Class A

*

317

3,081

MDH

Acquisition

Corp.,

Class A

*

174

1,688

MELI

Kaszek

Pioneer

Corp.,

Class A

*

162

1,661

Mission

Advancement

Corp.,

Class A

*

217

2,101

Moelis

&

Co.,

Class A

4,420

249,597

Moody's

Corp.

8,754

3,002,622

Morgan

Stanley

71,406

7,321,971

Morningstar,

Inc.

1,429

410,709

Motive

Capital

Corp.,

Class A

*

262

2,591

MSCI,

Inc.

4,260

2,283,871

MSD

Acquisition

Corp.,

Class A

*

364

3,556

Mudrick

Capital

Acquisition

Corp.

II,

Class A

*

181

1,805

Nasdaq,

Inc.

6,857

1,228,843

NightDragon

Acquisition

Corp.,

Class A

*

217

2,107

North

Atlantic

Acquisition

Corp.,

Class A

*

239

2,349

Northern

Star

Investment

Corp.

II,

Class A

*

251

2,437

Nationwide

Multi-Cap

Portfolio

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

17

Common

Stocks

Shares

Value

($)

Capital

Markets

Northern

Star

Investment

Corp.

III,

Class A

*

253

2,457

Northern

Star

Investment

Corp.

IV,

Class A

*

253

2,457

Northern

Trust

Corp.

11,567

1,349,175

Novus

Capital

Corp.

II,

Class A

*

181

1,805

One

Equity

Partners

Open

Water

I

Corp.,

Class A

*

217

2,118

Open

Lending

Corp.,

Class A

*

5,555

105,489

Oppenheimer

Holdings,

Inc.,

Class A

603

25,561

Pathfinder

Acquisition

Corp.,

Class A

*

205

1,986

Perella

Weinberg

Partners

235

2,552

Peridot

Acquisition

Corp.

II,

Class A

*

258

2,505

Periphas

Capital

Partnering

Corp.,

Class A

*

92

2,245

Pershing

Square

Tontine

Holdings

Ltd.,

Class A

*

1,262

25,051

Pine

Technology

Acquisition

Corp.,

Class A

*

217

2,148

Pioneer

Merger

Corp.,

Class A

*

255

2,486

Piper

Sandler

Cos.

2,145

330,802

PJT

Partners,

Inc.,

Class A

4,047

280,538

Plum

Acquisition

Corp.

I,

Class A

*

199

1,927

Poema

Global

Holdings

Corp.,

Class A

*

217

2,148

Pontem

Corp.,

Class A

*

437

4,265

Prime

Impact

Acquisition

I,

Class A

*

204

2,011

Priveterra

Acquisition

Corp.,

Class A

*

195

1,891

Property

Solutions

Acquisition

Corp.

II,

Class A

*

207

2,008

Prospector

Capital

Corp.,

Class A

*

205

1,993

Pzena

Investment

Management,

Inc.,

Class A

647

6,561

Queen's

Gambit

Growth

Capital,

Class A

*

217

2,137

Raymond

James

Financial,

Inc.

10,810

1,144,455

RedBall

Acquisition

Corp.,

Class A

*

285

2,824

Revolution

Healthcare

Acquisition

Corp.,

Class A

*

349

3,378

Ribbit

LEAP

Ltd.,

Class A

*

261

2,563

Rice

Acquisition

Corp.

II,

Class A

*

217

2,127

RMG

Acquisition

Corp.

III,

Class A

*

306

2,974

Robinhood

Markets,

Inc.,

Class A

*

471

6,665

Ross

Acquisition

Corp.

II,

Class A

*

217

2,103

Common

Stocks

Shares

Value

($)

Capital

Markets

RXR

Acquisition

Corp.,

Class A

*

217

2,105

S&P

Global,

Inc.

12,858

5,338,899

Science

Strategic

Acquisition

Corp.

Alpha,

Class A

*

196

1,907

Sculptor

Capital

Management,

Inc.

784

15,366

SEI

Investments

Co.

9,397

550,758

Senior

Connect

Acquisition

Corp.

I,

Class A

*

262

2,555

Silver

Spike

Acquisition

Corp.

II,

Class A

*

181

1,767

SilverBox

Engaged

Merger

Corp.

I,

Class A

*

217

2,157

Simon

Property

Group

Acquisition

Holdings,

Inc.,

Class A

*

217

2,105

Slam

Corp.,

Class A

*

364

3,527

Social

Capital

Hedosophia

Holdings

Corp.

IV,

Class A

*

292

2,870

Social

Capital

Hedosophia

Holdings

Corp.

VI,

Class A

*

727

7,175

Social

Leverage

Acquisition

Corp.

I,

Class A

*

217

2,105

Spartan

Acquisition

Corp.

III,

Class A

*

350

3,458

State

Street

Corp.

20,101

1,899,545

StepStone

Group,

Inc.,

Class A

2,593

90,781

Stifel

Financial

Corp.

6,941

519,881

StoneX

Group,

Inc.

*

1,584

103,926

Supernova

Partners

Acquisition

Co.

II

Ltd.,

Class A

*

217

2,159

Sustainable

Development

Acquisition

I

Corp.,

Class A

*

199

1,930

SVF

Investment

Corp.,

Class A

*

382

3,724

SVF

Investment

Corp.

3,

Class A

*

208

2,043

T.

Rowe

Price

Group,

Inc.

12,352

1,907,519

Tailwind

Acquisition

Corp.,

Class A

*

211

2,076

Tailwind

International

Acquisition

Corp.,

Class A

*

217

2,109

Tailwind

Two

Acquisition

Corp.,

Class A

*

217

2,146

TCV

Acquisition

Corp.,

Class A

*

260

2,519

TCW

Special

Purpose

Acquisition

Corp.,

Class A

*

294

2,852

Tech

and

Energy

Transition

Corp.,

Class A

*

244

2,364

Thunder

Bridge

Capital

Partners

III,

Inc.,

Class A

*

195

1,891

TLG

Acquisition

One

Corp.,

Class A

*

247

2,398

TortoiseEcofin

Acquisition

Corp.

III,

Class A

*

217

2,101

18

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Capital

Markets

TPG

Pace

Beneficial

Finance

Corp.,

Class A

*

220

2,160

TPG

Pace

Beneficial

II

Corp.,

Class A

*

247

2,408

TPG,

Inc.

*

117

3,928

Tradeweb

Markets,

Inc.,

Class A

6,311

534,983

Trebia

Acquisition

Corp.

*

259

2,497

Twelve

Seas

Investment

Co.

II,

Class A

*

225

2,185

UBS

Group

AG

(Registered)

REG

34,190

638,327

USHG

Acquisition

Corp.,

Class A

*

181

1,875

Value

Line,

Inc.

36

2,123

VectoIQ

Acquisition

Corp.

II,

Class A

*

217

2,107

Vector

Acquisition

Corp.

II,

Class A

*

278

2,702

Victory

Capital

Holdings,

Inc.,

Class A

96

3,136

Virgin

Group

Acquisition

Corp.

II,

Class A

*

255

2,522

Virtu

Financial,

Inc.,

Class A

10,589

327,518

Virtus

Investment

Partners,

Inc.

871

227,923

Warburg

Pincus

Capital

Corp.

I-B,

Class B

*

348

3,383

WisdomTree

Investments,

Inc.

1,488

8,348

Zimmer

Energy

Transition

Acquisition

Corp.,

Class A

*

217

2,103

74,443,387

Chemicals

0.8%

AdvanSix,

Inc.

1,118

47,057

Air

Products

&

Chemicals,

Inc.

11,566

3,263,000

Albemarle

Corp.

6,144

1,356,227

American

Vanguard

Corp.

1,208

18,325

Amyris,

Inc.

*(d)

5,591

25,495

Ashland

Global

Holdings,

Inc.

3,103

298,012

Avient

Corp.

5,071

252,384

Axalta

Coating

Systems

Ltd.

*

30,222

894,873

Balchem

Corp.

1,720

252,737

Cabot

Corp.

3,386

186,196

Celanese

Corp.

5,362

834,917

CF

Industries

Holdings,

Inc.

11,216

772,446

Chase

Corp.

301

28,559

Chemours

Co.

(The)

7,178

234,792

Corteva,

Inc.

46,106

2,216,776

Danimer

Scientific,

Inc.

*(d)

2,412

12,084

Diversey

Holdings

Ltd.

*

467

5,137

Dow,

Inc.

39,493

2,358,917

DuPont

de

Nemours,

Inc.

27,523

2,108,262

Eastman

Chemical

Co.

6,732

800,637

Ecolab,

Inc.

12,988

2,460,577

Ecovyst,

Inc.

1,696

17,350

Element

Solutions,

Inc.

12,648

283,821

Ferro

Corp.

*

3,272

71,330

FMC

Corp.

6,315

696,987

FutureFuel

Corp.

939

7,324

Common

Stocks

Shares

Value

($)

Chemicals

GCP

Applied

Technologies,

Inc.

*

1,996

63,672

Hawkins,

Inc.

782

29,184

HB

Fuller

Co.

3,202

229,808

Huntsman

Corp.

9,435

338,056

Ingevity

Corp.

*

2,241

147,704

Innospec,

Inc.

1,667

154,964

International

Flavors

&

Fragrances,

Inc.

13,137

1,733,033

Intrepid

Potash,

Inc.

*

394

15,279

JSR

Corp.

71,800

2,392,757

Koppers

Holdings,

Inc.

*

825

24,651

Kraton

Corp.

*

1,997

92,621

Kronos

Worldwide,

Inc.

946

13,575

Livent

Corp.

*

9,059

208,448

LyondellBasell

Industries

NV,

Class A

12,739

1,232,243

Marrone

Bio

Innovations,

Inc.

*

1,782

1,317

Minerals

Technologies,

Inc.

2,015

140,990

Mosaic

Co.

(The)

17,743

708,833

NewMarket

Corp.

401

135,566

Olin

Corp.

8,004

405,563

Origin

Materials,

Inc.

*

809

4,239

Orion

Engineered

Carbons

SA

452

7,729

PPG

Industries,

Inc.

12,367

1,931,725

PureCycle

Technologies,

Inc.

*

1,801

10,716

Quaker

Chemical

Corp.

720

150,602

Rayonier

Advanced

Materials,

Inc.

*

2,419

15,070

RPM

International,

Inc.

6,824

604,675

Scotts

Miracle-Gro

Co.

(The)

2,192

331,430

Sensient

Technologies

Corp.

2,567

217,528

Sherwin-Williams

Co.

(The)

12,358

3,540,691

Shin-Etsu

Chemical

Co.

Ltd.

49,800

8,339,888

Stepan

Co.

1,342

147,835

Tredegar

Corp.

1,082

12,713

Trinseo

plc

2,493

133,475

Tronox

Holdings

plc,

Class A

6,381

144,849

Valvoline,

Inc.

7,777

256,174

Westlake

Chemical

Corp.

1,225

120,846

Zymergen,

Inc.

*

1,081

5,621

43,548,292

Commercial

Services

&

Supplies

0.2%

ABM

Industries,

Inc.

3,902

162,674

ACCO

Brands

Corp.

3,370

27,432

ACV

Auctions,

Inc.,

Class A

*

280

3,713

ADT,

Inc.

3,494

26,520

Aurora

Innovation,

Inc.

*

618

3,047

Brady

Corp.,

Class A

2,954

153,372

BrightView

Holdings,

Inc.

*

1,359

18,034

Brink's

Co.

(The)

2,139

149,259

Casella

Waste

Systems,

Inc.,

Class A

*

2,633

200,055

CECO

Environmental

Corp.

*

1,380

8,708

Cimpress

plc

*

944

63,456

Cintas

Corp.

4,546

1,779,895

Clean

Harbors,

Inc.

*

2,912

269,506

CompX

International,

Inc.

68

1,535

Copart,

Inc.

*

10,976

1,418,648

Nationwide

Multi-Cap

Portfolio

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

19

Common

Stocks

Shares

Value

($)

Commercial

Services

&

Supplies

CoreCivic,

Inc.

*

3,804

38,458

Deluxe

Corp.

2,713

81,661

Driven

Brands

Holdings,

Inc.

*

3,485

98,451

Ennis,

Inc.

1,012

19,157

Harsco

Corp.

*

2,982

46,817

Healthcare

Services

Group,

Inc.

5,258

95,643

Heritage-Crystal

Clean,

Inc.

*

659

18,854

HNI

Corp.

1,290

54,103

IAA,

Inc.

*

7,212

331,247

Interface,

Inc.

2,294

30,418

KAR

Auction

Services,

Inc.

*

8,309

118,154

Kimball

International,

Inc.,

Class B

1,449

14,229

Matthews

International

Corp.,

Class A

1,216

42,706

MillerKnoll,

Inc.

4,273

165,023

Montrose

Environmental

Group,

Inc.

*

786

35,975

MSA

Safety,

Inc.

1,973

271,090

NL

Industries,

Inc.

307

1,996

Pitney

Bowes,

Inc.

2,149

13,238

Republic

Services,

Inc.

10,404

1,328,175

Rollins,

Inc.

12,146

374,704

RR

Donnelley

&

Sons

Co.

*

430

4,739

Shapeways

Holdings,

Inc.

*

248

794

SP

Plus

Corp.

*

927

26,123

Steelcase,

Inc.,

Class A

3,415

42,141

Stericycle,

Inc.

*

4,762

279,720

Team,

Inc.

*

1,012

722

Tetra

Tech,

Inc.

2,928

407,548

UniFirst

Corp.

789

149,981

US

Ecology,

Inc.

*

1,147

32,781

Viad

Corp.

*

826

31,115

VSE

Corp.

65

3,353

Waste

Management,

Inc.

21,348

3,211,593

11,656,563

Communications

Equipment

0.4%

ADTRAN,

Inc.

1,881

36,134

Arista

Networks,

Inc.

*

12,684

1,576,748

Aviat

Networks,

Inc.

*

63

1,828

CalAmp

Corp.

*

1,320

7,841

Calix,

Inc.

*

3,026

152,147

Cambium

Networks

Corp.

*

219

5,295

Casa

Systems,

Inc.

*

982

4,350

Ciena

Corp.

*

8,570

568,277

Cisco

Systems,

Inc.

224,437

12,494,408

Clearfield,

Inc.

*

371

23,918

CommScope

Holding

Co.,

Inc.

*

12,622

118,521

Comtech

Telecommunications

Corp.

1,026

20,859

Digi

International,

Inc.

*

1,210

27,031

DZS,

Inc.

*

348

5,095

Extreme

Networks,

Inc.

*

4,957

62,904

F5,

Inc.

*

3,261

677,049

Harmonic,

Inc.

*

3,606

38,801

Infinera

Corp.

*

6,346

53,433

Inseego

Corp.

*

2,734

12,467

Common

Stocks

Shares

Value

($)

Communications

Equipment

Juniper

Networks,

Inc.

18,251

635,500

KVH

Industries,

Inc.

*

490

4,410

Lumentum

Holdings,

Inc.

*

4,288

435,146

Motorola

Solutions,

Inc.

8,694

2,016,486

NETGEAR,

Inc.

*

1,195

33,066

NetScout

Systems,

Inc.

*

4,152

130,996

Plantronics,

Inc.

*

588

15,670

Ribbon

Communications,

Inc.

*

2,929

13,181

Ubiquiti,

Inc.

206

59,748

ViaSat,

Inc.

*

3,809

167,672

Viavi

Solutions,

Inc.

*

14,967

246,357

19,645,338

Construction

&

Engineering

0.1%

AECOM

7,526

520,272

Ameresco,

Inc.,

Class A

*

1,719

86,999

API

Group

Corp.

*

9,977

222,487

Arcosa,

Inc.

2,817

131,441

Argan,

Inc.

605

22,476

Comfort

Systems

USA,

Inc.

1,982

177,944

Concrete

Pumping

Holdings,

Inc.

*

859

7,052

Construction

Partners,

Inc.,

Class A

*

911

23,905

Dycom

Industries,

Inc.

*

1,722

145,147

EMCOR

Group,

Inc.

3,020

360,014

Fluor

Corp.

*

8,196

172,444

Granite

Construction,

Inc.

3,301

118,770

Great

Lakes

Dredge

&

Dock

Corp.

*

2,557

35,005

IES

Holdings,

Inc.

*

273

13,459

INNOVATE

Corp.

*(d)

2,166

8,512

MasTec,

Inc.

*

3,034

261,318

Matrix

Service

Co.

*

900

6,534

MYR

Group,

Inc.

*

568

53,409

Northwest

Pipe

Co.

*

285

8,086

NV5

Global,

Inc.

*

1,034

108,146

Primoris

Services

Corp.

1,836

47,222

Quanta

Services,

Inc.

7,232

742,871

Sterling

Construction

Co.,

Inc.

*

1,153

29,298

Tutor

Perini

Corp.

*

1,614

19,207

Valmont

Industries,

Inc.

1,186

257,635

WillScot

Mobile

Mini

Holdings

Corp.

*

11,116

411,737

3,991,390

Construction

Materials

0.1%

Eagle

Materials,

Inc.

2,208

322,037

Forterra,

Inc.

*

707

16,594

Martin

Marietta

Materials,

Inc.

3,960

1,540,915

Summit

Materials,

Inc.,

Class A

*

6,613

235,158

United

States

Lime

&

Minerals,

Inc.

69

8,728

Vulcan

Materials

Co.

6,949

1,322,464

3,445,896

Consumer

Finance

0.3%

Ally

Financial,

Inc.

18,799

897,088

20

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Consumer

Finance

American

Express

Co.

33,080

5,948,446

Atlanticus

Holdings

Corp.

*

196

12,605

Capital

One

Financial

Corp.

22,328

3,276,187

Credit

Acceptance

Corp.

*(d)

456

246,039

Curo

Group

Holdings

Corp.

752

10,776

Discover

Financial

Services

15,757

1,823,873

Encore

Capital

Group,

Inc.

*(d)

1,995

128,678

Enova

International,

Inc.

*

2,820

113,590

EZCORP,

Inc.,

Class A

*

2,373

14,167

FirstCash

Holdings,

Inc.

2,069

144,209

Green

Dot

Corp.,

Class A

*

545

17,282

LendingClub

Corp.

*

5,528

103,705

LendingTree,

Inc.

*

787

95,888

Moneylion,

Inc.

*

749

1,925

Navient

Corp.

9,237

161,001

Nelnet,

Inc.,

Class A

843

74,631

OneMain

Holdings,

Inc.

6,408

331,037

Oportun

Financial

Corp.

*

800

14,408

PRA

Group,

Inc.

*

3,288

152,892

PROG

Holdings,

Inc.

*

3,589

142,878

Regional

Management

Corp.

395

20,050

SLM

Corp.

17,090

313,431

SoFi

Technologies,

Inc.

*

3,376

42,133

Synchrony

Financial

30,038

1,279,318

Upstart

Holdings,

Inc.

*

2,446

266,638

World

Acceptance

Corp.

*

209

39,497

15,672,372

Containers

&

Packaging

0.2%

Amcor

plc

66,901

803,481

AptarGroup,

Inc.

3,397

398,468

Ardagh

Group

SA

^∞

742

15,252

Ardagh

Metal

Packaging

SA

*

609

5,865

Avery

Dennison

Corp.

4,431

910,216

Ball

Corp.

16,888

1,639,825

Berry

Global

Group,

Inc.

*

6,310

425,420

Crown

Holdings,

Inc.

6,004

686,858

Graphic

Packaging

Holding

Co.

16,254

307,363

Greif,

Inc.,

Class A

2,061

121,989

International

Paper

Co.

20,418

985,168

Myers

Industries,

Inc.

1,487

26,870

O-I

Glass,

Inc.

*

4,634

61,679

Packaging

Corp.

of

America

5,029

757,518

Pactiv

Evergreen,

Inc.

2,167

23,729

Ranpak

Holdings

Corp.

*

2,386

64,088

Sealed

Air

Corp.

7,031

477,545

Silgan

Holdings,

Inc.

4,436

198,644

Sonoco

Products

Co.

6,219

352,244

TriMas

Corp.

1,675

58,223

UFP

Technologies,

Inc.

*

299

21,217

Westrock

Co.

14,247

657,642

8,999,304

Distributors

0.0%

†

Funko,

Inc.,

Class A

*

1,014

17,522

Genuine

Parts

Co.

7,598

1,012,282

Greenlane

Holdings,

Inc.,

Class A

*

288

219

LKQ

Corp.

14,471

794,313

Common

Stocks

Shares

Value

($)

Distributors

Pool

Corp.

2,051

976,789

2,801,125

Diversified

Consumer

Services

0.0%

†

2U,

Inc.

*

4,253

68,643

Adtalem

Global

Education,

Inc.

*

1,762

51,838

American

Public

Education,

Inc.

*

602

12,877

Beachbody

Co.,

Inc.

(The)

*

626

1,139

Bright

Horizons

Family

Solutions,

Inc.

*

3,171

407,188

Carriage

Services,

Inc.

719

36,180

Chegg,

Inc.

*

7,592

200,960

Coursera,

Inc.

*

4,231

85,932

Duolingo,

Inc.

*

42

4,200

European

Wax

Center,

Inc.,

Class A

*

75

1,833

Frontdoor,

Inc.

*

4,427

160,700

Graham

Holdings

Co.,

Class B

221

131,522

Grand

Canyon

Education,

Inc.

*

2,364

197,820

H&R

Block,

Inc.

9,378

214,381

Houghton

Mifflin

Harcourt

Co.

*

4,160

74,922

Laureate

Education,

Inc.,

Class A

2,294

29,019

Mister

Car

Wash,

Inc.

*

1,008

17,338

Nerdy,

Inc.

*

461

2,056

OneSpaWorld

Holdings

Ltd.

*

1,489

15,366

Perdoceo

Education

Corp.

*

2,687

29,611

PowerSchool

Holdings,

Inc.,

Class A

*

1,400

22,932

Regis

Corp.

*

875

1,304

Rover

Group,

Inc.

*

598

3,905

Service

Corp.

International

8,526

526,225

Strategic

Education,

Inc.

856

51,069

Stride,

Inc.

*

2,450

85,921

Terminix

Global

Holdings,

Inc.

*

6,675

287,959

Udemy,

Inc.

*

1,645

26,649

Vivint

Smart

Home,

Inc.

*

2,613

18,814

WW

International,

Inc.

*

1,642

20,689

2,788,992

Diversified

Financial

Services

0.7%

Alerus

Financial

Corp.

492

13,941

A-Mark

Precious

Metals,

Inc.

53

3,281

Apollo

Global

Management,

Inc.

19,455

1,361,850

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class E

1,043

17,189

Berkshire

Hathaway,

Inc.,

Class B

*

90,838

28,434,111

Cannae

Holdings,

Inc.

*

5,277

157,624

Compass

Diversified

Holdings

347

8,730

Core

Scientific,

Inc.

*

217

1,883

Equitable

Holdings,

Inc.

23,152

778,833

Nationwide

Multi-Cap

Portfolio

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

21

Common

Stocks

Shares

Value

($)

Diversified

Financial

Services

Jackson

Financial,

Inc.,

Class A

589

22,600

ORIX

Corp.

260,400

5,374,644

Voya

Financial,

Inc.

7,784

529,001

36,703,687

Diversified

Telecommunication

Services

0.4%

Anterix,

Inc.

*

516

26,450

AST

SpaceMobile,

Inc.

*

246

1,415

AT&T,

Inc.

370,100

9,437,550

ATN

International,

Inc.

443

17,578

Bandwidth,

Inc.,

Class A

*

778

48,711

BCE,

Inc.

6,112

319,413

Cogent

Communications

Holdings,

Inc.

2,438

155,081

Consolidated

Communications

Holdings,

Inc.

*

2,934

21,096

EchoStar

Corp.,

Class A

*

1,171

27,741

Frontier

Communications

Parent,

Inc.

*

1,534

40,896

Globalstar,

Inc.

*(d)

24,963

26,710

IDT

Corp.,

Class B

*

1,589

59,635

Iridium

Communications,

Inc.

*

6,776

243,123

Liberty

Latin

America

Ltd.,

Class A

*

8,815

96,128

Lumen

Technologies,

Inc.

57,917

715,854

Ooma,

Inc.

*

767

13,837

Radius

Global

Infrastructure,

Inc.

*

2,372

32,639

Telesat

Corp.

*

445

10,079

Verizon

Communications,

Inc.

220,529

11,738,759

23,032,695

Electric

Utilities

0.7%

ALLETE,

Inc.

3,349

213,767

Alliant

Energy

Corp.

13,001

778,240

American

Electric

Power

Co.,

Inc.

25,198

2,277,899

Avangrid,

Inc.

3,298

154,083

Duke

Energy

Corp.

42,486

4,463,579

Edison

International

19,847

1,246,193

Entergy

Corp.

13,249

1,480,841

Evergy,

Inc.

10,990

713,910

Eversource

Energy

17,556

1,571,086

Exelon

Corp.

55,305

3,204,925

FirstEnergy

Corp.

36,147

1,516,728

Hawaiian

Electric

Industries,

Inc.

5,831

247,817

IDACORP,

Inc.

2,932

323,165

MGE

Energy,

Inc.

2,222

172,049

NextEra

Energy,

Inc.

106,477

8,317,983

NRG

Energy,

Inc.

11,228

448,334

OGE

Energy

Corp.

11,181

423,984

Otter

Tail

Corp.

1,607

101,884

PG&E

Corp.

*

79,321

1,014,516

Pinnacle

West

Capital

Corp.

6,069

422,463

PNM

Resources,

Inc.

4,637

207,784

Portland

General

Electric

Co.

5,189

272,630

PPL

Corp.

50,488

1,498,484

Southern

Co.

(The)

54,057

3,756,421

Common

Stocks

Shares

Value

($)

Electric

Utilities

Via

Renewables,

Inc.

425

4,862

Xcel

Energy,

Inc.

36,182

2,520,438

37,354,065

Electrical

Equipment

0.5%

Acuity

Brands,

Inc.

1,879

359,885

Allied

Motion

Technologies,

Inc.

494

17,710

American

Superconductor

Corp.

*

711

5,830

AMETEK,

Inc.

11,914

1,629,478

Array

Technologies,

Inc.

*

7,053

74,339

Atkore,

Inc.

*

2,431

262,013

AZZ,

Inc.

1,025

48,770

Babcock

&

Wilcox

Enterprises,

Inc.

*

319

2,265

Blink

Charging

Co.

*(d)

1,353

28,291

Bloom

Energy

Corp.,

Class A

*

7,637

115,166

ChargePoint

Holdings,

Inc.

*(d)

13,523

187,294

Eaton

Corp.

plc

20,594

3,262,707

Emerson

Electric

Co.

30,629

2,816,337

Encore

Wire

Corp.

1,089

122,719

EnerSys

2,599

194,743

Enovix

Corp.

*

141

2,272

Eos

Energy

Enterprises,

Inc.

*

247

1,023

ESS

Tech,

Inc.

*

461

2,512

FuelCell

Energy,

Inc.

*(d)

18,867

79,996

Fuji

Electric

Co.

Ltd.

112,100

6,032,745

Generac

Holdings,

Inc.

*

3,208

905,875

GrafTech

International

Ltd.

11,744

123,077

Hubbell,

Inc.

2,836

531,154

Nidec

Corp.

73,100

6,478,030

nVent

Electric

plc

9,216

318,781

Plug

Power,

Inc.

*

27,527

602,016

Powell

Industries,

Inc.

325

9,705

Preformed

Line

Products

Co.

99

6,003

Regal

Rexnord

Corp.

3,667

581,146

Rockwell

Automation,

Inc.

5,932

1,715,653

Romeo

Power,

Inc.

*(d)

15,136

35,721

Sensata

Technologies

Holding

plc

*

8,098

464,501

Shoals

Technologies

Group,

Inc.,

Class A

*

5,465

92,140

Stem,

Inc.

*(d)

8,364

102,710

Sunrun,

Inc.

*

10,610

275,117

Thermon

Group

Holdings,

Inc.

*

1,354

23,221

TPI

Composites,

Inc.

*

1,240

14,967

Tritium

DCFC

Ltd.

*

255

1,999

Vertiv

Holdings

Co.

15,830

330,214

Vicor

Corp.

*

1,209

114,045

27,972,170

Electronic

Equipment,

Instruments

&

Components

0.5%

908

Devices,

Inc.

*

79

1,250

Advanced

Energy

Industries,

Inc.

2,127

183,305

Aeva

Technologies,

Inc.

*

4,361

22,808

AEye,

Inc.

*

602

1,740

22

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Electronic

Equipment,

Instruments

&

Components

Akoustis

Technologies,

Inc.

*

1,079

6,528

Alpine

4

Holdings,

Inc.

*

867

1,387

Amphenol

Corp.,

Class A

30,181

2,402,106

Arlo

Technologies,

Inc.

*

3,031

26,339

Arrow

Electronics,

Inc.

*

3,487

432,388

Avnet,

Inc.

6,009

242,523

Badger

Meter,

Inc.

1,708

172,798

Belden,

Inc.

2,510

140,435

Benchmark

Electronics,

Inc.

317

7,652

CDW

Corp.

6,719

1,270,227

Cognex

Corp.

9,166

609,172

Coherent,

Inc.

*

1,363

352,308

Corning,

Inc.

56,501

2,375,302

CTS

Corp.

2,999

100,616

Daktronics,

Inc.

*

1,212

5,939

ePlus,

Inc.

*

292

13,423

Evolv

Technologies

Holdings,

Inc.

*

402

1,286

Fabrinet

*

1,880

212,741

FARO

Technologies,

Inc.

*

708

38,451

Hamamatsu

Photonics

KK

35,100

1,797,531

Ibiden

Co.

Ltd.

54,300

3,031,239

Identiv,

Inc.

*

133

2,570

II-VI,

Inc.

*

5,713

362,204

Insight

Enterprises,

Inc.

*

1,903

179,167

IPG

Photonics

Corp.

*

2,093

323,306

Iteris,

Inc.

*

1,259

5,011

Itron,

Inc.

*

2,654

164,548

Jabil,

Inc.

6,597

405,650

Keyence

Corp.

7,200

3,702,685

Keysight

Technologies,

Inc.

*

9,753

1,646,501

Kimball

Electronics,

Inc.

*

986

19,513

Knowles

Corp.

*

3,145

66,705

Lightwave

Logic,

Inc.

*

651

4,694

Littelfuse,

Inc.

1,229

331,793

Luna

Innovations,

Inc.

*

799

5,825

Methode

Electronics,

Inc.

1,483

65,297

MicroVision,

Inc.

*(d)

5,494

18,735

Mirion

Technologies,

Inc.

*

344

2,893

Napco

Security

Technologies,

Inc.

*

1,008

20,956

National

Instruments

Corp.

7,953

327,823

nLight,

Inc.

*

1,411

29,194

Novanta,

Inc.

*

1,704

235,322

OSI

Systems,

Inc.

*

393

32,595

Ouster,

Inc.

*

701

2,468

PAR

Technology

Corp.

*

699

26,213

PC

Connection,

Inc.

460

19,941

Plexus

Corp.

*

1,396

108,218

Rogers

Corp.

*

1,039

283,595

Sanmina

Corp.

*

3,296

124,655

ScanSource,

Inc.

*

158

4,926

SmartRent,

Inc.

*

581

4,462

Taiyo

Yuden

Co.

Ltd.

28,200

1,367,746

TD

SYNNEX

Corp.

2,257

236,014

TE

Connectivity

Ltd.

2,066

295,459

Teledyne

Technologies,

Inc.

*

2,398

1,010,589

Trimble,

Inc.

*

13,301

959,800

TTM

Technologies,

Inc.

*

2,040

27,458

Velodyne

Lidar,

Inc.

*

3,547

13,869

Common

Stocks

Shares

Value

($)

Electronic

Equipment,

Instruments

&

Components

Vishay

Intertechnology,

Inc.

8,152

168,828

Vishay

Precision

Group,

Inc.

*

478

15,310

Vontier

Corp.

8,734

245,513

Zebra

Technologies

Corp.,

Class A

*

2,799

1,425,027

27,742,572

Energy

Equipment

&

Services

0.1%

Archrock,

Inc.

4,867

41,078

Aspen

Aerogels,

Inc.

*

759

22,542

Baker

Hughes

Co.

39,228

1,076,416

Bristow

Group,

Inc.

*

360

11,826

Cactus,

Inc.,

Class A

2,301

111,507

ChampionX

Corp.

*

11,081

248,214

Core

Laboratories

NV

293

7,814

DMC

Global,

Inc.

*

614

24,769

Dril-Quip,

Inc.

*

419

10,597

Expro

Group

Holdings

NV

*

1,284

20,107

Halliburton

Co.

44,448

1,366,332

Helix

Energy

Solutions

Group,

Inc.

*

5,849

20,647

Helmerich

&

Payne,

Inc.

6,657

191,056

Liberty

Oilfield

Services,

Inc.,

Class A

*

2,823

34,158

Nabors

Industries

Ltd.

*

97

10,041

National

Energy

Services

Reunited

Corp.

*

904

8,977

Newpark

Resources,

Inc.

*

3,379

11,995

NexTier

Oilfield

Solutions,

Inc.

*

6,659

40,087

Noble

Corp.

*

216

5,333

NOV,

Inc.

22,423

368,186

Oceaneering

International,

Inc.

*

2,060

26,842

Oil

States

International,

Inc.

*

2,274

14,258

Patterson-UTI

Energy,

Inc.

11,812

117,648

ProPetro

Holding

Corp.

*

3,213

33,769

RPC,

Inc.

*

2,529

14,946

Schlumberger

NV

73,862

2,885,788

Select

Energy

Services,

Inc.,

Class A

*

2,588

17,262

Solaris

Oilfield

Infrastructure,

Inc.,

Class A

996

7,679

TETRA

Technologies,

Inc.

*

718

2,104

Tidewater,

Inc.

*

618

8,769

Transocean

Ltd.

*

3,583

11,286

US

Silica

Holdings,

Inc.

*

2,891

27,609

Valaris

Ltd.

*

413

17,135

Weatherford

International

plc

*

410

12,300

6,829,077

Entertainment

0.7%

Activision

Blizzard,

Inc.

39,499

3,120,816

AMC

Entertainment

Holdings,

Inc.,

Class A

*(d)

26,781

430,103

Cinedigm

Corp.,

Class A

*

897

762

Cinemark

Holdings,

Inc.

*

6,619

99,947

CuriosityStream,

Inc.

*

171

757

Electronic

Arts,

Inc.

14,651

1,943,602

Nationwide

Multi-Cap

Portfolio

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

23

Common

Stocks

Shares

Value

($)

Entertainment

Endeavor

Group

Holdings,

Inc.,

Class A

*

185

5,803

Eros

STX

Global

Corp.

*

3,061

652

IMAX

Corp.

*

1,679

28,963

Liberty

Media

Corp.-Liberty

Braves,

Class C

*

1,189

32,103

Liberty

Media

Corp.-Liberty

Formula

One,

Class A

*

161

8,823

Liberty

Media

Corp-Liberty

Braves,

Class A

*

313

8,780

Liberty

Media

Corp-Liberty

Formula

One,

Class C

*

9,944

598,927

Lions

Gate

Entertainment

Corp.,

Class A

*(d)

8,189

121,497

Live

Nation

Entertainment,

Inc.

*

7,576

829,648

LiveOne,

Inc.

*

899

844

Madison

Square

Garden

Entertainment

Corp.

*

1,844

130,610

Madison

Square

Garden

Sports

Corp.,

Class A

*

1,304

216,555

Marcus

Corp.

(The)

*

869

14,643

Netflix,

Inc.

*

22,629

9,665,751

Playstudios,

Inc.

*

497

2,306

Playtika

Holding

Corp.

*

4,768

81,199

ROBLOX

Corp.,

Class A

*

1,697

111,764

Roku,

Inc.

*

6,144

1,007,923

Sciplay

Corp.,

Class A

*

149

1,862

Skillz,

Inc.

*(d)

15,974

76,835

Spotify

Technology

SA

*

6,285

1,233,494

Take-Two

Interactive

Software,

Inc.

*

6,071

991,637

Walt

Disney

Co.

(The)

*

114,277

16,338,183

Warner

Music

Group

Corp.,

Class A

628

26,690

World

Wrestling

Entertainment,

Inc.,

Class A

(d)

41,889

2,091,937

Zynga,

Inc.,

Class A

*

53,018

480,873

39,704,289

Equity

Real

Estate

Investment

Trusts

(REITs)

1.5%

Acadia

Realty

Trust

1,656

32,772

Agree

Realty

Corp.

3,947

258,055

Alexander

&

Baldwin,

Inc.

5,460

125,307

Alexander's,

Inc.

82

21,588

Alexandria

Real

Estate

Equities,

Inc.

8,059

1,570,216

American

Assets

Trust,

Inc.

3,678

132,298

American

Campus

Communities,

Inc.

8,075

422,000

American

Finance

Trust,

Inc.

4,341

35,857

American

Homes

4

Rent,

Class A

14,787

578,615

American

Tower

Corp.

23,414

5,888,621

Americold

Realty

Trust

14,052

399,779

Apartment

Income

REIT

Corp.

8,466

447,174

Apartment

Investment

and

Management

Co.,

Class A

*

4,759

33,456

Apple

Hospitality

REIT,

Inc.

13,424

216,529

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Armada

Hoffler

Properties,

Inc.

379

5,317

Ashford

Hospitality

Trust,

Inc.

*

187

1,457

AvalonBay

Communities,

Inc.

8,417

2,055,684

Bluerock

Residential

Growth

REIT,

Inc.

166

4,407

Boston

Properties,

Inc.

7,623

854,386

Brandywine

Realty

Trust

9,926

127,648

Brixmor

Property

Group,

Inc.

16,315

413,748

Broadstone

Net

Lease,

Inc.

7,728

178,594

BRT

Apartments

Corp.

281

6,235

Camden

Property

Trust

5,177

828,786

CareTrust

REIT,

Inc.

5,010

106,262

CatchMark

Timber

Trust,

Inc.,

Class A

1,928

15,810

Centerspace

470

44,829

Chatham

Lodging

Trust

*

1,925

25,545

City

Office

REIT,

Inc.

1,492

26,602

Clipper

Realty,

Inc.

525

4,814

Community

Healthcare

Trust,

Inc.

863

39,128

CorePoint

Lodging,

Inc.

*

1,580

24,822

Corporate

Office

Properties

Trust

5,927

149,716

Cousins

Properties,

Inc.

8,563

330,189

Crown

Castle

International

Corp.

24,036

4,386,810

CTO

Realty

Growth,

Inc.

257

15,058

CubeSmart

11,991

608,423

CyrusOne,

Inc.

6,614

594,268

DiamondRock

Hospitality

Co.

*

4,301

40,214

Digital

Realty

Trust,

Inc.

14,675

2,189,950

DigitalBridge

Group,

Inc.

*

27,075

197,648

Diversified

Healthcare

Trust

9,083

27,703

Douglas

Emmett,

Inc.

9,243

288,566

Duke

Realty

Corp.

19,589

1,131,852

Easterly

Government

Properties,

Inc.

6,204

130,098

EastGroup

Properties,

Inc.

2,168

433,405

Empire

State

Realty

Trust,

Inc.,

Class A

5,312

47,383

EPR

Properties

4,234

186,169

Equinix,

Inc.

4,651

3,371,510

Equity

Commonwealth

*

8,172

212,799

Equity

LifeStyle

Properties,

Inc.

8,927

698,895

Equity

Residential

22,464

1,993,231

Essential

Properties

Realty

Trust,

Inc.

6,932

184,045

Essex

Property

Trust,

Inc.

3,344

1,111,880

Extra

Space

Storage,

Inc.

6,761

1,339,963

Farmland

Partners,

Inc.

1,042

11,868

Federal

Realty

Investment

Trust

4,149

528,956

First

Industrial

Realty

Trust,

Inc.

7,485

454,938

Four

Corners

Property

Trust,

Inc.

4,993

135,161

Franklin

Street

Properties

Corp.

4,205

23,338

24

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Gaming

and

Leisure

Properties,

Inc.

11,303

510,670

GEO

Group,

Inc.

(The)

*

4,289

28,865

Getty

Realty

Corp.

375

11,126

Gladstone

Commercial

Corp.

1,294

30,008

Gladstone

Land

Corp.

707

21,549

Global

Medical

REIT,

Inc.

1,637

27,682

Global

Net

Lease,

Inc.

8,206

117,674

Healthcare

Realty

Trust,

Inc.

7,404

229,672

Healthcare

Trust

of

America,

Inc.,

Class A

11,717

381,388

Healthpeak

Properties,

Inc.

36,799

1,301,581

Hersha

Hospitality

Trust

*

1,337

12,060

Highwoods

Properties,

Inc.

6,401

276,011

Host

Hotels

&

Resorts,

Inc.

*

39,219

680,057

Hudson

Pacific

Properties,

Inc.

9,133

215,813

Independence

Realty

Trust,

Inc.

7,077

162,700

Indus

Realty

Trust,

Inc.

88

6,912

Industrial

Logistics

Properties

Trust

2,519

57,761

Innovative

Industrial

Properties,

Inc.

1,339

265,376

InvenTrust

Properties

Corp.

439

11,827

Invitation

Homes,

Inc.

32,341

1,357,675

Iron

Mountain,

Inc.

14,803

679,754

iStar,

Inc.

1,166

25,034

JBG

SMITH

Properties

8,015

219,611

Kilroy

Realty

Corp.

6,107

390,848

Kimco

Realty

Corp.

28,300

686,558

Kite

Realty

Group

Trust

12,255

255,884

Lamar

Advertising

Co.,

Class A

4,478

495,983

Life

Storage,

Inc.

3,977

536,696

LTC

Properties,

Inc.

1,518

54,754

LXP

Industrial

Trust

14,476

215,548

Macerich

Co.

(The)

11,050

182,767

Medical

Properties

Trust,

Inc.

30,058

684,120

MGM

Growth

Properties

LLC,

Class A

982

38,180

Mid-America

Apartment

Communities,

Inc.

5,895

1,218,379

Monmouth

Real

Estate

Investment

Corp.

6,988

146,678

National

Health

Investors,

Inc.

2,656

153,597

National

Retail

Properties,

Inc.

9,960

442,025

National

Storage

Affiliates

Trust

3,227

198,654

NETSTREIT

Corp.

3,236

73,134

NexPoint

Residential

Trust,

Inc.

1,236

98,015

Office

Properties

Income

Trust

1,766

44,998

Omega

Healthcare

Investors,

Inc.

12,884

405,588

One

Liberty

Properties,

Inc.

696

21,228

Orion

Office

REIT,

Inc.

*

1,732

28,821

Outfront

Media,

Inc.

8,659

215,090

Paramount

Group,

Inc.

6,533

56,772

Park

Hotels

&

Resorts,

Inc.

*

14,242

259,204

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Pebblebrook

Hotel

Trust

8,059

174,477

Phillips

Edison

&

Co.,

Inc.

125

3,940

Physicians

Realty

Trust

12,009

219,284

Piedmont

Office

Realty

Trust,

Inc.,

Class A

7,535

133,822

Plymouth

Industrial

REIT,

Inc.

704

20,240

PotlatchDeltic

Corp.

3,606

193,967

Preferred

Apartment

Communities,

Inc.,

Class A

1,947

32,476

Prologis,

Inc.

38,515

6,039,922

PS

Business

Parks,

Inc.

1,189

198,515

Public

Storage

7,655

2,744,547

Rayonier,

Inc.

7,465

272,771

Realty

Income

Corp.

35,484

2,462,944

Regency

Centers

Corp.

9,015

646,826

Retail

Opportunity

Investments

Corp.

4,563

84,552

Retail

Value,

Inc.

743

2,340

Rexford

Industrial

Realty,

Inc.

8,070

590,482

RLJ

Lodging

Trust

10,808

149,691

RPT

Realty

3,017

38,075

Ryman

Hospitality

Properties,

Inc.

*

3,016

266,614

Sabra

Health

Care

REIT,

Inc.

12,374

168,410

Safehold,

Inc.

661

40,916

Saul

Centers,

Inc.

484

23,900

SBA

Communications

Corp.

5,557

1,808,470

Seritage

Growth

Properties,

Class A

*

1,327

13,748

Service

Properties

Trust

5,051

43,186

Simon

Property

Group,

Inc.

17,219

2,534,637

SITE

Centers

Corp.

6,024

89,215

SL

Green

Realty

Corp.

3,804

275,837

Spirit

Realty

Capital,

Inc.

6,516

309,249

STAG

Industrial,

Inc.

23,159

989,584

STORE

Capital

Corp.

22,498

713,412

Summit

Hotel

Properties,

Inc.

*

3,365

31,698

Sun

Communities,

Inc.

6,407

1,210,667

Sunstone

Hotel

Investors,

Inc.

*

14,935

168,915

Tanger

Factory

Outlet

Centers,

Inc.

3,650

62,087

Terreno

Realty

Corp.

4,211

314,856

UDR,

Inc.

15,349

872,437

UMH

Properties,

Inc.

1,273

30,043

Uniti

Group,

Inc.

12,142

146,433

Universal

Health

Realty

Income

Trust

502

29,267

Urban

Edge

Properties

6,966

127,060

Urstadt

Biddle

Properties,

Inc.,

Class A

1,256

24,731

Ventas,

Inc.

20,558

1,089,985

Veris

Residential,

Inc.

*

6,422

105,963

VICI

Properties,

Inc.

30,954

885,903

Vornado

Realty

Trust

10,267

421,050

Washington

REIT

6,380

157,076

Welltower,

Inc.

22,036

1,908,979

Weyerhaeuser

Co.

38,734

1,566,016

Whitestone

REIT

1,597

16,305

WP

Carey,

Inc.

9,507

737,743

Nationwide

Multi-Cap

Portfolio

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

25

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Xenia

Hotels

&

Resorts,

Inc.

*

7,259

125,871

80,603,838

Food

&

Staples

Retailing

0.5%

Albertsons

Cos.,

Inc.,

Class A

7,515

211,547

Andersons,

Inc.

(The)

1,244

47,396

BJ's

Wholesale

Club

Holdings,

Inc.

*

7,297

448,547

Casey's

General

Stores,

Inc.

1,986

372,991

Chefs'

Warehouse,

Inc.

(The)

*

1,030

30,735

Costco

Wholesale

Corp.

23,105

11,671,029

Grocery

Outlet

Holding

Corp.

*

5,051

128,194

HF

Foods

Group,

Inc.

*

1,277

8,862

Ingles

Markets,

Inc.,

Class A

574

44,158

Kroger

Co.

(The)

38,423

1,674,859

Natural

Grocers

by

Vitamin

Cottage,

Inc.

296

4,322

Performance

Food

Group

Co.

*

8,514

359,206

PriceSmart,

Inc.

601

42,917

Rite

Aid

Corp.

*(d)

2,154

22,854

SpartanNash

Co.

1,368

33,612

Sprouts

Farmers

Market,

Inc.

*

6,049

164,170

Sysco

Corp.

26,589

2,077,930

United

Natural

Foods,

Inc.

*

3,184

123,476

US

Foods

Holding

Corp.

*

12,398

437,153

Village

Super

Market,

Inc.,

Class A

257

5,872

Walgreens

Boots

Alliance,

Inc.

37,845

1,883,167

Walmart,

Inc.

75,365

10,536,781

Weis

Markets,

Inc.

430

25,903

30,355,681

Food

Products

0.6%

Ajinomoto

Co.,

Inc.

219,300

6,126,116

AppHarvest,

Inc.

*(d)

2,430

7,266

Archer-Daniels-Midland

Co.

32,804

2,460,300

B&G

Foods,

Inc.

2,329

72,432

Benson

Hill,

Inc.

*

821

2,775

Beyond

Meat,

Inc.

*(d)

3,155

205,485

Bunge

Ltd.

6,731

665,427

Calavo

Growers,

Inc.

661

27,372

Cal-Maine

Foods,

Inc.

3,100

120,900

Campbell

Soup

Co.

10,204

450,200

Conagra

Brands,

Inc.

33,995

1,181,666

Darling

Ingredients,

Inc.

*

8,667

552,695

Dole

plc

516

6,981

Flowers

Foods,

Inc.

10,446

293,846

Fresh

Del

Monte

Produce,

Inc.

1,220

33,953

Freshpet,

Inc.

*

2,261

210,341

General

Mills,

Inc.

36,130

2,481,408

Hain

Celestial

Group,

Inc.

(The)

*

5,095

186,120

Hershey

Co.

(The)

7,220

1,422,845

Hormel

Foods

Corp.

15,100

716,797

Hostess

Brands,

Inc.

*

8,352

171,383

Ingredion,

Inc.

3,882

367,625

J

&

J

Snack

Foods

Corp.

580

87,980

J

M

Smucker

Co.

(The)

5,530

777,407

John

B

Sanfilippo

&

Son,

Inc.

353

27,922

Common

Stocks

Shares

Value

($)

Food

Products

Kellogg

Co.

17,971

1,132,173

Kraft

Heinz

Co.

(The)

35,017

1,253,609

Lamb

Weston

Holdings,

Inc.

8,118

521,257

Lancaster

Colony

Corp.

1,090

173,059

Landec

Corp.

*

801

8,611

Limoneira

Co.

694

10,313

McCormick

&

Co.,

Inc.

(Non-Voting)

16,528

1,657,924

Mission

Produce,

Inc.

*

1,801

25,700

Mondelez

International,

Inc.,

Class A

77,256

5,178,470

Pilgrim's

Pride

Corp.

*

3,028

84,693

Post

Holdings,

Inc.

*

3,361

355,661

Sanderson

Farms,

Inc.

1,185

218,040

Seaboard

Corp.

4

15,280

Seneca

Foods

Corp.,

Class A

*

244

11,407

Simply

Good

Foods

Co.

(The)

*

4,886

172,134

Sovos

Brands,

Inc.

*

169

2,479

Tattooed

Chef,

Inc.

*(d)

1,935

24,575

Tootsie

Roll

Industries,

Inc.

643

21,830

TreeHouse

Foods,

Inc.

*

3,216

124,556

Tyson

Foods,

Inc.,

Class A

18,799

1,708,641

Utz

Brands,

Inc.

2,145

34,556

Vital

Farms,

Inc.

*

115

1,901

Whole

Earth

Brands,

Inc.

*

233

2,209

31,396,320

Gas

Utilities

0.0%

†

Atmos

Energy

Corp.

5,930

635,815

Brookfield

Infrastructure

Corp.,

Class A

(d)

3,039

201,546

Chesapeake

Utilities

Corp.

678

92,350

National

Fuel

Gas

Co.

4,832

293,447

New

Jersey

Resources

Corp.

5,316

213,756

Northwest

Natural

Holding

Co.

1,178

55,767

ONE

Gas,

Inc.

2,202

171,514

South

Jersey

Industries,

Inc.

6,497

162,555

Southwest

Gas

Holdings,

Inc.

3,408

232,357

Spire,

Inc.

2,828

186,422

Star

Group

LP

218

2,276

UGI

Corp.

9,320

422,662

2,670,467

Health

Care

Equipment

&

Supplies

1.4%

Abbott

Laboratories

89,963

11,466,684

ABIOMED,

Inc.

*

2,335

690,856

Accelerate

Diagnostics,

Inc.

*

977

3,253

Accuray,

Inc.

*

3,951

14,421

Acutus

Medical,

Inc.

*

1,138

2,583

Align

Technology,

Inc.

*

4,102

2,030,326

Alphatec

Holdings,

Inc.

*

1,647

17,030

AngioDynamics,

Inc.

*

1,475

31,904

Apyx

Medical

Corp.

*

1,122

12,903

Artivion,

Inc.

*

1,436

25,561

Asensus

Surgical,

Inc.

*

1,683

1,492

Aspira

Women's

Health,

Inc.

*

1,468

1,776

AtriCure,

Inc.

*

2,676

175,653

Atrion

Corp.

28

16,951

Avanos

Medical,

Inc.

*

3,520

106,515

26

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

Axogen,

Inc.

*

1,341

11,680

Axonics,

Inc.

*

2,754

130,622

Baxter

International,

Inc.

25,614

2,188,460

Becton

Dickinson

and

Co.

14,561

3,700,532

BioLife

Solutions,

Inc.

*

1,139

33,988

Bioventus,

Inc.,

Class A

*

794

10,346

Boston

Scientific

Corp.

*

71,147

3,052,206

Butterfly

Network,

Inc.

*(d)

13,202

76,572

Cardiovascular

Systems,

Inc.

*

1,418

24,914

Cerus

Corp.

*

15,238

81,676

ClearPoint

Neuro,

Inc.

*

129

1,139

CONMED

Corp.

1,691

232,648

Cooper

Cos.,

Inc.

(The)

2,355

937,996

CryoPort,

Inc.

*

2,327

97,199

Cutera,

Inc.

*

665

24,213

CytoSorbents

Corp.

*

1,233

4,587

Dentsply

Sirona,

Inc.

11,848

632,920

DexCom,

Inc.

*

5,062

2,179,090

Eargo,

Inc.

*

128

616

Edwards

Lifesciences

Corp.

*

32,371

3,534,913

Envista

Holdings

Corp.

*

9,113

394,046

Figs,

Inc.,

Class A

*(d)

6,118

137,533

Glaukos

Corp.

*

2,895

154,130

Globus

Medical,

Inc.,

Class A

*

4,388

292,811

Haemonetics

Corp.

*

2,898

140,118

Heska

Corp.

*

665

91,491

Hologic,

Inc.

*

13,044

916,211

Hoya

Corp.

57,700

7,471,773

ICU

Medical,

Inc.

*

1,117

238,323

IDEXX

Laboratories,

Inc.

*

4,284

2,173,273

Inari

Medical,

Inc.

*

2,110

155,212

Inogen,

Inc.

*

741

22,030

Insulet

Corp.

*

3,507

869,736

Integer

Holdings

Corp.

*

1,827

143,255

Integra

LifeSciences

Holdings

Corp.

*

3,993

258,507

Intersect

ENT,

Inc.

*

1,231

33,729

Intuitive

Surgical,

Inc.

*

18,533

5,266,708

Invacare

Corp.

*

1,405

3,161

iRadimed

Corp.

*

168

6,690

iRhythm

Technologies,

Inc.

*

1,704

212,710

Lantheus

Holdings,

Inc.

*

4,874

123,848

LeMaitre

Vascular,

Inc.

696

29,448

LivaNova

plc

*

3,060

229,837

Masimo

Corp.

*

2,634

579,138

Medtronic

plc

69,112

7,152,401

Meridian

Bioscience,

Inc.

*

1,676

34,945

Merit

Medical

Systems,

Inc.

*

2,977

165,075

Mesa

Laboratories,

Inc.

76

21,609

Natus

Medical,

Inc.

*

1,273

29,330

Neogen

Corp.

*

6,240

227,573

Nevro

Corp.

*

2,036

133,765

Novocure

Ltd.

*

4,800

329,520

NuVasive,

Inc.

*

3,031

157,642

Olympus

Corp.

279,900

6,275,903

OraSure

Technologies,

Inc.

*

2,541

22,488

Ortho

Clinical

Diagnostics

Holdings

plc

*

6,222

108,014

Orthofix

Medical,

Inc.

*

725

22,040

OrthoPediatrics

Corp.

*

489

23,125

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

Outset

Medical,

Inc.

*

2,980

110,826

PAVmed,

Inc.

*

1,755

3,019

Penumbra,

Inc.

*

1,835

414,728

Pulmonx

Corp.

*

1,037

25,251

Pulse

Biosciences,

Inc.

*

460

5,594

Quidel

Corp.

*

1,935

200,002

Quotient

Ltd.

*

2,268

3,674

ResMed,

Inc.

7,529

1,721,129

Retractable

Technologies,

Inc.

*(d)

422

2,304

SeaSpine

Holdings

Corp.

*

932

11,165

Semler

Scientific,

Inc.

*

28

2,119

Senseonics

Holdings,

Inc.

*(d)

13,209

35,400

Shockwave

Medical,

Inc.

*

1,883

272,978

SI-BONE,

Inc.

*

1,073

21,138

Sientra,

Inc.

*

1,550

4,355

Silk

Road

Medical,

Inc.

*

926

30,382

SmileDirectClub,

Inc.

*

724

1,853

STAAR

Surgical

Co.

*

2,596

188,781

Stereotaxis,

Inc.

*

1,733

9,549

STERIS

plc

3,977

892,439

Stryker

Corp.

17,544

4,351,789

Surmodics,

Inc.

*

537

24,530

Tactile

Systems

Technology,

Inc.

*

706

11,134

Tandem

Diabetes

Care,

Inc.

*

3,009

355,393

Teleflex,

Inc.

2,482

769,892

TransMedics

Group,

Inc.

*

860

13,648

Treace

Medical

Concepts,

Inc.

*

114

2,068

Utah

Medical

Products,

Inc.

152

14,299

Vapotherm,

Inc.

*

675

10,915

Varex

Imaging

Corp.

*

1,516

39,568

Vicarious

Surgical,

Inc.

*

288

1,852

ViewRay,

Inc.

*

4,578

19,914

Zimmer

Biomet

Holdings,

Inc.

10,954

1,347,561

Zynex,

Inc.

(d)

673

5,330

77,125,952

Health

Care

Providers

&

Services

1.1%

1Life

Healthcare,

Inc.

*

7,891

88,063

Acadia

Healthcare

Co.,

Inc.

*

5,014

263,987

Accolade,

Inc.

*

1,788

34,151

AdaptHealth

Corp.

*

2,282

43,130

Addus

HomeCare

Corp.

*

1,187

94,758

Agiliti,

Inc.

*

191

3,654

agilon

health,

Inc.

*

8,621

142,936

Alignment

Healthcare,

Inc.

*

7,307

55,533

Amedisys,

Inc.

*

1,796

242,640

AmerisourceBergen

Corp.

6,840

931,608

AMN

Healthcare

Services,

Inc.

*

2,499

253,249

Anthem,

Inc.

12,607

5,559,561

Apollo

Medical

Holdings,

Inc.

*(d)

2,010

103,475

Apria,

Inc.

*

96

3,591

Aveanna

Healthcare

Holdings,

Inc.

*

267

1,466

Brookdale

Senior

Living,

Inc.

*

7,624

40,331

Cano

Health,

Inc.

*

745

4,306

Nationwide

Multi-Cap

Portfolio

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

27

Common

Stocks

Shares

Value

($)

Health

Care

Providers

&

Services

Cardinal

Health,

Inc.

15,583

803,615

CareMax,

Inc.

*

358

2,220

Castle

Biosciences,

Inc.

*

872

37,714

Centene

Corp.

*

29,259

2,275,180

Chemed

Corp.

873

409,358

Cigna

Corp.

16,529

3,809,273

Clover

Health

Investments

Corp.

*

1,370

3,535

Community

Health

Systems,

Inc.

*

7,488

95,023

CorVel

Corp.

*

183

32,230

Covetrus,

Inc.

*

3,754

67,835

Cross

Country

Healthcare,

Inc.

*

1,541

33,147

CVS

Health

Corp.

67,034

7,139,791

DaVita,

Inc.

*

3,633

393,708

Encompass

Health

Corp.

5,221

323,911

Ensign

Group,

Inc.

(The)

3,120

235,342

Five

Star

Senior

Living,

Inc.

*

837

2,461

Fulgent

Genetics,

Inc.

*

773

49,371

Guardant

Health,

Inc.

*

5,214

362,634

Hanger,

Inc.

*

1,542

27,956

HCA

Healthcare,

Inc.

12,634

3,032,792

HealthEquity,

Inc.

*

4,332

231,502

Henry

Schein,

Inc.

*

6,694

504,058

Hims

&

Hers

Health,

Inc.

*

793

3,870

Humana,

Inc.

6,742

2,646,235

InfuSystem

Holdings,

Inc.

*

493

7,444

Joint

Corp.

(The)

*

510

27,560

Laboratory

Corp.

of

America

Holdings

*

5,065

1,374,438

LHC

Group,

Inc.

*

1,809

224,497

LifeStance

Health

Group,

Inc.

*

287

2,190

McKesson

Corp.

8,256

2,119,480

MEDNAX,

Inc.

*

2,478

60,587

ModivCare,

Inc.

*

841

97,497

Molina

Healthcare,

Inc.

*

3,016

876,088

National

HealthCare

Corp.

489

31,981

National

Research

Corp.

565

23,504

Oak

Street

Health,

Inc.

*(d)

5,922

102,924

Ontrak,

Inc.

*

230

796

Option

Care

Health,

Inc.

*

8,587

200,678

Owens

&

Minor,

Inc.

4,098

172,485

Patterson

Cos.,

Inc.

4,841

138,888

Pennant

Group,

Inc.

(The)

*

1,032

17,152

PetIQ,

Inc.

*

781

15,964

Premier,

Inc.,

Class A

6,717

256,724

Privia

Health

Group,

Inc.

*

1,067

22,706

Progyny,

Inc.

*

3,625

146,812

Quest

Diagnostics,

Inc.

6,407

865,073

R1

RCM,

Inc.

*

6,759

160,729

RadNet,

Inc.

*

1,724

44,393

Select

Medical

Holdings

Corp.

6,087

141,401

Sharps

Compliance

Corp.

*

517

3,490

Signify

Health,

Inc.,

Class A

*

2,243

29,899

Surgery

Partners,

Inc.

*

2,082

88,839

Talkspace,

Inc.

*

571

845

Tenet

Healthcare

Corp.

*

5,700

422,484

Tivity

Health,

Inc.

*

1,641

41,747

Common

Stocks

Shares

Value

($)

Health

Care

Providers

&

Services

Triple-S

Management

Corp.,

Class B

*

780

28,072

UnitedHealth

Group,

Inc.

48,645

22,988,168

Universal

Health

Services,

Inc.,

Class B

4,006

521,020

US

Physical

Therapy,

Inc.

(d)

219

21,193

Viemed

Healthcare,

Inc.

*

936

4,334

61,671,282

Health

Care

Technology

0.1%

Allscripts

Healthcare

Solutions,

Inc.

*

4,110

83,104

American

Well

Corp.,

Class A

*

6,115

28,924

Babylon

Holdings

Ltd.,

Class A

*

217

1,254

Cerner

Corp.

14,792

1,349,030

Certara,

Inc.

*

4,771

127,529

Change

Healthcare,

Inc.

*

13,885

273,257

Computer

Programs

&

Systems,

Inc.

*

534

15,123

Definitive

Healthcare

Corp.

*

109

2,385

Doximity,

Inc.,

Class A

*

305

13,899

Evolent

Health,

Inc.,

Class A

*

4,709

111,650

GoodRx

Holdings,

Inc.,

Class A

*

417

10,012

Health

Catalyst,

Inc.

*

3,513

104,863

HealthStream,

Inc.

*

1,025

24,959

iCAD,

Inc.

*

647

3,617

Inspire

Medical

Systems,

Inc.

*

1,474

326,182

Multiplan

Corp.

*(d)

6,272

25,276

NantHealth,

Inc.

*

841

671

NextGen

Healthcare,

Inc.

*

2,151

41,536

Omnicell,

Inc.

*

2,457

368,894

OptimizeRx

Corp.

*

461

20,713

Pear

Therapeutics,

Inc.

*

174

706

Phreesia,

Inc.

*

3,000

93,570

Schrodinger,

Inc.

*

3,161

89,614

Sema4

Holdings

Corp.

*

584

1,997

Sharecare,

Inc.

*

1,700

5,797

Simulations

Plus,

Inc.

537

22,833

Tabula

Rasa

HealthCare,

Inc.

*

398

4,294

Teladoc

Health,

Inc.

*(d)

8,076

619,510

Veeva

Systems,

Inc.,

Class A

*

7,292

1,724,850

Vocera

Communications,

Inc.

*

2,292

181,091

5,677,140

Hotels,

Restaurants

&

Leisure

1.0%

Accel

Entertainment,

Inc.

*

1,476

18,612

Airbnb,

Inc.,

Class A

*

2,013

309,942

Aramark

12,889

441,964

Bally's

Corp.

*

863

30,844

Biglari

Holdings,

Inc.,

Class B

*

38

4,503

BJ's

Restaurants,

Inc.

*

707

21,274

Bloomin'

Brands,

Inc.

*

3,350

68,105

Bluegreen

Vacations

Holding

Corp.

*

198

5,934

Booking

Holdings,

Inc.

*

2,128

5,226,645

Boyd

Gaming

Corp.

*

4,540

269,948

Brinker

International,

Inc.

*

2,766

91,859

28

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Caesars

Entertainment,

Inc.

*

19,135

1,456,939

Carnival

Corp.

*

104,713

2,074,365

Carrols

Restaurant

Group,

Inc.

1,522

3,759

Century

Casinos,

Inc.

*

1,476

14,686

Cheesecake

Factory,

Inc.

(The)

*

3,314

118,244

Chipotle

Mexican

Grill,

Inc.

*

1,457

2,164,490

Choice

Hotels

International,

Inc.

1,361

195,167

Churchill

Downs,

Inc.

1,916

402,935

Chuy's

Holdings,

Inc.

*

735

18,529

Cracker

Barrel

Old

Country

Store,

Inc.

1,468

174,898

Darden

Restaurants,

Inc.

6,883

962,725

Dave

&

Buster's

Entertainment,

Inc.

*

2,710

96,991

Del

Taco

Restaurants,

Inc.

1,065

13,281

Denny's

Corp.

*

2,200

34,100

Dine

Brands

Global,

Inc.

617

41,863

Domino's

Pizza,

Inc.

1,754

797,456

DraftKings,

Inc.,

Class A

*(d)

16,243

358,808

Dutch

Bros,

Inc.,

Class A

*

152

7,927

El

Pollo

Loco

Holdings,

Inc.

*

675

9,004

Esports

Technologies,

Inc.

*

80

962

Everi

Holdings,

Inc.

*

3,068

60,654

Expedia

Group,

Inc.

*

7,401

1,356,529

Fiesta

Restaurant

Group,

Inc.

*

845

8,002

Full

House

Resorts,

Inc.

*

203

1,792

GAN

Ltd.

*

238

1,640

Golden

Entertainment,

Inc.

*

632

28,427

Golden

Nugget

Online

Gaming,

Inc.

*

1,871

15,043

Hilton

Grand

Vacations,

Inc.

*

3,180

155,375

Hilton

Worldwide

Holdings,

Inc.

*

13,407

1,945,490

Hyatt

Hotels

Corp.,

Class A

*

3,091

283,167

International

Game

Technology

plc

5,508

147,449

Jack

in

the

Box,

Inc.

1,202

109,442

Krispy

Kreme,

Inc.

168

2,518

Kura

Sushi

USA,

Inc.,

Class A

*

134

6,184

Las

Vegas

Sands

Corp.

*

18,410

806,358

Life

Time

Group

Holdings,

Inc.

*

170

2,553

Lindblad

Expeditions

Holdings,

Inc.

*

1,013

17,089

Marriott

International,

Inc.,

Class A

*

13,726

2,211,533

Marriott

Vacations

Worldwide

Corp.

1,945

315,829

McDonald's

Corp.

38,461

9,978,706

MGM

Resorts

International

87,439

3,735,394

Monarch

Casino

&

Resort,

Inc.

*

498

30,826

Nathan's

Famous,

Inc.

88

4,741

Noodles

&

Co.

*

1,283

10,790

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Norwegian

Cruise

Line

Holdings

Ltd.

*(d)

124,477

2,592,856

ONE

Group

Hospitality,

Inc.

(The)

*

154

1,940

Papa

John's

International,

Inc.

1,687

208,260

Penn

National

Gaming,

Inc.

*

8,726

397,993

Planet

Fitness,

Inc.,

Class A

*

4,557

403,932

Playa

Hotels

&

Resorts

NV

*

777

5,929

PlayAGS,

Inc.

*

1,088

8,476

RCI

Hospitality

Holdings,

Inc.

414

28,926

Red

Robin

Gourmet

Burgers,

Inc.

*

521

7,685

Red

Rock

Resorts,

Inc.,

Class A

3,302

147,005

Royal

Caribbean

Cruises

Ltd.

*

11,867

923,371

Rush

Street

Interactive,

Inc.

*

4,062

41,189

Ruth's

Hospitality

Group,

Inc.

*

1,162

23,275

Scientific

Games

Corp.

*

5,065

292,251

SeaWorld

Entertainment,

Inc.

*

2,020

120,352

Shake

Shack,

Inc.,

Class A

*

2,194

144,958

Six

Flags

Entertainment

Corp.

*

4,762

188,051

Sonder

Holdings,

Inc.

*

285

2,713

Starbucks

Corp.

61,065

6,003,911

Super

Group

SGHC

Ltd.

*

284

2,474

Sweetgreen,

Inc.,

Class A

*(d)

256

7,744

Target

Hospitality

Corp.

*

1,611

5,332

Texas

Roadhouse,

Inc.

3,802

324,653

Travel

+

Leisure

Co.

3,619

205,559

Vail

Resorts,

Inc.

2,086

578,031

Wendy's

Co.

(The)

9,619

221,526

Wingstop,

Inc.

1,540

236,005

Wyndham

Hotels

&

Resorts,

Inc.

4,306

361,489

Wynn

Resorts

Ltd.

*

5,917

505,608

Yum

China

Holdings,

Inc.

19,544

941,434

Yum!

Brands,

Inc.

14,630

1,831,237

53,436,455

Household

Durables

0.4%

Aterian,

Inc.

*

198

642

Beazer

Homes

USA,

Inc.

*

1,002

18,276

Cavco

Industries,

Inc.

*

573

154,389

Century

Communities,

Inc.

1,715

112,933

DR

Horton,

Inc.

16,803

1,499,164

Dream

Finders

Homes,

Inc.,

Class A

*

121

2,255

Ethan

Allen

Interiors,

Inc.

946

23,849

Garmin

Ltd.

7,924

985,904

GoPro,

Inc.,

Class A

*

5,143

45,567

Green

Brick

Partners,

Inc.

*

846

20,033

Hamilton

Beach

Brands

Holding

Co.,

Class A

183

2,536

Helen

of

Troy

Ltd.

*

1,282

268,361

Hooker

Furnishings

Corp.

387

8,529

Hovnanian

Enterprises,

Inc.,

Class A

*

2,951

285,893

Installed

Building

Products,

Inc.

1,394

154,441

iRobot

Corp.

*(d)

1,615

105,815

Nationwide

Multi-Cap

Portfolio

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

29

Common

Stocks

Shares

Value

($)

Household

Durables

KB

Home

4,922

207,955

La-Z-Boy,

Inc.

3,576

131,275

Legacy

Housing

Corp.

*

282

6,982

Leggett

&

Platt,

Inc.

5,975

238,104

Lennar

Corp.,

Class A

14,383

1,375,460

LGI

Homes,

Inc.

*

1,157

144,058

Lifetime

Brands,

Inc.

325

5,038

Lovesac

Co.

(The)

*

319

17,178

M/I

Homes,

Inc.

*

1,119

59,296

MDC

Holdings,

Inc.

2,243

113,698

Meritage

Homes

Corp.

*

1,983

202,325

Mohawk

Industries,

Inc.

*

3,034

478,978

Newell

Brands,

Inc.

20,780

482,304

NVR,

Inc.

*

170

905,627

PulteGroup,

Inc.

13,795

726,859

Purple

Innovation,

Inc.

*

1,998

16,623

Skyline

Champion

Corp.

*

3,010

202,693

Sonos,

Inc.

*

6,829

172,227

Sony

Group

Corp.

80,300

8,970,976

Taylor

Morrison

Home

Corp.

*

6,741

206,881

Tempur

Sealy

International,

Inc.

8,397

334,285

Toll

Brothers,

Inc.

6,136

361,840

TopBuild

Corp.

*

1,792

416,909

Traeger,

Inc.

*

148

1,508

TRI

Pointe

Group,

Inc.

*

6,345

151,074

Tupperware

Brands

Corp.

*

566

8,728

Universal

Electronics,

Inc.

*

519

18,419

VOXX

International

Corp.

*

531

5,868

Vuzix

Corp.

*(d)

2,304

15,045

Whirlpool

Corp.

2,630

552,800

20,219,600

Household

Products

0.6%

Central

Garden

&

Pet

Co.

*

1,233

54,212

Church

&

Dwight

Co.,

Inc.

12,772

1,311,046

Clorox

Co.

(The)

6,440

1,081,018

Colgate-Palmolive

Co.

43,242

3,565,303

Energizer

Holdings,

Inc.

4,190

157,586

Kimberly-Clark

Corp.

17,342

2,387,126

Oil-Dri

Corp.

of

America

175

5,954

Procter

&

Gamble

Co.

(The)

125,995

20,215,898

Reynolds

Consumer

Products,

Inc.

3,011

91,143

Spectrum

Brands

Holdings,

Inc.

2,351

210,132

Unicharm

Corp.

78,000

3,018,607

WD-40

Co.

745

165,584

32,263,609

Independent

Power

and

Renewable

Electricity

Producers

0.1%

AES

Corp.

(The)

48,157

1,068,122

Altus

Power,

Inc.

*

255

1,839

Brookfield

Renewable

Corp.

7,077

242,175

Clearway

Energy,

Inc.,

Class A

6,166

204,371

Montauk

Renewables,

Inc.

*

366

3,949

NextEra

Energy

Partners

LP

483

36,331

Ormat

Technologies,

Inc.

(d)

2,525

172,104

Common

Stocks

Shares

Value

($)

Independent

Power

and

Renewable

Electricity

Producers

Sunnova

Energy

International,

Inc.

*

4,854

95,430

Vistra

Corp.

55,017

1,199,921

3,024,242

Industrial

Conglomerates

0.4%

3M

Co.

33,406

5,546,064

General

Electric

Co.

57,121

5,396,792

Honeywell

International,

Inc.

39,433

8,063,260

Roper

Technologies,

Inc.

5,372

2,348,424

21,354,540

Insurance

1.0%

Aflac,

Inc.

38,767

2,435,343

Alleghany

Corp.

*

762

505,968

Allstate

Corp.

(The)

14,666

1,769,746

Ambac

Financial

Group,

Inc.

*

1,835

26,002

American

Equity

Investment

Life

Holding

Co.

4,291

176,532

American

Financial

Group,

Inc.

3,874

504,705

American

International

Group,

Inc.

43,819

2,530,547

American

National

Group,

Inc.

225

42,478

AMERISAFE,

Inc.

636

33,403

Aon

plc,

Class A

11,332

3,132,618

Arch

Capital

Group

Ltd.

*

18,757

868,824

Argo

Group

International

Holdings

Ltd.

2,065

117,251

Arthur

J

Gallagher

&

Co.

10,658

1,683,324

Assurant,

Inc.

3,063

467,138

Assured

Guaranty

Ltd.

4,047

215,665

Axis

Capital

Holdings

Ltd.

4,246

241,937

Bright

Health

Group,

Inc.

*

391

1,087

Brighthouse

Financial,

Inc.

*

4,945

269,255

Brown

&

Brown,

Inc.

12,561

832,543

BRP

Group,

Inc.,

Class A

*

2,676

81,671

Chubb

Ltd.

21,999

4,339,963

Cincinnati

Financial

Corp.

7,472

880,426

Citizens,

Inc.

*

1,976

9,386

CNA

Financial

Corp.

2,559

117,484

CNO

Financial

Group,

Inc.

8,257

205,930

Crawford

&

Co.,

Class A

552

4,201

Donegal

Group,

Inc.,

Class A

359

5,152

eHealth,

Inc.

*

438

9,570

Employers

Holdings,

Inc.

172

6,725

Enstar

Group

Ltd.

*

605

160,373

Erie

Indemnity

Co.,

Class A

1,338

246,326

Everest

Re

Group

Ltd.

1,777

503,602

Fidelity

National

Financial,

Inc.

13,474

678,416

First

American

Financial

Corp.

4,854

361,671

Genworth

Financial,

Inc.,

Class A

*

10,371

40,447

Globe

Life,

Inc.

4,717

482,549

GoHealth,

Inc.,

Class A

*

411

1,134

Goosehead

Insurance,

Inc.,

Class A

977

96,313

Greenlight

Capital

Re

Ltd.,

Class A

*

1,339

9,694

30

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Insurance

Hanover

Insurance

Group,

Inc.

(The)

2,046

282,266

Hartford

Financial

Services

Group,

Inc.

(The)

18,272

1,313,209

HCI

Group,

Inc.

280

19,004

Heritage

Insurance

Holdings,

Inc.

1,064

6,629

Hippo

Holdings,

Inc.

*

3,064

6,434

Horace

Mann

Educators

Corp.

792

30,104

Independence

Holding

Co.

140

7,973

Investors

Title

Co.

65

12,999

James

River

Group

Holdings

Ltd.

263

7,448

Kemper

Corp.

3,205

192,236

Kinsale

Capital

Group,

Inc.

1,167

233,773

Lemonade,

Inc.

*(d)

2,343

74,812

Lincoln

National

Corp.

10,164

711,277

Loews

Corp.

13,136

783,694

Markel

Corp.

*

701

864,151

Marsh

&

McLennan

Cos.,

Inc.

26,092

4,008,775

MBIA,

Inc.

*

2,790

38,139

Mercury

General

Corp.

759

41,487

MetLife,

Inc.

35,095

2,353,471

National

Western

Life

Group,

Inc.,

Class A

100

21,387

NI

Holdings,

Inc.

*

268

5,172

Old

Republic

International

Corp.

16,812

430,892

Oscar

Health,

Inc.,

Class A

*

737

4,938

Palomar

Holdings,

Inc.

*

901

47,528

Primerica,

Inc.

2,176

335,844

Principal

Financial

Group,

Inc.

17,693

1,292,651

ProAssurance

Corp.

612

14,663

Progressive

Corp.

(The)

29,204

3,173,307

Prudential

Financial,

Inc.

20,057

2,237,759

Reinsurance

Group

of

America,

Inc.

3,161

362,978

RenaissanceRe

Holdings

Ltd.

1,990

312,768

RLI

Corp.

2,311

242,147

Root,

Inc.,

Class A

*

591

1,188

Ryan

Specialty

Group

Holdings,

Inc.,

Class A

*

412

15,413

Safety

Insurance

Group,

Inc.

117

9,633

Selective

Insurance

Group,

Inc.

2,940

231,966

Selectquote,

Inc.

*

10,334

76,368

SiriusPoint

Ltd.

*

3,135

26,553

State

Auto

Financial

Corp.

673

34,794

Stewart

Information

Services

Corp.

322

23,000

Tiptree,

Inc.

965

11,956

Tokio

Marine

Holdings,

Inc.

83,900

5,013,023

Travelers

Cos.,

Inc.

(The)

12,490

2,075,588

Trean

Insurance

Group,

Inc.

*

152

1,227

Trupanion,

Inc.

*

1,972

187,833

United

Fire

Group,

Inc.

897

22,371

United

Insurance

Holdings

Corp.

903

3,648

Universal

Insurance

Holdings,

Inc.

960

16,550

Common

Stocks

Shares

Value

($)

Insurance

Unum

Group

11,956

303,443

W

R

Berkley

Corp.

6,999

591,415

White

Mountains

Insurance

Group

Ltd.

152

158,226

Willis

Towers

Watson

plc

6,433

1,505,065

53,874,574

Interactive

Media

&

Services

2.3%

Alphabet,

Inc.,

Class A

*

30,138

81,670,980

Angi,

Inc.

*

443

3,801

Bumble,

Inc.,

Class A

*

538

15,876

Cargurus,

Inc.

*

5,041

160,808

Cars.com,

Inc.

*

2,790

43,468

Eventbrite,

Inc.,

Class A

*

2,457

35,209

EverQuote,

Inc.,

Class A

*

468

7,703

fuboTV,

Inc.

*

7,359

79,036

IAC/InterActiveCorp

*

4,066

555,172

Liberty

TripAdvisor

Holdings,

Inc.,

Class A

*

2,596

5,841

Match

Group,

Inc.

*

15,018

1,692,529

MediaAlpha,

Inc.,

Class A

*

446

6,623

Meta

Platforms,

Inc.,

Class A

*

129,871

40,683,389

NerdWallet,

Inc.,

Class A

*(d)

2,839

42,954

Nextdoor

Holdings,

Inc.

*

263

1,489

Pinterest,

Inc.,

Class A

*

29,253

864,719

QuinStreet,

Inc.

*

1,872

30,120

Snap,

Inc.,

Class A

*

7,524

244,831

TripAdvisor,

Inc.

*

5,944

161,380

TrueCar,

Inc.

*

3,926

13,505

Twitter,

Inc.

*

40,917

1,534,797

Vimeo,

Inc.

*

8,179

119,822

Yelp,

Inc.

*

4,091

141,303

Ziff

Davis,

Inc.

*

2,352

247,101

ZipRecruiter,

Inc.,

Class A

*

334

7,244

ZoomInfo

Technologies,

Inc.,

Class A

*

1,453

76,806

128,446,506

Internet

&

Direct

Marketing

Retail

1.3%

1-800-Flowers.com,

Inc.,

Class A

*

1,267

21,577

1847

Goedeker,

Inc.

*

635

1,435

Amazon.com,

Inc.

*

22,679

67,843,548

BARK,

Inc.

*

595

2,243

CarParts.com,

Inc.

*

935

8,602

Chewy,

Inc.,

Class A

*

527

25,090

ContextLogic,

Inc.,

Class A

*

2,824

7,484

DoorDash,

Inc.,

Class A

*

7,911

897,819

Duluth

Holdings,

Inc.,

Class B

*

409

6,168

eBay,

Inc.

33,502

2,012,465

Etsy,

Inc.

*

6,667

1,047,252

Grab

Holdings

Ltd.,

Class A

*

316

1,789

Groupon,

Inc.

*

1,027

31,365

Lands'

End,

Inc.

*

452

8,285

Liquidity

Services,

Inc.

*

955

18,174

Overstock.com,

Inc.

*(d)

2,330

111,700

PetMed

Express,

Inc.

952

24,590

Porch

Group,

Inc.

*

2,510

26,481

Poshmark,

Inc.,

Class A

*

183

2,893

Nationwide

Multi-Cap

Portfolio

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

31

Common

Stocks

Shares

Value

($)

Internet

&

Direct

Marketing

Retail

Quotient

Technology,

Inc.

*

3,341

23,755

Qurate

Retail,

Inc. Series

A,

20,268

142,484

RealReal,

Inc.

(The)

*

2,721

25,713

Revolve

Group,

Inc.

*

2,132

105,150

RumbleON,

Inc.,

Class B

*

57

2,026

Shutterstock,

Inc.

1,294

125,479

Signa

Sports

United

NV

*

217

1,628

Stitch

Fix,

Inc.,

Class A

*

2,246

36,902

Vivid

Seats,

Inc.,

Class A

157

1,397

Wayfair,

Inc.,

Class A

*(d)

3,964

618,067

Xometry,

Inc.,

Class A

*

58

2,993

73,184,554

IT

Services

2.2%

Accenture

plc,

Class A

32,778

11,589,645

Affirm

Holdings,

Inc.

*

1,053

67,466

Akamai

Technologies,

Inc.

*

8,462

969,322

Alliance

Data

Systems

Corp.

2,592

178,952

Amdocs

Ltd.

6,598

500,722

Automatic

Data

Processing,

Inc.

21,709

4,475,745

BigCommerce

Holdings,

Inc. Series

1,*

2,830

92,513

Block,

Inc.,

Class A

*

24,517

2,998,184

Brightcove,

Inc.

*

1,597

15,060

Broadridge

Financial

Solutions,

Inc.

6,443

1,025,854

Cantaloupe,

Inc.

*

3,068

25,771

Cass

Information

Systems,

Inc.

574

23,350

Cloudflare,

Inc.,

Class A

*

13,411

1,292,820

Cognizant

Technology

Solutions

Corp.,

Class A

31,053

2,652,547

Concentrix

Corp.

2,259

454,036

Conduent,

Inc.

*

6,621

31,317

CSG

Systems

International,

Inc.

450

25,546

Cyxtera

Technologies,

Inc.

*

209

2,502

DigitalOcean

Holdings,

Inc.

*

2,736

156,882

DXC

Technology

Co.

*

13,547

407,494

EPAM

Systems,

Inc.

*

2,843

1,353,666

Euronet

Worldwide,

Inc.

*

2,439

326,558

EVERTEC,

Inc.

2,744

119,748

Evo

Payments,

Inc.,

Class A

*

1,604

38,688

ExlService

Holdings,

Inc.

*

1,735

209,102

Fastly,

Inc.,

Class A

*(d)

5,773

165,454

Fidelity

National

Information

Services,

Inc.

31,306

3,754,215

Fiserv,

Inc.

*

30,677

3,242,559

FleetCor

Technologies,

Inc.

*

3,931

936,600

Flywire

Corp.

*(d)

4,486

126,460

Gartner,

Inc.

*

4,277

1,256,968

Genpact

Ltd.

10,010

497,997

Global

Payments,

Inc.

14,492

2,172,061

Globant

SA

*

1,875

478,462

GoDaddy,

Inc.,

Class A

*

9,001

681,466

GreenSky,

Inc.,

Class A

*

1,688

17,808

Grid

Dynamics

Holdings,

Inc.

*

952

25,371

Hackett

Group,

Inc.

(The)

998

19,102

I3

Verticals,

Inc.,

Class A

*

585

13,537

Common

Stocks

Shares

Value

($)

IT

Services

International

Business

Machines

Corp.

45,572

6,087,052

International

Money

Express,

Inc.

*

602

9,638

Jack

Henry

&

Associates,

Inc.

3,634

609,822

Kyndryl

Holdings,

Inc.

*

9,605

162,132

Limelight

Networks,

Inc.

*

4,203

17,947

LiveRamp

Holdings,

Inc.

*

4,026

179,761

Marqeta,

Inc.,

Class A

*

397

4,685

Mastercard,

Inc.,

Class A

45,011

17,391,350

MAXIMUS,

Inc.

3,202

247,579

MoneyGram

International,

Inc.

*

3,748

32,870

MongoDB,

Inc.

*

3,283

1,329,976

Nomura

Research

Institute

Ltd.

65,400

2,301,060

NTT

Data

Corp.

301,000

5,783,919

Obic

Co.

Ltd.

11,600

1,913,170

Okta,

Inc.

*

6,805

1,346,641

Otsuka

Corp.

49,200

1,995,335

Paya

Holdings,

Inc.

*

3,609

23,639

Paychex,

Inc.

16,407

1,932,088

Paymentus

Holdings,

Inc.,

Class A

*

71

1,866

Payoneer

Global,

Inc.

*

1,879

9,808

PayPal

Holdings,

Inc.

*

61,005

10,489,200

Paysafe

Ltd.

*

29,363

106,588

Perficient,

Inc.

*

1,823

191,087

Priority

Technology

Holdings,

Inc.

*

431

2,612

Rackspace

Technology,

Inc.

*

2,304

28,823

Remitly

Global,

Inc.

*

84

1,022

Repay

Holdings

Corp.

*

3,275

58,590

Sabre

Corp.

*

18,557

169,797

SHIFT,

Inc.

*

8,100

1,358,786

Shift4

Payments,

Inc.,

Class A

*

2,708

142,766

Snowflake,

Inc.,

Class A

*

10,804

2,980,824

SolarWinds

Corp.

1,008

13,709

Squarespace,

Inc.,

Class A

*

158

5,236

StarTek,

Inc.

*

617

3,141

StoneCo

Ltd.,

Class A

*

10,910

169,978

Switch,

Inc.,

Class A

6,624

169,773

Thoughtworks

Holding,

Inc.

*

268

5,741

Toast,

Inc.,

Class A

*

158

3,615

TTEC

Holdings,

Inc.

698

55,903

Tucows,

Inc.,

Class A

*

271

21,409

Twilio,

Inc.,

Class A

*

8,751

1,803,756

Unisys

Corp.

*

2,536

46,282

VeriSign,

Inc.

*

4,915

1,067,440

Verra

Mobility

Corp.

*

7,061

111,846

Visa,

Inc.,

Class A

87,192

19,720,215

Western

Union

Co.

(The)

15,768

298,173

WEX,

Inc.

*

2,328

374,761

Wix.com

Ltd.

*

2,481

325,929

123,528,890

Leisure

Products

0.0%

†

Acushnet

Holdings

Corp.

1,366

63,792

32

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Leisure

Products

American

Outdoor

Brands,

Inc.

*

536

8,887

AMMO,

Inc.

*

519

2,408

Brunswick

Corp.

3,579

324,937

Callaway

Golf

Co.

*

6,778

161,723

Clarus

Corp.

749

16,875

Escalade,

Inc.

258

3,689

Genius

Brands

International,

Inc.

*

1,797

1,581

Hasbro,

Inc.

6,310

583,549

Hayward

Holdings,

Inc.

*

1,920

37,805

Johnson

Outdoors,

Inc.,

Class A

213

19,217

Latham

Group,

Inc.

*

189

3,153

Malibu

Boats,

Inc.,

Class A

*

799

52,462

Marine

Products

Corp.

219

2,685

MasterCraft

Boat

Holdings,

Inc.

*

785

19,963

Mattel,

Inc.

*

16,590

347,063

Nautilus,

Inc.

*

945

4,819

Peloton

Interactive,

Inc.,

Class A

*

14,054

384,096

Polaris,

Inc.

2,544

286,429

Smith

&

Wesson

Brands,

Inc.

982

16,773

Solo

Brands,

Inc.,

Class A

*

586

6,540

Sturm

Ruger

&

Co.,

Inc.

622

41,817

Vinco

Ventures,

Inc.

*

1,339

4,405

Vista

Outdoor,

Inc.

*

3,237

124,883

YETI

Holdings,

Inc.

*

4,910

321,998

2,841,549

Life

Sciences

Tools

&

Services

0.8%

10X

Genomics,

Inc.,

Class A

*

4,628

445,538

23andMe

Holding

Co.

*

530

2,475

Adaptive

Biotechnologies

Corp.

*

7,455

130,015

Agilent

Technologies,

Inc.

16,508

2,299,895

Avantor,

Inc.

*

33,023

1,232,749

Berkeley

Lights,

Inc.

*

1,574

15,284

Bionano

Genomics,

Inc.

*(d)

8,969

19,911

Bio-Rad

Laboratories,

Inc.,

Class A

*

937

561,947

Bio-Techne

Corp.

2,121

798,366

Bruker

Corp.

5,509

366,899

Charles

River

Laboratories

International,

Inc.

*

2,735

901,894

ChromaDex

Corp.

*

1,404

3,945

Codexis,

Inc.

*

4,016

82,328

Cytek

Biosciences,

Inc.

*

91

1,325

Danaher

Corp.

32,813

9,377,627

Fluidigm

Corp.

*(d)

2,763

9,035

Harvard

Bioscience,

Inc.

*

1,343

7,816

Illumina,

Inc.

*

7,609

2,654,171

Inotiv,

Inc.

*

1,262

40,371

IQVIA

Holdings,

Inc.

*

10,114

2,476,919

Maravai

LifeSciences

Holdings,

Inc.,

Class A

*

5,746

166,174

Medpace

Holdings,

Inc.

*

1,705

302,569

Mettler-Toledo

International,

Inc.

*

1,170

1,723,036

Common

Stocks

Shares

Value

($)

Life

Sciences

Tools

&

Services

NanoString

Technologies,

Inc.

*

1,521

52,809

NeoGenomics,

Inc.

*

6,536

147,321

Pacific

Biosciences

of

California,

Inc.

*

10,915

122,030

PerkinElmer,

Inc.

6,205

1,068,315

Personalis,

Inc.

*

755

8,600

QIAGEN

NV

*

12,868

636,837

Quanterix

Corp.

*

797

24,261

Quantum-Si,

Inc.

*

457

2,189

Repligen

Corp.

*

2,935

582,128

Science

37

Holdings,

Inc.

*

352

2,837

Seer,

Inc.

*(d)

3,036

47,756

SomaLogic,

Inc.

*

893

7,662

Sotera

Health

Co.

*

3,320

71,413

Syneos

Health,

Inc.

*

5,814

526,516

Thermo

Fisher

Scientific,

Inc.

20,777

12,077,670

Waters

Corp.

*

3,019

966,442

West

Pharmaceutical

Services,

Inc.

3,849

1,513,504

41,478,579

Machinery

0.9%

AGCO

Corp.

3,312

388,166

Agrify

Corp.

*

106

656

Alamo

Group,

Inc.

218

30,705

Albany

International

Corp.,

Class A

1,737

145,404

Allison

Transmission

Holdings,

Inc.

5,070

192,609

Altra

Industrial

Motion

Corp.

3,387

163,524

Astec

Industries,

Inc.

1,850

117,087

Barnes

Group,

Inc.

1,259

56,869

Blue

Bird

Corp.

*

673

10,438

Caterpillar,

Inc.

27,808

5,604,980

Chart

Industries,

Inc.

*

1,894

230,822

CIRCOR

International,

Inc.

*

790

21,938

Colfax

Corp.

*

6,918

284,468

Columbus

McKinnon

Corp.

936

40,510

Commercial

Vehicle

Group,

Inc.

*

195

1,509

Crane

Co.

2,985

308,977

Cummins,

Inc.

7,402

1,634,954

Deere

&

Co.

14,304

5,384,026

Desktop

Metal,

Inc.,

Class A

*(d)

12,242

50,070

Donaldson

Co.,

Inc.

6,969

387,895

Douglas

Dynamics,

Inc.

2,357

86,101

Dover

Corp.

7,505

1,275,175

Energy

Recovery,

Inc.

*

1,647

32,248

Enerpac

Tool

Group

Corp.

2,101

37,503

EnPro

Industries,

Inc.

826

86,747

ESCO

Technologies,

Inc.

1,783

142,248

Evoqua

Water

Technologies

Corp.

*

6,409

259,565

Fathom

Digital

Manufacturing

C

*

217

1,933

Federal

Signal

Corp.

3,191

124,513

Flowserve

Corp.

7,547

246,183

Fortive

Corp.

17,472

1,232,475

Nationwide

Multi-Cap

Portfolio

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

33

Common

Stocks

Shares

Value

($)

Machinery

Franklin

Electric

Co.,

Inc.

2,541

220,559

Gates

Industrial

Corp.

plc

*

6,000

92,820

Gorman-Rupp

Co.

(The)

733

29,401

Graco,

Inc.

9,020

654,491

Greenbrier

Cos.,

Inc.

(The)

1,189

47,988

Helios

Technologies,

Inc.

1,633

125,137

Hillenbrand,

Inc.

4,281

198,981

Hillman

Solutions

Corp.

*

670

6,010

Hydrofarm

Holdings

Group,

Inc.

*

1,195

23,434

Hyliion

Holdings

Corp.

*(d)

3,762

16,741

Hyster-Yale

Materials

Handling,

Inc.

398

17,866

Hyzon

Motors,

Inc.

*

473

2,403

Ideanomics,

Inc.

*(d)

13,700

14,659

IDEX

Corp.

4,007

863,268

Illinois

Tool

Works,

Inc.

15,547

3,636,754

Ingersoll

Rand,

Inc.

21,914

1,231,786

ITT,

Inc.

5,102

468,976

John

Bean

Technologies

Corp.

1,675

226,125

Kadant,

Inc.

587

122,671

Kennametal,

Inc.

5,035

174,060

Kurita

Water

Industries

Ltd.

34,500

1,414,347

Lincoln

Electric

Holdings,

Inc.

3,010

384,798

Lindsay

Corp.

832

105,040

Luxfer

Holdings

plc

987

16,858

Manitowoc

Co.,

Inc.

(The)

*

1,404

25,623

Markforged

Holding

Corp.

*

589

2,786

Mayville

Engineering

Co.,

Inc.

*

266

3,051

Meritor,

Inc.

*

3,922

90,402

Microvast

Holdings,

Inc.

*

938

5,197

Middleby

Corp.

(The)

*

2,557

473,556

Miller

Industries,

Inc.

459

14,445

Mueller

Industries,

Inc.

3,184

164,485

Mueller

Water

Products,

Inc.,

Class A

10,755

138,202

Nikola

Corp.

*(d)

12,924

103,780

NN,

Inc.

*

1,485

5,658

Nordson

Corp.

2,844

661,344

Omega

Flex,

Inc.

100

14,196

Oshkosh

Corp.

3,455

393,214

Otis

Worldwide

Corp.

22,298

1,904,918

PACCAR,

Inc.

17,524

1,629,557

Parker-Hannifin

Corp.

6,734

2,087,607

Park-Ohio

Holdings

Corp.

303

6,133

Pentair

plc

8,627

549,540

Proterra,

Inc.

*

1,209

9,563

Proto

Labs,

Inc.

*

1,910

95,844

RBC

Bearings,

Inc.

*

1,528

275,758

REV

Group,

Inc.

1,112

14,934

Sarcos

Technology

and

Robotics

Corp.

*

429

2,488

Shyft

Group,

Inc.

(The)

1,418

59,471

SMC

Corp.

10,700

5,985,235

Snap-on,

Inc.

2,809

584,974

SPX

Corp.

*

2,443

127,476

SPX

FLOW,

Inc.

2,397

206,621

Standex

International

Corp.

471

46,794

Stanley

Black

&

Decker,

Inc.

10,076

1,759,773

Common

Stocks

Shares

Value

($)

Machinery

Tennant

Co.

692

53,402

Terex

Corp.

4,010

167,297

Timken

Co.

(The)

3,787

252,972

Titan

International,

Inc.

*

320

3,120

Toro

Co.

(The)

5,740

554,369

Trinity

Industries,

Inc.

4,383

125,924

Velo3D,

Inc.

*

498

3,212

Wabash

National

Corp.

2,113

41,457

Watts

Water

Technologies,

Inc.,

Class A

1,516

232,266

Welbilt,

Inc.

*

7,406

175,893

Westinghouse

Air

Brake

Technologies

Corp.

9,836

874,420

Woodward,

Inc.

3,103

342,168

Xylem,

Inc.

9,408

988,028

49,932,624

Marine

0.0%

†

Costamare,

Inc.

1,370

18,002

Eagle

Bulk

Shipping,

Inc.

244

10,936

Genco

Shipping

&

Trading

Ltd.

861

13,397

Kirby

Corp.

*

3,652

238,037

Matson,

Inc.

2,278

222,470

Safe

Bulkers,

Inc.

*

1,586

5,535

508,377

Media

0.5%

AdTheorent

Holding

Co.,

Inc.

*

199

989

Advantage

Solutions,

Inc.

*

3,458

25,174

Altice

USA,

Inc.,

Class A

*

12,134

174,972

AMC

Networks,

Inc.,

Class A

*

573

24,427

Audacy,

Inc.

*

4,868

11,781

Boston

Omaha

Corp.,

Class A

*

425

11,216

BuzzFeed,

Inc.

*

186

742

Cable

One,

Inc.

297

458,785

Cardlytics,

Inc.

*

1,859

124,739

Charter

Communications,

Inc.,

Class A

*

6,656

3,949,271

Clear

Channel

Outdoor

Holdings,

Inc.

*

14,419

44,122

Comcast

Corp.,

Class A

237,611

11,878,174

comScore,

Inc.

*

2,543

7,705

Daily

Journal

Corp.

*

44

14,256

Discovery,

Inc.,

Class A

*(d)

23,215

635,504

DISH

Network

Corp.,

Class A

*

13,164

413,350

Emerald

Holding,

Inc.

*

1,035

3,374

Entravision

Communications

Corp.,

Class A

2,450

14,847

EW

Scripps

Co.

(The),

Class A

*

2,284

46,822

Fluent,

Inc.

*

1,132

1,811

Fox

Corp.,

Class A

23,544

932,513

Gannett

Co.,

Inc.

*

5,529

26,871

Gray

Television,

Inc.

5,532

115,342

Hemisphere

Media

Group,

Inc.

*

541

3,511

iHeartMedia,

Inc.,

Class A

*

3,581

72,157

Integral

Ad

Science

Holding

Corp.

*

126

2,109

34

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Media

Interpublic

Group

of

Cos.,

Inc.

(The)

29,484

1,047,861

John

Wiley

&

Sons,

Inc.,

Class A

2,627

133,320

Liberty

Broadband

Corp.,

Class A

*

9,055

1,341,634

Liberty

Media

Corp-Liberty

SiriusXM,

Class A

*

13,295

617,207

Loyalty

Ventures,

Inc.

*

601

17,615

Magnite,

Inc.

*

7,257

98,478

National

CineMedia,

Inc.

2,533

6,687

New

York

Times

Co.

(The),

Class A

8,745

350,062

News

Corp.,

Class A

26,845

597,033

Nexstar

Media

Group,

Inc.,

Class A

2,137

353,417

Omnicom

Group,

Inc.

15,671

1,180,967

PubMatic,

Inc.,

Class A

*

117

2,872

Scholastic

Corp.

927

38,026

Sinclair

Broadcast

Group,

Inc.,

Class A

883

24,265

Sirius

XM

Holdings,

Inc.

(d)

44,383

282,276

Stagwell,

Inc.

*

1,413

10,555

TechTarget,

Inc.

*

1,551

128,640

TEGNA,

Inc.

11,654

225,622

Thryv

Holdings,

Inc.

*

127

4,119

ViacomCBS,

Inc.

30,850

1,032,696

WideOpenWest,

Inc.

*

1,787

33,256

26,521,172

Metals

&

Mining

0.2%

Alcoa

Corp.

9,027

511,921

Allegheny

Technologies,

Inc.

*

7,835

143,302

Alpha

Metallurgical

Resources,

Inc.

*

100

6,323

Arconic

Corp.

*

5,923

183,198

Carpenter

Technology

Corp.

1,789

51,380

Century

Aluminum

Co.

*

2,186

33,533

Cleveland-Cliffs,

Inc.

*

24,163

414,154

Coeur

Mining,

Inc.

*

16,363

76,743

Commercial

Metals

Co.

6,374

213,147

Compass

Minerals

International,

Inc.

2,302

122,927

Constellium

SE

*

6,100

106,689

Ferroglobe

plc

*

606

3,079

Fortitude

Gold

Corp.

604

3,866

Freeport-McMoRan,

Inc.

75,867

2,823,770

Gatos

Silver,

Inc.

*

1,097

3,412

Haynes

International,

Inc.

520

19,562

Hecla

Mining

Co.

29,820

147,907

Kaiser

Aluminum

Corp.

542

51,897

Materion

Corp.

782

64,789

MP

Materials

Corp.

*(d)

4,245

169,545

Newmont

Corp.

40,126

2,454,507

Novagold

Resources,

Inc.

*

4,170

27,522

Nucor

Corp.

14,929

1,513,801

Olympic

Steel,

Inc.

280

5,961

Piedmont

Lithium,

Inc.

*

93

4,499

Reliance

Steel

&

Aluminum

Co.

3,383

517,193

Common

Stocks

Shares

Value

($)

Metals

&

Mining

Royal

Gold,

Inc.

3,728

378,578

Ryerson

Holding

Corp.

644

13,202

Schnitzer

Steel

Industries,

Inc.,

Class A

1,041

40,745

Southern

Copper

Corp.

2,893

184,834

Steel

Dynamics,

Inc.

10,114

561,529

SunCoke

Energy,

Inc.

3,372

23,098

TimkenSteel

Corp.

*

1,945

27,288

United

States

Steel

Corp.

14,196

294,141

Warrior

Met

Coal,

Inc.

2,048

53,658

Worthington

Industries,

Inc.

941

50,983

11,302,683

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.1%

AGNC

Investment

Corp.

25,864

385,115

Annaly

Capital

Management,

Inc.

66,616

526,266

Apollo

Commercial

Real

Estate

Finance,

Inc.

3,915

53,440

Arbor

Realty

Trust,

Inc.

7,972

139,590

Ares

Commercial

Real

Estate

Corp.

1,394

20,478

ARMOUR

Residential

REIT,

Inc.

6,810

63,878

Blackstone

Mortgage

Trust,

Inc.,

Class A

4,307

135,326

BrightSpire

Capital,

Inc.

3,079

28,912

Broadmark

Realty

Capital,

Inc.

5,599

52,518

Chimera

Investment

Corp.

12,162

176,349

Dynex

Capital,

Inc.

786

12,639

Ellington

Financial,

Inc.

4,023

71,489

Granite

Point

Mortgage

Trust,

Inc.

341

4,126

Great

Ajax

Corp.

786

10,249

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

4,076

169,072

Invesco

Mortgage

Capital,

Inc.

7,892

21,150

KKR

Real

Estate

Finance

Trust,

Inc.

1,157

24,690

Ladder

Capital

Corp.

4,197

49,902

MFA

Financial,

Inc.

25,476

117,954

New

Residential

Investment

Corp.

23,001

244,961

New

York

Mortgage

Trust,

Inc.

7,225

27,094

Orchid

Island

Capital,

Inc.

3,621

14,593

PennyMac

Mortgage

Investment

Trust

2,134

38,028

Ready

Capital

Corp.

1,616

23,012

Redwood

Trust,

Inc.

3,611

44,524

Starwood

Property

Trust,

Inc.

27,341

676,690

TPG

RE

Finance

Trust,

Inc.

2,370

29,909

Two

Harbors

Investment

Corp.

17,451

100,343

3,262,297

Multiline

Retail

0.2%

Big

Lots,

Inc.

1,230

51,549

Dillard's,

Inc.,

Class A

(d)

345

87,534

Dollar

General

Corp.

12,307

2,565,763

Dollar

Tree,

Inc.

*

11,553

1,515,985

Nationwide

Multi-Cap

Portfolio

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

35

Common

Stocks

Shares

Value

($)

Multiline

Retail

Franchise

Group,

Inc.

919

46,014

Kohl's

Corp.

8,441

504,012

Macy's,

Inc.

7,824

200,295

Nordstrom,

Inc.

*

6,288

141,480

Ollie's

Bargain

Outlet

Holdings,

Inc.

*

3,698

177,282

Target

Corp.

25,219

5,559,024

10,848,938

Multi-Utilities

0.3%

Ameren

Corp.

12,734

1,130,015

Avista

Corp.

4,088

181,752

Black

Hills

Corp.

3,720

251,993

CenterPoint

Energy,

Inc.

43,096

1,222,203

CMS

Energy

Corp.

15,166

976,387

Consolidated

Edison,

Inc.

24,541

2,121,569

Dominion

Energy,

Inc.

45,498

3,669,869

DTE

Energy

Co.

9,887

1,190,691

MDU

Resources

Group,

Inc.

10,908

320,368

National

Grid

plc

,

ADR-UK

4,405

322,402

NiSource,

Inc.

30,755

897,431

NorthWestern

Corp.

3,018

175,406

Public

Service

Enterprise

Group,

Inc.

26,506

1,763,444

Sempra

Energy

18,447

2,548,638

Unitil

Corp.

536

25,160

WEC

Energy

Group,

Inc.

19,589

1,900,917

18,698,245

Oil,

Gas

&

Consumable

Fuels

1.3%

Aemetis,

Inc.

*

169

1,550

Alto

Ingredients,

Inc.

*

439

2,274

Altus

Midstream

Co.

23

1,450

Antero

Midstream

Corp.

17,877

177,876

Antero

Resources

Corp.

*

15,090

294,708

APA

Corp.

20,097

667,421

Arch

Resources,

Inc.

281

26,594

Archaea

Energy,

Inc.

*

334

5,775

Berry

Corp.

2,699

23,454

Brigham

Minerals,

Inc.,

Class A

4,011

86,798

California

Resources

Corp.

4,310

183,692

Callon

Petroleum

Co.

*(d)

2,339

115,640

Camber

Energy,

Inc.

*

1,577

917

Centennial

Resource

Development,

Inc.,

Class A

*

5,976

46,673

Centrus

Energy

Corp.,

Class A

*

67

2,911

Cheniere

Energy,

Inc.

12,717

1,423,032

Chesapeake

Energy

Corp.

5,695

388,228

Chevron

Corp.

100,755

13,232,154

Civitas

Resources,

Inc.

2,930

159,685

Clean

Energy

Fuels

Corp.

*

3,369

20,450

CNX

Resources

Corp.

*

11,557

171,390

Comstock

Resources,

Inc.

*

1,210

9,414

ConocoPhillips

69,809

6,186,474

CONSOL

Energy,

Inc.

*

1,091

23,718

Continental

Resources,

Inc.

(d)

3,542

183,971

Coterra

Energy,

Inc.

41,305

904,580

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

Crescent

Energy,

Inc.,

Class A

(d)

663

8,798

CVR

Energy,

Inc.

1,181

23,065

Delek

US

Holdings,

Inc.

*

2,633

40,864

Denbury,

Inc.

*

2,768

207,988

Devon

Energy

Corp.

35,880

1,814,452

DHT

Holdings,

Inc.

4,544

22,175

Diamondback

Energy,

Inc.

9,581

1,208,739

Dorian

LPG

Ltd.

722

8,585

DT

Midstream,

Inc.

5,623

290,709

Earthstone

Energy,

Inc.,

Class A

*

870

11,884

Energy

Fuels,

Inc.

*(d)

4,234

26,124

EOG

Resources,

Inc.

30,582

3,409,281

EQT

Corp.

*

16,653

353,876

Equitrans

Midstream

Corp.

21,672

175,760

Exxon

Mobil

Corp.

218,970

16,632,961

Falcon

Minerals

Corp.

1,848

9,554

Frontline

Ltd.

*

8,173

53,697

Gevo,

Inc.

*(d)

15,811

54,074

Golar

LNG

Ltd.

*

6,545

93,921

Green

Plains,

Inc.

*

532

16,247

Gulfport

Energy

Corp.

*

72

4,712

Hess

Corp.

14,692

1,355,925

Hess

Midstream

LP,

Class A

150

4,404

HollyFrontier

Corp.

8,663

304,591

International

Seaways,

Inc.

1,812

26,437

Kinder

Morgan,

Inc.

102,201

1,774,209

Kosmos

Energy

Ltd.

*

12,623

54,658

Laredo

Petroleum,

Inc.

*

516

34,655

Magnolia

Oil

&

Gas

Corp.,

Class A

8,275

178,988

Marathon

Oil

Corp.

42,477

827,027

Marathon

Petroleum

Corp.

32,095

2,302,816

Matador

Resources

Co.

5,823

260,696

Murphy

Oil

Corp.

8,255

260,858

New

Fortress

Energy,

Inc.

1,394

30,612

Nordic

American

Tankers

Ltd.

4,474

6,935

Northern

Oil

and

Gas,

Inc.

2,047

48,145

Oasis

Petroleum,

Inc.

616

83,425

Occidental

Petroleum

Corp.

45,068

1,697,712

ONEOK,

Inc.

33,738

2,047,222

Ovintiv,

Inc.

13,910

539,708

Par

Pacific

Holdings,

Inc.

*

1,644

23,180

PBF

Energy,

Inc.,

Class A

*

3,406

53,951

PDC

Energy,

Inc.

5,420

321,243

Peabody

Energy

Corp.

*

2,695

29,106

Phillips

66

22,703

1,924,987

Pioneer

Natural

Resources

Co.

11,312

2,476,084

Plains

GP

Holdings

LP,

Class A

*

1,160

13,375

Range

Resources

Corp.

*

12,701

244,494

Ranger

Oil

Corp.

*

756

23,444

Renewable

Energy

Group,

Inc.

*

1,538

61,920

REX

American

Resources

Corp.

*

225

21,697

SandRidge

Energy,

Inc.

*

195

2,242

Scorpio

Tankers,

Inc.

1,559

21,218

36

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

SFL

Corp.

Ltd.

3,132

25,682

SM

Energy

Co.

6,455

211,789

Southwestern

Energy

Co.

*

53,407

234,991

Talos

Energy,

Inc.

*

777

8,267

Targa

Resources

Corp.

12,146

717,586

TC

Energy

Corp.

6,682

345,125

Tellurian,

Inc.

*(d)

23,502

58,990

Texas

Pacific

Land

Corp.

308

331,100

TotalEnergies

SE

,

ADR-FR

12,226

694,437

Uranium

Energy

Corp.

*

16,483

43,021

Valero

Energy

Corp.

21,751

1,804,680

Viper

Energy

Partners

LP

496

13,412

W&T

Offshore,

Inc.

*

4,019

17,201

Whiting

Petroleum

Corp.

*

2,178

161,716

Williams

Cos.,

Inc.

(The)

64,776

1,939,393

World

Fuel

Services

Corp.

2,537

71,569

72,543,218

Paper

&

Forest

Products

0.0%

†

Clearwater

Paper

Corp.

*

670

21,185

Glatfelter

Corp.

1,775

30,814

Louisiana-Pacific

Corp.

3,926

260,844

Neenah,

Inc.

678

31,256

Schweitzer-Mauduit

International,

Inc.

1,217

36,839

Sylvamo

Corp.

*

1,123

33,454

Verso

Corp.,

Class A

1,314

35,320

449,712

Personal

Products

0.1%

Beauty

Health

Co.

(The)

*

4,970

70,574

BellRing

Brands,

Inc.,

Class A

*

1,505

36,662

Coty,

Inc.,

Class A

*

18,909

160,348

Edgewell

Personal

Care

Co.

3,111

142,484

elf

Beauty,

Inc.

*

3,300

97,548

Estee

Lauder

Cos.,

Inc.

(The),

Class A

11,930

3,719,655

Herbalife

Nutrition

Ltd.

*

5,789

246,090

Inter

Parfums,

Inc.

1,378

136,381

Medifast,

Inc.

635

126,181

Nature's

Sunshine

Products,

Inc.

337

5,945

Nu

Skin

Enterprises,

Inc.,

Class A

3,021

145,582

Olaplex

Holdings,

Inc.

*

3,898

85,132

Revlon,

Inc.,

Class A

*

200

1,980

USANA

Health

Sciences,

Inc.

*

422

40,335

Veru,

Inc.

*

1,877

9,760

5,024,657

Pharmaceuticals

1.6%

9

Meters

Biopharma,

Inc.

*

1,542

1,177

Aclaris

Therapeutics,

Inc.

*

372

4,062

Aerie

Pharmaceuticals,

Inc.

*

1,508

11,099

Amneal

Pharmaceuticals,

Inc.

*

3,876

17,171

Amphastar

Pharmaceuticals,

Inc.

*

1,419

32,765

Ampio

Pharmaceuticals,

Inc.

*

1,166

604

Common

Stocks

Shares

Value

($)

Pharmaceuticals

ANI

Pharmaceuticals,

Inc.

*

403

16,289

Antares

Pharma,

Inc.

*

5,747

19,367

Arvinas,

Inc.

*

2,556

182,728

Atea

Pharmaceuticals,

Inc.

*

2,179

15,558

Athira

Pharma,

Inc.

*

1,420

14,626

Axsome

Therapeutics,

Inc.

*(d)

981

26,919

BioDelivery

Sciences

International,

Inc.

*

3,652

13,366

Bristol-Myers

Squibb

Co.

121,878

7,908,663

Cara

Therapeutics,

Inc.

*

1,597

18,493

Cassava

Sciences,

Inc.

*(d)

1,217

53,852

Catalent,

Inc.

*

8,666

900,657

Collegium

Pharmaceutical,

Inc.

*

1,385

24,722

Corcept

Therapeutics,

Inc.

*

5,489

103,029

CorMedix,

Inc.

*

668

2,826

Cymabay

Therapeutics,

Inc.

*

2,877

8,573

Daiichi

Sankyo

Co.

Ltd.

122,400

2,740,453

DICE

Therapeutics,

Inc.

*

70

1,192

Durect

Corp.

*

5,623

4,256

Edgewise

Therapeutics,

Inc.

*

162

2,203

Elanco

Animal

Health,

Inc.

*

23,823

620,351

Eli

Lilly

&

Co.

44,071

10,814,583

Endo

International

plc

*

8,842

28,206

Esperion

Therapeutics,

Inc.

*

860

3,689

Evolus,

Inc.

*

968

7,183

Fulcrum

Therapeutics,

Inc.

*

578

7,028

Gelesis

Holdings,

Inc.

*

174

887

Harmony

Biosciences

Holdings,

Inc.

*

1,853

66,449

Ikena

Oncology,

Inc.

*

149

1,450

Innoviva,

Inc.

*

4,258

68,256

Intra-Cellular

Therapies,

Inc.

*

4,226

200,693

Jazz

Pharmaceuticals

plc

*

3,151

437,705

Johnson

&

Johnson

139,060

23,958,647

Kala

Pharmaceuticals,

Inc.

*

1,059

937

Kaleido

Biosciences,

Inc.

*

268

472

KemPharm,

Inc.

*

189

1,363

Kyowa

Kirin

Co.

Ltd.

100,500

2,520,641

Marinus

Pharmaceuticals,

Inc.

*

864

8,813

Merck

&

Co.,

Inc.

131,380

10,704,842

Mind

Medicine

MindMed,

Inc.

*(d)

11,581

12,971

Nektar

Therapeutics

*

11,723

130,360

NGM

Biopharmaceuticals,

Inc.

*

1,048

16,569

Novartis

AG

,

ADR-CH

3,593

312,268

Nuvation

Bio,

Inc.

*(d)

10,117

61,714

Ocular

Therapeutix,

Inc.

*

2,438

13,799

Omeros

Corp.

*

2,146

12,876

Oramed

Pharmaceuticals,

Inc.

*

2,302

20,626

Organon

&

Co.

13,825

441,156

Pacira

BioSciences,

Inc.

*

2,782

174,626

Paratek

Pharmaceuticals,

Inc.

*

1,197

4,848

Perrigo

Co.

plc

7,537

286,934

Pfizer,

Inc.

290,631

15,313,347

Nationwide

Multi-Cap

Portfolio

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

37

Common

Stocks

Shares

Value

($)

Pharmaceuticals

Phathom

Pharmaceuticals,

Inc.

*

499

8,383

Phibro

Animal

Health

Corp.,

Class A

834

16,096

Pliant

Therapeutics,

Inc.

*

1,345

15,777

PLx

Pharma,

Inc.

*

160

1,056

Prestige

Consumer

Healthcare,

Inc.

*

2,936

165,737

Provention

Bio,

Inc.

*

1,479

7,927

Reata

Pharmaceuticals,

Inc.,

Class A

*

1,670

46,960

Relmada

Therapeutics,

Inc.

*

492

9,048

Revance

Therapeutics,

Inc.

*

2,171

28,939

Roivant

Sciences

Ltd.

*

2,353

16,353

Royalty

Pharma

plc,

Class A

17,260

690,573

Sanofi

,

ADR-FR

6,343

329,836

SIGA

Technologies,

Inc.

*

2,238

14,569

Supernus

Pharmaceuticals,

Inc.

*

1,968

60,713

Tarsus

Pharmaceuticals,

Inc.

*

108

2,168

TherapeuticsMD,

Inc.

*

10,255

3,112

Theravance

Biopharma,

Inc.

*

1,872

17,054

Verrica

Pharmaceuticals,

Inc.

*

408

3,342

Viatris,

Inc.

64,106

959,667

WaVe

Life

Sciences

Ltd.

*

742

1,625

Zoetis,

Inc.

27,766

5,547,369

Zogenix,

Inc.

*

4,059

105,575

86,430,818

Professional

Services

0.4%

Alight,

Inc.,

Class A

*

2,113

20,412

ASGN,

Inc.

*

4,912

564,241

Barrett

Business

Services,

Inc.

300

19,200

BlackSky

Technology,

Inc.

*

553

1,565

Booz

Allen

Hamilton

Holding

Corp.

6,153

472,120

CACI

International,

Inc.,

Class A

*

994

245,975

CBIZ,

Inc.

*

3,634

140,381

Clarivate

plc

*

20,791

342,220

CoStar

Group,

Inc.

*

21,951

1,540,082

CRA

International,

Inc.

248

21,095

Dun

&

Bradstreet

Holdings,

Inc.

*

11,767

236,046

Equifax,

Inc.

6,478

1,553,165

Exponent,

Inc.

2,819

267,749

First

Advantage

Corp.

*

827

13,993

Forrester

Research,

Inc.

*

450

24,759

Franklin

Covey

Co.

*

508

23,780

FTI

Consulting,

Inc.

*

1,481

215,945

Heidrick

&

Struggles

International,

Inc.

769

33,659

Huron

Consulting

Group,

Inc.

*

879

38,781

ICF

International,

Inc.

733

69,188

IHS

Markit

Ltd.

19,428

2,268,996

Insperity,

Inc.

2,051

220,544

Jacobs

Engineering

Group,

Inc.

6,811

886,656

KBR,

Inc.

6,470

280,798

Kelly

Services,

Inc.,

Class A

1,376

23,502

Common

Stocks

Shares

Value

($)

Professional

Services

Kforce,

Inc.

820

56,309

Korn

Ferry

3,282

217,859

Legalzoom.com,

Inc.

*

138

2,191

Leidos

Holdings,

Inc.

7,206

644,577

ManpowerGroup,

Inc.

2,456

257,561

ManTech

International

Corp.,

Class A

1,551

112,044

Mistras

Group,

Inc.

*

536

3,602

Nielsen

Holdings

plc

19,494

367,657

Planet

Labs

PBC

*

217

1,324

Recruit

Holdings

Co.

Ltd.

99,300

4,896,425

Resources

Connection,

Inc.

1,269

22,119

Robert

Half

International,

Inc.

5,417

613,529

Science

Applications

International

Corp.

2,355

193,181

Skillsoft

Corp.

*

367

2,723

Spire

Global,

Inc.

*

631

1,571

Sterling

Check

Corp.

*

102

2,041

TransUnion

10,003

1,031,509

TriNet

Group,

Inc.

*

2,315

197,238

TrueBlue,

Inc.

*

1,398

37,187

Upwork,

Inc.

*

6,286

170,979

Verisk

Analytics,

Inc.

8,257

1,619,445

Willdan

Group,

Inc.

*

436

13,717

19,989,640

Real

Estate

Management

&

Development

0.1%

CBRE

Group,

Inc.,

Class A

*

17,527

1,776,186

Compass,

Inc.,

Class A

*

1,364

11,703

Cushman

&

Wakefield

plc

*

8,434

177,030

Doma

Holdings,

Inc.

*

1,019

4,076

Douglas

Elliman,

Inc.

*

2,331

18,089

eXp

World

Holdings,

Inc.

(d)

3,535

95,940

Five

Point

Holdings

LLC,

Class A

*

354

2,050

Forestar

Group,

Inc.

*

548

10,933

FRP

Holdings,

Inc.

*

287

16,210

Howard

Hughes

Corp.

(The)

*

2,469

237,789

Jones

Lang

LaSalle,

Inc.

*

2,634

660,581

Kennedy-Wilson

Holdings,

Inc.

9,244

207,620

Marcus

&

Millichap,

Inc.

*

963

45,078

Newmark

Group,

Inc.,

Class A

8,623

132,018

Offerpad

Solutions,

Inc.

*

470

1,711

Opendoor

Technologies,

Inc.

*

23,914

237,466

Rafael

Holdings,

Inc.,

Class B

*

466

1,929

RE/MAX

Holdings,

Inc.,

Class A

113

3,363

Realogy

Holdings

Corp.

*

6,254

103,191

Redfin

Corp.

*

5,650

167,070

RMR

Group,

Inc.

(The),

Class A

587

18,790

St

Joe

Co.

(The)

1,215

58,940

Tejon

Ranch

Co.

*

886

15,425

WeWork,

Inc.

*

243

1,805

Zillow

Group,

Inc.,

Class A

*

11,766

592,316

4,597,309

Road

&

Rail

0.4%

AMERCO

456

277,681

38

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Road

&

Rail

ArcBest

Corp.

1,390

122,932

Avis

Budget

Group,

Inc.

*

2,296

404,509

Bird

Global,

Inc.,

Class A

*

199

702

Covenant

Logistics

Group,

Inc.

*

443

9,622

CSX

Corp.

114,234

3,909,088

Daseke,

Inc.

*

1,570

17,553

Heartland

Express,

Inc.

1,776

26,569

JB

Hunt

Transport

Services,

Inc.

4,058

781,327

Knight-Swift

Transportation

Holdings,

Inc.

8,556

484,098

Landstar

System,

Inc.

1,931

308,960

Lyft,

Inc.,

Class A

*

15,442

594,826

Marten

Transport

Ltd.

2,237

37,336

Norfolk

Southern

Corp.

12,803

3,482,288

Old

Dominion

Freight

Line,

Inc.

5,294

1,598,417

Ryder

System,

Inc.

2,799

204,859

Saia,

Inc.

*

1,400

397,992

Schneider

National,

Inc.,

Class B

3,174

81,254

TuSimple

Holdings,

Inc.,

Class A

*

7,276

136,498

Uber

Technologies,

Inc.

*

84,005

3,141,787

Union

Pacific

Corp.

33,432

8,175,796

Universal

Logistics

Holdings,

Inc.

236

4,019

US

Xpress

Enterprises,

Inc.,

Class A

*

663

2,990

Werner

Enterprises,

Inc.

3,025

134,885

XPO

Logistics,

Inc.

*

5,283

349,576

Yellow

Corp.

*

305

3,184

24,688,748

Semiconductors

&

Semiconductor

Equipment

2.4%

ACM

Research,

Inc.,

Class A

*

81

6,452

Advanced

Micro

Devices,

Inc.

*

58,927

6,732,410

Advantest

Corp.

44,600

3,802,013

Aehr

Test

Systems

*

151

1,925

Allegro

MicroSystems,

Inc.

*

1,347

38,228

Alpha

&

Omega

Semiconductor

Ltd.

*

676

30,440

Ambarella,

Inc.

*

1,911

267,827

Amkor

Technology,

Inc.

5,738

126,351

Analog

Devices,

Inc.

27,520

4,512,454

Applied

Materials,

Inc.

46,452

6,418,737

Atomera,

Inc.

*(d)

523

7,390

Axcelis

Technologies,

Inc.

*

1,324

82,896

AXT,

Inc.

*

1,313

9,834

Azenta,

Inc.

3,998

337,191

Broadcom,

Inc.

20,692

12,123,029

CEVA,

Inc.

*

1,033

38,913

Cirrus

Logic,

Inc.

*

3,107

277,890

CMC

Materials,

Inc.

1,352

244,550

Cohu,

Inc.

*

3,570

117,739

Diodes,

Inc.

*

2,422

224,737

Enphase

Energy,

Inc.

*

6,860

963,624

Entegris,

Inc.

7,060

846,070

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

First

Solar,

Inc.

*

5,507

431,639

FormFactor,

Inc.

*

4,427

189,210

GLOBALFOUNDRIES,

Inc.

*(d)

2,691

132,774

Ichor

Holdings

Ltd.

*

2,288

97,057

Impinj,

Inc.

*

680

53,985

Intel

Corp.

208,762

10,191,761

KLA

Corp.

7,675

2,987,647

Kopin

Corp.

*(d)

4,345

12,774

Kulicke

&

Soffa

Industries,

Inc.

3,064

167,570

Lam

Research

Corp.

7,204

4,249,784

Lattice

Semiconductor

Corp.

*

7,305

403,382

MACOM

Technology

Solutions

Holdings,

Inc.

*

2,864

175,305

Marvell

Technology,

Inc.

42,198

3,012,937

MaxLinear,

Inc.

*

3,905

234,378

Meta

Materials,

Inc.

*

6,614

11,045

Microchip

Technology,

Inc.

28,021

2,171,067

Micron

Technology,

Inc.

57,194

4,705,350

MKS

Instruments,

Inc.

2,665

413,954

Monolithic

Power

Systems,

Inc.

2,369

954,541

Navitas

Semiconductor

Corp.

*

159

1,585

NeoPhotonics

Corp.

*

2,073

31,841

NVE

Corp.

195

12,065

NVIDIA

Corp.

126,310

30,928,267

NXP

Semiconductors

NV

12,159

2,497,945

ON

Semiconductor

Corp.

*

24,228

1,429,452

Onto

Innovation,

Inc.

*

2,189

200,381

PDF

Solutions,

Inc.

*

1,172

34,844

Photronics,

Inc.

*

2,555

45,683

Power

Integrations,

Inc.

3,188

257,304

Qorvo,

Inc.

*

5,806

797,048

QUALCOMM,

Inc.

58,338

10,253,487

Rambus,

Inc.

*

6,441

162,635

Rockley

Photonics

Holdings

Ltd.

*

585

1,913

Semtech

Corp.

*

3,520

250,272

Silicon

Laboratories,

Inc.

*

2,067

341,448

SiTime

Corp.

*

794

185,074

Skyworks

Solutions,

Inc.

8,528

1,249,523

SMART

Global

Holdings,

Inc.

*

536

30,745

SunPower

Corp.

*(d)

4,477

75,124

Synaptics,

Inc.

*

1,895

398,613

Teradyne,

Inc.

8,809

1,034,441

Texas

Instruments,

Inc.

47,765

8,573,340

Ultra

Clean

Holdings,

Inc.

*

1,680

84,706

Universal

Display

Corp.

2,458

377,328

Veeco

Instruments,

Inc.

*

1,994

54,815

Wolfspeed,

Inc.

*

6,143

578,916

Xilinx,

Inc.

12,920

2,500,666

130,196,321

Software

4.1%

8x8,

Inc.

*

6,877

105,562

A10

Networks,

Inc.

2,515

37,222

ACI

Worldwide,

Inc.

*

6,822

234,472

Adobe,

Inc.

*

24,682

13,187,593

Agilysys,

Inc.

*

733

27,898

Alarm.com

Holdings,

Inc.

*

2,564

191,197

Nationwide

Multi-Cap

Portfolio

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

39

Common

Stocks

Shares

Value

($)

Software

Alkami

Technology,

Inc.

*

212

3,252

Altair

Engineering,

Inc.,

Class A

*

2,894

182,090

Alteryx,

Inc.,

Class A

*

3,504

199,973

American

Software,

Inc.,

Class A

1,188

27,312

Amplitude,

Inc.,

Class A

*

238

9,356

Anaplan,

Inc.

*

7,930

382,860

ANSYS,

Inc.

*

4,587

1,559,626

Appfolio,

Inc.,

Class A

*

625

72,038

Appian

Corp.

*(d)

2,211

124,634

AppLovin

Corp.,

Class A

*

986

63,518

Asana,

Inc.,

Class A

*

3,985

209,133

Aspen

Technology,

Inc.

*

3,535

530,816

Atlassian

Corp.

plc,

Class A

*

6,443

2,089,723

Autodesk,

Inc.

*

11,542

2,883,076

Avalara,

Inc.

*

4,596

503,814

Avaya

Holdings

Corp.

*

2,195

39,993

AvePoint,

Inc.

*

779

4,588

Benefitfocus,

Inc.

*

1,169

13,023

Bentley

Systems,

Inc.,

Class B

7,775

312,322

BigBear.ai

Holdings,

Inc.

*

235

1,201

Bill.com

Holdings,

Inc.

*

4,797

902,843

Black

Knight,

Inc.

*

7,911

590,161

Blackbaud,

Inc.

*

2,525

172,054

Blackline,

Inc.

*

3,010

276,529

Blend

Labs,

Inc.,

Class A

*

191

1,520

Bottomline

Technologies

DE,

Inc.

*

3,117

175,768

Box,

Inc.,

Class A

*

8,354

218,290

BTRS

Holdings,

Inc.,

Class A

*

3,087

19,757

C3.ai,

Inc.,

Class A

*

2,537

66,825

Cadence

Design

Systems,

Inc.

*

14,451

2,198,575

CCC

Intelligent

Solutions

Holdings,

Inc.

*

912

9,722

CDK

Global,

Inc.

4,655

200,025

Cerence,

Inc.

*

2,078

131,932

Ceridian

HCM

Holding,

Inc.

*

6,980

529,224

ChannelAdvisor

Corp.

*

932

19,702

Cipher

Mining,

Inc.

*

251

763

Citrix

Systems,

Inc.

5,851

596,451

Cleanspark,

Inc.

*

213

1,431

Clear

Secure,

Inc.,

Class A

*

79

1,951

Clearwater

Analytics

Holdings,

Inc.,

Class A

*

217

3,700

CommVault

Systems,

Inc.

*

2,746

185,245

Confluent,

Inc.,

Class A

*

120

7,847

Consensus

Cloud

Solutions,

Inc.

*

482

27,329

CoreCard

Corp.

*

244

9,052

Couchbase,

Inc.

*

63

1,476

Coupa

Software,

Inc.

*

3,908

524,727

Crowdstrike

Holdings,

Inc.,

Class A

*

10,426

1,883,353

CS

Disco,

Inc.

*

93

3,192

Cvent

Holding

Corp.

*

179

1,208

Datadog,

Inc.,

Class A

*

13,055

1,907,466

Datto

Holding

Corp.

*

984

24,511

Digimarc

Corp.

*

490

15,533

Common

Stocks

Shares

Value

($)

Software

Digital

Turbine,

Inc.

*

4,829

213,200

DocuSign,

Inc.

*

10,045

1,263,360

Dolby

Laboratories,

Inc.,

Class A

3,045

267,503

Domo,

Inc.,

Class B

*

958

44,988

DoubleVerify

Holdings,

Inc.

*

4,114

113,793

Dropbox,

Inc.,

Class A

*

13,968

345,708

Duck

Creek

Technologies,

Inc.

*

2,347

59,966

Dynatrace,

Inc.

*

10,765

590,568

E2open

Parent

Holdings,

Inc.

*(d)

11,211

104,262

Ebix,

Inc.

1,005

30,542

eGain

Corp.

*

674

6,962

Elastic

NV

*

3,906

364,235

Embark

Technology,

Inc.

*

270

1,056

Enfusion,

Inc.,

Class A

*

110

1,519

EngageSmart,

Inc.

*

105

2,295

Envestnet,

Inc.

*

1,153

85,253

Everbridge,

Inc.

*

2,114

108,068

EverCommerce,

Inc.

*

138

1,659

Expensify,

Inc.,

Class A

*

630

18,428

Fair

Isaac

Corp.

*

1,288

637,547

Five9,

Inc.

*

3,671

461,445

ForgeRock,

Inc.,

Class A

*

78

1,111

Fortinet,

Inc.

*

6,852

2,036,688

Freshworks,

Inc.,

Class A

*

198

4,307

GTY

Technology

Holdings,

Inc.

*

1,940

9,797

Guidewire

Software,

Inc.

*

4,686

472,536

HubSpot,

Inc.

*

2,353

1,150,146

Instructure

Holdings,

Inc.

*

77

1,779

InterDigital,

Inc.

2,089

144,204

Intuit,

Inc.

13,699

7,606,096

IronNet,

Inc.

*

231

788

Jamf

Holding

Corp.

*

3,432

113,462

JFrog

Ltd.

*

3,604

96,299

KnowBe4,

Inc.,

Class A

*

143

3,421

Latch,

Inc.

*

618

3,961

LivePerson,

Inc.

*

3,580

106,935

Mandiant

Corp.

*

13,044

196,834

Manhattan

Associates,

Inc.

*

3,404

455,693

Marathon

Digital

Holdings,

Inc.

*(d)

4,945

116,405

Matterport,

Inc.

*

1,170

11,384

McAfee

Corp.,

Class A

4,767

122,274

MeridianLink,

Inc.

*

88

1,706

Microsoft

Corp.

392,219

121,972,265

MicroStrategy,

Inc.,

Class A

*(d)

414

152,356

Mimecast

Ltd.

*

2,330

185,724

Mitek

Systems,

Inc.

*

4,501

73,681

Model

N,

Inc.

*

1,326

36,677

Momentive

Global,

Inc.

*

7,216

123,610

N-Able,

Inc.

*

1,164

12,990

nCino,

Inc.

*(d)

3,441

157,701

NCR

Corp.

*

7,197

273,918

New

Relic,

Inc.

*

2,839

298,492

NortonLifeLock,

Inc.

28,809

749,322

40

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Software

Nuance

Communications,

Inc.

*

15,814

873,724

Nutanix,

Inc.,

Class A

*

10,968

299,865

Olo,

Inc.,

Class A

*

165

2,896

ON24,

Inc.

*

919

15,127

OneSpan,

Inc.

*

1,313

21,087

Oracle

Corp.

88,977

7,221,373

PagerDuty,

Inc.

*

5,105

168,567

Palantir

Technologies,

Inc.,

Class A

*

85,313

1,169,641

Palo

Alto

Networks,

Inc.

*

4,879

2,524,395

Paycom

Software,

Inc.

*

2,685

900,281

Paycor

HCM,

Inc.

*

205

5,318

Paylocity

Holding

Corp.

*

2,005

408,980

Pegasystems,

Inc.

2,232

221,459

Ping

Identity

Holding

Corp.

*

2,025

40,075

Procore

Technologies,

Inc.

*

3,063

191,621

Progress

Software

Corp.

1,647

74,955

PROS

Holdings,

Inc.

*

2,664

73,819

PTC,

Inc.

*

5,664

658,497

Q2

Holdings,

Inc.

*

3,206

209,192

Qualtrics

International,

Inc.,

Class A

*

290

8,488

Qualys,

Inc.

*

1,873

240,006

Rapid7,

Inc.

*

3,057

294,481

Rekor

Systems,

Inc.

*

230

1,070

Rimini

Street,

Inc.

*

926

4,769

RingCentral,

Inc.,

Class A

*

4,260

751,847

Riot

Blockchain,

Inc.

*(d)

4,427

70,566

SailPoint

Technologies

Holdings,

Inc.

*

5,117

197,977

salesforce.com,

Inc.

*

49,018

11,403,057

Samsara,

Inc.,

Class A

*(d)

5,052

91,441

Sapiens

International

Corp.

NV

895

28,497

SecureWorks

Corp.,

Class A

*

263

3,879

SentinelOne,

Inc.,

Class A

*

156

6,981

ServiceNow,

Inc.

*

10,383

6,082,154

ShotSpotter,

Inc.

*

322

8,491

Smartsheet,

Inc.,

Class A

*

6,859

426,767

Smith

Micro

Software,

Inc.

*

1,069

4,468

Splunk,

Inc.

*

8,157

1,010,815

Sprinklr,

Inc.,

Class A

*

176

1,980

Sprout

Social,

Inc.,

Class A

*

2,400

165,240

SPS

Commerce,

Inc.

*

1,863

230,733

SS&C

Technologies

Holdings,

Inc.

10,235

817,469

Sumo

Logic,

Inc.

*

2,791

33,241

Synopsys,

Inc.

*

7,817

2,427,178

Telos

Corp.

*

1,399

16,354

Tenable

Holdings,

Inc.

*

5,143

264,350

Teradata

Corp.

*

5,889

237,562

Trade

Desk,

Inc.

(The),

Class A

*

22,524

1,566,319

Tyler

Technologies,

Inc.

*

1,981

938,598

UiPath,

Inc.,

Class A

*

1,587

57,973

Unity

Software,

Inc.

*

7,938

834,681

Upland

Software,

Inc.

*

1,039

20,364

UserTesting,

Inc.

*

1,371

8,007

Varonis

Systems,

Inc.

*

5,851

218,008

Common

Stocks

Shares

Value

($)

Software

Verint

Systems,

Inc.

*

3,842

197,210

Veritone,

Inc.

*(d)

1,056

16,653

Vertex,

Inc.,

Class A

*

170

2,467

Viant

Technology,

Inc.,

Class A

*

763

6,096

VirnetX

Holding

Corp.

*(d)

2,116

4,782

VMware,

Inc.,

Class A

11,744

1,508,869

Vonage

Holdings

Corp.

*

13,745

286,446

WM

Technology,

Inc.

*

271

1,374

Workday,

Inc.,

Class A

*

9,941

2,515,172

Workiva,

Inc.

*

2,385

282,098

Xperi

Holding

Corp.

3,291

55,519

Yext,

Inc.

*

3,861

31,274

Zendesk,

Inc.

*

6,426

633,025

Zoom

Video

Communications,

Inc.,

Class A

*

11,549

1,781,780

Zscaler,

Inc.

*

4,167

1,071,377

Zuora,

Inc.,

Class A

*

7,269

120,883

227,189,081

Specialty

Retail

1.2%

Aaron's

Co.,

Inc.

(The)

1,286

27,225

Abercrombie

&

Fitch

Co.,

Class A

*

3,678

143,442

Academy

Sports

&

Outdoors,

Inc.

*

4,430

172,327

Advance

Auto

Parts,

Inc.

3,438

795,931

American

Eagle

Outfitters,

Inc.

8,664

197,799

America's

Car-Mart,

Inc.

*

244

23,160

Arhaus,

Inc.

*

5,520

49,018

Arko

Corp.

*

3,909

32,132

Asbury

Automotive

Group,

Inc.

*

1,149

184,954

AutoNation,

Inc.

*

2,472

269,448

AutoZone,

Inc.

*

1,073

2,131,354

Barnes

&

Noble

Education,

Inc.

*

233

1,403

Bath

&

Body

Works,

Inc.

12,947

725,938

Bed

Bath

&

Beyond,

Inc.

*

6,253

101,549

Best

Buy

Co.,

Inc.

12,957

1,286,371

Big

5

Sporting

Goods

Corp.

1,625

31,996

Boot

Barn

Holdings,

Inc.

*

1,632

150,095

Buckle,

Inc.

(The)

1,858

69,935

Burlington

Stores,

Inc.

*

3,560

843,471

Caleres,

Inc.

1,521

36,474

Camping

World

Holdings,

Inc.,

Class A

(d)

2,980

98,936

CarMax,

Inc.

*

11,135

1,237,878

Carvana

Co.

*

4,139

670,766

Cato

Corp.

(The),

Class A

938

15,496

Chico's

FAS,

Inc.

*

4,822

22,712

Children's

Place,

Inc.

(The)

*

306

21,649

Citi

Trends,

Inc.

*

350

17,052

Conn's,

Inc.

*

713

17,304

Container

Store

Group,

Inc.

(The)

*

854

8,711

Designer

Brands,

Inc.,

Class A

*

675

8,890

Destination

XL

Group,

Inc.

*

338

1,501

Dick's

Sporting

Goods,

Inc.

(d)

2,799

323,005

Nationwide

Multi-Cap

Portfolio

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

41

Common

Stocks

Shares

Value

($)

Specialty

Retail

EVgo,

Inc.

*

431

3,556

Fast

Retailing

Co.

Ltd.

3,000

1,762,864

Five

Below,

Inc.

*

2,947

483,308

Floor

&

Decor

Holdings,

Inc.,

Class A

*

5,403

587,414

Foot

Locker,

Inc.

5,307

237,117

GameStop

Corp.,

Class A

*(d)

3,435

374,175

Gap,

Inc.

(The)

12,079

218,267

Genesco,

Inc.

*

499

32,101

Group

1

Automotive,

Inc.

934

158,602

GrowGeneration

Corp.

*

1,908

16,103

Guess?,

Inc.

1,780

40,976

Haverty

Furniture

Cos.,

Inc.

724

21,372

Hibbett,

Inc.

935

57,643

Hikari

Tsushin,

Inc.

14,300

1,715,966

Home

Depot,

Inc.

(The)

55,133

20,232,708

Kirkland's,

Inc.

*

75

1,270

Leslie's,

Inc.

*

7,564

157,558

Lithia

Motors,

Inc.,

Class A

1,344

392,623

LL

Flooring

Holdings,

Inc.

*

1,172

16,924

Lowe's

Cos.,

Inc.

35,831

8,504,488

MarineMax,

Inc.

*

831

39,107

Monro,

Inc.

1,000

49,730

Murphy

USA,

Inc.

925

181,910

National

Vision

Holdings,

Inc.

*

4,321

176,642

Nitori

Holdings

Co.

Ltd.

30,500

4,370,600

ODP

Corp.

(The)

*

2,851

126,100

OneWater

Marine,

Inc.,

Class A

219

11,324

O'Reilly

Automotive,

Inc.

*

3,374

2,199,004

Party

City

Holdco,

Inc.

*

4,101

19,398

Penske

Automotive

Group,

Inc.

1,728

175,617

Petco

Health

&

Wellness

Co.,

Inc.

*

4,669

87,544

Rent-A-Center,

Inc.

3,584

151,066

Restoration

Hardware

Holdings,

Inc.

*

921

370,997

Ross

Stores,

Inc.

18,553

1,813,556

Sally

Beauty

Holdings,

Inc.

*

6,187

106,231

Shift

Technologies,

Inc.

*

322

737

Shoe

Carnival,

Inc.

853

29,138

Signet

Jewelers

Ltd.

2,800

241,164

Sleep

Number

Corp.

*

718

51,337

Sonic

Automotive,

Inc.,

Class A

1,641

83,707

Sportsman's

Warehouse

Holdings,

Inc.

*

1,681

18,424

Tilly's,

Inc.,

Class A

872

11,493

TJX

Cos.,

Inc.

(The)

70,859

5,099,722

Tractor

Supply

Co.

5,675

1,238,909

TravelCenters

of

America,

Inc.

*

77

3,510

Ulta

Beauty,

Inc.

*

2,805

1,020,291

Urban

Outfitters,

Inc.

*

4,163

119,561

Victoria's

Secret

&

Co.

*

4,402

245,764

Volta,

Inc.

*

722

3,552

Vroom,

Inc.

*(d)

7,254

58,177

Warby

Parker,

Inc.,

Class A

*

485

18,027

Williams-Sonoma,

Inc.

3,920

629,317

Common

Stocks

Shares

Value

($)

Specialty

Retail

Winmark

Corp.

114

24,558

Zumiez,

Inc.

*

1,515

68,099

63,577,270

Technology

Hardware,

Storage

&

Peripherals

2.7%

3D

Systems

Corp.

*

6,946

124,333

Apple,

Inc.

821,722

143,620,571

Avid

Technology,

Inc.

*

1,313

41,176

Corsair

Gaming,

Inc.

*(d)

1,328

25,949

Dell

Technologies,

Inc.,

Class C

*

19,867

1,128,644

Diebold

Nixdorf,

Inc.

*

2,388

22,304

Eastman

Kodak

Co.

*

816

3,207

Hewlett

Packard

Enterprise

Co.

67,003

1,094,159

HP,

Inc.

59,609

2,189,438

IonQ,

Inc.

*

491

5,617

NetApp,

Inc.

11,822

1,022,721

Pure

Storage,

Inc.,

Class A

*

14,789

391,761

Quantum

Corp.

*

1,278

6,441

Seagate

Technology

Holdings

plc

1,312

140,581

Super

Micro

Computer,

Inc.

*

2,342

94,898

Turtle

Beach

Corp.

*

475

9,652

Western

Digital

Corp.

*

16,170

836,636

Xerox

Holdings

Corp.

8,088

170,738

150,928,826

Textiles,

Apparel

&

Luxury

Goods

0.4%

Allbirds,

Inc.,

Class A

*

447

5,525

Asics

Corp.

126,000

2,461,154

Capri

Holdings

Ltd.

*

7,913

475,334

Carter's,

Inc.

2,364

220,136

Columbia

Sportswear

Co.

2,058

191,126

Crocs,

Inc.

*

3,264

334,952

Deckers

Outdoor

Corp.

*

1,465

469,137

Fossil

Group,

Inc.

*

1,946

21,581

G-III

Apparel

Group

Ltd.

*

1,775

48,227

Hanesbrands,

Inc.

18,445

296,964

Kontoor

Brands,

Inc.

2,862

141,068

Levi

Strauss

&

Co.,

Class A

573

12,566

Lululemon

Athletica,

Inc.

*

5,225

1,743,896

Movado

Group,

Inc.

682

25,282

NIKE,

Inc.,

Class B

64,497

9,550,071

Oxford

Industries,

Inc.

1,295

106,695

PLBY

Group,

Inc.

*

147

2,336

PVH

Corp.

3,880

368,639

Ralph

Lauren

Corp.

2,587

286,743

Rocky

Brands,

Inc.

248

10,609

Skechers

USA,

Inc.,

Class A

*

7,359

309,078

Steven

Madden

Ltd.

4,602

189,326

Superior

Group

of

Cos.,

Inc.

402

8,213

Tapestry,

Inc.

14,890

565,076

Under

Armour,

Inc.,

Class A

*

19,331

342,265

Unifi,

Inc.

*

606

11,520

Vera

Bradley,

Inc.

*

1,033

8,460

VF

Corp.

16,955

1,105,636

Wolverine

World

Wide,

Inc.

4,535

120,132

19,431,747

42

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Thrifts

&

Mortgage

Finance

0.1%

Axos

Financial,

Inc.

*

2,939

151,358

Blue

Foundry

Bancorp

*

178

2,613

Bridgewater

Bancshares,

Inc.

*

1,005

17,879

Capitol

Federal

Financial,

Inc.

4,013

44,665

Columbia

Financial,

Inc.

*

2,042

43,229

Enact

Holdings,

Inc.

96

2,100

Essent

Group

Ltd.

6,380

291,183

Federal

Agricultural

Mortgage

Corp.,

Class C

937

114,127

Finance

of

America

Cos.,

Inc.,

Class A

*

4,182

15,599

Flagstar

Bancorp,

Inc.

1,504

68,056

FS

Bancorp,

Inc.

272

9,036

Hingham

Institution

for

Savings

65

25,209

Home

Bancorp,

Inc.

328

12,743

Kearny

Financial

Corp.

3,070

39,726

Luther

Burbank

Corp.

1,038

13,317

Merchants

Bancorp

589

17,169

MGIC

Investment

Corp.

20,515

311,418

Mr.

Cooper

Group,

Inc.

*

2,863

114,949

New

York

Community

Bancorp,

Inc.

25,212

293,972

NMI

Holdings,

Inc.,

Class A

*

3,189

78,896

Northfield

Bancorp,

Inc.

281

4,429

Northwest

Bancshares,

Inc.

2,156

30,421

PCSB

Financial

Corp.

675

12,609

PennyMac

Financial

Services,

Inc.

2,068

129,664

Pioneer

Bancorp,

Inc.

*

330

3,815

Premier

Financial

Corp.

1,343

40,089

Provident

Bancorp,

Inc.

253

4,574

Provident

Financial

Services,

Inc.

1,342

32,436

Radian

Group,

Inc.

11,340

253,903

Rocket

Cos.,

Inc.,

Class A

(d)

7,953

100,526

Southern

Missouri

Bancorp,

Inc.

351

19,410

TFS

Financial

Corp.

5,299

92,097

TrustCo

Bank

Corp.

117

3,966

UWM

Holdings

Corp.

5,368

27,753

Walker

&

Dunlop,

Inc.

1,662

220,065

Washington

Federal,

Inc.

6,350

222,377

Waterstone

Financial,

Inc.

3,946

80,577

WSFS

Financial

Corp.

2,537

132,888

3,078,843

Tobacco

0.2%

22nd

Century

Group,

Inc.

*(d)

8,474

18,388

Altria

Group,

Inc.

101,735

5,176,277

Philip

Morris

International,

Inc.

79,802

8,207,636

Turning

Point

Brands,

Inc.

397

13,986

Universal

Corp.

958

52,144

Vector

Group

Ltd.

4,663

51,806

13,520,237

Trading

Companies

&

Distributors

0.1%

Air

Lease

Corp.

5,807

231,177

Alta

Equipment

Group,

Inc.

*

570

7,769

Common

Stocks

Shares

Value

($)

Trading

Companies

&

Distributors

Applied

Industrial

Technologies,

Inc.

2,102

205,954

Beacon

Roofing

Supply,

Inc.

*

3,309

181,565

BlueLinx

Holdings,

Inc.

*

962

68,918

Boise

Cascade

Co.

2,202

154,624

Core

&

Main,

Inc.,

Class A

*

259

6,229

Custom

Truck

One

Source,

Inc.

*

850

6,987

DXP

Enterprises,

Inc.

*

653

18,643

EVI

Industries,

Inc.

*

171

3,781

Fastenal

Co.

29,608

1,678,182

GATX

Corp.

1,876

195,948

Global

Industrial

Co.

570

19,927

GMS,

Inc.

*

2,748

140,643

H&E

Equipment

Services,

Inc.

1,242

51,705

Herc

Holdings,

Inc.

1,348

216,287

Lawson

Products,

Inc.

*

152

7,396

McGrath

RentCorp

1,676

127,728

MRC

Global,

Inc.

*

3,184

23,593

MSC

Industrial

Direct

Co.,

Inc.,

Class A

2,597

212,019

NOW,

Inc.

*

4,412

39,223

Rush

Enterprises,

Inc.,

Class A

1,849

97,194

SiteOne

Landscape

Supply,

Inc.

*

2,443

440,033

Textainer

Group

Holdings

Ltd.

2,376

87,389

Titan

Machinery,

Inc.

*

770

23,716

Transcat,

Inc.

*

255

24,202

Triton

International

Ltd.

3,263

197,151

United

Rentals,

Inc.

*

3,808

1,219,017

Univar

Solutions,

Inc.

*

9,406

249,259

Veritiv

Corp.

*

580

53,986

Watsco,

Inc.

1,661

469,332

WESCO

International,

Inc.

*

2,426

295,705

Willis

Lease

Finance

Corp.

*

86

3,076

WW

Grainger,

Inc.

2,411

1,193,710

7,952,068

Water

Utilities

0.0%

†

American

States

Water

Co.

2,297

211,852

American

Water

Works

Co.,

Inc.

9,457

1,520,686

Artesian

Resources

Corp.,

Class A

301

14,508

Cadiz,

Inc.

*

669

1,880

California

Water

Service

Group

3,309

205,456

Essential

Utilities,

Inc.

11,747

572,549

Global

Water

Resources,

Inc.

376

5,775

Middlesex

Water

Co.

662

67,021

Pure

Cycle

Corp.

*

760

9,743

SJW

Group

1,014

69,824

York

Water

Co.

(The)

495

22,483

2,701,777

Wireless

Telecommunication

Services

0.1%

Gogo,

Inc.

*

1,972

24,552

Shenandoah

Telecommunications

Co.

1,238

28,189

Nationwide

Multi-Cap

Portfolio

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

43

Common

Stocks

Shares

Value

($)

Wireless

Telecommunication

Services

SoftBank

Group

Corp.

60,100

2,658,435

Telephone

&

Data

Systems,

Inc.

3,679

72,844

T-Mobile

US,

Inc.

*

30,898

3,342,237

United

States

Cellular

Corp.

*

602

18,433

6,144,690

Total

Common

Stocks

(cost

$2,145,043,871)

2,508,881,954

Convertible

Bond

0.0%

†

Principal

Amount

($)

Pharmaceuticals

0.0%

†

Dermira,

Inc.,

3.00%,

5/15/2022

480,000

483,360

Total

Convertible

Bond

(cost

$481,422)

483,360

Corporate

Bonds

17.6%

Aerospace

&

Defense

0.6%

Boeing

Co.

(The)

,

1.43%,

2/4/2024

4,120,000

4,077,132

4.88%,

5/1/2025

5,710,000

6,145,195

2.75%,

2/1/2026

1,980,000

2,005,338

General

Dynamics

Corp.

,

3.25%,

4/1/2025

1,957,000

2,038,972

3.50%,

5/15/2025

5,320,000

5,580,396

1.15%,

6/1/2026

2,400,000

2,320,939

Northrop

Grumman

Corp.

,

2.93%,

1/15/2025

8,570,000

8,820,330

Raytheon

Technologies

Corp.

,

3.15%,

12/15/2024

150,000

153,776

31,142,078

Automobiles

0.3%

Ford

Motor

Co.

,

3.25%,

2/12/2032

3,800,000

3,615,092

General

Motors

Co.

,

5.40%,

10/2/2023

1,810,000

1,917,373

6.13%,

10/1/2025

2,770,000

3,122,922

Nissan

Motor

Acceptance

Co.

LLC

,

1.05%,

3/8/2024(a)

470,000

459,024

2.00%,

3/9/2026(a)

530,000

512,310

Nissan

Motor

Co.

Ltd.

,

3.04%,

9/15/2023(a)

4,960,000

5,040,530

14,667,251

Banks

3.7%

Banco

Santander

SA

,

2.75%,

5/28/2025

4,400,000

4,461,660

Bank

of

America

Corp.

,

(ICE

LIBOR

USD

3

Month

+

0.79%),

0.97%,

3/5/2024(e)

2,000,000

2,010,040

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Bank

of

America

Corp.,

(ICE

LIBOR

USD

3

Month

+

0.94%),

3.86%,

7/23/2024(e)

2,570,000

2,654,913

(SOFR

+

1.15%),

1.32%,

6/19/2026(e)

6,070,000

5,890,439

(SOFR

+

0.96%),

1.73%,

7/22/2027(e)

6,000,000

5,819,377

Bank

of

Montreal

,

2.50%,

6/28/2024

2,920,000

2,979,188

1.85%,

5/1/2025

8,420,000

8,408,866

Bank

of

Nova

Scotia

(The)

,

1.30%,

6/11/2025

4,970,000

4,854,287

BNP

Paribas

SA

,

(ICE

LIBOR

USD

3

Month

+

1.11%),

2.82%,

11/19/2025(a)(e)

5,550,000

5,620,263

(SOFR

+

2.07%),

2.22%,

6/9/2026(a)(e)

6,170,000

6,114,700

Citigroup,

Inc.

,

(SOFR

+

1.67%),

1.68%,

5/15/2024(e)

1,500,000

1,504,608

(SOFR

+

2.84%),

3.11%,

4/8/2026(e)

6,910,000

7,086,114

(SOFR

+

0.77%),

1.12%,

1/28/2027(e)

2,940,000

2,804,899

(SOFR

+

0.77%),

1.46%,

6/9/2027(e)

5,300,000

5,085,893

Cooperatieve

Rabobank

UA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.00%),

1.34%,

6/24/2026(a)(e)

4,150,000

4,034,532

Credit

Agricole

SA

,

(SOFR

+

1.68%),

1.91%,

6/16/2026(a)(e)

9,290,000

9,167,634

DNB

Bank

ASA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.72%),

1.54%,

5/25/2027(a)(e)

6,250,000

6,043,459

HSBC

Holdings

plc

,

3.60%,

5/25/2023

5,380,000

5,537,431

(ICE

LIBOR

USD

3

Month

+

1.00%),

1.16%,

5/18/2024(e)

6,160,000

6,217,596

(SOFR

+

0.71%),

0.98%,

5/24/2025(e)

2,400,000

2,343,295

Intesa

Sanpaolo

SpA

,

3.13%,

7/14/2022(a)

2,340,000

2,362,622

3.38%,

1/12/2023(a)

4,290,000

4,362,605

JPMorgan

Chase

&

Co.

,

(SOFR

+

1.46%),

1.51%,

6/1/2024(e)

5,520,000

5,522,423

(ICE

LIBOR

USD

3

Month

+

1.00%),

4.02%,

12/5/2024(e)

1,440,000

1,500,362

(SOFR

+

1.85%),

2.08%,

4/22/2026(e)

14,710,000

14,629,665

44

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

JPMorgan

Chase

&

Co.,

(SOFR

+

0.89%),

1.58%,

4/22/2027(e)

2,270,000

2,196,075

Lloyds

Banking

Group

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.10%),

1.33%,

6/15/2023(e)

4,930,000

4,930,413

3.90%,

3/12/2024

600,000

625,569

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.50%),

3.87%,

7/9/2025(e)

2,490,000

2,595,862

National

Securities

Clearing

Corp.

,

1.20%,

4/23/2023(a)

530,000

530,238

Nordea

Bank

Abp

,

0.63%,

5/24/2024(a)

5,150,000

5,032,735

Royal

Bank

of

Canada

,

1.15%,

6/10/2025

2,100,000

2,046,577

1.15%,

7/14/2026

4,560,000

4,382,145

Santander

UK

Group

Holdings

plc

,

(SOFR

+

0.99%),

1.67%,

6/14/2027(e)

1,960,000

1,882,435

Standard

Chartered

plc

,

3.95%,

1/11/2023(a)

8,580,000

8,743,475

Sumitomo

Mitsui

Financial

Group,

Inc.

,

(ICE

LIBOR

USD

3

Month

+

0.80%),

1.04%,

10/16/2023(e)

5,360,000

5,407,756

Toronto-Dominion

Bank

(The)

,

0.75%,

6/12/2023

4,060,000

4,031,781

1.15%,

6/12/2025

1,460,000

1,422,836

1.20%,

6/3/2026

5,060,000

4,866,239

Truist

Financial

Corp.

,

(SOFR

+

0.86%),

1.89%,

6/7/2029(e)

2,620,000

2,513,838

US

Bancorp

,

1.45%,

5/12/2025

5,690,000

5,623,715

Wells

Fargo

&

Co.

,

(ICE

LIBOR

USD

3

Month

+

1.23%),

1.53%,

10/31/2023(e)

7,910,000

7,973,461

(SOFR

+

1.60%),

1.65%,

6/2/2024(e)

4,530,000

4,532,638

(SOFR

+

2.00%),

2.19%,

4/30/2026(e)

7,490,000

7,476,940

Westpac

Banking

Corp.

,

1.15%,

6/3/2026

2,680,000

2,590,371

206,421,970

Beverages

0.1%

Coca-Cola

Co.

(The)

,

1.45%,

6/1/2027

250,000

243,083

PepsiCo,

Inc.

,

0.75%,

5/1/2023

740,000

737,315

2.25%,

3/19/2025

1,040,000

1,054,869

2.63%,

3/19/2027

10,000

10,261

Corporate

Bonds

Principal

Amount

($)

Value

($)

Beverages

PepsiCo,

Inc.,

3.00%,

10/15/2027

1,060,000

1,108,821

3,154,349

Biotechnology

0.3%

AbbVie,

Inc.

,

2.60%,

11/21/2024

1,030,000

1,048,211

3.80%,

3/15/2025

3,690,000

3,875,521

2.95%,

11/21/2026

10,180,000

10,468,886

Gilead

Sciences,

Inc.

,

3.70%,

4/1/2024

2,150,000

2,235,014

17,627,632

Building

Products

0.1%

Carrier

Global

Corp.

,

2.24%,

2/15/2025

4,190,000

4,225,795

Capital

Markets

1.3%

Bank

of

New

York

Mellon

Corp.

(The)

,

1.60%,

4/24/2025

5,140,000

5,092,367

Charles

Schwab

Corp.

(The)

,

1.15%,

5/13/2026

3,870,000

3,749,241

Credit

Suisse

AG

,

3.63%,

9/9/2024

6,080,000

6,341,542

2.95%,

4/9/2025

5,350,000

5,496,340

Goldman

Sachs

Group,

Inc.

(The)

,

3.50%,

4/1/2025

3,120,000

3,239,379

3.75%,

5/22/2025

18,210,000

19,055,327

Morgan

Stanley

,

(SOFR

+

0.46%),

0.53%,

1/25/2024(e)

5,540,000

5,492,932

(SOFR

+

1.99%),

2.19%,

4/28/2026(e)

4,450,000

4,440,357

(SOFR

+

0.86%),

1.51%,

7/20/2027(e)

4,550,000

4,365,812

UBS

Group

AG

,

3.49%,

5/23/2023(a)

1,000,000

1,006,723

(ICE

LIBOR

USD

3

Month

+

0.95%),

1.11%,

8/15/2023(a)(e)

5,730,000

5,750,948

(ICE

LIBOR

USD

3

Month

+

0.95%),

2.86%,

8/15/2023(a)(e)

4,310,000

4,346,687

USAA

Capital

Corp.

,

0.50%,

5/1/2024(a)

5,190,000

5,080,259

73,457,914

Chemicals

0.3%

Equate

Petrochemical

BV

,

2.63%,

4/28/2028(a)

2,750,000

2,688,125

OCP

SA

,

Reg.

S,

4.50%,

10/22/2025

4,700,000

4,881,166

Orbia

Advance

Corp.

SAB

de

CV

,

1.88%,

5/11/2026(a)

2,590,000

2,491,580

4.00%,

10/4/2027(a)

2,910,000

3,037,458

Nationwide

Multi-Cap

Portfolio

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

45

Corporate

Bonds

Principal

Amount

($)

Value

($)

Chemicals

Orbia

Advance

Corp.

SAB

de

CV,

2.88%,

5/11/2031(a)

750,000

715,313

13,813,642

Consumer

Finance

0.3%

AerCap

Ireland

Capital

DAC

,

2.45%,

10/29/2026

4,020,000

3,952,149

Caterpillar

Financial

Services

Corp.

,

0.45%,

5/17/2024

7,210,000

7,036,279

1.45%,

5/15/2025

2,410,000

2,385,794

Ford

Motor

Credit

Co.

LLC

,

(ICE

LIBOR

USD

3

Month

+

1.08%),

1.22%,

8/3/2022(e)

1,620,000

1,619,972

General

Motors

Financial

Co.,

Inc.

,

3.55%,

7/8/2022

1,500,000

1,517,572

PACCAR

Financial

Corp.

,

1.10%,

5/11/2026

1,790,000

1,735,812

Park

Aerospace

Holdings

Ltd.

,

5.25%,

8/15/2022(a)

13,000

13,234

18,260,812

Diversified

Financial

Services

0.3%

NTT

Finance

Corp.

,

1.16%,

4/3/2026(a)

6,430,000

6,187,235

Shell

International

Finance

BV

,

(ICE

LIBOR

USD

3

Month

+

0.40%),

0.56%,

11/13/2023(e)

6,060,000

6,092,906

2.88%,

5/10/2026

1,880,000

1,953,535

SLM

Student

Loan

Trust

2003-10

,

5.15%,

12/15/2039(a)

1,410,000

1,416,106

15,649,782

Diversified

Telecommunication

Services

0.6%

AT&T,

Inc.

,

3.40%,

5/15/2025

6,287,000

6,555,711

CCO

Holdings

LLC

,

4.50%,

8/15/2030(a)

2,570,000

2,505,750

4.25%,

2/1/2031(a)

3,200,000

3,052,736

Verizon

Communications,

Inc.

,

0.75%,

3/22/2024

3,400,000

3,346,232

2.63%,

8/15/2026

2,760,000

2,807,627

2.10%,

3/22/2028

8,220,000

8,011,369

2.36%,

3/15/2032(a)

9,601,000

9,117,328

35,396,753

Electric

Utilities

0.4%

Comision

Federal

de

Electricidad

,

4.75%,

2/23/2027(a)

4,850,000

5,238,000

Duke

Energy

Carolinas

LLC

,

2.50%,

3/15/2023

2,150,000

2,182,715

Duke

Energy

Corp.

,

2.40%,

8/15/2022

1,820,000

1,832,706

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

FirstEnergy

Corp.

,

Series

A,

3.35%,

7/15/2022(c)

2,855,000

2,851,660

Series

A,

1.60%,

1/15/2026

940,000

891,204

Pacific

Gas

and

Electric

Co.

,

1.75%,

6/16/2022

1,790,000

1,789,384

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara

,

5.45%,

5/21/2028(a)

3,920,000

4,343,046

19,128,715

Food

&

Staples

Retailing

0.0%

†

Walmart,

Inc.

,

1.05%,

9/17/2026

1,170,000

1,132,586

Food

Products

0.1%

Cargill,

Inc.

,

3.25%,

3/1/2023(a)

1,520,000

1,556,195

1.38%,

7/23/2023(a)

330,000

330,444

Hershey

Co.

(The)

,

0.90%,

6/1/2025

400,000

389,903

Mondelez

International

Holdings

Netherlands

BV

,

2.13%,

9/19/2022(a)

210,000

211,738

Mondelez

International,

Inc.

,

1.50%,

5/4/2025

2,290,000

2,252,027

4,740,307

Health

Care

Equipment

&

Supplies

0.0%

†

Becton

Dickinson

and

Co.

,

3.36%,

6/6/2024

1,524,000

1,574,354

3.73%,

12/15/2024

566,000

592,559

2,166,913

Health

Care

Providers

&

Services

0.9%

Aetna,

Inc.

,

2.75%,

11/15/2022

930,000

938,962

Cigna

Corp.

,

(ICE

LIBOR

USD

3

Month

+

0.89%),

1.13%,

7/15/2023(e)

10,410,000

10,510,362

3.75%,

7/15/2023

12,000

12,377

3.25%,

4/15/2025

1,010,000

1,048,591

4.13%,

11/15/2025

10,740,000

11,470,219

CVS

Health

Corp.

,

3.88%,

7/20/2025

13,960,000

14,768,720

Humana,

Inc.

,

3.15%,

12/1/2022

1,500,000

1,520,014

4.50%,

4/1/2025

260,000

278,281

UnitedHealth

Group,

Inc.

,

2.38%,

10/15/2022

50,000

50,569

3.50%,

6/15/2023

120,000

123,659

3.75%,

7/15/2025

3,540,000

3,765,717

1.25%,

1/15/2026

240,000

234,289

1.15%,

5/15/2026

2,480,000

2,402,286

47,124,046

Hotels,

Restaurants

&

Leisure

0.3%

Las

Vegas

Sands

Corp.

,

2.90%,

6/25/2025

3,230,000

3,217,906

46

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Corporate

Bonds

Principal

Amount

($)

Value

($)

Hotels,

Restaurants

&

Leisure

Las

Vegas

Sands

Corp.,

3.50%,

8/18/2026

2,255,000

2,268,286

McDonald's

Corp.

,

3.30%,

7/1/2025

4,210,000

4,395,956

1.45%,

9/1/2025

240,000

236,305

3.70%,

1/30/2026

5,300,000

5,617,478

15,735,931

Household

Products

0.1%

Procter

&

Gamble

Co.

(The)

,

2.45%,

11/3/2026

1,220,000

1,254,696

2.80%,

3/25/2027

1,350,000

1,401,087

Reckitt

Benckiser

Treasury

Services

plc

,

(ICE

LIBOR

USD

3

Month

+

0.56%),

0.78%,

6/24/2022(a)(e)

2,100,000

2,103,254

4,759,037

Industrial

Conglomerates

0.2%

3M

Co.

,

(ICE

LIBOR

USD

3

Month

+

0.30%),

0.46%,

2/14/2024(e)

7,060,000

7,067,485

Honeywell

International,

Inc.

,

1.35%,

6/1/2025

2,410,000

2,380,248

1.10%,

3/1/2027

2,290,000

2,182,673

11,630,406

Insurance

0.1%

American

International

Group,

Inc.

,

2.50%,

6/30/2025

200,000

203,181

Guardian

Life

Global

Funding

,

1.10%,

6/23/2025(a)

150,000

146,591

MassMutual

Global

Funding

II

,

0.85%,

6/9/2023(a)

4,980,000

4,954,770

New

York

Life

Global

Funding

,

0.95%,

6/24/2025(a)

300,000

291,304

Principal

Life

Global

Funding

II

,

1.25%,

6/23/2025(a)

830,000

809,404

6,405,250

Interactive

Media

&

Services

0.1%

Alphabet,

Inc.

,

0.45%,

8/15/2025

2,000,000

1,916,275

Tencent

Holdings

Ltd.

,

Reg.

S,

2.99%,

1/19/2023

1,980,000

2,004,572

3.68%,

4/22/2041(a)

610,000

598,979

3.84%,

4/22/2051(a)

1,320,000

1,311,465

5,831,291

Internet

&

Direct

Marketing

Retail

0.3%

Amazon.com,

Inc.

,

1.00%,

5/12/2026

3,140,000

3,046,686

1.20%,

6/3/2027

6,760,000

6,492,586

eBay,

Inc.

,

1.40%,

5/10/2026

4,230,000

4,085,050

Corporate

Bonds

Principal

Amount

($)

Value

($)

Internet

&

Direct

Marketing

Retail

Prosus

NV

,

3.06%,

7/13/2031(a)

4,300,000

3,951,565

17,575,887

IT

Services

0.3%

Automatic

Data

Processing,

Inc.

,

1.70%,

5/15/2028

2,450,000

2,384,910

PayPal

Holdings,

Inc.

,

1.65%,

6/1/2025

10,710,000

10,634,954

Visa,

Inc.

,

3.15%,

12/14/2025

5,040,000

5,285,748

18,305,612

Media

0.8%

Charter

Communications

Operating

LLC

,

(ICE

LIBOR

USD

3

Month

+

1.65%),

1.78%,

2/1/2024(e)

13,130,000

13,450,047

4.91%,

7/23/2025

3,780,000

4,078,875

Comcast

Corp.

,

(ICE

LIBOR

USD

3

Month

+

0.63%),

0.87%,

4/15/2024(e)

9,200,000

9,290,237

3.95%,

10/15/2025

4,010,000

4,289,781

4.15%,

10/15/2028

2,410,000

2,653,033

DISH

DBS

Corp.

,

5.25%,

12/1/2026(a)

150,000

145,500

5.75%,

12/1/2028(a)

2,130,000

2,038,239

Fox

Corp.

,

3.05%,

4/7/2025

7,080,000

7,278,524

3.50%,

4/8/2030

430,000

445,840

43,670,076

Metals

&

Mining

0.2%

Glencore

Finance

Canada

Ltd.

,

4.25%,

10/25/2022(a)(c)

420,000

429,752

Glencore

Funding

LLC

,

3.00%,

10/27/2022(a)

1,240,000

1,255,374

4.13%,

5/30/2023(a)

440,000

453,147

4.13%,

3/12/2024(a)

4,140,000

4,313,220

Southern

Copper

Corp.

,

3.88%,

4/23/2025

3,990,000

4,191,495

Vale

Overseas

Ltd.

,

6.88%,

11/21/2036

520,000

662,376

11,305,364

Multiline

Retail

0.1%

Dollar

General

Corp.

,

3.25%,

4/15/2023

40,000

40,734

Target

Corp.

,

2.25%,

4/15/2025

2,750,000

2,784,026

2,824,760

Multi-Utilities

0.1%

Abu

Dhabi

National

Energy

Co.

PJSC

,

2.00%,

4/29/2028(a)

5,320,000

5,139,758

Nationwide

Multi-Cap

Portfolio

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

47

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

2.9%

BP

Capital

Markets

America,

Inc.

,

(ICE

LIBOR

USD

3

Month

+

0.65%),

0.86%,

9/19/2022(e)

1,000,000

1,002,324

3.19%,

4/6/2025

2,090,000

2,170,669

Chevron

Corp.

,

1.55%,

5/11/2025

10,290,000

10,221,014

Continental

Resources,

Inc.

,

4.50%,

4/15/2023

8,550,000

8,757,680

3.80%,

6/1/2024

3,860,000

3,958,970

2.27%,

11/15/2026(a)

1,310,000

1,266,069

Coterra

Energy,

Inc.

,

4.38%,

6/1/2024(a)

8,700,000

9,114,908

3.90%,

5/15/2027(a)

1,640,000

1,732,457

Devon

Energy

Corp.

,

5.25%,

9/15/2024

1,680,000

1,799,293

5.85%,

12/15/2025

4,760,000

5,364,916

Diamondback

Energy,

Inc.

,

2.88%,

12/1/2024

3,200,000

3,263,491

Ecopetrol

SA

,

5.88%,

9/18/2023

2,250,000

2,368,957

5.38%,

6/26/2026

2,140,000

2,212,760

Energy

Transfer

LP

,

4.50%,

11/1/2023

1,160,000

1,202,109

4.50%,

4/15/2024

3,090,000

3,237,483

2.90%,

5/15/2025

6,120,000

6,203,084

Enterprise

Products

Operating

LLC

,

3.90%,

2/15/2024

1,570,000

1,636,633

3.75%,

2/15/2025

1,930,000

2,021,025

4.15%,

10/16/2028

3,980,000

4,358,249

EQM

Midstream

Partners

LP

,

6.50%,

7/1/2027(a)

3,000,000

3,135,000

EQT

Corp.

,

3.13%,

5/15/2026(a)

1,120,000

1,094,800

3.90%,

10/1/2027

840,000

845,695

5.00%,

1/15/2029

70,000

73,675

Exxon

Mobil

Corp.

,

2.99%,

3/19/2025

10,310,000

10,640,686

KazMunayGas

National

Co.

JSC

,

4.75%,

4/24/2025(a)

1,070,000

1,130,455

Kinder

Morgan

Energy

Partners

LP

,

4.30%,

5/1/2024

5,320,000

5,572,109

Kinder

Morgan,

Inc.

,

(ICE

LIBOR

USD

3

Month

+

1.28%),

1.52%,

1/15/2023(e)

500,000

504,002

4.30%,

6/1/2025

4,060,000

4,323,865

Lukoil

Capital

DAC

,

2.80%,

4/26/2027(a)

2,600,000

2,407,704

Lukoil

International

Finance

BV

,

4.75%,

11/2/2026(a)

1,860,000

1,884,306

MPLX

LP

,

4.00%,

2/15/2025

250,000

262,826

4.88%,

6/1/2025

2,890,000

3,104,016

1.75%,

3/1/2026

4,000,000

3,899,528

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Occidental

Petroleum

Corp.

,

3.20%,

8/15/2026

2,763,000

2,714,647

3.00%,

2/15/2027

264,000

255,452

Petrobras

Global

Finance

BV

,

5.30%,

1/27/2025

550,000

585,756

5.75%,

2/1/2029

800,000

844,192

Petroleos

del

Peru

SA

,

4.75%,

6/19/2032(a)

4,270,000

4,189,980

Pioneer

Natural

Resources

Co.

,

0.55%,

5/15/2023

2,440,000

2,416,232

0.75%,

1/15/2024

1,210,000

1,185,974

1.13%,

1/15/2026

10,630,000

10,170,404

4.45%,

1/15/2026

200,000

215,265

Qatar

Energy

,

1.38%,

9/12/2026(a)

5,510,000

5,309,271

Sinopec

Group

Overseas

Development

2014

Ltd.

,

4.38%,

4/10/2024(a)

4,120,000

4,347,934

Transcontinental

Gas

Pipe

Line

Co.

LLC

,

7.85%,

2/1/2026

4,710,000

5,641,858

Western

Midstream

Operating

LP

,

(ICE

LIBOR

USD

3

Month

+

1.85%),

1.84%,

1/13/2023(e)

1,620,000

1,611,900

3.95%,

6/1/2025

1,980,000

2,026,431

Williams

Cos.,

Inc.

(The)

,

4.30%,

3/4/2024

4,020,000

4,209,326

4.55%,

6/24/2024

2,110,000

2,226,850

158,722,230

Paper

&

Forest

Products

0.1%

Suzano

Austria

GmbH

,

5.75%,

7/14/2026(a)

4,310,000

4,821,856

Pharmaceuticals

0.5%

Astrazeneca

Finance

LLC

,

1.20%,

5/28/2026

3,730,000

3,615,888

AstraZeneca

plc

,

(ICE

LIBOR

USD

3

Month

+

0.67%),

0.82%,

8/17/2023(e)

4,696,000

4,724,631

Bristol-Myers

Squibb

Co.

,

2.60%,

5/16/2022

1,830,000

1,841,088

2.90%,

7/26/2024

96,000

99,039

3.88%,

8/15/2025

2,112,000

2,243,375

Eli

Lilly

&

Co.

,

2.35%,

5/15/2022

400,000

401,735

Merck

&

Co.,

Inc.

,

0.75%,

2/24/2026

440,000

422,727

1.45%,

6/24/2030

260,000

240,937

Pfizer,

Inc.

,

0.80%,

5/28/2025

5,300,000

5,154,042

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

2.80%,

7/21/2023

4,680,000

4,586,400

4.75%,

5/9/2027

2,500,000

2,418,750

48

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Corporate

Bonds

Principal

Amount

($)

Value

($)

Pharmaceuticals

Teva

Pharmaceutical

Finance

Netherlands

III

BV,

5.13%,

5/9/2029

2,300,000

2,231,000

27,979,612

Road

&

Rail

0.1%

Canadian

Pacific

Railway

Co.

,

1.75%,

12/2/2026

7,840,000

7,692,778

Semiconductors

&

Semiconductor

Equipment

0.6%

Broadcom,

Inc.

,

3.15%,

11/15/2025

4,340,000

4,463,979

3.14%,

11/15/2035(a)

4,390,000

4,161,214

Intel

Corp.

,

1.60%,

8/12/2028

5,500,000

5,277,696

Microchip

Technology,

Inc.

,

0.98%,

9/1/2024(a)

2,600,000

2,528,141

NXP

BV

,

2.70%,

5/1/2025(a)

8,700,000

8,847,023

QUALCOMM,

Inc.

,

(ICE

LIBOR

USD

3

Month

+

0.73%),

1.03%,

1/30/2023(e)

5,300,000

5,334,943

Texas

Instruments,

Inc.

,

1.75%,

5/4/2030

1,280,000

1,220,476

TSMC

Arizona

Corp.

,

1.75%,

10/25/2026

3,170,000

3,117,260

34,950,732

Software

0.1%

Oracle

Corp.

,

2.50%,

4/1/2025

4,480,000

4,514,297

Specialty

Retail

0.2%

Home

Depot,

Inc.

(The)

,

(ICE

LIBOR

USD

3

Month

+

0.31%),

0.48%,

3/1/2022(e)

1,000,000

1,000,204

3.25%,

3/1/2022

1,000,000

1,002,500

2.50%,

4/15/2027

20,000

20,411

Lowe's

Cos.,

Inc.

,

3.12%,

4/15/2022

3,000,000

3,007,137

2.50%,

4/15/2026

2,190,000

2,236,265

1.70%,

9/15/2028

2,820,000

2,683,467

9,949,984

Technology

Hardware,

Storage

&

Peripherals

0.1%

Apple,

Inc.

,

1.13%,

5/11/2025

6,260,000

6,141,773

Textiles,

Apparel

&

Luxury

Goods

0.0%

†

NIKE,

Inc.

,

2.40%,

3/27/2025

2,340,000

2,388,189

Thrifts

&

Mortgage

Finance

0.2%

BPCE

SA

,

3.00%,

5/22/2022(a)

6,100,000

6,147,014

Nationwide

Building

Society

,

0.55%,

1/22/2024(a)

6,220,000

6,075,516

12,222,530

Corporate

Bonds

Principal

Amount

($)

Value

($)

Tobacco

0.4%

Altria

Group,

Inc.

,

2.35%,

5/6/2025

4,490,000

4,521,131

4.40%,

2/14/2026

436,000

469,313

2.63%,

9/16/2026

5,340,000

5,429,131

BAT

Capital

Corp.

,

(ICE

LIBOR

USD

3

Month

+

0.88%),

1.04%,

8/15/2022(e)

40,000

40,069

BAT

International

Finance

plc

,

1.67%,

3/25/2026

5,600,000

5,393,870

Philip

Morris

International,

Inc.

,

1.13%,

5/1/2023

2,420,000

2,418,316

1.50%,

5/1/2025

260,000

256,452

0.88%,

5/1/2026

4,200,000

3,985,013

22,513,295

Trading

Companies

&

Distributors

0.2%

Air

Lease

Corp.

,

0.70%,

2/15/2024

5,290,000

5,142,621

3.38%,

7/1/2025

260,000

265,503

1.88%,

8/15/2026

1,480,000

1,418,748

International

Lease

Finance

Corp.

,

5.88%,

8/15/2022

2,600,000

2,667,538

9,494,410

Transportation

Infrastructure

0.1%

DP

World

Crescent

Ltd.

,

4.85%,

9/26/2028(a)

4,810,000

5,268,874

Wireless

Telecommunication

Services

0.2%

T-Mobile

USA,

Inc.

,

3.50%,

4/15/2025

7,890,000

8,187,561

3.50%,

4/15/2031(a)

2,570,000

2,507,112

10,694,673

Total

Corporate

Bonds

(cost

$984,422,872)

968,649,150

Exchange

Traded

Funds

1.8%

Shares

Capital

Markets

0.0%

†

iShares

MSCI

Hong

Kong

ETF

39,403

934,245

Debt

Funds

0.0%

†

iShares

iBoxx

High

Yield

Corporate

Bond

ETF

24,572

2,081,248

Equity

Funds

1.8%

Consumer

Discretionary

Select

Sector

SPDR

Fund

9,933

1,837,108

Energy

Select

Sector

SPDR

Fund

71,524

4,714,862

Financial

Select

Sector

SPDR

Fund

53,152

2,076,117

Industrial

Select

Sector

SPDR

Fund

39,443

3,973,488

Invesco

QQQ

Trust

5,897

2,140,906

iShares

China

Large-Cap

ETF

31,901

1,210,324

Nationwide

Multi-Cap

Portfolio

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

49

Exchange

Traded

Funds

Shares

Value

($)

Equity

Funds

iShares

Russell

1000

ETF

97,463

24,320,917

Materials

Select

Sector

SPDR

Fund

145,574

12,293,724

SPDR

S&P

Homebuilders

ETF

11,684

869,757

SPDR

S&P

MidCap

400

ETF

Trust

2,305

1,106,492

Vanguard

FTSE

Pacific

ETF

32,414

2,405,119

Vanguard

Health

Care

ETF

8,437

2,069,934

Vanguard

High

Dividend

Yield

ETF

50,149

5,592,616

Vanguard

Industrials

ETF

7,653

1,455,830

Vanguard

Mid-Cap

ETF

6,307

1,480,190

Vanguard

Russell

1000

117,864

24,314,165

Vanguard

Small-Cap

ETF

4,084

850,330

WisdomTree

Japan

Hedged

Equity

Fund

33,173

2,067,673

Xtrackers

Harvest

CSI

300

China

A-Shares

ETF

40,068

1,460,078

96,239,630

Total

Exchange

Traded

Funds

(cost

$102,153,719)

99,255,123

Foreign

Government

Securities

1.3%

Principal

Amount

($)

ARGENTINA

0.0%

†

Argentine

Republic,

1.00%,

7/9/2029

103,130

36,364

0.50%,

7/9/2030(c)

2,968,200

1,001,797

Provincia

de

Buenos

Aires,

3.90%,

9/1/2037(a)(c)

1,301,247

553,043

1,591,204

COLOMBIA

0.0%

†

Republic

of

Colombia,

3.25%,

4/22/2032

2,340,000

1,989,000

EGYPT

0.1%

Arab

Republic

of

Egypt,

Reg.

S,

6.59%,

2/21/2028

2,610,000

2,454,768

INDONESIA

0.2%

Republic

of

Indonesia,

3.75%,

4/25/2022(a)

1,200,000

1,206,852

2.95%,

1/11/2023

7,490,000

7,611,489

8,818,341

KUWAIT

0.1%

State

of

Kuwait,

2.75%,

3/20/2022(a)

900,000

902,363

3.50%,

3/20/2027(a)

3,760,000

4,008,318

4,910,681

MEXICO

0.3%

Mex

Bonos

Desarr

Fix

Rt,

5.75%,

3/5/2026

MXN

70,000,000

3,177,453

8.00%,

11/7/2047

53,130,000

2,573,771

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

United

Mexican

States,

4.00%,

10/2/2023

1,592,000

1,658,450

3.50%,

2/12/2034

9,340,000

9,008,523

16,418,197

PANAMA

0.1%

Republic

of

Panama,

3.88%,

3/17/2028

5,060,000

5,320,590

PERU

0.1%

Republic

of

Peru,

2.39%,

1/23/2026

4,500,000

4,499,865

QATAR

0.0%

†

State

of

Qatar,

3.38%,

3/14/2024(a)

1,630,000

1,688,344

RUSSIA

0.1%

Russian

Federation,

6.90%,

5/23/2029

RUB

540,665,000

6,117,283

7.65%,

4/10/2030

144,850,000

1,698,480

7.25%,

5/10/2034

2,250,000

24,947

7,840,710

SAUDI

ARABIA

0.1%

Kingdom

of

Saudi

Arabia,

4.50%,

4/17/2030(a)

3,110,000

3,525,266

SENEGAL

0.0%

†

Republic

of

Senegal,

Reg.

S,

6.25%,

7/30/2024

1,100,000

1,166,682

6.25%,

5/23/2033(a)

1,260,000

1,267,560

2,434,242

UNITED

ARAB

EMIRATES

0.1%

United

Arab

Emirates

Government

Bond,

2.50%,

10/11/2022(a)

1,400,000

1,414,840

0.75%,

9/2/2023(a)

630,000

624,015

4.13%,

10/11/2047(a)

1,970,000

2,252,065

4,290,920

URUGUAY

0.1%

Oriental

Republic

of

Uruguay,

4.38%,

1/23/2031

6,430,000

7,213,174

Total

Foreign

Government

Securities

(cost

$76,023,578)

72,995,302

Master

Limited

Partnership

0.0%

†

Shares

Oil,

Gas

&

Consumable

Fuels

0.0%

†

Magellan

Midstream

Partners

LP

6,645

324,741

Total

Master

Limited

Partnership

(cost

$315,463)

324,741

50

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Mortgage-Backed

Securities

1.6%

Principal

Amount

($)

Value

($)

FHLMC

Non

Gold

Pool

Pool#

841075

,

3.29%,

1/1/2049

(b)

12,750,836

13,027,849

FHLMC

UMBS

Pool

Pool#

ZT1970

3.50%,

4/1/2033

300,109

316,774

Pool#

ZS9826

3.00%,

10/1/2046

118,445

122,739

Pool#

ZS4751

3.50%,

1/1/2048

195,422

205,075

Pool#

ZA5297

4.00%,

3/1/2048

454,124

484,897

Pool#

RA3882

2.00%,

11/1/2050

358,468

351,037

Pool#

SD0633

3.50%,

2/1/2051

366,109

382,667

Pool#

QB9290

2.00%,

3/1/2051

379,445

371,030

Pool#

QB9482

2.00%,

3/1/2051

179,120

174,801

Pool#

QB9901

2.50%,

3/1/2051

391,620

392,727

Pool#

SD0573

2.00%,

4/1/2051

177,729

174,784

Pool#

QC0297

2.00%,

4/1/2051

97,830

95,608

Pool#

QC0885

2.00%,

4/1/2051

94,648

93,080

Pool#

QC1164

2.00%,

4/1/2051

89,753

87,960

Pool#

QC2044

2.50%,

5/1/2051

93,489

94,460

Pool#

RA5373

2.00%,

6/1/2051

1,111

1,085

Pool#

RA5576

2.50%,

7/1/2051

1,727,028

1,732,410

Pool#

SD0653

2.50%,

7/1/2051

385,405

386,239

Pool#

QC3690

2.50%,

7/1/2051

194,858

196,205

Pool#

QC5830

2.50%,

8/1/2051

584,090

588,126

Pool#

QC4690

2.50%,

8/1/2051

192,760

193,193

Pool#

QC4818

2.50%,

8/1/2051

96,272

96,438

Pool#

QC4824

2.50%,

8/1/2051

95,287

95,574

Pool#

QD1526

2.00%,

11/1/2051

292,996

285,961

Pool#

QD0254

2.00%,

11/1/2051

199,193

194,457

Pool#

SD7548

2.50%,

11/1/2051

700,000

704,640

Pool#

RA6507

2.00%,

12/1/2051

298,084

290,957

Pool#

SD0849

2.50%,

1/1/2052

200,000

200,689

Pool#

QD4146

2.50%,

1/1/2052

99,895

100,019

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

SD0809

3.00%,

1/1/2052

397,471

407,237

Pool#

QD4867

3.00%,

1/1/2052

100,000

103,013

Pool#

QD6079

2.50%,

2/1/2052

300,000

302,333

Pool#

QD6142

2.50%,

2/1/2052

100,000

100,344

FNMA

Pool

Pool#

BL5547

2.68%,

1/1/2035

300,000

308,204

Pool#

BM6224

2.79%,

1/1/2035(b)

733,092

768,545

Pool#

BL5767

2.68%,

2/1/2035

200,000

205,483

Pool#

BF0301

4.50%,

8/1/2058

388,888

432,057

FNMA

UMBS

Pool

Pool#

MA2110

3.50%,

12/1/2034

72,190

76,102

Pool#

MA2138

3.50%,

1/1/2035

37,272

39,293

Pool#

MA2320

3.00%,

7/1/2035

238,575

248,495

Pool#

BR2935

1.50%,

3/1/2036

89,308

87,986

Pool#

MA2672

3.00%,

7/1/2036

736,388

762,027

Pool#

MA2773

3.00%,

10/1/2036

574,208

596,598

Pool#

MA2832

3.00%,

12/1/2036

509,586

528,594

Pool#

AS8740

3.50%,

2/1/2037

105,886

111,598

Pool#

FM5754

3.50%,

3/1/2037

65,407

68,717

Pool#

FM5783

3.00%,

6/1/2038

384,725

398,643

Pool#

FM6015

3.50%,

8/1/2039

129,875

136,712

Pool#

CA4998

3.00%,

1/1/2040

23,687,542

24,575,688

Pool#

FM0068

3.50%,

2/1/2040

183,329

196,247

Pool#

FM0071

3.50%,

2/1/2040

53,363

56,584

Pool#

FM4650

2.50%,

10/1/2040

756,859

769,740

Pool#

AW9453

3.50%,

8/1/2044

567,074

601,731

Pool#

AL9546

3.50%,

11/1/2046

267,592

281,900

Pool#

BC9077

3.50%,

12/1/2046

198,320

209,354

Pool#

FM7796

4.00%,

6/1/2048

474,293

506,769

Pool#

890877

3.50%,

7/1/2048

635,969

667,273

Pool#

CA2047

4.50%,

7/1/2048

258,592

281,332

Nationwide

Multi-Cap

Portfolio

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

51

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

FM3469

3.50%,

8/1/2048

615,652

650,005

Pool#

CA2199

4.50%,

8/1/2048

383,621

414,411

Pool#

FM3445

4.00%,

9/1/2048

466,457

495,619

Pool#

FM7960

4.00%,

10/1/2048

1,189,630

1,268,054

Pool#

CA2482

4.50%,

10/1/2048

310,952

336,065

Pool#

FM3141

3.50%,

11/1/2048

724,061

761,779

Pool#

FM8576

3.00%,

2/1/2050

234,150

242,276

Pool#

CA5379

4.50%,

3/1/2050

228,072

249,074

Pool#

BQ0254

2.00%,

8/1/2050

79,752

77,829

Pool#

BP8713

3.00%,

8/1/2050

341,054

349,742

Pool#

FM7195

2.50%,

9/1/2050

187,566

188,757

Pool#

FM5309

2.50%,

11/1/2050

187,668

188,935

Pool#

BQ5876

2.50%,

11/1/2050

89,907

89,928

Pool#

FM4925

3.00%,

11/1/2050

353

362

Pool#

BR0001

2.50%,

12/1/2050

88,048

88,181

Pool#

BQ9224

2.00%,

1/1/2051

185,023

180,810

Pool#

BR2664

2.00%,

2/1/2051

171,167

167,544

Pool#

BR3257

2.00%,

2/1/2051

87,899

86,443

Pool#

BR2643

2.00%,

2/1/2051

84,793

82,924

Pool#

FM5940

2.00%,

2/1/2051

1,473

1,439

Pool#

CA8962

2.50%,

2/1/2051

91,381

92,035

Pool#

FM6184

2.00%,

3/1/2051

1,240,287

1,211,238

Pool#

BQ9453

2.00%,

3/1/2051

369,966

361,189

Pool#

BR4080

2.00%,

3/1/2051

179,666

175,556

Pool#

FM6418

2.00%,

3/1/2051

91,899

89,892

Pool#

BR4753

2.00%,

3/1/2051

90,713

88,901

Pool#

BR3286

2.00%,

3/1/2051

90,163

88,361

Pool#

FM6555

2.00%,

4/1/2051

655,783

640,696

Pool#

BR7745

2.00%,

4/1/2051

181,569

177,941

Pool#

BR8518

2.00%,

4/1/2051

91,357

89,532

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BR8478

2.00%,

4/1/2051

90,294

88,546

Pool#

BR7744

2.00%,

4/1/2051

89,207

87,480

Pool#

FM7741

2.50%,

5/1/2051

2,888

2,888

Pool#

FM7630

2.50%,

6/1/2051

373,927

376,361

Pool#

FM7727

2.50%,

6/1/2051

92,755

93,718

Pool#

FM9579

2.00%,

7/1/2051

2,667,686

2,612,666

Pool#

BT3244

2.50%,

7/1/2051

288,256

288,753

Pool#

FM7910

2.50%,

7/1/2051

287,795

290,504

Pool#

BT0846

2.50%,

7/1/2051

195,673

196,521

Pool#

FM7900

2.50%,

7/1/2051

191,622

191,883

Pool#

BT3270

2.50%,

8/1/2051

195,660

196,114

Pool#

BT3303

2.50%,

8/1/2051

98,791

99,089

Pool#

BT3290

2.50%,

8/1/2051

96,805

96,972

Pool#

BU0051

2.50%,

9/1/2051

197,402

197,830

Pool#

BQ7435

2.50%,

9/1/2051

99,302

100,012

Pool#

FM8977

2.50%,

9/1/2051

97,718

98,183

Pool#

FM9174

2.00%,

10/1/2051

99,234

97,067

Pool#

FM8864

2.50%,

10/1/2051

488,472

489,942

Pool#

FM9335

2.50%,

10/1/2051

196,733

196,741

Pool#

BU1030

2.00%,

11/1/2051

896,496

875,503

Pool#

FM9387

2.00%,

11/1/2051

298,569

291,385

Pool#

CB2787

3.50%,

12/1/2051

500,000

524,626

Pool#

FS0424

2.50%,

1/1/2052

500,000

503,096

Pool#

BU2599

2.50%,

1/1/2052

199,470

200,157

Pool#

FS0191

2.50%,

1/1/2052

99,608

100,383

Pool#

FS0331

3.00%,

1/1/2052

300,000

308,047

Pool#

FS0523

2.50%,

2/1/2052

500,000

502,457

Pool#

FS0520

3.00%,

2/1/2052

200,000

206,187

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

2.00%,

2/25/2052

100,000

97,484

2.50%,

2/25/2052

7,300,000

7,287,453

52

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

3.00%,

2/25/2052

1,500,000

1,532,344

GNMA

I

Pool

Pool#

783669

,

3.00%,

9/15/2042

63,695

67,193

GNMA

II

Pool

Pool#

784106

3.50%,

1/20/2046

103,847

109,537

Pool#

MA4511

4.00%,

6/20/2047

213,231

225,837

Pool#

MA4654

4.50%,

8/20/2047

190,212

204,008

Pool#

MA5193

4.50%,

5/20/2048

284,964

302,653

Pool#

784985

3.50%,

9/20/2048

66,711

69,777

Pool#

MA6342

5.00%,

12/20/2049

460,435

493,133

Pool#

BS1728

4.00%,

1/20/2050

58,566

63,005

Pool#

MA6413

5.00%,

1/20/2050

294,324

314,114

Pool#

BM7534

3.50%,

2/20/2050

80,701

84,089

Pool#

BS1742

4.00%,

2/20/2050

51,557

55,192

Pool#

BS1757

4.00%,

3/20/2050

50,533

54,551

Pool#

BS8420

4.00%,

4/20/2050

212,087

226,912

Pool#

MA6603

5.00%,

4/20/2050

259,684

278,959

Pool#

785221

2.00%,

12/20/2050

271,917

269,120

Pool#

785218

2.00%,

12/20/2050

271,776

268,899

Pool#

785219

2.00%,

12/20/2050

268,847

265,241

Pool#

785220

2.00%,

12/20/2050

186,626

184,930

Pool#

BT1888

2.50%,

12/20/2050

267,351

269,351

Pool#

BS8546

2.50%,

12/20/2050

179,284

179,683

Pool#

MA7056

4.50%,

12/20/2050

194,609

205,925

Pool#

CD8312

2.50%,

5/20/2051

195,137

197,216

Pool#

MA7590

3.00%,

9/20/2051

1,253,728

1,284,863

Pool#

BZ4383

3.00%,

1/20/2052

140,785

147,457

GNMA

TBA

2.00%,

2/15/2052

500,000

494,297

2.50%,

2/15/2052

100,000

100,625

Total

Mortgage-Backed

Securities

(cost

$90,377,820)

88,852,557

Purchased

Options

0.0%

†

Number

of

Contracts

Value

($)

Put

Option

0.0%

†

Exchange

Traded

Funds

0.0%

†

iShares

TIPS

Bond

ETF

3/18/2022

at

USD

121.00,

Euro,

Notional

Amount:

USD

66,913,000

Exchange

Traded

66,913,000

197,403

0

Call

Options

0.0%

†

Future

Interest

Rate

Options

0.0%

†

3

Month

Eurodollar

3/13/2023

at

USD

97.75,

American

Style,

Notional

Amount:

USD

50,000,000

Exchange

Traded

200

390,000

3

Month

Eurodollar

12/19/2022

at

USD

99.00,

American

Style,

Notional

Amount:

USD

85,500,000

Exchange

Traded

342

96,188

3

Month

Eurodollar

12/19/2022

at

USD

98.75,

American

Style,

Notional

Amount:

USD

18,500,000

Exchange

Traded

74

36,075

3

Month

Eurodollar

12/19/2022

at

USD

98.00,

American

Style,

Notional

Amount:

USD

6,750,000

Exchange

Traded

27

43,369

3

Month

Eurodollar

6/13/2022

at

USD

99.00,

American

Style,

Notional

Amount:

USD

13,500,000

Exchange

Traded

54

24,975

3

Month

Eurodollar

9/19/2022

at

USD

98.25,

American

Style,

Notional

Amount:

USD

7,000,000

Exchange

Traded

28

41,650

3

Month

Eurodollar

9/19/2022

at

USD

99.00,

American

Style,

Notional

Amount:

USD

86,000,000

Exchange

Traded

344

107,500

U.S.

Treasury

5

Year

Note

2/18/2022

at

USD

119.25,

American

Style,

Notional

Amount:

USD

11,925,000

Exchange

Traded

263

92,461

U.S.

Treasury

5

Year

Note

2/18/2022

at

USD

119.00,

American

Style,

Notional

Amount:

USD

11,900,000

Exchange

Traded

442

217,547

1,049,765

Total

Purchased

Options

(cost

$2,077,718)

1,247,168

Nationwide

Multi-Cap

Portfolio

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

53

Rights

0.0%

†

Number

of

Rights

Value

($)

Biotechnology

0.0%

†

Achillion

Pharmaceuticals,

Inc.,

CVR*∞

5,788

2,662

Alder

Biopharmaceuticals,

Inc.,

CVR*^∞(d)

3,287

0

CONTRA

ADURO

BIOTECH

I,

CVR*^∞

429

0

Oncternal

Therapeutics,

Inc.,

CVR*∞

31

32

Progenics

Pharmaceuticals,

Inc.,

CVR*^∞

3,700

0

2,694

IT

Services

0.0%

†

Flexion,

Inc.,

CVR*∞(d)

1,208

0

Pharmaceuticals

0.0%

†

Dova

Pharmaceuticals,

Inc.,

CVR*^∞

375

0

Elanco

Animal

Health,

Inc.,

CVR*^∞

2,818

0

0

Total

Rights

(cost

$13,612)

2,694

U.S.

Government

Agency

Security

0.0%

†

Principal

Amount

($)

FNMA,

0.38%,

8/25/2025

2,710,000

2,602,759

Total

U.S.

Government

Agency

Security

(cost

$2,700,916)

2,602,759

U.S.

Treasury

Obligations

3.8%

U.S.

Treasury

Bonds

1.13%,

8/15/2040

5,550,000

4,665,035

1.38%,

11/15/2040

4,960,000

4,348,719

1.88%,

2/15/2041

3,300,000

3,145,699

2.25%,

5/15/2041

980,000

991,025

1.75%,

8/15/2041

12,740,000

11,864,125

2.00%,

11/15/2041

25,880,000

25,156,169

0.00%,

5/15/2049

4,350,000

2,449,033

2.00%,

2/15/2050

5,500,000

5,360,996

1.25%,

5/15/2050

15,630,000

12,712,196

1.38%,

8/15/2050

15,260,000

12,806,478

1.63%,

11/15/2050

7,830,000

6,988,581

1.88%,

2/15/2051

22,180,000

21,006,886

1.88%,

11/15/2051

100,150,000

94,954,719

U.S.

Treasury

Notes

0.25%,

7/31/2025

210,000

201,297

1.25%,

3/31/2028

130,000

126,410

1.00%,

7/31/2028

230,000

219,569

1.50%,

11/30/2028

290,000

285,378

Total

U.S.

Treasury

Obligations

(cost

$218,325,739)

207,282,315

Short-Term

Investments

4.0%

Principal

Amount

($)

Value

($)

Commercial

Paper

3.9%

At&t

Inc.

Corporate

Commercial

Paper

Discount

Dtd,

0.35%,

4/12/2022(a)

15,150,000

15,139,572

Aviation

Capital

Group

LLC

0.38%,

2/8/2022(a)

13,150,000

13,149,415

0.48%,

2/28/2022(a)

10,350,000

10,347,698

Centennial

Energy

Holdings,

Inc.,

0.40%,

3/4/2022

3,950,000

3,949,105

Cigna

Corp.,

0.38%,

4/20/2022

10,650,000

10,641,329

CNPC

Finance

HK

Ltd.

0.36%,

2/9/2022(a)

12,500,000

12,499,516

0.38%,

3/14/2022(a)

20,000,000

19,997,293

Crown

Castle

Corporate

Commercial

Paper

Discount,

0.35%,

2/2/2022(a)

10,000,000

9,999,827

General

Motors

Financial

Co.,

Inc.

0.40%,

2/16/2022

10,100,000

10,098,384

0.40%,

3/14/2022

1,000,000

999,473

0.45%,

3/22/2022

20,000,000

19,986,861

0.48%,

3/28/2022

7,500,000

7,494,295

Harley-Davidson

Financial

Services,

Inc.

0.43%,

3/2/2022(a)

5,000,000

4,998,333

0.43%,

3/3/2022(a)

9,950,000

9,946,539

0.43%,

3/7/2022(a)

12,150,000

12,145,062

Humana,

Inc.

0.40%,

3/18/2022

15,000,000

14,994,001

0.40%,

3/21/2022

8,150,000

8,146,439

Viatris,

Inc.

0.50%,

2/7/2022

12,750,000

12,749,157

0.50%,

2/11/2022

1,800,000

1,799,794

White

Plains

Capital

Co.

LLC,

0.40%,

2/8/2022(a)

15,000,000

14,999,067

214,081,160

Shares

Money

Market

Fund

0.1%

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,0.01%(f)(g)

7,718,160

7,718,160

Total

Short-Term

Investments

(cost

$221,788,814)

221,799,320

Total

Investments

(cost

$4,505,103,465)

—

87.6%

4,832,254,975

Other

assets

in

excess

of

liabilities

—

12.4%

686,531,537

NET

ASSETS

—

100.0%

$

5,518,786,512

54

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

V1

*

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

as

of

January

31,

2022

was

$897,806,856

which

represents

16.27%

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,

2022.

(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

as

of

January

31,

2022.

(d)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2022.

The

total

value

of

securities

on

loan

as

of

January

31,

2022

was

$8,068,380,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

with

a

value

of

$7,718,160.

(e)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

January

31,

2022.

(f)

Represents

7-day

effective

yield

as

of

January

31,

2022.

(g)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2022

was

$7,718,160.

ADR

American

Depositary

Receipt

CDO

Collateralized

Debt

Obligations

CH

Switzerland

CLO

Collateralized

Loan

Obligations

CVR

Contingent

Value

Rights

ETF

Exchange

Traded

Fund

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

FR

France

FTSE

Financial

Times

Stock

Exchange

GNMA

Government

National

Mortgage

Association

GO

General

Obligation

GP

General

Partnership

ICE

Intercontinental

Exchange

IN

India

IO

Interest

only

JP

Japan

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:

CHF

Switzerland

Franc

EUR

Euro

JPY

Japanese

Yen

RUB

Russia

Ruble

USD

United

States

Dollar

Centrally

Cleared

Credit

default

swap

contracts

outstanding

-

sell

protection

as

of

January

31,

2022

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

37-V1

5.00

Quarterly

12/20/2026

3.40

USD

23,515,000

2,078,961

(346,868)

1,732,093

2,078,961

(346,868)

1,732,093

Nationwide

Multi-Cap

Portfolio

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

55

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,

2022

:

Floating

Rate

Index

Fixed

Rate

Pay/

Receive

Floating

Rate

Maturity

Date

Notional

Amount

Upfront

Payment

(Receipts)

($)

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

1

Day

SOFR

annually

1.13%

annually

Rec

8/15/2028

USD

16,123,000

61,082

315,478

376,560

1

Day

SOFR

annually

1.20%

annually

Rec

11/1/2028

USD

6,202,000

(349)

112,292

111,943

1

Day

SOFR

annually

1.22%

annually

Rec

8/15/2028

USD

11,888,000

(4,490)

213,882

209,392

1

Day

SOFR

annually

1.52%

annually

Rec

2/15/2047

USD

75,273,000

325,189

1,850,143

2,175,332

3

Month

LIBOR

quarterly

0.45%

semi-annually

Rec

5/15/2027

USD

18,803,000

(73,352)

1,258,871

1,185,519

3

Month

LIBOR

quarterly

1.25%

semi-annually

Rec

2/15/2028

USD

13,082,000

11,711

286,082

297,793

3

Month

LIBOR

quarterly

1.35%

semi-annually

Rec

2/15/2028

USD

68,014,000

2,272

1,121,929

1,124,201

322,063

5,158,677

5,480,740

1

Day

SOFR

annually

1.73%

annually

Rec

2/15/2047

USD

10,437,000

–

(197,890)

(197,890)

3

Month

LIBOR

quarterly

0.19%

semi-annually

Pay

6/15/2022

USD

13,515,000

(12)

(11,338)

(11,350)

3

Month

LIBOR

quarterly

0.82%

semi-annually

Pay

6/4/2024

USD

100,448,000

–

(1,033,365)

(1,033,365)

(12)

(1,242,593)

(1,242,605)

322,051

3,916,084

4,238,135

–

–

–

Abbreviation

:

LIBOR

London

Interbank

Offered

Rate

SOFR

Secured

Overnight

Financing Rate

Currency:

USD

United

States

dollar

OTC

Total

return

swap

contracts

outstanding

as

of

January

31,

2022

:

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

($)

Advanced

Micro

Devices,

Inc.

Decreases

in

total

return

of

reference

entity

1

Day

USD

SOFR

+

0.25%

and

increases

in

total

return

of

reference

entity

Monthly

Citigroup

Global

Markets

Ltd.

4/21/2022

USD

466,241

—

62,452

62,452

56

-

Statement

of

Investments

-

January

31,

2022

(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

($)

Citizens

Financial

Group,

Inc.

Decreases

in

total

return

of

reference

entity

1

Day

USD

SOFR

+

0.25%

and

increases

in

total

return

of

reference

entity

Monthly

Citigroup

Global

Markets

Ltd.

4/19/2022

USD

654,512

—

44,753

44,753

Citizens

Financial

Group,

Inc.

Decreases

in

total

return

of

reference

entity

1

Day

USD

SOFR

+

0.25%

and

increases

in

total

return

of

reference

entity

Monthly

Citigroup

Global

Markets

Ltd.

4/19/2022

USD

654,512

—

44,753

44,753

Citizens

Financial

Group,

Inc.

Decreases

in

total

return

of

reference

entity

1

Day

USD

SOFR

+

0.25%

and

increases

in

total

return

of

reference

entity

Monthly

Citigroup

Global

Markets

Ltd.

4/19/2022

USD

644,714

—

44,084

44,084

Coherent,

Inc.

1

Day

USD

SOFR

+

0.30%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/21/2022

USD

1,157,538

—

12,737

12,737

Coherent,

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.

4/19/2022

USD

1,315,268

—

14,470

14,470

CyrusOne,

Inc.

1

Day

USD

SOFR

+

0.29%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/21/2022

USD

2,117,872

—

13,781

13,781

Ferro

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.

4/21/2022

USD

364,745

—

3,673

3,673

Ferro

Corp.

1

Day

USD

SOFR

+

0.30%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/21/2022

USD

320,981

—

3,238

3,238

II-VI,

Inc.

Decreases

in

total

return

of

reference

entity

1

Day

USD

SOFR

+

0.25%

and

increases

in

total

return

of

reference

entity

Monthly

Citigroup

Global

Markets

Ltd.

4/21/2022

USD

281,932

—

20,706

20,706

Nationwide

Multi-Cap

Portfolio

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

57

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

($)

II-VI,

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.

4/19/2022

USD

320,389

—

23,531

23,531

Intersect

ENT,

Inc.

1

month

USD

LIBOR

+

0.30%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/21/2022

USD

652,839

—

3,995

3,995

Intersect

ENT,

Inc.

1

Day

USD

SOFR

+

0.30%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/21/2022

USD

574,499

—

3,526

3,526

NeoPhotonics

Corp.

1

Day

USD

SOFR

+

0.30%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/20/2022

USD

568,529

—

11,652

11,652

NeoPhotonics

Corp.

1

Day

USD

SOFR

+

0.30%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/21/2022

USD

500,307

—

10,252

10,252

PAE,

Inc.

1

Day

USD

SOFR

+

0.30%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/19/2022

USD

583,026

—

1,107

1,107

PAE,

Inc.

1

Day

USD

SOFR

+

0.30%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/21/2022

USD

513,066

—

973

973

Quidel

Corp.

Decreases

in

total

return

of

reference

entity

1

Day

USD

SOFR

+

0.25%

and

increases

in

total

return

of

reference

entity

Monthly

Citigroup

Global

Markets

Ltd.

4/21/2022

USD

1,286,900

—

157,287

157,287

Russell

1000

Index

Decreases

in

total

return

of

reference

entity

1

month

USD

LIBOR

+

0.47%

and

increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/5/2022

USD

11,737,924

—

706,664

706,664

58

-

Statement

of

Investments

-

January

31,

2022

(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

+

0.47%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/25/2022

USD

81,694,728

—

1,793,804

1,793,804

Russell

3000

Index

1

month

USD

LIBOR

+

0.47%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/25/2022

USD

30,713,760

—

674,394

674,394

S&P

Global,

Inc.

Decreases

in

total

return

of

reference

entity

1

Day

USD

SOFR

+

0.30%

and

increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/21/2022

USD

1,692,359

—

35,810

35,810

S&P

Global,

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.

4/19/2022

USD

1,923,096

—

40,373

40,373

State

Auto

Financial

Corp.

1

month

USD

LIBOR

+

0.29%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/21/2022

USD

229,474

—

191

191

State

Auto

Financial

Corp.

1

Day

USD

SOFR

+

0.30%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/21/2022

USD

201,939

—

135

135

Vonage

Holdings

Corp.

1

Day

USD

SOFR

+

0.29%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/21/2022

USD

1,693,143

—

2,267

2,267

Xilinx,

Inc.

1

Day

USD

SOFR

+

0.25%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Citigroup

Global

Markets

Ltd.

4/20/2022

USD

162,259

—

4,954

4,954

Xilinx,

Inc.

1

Day

USD

SOFR

+

0.28%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/21/2022

USD

588,801

—

65,205

65,205

Nationwide

Multi-Cap

Portfolio

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

59

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

Day

USD

SOFR

+

0.30%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/21/2022

USD

385,178

—

11,753

11,753

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.

4/19/2022

USD

275,503

—

8,406

8,406

—

3,820,926

3,820,926

Advanced

Micro

Devices,

Inc.

Decreases

in

total

return

of

reference

entity

1

Day

USD

SOFR

+

0.20%

and

increases

in

total

return

of

reference

entity

Monthly

Citigroup

Global

Markets

Ltd.

4/21/2022

USD

600,790

—

(64,488)

(64,488)

Arena

Pharmaceuticals,

Inc.

1

Day

USD

SOFR

+

0.30%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/21/2022

USD

859,645

—

(91)

(91)

Cerner

Corp.

1

Day

USD

SOFR

+

0.25%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Citigroup

Global

Markets

Ltd.

4/20/2022

USD

1,754,000

—

(15,978)

(15,978)

Comtech

Telecommunications

Corp.

1

Day

USD

SOFR

+

0.25%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Citigroup

Global

Markets

Ltd.

4/19/2022

USD

394,241

—

(23,559)

(23,559)

Comtech

Telecommunications

Corp.

1

Day

USD

SOFR

+

0.25%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Citigroup

Global

Markets

Ltd.

4/21/2022

USD

47,391

—

(2,832)

(2,832)

Comtech

Telecommunications

Corp.

1

Day

USD

SOFR

+

0.30%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/21/2022

USD

388,641

—

(23,230)

(23,230)

IHS

Markit

Ltd.

1

Day

USD

SOFR

+

0.30%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/21/2022

USD

1,680,191

—

(35,606)

(35,606)

60

-

Statement

of

Investments

-

January

31,

2022

(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

($)

IHS

Markit

Ltd.

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.

4/19/2022

USD

1,909,292

—

(40,466)

(40,466)

Investors

Bancorp,

Inc.

1

Day

USD

SOFR

+

0.30%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/19/2022

USD

677,316

—

(31,345)

(31,345)

Investors

Bancorp,

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.

4/19/2022

USD

677,299

—

(31,357)

(31,357)

Investors

Bancorp,

Inc.

1

Day

USD

SOFR

+

0.30%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/21/2022

USD

667,187

—

(30,876)

(30,876)

Nuance

Communications,

Inc.

1

Day

USD

SOFR

+

0.30%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/21/2022

USD

1,154,350

—

(1,791)

(1,791)

Nuance

Communications,

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.

4/19/2022

USD

1,311,764

—

(2,038)

(2,038)

Ortho

Clinical

Diagnostics

Holdings

plc

1

Day

USD

SOFR

+

0.35%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/20/2022

USD

1,925,589

—

(127,639)

(127,639)

Rogers

Corp.

1

Day

USD

SOFR

+

0.25%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Citigroup

Global

Markets

Ltd.

4/19/2022

USD

479,388

—

(130)

(130)

Rogers

Corp.

1

Day

USD

SOFR

+

0.30%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/21/2022

USD

421,785

—

(122)

(122)

Nationwide

Multi-Cap

Portfolio

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

61

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

1000

Index

1

month

USD

LIBOR

+

0.47%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/5/2022

USD

7,640,865

—

(460,007)

(460,007)

Russell

1000

Index

1

month

USD

LIBOR

+

0.47%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/5/2022

USD

478,205,883

—

(28,789,678)

(28,789,678)

Russell

3000

Index

1

month

USD

LIBOR

+

0.35%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Bank

of

America

NA

6/10/2022

USD

494,423,488

—

(18,008,844)

(18,008,844)

Russell

3000

Index

1

Day

USD

SOFR

+

0.33%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Societe

Generale

SA

7/21/2022

USD

450,411,026

—

(1,954,619)

(1,954,619)

Russell

3000

Index

1

Day

USD

SOFR

+

0.46%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Bank

of

America

NA

11/10/2022

USD

17,434,150

—

(635,471)

(635,471)

Russell

3000

Index

1

Day

USD

SOFR

+

0.46%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Bank

of

America

NA

11/10/2022

USD

1,168,689,254

—

(42,598,446)

(42,598,446)

Russell

3000

Index

1

Day

USD

SOFR

+

0.49%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Citigroup

Global

Markets

Ltd.

12/12/2022

USD

533,695,414

—

(19,462,932)

(19,462,932)

S&P

Global,

Inc.

Decreases

in

total

return

of

reference

entity

1

month

USD

LIBOR

+

0.47%

and

increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/25/2022

USD

31,337,901

—

(753,509)

(753,509)

S&P

Global,

Inc.

Decreases

in

total

return

of

reference

entity

1

month

USD

LIBOR

+

0.47%

and

increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/25/2022

USD

83,387,976

—

(2,005,036)

(2,005,036)

62

-

Statement

of

Investments

-

January

31,

2022

(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

($)

Sanderson

Farms,

Inc.

1

Day

USD

SOFR

+

0.30%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/21/2022

USD

490,696

—

(11,942)

(11,942)

Sanderson

Farms,

Inc.

1

Day

USD

SOFR

+

0.30%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/21/2022

USD

490,696

—

(11,942)

(11,942)

Sanderson

Farms,

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.

4/21/2022

USD

556,853

—

(13,561)

(13,561)

Sanderson

Farms,

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.

4/21/2022

USD

557,609

—

(13,580)

(13,580)

Welbilt,

Inc.

1

Day

USD

SOFR

+

0.30%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/21/2022

USD

306,043

—

(32)

(32)

Welbilt,

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.

4/21/2022

USD

347,771

—

(43)

(43)

—

(115,151,190)

(115,151,190)

—

(111,330,264)

(111,330,264)

*

There

are

no

upfront

payments

(receipts)

on

the

swap

contracts

listed

above.

LIBOR

London

Interbank

Offered

Rate

SOFR

Secured

Overnight

Financing

Rate

Currency:

USD

United

States

dollar

Forward

Foreign

Currency

Contracts

outstanding

as

of

January

31,

2022:

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

($)

USD

151,411,885

JPY

17,097,000,000

Morgan

Stanley

Co.,

Inc.

3/16/2022

2,787,596

BRL

16,870,000

USD

2,900,499

Citibank

NA

**

4/19/2022

213,434

JPY

1,042,809,809

USD

9,012,862

Citibank

NA

4/19/2022

57,010

CAD

6,019,293

USD

4,744,327

Citibank

NA

4/19/2022

(9,778)

RUB

99,781,617

USD

1,294,587

Goldman

Sachs

Bank

USA

**

4/19/2022

(29,235)

Net

unrealized

appreciation

3,019,027

**

Non-deliverable

forward.

Nationwide

Multi-Cap

Portfolio

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

63

Currency:

BRL

Brazilian

real

CAD

Canadian

dollar

JPY

Japanese

yen

RUB

Russian

ruble

USD

United

States

dollar

Futures

contracts

outstanding

as

of

January

31,

2022:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

CBOE

Volatility

Index

45

2/2022

USD

1,118,354

(195,771)

3

Month

Eurodollar

16

3/2022

USD

3,979,600

(10,634)

MSCI

Emerging

Markets

E-Mini

Index

21

3/2022

USD

1,286,040

14,024

NASDAQ

100

E-Mini

Index

57

3/2022

USD

16,991,700

541,959

NASDAQ

100

E-Mini

Index

244

3/2022

USD

7,273,640

(572,070)

Russell

2000

E-Mini

Index

18

3/2022

USD

1,821,960

(1,015)

Russell

2000

E-Mini

Index

19

3/2022

USD

1,923,180

(144,764)

Russell

2000

E-Mini

Index

365

3/2022

USD

36,945,300

(3,529,066)

S&P

500

E-Mini

Index

148

3/2022

USD

33,331,450

(1,146,879)

S&P

500

E-Mini

Index

438

3/2022

USD

9,864,308

226,037

TOPIX

Index

83

3/2022

JPY

13,692,692

(758,261)

U.S.

Treasury

10

Year

Note

44

3/2022

USD

5,630,625

(54,017)

U.S.

Treasury

10

Year

Note

133

3/2022

USD

17,019,844

(42,714)

U.S.

Treasury

Ultra

Bond

55

3/2022

USD

10,391,563

(277,644)

3

Month

Eurodollar

2,701

12/2022

USD

665,357,588

(2,858,922)

3

Month

Eurodollar

418

6/2023

USD

102,666,025

(743,601)

3

Month

Eurodollar

2,817

12/2023

USD

690,622,763

(2,895,734)

(12,449,072)

Short

Contracts

EURO

STOXX

50

Index

(25)

3/2022

EUR

(1,163,613)

(3,607)

Russell

2000

Micro

E-Mini

Index

(228)

3/2022

USD

(2,307,816)

(81,216)

S&P

500

E-Mini

Index

(216)

3/2022

USD

(4,864,590)

(111,130)

TOPIX

Index

(783)

3/2022

JPY

(129,173,227)

3,121,605

U.S.

Treasury

2

Year

Note

(1,800)

3/2022

USD

(389,981,250)

3,118,763

U.S.

Treasury

5

Year

Note

(4,379)

3/2022

USD

(521,990,484)

7,282,918

U.S.

Treasury

5

Year

Note

(167)

3/2022

USD

(19,906,922)

211,192

U.S.

Treasury

10

Year

Ultra

Note

(398)

3/2022

USD

(56,845,594)

599,650

U.S.

Treasury

Long

Bond

(1,017)

3/2022

USD

(158,270,625)

4,380,230

U.S.

Treasury

Ultra

Bond

(237)

3/2022

USD

(44,778,187)

2,523,919

21,042,324

8,593,252

As

of

January

31,

2022,

the

Fund

had

$12,301,703

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

EUR

Euro

JPY

Japanese

Yen

USD

United

States

Dollar

Written

Call

Options

Contracts

as

of

January

31,

2022

:

D

escription

Counterparty

Number

of

Contracts

Notional

Amount

Exercise

  Price  

Expiration

Date

Value

($)  

iShares

TIPS

Bond

ETF

Goldman

Sachs

&

Co.

71,890

USD

71,890,000

USD

130.00

3/18/2022

(88,986)

U.S.

Treasury

10

Year

Note

Exchange

Traded

261

USD

26,100,000

USD

128.50

2/18/2022

(89,719)

U.S.

Treasury

10

Year

Note

Exchange

Traded

263

USD

26,300,000

USD

128.50

3/25/2022

(180,813)

U.S.

Treasury

10

Year

Note

Exchange

Traded

303

USD

30,300,000

USD

129.00

2/18/2022

(61,547)

U.S.

Treasury

10

Year

Note

Exchange

Traded

144

USD

14,400,000

USD

129.50

2/18/2022

(15,750)

U.S.

Treasury

10

Year

Note

Exchange

Traded

439

USD

43,900,000

USD

130.00

2/18/2022

(27,437)

U.S.

Treasury

30

Year

Bond

Exchange

Traded

56

USD

5,600,000

USD

156.50

2/18/2022

(53,375)

U.S.

Treasury

30

Year

Bond

Exchange

Traded

82

USD

8,200,000

USD

157.00

2/18/2022

(62,781)

64

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Description

Counterparty

Number

of

Contracts

Notional

Amount

Exercise

  Price  

Expiration

Date

Value

($)  

U.S.

Treasury

30

Year

Bond

Exchange

Traded

82

USD

8,200,000

USD

158.00

2/18/2022

(39,719)

U.S.

Treasury

5

Year

Note

Exchange

Traded

186

USD

18,600,000

USD

119.50

2/18/2022

(43,594)

U.S.

Treasury

5

Year

Note

Exchange

Traded

863

USD

86,300,000

USD

120.00

2/18/2022

(80,906)

U.S.

Treasury

5

Year

Note

Exchange

Traded

707

USD

70,700,000

USD

120.75

2/18/2022

(11,047)

(755,674)

Written

Put

Options

Contracts

as

of

January

31,

2022

:

D

escription

Counterparty

Number

of

Contracts

Notional

Amount

Exercise

  Price  

Expiration

Date

Value

($)  

iShares

TIPS

Bond

ETF

Goldman

Sachs

&

Co.

65,807

USD

65,807,000

USD

119.00

3/18/2022

(111,401)

U.S.

Treasury

5

Year

Note

Exchange

Traded

404

USD

40,400,000

USD

118.50

2/18/2022

(53,656)

(165,057)

–

Total

Written

Options

Contracts

(Premiums

Received

($1,589,956))

(920,731)

Currency:

USD

United

States

dollar

Nationwide

Multi-Cap

Portfolio

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

65

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.

66

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

362,687,270

$

–

$

362,687,270

Collateralized

Mortgage

Obligations

–

145,008,844

–

145,008,844

Commercial

Mortgage-Backed

Securities

–

152,182,418

–

152,182,418

  Common

Stocks

Aerospace

&

Defense

32,118,202

–

–

32,118,202

Air

Freight

&

Logistics

13,207,357

–

–

13,207,357

Airlines

6,513,297

–

–

6,513,297

Auto

Components

5,262,463

–

–

5,262,463

Automobiles

51,040,660

–

–

51,040,660

Banks

105,315,174

–

–

105,315,174

Beverages

31,929,459

–

–

31,929,459

Biotechnology

53,230,978

–

–

53,230,978

Building

Products

16,167,698

5,092,376

–

21,260,074

Capital

Markets

74,443,387

–

–

74,443,387

Chemicals

32,815,647

10,732,645

–

43,548,292

Commercial

Services

&

Supplies

11,656,563

–

–

11,656,563

Communications

Equipment

19,645,338

–

–

19,645,338

Construction

&

Engineering

3,991,390

–

–

3,991,390

Construction

Materials

3,445,896

–

–

3,445,896

Consumer

Finance

15,672,372

–

–

15,672,372

Containers

&

Packaging

8,984,052

–

15,252

8,999,304

Distributors

2,801,125

–

–

2,801,125

Diversified

Consumer

Services

2,788,992

–

–

2,788,992

Diversified

Financial

Services

31,329,043

5,374,644

–

36,703,687

Diversified

Telecommunication

Services

23,032,695

–

–

23,032,695

Electric

Utilities

37,354,065

–

–

37,354,065

Electrical

Equipment

15,461,395

12,510,775

–

27,972,170

Electronic

Equipment,

Instruments

&

Components

17,843,371

9,899,201

–

27,742,572

Energy

Equipment

&

Services

6,829,077

–

–

6,829,077

Entertainment

39,704,289

–

–

39,704,289

Equity

Real

Estate

Investment

Trusts

(REITs)

80,603,838

–

–

80,603,838

Food

&

Staples

Retailing

30,355,681

–

–

30,355,681

Food

Products

25,270,204

6,126,116

–

31,396,320

Gas

Utilities

2,670,467

–

–

2,670,467

Health

Care

Equipment

&

Supplies

63,378,276

13,747,676

–

77,125,952

Health

Care

Providers

&

Services

61,671,282

–

–

61,671,282

Health

Care

Technology

5,677,140

–

–

5,677,140

Hotels,

Restaurants

&

Leisure

53,436,455

–

–

53,436,455

Household

Durables

11,248,624

8,970,976

–

20,219,600

Household

Products

29,245,002

3,018,607

–

32,263,609

Independent

Power

and

Renewable

Electricity

Producers

3,024,242

–

–

3,024,242

Industrial

Conglomerates

21,354,540

–

–

21,354,540

Insurance

48,861,551

5,013,023

–

53,874,574

Interactive

Media

&

Services

128,446,506

–

–

128,446,506

Internet

&

Direct

Marketing

Retail

73,184,554

–

–

73,184,554

IT

Services

110,176,620

13,352,270

–

123,528,890

Leisure

Products

2,841,549

–

–

2,841,549

Life

Sciences

Tools

&

Services

41,478,579

–

–

41,478,579

Machinery

42,533,042

7,399,582

–

49,932,624

Marine

508,377

–

–

508,377

Media

26,521,172

–

–

26,521,172

Metals

&

Mining

11,302,683

–

–

11,302,683

Mortgage

Real

Estate

Investment

Trusts

(REITs)

3,262,297

–

–

3,262,297

Multiline

Retail

10,848,938

–

–

10,848,938

Multi-Utilities

18,698,245

–

–

18,698,245

Nationwide

Multi-Cap

Portfolio

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

67

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,

2022.

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.

Level

1

Level

2

Level

3

Total

Assets:

Oil,

Gas

&

Consumable

Fuels

$

72,543,218

$

–

$

–

$

72,543,218

Paper

&

Forest

Products

449,712

–

–

449,712

Personal

Products

5,024,657

–

–

5,024,657

Pharmaceuticals

81,169,724

5,261,094

–

86,430,818

Professional

Services

15,093,215

4,896,425

–

19,989,640

Real

Estate

Management

&

Development

4,597,309

–

–

4,597,309

Road

&

Rail

24,688,748

–

–

24,688,748

Semiconductors

&

Semiconductor

Equipment

126,394,308

3,802,013

–

130,196,321

Software

227,189,081

–

–

227,189,081

Specialty

Retail

55,727,840

7,849,430

–

63,577,270

Technology

Hardware,

Storage

&

Peripherals

150,928,826

–

–

150,928,826

Textiles,

Apparel

&

Luxury

Goods

16,970,593

2,461,154

–

19,431,747

Thrifts

&

Mortgage

Finance

3,078,843

–

–

3,078,843

Tobacco

13,520,237

–

–

13,520,237

Trading

Companies

&

Distributors

7,952,068

–

–

7,952,068

Water

Utilities

2,701,777

–

–

2,701,777

Wireless

Telecommunication

Services

3,486,255

2,658,435

–

6,144,690

Total

Common

Stocks

$

2,380,700,260

$

128,166,442

$

15,252

$

2,508,881,954

Convertible

Bond

–

483,360

–

483,360

Corporate

Bonds

–

968,649,150

–

968,649,150

Exchange

Traded

Funds

99,255,123

–

–

99,255,123

Foreign

Government

Securities

–

72,995,302

–

72,995,302

Forward

Foreign

Currency

Contracts

–

3,058,040

–

3,058,040

Futures

Contracts

22,020,297

–

–

22,020,297

Interest

Rate

Swaps*

–

5,158,677

–

5,158,677

Master

Limited

Partnership

324,741

–

–

324,741

Mortgage-Backed

Securities

–

88,852,557

–

88,852,557

Purchased

Options  

1,049,765

197,403

–

1,247,168

Rights  

–

2,694

–

2,694

Short-Term

Investments  

7,718,160

214,081,160

–

221,799,320

Total

Return

Swaps*

–

3,820,926

–

3,820,926

U.S.

Government

Agency

Security

–

2,602,759

–

2,602,759

U.S.

Treasury

Obligations

–

207,282,315

–

207,282,315

Total

Assets

$

2,511,068,346

$

2,355,229,317

$

15,252

$

4,866,312,915

$

–

$

–

$

–

$

–

Liabilities:

Credit

Default

Swaps*

$

–

$

(346,868)

$

–

$

(346,868)

Forward

Foreign

Currency

Contracts

–

(39,013)

–

(39,013)

Futures

Contracts

(13,427,045)

–

–

(13,427,045)

Interest

Rate

Swaps*

–

(1,242,593)

–

(1,242,593)

Total

Return

Swaps*

–

(115,151,190)

–

(115,151,190)

Written

Options

(720,344)

(200,387)

–

(920,731)

Total

Liabilities

$

(14,147,389)

$

(116,980,051)

$

–

$

(131,127,440)

Total

$

2,496,920,957

$

2,238,249,266

$

15,252

$

4,735,185,475

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,

2022,

the

Fund

held

five

rights

investments

that

were

categorized

as

Level

3

investments

which

were

each

valued

at

$0.

68

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

(a)

Options

The

Fund

purchased

and/or

wrote

options

on

futures

contracts,

single

stocks,

ETFs,

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.

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.

Nationwide

Multi-Cap

Portfolio

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

69

(b)

Swap

Contracts

Credit

Default

Swap

Contracts

— The

Fund entered

into

credit

default

swap

contracts.

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. 

As

the

protection

seller

in

a

credit

default

swap

contract,

the

Fund

receives

from

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

pay

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

to

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.

In

return,

if

no

credit

event

or

default

(or

similar

event)

occurs,

the

Fund

keeps

the

stream

of

payments

and

would

have

no

payment

of

obligations.

If

a

credit

event

or

default

(or

similar

event)

occurs,

the

Fund

either

(i)

pays

to

the

counterparty

an

amount

equal

to

the

notional

amount

of

the

swap

and

takes

delivery

of

the

referenced

obligation,

other

deliverable

obligations

or

underlying

securities

comprising

the

referenced

index,

or

(ii)

pays

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.

By

selling

a

credit

default

swap

contract,

the

Fund

effectively

adds

economic

leverage

to

its

portfolio

because,

in

addition

to

its

total

net

assets,

the

Fund

is

subject

to

investment

exposure

on

the

notional

amount

of

the

swap.

Credit

default

swap

agreements

on

credit

indices

involve

one

party

making

a

stream

of

payments

to

another

party

in

exchange

for

the

right

to

receive

a

specified

return

in

the

event

of

a

write-down,

principal

shortfall,

interest

shortfall

or

default

of

all

or

part

of

the

referenced

entities

comprising

the

credit

index.

A

credit

index

is

a

basket

of

credit

instruments

or

exposures

designed

to

be

representative

of

some

part

of

the

credit

market

as

a

whole.

These

indices

are

made

up

of

reference

credits

that

are

judged

by

a

poll

of

dealers

to

be

the

most

liquid

entities

in

the

credit

default

swap

market

based

on

the

sector

of

the

index.

Components

of

the

indices

include

high-yield

securities.

Credit

indices

are

traded

using

credit

default

swap

contracts

with

standardized

terms

including

a

fixed

spread

and

standard

maturity

dates.

An

index

credit

default

swap

contract

references

all

the

names

in

the

index,

and

if

there

is

a

default,

the

credit

event

is

settled

based

on

the

name’s

weight

in

the

index.

For

most

indices,

each

name

has

an

equal

weight

in

the

index.

The

composition

of

the

indices

changes

periodically.

The

use

of

credit

default

swap

contracts

on

indices

is

often

less

expensive

than

it

would

be

to

buy

many

issuer-specific

credit

default

swap

contracts

to

achieve

a

similar

effect.

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,

2022

are

disclosed

in

the

Statement

of

Investments.

The

implied

credit

spread

of

a

particular

referenced

entity

reflects

the

cost

of

selling

protection

on

such

entity’s

debt,

and

may

include

upfront

payments

required

to

be

made

to

enter

into

the

agreement.

For

credit

default

swap

agreements

on

credit

indices,

the

quoted

market

prices

and

resulting

value

serve

as

the

indicator

of

the

current

status

of

the

payment/performance

risk.

Wider

credit

spreads

represent

a

deterioration

of

the

referenced

entity’s

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

70

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

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).

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

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.

(c)

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.

Nationwide

Multi-Cap

Portfolio

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

71

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.

(d)

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.

72

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2022:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2022:

Assets:

Fair

Value

Purchased

Options

Equity

risk

Investment

securities,

at

value

$

197,403

Interest

rate

risk

Investment

securities,

at

value

1,049,765

Swap

Contracts(a)

Equity

risk

Unrealized

appreciation

on

centrally

cleared

swap

contracts

3,820,926

Interest

rate

risk

Receivable/payable

for

variation

margin

on

centrally

cleared

swap

contracts

5,158,677

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

appreciation

on

forward

foreign

currency

contracts

3,058,040

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

3,903,625

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

18,116,672

Total

$

35,305,108

Liabilities:

Written

Options

Equity

risk

Written

options,

at

value

$

(200,387)

Interest

rate

risk

Written

options,

at

value

(720,344)

Swap

Contracts(a)

Credit

risk

Unrealized

depreciation

on

centrally

cleared

swap

contracts

(346,868)

Equity

risk

Unrealized

depreciation

on

centrally

cleared

swap

contracts

(115,151,190)

Interest

rate

risk

Receivable/payable

for

variation

margin

on

centrally

cleared

swap

contracts

(1,242,593)

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

depreciation

on

forward

foreign

currency

contracts

(39,013)

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

(6,543,779)

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

(6,883,266)

Total

$

(131,127,440)

(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

Bond

Portfolio

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

73

Asset-Backed

Securities

0.2%

Principal

Amount

($)

Value

($)

UNITED

STATES

0.2%

Automobiles

0.2%

Santander

Drive

Auto

Receivables

Trust

Series

2021-1,

Class

D,

1.13%,

11/16/2026

500,000

495,286

Series

2020-3,

Class

D,

1.64%,

11/16/2026

710,000

711,084

Total

Asset-Backed

Securities

(cost  $1,215,399)

1,206,370

Commercial

Mortgage-Backed

Securities

1.8%

UNITED

STATES

1.8%

Banc

of

America

Commercial

Mortgage

Trust

,

Series

2016-

UB10,

Class

A4,

3.17%,

7/15/2049

735,000

758,337

BANK

,

Series

2020-

BN27,

Class

A5,

2.14%,

4/15/2063

796,000

773,833

Benchmark

Mortgage

Trust

Series

2018-B5,

Class

A4,

4.21%,

7/15/2051

400,000

440,694

Series

2018-B8,

Class

AS,

4.53%,

1/15/2052(a)

500,000

555,931

Series

2020-B16,

Class

A5,

2.73%,

2/15/2053

750,000

759,346

Series

2020-B21,

Class

A4,

1.70%,

12/17/2053

300,000

279,369

Citigroup

Commercial

Mortgage

Trust

Series

2013-GC11,

Class

A4,

3.09%,

4/10/2046

414,000

420,330

Series

2019-GC41,

Class

A4,

2.62%,

8/10/2056

500,000

505,572

FHLMC

Multifamily

Structured

Pass-

Through

Certificates

REMICS

Series

K086,

Class

A2,

3.86%,

11/25/2028(a)

1,000,000

1,118,277

Series

K126,

Class

A2,

2.07%,

1/25/2031

1,000,000

996,521

JPMBB

Commercial

Mortgage

Securities

Trust

Series

2014-C21,

Class

A5,

3.77%,

8/15/2047

752,000

782,271

Series

2015-C30,

Class

AS,

4.23%,

7/15/2048(a)

500,000

529,033

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

UNITED

STATES

JPMDB

Commercial

Mortgage

Securities

Trust

,

Series

2017-

C7,

Class

A5,

3.41%,

10/15/2050

500,000

527,301

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

Series

2015-

C25,

Class

A4,

3.37%,

10/15/2048

535,000

554,526

Wells

Fargo

Commercial

Mortgage

Trust

,

Series

2019-C52,

Class

A5,

2.89%,

8/15/2052

530,000

541,734

Total

Commercial

Mortgage-Backed

Securities

(cost

$9,780,002)

9,543,075

Corporate

Bonds

40.7%

BURKINA

FASO

0.1%

Metals

&

Mining

0.1%

IAMGOLD

Corp.,

5.75%,

10/15/2028(b)

500,000

469,300

CANADA

1.0%

Banks

0.2%

Royal

Bank

of

Canada,

2.05%,

1/21/2027

500,000

494,842

Toronto-Dominion

Bank

(The),

1.45%,

1/10/2025

525,000

519,483

1,014,325

Capital

Markets

0.2%

Brookfield

Finance

I

UK

plc,

2.34%,

1/30/2032

590,000

559,281

Brookfield

Finance,

Inc.,

4.85%,

3/29/2029

300,000

336,483

895,764

Commercial

Services

&

Supplies

0.1%

GFL

Environmental,

Inc.,

4.38%,

8/15/2029(b)

500,000

477,145

Distributors

0.1%

Ritchie

Bros

Holdings,

Inc.,

4.75%,

12/15/2031(b)

600,000

604,320

Diversified

Telecommunication

Services

0.0%

†

Telesat

Canada,

6.50%,

10/15/2027(b)

250,000

153,805

Hotels,

Restaurants

&

Leisure

0.0%

†

1011778

BC

ULC,

4.00%,

10/15/2030(b)

250,000

231,417

Household

Durables

0.1%

Brookfield

Residential

Properties,

Inc.

5.00%,

6/15/2029(b)

250,000

246,800

4.88%,

2/15/2030(b)

200,000

194,304

441,104

74

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Bond

Portfolio

Corporate

Bonds

Principal

Amount

($)

Value

($)

CANADA

Oil,

Gas

&

Consumable

Fuels

0.3%

Canadian

Natural

Resources

Ltd.,

3.85%,

6/1/2027

750,000

792,862

Cenovus

Energy,

Inc.,

4.25%,

4/15/2027

300,000

320,998

Enbridge,

Inc.,

4.25%,

12/1/2026

500,000

538,593

1,652,453

Professional

Services

0.0%

†

Thomson

Reuters

Corp.,

3.35%,

5/15/2026

100,000

104,217

5,574,550

CHINA

0.1%

Interactive

Media

&

Services

0.0%

†

Weibo

Corp.,

3.38%,

7/8/2030

200,000

191,454

Semiconductors

&

Semiconductor

Equipment

0.1%

NXP

BV,

3.15%,

5/1/2027(b)

400,000

410,190

601,644

FRANCE

0.2%

Energy

Equipment

&

Services

0.2%

CGG

SA,

8.75%,

4/1/2027(b)

800,000

800,000

GERMANY

0.1%

Capital

Markets

0.0%

†

Deutsche

Bank

AG,

(SOFR

+

1.22%),

2.31%,

11/16/2027(c)

150,000

145,707

Diversified

Telecommunication

Services

0.1%

Deutsche

Telekom

International

Finance

BV,

8.75%,

6/15/2030(d)

235,000

331,524

477,231

ITALY

0.0%

†

Banks

0.0%

†

UniCredit

SpA

,

(USD

ICE

Swap

Rate

5

Year

+

4.91%),

7.30%,

4/2/2034(b)(c)

200,000

229,595

JAPAN

0.6%

Banks

0.5%

Mitsubishi

UFJ

Financial

Group,

Inc.

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.55%),

0.95%,

7/19/2025(c)

380,000

370,415

Corporate

Bonds

Principal

Amount

($)

Value

($)

JAPAN

Banks

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.67%),

1.64%,

10/13/2027(c)

850,000

819,743

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.95%),

2.31%,

7/20/2032(c)

200,000

190,658

Mizuho

Financial

Group,

Inc.,

(SOFR

+

1.24%),

2.84%,

7/16/2025(c)

400,000

407,873

Sumitomo

Mitsui

Financial

Group,

Inc.

0.95%,

1/12/2026

250,000

238,790

1.40%,

9/17/2026

260,000

249,093

2,276,572

Capital

Markets

0.1%

Nomura

Holdings,

Inc.,

2.65%,

1/16/2025

300,000

303,847

2,580,419

MEXICO

0.2%

Beverages

0.2%

Coca-Cola

Femsa

SAB

de

CV,

2.75%,

1/22/2030

1,200,000

1,192,164

NETHERLANDS

0.1%

Banks

0.1%

Cooperatieve

Rabobank

UA,

4.38%,

8/4/2025

250,000

266,124

ING

Groep

NV,

3.95%,

3/29/2027

200,000

213,865

479,989

PERU

0.1%

Metals

&

Mining

0.1%

Southern

Copper

Corp.,

3.88%,

4/23/2025

300,000

315,150

PUERTO

RICO

0.1%

Banks

0.1%

Popular,

Inc.,

6.13%,

9/14/2023

400,000

417,952

SPAIN

0.1%

Banks

0.1%

Banco

Santander

SA

2.75%,

5/28/2025

400,000

405,605

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.90%),

1.72%,

9/14/2027(c)

400,000

383,487

789,092

Nationwide

Bond

Portfolio

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

75

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

KINGDOM

0.9%

Aerospace

&

Defense

0.1%

Rolls-Royce

plc,

5.75%,

10/15/2027(b)

300,000

314,772

Automobiles

0.1%

Jaguar

Land

Rover

Automotive

plc,

5.50%,

7/15/2029(b)

600,000

579,084

Banks

0.4%

Barclays

plc,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.05%),

2.28%,

11/24/2027(c)

740,000

724,712

HSBC

Holdings

plc,

(SOFR

+

1.10%),

2.25%,

11/22/2027(c)

1,000,000

979,356

Lloyds

Banking

Group

plc

4.45%,

5/8/2025

200,000

213,715

(ICE

LIBOR

USD

3

Month

+

1.21%),

3.57%,

11/7/2028(c)

235,000

245,885

2,163,668

Beverages

0.1%

Diageo

Capital

plc,

2.00%,

4/29/2030

200,000

191,640

Commercial

Services

&

Supplies

0.0%

†

RELX

Capital,

Inc.,

3.00%,

5/22/2030

250,000

255,465

Food

Products

0.1%

Unilever

Capital

Corp.,

2.90%,

5/5/2027

450,000

465,052

Tobacco

0.1%

BAT

Capital

Corp.,

3.56%,

8/15/2027

300,000

306,854

4,276,535

UNITED

STATES

37.1%

Aerospace

&

Defense

0.2%

Boeing

Co.

(The)

4.88%,

5/1/2025

300,000

322,865

5.04%,

5/1/2027

200,000

220,741

3.25%,

3/1/2028

250,000

253,403

2.95%,

2/1/2030

250,000

244,699

Spirit

AeroSystems

,

Inc.,

5.50%,

1/15/2025(b)

200,000

205,000

1,246,708

Air

Freight

&

Logistics

0.1%

Cargo

Aircraft

Management,

Inc.,

4.75%,

2/1/2028(b)

200,000

201,328

FedEx

Corp.,

3.40%,

2/15/2028

500,000

527,476

728,804

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Airlines

0.2%

American

Airlines,

Inc.,

5.75%,

4/20/2029(b)

200,000

204,750

Hawaiian

Brand

Intellectual

Property

Ltd.,

5.75%,

1/20/2026(b)

400,000

409,072

Spirit

Loyalty

Cayman

Ltd.,

8.00%,

9/20/2025(b)

239,357

259,331

873,153

Auto

Components

0.1%

Aptiv

plc,

4.35%,

3/15/2029

200,000

221,270

Icahn

Enterprises

LP,

4.38%,

2/1/2029

600,000

570,327

791,597

Automobiles

0.4%

Ford

Motor

Co.

6.63%,

10/1/2028

200,000

231,689

5.29%,

12/8/2046

300,000

329,250

General

Motors

Co.

4.20%,

10/1/2027

800,000

854,286

5.00%,

10/1/2028

400,000

446,157

1,861,382

Banks

3.3%

Bank

of

America

Corp.,

Series

L,

3.95%,

4/21/2025

1,000,000

1,051,672

Bank

of

America

Corp.

(SOFR

+

1.15%),

1.32%,

6/19/2026(c)

550,000

533,730

(SOFR

+

0.96%),

1.73%,

7/22/2027(c)

2,000,000

1,939,792

(ICE

LIBOR

USD

3

Month

+

1.58%),

3.82%,

1/20/2028(c)

500,000

529,726

(SOFR

+

1.06%),

2.09%,

6/14/2029(c)

1,300,000

1,249,519

(ICE

LIBOR

USD

3

Month

+

1.19%),

2.88%,

10/22/2030(c)

800,000

799,876

(SOFR

+

1.37%),

1.92%,

10/24/2031(c)

500,000

463,243

(SOFR

+

1.21%),

2.57%,

10/20/2032(c)

85,000

82,369

Bank

of

America

Corp.,

Series

N,

(SOFR

+

0.91%),

1.66%,

3/11/2027(c)

200,000

194,172

Citigroup,

Inc.

4.40%,

6/10/2025

200,000

213,014

(SOFR

+

0.77%),

1.46%,

6/9/2027(c)

1,900,000

1,823,245

4.45%,

9/29/2027

400,000

435,015

76

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Bond

Portfolio

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Banks

(ICE

LIBOR

USD

3

Month

+

1.15%),

3.52%,

10/27/2028(c)

500,000

522,647

(SOFR

+

3.91%),

4.41%,

3/31/2031(c)

500,000

550,186

Fifth

Third

Bancorp,

(SOFR

+

0.69%),

1.71%,

11/1/2027(c)

150,000

145,750

JPMorgan

Chase

&

Co.

3.90%,

7/15/2025

1,000,000

1,061,217

(SOFR

+

0.89%),

1.58%,

4/22/2027(c)

218,000

210,901

(SOFR

+

1.89%),

2.18%,

6/1/2028(c)

1,850,000

1,817,059

(ICE

LIBOR

USD

3

Month

+

1.16%),

3.70%,

5/6/2030(c)

1,800,000

1,902,746

(SOFR

+

2.52%),

2.96%,

5/13/2031(c)

250,000

248,376

Santander

Holdings

USA,

Inc.

3.45%,

6/2/2025

100,000

103,141

(SOFR

+

1.25%),

2.49%,

1/6/2028(c)

35,000

34,462

SVB

Financial

Group

1.80%,

10/28/2026

250,000

245,102

2.10%,

5/15/2028

400,000

390,737

Wells

Fargo

&

Co.

3.00%,

2/19/2025

500,000

513,348

(SOFR

+

2.10%),

2.39%,

6/2/2028(c)

500,000

495,864

17,556,909

Beverages

0.2%

Constellation

Brands,

Inc.,

4.75%,

12/1/2025

500,000

546,970

Keurig

Dr

Pepper,

Inc.,

3.40%,

11/15/2025

500,000

517,878

1,064,848

Biotechnology

0.1%

Horizon

Therapeutics

USA,

Inc.,

5.50%,

8/1/2027(b)

400,000

414,500

Building

Products

0.7%

Builders

FirstSource

,

Inc.,

5.00%,

3/1/2030(b)

250,000

256,660

Carrier

Global

Corp.

2.49%,

2/15/2027

1,700,000

1,710,651

2.72%,

2/15/2030

300,000

296,336

2.70%,

2/15/2031

730,000

717,265

James

Hardie

International

Finance

DAC,

5.00%,

1/15/2028(b)

500,000

512,350

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Building

Products

Masonite

International

Corp.,

5.38%,

2/1/2028(b)

400,000

410,852

3,904,114

Capital

Markets

3.7%

Affiliated

Managers

Group,

Inc.,

3.30%,

6/15/2030

114,000

117,001

Ares

Capital

Corp.

4.25%,

3/1/2025

500,000

521,319

3.88%,

1/15/2026

500,000

515,273

2.15%,

7/15/2026

1,700,000

1,639,126

Barings

BDC,

Inc.,

3.30%,

11/23/2026(b)

200,000

194,376

Blackstone

Private

Credit

Fund,

2.70%,

1/15/2025(b)

230,000

227,611

Compass

Group

Diversified

Holdings

LLC,

5.25%,

4/15/2029(b)

300,000

296,112

FS

KKR

Capital

Corp.

4.13%,

2/1/2025

500,000

512,127

3.40%,

1/15/2026

200,000

199,303

2.63%,

1/15/2027

500,000

483,209

Goldman

Sachs

BDC,

Inc.

3.75%,

2/10/2025

500,000

514,892

2.88%,

1/15/2026

500,000

504,830

Goldman

Sachs

Group,

Inc.

(The)

3.75%,

2/25/2026

300,000

316,845

(SOFR

+

0.82%),

1.54%,

9/10/2027(c)

700,000

668,753

(SOFR

+

0.91%),

1.95%,

10/21/2027(c)

1,000,000

973,257

(ICE

LIBOR

USD

3

Month

+

1.51%),

3.69%,

6/5/2028(c)

200,000

210,202

(ICE

LIBOR

USD

3

Month

+

1.30%),

4.22%,

5/1/2029(c)

1,800,000

1,939,463

3.80%,

3/15/2030

350,000

372,329

(SOFR

+

1.26%),

2.65%,

10/21/2032(c)

850,000

827,857

Golub

Capital

BDC,

Inc.,

2.50%,

8/24/2026

220,000

211,956

LPL

Holdings,

Inc.,

4.00%,

3/15/2029(b)

500,000

485,270

Morgan

Stanley

4.00%,

7/23/2025

200,000

212,492

5.00%,

11/24/2025

300,000

328,792

(SOFR

+

0.72%),

0.98%,

12/10/2026(c)

750,000

712,240

3.63%,

1/20/2027

1,000,000

1,055,594

(SOFR

+

0.88%),

1.59%,

5/4/2027(c)

2,450,000

2,365,492

Nationwide

Bond

Portfolio

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

77

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Capital

Markets

(ICE

LIBOR

USD

3

Month

+

1.63%),

4.43%,

1/23/2030(c)

1,700,000

1,877,577

(SOFR

+

1.14%),

2.70%,

1/22/2031(c)

500,000

495,813

(SOFR

+

3.12%),

3.62%,

4/1/2031(c)

300,000

317,132

Nasdaq,

Inc.

3.85%,

6/30/2026

200,000

213,303

1.65%,

1/15/2031

200,000

180,529

Prospect

Capital

Corp.,

3.71%,

1/22/2026

400,000

399,243

19,889,318

Chemicals

0.8%

Celanese

US

Holdings

LLC,

1.40%,

8/5/2026

230,000

220,955

Chemours

Co.

(The),

5.75%,

11/15/2028(b)

250,000

253,845

CVR

Partners

LP,

6.13%,

6/15/2028(b)

500,000

508,105

DuPont

de

Nemours,

Inc.,

4.49%,

11/15/2025

150,000

162,201

Ecolab,

Inc.,

0.90%,

12/15/2023

25,000

24,793

Element

Solutions,

Inc.,

3.88%,

9/1/2028(b)

250,000

240,000

Huntsman

International

LLC,

4.50%,

5/1/2029

20,000

21,581

Minerals

Technologies,

Inc.,

5.00%,

7/1/2028(b)

400,000

404,724

PPG

Industries,

Inc.,

2.55%,

6/15/2030

450,000

446,567

Scotts

Miracle-

Gro

Co.

(The),

4.50%,

10/15/2029

200,000

203,378

Sherwin-Williams

Co.

(The)

3.45%,

6/1/2027

1,000,000

1,052,353

2.95%,

8/15/2029

700,000

714,309

Tronox

,

Inc.,

4.63%,

3/15/2029(b)

250,000

240,367

4,493,178

Commercial

Services

&

Supplies

0.3%

Cintas

Corp.

No.

2,

3.70%,

4/1/2027

4,000

4,284

CoreCivic

,

Inc.,

8.25%,

4/15/2026

600,000

627,000

Republic

Services,

Inc.,

1.45%,

2/15/2031

940,000

850,882

1,482,166

Communications

Equipment

0.4%

Avaya,

Inc.,

6.13%,

9/15/2028(b)

400,000

409,000

Motorola

Solutions,

Inc.

4.60%,

2/23/2028

500,000

551,602

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Communications

Equipment

2.30%,

11/15/2030

1,150,000

1,074,842

2.75%,

5/24/2031

400,000

387,829

2,423,273

Construction

&

Engineering

0.3%

AECOM,

5.13%,

3/15/2027

400,000

416,500

Brundage

-Bone

Concrete

Pumping

Holdings,

Inc.,

6.00%,

2/1/2026(b)

300,000

303,651

MasTec

,

Inc.,

4.50%,

8/15/2028(b)

500,000

506,310

Quanta

Services,

Inc.

2.90%,

10/1/2030

500,000

491,717

2.35%,

1/15/2032

5,000

4,639

1,722,817

Construction

Materials

0.5%

Eagle

Materials,

Inc.,

2.50%,

7/1/2031

610,000

583,248

Martin

Marietta

Materials,

Inc.

3.50%,

12/15/2027

1,400,000

1,484,235

2.40%,

7/15/2031

500,000

485,155

2,552,638

Consumer

Finance

0.7%

Curo

Group

Holdings

Corp.,

7.50%,

8/1/2028(b)

250,000

235,798

Enova

International,

Inc.,

8.50%,

9/15/2025(b)

250,000

257,205

Ford

Motor

Credit

Co.

LLC

2.30%,

2/10/2025

500,000

490,540

2.90%,

2/10/2029

500,000

473,850

General

Motors

Financial

Co.,

Inc.

4.35%,

1/17/2027

600,000

641,628

3.60%,

6/21/2030

200,000

205,046

John

Deere

Capital

Corp.,

1.45%,

1/15/2031

250,000

230,823

OneMain

Finance

Corp.,

7.13%,

3/15/2026

350,000

384,767

PROG

Holdings,

Inc.,

6.00%,

11/15/2029(b)

600,000

588,042

Toyota

Motor

Credit

Corp.,

1.45%,

1/13/2025

270,000

267,967

3,775,666

Containers

&

Packaging

0.3%

Crown

Cork

&

Seal

Co.,

Inc.,

7.38%,

12/15/2026

350,000

406,000

Greif,

Inc.,

6.50%,

3/1/2027(b)

400,000

414,040

Sealed

Air

Corp.,

6.88%,

7/15/2033(b)

500,000

597,500

1,417,540

78

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Bond

Portfolio

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Distributors

0.2%

Genuine

Parts

Co.

1.75%,

2/1/2025

745,000

740,350

2.75%,

2/1/2032

220,000

213,895

954,245

Diversified

Consumer

Services

0.1%

Service

Corp.

International,

4.00%,

5/15/2031

600,000

581,022

Diversified

Financial

Services

0.1%

Block

Financial

LLC,

2.50%,

7/15/2028

481,000

468,325

National

Rural

Utilities

Cooperative

Finance

Corp.

1.00%,

6/15/2026

100,000

95,855

1.35%,

3/15/2031

100,000

89,542

653,722

Diversified

Telecommunication

Services

0.8%

AT&T,

Inc.

4.13%,

2/17/2026

300,000

321,387

2.30%,

6/1/2027

1,000,000

991,483

4.30%,

2/15/2030

300,000

329,984

CCO

Holdings

LLC,

5.38%,

6/1/2029(b)

200,000

206,094

Embarq

Corp.,

8.00%,

6/1/2036

100,000

102,938

Lumen

Technologies,

Inc.,

5.13%,

12/15/2026(b)

400,000

402,684

Verizon

Communications,

Inc.

0.85%,

11/20/2025

500,000

479,152

2.10%,

3/22/2028

1,000,000

974,619

1.75%,

1/20/2031

700,000

638,296

4,446,637

Electric

Utilities

0.9%

American

Electric

Power

Co.,

Inc.,

2.30%,

3/1/2030

100,000

96,103

Arizona

Public

Service

Co.,

2.20%,

12/15/2031

210,000

197,943

Commonwealth

Edison

Co.,

2.20%,

3/1/2030

699,000

678,979

Duke

Energy

Corp.

3.15%,

8/15/2027

600,000

622,931

2.45%,

6/1/2030

300,000

291,081

Duke

Energy

Florida

Project

Finance

LLC,

Series

2026,

2.54%,

9/1/2029

200,000

202,725

Entergy

Corp.,

0.90%,

9/15/2025

100,000

95,590

Entergy

Texas,

Inc.,

4.00%,

3/30/2029

100,000

107,799

Indiana

Michigan

Power

Co.,

3.85%,

5/15/2028

200,000

215,244

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Electric

Utilities

Interstate

Power

and

Light

Co.,

4.10%,

9/26/2028

100,000

108,499

Nevada

Power

Co.,

Series

DD,

2.40%,

5/1/2030

500,000

490,869

NextEra

Energy

Capital

Holdings,

Inc.,

1.90%,

6/15/2028

95,000

92,070

NSTAR

Electric

Co.,

3.20%,

5/15/2027

100,000

105,070

Pacific

Gas

and

Electric

Co.

2.10%,

8/1/2027

300,000

282,760

3.00%,

6/15/2028

110,000

107,069

2.50%,

2/1/2031

100,000

91,416

PacifiCorp,

2.70%,

9/15/2030

100,000

100,593

PPL

Capital

Funding,

Inc.,

3.10%,

5/15/2026

50,000

51,509

Southwestern

Electric

Power

Co.,

Series

N,

1.65%,

3/15/2026

250,000

243,940

Tucson

Electric

Power

Co.,

1.50%,

8/1/2030

100,000

91,608

Union

Electric

Co.,

2.95%,

3/15/2030

100,000

102,068

Vistra

Operations

Co.

LLC,

5.00%,

7/31/2027(b)

500,000

503,950

Wisconsin

Power

and

Light

Co.,

1.95%,

9/16/2031

35,000

33,068

4,912,884

Electrical

Equipment

0.2%

Emerson

Electric

Co.,

2.00%,

12/21/2028

960,000

936,056

Rockwell

Automation,

Inc.,

1.75%,

8/15/2031

80,000

75,250

Vertiv

Group

Corp.,

4.13%,

11/15/2028(b)

200,000

194,902

1,206,208

Electronic

Equipment,

Instruments

&

Components

0.7%

Allegion

US

Holding

Co.,

Inc.,

3.55%,

10/1/2027

400,000

417,222

Arrow

Electronics,

Inc.,

2.95%,

2/15/2032

240,000

235,002

CDW

LLC

3.28%,

12/1/2028

200,000

198,390

3.25%,

2/15/2029

300,000

284,559

3.57%,

12/1/2031

430,000

428,044

Keysight

Technologies,

Inc.,

3.00%,

10/30/2029

250,000

254,389

Teledyne

Technologies,

Inc.,

2.25%,

4/1/2028

700,000

686,233

Trimble,

Inc.,

4.90%,

6/15/2028

1,200,000

1,325,480

3,829,319

Nationwide

Bond

Portfolio

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

79

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Energy

Equipment

&

Services

0.0%

†

Schlumberger

Investment

SA,

2.65%,

6/26/2030

250,000

247,918

USA

Compression

Partners

LP,

6.88%,

4/1/2026

250,000

253,845

501,763

Entertainment

0.1%

Activision

Blizzard,

Inc.,

3.40%,

9/15/2026

410,000

432,083

Equity

Real

Estate

Investment

Trusts

(REITs)

2.3%

American

Tower

Corp.

2.40%,

3/15/2025

300,000

301,580

1.45%,

9/15/2026

210,000

201,842

2.75%,

1/15/2027

300,000

302,820

1.50%,

1/31/2028

1,150,000

1,069,667

Camden

Property

Trust,

3.15%,

7/1/2029

100,000

103,533

Crown

Castle

International

Corp.

4.45%,

2/15/2026

200,000

215,102

3.80%,

2/15/2028

500,000

526,836

Digital

Realty

Trust

LP,

3.70%,

8/15/2027

200,000

212,474

ERP

Operating

LP,

2.85%,

11/1/2026

100,000

103,030

Essex

Portfolio

LP,

1.70%,

3/1/2028

500,000

474,039

GLP

Capital

LP

5.75%,

6/1/2028

1,150,000

1,290,268

5.30%,

1/15/2029

250,000

275,002

4.00%,

1/15/2030

650,000

669,773

4.00%,

1/15/2031

500,000

514,100

Iron

Mountain

Information

Management

Services,

Inc.,

5.00%,

7/15/2032(b)

200,000

195,500

Iron

Mountain,

Inc.

5.00%,

7/15/2028(b)

400,000

399,400

5.63%,

7/15/2032(b)

300,000

303,277

Life

Storage

LP,

3.88%,

12/15/2027

300,000

322,257

LifeStorage

LP,

3.50%,

7/1/2026

300,000

315,809

MGM

Growth

Properties

Operating

Partnership

LP,

4.50%,

1/15/2028

250,000

263,750

Office

Properties

Income

Trust,

3.45%,

10/15/2031

199,000

186,533

Park

Intermediate

Holdings

LLC,

5.88%,

10/1/2028(b)

350,000

358,193

Public

Storage

3.09%,

9/15/2027

150,000

157,613

1.85%,

5/1/2028

1,000,000

968,516

1.95%,

11/9/2028

600,000

581,562

3.39%,

5/1/2029

550,000

583,059

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Equity

Real

Estate

Investment

Trusts

(REITs)

RHP

Hotel

Properties

LP,

4.50%,

2/15/2029(b)

300,000

290,274

Simon

Property

Group

LP,

1.38%,

1/15/2027

370,000

355,096

Weyerhaeuser

Co.,

4.00%,

4/15/2030

100,000

108,032

XHR

LP,

6.38%,

8/15/2025(b)

500,000

516,875

12,165,812

Food

&

Staples

Retailing

0.1%

Walmart,

Inc.,

1.50%,

9/22/2028

310,000

299,032

Food

Products

0.2%

Bunge

Ltd.

Finance

Corp.,

1.63%,

8/17/2025

250,000

245,226

McCormick

&

Co.,

Inc.,

0.90%,

2/15/2026

250,000

237,802

Pilgrim's

Pride

Corp.,

5.88%,

9/30/2027(b)

400,000

417,641

900,669

Gas

Utilities

0.1%

Atmos

Energy

Corp.

3.00%,

6/15/2027

50,000

52,058

1.50%,

1/15/2031

100,000

90,447

National

Fuel

Gas

Co.,

2.95%,

3/1/2031

200,000

194,687

Piedmont

Natural

Gas

Co.,

Inc.,

3.50%,

6/1/2029

100,000

104,507

441,699

Health

Care

Equipment

&

Supplies

0.3%

DH

Europe

Finance

II

Sarl

,

2.60%,

11/15/2029

570,000

570,833

Edwards

Lifesciences

Corp.,

4.30%,

6/15/2028

250,000

274,525

Hologic

,

Inc.,

4.63%,

2/1/2028(b)

300,000

311,250

Varex

Imaging

Corp.,

7.88%,

10/15/2027(b)

500,000

547,445

1,704,053

Health

Care

Providers

&

Services

1.3%

Acadia

Healthcare

Co.,

Inc.,

5.00%,

4/15/2029(b)

500,000

492,500

AmerisourceBergen

Corp.,

2.80%,

5/15/2030

100,000

100,200

Cardinal

Health,

Inc.,

3.75%,

9/15/2025

500,000

526,555

Centene

Corp.,

4.63%,

12/15/2029

500,000

519,910

CVS

Health

Corp.,

3.88%,

7/20/2025

500,000

528,966

HCA,

Inc.

5.88%,

2/15/2026

200,000

217,702

5.25%,

6/15/2026

500,000

547,022

80

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Bond

Portfolio

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Health

Care

Providers

&

Services

4.13%,

6/15/2029

1,150,000

1,225,028

2.38%,

7/15/2031

350,000

326,579

Laboratory

Corp.

of

America

Holdings,

2.70%,

6/1/2031

850,000

837,401

Molina

Healthcare,

Inc.,

3.88%,

5/15/2032(b)

600,000

579,000

UnitedHealth

Group,

Inc.,

2.30%,

5/15/2031

1,120,000

1,087,430

6,988,293

Health

Care

Technology

0.1%

IQVIA,

Inc.,

5.00%,

5/15/2027(b)

300,000

306,810

Hotels,

Restaurants

&

Leisure

0.6%

Choice

Hotels

International,

Inc.

3.70%,

12/1/2029

465,000

484,270

3.70%,

1/15/2031

150,000

154,383

Dave

&

Buster's,

Inc.,

7.63%,

11/1/2025(b)

200,000

211,500

Expedia

Group,

Inc.,

5.00%,

2/15/2026

200,000

219,275

Full

House

Resorts,

Inc.,

8.25%,

2/15/2028(b)

500,000

512,500

McDonald's

Corp.,

3.50%,

7/1/2027

350,000

370,464

Starbucks

Corp.,

2.55%,

11/15/2030

400,000

394,335

Yum!

Brands,

Inc.

4.63%,

1/31/2032

600,000

597,132

6.88%,

11/15/2037

100,000

117,000

5.35%,

11/1/2043

100,000

105,250

3,166,109

Household

Durables

0.4%

Installed

Building

Products,

Inc.,

5.75%,

2/1/2028(b)

400,000

410,280

LGI

Homes,

Inc.,

4.00%,

7/15/2029(b)

600,000

567,024

NVR,

Inc.,

3.00%,

5/15/2030

700,000

704,403

TopBuild

Corp.,

4.13%,

2/15/2032(b)

266,000

257,711

Williams

Scotsman

International,

Inc.,

4.63%,

8/15/2028(b)

350,000

353,063

2,292,481

Household

Products

0.2%

Procter

&

Gamble

Co.

(The),

3.00%,

3/25/2030

185,000

195,083

Spectrum

Brands,

Inc.

5.00%,

10/1/2029(b)

501,000

517,282

5.50%,

7/15/2030(b)

300,000

312,750

1,025,115

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Independent

Power

and

Renewable

Electricity

Producers

0.1%

Clearway

Energy

Operating

LLC

4.75%,

3/15/2028(b)

300,000

308,799

3.75%,

2/15/2031(b)

200,000

188,294

Southern

Power

Co.,

4.15%,

12/1/2025

150,000

159,560

656,653

Insurance

1.1%

Aflac,

Inc.,

3.60%,

4/1/2030

167,000

178,997

Aon

Corp.,

2.80%,

5/15/2030

200,000

199,729

Athene

Holding

Ltd.

4.13%,

1/12/2028

1,000,000

1,067,382

6.15%,

4/3/2030

200,000

238,642

Enstar

Group

Ltd.,

3.10%,

9/1/2031

445,000

421,215

First

American

Financial

Corp.,

2.40%,

8/15/2031

620,000

589,450

Marsh

&

McLennan

Cos.,

Inc.

4.38%,

3/15/2029

1,000,000

1,114,549

2.25%,

11/15/2030

1,400,000

1,350,353

Trinity

Acquisition

plc,

4.40%,

3/15/2026

250,000

269,445

Willis

North

America,

Inc.,

4.50%,

9/15/2028

250,000

270,871

5,700,633

Interactive

Media

&

Services

0.1%

Ziff

Davis,

Inc.,

4.63%,

10/15/2030(b)

348,000

340,779

Internet

&

Direct

Marketing

Retail

0.2%

Match

Group

Holdings

II

LLC

5.00%,

12/15/2027(b)

437,000

449,564

5.63%,

2/15/2029(b)

500,000

520,000

3.63%,

10/1/2031(b)

115,000

105,378

1,074,942

IT

Services

0.3%

Amdocs

Ltd.,

2.54%,

6/15/2030

529,000

506,659

Gartner,

Inc.,

4.50%,

7/1/2028(b)

500,000

509,610

Kyndryl

Holdings,

Inc.

2.05%,

10/15/2026(b)

40,000

38,245

2.70%,

10/15/2028(b)

40,000

37,582

PayPal

Holdings,

Inc.,

2.30%,

6/1/2030

250,000

245,714

Unisys

Corp.,

6.88%,

11/1/2027(b)

300,000

319,500

1,657,310

Nationwide

Bond

Portfolio

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

81

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Leisure

Products

0.1%

Vista

Outdoor,

Inc.,

4.50%,

3/15/2029(b)

300,000

291,150

Life

Sciences

Tools

&

Services

0.4%

Agilent

Technologies,

Inc.

2.10%,

6/4/2030

650,000

609,760

2.30%,

3/12/2031

250,000

237,750

PerkinElmer,

Inc.

1.90%,

9/15/2028

580,000

553,231

2.25%,

9/15/2031

65,000

60,557

Thermo

Fisher

Scientific,

Inc.

2.60%,

10/1/2029

200,000

200,770

2.00%,

10/15/2031

480,000

456,281

2,118,349

Machinery

0.6%

GrafTech

Finance,

Inc.,

4.63%,

12/15/2028(b)

400,000

386,332

IDEX

Corp.

3.00%,

5/1/2030

700,000

711,373

2.63%,

6/15/2031

1,000,000

983,722

Roller

Bearing

Co.

of

America,

Inc.,

4.38%,

10/15/2029(b)

600,000

593,928

Titan

International,

Inc.,

7.00%,

4/30/2028

250,000

263,050

Westinghouse

Air

Brake

Technologies

Corp.,

4.95%,

9/15/2028(d)

300,000

333,884

3,272,289

Media

1.0%

Charter

Communications

Operating

LLC

4.91%,

7/23/2025

500,000

539,534

3.75%,

2/15/2028

300,000

312,201

4.20%,

3/15/2028

950,000

1,007,434

2.25%,

1/15/2029

305,000

287,202

5.05%,

3/30/2029

1,000,000

1,102,742

Comcast

Corp.,

4.25%,

10/15/2030

200,000

223,423

DIRECTV

Holdings

LLC,

5.88%,

8/15/2027(b)

400,000

401,480

GCI

LLC,

4.75%,

10/15/2028(b)

350,000

345,957

Interpublic

Group

of

Cos.,

Inc.

(The),

2.40%,

3/1/2031

500,000

483,977

Nexstar

Media,

Inc.,

4.75%,

11/1/2028(b)

200,000

197,644

TEGNA,

Inc.,

5.00%,

9/15/2029

250,000

246,040

5,147,634

Metals

&

Mining

0.7%

Alcoa

Nederland

Holding

BV,

4.13%,

3/31/2029(b)

300,000

301,344

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Metals

&

Mining

Arconic

Corp.,

6.13%,

2/15/2028(b)

710,000

736,589

Joseph

T

Ryerson

&

Son,

Inc.,

8.50%,

8/1/2028(b)

750,000

808,125

Newmont

Corp.,

2.25%,

10/1/2030

150,000

141,378

Reliance

Steel

&

Aluminum

Co.,

1.30%,

8/15/2025

2,100,000

2,040,890

4,028,326

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.1%

New

Residential

Investment

Corp.,

6.25%,

10/15/2025(b)

200,000

197,888

Starwood

Property

Trust,

Inc.,

4.75%,

3/15/2025

400,000

409,000

606,888

Multi-Utilities

0.2%

Ameren

Corp.,

3.50%,

1/15/2031

200,000

209,590

Berkshire

Hathaway

Energy

Co.,

3.25%,

4/15/2028

50,000

52,585

CenterPoint

Energy,

Inc.,

2.95%,

3/1/2030

100,000

100,570

Consumers

Energy

Co.,

3.80%,

11/15/2028

100,000

108,678

Dominion

Energy,

Inc.,

3.90%,

10/1/2025

100,000

105,923

Dominion

Energy,

Inc.,

Series

C,

3.38%,

4/1/2030

100,000

103,666

Sempra

Energy,

3.25%,

6/15/2027

100,000

103,437

Southern

Co.

Gas

Capital

Corp.,

Series

20-A,

1.75%,

1/15/2031

100,000

90,413

874,862

Oil,

Gas

&

Consumable

Fuels

4.1%

Antero

Midstream

Partners

LP,

5.38%,

6/15/2029(b)

600,000

603,954

Berry

Petroleum

Co.

LLC,

7.00%,

2/15/2026(b)

200,000

200,496

California

Resources

Corp.,

7.13%,

2/1/2026(b)

400,000

415,776

Calumet

Specialty

Products

Partners

LP,

11.00%,

4/15/2025(b)

200,000

215,500

Cheniere

Corpus

Christi

Holdings

LLC

5.13%,

6/30/2027

1,800,000

1,988,919

3.70%,

11/15/2029

950,000

987,128

Cheniere

Energy,

Inc.,

4.63%,

10/15/2028

400,000

406,000

82

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Bond

Portfolio

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Oil,

Gas

&

Consumable

Fuels

CNX

Resources

Corp.,

7.25%,

3/14/2027(b)

200,000

209,922

Conoco

Funding

Co.,

7.25%,

10/15/2031

134,000

183,381

ConocoPhillips,

4.30%,

8/15/2028(b)

250,000

274,592

ConocoPhillips

Co.,

6.95%,

4/15/2029

171,000

219,089

Crestwood

Midstream

Partners

LP,

6.00%,

2/1/2029(b)

400,000

403,000

DCP

Midstream

Operating

LP

5.63%,

7/15/2027

200,000

215,666

5.60%,

4/1/2044

100,000

116,000

Delek

Logistics

Partners

LP,

7.13%,

6/1/2028(b)

400,000

405,800

Devon

Energy

Corp.

5.88%,

6/15/2028

1,450,000

1,563,134

4.50%,

1/15/2030

140,000

148,540

Energy

Transfer

LP,

4.05%,

3/15/2025

500,000

523,076

Global

Partners

LP,

6.88%,

1/15/2029

500,000

516,515

Hess

Midstream

Operations

LP

5.63%,

2/15/2026(b)

200,000

204,000

4.25%,

2/15/2030(b)

300,000

289,500

Holly

Energy

Partners

LP,

5.00%,

2/1/2028(b)

200,000

194,642

Magnolia

Oil

&

Gas

Operating

LLC,

6.00%,

8/1/2026(b)

400,000

409,000

MPLX

LP

4.25%,

12/1/2027

1,000,000

1,075,798

2.65%,

8/15/2030

1,550,000

1,496,069

Northern

Oil

and

Gas,

Inc.,

8.13%,

3/1/2028(b)

600,000

625,500

NuStar

Logistics

LP,

5.63%,

4/28/2027

200,000

204,750

Oasis

Midstream

Partners

LP,

8.00%,

4/1/2029(b)

400,000

426,904

Occidental

Petroleum

Corp.

6.13%,

1/1/2031

200,000

230,850

6.45%,

9/15/2036

100,000

121,470

4.40%,

4/15/2046

100,000

95,632

4.20%,

3/15/2048

250,000

232,500

ONEOK

Partners

LP,

4.90%,

3/15/2025

300,000

322,128

ONEOK,

Inc.

4.55%,

7/15/2028

550,000

588,396

6.35%,

1/15/2031

225,000

273,694

Ovintiv

Exploration,

Inc.,

5.38%,

1/1/2026

500,000

546,120

PDC

Energy,

Inc.,

5.75%,

5/15/2026

600,000

610,860

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Oil,

Gas

&

Consumable

Fuels

Penn

Virginia

Holdings

LLC,

9.25%,

8/15/2026(b)

200,000

205,100

Pioneer

Natural

Resources

Co.,

1.90%,

8/15/2030

40,000

36,864

Southwestern

Energy

Co.,

5.95%,

1/23/2025(d)

51,000

53,932

Sunoco

LP

4.50%,

5/15/2029

200,000

195,794

4.50%,

4/30/2030(b)

400,000

392,792

Targa

Resources

Partners

LP

6.88%,

1/15/2029

500,000

546,875

4.00%,

1/15/2032(b)

300,000

298,620

Transcontinental

Gas

Pipe

Line

Co.

LLC,

4.00%,

3/15/2028

1,100,000

1,179,563

Viper

Energy

Partners

LP,

5.38%,

11/1/2027(b)

350,000

361,375

Western

Midstream

Operating

LP

5.30%,

2/1/2030(d)

200,000

208,500

6.50%,

2/1/2050(d)

250,000

274,274

Williams

Cos.,

Inc.

(The),

2.60%,

3/15/2031

715,000

688,021

21,986,011

Paper

&

Forest

Products

0.1%

Louisiana-Pacific

Corp.,

3.63%,

3/15/2029(b)

300,000

294,000

Resolute

Forest

Products,

Inc.,

4.88%,

3/1/2026(b)

250,000

247,275

Schweitzer-Mauduit

International,

Inc.,

6.88%,

10/1/2026(b)

200,000

199,000

740,275

Pharmaceuticals

0.6%

Bausch

Health

Cos.,

Inc.,

7.25%,

5/30/2029(b)

350,000

315,000

Merck

&

Co.,

Inc.,

1.90%,

12/10/2028

1,500,000

1,467,716

Utah

Acquisition

Sub,

Inc.,

3.95%,

6/15/2026

200,000

211,171

Zoetis,

Inc.

3.00%,

9/12/2027

450,000

463,760

2.00%,

5/15/2030

530,000

503,963

2,961,610

Professional

Services

0.4%

AMN

Healthcare,

Inc.

4.63%,

10/1/2027(b)

250,000

252,440

4.00%,

4/15/2029(b)

500,000

496,100

ASGN,

Inc.,

4.63%,

5/15/2028(b)

500,000

499,500

Equifax,

Inc.,

2.35%,

9/15/2031

140,000

131,724

Nationwide

Bond

Portfolio

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

83

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Professional

Services

TriNet

Group,

Inc.,

3.50%,

3/1/2029(b)

500,000

474,810

1,854,574

Real

Estate

Management

&

Development

0.2%

Howard

Hughes

Corp.

(The),

4.38%,

2/1/2031(b)

250,000

237,812

Kennedy-Wilson,

Inc.

4.75%,

3/1/2029

555,000

551,204

5.00%,

3/1/2031

300,000

295,965

1,084,981

Road

&

Rail

0.0%

†

Uber

Technologies,

Inc.,

7.50%,

9/15/2027(b)

250,000

266,200

Semiconductors

&

Semiconductor

Equipment

1.0%

Analog

Devices,

Inc.

1.70%,

10/1/2028

130,000

125,711

2.10%,

10/1/2031

105,000

101,589

Broadcom

Corp.,

3.88%,

1/15/2027

1,000,000

1,054,433

Broadcom,

Inc.

3.15%,

11/15/2025

1,000,000

1,028,567

1.95%,

2/15/2028(b)

1,000,000

954,029

4.75%,

4/15/2029

1,000,000

1,100,817

4.15%,

11/15/2030

300,000

319,216

Micron

Technology,

Inc.,

5.33%,

2/6/2029

250,000

284,855

Xilinx,

Inc.,

2.38%,

6/1/2030

550,000

535,557

5,504,774

Software

1.8%

Adobe,

Inc.,

2.30%,

2/1/2030

650,000

641,857

Elastic

NV,

4.13%,

7/15/2029(b)

30,000

28,050

Fortinet,

Inc.

1.00%,

3/15/2026

1,000,000

950,389

2.20%,

3/15/2031

930,000

877,906

Intuit,

Inc.,

1.65%,

7/15/2030

1,250,000

1,164,366

Oracle

Corp.

1.65%,

3/25/2026

1,250,000

1,208,733

2.30%,

3/25/2028

1,200,000

1,159,508

3.25%,

5/15/2030

300,000

300,540

ServiceNow

,

Inc.,

1.40%,

9/1/2030

3,400,000

3,035,905

VMware,

Inc.,

4.70%,

5/15/2030

35,000

39,220

ZoomInfo

Technologies

LLC,

3.88%,

2/1/2029(b)

300,000

282,375

9,688,849

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Specialty

Retail

0.2%

Abercrombie

&

Fitch

Management

Co.,

8.75%,

7/15/2025(b)

500,000

531,875

AutoNation,

Inc.,

1.95%,

8/1/2028

220,000

209,646

Bath

&

Body

Works,

Inc.,

6.63%,

10/1/2030(b)

350,000

375,617

1,117,138

Technology

Hardware,

Storage

&

Peripherals

1.5%

Apple,

Inc.,

1.40%,

8/5/2028

160,000

152,108

Dell

International

LLC

5.85%,

7/15/2025

500,000

555,664

6.10%,

7/15/2027

2,000,000

2,345,113

5.30%,

10/1/2029

1,000,000

1,146,509

6.20%,

7/15/2030

750,000

910,860

HP,

Inc.

3.00%,

6/17/2027

1,000,000

1,024,341

3.40%,

6/17/2030

700,000

716,282

2.65%,

6/17/2031

500,000

477,354

NetApp,

Inc.,

1.88%,

6/22/2025

500,000

493,827

7,822,058

Textiles,

Apparel

&

Luxury

Goods

0.0%

†

Michael

Kors

USA,

Inc.,

4.50%,

11/1/2024(b)(d)

100,000

102,625

Thrifts

&

Mortgage

Finance

0.4%

Ladder

Capital

Finance

Holdings

LLLP,

4.75%,

6/15/2029(b)

600,000

587,196

Nationstar

Mortgage

Holdings,

Inc.

6.00%,

1/15/2027(b)

250,000

259,345

5.75%,

11/15/2031(b)

600,000

580,194

PennyMac

Financial

Services,

Inc.,

5.75%,

9/15/2031(b)

800,000

764,864

2,191,599

Tobacco

0.4%

Altria

Group,

Inc.

2.35%,

5/6/2025

300,000

302,080

3.40%,

5/6/2030

300,000

301,346

2.45%,

2/4/2032

450,000

409,190

Philip

Morris

International,

Inc.

0.88%,

5/1/2026

450,000

426,966

2.10%,

5/1/2030

200,000

191,319

1.75%,

11/1/2030

530,000

489,398

Vector

Group

Ltd.,

5.75%,

2/1/2029(b)

250,000

231,045

2,351,344

Trading

Companies

&

Distributors

0.4%

Air

Lease

Corp.,

2.20%,

1/15/2027

165,000

160,260

84

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Bond

Portfolio

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Trading

Companies

&

Distributors

Aircastle

Ltd.,

4.25%,

6/15/2026

100,000

104,978

Beacon

Roofing

Supply,

Inc.,

4.50%,

11/15/2026(b)

500,000

508,740

Boise

Cascade

Co.,

4.88%,

7/1/2030(b)

300,000

312,000

Fortress

Transportation

and

Infrastructure

Investors

LLC,

6.50%,

10/1/2025(b)

250,000

256,808

Herc

Holdings,

Inc.,

5.50%,

7/15/2027(b)

500,000

514,485

WESCO

Distribution,

Inc.,

7.25%,

6/15/2028(b)

200,000

214,500

2,071,771

Water

Utilities

0.0%

†

American

Water

Capital

Corp.,

2.95%,

9/1/2027

100,000

103,026

Essential

Utilities,

Inc.,

2.70%,

4/15/2030

50,000

49,614

152,640

Wireless

Telecommunication

Services

0.1%

T-Mobile

USA,

Inc.

3.50%,

4/15/2025

250,000

259,428

3.88%,

4/15/2030

200,000

209,624

469,052

199,141,883

Total

Corporate

Bonds

(cost

$223,470,013)

217,345,504

Municipal

Bonds

0.2%

CALIFORNIA

0.1%

Los

Angeles

Community

College

District,

GO,

1.81%,

8/1/2030

200,000

192,390

State

of

California,

GO,

1.75%,

11/1/2030

300,000

285,198

University

of

California,

RB,

1.61%,

5/15/2030

200,000

188,622

666,210

FLORIDA

0.0%

†

State

Board

of

Administration

Finance

Corp.,

RB,

Series

A,2.15%,

7/1/2030

75,000

73,067

MASSACHUSETTS

0.0%

†

Commonwealth

of

Massachusetts,

GO,

4.91%,

5/1/2029

100,000

117,208

Municipal

Bonds

Principal

Amount

($)

Value

($)

TEXAS

0.1%

Texas

Transportation

Commission,

RB,

Series

B,5.18%,

4/1/2030

350,000

409,356

Total

Municipal

Bonds

(cost

$1,304,325)

1,265,841

Mortgage-Backed

Securities

29.5%

FHLMC

UMBS

Pool

Pool#

RA3986

2.50%,

11/1/2050

1,709,627

1,708,266

Pool#

SD7536

2.50%,

2/1/2051

1,763,145

1,770,785

FNMA

UMBS

Pool

Pool#

BM5108

3.00%,

2/1/2033

1,425,569

1,480,457

Pool#

CA9152

2.50%,

2/1/2036

2,800,982

2,870,273

Pool#

FS0146

3.50%,

9/1/2043

1,960,998

2,083,861

Pool#

BE3774

4.00%,

7/1/2047

1,185,024

1,264,381

Pool#

CA2471

4.00%,

10/1/2048

1,121,392

1,188,246

Pool#

MA3692

3.50%,

7/1/2049

4,039,223

4,218,212

Pool#

FM2363

3.00%,

1/1/2050

1,036,207

1,071,489

Pool#

CA6020

3.00%,

6/1/2050

2,167,656

2,218,198

Pool#

CA7404

4.00%,

10/1/2050

5,395,124

5,725,445

Pool#

CA9190

2.00%,

2/1/2051

3,273,399

3,198,275

Pool#

FM6554

2.00%,

3/1/2051

1,407,833

1,375,433

Pool#

FM6834

2.00%,

4/1/2051

641,028

626,281

Pool#

BR7647

2.00%,

4/1/2051

87,308

85,259

Pool#

FM8057

3.00%,

7/1/2051

4,758,088

4,926,415

Pool#

MA4398

2.00%,

8/1/2051

7,703,300

7,520,416

Pool#

MA4400

3.00%,

8/1/2051

4,613,763

4,720,209

Pool#

MA4437

2.00%,

10/1/2051

1,130,481

1,103,222

Pool#

FM8997

2.50%,

10/1/2051

9,758,243

9,758,649

Pool#

FM9450

2.00%,

11/1/2051

177,473

173,596

Pool#

FM9578

2.00%,

12/1/2051

33,843

33,032

FNMA/FHLMC

UMBS,

15

Year,

Single

Family

TBA

1.50%,

2/25/2037

5,100,000

5,018,619

2.00%,

2/25/2037

8,800,000

8,841,078

Nationwide

Bond

Portfolio

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

85

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA/FHLMC

UMBS,

15

Year,

Single

Family

TBA

(continued)

2.50%,

2/25/2037

1,700,000

1,737,155

3.00%,

2/25/2037

2,900,000

3,002,883

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

1.50%,

2/25/2052

2,900,000

2,743,219

2.00%,

2/25/2052

10,227,143

9,969,867

2.50%,

2/25/2052

10,525,000

10,506,910

3.50%,

2/25/2052

2,725,000

2,839,109

4.00%,

2/25/2052

950,000

1,003,660

1.50%,

3/25/2052

525,000

495,774

2.00%,

3/25/2052

800,000

778,153

3.50%,

3/25/2052

1,375,000

1,428,711

GNMA

II

Pool

Pool#

MA0317

3.00%,

8/20/2042

535,957

556,432

Pool#

AC0071

3.50%,

10/20/2042

782,644

821,330

Pool#

MA2600

3.00%,

2/20/2045

602,875

625,772

Pool#

MA2825

3.00%,

5/20/2045

442,597

459,463

Pool#

MA4509

3.00%,

6/20/2047

572,290

592,213

Pool#

MA4718

3.00%,

9/20/2047

533,964

551,361

Pool#

MA4719

3.50%,

9/20/2047

2,164,513

2,271,624

Pool#

MA6409

3.00%,

1/20/2050

228,547

234,252

Pool#

MA6710

3.00%,

6/20/2050

1,239,570

1,271,937

Pool#

MA7766

2.00%,

12/20/2051

23,008,356

22,774,793

Pool#

MA7767

2.50%,

12/20/2051

3,064,458

3,087,661

GNMA

TBA

1.50%,

2/15/2052

1,000,000

951,562

2.50%,

2/15/2052

3,175,000

3,194,844

3.00%,

2/15/2052

4,550,000

4,657,351

3.50%,

2/15/2052

1,000,000

1,035,625

4.00%,

2/15/2052

6,825,000

7,134,791

Total

Mortgage-Backed

Securities

(cost

$159,715,696)

157,706,549

Foreign

Government

Securities

0.6%

CANADA

0.1%

Province

of

Alberta,

1.30%,

7/22/2030

60,000

55,998

Province

of

British

Columbia,

1.30%,

1/29/2031

25,000

23,552

Province

of

Ontario

0.63%,

1/21/2026

50,000

47,889

2.30%,

6/15/2026

45,000

45,931

1.05%,

5/21/2027

25,000

23,946

2.00%,

10/2/2029

25,000

24,888

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

CANADA

Province

of

Ontario

1.13%,

10/7/2030

40,000

36,918

Province

of

Quebec

0.60%,

7/23/2025

50,000

48,217

2.50%,

4/20/2026

50,000

51,551

2.75%,

4/12/2027

25,000

26,124

385,014

CHILE

0.0%

†

Republic

of

Chile,

3.24%,

2/6/2028

250,000

257,952

INDONESIA

0.1%

Republic

of

Indonesia,

4.10%,

4/24/2028

300,000

325,580

ISRAEL

0.0%

†

State

of

Israel

Government

Bond,

2.75%,

7/3/2030

300,000

309,375

ITALY

0.0%

†

Italian

Republic

Government

Bond,

2.88%,

10/17/2029

300,000

299,664

MEXICO

0.1%

United

Mexican

States,

3.75%,

1/11/2028

300,000

315,555

PANAMA

0.1%

Republic

of

Panama,

8.88%,

9/30/2027

300,000

395,154

PERU

0.0%

†

Republic

of

Peru,

2.78%,

1/23/2031

200,000

193,272

PHILIPPINES

0.1%

Republic

of

Philippines,

5.50%,

3/30/2026

350,000

397,945

URUGUAY

0.1%

Oriental

Republic

of

Uruguay

4.38%,

10/27/2027

250,000

274,740

4.38%,

1/23/2031

250,000

280,450

555,190

Total

Foreign

Government

Securities

(cost

$3,504,537)

3,434,701

Supranational

0.4%

Asian

Development

Bank,

0.63%,

4/29/2025

1,000,000

972,755

European

Investment

Bank,

1.63%,

3/14/2025

1,000,000

1,002,399

Total

Supranational

(cost

$2,028,466)

1,975,154

U.S.

Treasury

Obligations

29.4%

U.S.

Treasury

Bonds

5.00%,

5/15/2037

1,000,000

1,409,922

1.88%,

2/15/2041

24,900,000

23,735,731

86

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Bond

Portfolio

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Bonds

(continued)

2.75%,

11/15/2042

6,500,000

7,122,578

3.00%,

5/15/2045

11,000,000

12,631,094

3.00%,

2/15/2047

5,434,700

6,313,168

1.63%,

11/15/2050

7,000,000

6,247,773

57,460,266

U.S.

Treasury

Notes

1.63%,

5/15/2031

31,000,000

30,627,031

1.25%,

8/15/2031

72,000,000

68,703,750

Total

U.S.

Treasury

Obligations

(cost

$160,470,406)

156,791,047

  TBA

Sale

Commitments

  (2.0)%

Mortgage-Backed

Security

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

3.00%,

2/25/2052

(2,425,000)

(2,477,289)

GNMA

TBA

2.00%,

2/15/2052

(8,200,000)

(8,106,469)

Total

Mortgage-Backed

Securities

(cost

$(10,603,527))

(10,583,758)

Total

Investments

(cost

$550,885,317)

—

100.8%

538,684,483

Liabilities

in

excess

of

other

assets

—

(0.8)%

(4,537,513)

NET

ASSETS

—

100.0%

$

534,146,970

†

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,

2022.

(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

as

of

January

31,

2022

was

$45,914,982

which

represents

8.60%

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,

2022.

(d)

Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

as

of

January

31,

2022.

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

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

Nationwide

Bond

Portfolio

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

87

Centrally

Cleared

Interest

rate

swap

contracts

outstanding

as

of

January

31,

2022

:

Floating

Rate

Index

Fixed

Rate

Pay/

Receive

Floating

Rate

Maturity

Date

Notional

Amount

Upfront

Payment

(Receipts)

($)

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

1

Day

SOFR

annually

1.13%

annually

Rec

3/16/2027

USD

590,000

–

10,452

10,452

1

Day

SOFR

annually

1.27%

annually

Rec

3/16/2027

USD

690,000

–

7,474

7,474

1

Day

SOFR

annually

1.41%

annually

Rec

3/16/2027

USD

300,000

–

1,309

1,309

1

Day

SOFR

annually

1.44%

annually

Rec

3/16/2027

USD

230,000

–

668

668

1

Day

SONIA

annually

1%

annually

Rec

3/16/2027

GBP

530,000

–

11,899

11,899

1

Day

SONIA

annually

1.01%

annually

Rec

3/16/2027

GBP

390,000

–

8,562

8,562

1

Day

SONIA

annually

1.03%

annually

Rec

3/16/2027

GBP

480,000

(452)

10,217

9,765

1

Day

SONIA

annually

1.04%

annually

Rec

3/16/2027

GBP

160,000

–

3,211

3,211

1

Day

SONIA

annually

1.08%

annually

Rec

3/16/2027

GBP

310,000

–

5,400

5,400

1

Day

SONIA

annually

1.21%

annually

Rec

3/16/2027

GBP

270,000

–

2,367

2,367

1

Month

TIIE

monthly

7.15%

monthly

Rec

3/10/2027

MXN

5,720,000

–

4,145

4,145

1

Month

TIIE

monthly

7.31%

monthly

Rec

3/10/2027

MXN

5,790,000

–

2,293

2,293

1

Month

TIIE

monthly

7.37%

monthly

Rec

3/10/2027

MXN

5,540,000

–

1,549

1,549

1

Month

TIIE

monthly

7.37%

monthly

Rec

3/10/2027

MXN

6,130,000

–

1,621

1,621

1

Month

TIIE

monthly

7.39%

monthly

Rec

3/10/2027

MXN

5,260,000

–

1,205

1,205

3

Month

BA

semi-annually

1.42%

semi-annually

Rec

3/16/2027

CAD

740,000

–

20,425

20,425

3

Month

BA

semi-annually

1.43%

semi-annually

Rec

3/16/2027

CAD

820,000

–

22,156

22,156

3

Month

BA

semi-annually

1.43%

semi-annually

Rec

3/16/2027

CAD

1,090,000

–

29,452

29,452

3

Month

BA

semi-annually

1.44%

semi-annually

Rec

3/16/2027

CAD

1,280,000

–

34,321

34,321

3

Month

BA

semi-annually

1.45%

semi-annually

Rec

3/16/2027

CAD

500,000

–

13,304

13,304

3

Month

BA

semi-annually

1.7%

semi-annually

Rec

3/16/2027

CAD

750,000

–

12,782

12,782

3

Month

BA

semi-annually

1.81%

semi-annually

Rec

3/16/2027

CAD

3,710,000

–

47,367

47,367

3

Month

BA

semi-annually

1.88%

semi-annually

Rec

3/16/2027

CAD

340,000

–

3,550

3,550

3

Month

BA

semi-annually

1.97%

semi-annually

Rec

3/16/2027

CAD

350,000

–

2,362

2,362

3

Month

BA

semi-annually

1.97%

semi-annually

Rec

3/16/2027

CAD

690,000

–

4,902

4,902

3

Month

BA

semi-annually

1.99%

semi-annually

Rec

3/16/2027

CAD

570,000

–

3,429

3,429

3

Month

BA

semi-annually

2.03%

semi-annually

Rec

3/16/2027

CAD

630,000

–

3,010

3,010

6

Month

WIBOR

semi-annually

2.69%

annually

Rec

3/16/2027

PLN

1,600,000

–

27,121

27,121

6

Month

WIBOR

semi-annually

2.74%

annually

Rec

3/16/2027

PLN

1,580,000

–

25,926

25,926

6

Month

WIBOR

semi-annually

2.81%

annually

Rec

3/16/2027

PLN

1,490,000

–

23,319

23,319

6

Month

WIBOR

semi-annually

2.98%

annually

Rec

3/16/2027

PLN

860,000

–

11,865

11,865

6

Month

WIBOR

semi-annually

3.12%

annually

Rec

3/16/2027

PLN

1,050,000

–

12,893

12,893

6

Month

WIBOR

semi-annually

3.14%

annually

Rec

3/16/2027

PLN

837,500

–

10,148

10,148

6

Month

WIBOR

semi-annually

3.18%

annually

Rec

3/16/2027

PLN

412,500

–

4,797

4,797

6

Month

WIBOR

semi-annually

3.22%

annually

Rec

3/16/2027

PLN

1,420,000

–

15,944

15,944

88

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Bond

Portfolio

Floating

Rate

Index

Fixed

Rate

Pay/

Receive

Floating

Rate

Maturity

Date

Notional

Amount

Upfront

Payment

(Receipts)

($)

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

6

Month

WIBOR

semi-annually

3.22%

annually

Rec

3/16/2027

PLN

1,780,000

–

19,870

19,870

6

Month

WIBOR

semi-annually

3.33%

annually

Rec

3/16/2027

PLN

1,220,000

–

12,204

12,204

6

Month

WIBOR

semi-annually

3.36%

annually

Rec

3/16/2027

PLN

1,080,000

–

10,452

10,452

6

Month

WIBOR

semi-annually

3.67%

annually

Rec

3/16/2027

PLN

6,240,000

–

39,424

39,424

6

Month

WIBOR

semi-annually

4.11%

annually

Rec

3/16/2027

PLN

1,400,000

–

2,244

2,244

6

Month

WIBOR

semi-annually

4.12%

annually

Rec

3/16/2027

PLN

580,000

–

810

810

(452)

486,449

485,997

1

Day

SORA

semi-annually

0.84%

semi-annually

Pay

3/16/2027

SGD

160,554

–

(3,818)

(3,818)

1

Day

SORA

semi-annually

1.19%

semi-annually

Pay

3/16/2027

SGD

440,000

–

(4,943)

(4,943)

1

Day

SORA

semi-annually

1.21%

semi-annually

Pay

3/16/2027

SGD

4,440,000

–

(47,104)

(47,104)

1

Day

SORA

semi-annually

1.21%

semi-annually

Pay

3/16/2027

SGD

183,195

–

(1,953)

(1,953)

1

Day

SORA

semi-annually

1.22%

semi-annually

Pay

3/16/2027

SGD

223,905

–

(2,276)

(2,276)

1

Day

SORA

semi-annually

1.23%

semi-annually

Pay

3/16/2027

SGD

182,900

–

(1,774)

(1,774)

1

Day

SORA

semi-annually

1.31%

semi-annually

Pay

3/16/2027

SGD

790,000

–

(5,491)

(5,491)

1

Day

SORA

semi-annually

1.31%

semi-annually

Pay

3/16/2027

SGD

650,000

–

(4,634)

(4,634)

1

Day

SORA

semi-annually

1.31%

semi-annually

Pay

3/16/2027

SGD

360,000

–

(2,451)

(2,451)

1

Day

SORA

semi-annually

1.32%

semi-annually

Pay

3/16/2027

SGD

273,600

–

(1,843)

(1,843)

1

Day

SORA

semi-annually

1.32%

semi-annually

Pay

3/16/2027

SGD

486,400

–

(3,259)

(3,259)

1

Day

SORA

semi-annually

1.34%

semi-annually

Pay

3/16/2027

SGD

200,000

–

(1,205)

(1,205)

1

Day

SORA

semi-annually

1.35%

semi-annually

Pay

3/16/2027

SGD

210,000

–

(1,175)

(1,175)

1

Day

SORA

semi-annually

1.36%

semi-annually

Pay

3/16/2027

SGD

290,000

–

(1,529)

(1,529)

1

Day

SORA

semi-annually

1.36%

semi-annually

Pay

3/16/2027

SGD

630,000

–

(3,232)

(3,232)

1

Day

SORA

semi-annually

1.37%

semi-annually

Pay

3/16/2027

SGD

490,000

–

(2,444)

(2,444)

1

Day

SORA

semi-annually

1.37%

semi-annually

Pay

3/16/2027

SGD

490,000

–

(2,339)

(2,339)

1

Day

SORA

semi-annually

1.42%

semi-annually

Pay

3/16/2027

SGD

470,000

–

(1,472)

(1,472)

1

Day

SORA

semi-annually

1.46%

semi-annually

Pay

3/16/2027

SGD

541,200

–

(845)

(845)

1

Day

SORA

semi-annually

1.48%

semi-annually

Pay

3/16/2027

SGD

97,800

–

(104)

(104)

1

Day

SORA

semi-annually

1.49%

semi-annually

Pay

3/16/2027

SGD

118,800

–

(71)

(71)

1

Day

SORA

semi-annually

1.49%

semi-annually

Pay

3/16/2027

SGD

202,200

–

(85)

(85)

1

Month

TIIE

monthly

7.51%

monthly

Rec

3/10/2027

MXN

6,270,000

–

(86)

(86)

1

Month

TIIE

monthly

7.56%

monthly

Rec

3/10/2027

MXN

4,930,000

–

(516)

(516)

Nationwide

Bond

Portfolio

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

89

Floating

Rate

Index

Fixed

Rate

Pay/

Receive

Floating

Rate

Maturity

Date

Notional

Amount

Upfront

Payment

(Receipts)

($)

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

1

Month

TIIE

monthly

7.61%

monthly

Rec

3/10/2027

MXN

5,660,000

–

(1,165)

(1,165)

1

Month

TIIE

monthly

7.79%

monthly

Rec

3/10/2027

MXN

5,730,000

–

(3,324)

(3,324)

3

Month

HIBOR

quarterly

1.28%

quarterly

Pay

3/16/2027

HKD

9,800,000

–

(28,325)

(28,325)

3

Month

HIBOR

quarterly

1.31%

quarterly

Pay

3/16/2027

HKD

9,790,000

–

(26,624)

(26,624)

3

Month

HIBOR

quarterly

1.44%

quarterly

Pay

3/16/2027

HKD

1,808,800

–

(3,403)

(3,403)

3

Month

HIBOR

quarterly

1.44%

quarterly

Pay

3/16/2027

HKD

851,200

–

(1,604)

(1,604)

3

Month

HIBOR

quarterly

1.46%

quarterly

Pay

3/16/2027

HKD

3,840,000

–

(6,746)

(6,746)

3

Month

HIBOR

quarterly

1.48%

quarterly

Pay

3/16/2027

HKD

2,600,000

–

(4,245)

(4,245)

3

Month

HIBOR

quarterly

1.48%

quarterly

Pay

3/16/2027

HKD

3,140,000

–

(5,175)

(5,175)

3

Month

HIBOR

quarterly

1.49%

quarterly

Pay

3/16/2027

HKD

2,160,000

–

(3,459)

(3,459)

3

Month

HIBOR

quarterly

1.51%

quarterly

Pay

3/16/2027

HKD

2,400,000

–

(3,583)

(3,583)

3

Month

HIBOR

quarterly

1.53%

quarterly

Pay

3/16/2027

HKD

2,690,000

–

(3,682)

(3,682)

3

Month

HIBOR

quarterly

1.61%

quarterly

Pay

3/16/2027

HKD

2,210,000

–

(1,817)

(1,817)

3

Month

HIBOR

quarterly

1.73%

quarterly

Pay

3/16/2027

HKD

1,890,000

–

(181)

(181)

3

Month

HIBOR

quarterly

1.73%

quarterly

Pay

3/16/2027

HKD

1,110,000

–

(141)

(141)

3

Month

JIBAR

quarterly

6.75%

quarterly

Pay

3/16/2027

ZAR

4,390,000

–

(907)

(907)

3

Month

STIBOR

quarterly

0.59%

annually

Pay

3/16/2027

SEK

4,410,000

–

(8,429)

(8,429)

3

Month

STIBOR

quarterly

0.59%

annually

Pay

3/16/2027

SEK

3,930,000

–

(7,657)

(7,657)

3

Month

STIBOR

quarterly

0.6%

annually

Pay

3/16/2027

SEK

4,380,000

–

(8,117)

(8,117)

3

Month

STIBOR

quarterly

0.61%

annually

Pay

3/16/2027

SEK

5,500,000

–

(10,047)

(10,047)

3

Month

STIBOR

quarterly

0.62%

annually

Pay

3/16/2027

SEK

2,270,000

–

(4,051)

(4,051)

3

Month

STIBOR

quarterly

0.62%

annually

Pay

3/16/2027

SEK

3,100,000

–

(5,466)

(5,466)

3

Month

STIBOR

quarterly

0.62%

annually

Pay

3/16/2027

SEK

5,650,000

703

(10,715)

(10,012)

3

Month

STIBOR

quarterly

0.63%

annually

Pay

3/16/2027

SEK

23,090,000

–

(39,126)

(39,126)

3

Month

STIBOR

quarterly

0.63%

annually

Pay

3/16/2027

SEK

2,370,000

160

(4,163)

(4,003)

3

Month

STIBOR

quarterly

0.68%

annually

Pay

3/16/2027

SEK

3,190,000

–

(4,545)

(4,545)

3

Month

STIBOR

quarterly

0.68%

annually

Pay

3/16/2027

SEK

4,670,000

135

(6,839)

(6,704)

3

Month

STIBOR

quarterly

0.7%

annually

Pay

3/16/2027

SEK

3,820,000

–

(5,120)

(5,120)

3

Month

STIBOR

quarterly

0.71%

annually

Pay

3/16/2027

SEK

2,520,000

–

(3,258)

(3,258)

3

Month

STIBOR

quarterly

0.72%

annually

Pay

3/16/2027

SEK

1,760,000

62

(2,247)

(2,185)

3

Month

STIBOR

quarterly

0.75%

annually

Pay

3/16/2027

SEK

2,790,000

–

(3,039)

(3,039)

90

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Bond

Portfolio

Floating

Rate

Index

Fixed

Rate

Pay/

Receive

Floating

Rate

Maturity

Date

Notional

Amount

Upfront

Payment

(Receipts)

($)

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

3

Month

STIBOR

quarterly

0.78%

annually

Pay

3/16/2027

SEK

3,040,000

–

(2,740)

(2,740)

3

Month

STIBOR

quarterly

0.81%

annually

Pay

3/16/2027

SEK

4,900,000

–

(3,692)

(3,692)

3

Month

STIBOR

quarterly

0.85%

annually

Pay

3/16/2027

SEK

3,860,000

–

(2,153)

(2,153)

3

Month

STIBOR

quarterly

0.88%

annually

Pay

3/16/2027

SEK

4,700,000

–

(1,926)

(1,926)

3

Month

STIBOR

quarterly

0.89%

annually

Pay

3/16/2027

SEK

2,410,000

(797)

–

(797)

3

Month

STIBOR

quarterly

0.91%

annually

Pay

3/16/2027

SEK

3,040,000

–

(715)

(715)

6

Month

BBR

semi-annually

1.36%

semi-annually

Pay

3/16/2027

AUD

200,000

–

(4,231)

(4,231)

6

Month

BBR

semi-annually

1.36%

semi-annually

Pay

3/16/2027

AUD

200,000

–

(4,234)

(4,234)

6

Month

BBR

semi-annually

1.36%

semi-annually

Pay

3/16/2027

AUD

120,000

–

(2,543)

(2,543)

6

Month

BBR

semi-annually

1.39%

semi-annually

Pay

3/16/2027

AUD

170,000

–

(3,457)

(3,457)

6

Month

BBR

semi-annually

1.46%

semi-annually

Pay

3/16/2027

AUD

860,000

–

(15,260)

(15,260)

6

Month

BBR

semi-annually

1.53%

semi-annually

Pay

3/16/2027

AUD

630,000

–

(9,679)

(9,679)

6

Month

BBR

semi-annually

1.54%

semi-annually

Pay

3/16/2027

AUD

570,000

–

(8,645)

(8,645)

6

Month

BBR

semi-annually

1.71%

semi-annually

Pay

3/16/2027

AUD

470,000

–

(4,299)

(4,299)

6

Month

BBR

semi-annually

1.75%

semi-annually

Pay

3/16/2027

AUD

340,000

–

(2,751)

(2,751)

6

Month

BBR

semi-annually

1.76%

semi-annually

Pay

3/16/2027

AUD

330,000

–

(2,530)

(2,530)

6

Month

BBR

semi-annually

1.87%

semi-annually

Pay

3/16/2027

AUD

420,000

–

(1,577)

(1,577)

6

Month

BBR

semi-annually

1.87%

semi-annually

Pay

3/16/2027

AUD

340,000

–

(1,363)

(1,363)

6

Month

EURIBOR

semi-annually

0.06%

annually

Pay

3/16/2027

EUR

1,680,000

–

(18,761)

(18,761)

6

Month

EURIBOR

semi-annually

-0.09%

annually

Pay

3/16/2027

EUR

290,000

–

(5,654)

(5,654)

6

Month

EURIBOR

semi-annually

-0.06%

annually

Pay

3/16/2027

EUR

550,000

–

(9,809)

(9,809)

6

Month

EURIBOR

semi-annually

0.07%

annually

Pay

3/16/2027

EUR

1,740,000

–

(18,892)

(18,892)

6

Month

EURIBOR

semi-annually

-0.09%

annually

Pay

3/16/2027

EUR

2,520,000

(986)

(48,305)

(49,291)

6

Month

EURIBOR

semi-annually

-0.09%

annually

Pay

3/16/2027

EUR

310,000

–

(6,157)

(6,157)

6

Month

EURIBOR

semi-annually

-0.09%

annually

Pay

3/16/2027

EUR

270,000

–

(5,317)

(5,317)

6

Month

EURIBOR

semi-annually

0.1%

annually

Pay

3/16/2027

EUR

630,000

–

(5,741)

(5,741)

6

Month

EURIBOR

semi-annually

-0.1%

annually

Pay

3/16/2027

EUR

740,000

–

(14,822)

(14,822)

6

Month

EURIBOR

semi-annually

-0.1%

annually

Pay

3/16/2027

EUR

550,000

–

(11,109)

(11,109)

Nationwide

Bond

Portfolio

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

91

Floating

Rate

Index

Fixed

Rate

Pay/

Receive

Floating

Rate

Maturity

Date

Notional

Amount

Upfront

Payment

(Receipts)

($)

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

6

Month

EURIBOR

semi-annually

-0.1%

annually

Pay

3/16/2027

EUR

290,000

–

(5,931)

(5,931)

(723)

(534,142)

(534,865)

(1,175)

(47,693)

(48,868)

–

–

–

Abbreviation

:

BA

Banker

Acceptance

Rate

BBR

Bank

Bill

Reference

Rate

EURIBOR

Euro

Interbank

Offered

Rate

HIBOR

Hong

Kong

Interbank

Offered Rate

JIBAR

Johannesburg

Interbank

Agreed

Rate

SOFR

Secured

Overnight

Financing Rate

SONIA

Sterling

Overnight

Index

Average

SORA

Singapore

Overnight Rate Average

STIBOR

Stockholm

Interbank

Offered

Rate

TIIE

Interbank

Equilibrium

Interest

Rate

WIBOR

Warsaw

Interbank

Offered

Rate

Currency:

AUD

Australian

dollar

CAD

Canadian

dollar

EUR

Euro

GBP

British

pound

HKD

Hong

Kong

dollar

MXN

Mexican

peso

PLN

Polish

zloty

SEK

Swedish

krona

SGD

Singapore

dollar

USD

United

States

dollar

ZAR

South

African

rand

OTC

Interest

rate

swap

contracts

outstanding

as

of

January

31,

2022

:

Floating

Rate

Index1

Fixed

Rate

Pay/

Receive

Floating

Rate

Counterparty

Maturity

Date

Notional

Amount

Upfront

Payments(Receipts)

($)

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

3

Month

CD_KSDA

quarterly

1.79%

quarterly

Rec

Bank

of

America

NA

3/16/2027

KRW

523,900,000

–

9,695

9,695

3

Month

CD_KSDA

quarterly

1.82%

quarterly

Rec

Morgan

Stanley

Co.,

Inc.

3/16/2027

KRW

3,829,370,000

–

66,587

66,587

3

Month

CD_KSDA

quarterly

1.85%

quarterly

Rec

Bank

of

America

NA

3/16/2027

KRW

640,350,000

–

10,266

10,266

3

Month

CD_KSDA

quarterly

1.86%

quarterly

Rec

Citigroup

Global

Markets

3/16/2027

KRW

298,180,000

–

4,709

4,709

3

Month

CD_KSDA

quarterly

1.87%

quarterly

Rec

Citigroup

Global

Markets

3/16/2027

KRW

683,440,000

–

10,657

10,657

3

Month

CD_KSDA

quarterly

1.89%

quarterly

Rec

Citigroup

Global

Markets

3/16/2027

KRW

334,960,000

–

4,922

4,922

3

Month

CD_KSDA

quarterly

2.05%

quarterly

Rec

BNP

Paribas

3/16/2027

KRW

480,017,340

–

3,941

3,941

3

Month

CD_KSDA

quarterly

2.05%

quarterly

Rec

JPM

Chase

3/16/2027

KRW

300,498,660

–

2,527

2,527

3

Month

CD_KSDA

quarterly

2.07%

quarterly

Rec

Bank

of

America

NA

3/16/2027

KRW

804,389,400

–

6,123

6,123

3

Month

CD_KSDA

quarterly

2.11%

quarterly

Rec

Bank

of

America

NA

3/16/2027

KRW

685,220,600

–

4,012

4,012

3

Month

CD_KSDA

quarterly

2.12%

quarterly

Rec

BNP

Paribas

3/16/2027

KRW

395,860,000

–

2,105

2,105

–

125,544

125,544

–

125,544

125,544

As

of

January

31,

2022,

the

Fund

had

$575,231

segregated

as

collateral

for

interest

rate

swap

contracts.

Abbreviation

:

KSDA

Certificate

of

Deposit

91-day

Korean

Bond

Rate

Currency:

KRW

South

Korean

won

92

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Bond

Portfolio

Forward

Foreign

Currency

Contracts

outstanding

as

of

January

31,

2022:

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

($)

USD

530,567

GBP

400,000

JPMorgan

Chase

Bank

3/16/2022

(7,258)

Net

unrealized

depreciation

(7,258)

Currency:

GBP

British

pound

USD

United

States

dollar

Futures

contracts

outstanding

as

of

January

31,

2022:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

Australia

10

Year

Bond

110

3/2022

AUD

10,656,507

(155,776)

Euro-Bund

97

3/2022

EUR

18,428,703

(495,595)

U.S.

Treasury

10

Year

Note

128

3/2022

USD

16,380,000

(2,339)

U.S.

Treasury

Ultra

Bond

70

3/2022

USD

13,225,625

3,724

(649,986)

Short

Contracts

Canada

10

Year

Bond

(224)

3/2022

CAD

(24,511,977)

65,630

Long

Gilt

(224)

3/2022

GBP

(36,741,377)

939,066

U.S.

Treasury

2

Year

Note

(6)

3/2022

USD

(1,299,938)

10,366

U.S.

Treasury

5

Year

Note

(159)

3/2022

USD

(18,953,297)

(9,902)

U.S.

Treasury

10

Year

Ultra

Note

(3)

3/2022

USD

(428,484)

(988)

U.S.

Treasury

Long

Bond

(35)

3/2022

USD

(5,446,875)

25,270

1,029,442

379,456

As

of

January

31,

2022,

the

Fund

had

$2,021,000

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

AUD

Australian

Dollar

CAD

Canadian

Dollar

EUR

Euro

GBP

British

Pound

USD

United

States

Dollar

Nationwide

Bond

Portfolio

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

93

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.

94

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Bond

Portfolio

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,

2022.

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.

(a)

Swap

Contracts

Interest

Rate

Swap

Contracts

—

The

Fund

entered

into

interest

rate

swap

contracts

to

hedge

against

investment

risks,

to

manage

portfolio

duration,

to

obtain

exposure

to

the

investment

characteristics

of

certain

bonds

or

groups

of

bonds,

and/or

to

otherwise

increase

returns,

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.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

1,206,370

$

–

$

1,206,370

Commercial

Mortgage-Backed

Securities

–

9,543,075

–

9,543,075

Corporate

Bonds

–

217,345,504

–

217,345,504

Foreign

Government

Securities

–

3,434,701

–

3,434,701

Futures

Contracts

1,044,056

–

–

1,044,056

Interest

Rate

Swaps*

–

611,993

–

611,993

Mortgage-Backed

Securities

–

157,706,549

–

157,706,549

Municipal

Bonds

–

1,265,841

–

1,265,841

Supranational

–

1,975,154

–

1,975,154

U.S.

Treasury

Obligations

–

156,791,047

–

156,791,047

Total

Assets

$

1,044,056

$

549,880,234

$

–

$

550,924,290

$

–

$

–

$

–

$

–

Liabilities:

Forward

Foreign

Currency

Contract

$

–

$

(7,258)

$

–

$

(7,258)

Futures

Contracts

(664,600)

–

–

(664,600)

Interest

Rate

Swaps*

–

(534,142)

–

(534,142)

Mortgage-Backed

Securities

$

–

$

(10,583,758)

$

–

$

(10,583,758)

Total

Liabilities

$

(664,600)

$

(11,125,158)

$

–

$

(11,789,758)

Total

$

379,456

$

538,755,076

$

–

$

539,134,532

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

Bond

Portfolio

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

95

(b)

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.

(c)

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.

96

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Bond

Portfolio

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2022:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2022:

Assets:

Fair

Value

Swap

Contracts(a)

Interest

rate

risk

Unrealized

appreciation

on

centrally

clear

swap

contracts

$

125,544

Interest

rate

risk

Receivable/payable

for

variation

margin

on

centrally

cleared

swap

contracts

486,449

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

1,044,056

Total

$

1,656,049

Liabilities:

Swap

Contracts(a)

Interest

rate

risk

Receivable/payable

for

variation

margin

on

centrally

cleared

swap

contracts

(534,142)

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

depreciation

on

forward

foreign

currency

contracts

(7,258)

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

(664,600)

Total

$

(1,206,000)

(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,

2022

(Unaudited)

-

Statement

of

Investments

-

1

Common

Stocks

98.1%

Shares

Value

($)

Airlines

1.6%

Allegiant

Travel

Co.*

131,327

23,462,882

Auto

Components

4.8%

Dorman

Products,

Inc.*

184,921

17,314,153

Fox

Factory

Holding

Corp.*

403,526

53,697,205

71,011,358

Banks

1.1%

Pacific

Premier

Bancorp,

Inc.

417,163

15,956,485

Building

Products

4.3%

AAON,

Inc.

391,253

25,138,005

Trex

Co.,

Inc.*

415,254

37,983,284

63,121,289

Chemicals

2.4%

Balchem

Corp.

237,425

34,887,229

Construction

&

Engineering

1.6%

Construction

Partners,

Inc.,

Class

A*

876,193

22,991,304

Diversified

Consumer

Services

1.8%

Bright

Horizons

Family

Solutions,

Inc.*

210,423

27,020,417

Electronic

Equipment,

Instruments

&

Components

5.1%

ePlus

,

Inc.*

430,937

19,810,174

Novanta

,

Inc.*

196,104

27,081,962

Rogers

Corp.*

104,052

28,400,994

75,293,130

Food

Products

1.6%

J

&

J

Snack

Foods

Corp.

153,283

23,251,498

Health

Care

Equipment

&

Supplies

9.7%

BioLife

Solutions,

Inc.*

555,854

16,586,683

Globus

Medical,

Inc.,

Class

A*

451,802

30,148,747

LeMaitre

Vascular,

Inc.

321,021

13,582,399

Masimo

Corp.*

128,463

28,245,160

Neogen

Corp.*

584,765

21,326,380

STAAR

Surgical

Co.*

337,113

24,514,857

Tactile

Systems

Technology,

Inc.*

516,170

8,140,001

142,544,227

Health

Care

Providers

&

Services

3.5%

HealthEquity

,

Inc.*

290,610

15,530,198

LHC

Group,

Inc.*

214,787

26,655,067

PetIQ

,

Inc.*(a)

467,621

9,558,173

51,743,438

Health

Care

Technology

6.3%

Omnicell

,

Inc.*

311,202

46,723,868

Vocera

Communications,

Inc.*

580,077

45,831,884

92,555,752

Hotels,

Restaurants

&

Leisure

1.7%

Texas

Roadhouse,

Inc.

289,928

24,756,952

Household

Products

1.0%

WD-40

Co.

64,368

14,306,432

Insurance

3.8%

Kinsale

Capital

Group,

Inc.

242,061

48,489,660

Palomar

Holdings,

Inc.*

124,099

6,546,222

55,035,882

Common

Stocks

Shares

Value

($)

IT

Services

6.3%

Evo

Payments,

Inc.,

Class

A*

696,727

16,805,055

ExlService

Holdings,

Inc.*

275,882

33,249,299

I3

Verticals,

Inc.,

Class

A*

663,179

15,345,962

Perficient

,

Inc.*

259,380

27,188,212

92,588,528

Life

Sciences

Tools

&

Services

2.3%

Bio-

Techne

Corp.

90,551

34,084,302

Machinery

6.9%

Barnes

Group,

Inc.

235,652

10,644,401

Donaldson

Co.,

Inc.

258,153

14,368,796

ESCO

Technologies,

Inc.

310,929

24,805,916

Evoqua

Water

Technologies

Corp.*

403,799

16,353,859

RBC

Bearings,

Inc.*

195,149

35,218,540

101,391,512

Media

0.5%

TechTarget

,

Inc.*

93,142

7,725,197

Multiline

Retail

1.1%

Ollie's

Bargain

Outlet

Holdings,

Inc.*

331,385

15,886,597

Professional

Services

2.9%

Exponent,

Inc.

451,666

42,899,237

Road

&

Rail

1.3%

Marten

Transport

Ltd.

1,183,850

19,758,457

Semiconductors

&

Semiconductor

Equipment

5.4%

Azenta

,

Inc.

270,563

22,819,283

Onto

Innovation,

Inc.*

442,256

40,484,114

Semtech

Corp.*

226,515

16,105,217

79,408,614

Software

17.7%

Alarm.com

Holdings,

Inc.*

458,893

34,219,651

Blackbaud

,

Inc.*

256,380

17,469,733

Blackline,

Inc.*

303,429

27,876,022

Bottomline

Technologies

DE,

Inc.*

367,660

20,732,347

Cerence

,

Inc.*

250,380

15,896,626

Descartes

Systems

Group,

Inc.

(The)*

471,712

34,326,482

Envestnet

,

Inc.*

386,207

28,556,146

Fair

Isaac

Corp.*

94,097

46,577,074

Q2

Holdings,

Inc.*

277,654

18,116,924

Tyler

Technologies,

Inc.*

34,502

16,347,048

260,118,053

Thrifts

&

Mortgage

Finance

1.2%

Axos

Financial,

Inc.*

342,977

17,663,315

Trading

Companies

&

Distributors

2.2%

SiteOne

Landscape

Supply,

Inc.*

181,785

32,743,114

Total

Common

Stocks

(cost

$878,744,413)

1,442,205,201

2

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Geneva

Small

Cap

Growth

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)

3,308,000

3,308,000

Total

Short-Term

Investment

(cost

$3,308,000)

3,308,000

Total

Investments

(cost

$882,052,413)

—

98.3%

1,445,513,201

Other

assets

in

excess

of

liabilities

—

1.7%

24,284,934

NET

ASSETS

—

100.0%

$

1,469,798,135

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2022.

The

total

value

of

securities

on

loan

as

of

January

31,

2022

was

$3,380,776,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

with

a

value

of

$3,308,000.

(b)

Represents

7-day

effective

yield

as

of

January

31,

2022.

(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,

2022

was

$3,308,000.

Nationwide

Geneva

Small

Cap

Growth

Fund

-

January

31,

2022

(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,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

1,442,205,201

$

–

$

–

$

1,442,205,201

Short-Term

Investment

3,308,000

–

–

3,308,000

Total

$

1,445,513,201

$

–

$

–

$

1,445,513,201

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

AllianzGI

International

Growth

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

1

Common

Stocks

97.5%

Shares

Value

($)

ARGENTINA

4.1%

Internet

&

Direct

Marketing

Retail

4.1%

MercadoLibre,

Inc.

*

8,755

9,911,185

AUSTRALIA

3.9%

Biotechnology

0.7%

CSL

Ltd.

9,647

1,791,576

Hotels,

Restaurants

&

Leisure

3.2%

Domino's

Pizza

Enterprises

Ltd.

103,397

7,645,953

9,437,529

CANADA

7.3%

Food

&

Staples

Retailing

2.2%

Alimentation

Couche-Tard,

Inc.

130,462

5,261,996

IT

Services

2.0%

Shopify,

Inc.,

Class

A

*

5,032

4,852,056

Software

3.1%

Constellation

Software,

Inc.

4,356

7,502,505

17,616,557

CHINA

9.9%

Interactive

Media

&

Services

4.8%

Tencent

Holdings

Ltd.

187,467

11,442,482

Internet

&

Direct

Marketing

Retail

5.1%

Alibaba

Group

Holding

Ltd.,

ADR

*

58,427

7,349,532

JD.com,

Inc.,

Class

A

*

8,927

332,889

Prosus

NV

*

52,613

4,382,461

12,064,882

23,507,364

DENMARK

12.7%

Air

Freight

&

Logistics

3.9%

DSV

A/S

46,058

9,365,880

Health

Care

Equipment

&

Supplies

4.0%

Ambu

A/S,

Class

B

(a)

442,259

9,373,928

Pharmaceuticals

1.6%

Novo

Nordisk

A/S,

Class

B

39,202

3,924,453

Software

3.2%

Netcompany

Group

A/S

Reg.

S

(b)

105,739

7,751,705

30,415,966

GERMANY

9.6%

Diversified

Financial

Services

0.4%

GRENKE

AG

31,745

996,747

Internet

&

Direct

Marketing

Retail

1.4%

Zalando

SE

Reg.

S

*(b)

42,474

3,337,244

IT

Services

1.9%

Bechtle

AG

76,297

4,537,242

Semiconductors

&

Semiconductor

Equipment

4.3%

Infineon

Technologies

AG

256,880

10,493,304

Software

0.7%

SAP

SE

13,700

1,696,202

Common

Stocks

Shares

Value

($)

GERMANY

Textiles,

Apparel

&

Luxury

Goods

0.9%

adidas

AG

7,538

2,052,967

23,113,706

HONG

KONG

2.5%

Insurance

2.5%

AIA

Group

Ltd.

590,231

6,130,885

INDIA

4.6%

Banks

4.6%

HDFC

Bank

Ltd.,

ADR

162,702

11,166,238

IRELAND

1.8%

Building

Products

1.8%

Kingspan

Group

plc

45,927

4,438,742

ISRAEL

4.1%

IT

Services

4.1%

Wix.com

Ltd.

*

75,021

9,855,509

JAPAN

1.7%

Electronic

Equipment,

Instruments

&

Components

0.7%

Keyence

Corp.

3,105

1,596,783

IT

Services

0.4%

BASE,

Inc.

*(a)

253,055

1,017,923

Trading

Companies

&

Distributors

0.6%

MonotaRO

Co.

Ltd.

93,802

1,528,781

4,143,487

NETHERLANDS

10.6%

IT

Services

3.3%

Adyen

NV

Reg.

S

*(b)

3,955

8,065,004

Semiconductors

&

Semiconductor

Equipment

6.8%

ASML

Holding

NV

23,535

16,097,968

Software

0.5%

Topicus.com,

Inc.

*

14,656

1,189,290

25,352,262

NEW

ZEALAND

2.4%

Air

Freight

&

Logistics

2.4%

Mainfreight

Ltd.

105,683

5,818,996

SOUTH

AFRICA

1.2%

Banks

1.2%

Capitec

Bank

Holdings

Ltd.

22,790

2,999,525

SWEDEN

9.2%

Building

Products

0.6%

Assa

Abloy

AB,

Class

B

52,421

1,436,149

Chemicals

2.5%

Hexpol

AB

513,445

6,131,179

Electronic

Equipment,

Instruments

&

Components

1.4%

Hexagon

AB,

Class

B

257,569

3,480,067

Machinery

2.7%

Atlas

Copco

AB,

Class

A

65,449

3,846,655

Epiroc

AB,

Class

A

121,307

2,578,460

6,425,115

Trading

Companies

&

Distributors

2.0%

AddTech

AB,

Class

B

256,895

4,772,738

22,245,248

2

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

AllianzGI

International

Growth

Fund

Common

Stocks

Shares

Value

($)

SWITZERLAND

4.5%

Capital

Markets

1.4%

Partners

Group

Holding

AG

2,421

3,368,373

Chemicals

2.0%

Sika

AG

(Registered)

13,348

4,671,765

Machinery

1.1%

VAT

Group

AG

Reg.

S

(b)

6,604

2,686,913

10,727,051

TAIWAN

6.0%

Entertainment

3.9%

Sea

Ltd.,

ADR

*

63,384

9,527,249

Semiconductors

&

Semiconductor

Equipment

2.1%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

40,472

4,963,081

14,490,330

UNITED

KINGDOM

1.4%

Industrial

Conglomerates

1.4%

DCC

plc

39,374

3,305,020

Total

Common

Stocks

(cost

$171,932,292)

234,675,600

Short-Term

Investment

0.4%

Money

Market

Fund

0.4%

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,

0.01%,

(c)(d)

1,039,675

1,039,675

Total

Short-Term

Investment

(cost

$1,039,675)

1,039,675

Total

Investments

(cost

$172,971,967)

  —

97.9%

235,715,275

Other

assets

in

excess

of

liabilities

—

2.1%

5,126,640

NET

ASSETS

—

100.0%

$

240,841,915

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2022.

The

total

value

of

securities

on

loan

as

of

January

31,

2022

was

$4,930,383,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

with

a

total

value

of

$1,039,675

and

by

$4,690,549

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

3.38%,

and

maturity

dates

ranging

from

2/10/2022

–

2/15/2051;

a

total

value

of

$5,730,224.

(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

as

of

January

31,

2022

was

$21,840,866

which

represents

9.07%

of

net

assets.

(c)

Represents

7-day

effective

yield

as

of

January

31,

2022.

(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,

2022

was

$1,039,675.

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,

2022

(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,

2022

(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,

2022.

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

$

–

$

15,184,876

$

–

$

15,184,876

Banks

11,166,238

2,999,525

–

14,165,763

Biotechnology

–

1,791,576

–

1,791,576

Building

Products

–

5,874,891

–

5,874,891

Capital

Markets

–

3,368,373

–

3,368,373

Chemicals

–

10,802,944

–

10,802,944

Diversified

Financial

Services

–

996,747

–

996,747

Electronic

Equipment,

Instruments

&

Components

–

5,076,850

–

5,076,850

Entertainment

9,527,249

–

–

9,527,249

Food

&

Staples

Retailing

5,261,996

–

–

5,261,996

Health

Care

Equipment

&

Supplies

–

9,373,928

–

9,373,928

Hotels,

Restaurants

&

Leisure

–

7,645,953

–

7,645,953

Industrial

Conglomerates

–

3,305,020

–

3,305,020

Insurance

–

6,130,885

–

6,130,885

Interactive

Media

&

Services

–

11,442,482

–

11,442,482

Internet

&

Direct

Marketing

Retail

17,260,717

8,052,594

–

25,313,311

IT

Services

14,707,565

13,620,169

–

28,327,734

Machinery

–

9,112,028

–

9,112,028

Pharmaceuticals

–

3,924,453

–

3,924,453

Semiconductors

&

Semiconductor

Equipment

4,963,081

26,591,272

–

31,554,353

Software

8,691,795

9,447,907

–

18,139,702

Textiles,

Apparel

&

Luxury

Goods

–

2,052,967

–

2,052,967

Trading

Companies

&

Distributors

–

6,301,519

–

6,301,519

Total

Common

Stocks

$

71,578,641

$

163,096,959

$

–

$

234,675,600

Short-Term

Investment

1,039,675

–

–

1,039,675

Total

$

72,618,316

$

163,096,959

$

–

$

235,715,275

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,

2022

(Unaudited)

-

Statement

of

Investments

-

5

6

Asset-Backed

Security

0.1%

Principal

Amount

($)

Value

($)

UNITED

STATES

0.1%

Airlines

0.1%

American

Airlines

Pass-

Through

Trust,

Series

2021-1,

Class

B,

3.95%,

7/11/2030

115,000

112,410

Total

Asset-Backed

Securities

(cost  $115,000)

112,410

Corporate

Bonds

90.2%

ARGENTINA

0.7%

Construction

&

Engineering

0.3%

Stoneway

Capital

Corp.,

10.00%,

3/1/2027(a)(b)

1,375,311

398,854

Electric

Utilities

0.4%

Pampa

Energia

SA,

7.50%,

1/24/2027(b)

580,000

493,870

892,724

BRAZIL

4.8%

Airlines

1.3%

Gol

Finance

SA

7.00%,

1/31/2025(b)

700,000

604,401

8.00%,

6/30/2026(b)

940,000

865,985

1,470,386

Capital

Markets

0.7%

B3

SA

-

Brasil

Bolsa

Balcao,

4.13%,

9/20/2031(b)

910,000

839,484

Commercial

Services

&

Supplies

0.8%

Atento

Luxco

1

SA,

8.00%,

2/10/2026(b)

811,000

854,777

Food

Products

0.4%

Minerva

Luxembourg

SA,

4.38%,

3/18/2031(b)

510,000

473,662

Marine

0.6%

Acu

Petroleo

Luxembourg

Sarl,

7.50%,

1/13/2032(b)

500,000

485,750

Hidrovias

International

Finance

SARL,

4.95%,

2/8/2031(b)

245,000

224,787

710,537

Oil,

Gas

&

Consumable

Fuels

0.6%

MC

Brazil

Downstream

Trading

SARL,

7.25%,

6/30/2031(b)

650,000

623,350

Road

&

Rail

0.4%

Simpar

Europe

SA,

5.20%,

1/26/2031(b)

570,000

505,168

5,477,364

Corporate

Bonds

Principal

Amount

($)

Value

($)

BURKINA

FASO

0.2%

Metals

&

Mining

0.2%

Endeavour

Mining

plc,

5.00%,

10/14/2026(b)

200,000

194,000

CAMEROON

0.3%

Oil,

Gas

&

Consumable

Fuels

0.3%

Golar

LNG

Ltd.,

7.00%,

10/20/2025(b)

400,000

389,500

CANADA

5.9%

Aerospace

&

Defense

0.8%

Bombardier,

Inc.

7.13%,

6/15/2026(b)

285,000

289,631

7.88%,

4/15/2027(b)

635,000

643,560

933,191

Commercial

Services

&

Supplies

1.1%

Garda

World

Security

Corp.

4.63%,

2/15/2027(b)

50,000

48,780

9.50%,

11/1/2027(b)

216,000

227,016

6.00%,

6/1/2029(b)

580,000

544,510

GFL

Environmental,

Inc.,

4.38%,

8/15/2029(b)

465,000

443,745

1,264,051

Containers

&

Packaging

0.3%

Intertape

Polymer

Group,

Inc.,

4.38%,

6/15/2029(b)

335,000

330,812

Energy

Equipment

&

Services

0.4%

Precision

Drilling

Corp.,

6.88%,

1/15/2029(b)

166,000

166,282

Tervita

Corp.,

11.00%,

12/1/2025(b)

246,000

285,052

451,334

Metals

&

Mining

0.2%

Hudbay

Minerals,

Inc.,

6.13%,

4/1/2029(b)

223,000

231,920

Oil,

Gas

&

Consumable

Fuels

3.1%

Baytex

Energy

Corp.,

8.75%,

4/1/2027(b)

1,085,000

1,160,950

International

Petroleum

Corp.,

Reg.

S,

7.25%,

2/1/2027(b)

467,000

465,833

MEG

Energy

Corp.

7.13%,

2/1/2027(b)

250,000

260,362

5.88%,

2/1/2029(b)

356,000

361,785

Parkland

Corp.,

4.63%,

5/1/2030(b)

455,000

436,800

Strathcona

Resources

Ltd.,

6.88%,

8/1/2026(b)

810,000

803,731

3,489,461

6,700,769

6

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Amundi

Global

High

Yield

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

CAYMAN

ISLANDS

0.5%

Consumer

Finance

0.5%

Global

Aircraft

Leasing

Co.

Ltd.,

6.50%,

9/15/2024(b)

585,228

549,119

COLOMBIA

0.4%

Oil,

Gas

&

Consumable

Fuels

0.4%

SierraCol

Energy

Andina

LLC,

6.00%,

6/15/2028(b)

485,000

451,050

CYPRUS

0.8%

Consumer

Finance

0.8%

ASG

Finance

Designated

Activity

Co.,

7.88%,

12/3/2024(b)

860,000

851,400

EGYPT

0.8%

Oil,

Gas

&

Consumable

Fuels

0.8%

Energean

plc,

6.50%,

4/30/2027(b)

925,000

893,781

FRANCE

1.9%

Chemicals

0.2%

Lune

Holdings

Sarl,

5.63%,

11/15/2028(b)

EUR

250,000

268,162

Diversified

Telecommunication

Services

0.7%

Altice

France

SA

2.13%,

2/15/2025(b)

EUR

235,000

251,433

5.13%,

1/15/2029(b)

200,000

186,000

5.13%,

7/15/2029(b)

375,000

348,203

785,636

Food

&

Staples

Retailing

0.3%

Quatrim

SASU,

5.88%,

1/15/2024(b)

EUR

270,000

308,710

Health

Care

Providers

&

Services

0.7%

CAB

SELAS,

3.38%,

2/1/2028(b)

EUR

290,000

316,643

Chrome

Bidco

SASU

3.50%,

5/31/2028(b)

EUR

455,000

499,075

815,718

2,178,226

GERMANY

1.2%

Pharmaceuticals

0.5%

Nidda

BondCo

GmbH,

5.00%,

9/30/2025(b)

EUR

300,000

327,473

Nidda

Healthcare

Holding

GmbH,

3.50%,

9/30/2024(b)

EUR

249,000

273,445

600,918

Real

Estate

Management

&

Development

0.7%

ADLER

Real

Estate

AG,

Reg.

S,

3.00%,

4/27/2026

EUR

800,000

799,346

1,400,264

Corporate

Bonds

Principal

Amount

($)

Value

($)

GHANA

0.8%

Oil,

Gas

&

Consumable

Fuels

0.8%

Kosmos

Energy

Ltd.,

7.75%,

5/1/2027(b)

250,000

243,750

Tullow

Oil

plc,

10.25%,

5/15/2026(b)

620,000

626,200

869,950

GREECE

0.4%

Marine

0.4%

Danaos

Corp.,

8.50%,

3/1/2028(b)

421,000

458,890

GUATEMALA

0.5%

Beverages

0.5%

Central

American

Bottling

Corp.,

5.25%,

4/27/2029(b)

525,000

532,287

HONG

KONG

0.5%

Marine

0.5%

Seaspan

Corp.

Reg.

S,

6.50%,

4/29/2026(b)

300,000

318,870

5.50%,

8/1/2029(b)

220,000

217,576

536,446

ISRAEL

0.9%

Pharmaceuticals

0.9%

Teva

Pharmaceutical

Finance

Netherlands

II

BV

3.75%,

5/9/2027

EUR

180,000

195,600

4.38%,

5/9/2030

EUR

300,000

321,134

Teva

Pharmaceutical

Finance

Netherlands

III

BV

4.75%,

5/9/2027

260,000

251,550

5.13%,

5/9/2029

200,000

194,000

962,284

ITALY

1.4%

Containers

&

Packaging

0.5%

Guala

Closures

SpA,

3.25%,

6/15/2028(b)

EUR

515,000

551,818

Hotels,

Restaurants

&

Leisure

0.4%

Gamma

Bidco

SpA,

5.13%,

7/15/2025(b)

EUR

400,000

449,380

Specialty

Retail

0.5%

Shiba

Bidco

SpA,

4.50%,

10/31/2028(b)

EUR

500,000

555,406

1,556,604

LUXEMBOURG

2.0%

Biotechnology

0.7%

Cidron

Aida

Finco

Sarl

5.00%,

4/1/2028(b)

EUR

529,000

573,730

6.25%,

4/1/2028(b)

GBP

110,000

142,174

715,904

Nationwide

Amundi

Global

High

Yield

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

7

Corporate

Bonds

Principal

Amount

($)

Value

($)

LUXEMBOURG

Diversified

Financial

Services

0.5%

Garfunkelux

Holdco

3

SA

6.75%,

11/1/2025(b)

EUR

160,000

183,725

7.75%,

11/1/2025(b)

GBP

270,000

371,409

555,134

Diversified

Telecommunication

Services

0.3%

Altice

France

Holding

SA,

6.00%,

2/15/2028(b)

400,000

365,060

Food

Products

0.5%

FAGE

International

SA,

5.63%,

8/15/2026(b)

510,000

520,200

2,156,298

MEXICO

3.1%

Airlines

0.7%

Aerovias

de

Mexico

SA

de

CV,

7.00%,

2/5/2025(a)

(b)

816,000

773,168

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)(c)(d)

475,000

520,723

Chemicals

0.2%

Braskem

Idesa

SAPI,

6.99%,

2/20/2032(b)

265,000

263,012

Consumer

Finance

0.5%

Credito

Real

SAB

de

CV

SOFOM

ER,

8.00%,

1/21/2028(b)

350,000

103,254

Unifin

Financiera

SAB

de

CV,

8.38%,

1/27/2028(b)

830,000

492,190

595,444

Diversified

Telecommunication

Services

0.8%

Total

Play

Telecomunicaciones

SA

de

CV

7.50%,

11/12/2025(b)

520,000

522,397

6.38%,

9/20/2028(b)

375,000

349,688

872,085

Hotels,

Restaurants

&

Leisure

0.2%

Grupo

Posadas

SAB

de

CV,

4.00%,

12/30/2027(b)(e)(f)

249,744

205,373

Oil,

Gas

&

Consumable

Fuels

0.3%

Petroleos

Mexicanos,

6.70%,

2/16/2032(b)

315,000

311,819

3,541,624

Corporate

Bonds

Principal

Amount

($)

Value

($)

MOLDOVA,

REPUBLIC

OF

0.3%

Food

Products

0.3%

Aragvi

Finance

International

DAC,

8.45%,

4/29/2026(b)

360,000

361,175

NETHERLANDS

1.0%

IT

Services

0.4%

United

Group

BV,

5.25%,

2/1/2030(b)

EUR

370,000

403,206

Media

0.6%

VZ

Secured

Financing

BV,

5.00%,

1/15/2032(b)

215,000

207,342

Ziggo

Bond

Co.

BV,

3.38%,

2/28/2030(b)

EUR

455,000

471,793

679,135

1,082,341

NIGERIA

0.7%

Banks

0.3%

Access

Bank

plc,

6.13%,

9/21/2026(b)

325,000

320,937

Diversified

Telecommunication

Services

0.4%

IHS

Holding

Ltd.

5.63%,

11/29/2026(b)

200,000

201,456

6.25%,

11/29/2028(b)

200,000

201,500

402,956

723,893

PARAGUAY

0.7%

Food

Products

0.7%

Frigorifico

Concepcion

SA,

7.70%,

7/21/2028(b)

745,000

731,970

PERU

0.7%

Health

Care

Providers

&

Services

0.4%

Auna

SAA,

6.50%,

11/20/2025(b)

455,000

457,139

Metals

&

Mining

0.3%

Minsur

SA,

4.50%,

10/28/2031(b)

345,000

345,863

803,002

PORTUGAL

1.4%

Airlines

1.4%

Transportes

Aereos

Portugueses

SA,

5.63%,

12/2/2024(b)

EUR

1,500,000

1,592,033

RUSSIA

0.7%

Banks

0.7%

Sovcombank,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

6.38%),

7.75%,

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

325,000

303,485

8

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Amundi

Global

High

Yield

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

RUSSIA

Banks

Sovcombank

Via

SovCom

Capital

DAC,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

6.36%),

7.60%,

2/17/2027(b)(c)(d)

530,000

476,417

779,902

SINGAPORE

1.0%

Consumer

Finance

1.0%

Avation

Capital

SA,

8.25%,

10/31/2026(b)(e)

1,417,310

1,182,889

SOUTH

AFRICA

0.4%

Chemicals

0.4%

Sasol

Financing

USA

LLC,

5.50%,

3/18/2031

445,000

434,987

SPAIN

1.7%

Biotechnology

0.3%

Grifols

Escrow

Issuer

SA,

3.88%,

10/15/2028(b)

EUR

335,000

363,946

Electric

Utilities

0.4%

ContourGlobal

Power

Holdings

SA

2.75%,

1/1/2026(b)

EUR

290,000

308,051

3.13%,

1/1/2028(b)

EUR

150,000

158,882

466,933

Hotels,

Restaurants

&

Leisure

0.9%

eDreams

ODIGEO

SA,

5.50%,

7/15/2027(b)

EUR

415,000

460,987

Food

Service

Project

SA,

5.50%,

1/21/2027(b)

EUR

330,000

368,347

NH

Hotel

Group

SA,

4.00%,

7/2/2026(b)

EUR

220,000

246,022

1,075,356

Household

Durables

0.1%

Neinor

Homes

SA,

4.50%,

10/15/2026(b)

EUR

140,000

158,573

2,064,808

SWEDEN

0.3%

Commercial

Services

&

Supplies

0.3%

Verisure

Holding

AB,

3.25%,

2/15/2027(b)

EUR

310,000

337,386

SWITZERLAND

0.9%

Consumer

Finance

0.9%

VistaJet

Malta

Finance

plc,

6.38%,

2/1/2030(b)

1,005,000

998,719

TURKEY

2.5%

Airlines

1.0%

Pegasus

Hava

Tasimaciligi

A/S,

9.25%,

4/30/2026(b)

1,030,000

1,038,631

Corporate

Bonds

Principal

Amount

($)

Value

($)

TURKEY

Banks

0.6%

Akbank

T.A.S.,

6.80%,

2/6/2026(b)

655,000

649,564

Metals

&

Mining

0.9%

Eldorado

Gold

Corp.,

6.25%,

9/1/2029(b)

1,010,000

1,009,929

2,698,124

UKRAINE

0.6%

Metals

&

Mining

0.6%

Metinvest

BV,

7.75%,

10/17/2029(b)

865,000

741,175

UNITED

ARAB

EMIRATES

0.5%

Energy

Equipment

&

Services

0.5%

Shelf

Drilling

Holdings

Ltd.

8.88%,

11/15/2024(b)

310,000

316,975

8.25%,

2/15/2025(b)

371,000

288,471

605,446

UNITED

KINGDOM

4.0%

Capital

Markets

0.9%

Sherwood

Financing

plc

4.50%,

11/15/2026(b)

EUR

290,000

319,236

6.00%,

11/15/2026(b)

GBP

495,000

650,747

969,983

Diversified

Consumer

Services

0.2%

PeopleCert

Wisdom

Issuer

plc,

5.75%,

9/15/2026(b)

EUR

220,000

252,642

Food

&

Staples

Retailing

0.8%

Bellis

Acquisition

Co.

plc,

4.50%,

2/16/2026(b)

GBP

680,000

887,096

Hotels,

Restaurants

&

Leisure

0.4%

Deuce

Finco

plc,

5.50%,

6/15/2027(b)

GBP

275,000

364,596

Pinnacle

Bidco

plc,

5.50%,

2/15/2025(b)

EUR

130,000

148,070

512,666

Insurance

0.2%

Galaxy

Bidco

Ltd.,

6.50%,

7/31/2026(b)

GBP

125,000

171,811

Oil,

Gas

&

Consumable

Fuels

1.0%

Harbour

Energy

plc,

5.50%,

10/15/2026(b)

620,000

615,350

Neptune

Energy

Bondco

plc,

6.63%,

5/15/2025(b)

505,000

511,312

1,126,662

Specialty

Retail

0.5%

Constellation

Automotive

Financing

plc,

4.88%,

7/15/2027(b)

GBP

450,000

564,354

4,485,214

Nationwide

Amundi

Global

High

Yield

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

9

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

45.2%

Air

Freight

&

Logistics

0.8%

Western

Global

Airlines

LLC,

10.38%,

8/15/2025(b)

820,000

907,084

Auto

Components

0.8%

Dealer

Tire

LLC,

8.00%,

2/1/2028(b)

388,000

396,730

JB

Poindexter

&

Co.,

Inc.,

7.13%,

4/15/2026(b)

480,000

499,114

895,844

Building

Products

0.7%

Builders

FirstSource,

Inc.,

4.25%,

2/1/2032(b)

705,000

690,195

MIWD

Holdco

II

LLC,

5.50%,

2/1/2030(b)

50,000

49,547

739,742

Chemicals

2.3%

Hexion,

Inc.,

7.88%,

7/15/2027(b)

281,000

297,860

Koppers,

Inc.,

6.00%,

2/15/2025(b)

599,000

600,498

Olympus

Water

US

Holding

Corp.,

6.25%,

10/1/2029(b)

200,000

190,456

Rain

CII

Carbon

LLC,

7.25%,

4/1/2025(b)

331,000

336,180

SCIL

IV

LLC

4.38%,

11/1/2026(b)

EUR

230,000

257,102

5.38%,

11/1/2026(b)

265,000

265,662

Tronox,

Inc.,

4.63%,

3/15/2029(b)

595,000

572,073

2,519,831

Commercial

Services

&

Supplies

2.8%

Allied

Universal

Holdco

LLC

6.63%,

7/15/2026(b)

260,000

266,985

9.75%,

7/15/2027(b)

585,000

617,175

3.63%,

6/1/2028(b)

EUR

175,000

184,807

6.00%,

6/1/2029(b)

200,000

189,581

APX

Group,

Inc.

6.75%,

2/15/2027(b)

295,000

302,944

5.75%,

7/15/2029(b)

700,000

658,413

Prime

Security

Services

Borrower

LLC,

6.25%,

1/15/2028(b)

870,000

866,577

3,086,482

Communications

Equipment

1.1%

CommScope,

Inc.

6.00%,

3/1/2026(b)

363,000

367,625

4.75%,

9/1/2029(b)

480,000

459,806

Plantronics,

Inc.,

4.75%,

3/1/2029(b)(g)

400,000

363,000

1,190,431

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Construction

&

Engineering

0.9%

Artera

Services

LLC,

9.03%,

12/4/2025(b)

960,000

981,600

Consumer

Finance

2.0%

Ford

Motor

Credit

Co.

LLC

4.54%,

8/1/2026

255,000

265,200

2.70%,

8/10/2026

200,000

193,750

4.13%,

8/17/2027

920,000

941,850

3.82%,

11/2/2027

575,000

573,994

3.63%,

6/17/2031

275,000

270,875

2,245,669

Containers

&

Packaging

0.3%

OI

European

Group

BV,

4.75%,

2/15/2030(b)

400,000

388,522

Diversified

Consumer

Services

0.4%

Sotheby's,

7.38%,

10/15/2027(b)(g)

375,000

389,599

Diversified

Financial

Services

0.3%

Jefferies

Finance

LLC,

5.00%,

8/15/2028(b)

330,000

326,179

Diversified

Telecommunication

Services

1.8%

CCO

Holdings

LLC,

4.75%,

2/1/2032(b)

1,155,000

1,136,173

Lumen

Technologies,

Inc.,

4.50%,

1/15/2029(b)

420,000

384,880

Windstream

Escrow

LLC,

7.75%,

8/15/2028(b)

500,000

504,225

2,025,278

Electric

Utilities

1.3%

Leeward

Renewable

Energy

Operations

LLC,

4.25%,

7/1/2029(b)

170,000

166,175

NRG

Energy,

Inc.,

3.88%,

2/15/2032(b)

495,000

465,424

Vistra

Operations

Co.

LLC

5.63%,

2/15/2027(b)

565,000

576,317

4.38%,

5/1/2029(b)

180,000

173,700

1,381,616

Electrical

Equipment

0.3%

Energizer

Gamma

Acquisition

BV,

3.50%,

6/30/2029(b)

EUR

340,000

356,091

Electronic

Equipment,

Instruments

&

Components

0.5%

Belden,

Inc.,

3.38%,

7/15/2031(b)

EUR

500,000

545,873

Energy

Equipment

&

Services

1.3%

Archrock

Partners

LP,

6.88%,

4/1/2027(b)

265,000

271,797

Exterran

Energy

Solutions

LP,

8.13%,

5/1/2025

733,000

731,168

Nabors

Industries

Ltd.,

7.50%,

1/15/2028(b)

320,000

300,000

Nabors

Industries,

Inc.,

7.38%,

5/15/2027(b)

85,000

87,222

10

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Amundi

Global

High

Yield

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Energy

Equipment

&

Services

Transocean

Sentry

Ltd.,

5.38%,

5/15/2023(b)

59,987

57,888

1,448,075

Entertainment

0.2%

AMC

Entertainment

Holdings,

Inc.,

10.50%,

4/24/2026(b)

261,000

276,008

Equity

Real

Estate

Investment

Trusts

(REITs)

0.9%

Uniti

Group

LP

6.50%,

2/15/2029(b)

405,000

383,126

6.00%,

1/15/2030(b)

735,000

672,525

1,055,651

Food

&

Staples

Retailing

0.4%

US

Foods,

Inc.

4.75%,

2/15/2029(b)

345,000

338,600

4.63%,

6/1/2030(b)

160,000

155,600

494,200

Food

Products

0.3%

Simmons

Foods,

Inc.,

4.63%,

3/1/2029(b)

364,000

348,985

Health

Care

Providers

&

Services

1.0%

LifePoint

Health,

Inc.,

5.38%,

1/15/2029(b)

100,000

95,125

Surgery

Center

Holdings,

Inc.,

10.00%,

4/15/2027(b)

273,000

286,991

US

Acute

Care

Solutions

LLC,

6.38%,

3/1/2026(b)

265,000

266,325

US

Renal

Care,

Inc.,

10.63%,

7/15/2027(b)

456,000

465,120

1,113,561

Hotels,

Restaurants

&

Leisure

2.9%

Carnival

Corp.,

10.50%,

2/1/2026(b)

95,000

106,685

Carnival

plc,

1.00%,

10/28/2029

EUR

303,000

252,751

Hilton

Grand

Vacations

Borrower

Escrow

LLC,

5.00%,

6/1/2029(b)

330,000

328,350

Mohegan

Gaming

&

Entertainment,

8.00%,

2/1/2026(b)

580,000

589,454

NCL

Corp.

Ltd.,

5.88%,

3/15/2026(b)

395,000

376,237

NCL

Finance

Ltd.,

6.13%,

3/15/2028(b)

110,000

104,027

Scientific

Games

International,

Inc.,

3.38%,

2/15/2026(b)

EUR

474,000

535,178

Viking

Cruises

Ltd.,

5.88%,

9/15/2027(b)

498,000

454,425

Viking

Ocean

Cruises

Ship

VII

Ltd.,

5.63%,

2/15/2029(b)

80,000

78,200

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Hotels,

Restaurants

&

Leisure

VOC

Escrow

Ltd.,

5.00%,

2/15/2028(b)

285,000

276,581

3,101,888

Household

Durables

0.8%

Beazer

Homes

USA,

Inc.,

7.25%,

10/15/2029

475,000

507,062

M/I

Homes,

Inc.,

3.95%,

2/15/2030

345,000

327,750

834,812

Independent

Power

and

Renewable

Electricity

Producers

0.3%

Clearway

Energy

Operating

LLC,

3.75%,

2/15/2031(b)

310,000

291,856

Media

2.9%

Clear

Channel

Outdoor

Holdings,

Inc.

7.75%,

4/15/2028(b)

275,000

285,313

7.50%,

6/1/2029(b)

440,000

455,950

CSC

Holdings

LLC

4.63%,

12/1/2030(b)

600,000

534,000

5.00%,

11/15/2031(b)

245,000

220,762

Diamond

Sports

Group

LLC,

6.63%,

8/15/2027(b)

325,000

85,109

McGraw-Hill

Education,

Inc.,

8.00%,

8/1/2029(b)

1,040,000

972,400

Midas

OpCo

Holdings

LLC,

5.63%,

8/15/2029(b)

718,000

705,794

3,259,328

Metals

&

Mining

2.0%

Coeur

Mining,

Inc.,

5.13%,

2/15/2029(b)(g)

380,000

362,425

Commercial

Metals

Co.,

4.38%,

3/15/2032

230,000

228,651

Constellium

SE,

3.13%,

7/15/2029(b)

EUR

503,000

533,767

Novelis

Corp.

4.75%,

1/30/2030(b)

445,000

442,775

3.88%,

8/15/2031(b)

100,000

94,177

TMS

International

Corp.,

6.25%,

4/15/2029(b)

560,000

540,400

2,202,195

Oil,

Gas

&

Consumable

Fuels

5.4%

Aethon

United

BR

LP,

8.25%,

2/15/2026(b)

275,000

289,611

Ascent

Resources

Utica

Holdings

LLC,

5.88%,

6/30/2029(b)

325,000

313,625

CQP

Holdco

LP,

5.50%,

6/15/2031(b)

565,000

563,096

Delek

Logistics

Partners

LP,

7.13%,

6/1/2028(b)

525,000

532,612

Nationwide

Amundi

Global

High

Yield

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

11

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Oil,

Gas

&

Consumable

Fuels

Energy

Transfer

LP,

Series

G,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.31%),

7.13%,

5/15/2030(c)(d)

600,000

610,125

EnLink

Midstream

Partners

LP,

5.45%,

6/1/2047

377,000

335,530

Harvest

Midstream

I

LP,

7.50%,

9/1/2028(b)

531,000

553,021

Occidental

Petroleum

Corp.,

4.40%,

4/15/2046

615,000

588,137

Range

Resources

Corp.,

4.75%,

2/15/2030(b)

320,000

319,613

Renewable

Energy

Group,

Inc.,

5.88%,

6/1/2028(b)

470,000

471,762

Southwestern

Energy

Co.

5.38%,

3/15/2030

555,000

568,658

4.75%,

2/1/2032

245,000

244,586

Tap

Rock

Resources

LLC,

7.00%,

10/1/2026(b)

615,000

630,375

6,020,751

Paper

&

Forest

Products

1.4%

Clearwater

Paper

Corp.,

4.75%,

8/15/2028(b)

241,000

240,397

Schweitzer-Mauduit

International,

Inc.,

6.88%,

10/1/2026(b)

851,000

846,745

Sylvamo

Corp.,

7.00%,

9/1/2029(b)

505,000

517,484

1,604,626

Pharmaceuticals

0.8%

P&L

Development

LLC,

7.75%,

11/15/2025(b)

315,000

305,550

Par

Pharmaceutical,

Inc.,

7.50%,

4/1/2027(b)

585,000

588,656

894,206

Professional

Services

0.6%

CoreLogic,

Inc.,

4.50%,

5/1/2028(b)

720,000

689,400

Real

Estate

Management

&

Development

0.5%

Realogy

Group

LLC,

5.25%,

4/15/2030(b)

585,000

560,138

Road

&

Rail

1.2%

Carriage

Purchaser,

Inc.,

7.88%,

10/15/2029(b)

765,000

746,858

PECF

USS

Intermediate

Holding

III

Corp.,

8.00%,

11/15/2029(b)

505,000

510,050

1,256,908

Software

1.6%

LogMeIn,

Inc.,

5.50%,

9/1/2027(b)

570,000

554,325

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Software

Minerva

Merger

Sub,

Inc.,

6.50%,

2/15/2030(b)

795,000

793,013

NCR

Corp.,

5.00%,

10/1/2028(b)

490,000

486,844

1,834,182

Specialty

Retail

1.5%

LCM

Investments

Holdings

II

LLC,

4.88%,

5/1/2029(b)

285,000

274,492

Party

City

Holdings,

Inc.,

8.75%,

2/15/2026(b)

547,000

550,222

Staples,

Inc.,

7.50%,

4/15/2026(b)

246,000

242,617

White

Cap

Buyer

LLC,

6.88%,

10/15/2028(b)

550,000

564,311

1,631,642

Technology

Hardware,

Storage

&

Peripherals

0.5%

Diebold

Nixdorf,

Inc.

8.50%,

4/15/2024(g)

555,000

550,837

9.38%,

7/15/2025(b)

55,000

57,771

608,608

Thrifts

&

Mortgage

Finance

1.9%

Freedom

Mortgage

Corp.

8.13%,

11/15/2024(b)

454,000

454,567

6.63%,

1/15/2027(b)

265,000

246,132

Provident

Funding

Associates

LP,

6.38%,

6/15/2025(b)

565,000

576,300

United

Wholesale

Mortgage

LLC

5.75%,

6/15/2027(b)

530,000

500,574

5.50%,

4/15/2029(b)

375,000

343,463

2,121,036

Trading

Companies

&

Distributors

0.5%

Beacon

Roofing

Supply,

Inc.,

4.13%,

5/15/2029(b)

345,000

329,371

Fortress

Transportation

and

Infrastructure

Investors

LLC,

9.75%,

8/1/2027(b)

225,000

246,375

575,746

50,203,643

ZAMBIA

0.5%

Metals

&

Mining

0.5%

First

Quantum

Minerals

Ltd.

7.50%,

4/1/2025(b)

200,000

204,196

6.88%,

10/15/2027(b)

300,000

318,750

522,946

Total

Corporate

Bonds

(cost

$105,069,023)

100,942,233

12

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Amundi

Global

High

Yield

Fund

Loan

Participations

3.0%

Principal

Amount

($)

Value

($)

UNITED

STATES

3.0%

Airlines

0.5%

Grupo

Aeromexico

SAB

de

CV,

Term

Loan,

(ICE

LIBOR

USD

1

Month

+

8.00%),

9.00%,

3/31/2022

^∞(d)

375,000

378,281

Grupo

Aeromexico

SAB

de

CV,

Term

Loan,

(ICE

LIBOR

USD

1

Month

+

14.50%),

0.01%,

3/31/2022

∞(d)

171,158

168,454

546,735

Auto

Components

0.7%

First

Brands

Group,

LLC,

1st

Lien

Term

Loan

B,

(ICE

LIBOR

USD

3

Month

+

5.00%),

6.00%,

3/30/2027

(d)

872,005

872,825

Hotels

Restaurants

&

Leisure

0.7%

Enterprise

Development

Authority,

Term

Loan,

(ICE

LIBOR

USD

1

Month

+

4.25%),

5.00%,

2/28/2028

(d)

798,875

798,875

Metal

Fabrication/Hardware

0.3%

Grinding

Media

Inc.

(Molycop

Ltd.),

1st

Lien

Term

Loan,

(ICE

LIBOR

USD

3

Month

+

4.00%),

4.75%,

10/12/2028

(d)

329,175

328,971

Optical

Materials

and

Semiconductors

0.8%

II-VI

(Project

Watson

$990

MM

Senior

Bridge

Facility),

Term

Loan,

(ICE

LIBOR

USD

3

Month

+

5.00%),

5.31%,

1/1/2038

(d)

844,800

844,800

Total

Loan

Participations

(cost

$3,372,619)

3,392,206

Convertible

Bonds

2.8%

Airlines

1.1%

Air

Canada,

4.00%,

7/1/2025

266,000

372,001

GOL

Equity

Finance

SA,

3.75%,

7/15/2024

(b)

428,000

371,290

Spirit

Airlines,

Inc.,

1.00%,

5/15/2026

546,000

479,419

1,222,710

Beverages

0.2%

MGP

Ingredients,

Inc.,

1.88%,

11/15/2041

(b)

200,000

216,006

Biotechnology

0.1%

Insmed,

Inc.,

0.75%,

6/1/2028

135,000

130,748

Convertible

Bonds

Principal

Amount

($)

Value

($)

Entertainment

0.2%

IMAX

Corp.,

0.50%,

4/1/2026

(b)

259,000

244,625

Equity

Real

Estate

Investment

Trusts

(REITs)

0.2%

Summit

Hotel

Properties,

Inc.,

1.50%,

2/15/2026

178,000

181,275

Hotels,

Restaurants

&

Leisure

0.2%

DraftKings,

Inc.,

0.00%,

3/15/2028

(b)(h)

315,000

239,709

IT

Services

0.0%

†

Perficient,

Inc.,

0.13%,

11/15/2026

(b)

40,000

35,173

Semiconductors

&

Semiconductor

Equipment

0.4%

Enphase

Energy,

Inc.,

0.00%,

3/1/2028

(b)(h)

415,000

378,736

Software

0.4%

Bentley

Systems,

Inc.,

0.38%,

7/1/2027

(b)

141,000

120,907

Jamf

Holding

Corp.,

0.13%,

9/1/2026

(b)

101,000

98,209

Verint

Systems,

Inc.,

0.25%,

4/15/2026

(b)

243,000

252,205

471,321

Total

Convertible

Bond

(cost  $3,232,146)

3,120,303

Short-Term

Investment

1.0%

Shares

Money

Market

Fund

1.0%

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,0.01%

(i)(j)

1,089,263

1,089,263

Total

Short-Term

Investment

(cost

$1,089,263)

1,089,263

Total

Investments

(cost

$112,878,051)

—

97.1%

108,656,415

Other

assets

in

excess

of

liabilities

—

2.9%

3,188,947

NET

ASSETS

—

100.0%

$

111,845,362

Nationwide

Amundi

Global

High

Yield

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

13

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Security

in

default.

(b)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

January

31,

2022

was

$93,511,552

which

represents

83.61%

of

net

assets.

(c)

Perpetual

Bond

Security.

The

rate

reflected

in

the

Statement

of

Investments

is

the

rate

in

effect

on

January

31,

2022.

The

maturity

date

reflects

the

next

call

date.

(d)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

January

31,

2022.

(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)

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

as

of

January

31,

2022.

(g)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2022.

The

total

value

of

securities

on

loan

as

of

January

31,

2022

was

$1,035,831,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

with

a

value

of

$1,089,263.

(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,

2022.

(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,

2022

was

$1,089,263.

ICE

Intercontinental

Exchange

LIBOR

London

Interbank

Offered

Rate

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

Currency:

EUR

Euro

GBP

British

Pound

USD

United

States

Dollar

14

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Amundi

Global

High

Yield

Fund

Centrally

Cleared

Credit

default

swap

contracts

outstanding

-

buy

protection

as

of

January

31,

2022

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

37-V1

5.00

Quarterly

12/20/2026

3.40

USD

17,960,000

(1,494,035)

171,118

(1,322,917)

(1,494,035)

171,118

(1,322,917)

As

of

January

31,

2022,

the

Fund

had

$863,110

segregated

as

collateral

for

credit

default

swap

contracts.

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).

Currency:

USD

United

States

dollar

Forward

Foreign

Currency

Contracts

outstanding

as

of

January

31,

2022:

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

($)

USD

15,598,190

EUR

13,720,776

Brown

Bros

Harriman

&

Co.

2/22/2022

177,783

USD

374,354

EUR

330,020

JPMorgan

Chase

Bank

2/22/2022

3,454

USD

3,254,299

GBP

2,394,755

Brown

Bros

Harriman

&

Co.

2/22/2022

33,988

Net

unrealized

appreciation

215,225

Currency:

EUR

Euro

GBP

British

pound

USD

United

States

dollar

Nationwide

Amundi

Global

High

Yield

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

15

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Security

$

–

$

112,410

$

–

$

112,410

Convertible

Bonds

–

3,120,303

–

3,120,303

Corporate

Bonds

–

100,942,233

–

100,942,233

Credit

Default

Swaps*

–

171,118

–

171,118

Forward

Foreign

Currency

Contracts

–

215,225

–

215,225

Loan

Participations  

–

3,013,925

378,281

3,392,206

Short-Term

Investment

1,089,263

–

–

1,089,263

Total

Assets

$

1,089,263

$

107,575,214

$

378,281

$

109,042,758

Total

$

1,089,263

$

107,575,214

$

378,281

$

109,042,758

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).

16

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Amundi

Global

High

Yield

Fund

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

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,

2022.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using swap

contracts

and forward

foreign

currency

contracts.

(a)

Swap

Contracts

Credit

Default

Swap

Contracts

— The

Fund entered

into

credit

default

swap

contracts.

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,

2022

are

disclosed

in

the

Statement

of

Investments.

The

implied

credit

spread

of

a

particular

referenced

entity

reflects

the

cost

of

selling

protection

on

such

entity’s

debt,

and

may

include

upfront

payments

required

to

be

made

to

enter

into

the

agreement.

For

credit

default

swap

agreements

on

credit

indices,

the

quoted

market

prices

and

resulting

value

serve

as

the

indicator

of

the

current

status

of

the

payment/performance

risk.

Wider

credit

spreads

represent

a

deterioration

of

the

referenced

entity’s

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

Certain

clearinghouses

currently

offer

clearing

for

limited

types

of

derivatives

transactions,

such

as

credit

derivatives.

In

a

centrally

cleared

credit

default

swap

contract,

immediately

following

execution

of

the

swap

agreement,

the

swap

agreement

is

novated

to

a

central

counterparty

(the

“CCP”)

and

the

Fund’s

counterparty

on

the

swap

agreement

becomes

the

CCP.

The

Fund

is

required

to

interface

with

the

CCP

through

a

broker.

Upon

entering

into

a

centrally

cleared

swap

contract,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

the

Loan

Participation

Total

Balance

as

of

10/31/2021

$

—

$—

Accrued

Accretion/(Amortization)

—

—

Realized

Gains

(Losses)

—

—

Purchases

—

—

Sales

—

—

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

into

Level

3

378,281

378,281

Transfers

out

of

Level

3

—

—

Balance

as

of

1/31/2022

$

378,281

$378,281

Change

in

Unrealized

Appreciation/Depreciation

for

Investments

Still

held

as

of

1/31/2022

$–

$—

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

Nationwide

Amundi

Global

High

Yield

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

17

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).

(b)

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,

2022:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2022:

Assets:

Fair

Value

Swap

Contracts(a)

Credit

risk

Receivable/payable

for

variation

margin

on

centrally

cleared

swap

contracts

$

171,118

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

appreciation

on

forward

foreign

currency

contracts

215,225

Total

$

386,343

(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.

18

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Amundi

Strategic

Income

Fund

Asset-Backed

Securities

6.9%

Principal

Amount

($)

Value

($)

CANADA

0.4%

Airlines

0.4%

Air

Canada

Pass-Through

Trust,

Series

2020-

2,

Class

A,

5.25%,

4/1/2029(a)

616,379

665,763

CAYMAN

ISLANDS

1.8%

Other

1.8%

Arbor

Realty

Commercial

Real

Estate

Notes

Ltd.,

Series

2021-FL4,

Class

E,

3.50%,

11/15/2036(a)

(b)

775,000

773,560

Generate

CLO

4

Ltd.,

Series

4A,

Class

CR,

2.40%,

4/20/2032(a)(b)

600,000

600,102

MF1

Ltd.,

Series

2021-

FL7,

Class

D,

2.66%,

10/16/2036(a)(b)

800,000

793,998

Race

Point

VIII

CLO

Ltd.,

Series

2013-8A,

Class

CR2,

2.21%,

2/20/2030(a)(b)

350,000

350,049

Symphony

CLO

XXII

Ltd.,

Series

2020-22A,

Class

C,

2.39%,

4/18/2033(a)

(b)

250,000

250,174

2,767,883

UNITED

KINGDOM

0.1%

Airlines

0.1%

British

Airways

Pass-

Through

Trust,

Series

2020-1,

Class

B,

8.38%,

11/15/2028(a)

102,565

116,709

UNITED

STATES

4.6%

Airlines

0.2%

American

Airlines

Pass-

Through

Trust,

Series

2021-1,

Class

B,

3.95%,

7/11/2030

150,000

146,622

United

Airlines

Pass-

Through

Trust,

Series

2020-1,

Class

B,

4.88%,

1/15/2026

171,936

177,834

324,456

Automobiles

1.2%

Foursight

Capital

Automobile

Receivables

Trust

Series

2021-2,

Class

E,

3.35%,

10/15/2027(a)

290,000

282,833

Series

2021-2,

Class

F,

4.19%,

2/15/2029(a)

240,000

234,187

JPMorgan

Chase

Bank

NA-CACLN

Series

2021-2,

Class

F,

4.39%,

12/26/2028(a)

770,000

761,334

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

Series

2021-3,

Class

F,

3.69%,

2/26/2029(a)

550,000

535,842

1,814,196

Credit

Card

0.5%

Continental

Credit

Card

ABS

LLC,

Series

2019-

1A,

Class

C,

6.16%,

8/15/2026(a)

725,000

742,714

Other

2.7%

Blackbird

Capital

Aircraft,

Series

2021-1A,

Class

B,

3.45%,

7/15/2046(a)

1,168,750

1,138,938

Progress

Residential

Trust

Series

2021-SFR8,

Class

G,

4.01%,

10/17/2038(a)

1,020,000

996,494

Series

2021-SFR7,

Class

F,

3.83%,

8/17/2040(a)

840,000

805,606

Series

2021-SFR9,

Class

F,

4.05%,

11/17/2040(a)

390,000

370,434

Tricon

American

Homes,

Series

2020-SFR1,

Class

F,

4.88%,

7/17/2038(a)

570,000

578,404

Tricon

American

Homes

Trust,

Series

2017-

SFR2,

Class

F,

5.10%,

1/17/2036(a)

140,000

141,586

4,031,462

6,912,828

Total

Asset-Backed

Securities

(cost  $10,518,730)

10,463,183

Collateralized

Mortgage

Obligations

15.9%

BERMUDA

4.9%

Bellemeade

RE

Ltd.,

Series

2021-3A,

Class

B1,

3.90%,

9/25/2031(a)(b)

1,030,000

1,009,548

Eagle

RE

Ltd.

Series

2020-2,

Class

B1,

7.11%,

10/25/2030(a)(b)

760,000

778,635

Series

2021-2,

Class

M2,

4.30%,

4/25/2034(a)

(b)

1,370,000

1,400,529

Home

RE

Ltd.,

Series

2020-1,

Class

B1,

7.11%,

10/25/2030(a)(b)

160,000

163,976

Oaktown

Re

III

Ltd.,

Series

2019-1A,

Class

B1B,

4.46%,

7/25/2029(a)(b)

1,520,000

1,531,093

Nationwide

Amundi

Strategic

Income

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

19

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

BERMUDA

Eagle

RE

Ltd.

Oaktown

Re

VII

Ltd.,

Series

2021-2,

Class

B1,

4.45%,

4/25/2034(a)(b)

700,000

698,272

Radnor

RE

Ltd.,

Series

2021-1,

Class

M2,

3.20%,

12/27/2033(a)(b)

1,230,000

1,222,507

Traingle

Re

Ltd.,

Series

2020-1,

Class

B1,

7.86%,

10/25/2030(a)(b)

150,000

154,064

Triangle

Re

Ltd.,

Series

2021-3,

Class

B1,

5.00%,

2/25/2034(a)(b)

440,000

437,837

7,396,461

0

UNITED

STATES

11.0%

Connecticut

Avenue

Securities

Trust

Series

2021-R01,

Class

1B2,

6.05%,

10/25/2041(a)(b)

890,000

871,073

Series

2022-R01,

Class

1B2,

6.05%,

12/25/2041(a)(b)

880,000

863,194

FARM

Mortgage

Trust,

Series

2021-1,

Class

B,

3.25%,

7/25/2051(a)(b)

345,675

303,499

FHLMC

REMICS

Series

4395,

Class

TI,

IO,

4.00%,

5/15/2026

51,260

2,085

Series

3927,

Class

AI,

IO,

4.50%,

8/15/2026

103,435

2,865

Series

4097,

Class

CI,

IO,

3.00%,

8/15/2027

266,381

14,501

Series

4123,

Class

DI,

IO,

3.00%,

10/15/2027

700,376

39,894

Series

4244,

Class

AI,

IO,

4.50%,

8/15/2028

97,363

4,045

FHLMC

STACR

REMIC

Trust

Series

2021-HQA1,

Class

B2,

5.05%,

8/25/2033(a)(b)

955,000

911,323

Series

2021-HQA3,

Class

B2,

6.30%,

9/25/2041(a)(b)

830,000

778,646

Series

2021-HQA4,

Class

B2,

7.05%,

12/25/2041(a)(b)

300,000

292,192

Series

2022-DNA1,

Class

B2,

7.15%,

1/25/2042(a)(b)

950,000

909,625

Series

2020-DNA5,

Class

B2,

11.55%,

10/25/2050(a)(b)

145,000

187,344

Series

2020-DNA6,

Class

B2,

5.70%,

12/25/2050(a)(b)

790,000

796,506

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

UNITED

STATES

FHLMC

STACR

Trust

Series

2018-HQA2,

Class

B2,

11.11%,

10/25/2048(a)(b)

1,090,000

1,256,706

Series

2019-HRP1,

Class

B1,

4.16%,

2/25/2049(a)(b)

1,100,000

1,133,015

FHLMC

Structured

Agency

Credit

Risk

Debt

Notes

Series

2015-HQ1,

Class

B,

10.86%,

3/25/2025(b)

235,058

239,394

Series

2021-DNA7,

Class

B2,

7.85%,

11/25/2041(a)(b)

1,230,000

1,226,924

Series

2020-HQA5,

Class

B2,

7.45%,

11/25/2050(a)(b)

630,000

724,471

Flagstar

Mortgage

Trust,

Series

2021-4,

Class

AX1,

IO,

0.22%,

6/1/2051(a)(b)

47,421,642

406,531

FNMA

REMICS

Series

2012-130,

Class

UI,

IO,

3.00%,

12/25/2027

327,523

18,096

Series

2012-150,

Class

BI,

IO,

3.00%,

1/25/2028

325,887

18,151

Series

2013-5,

Class

YI,

IO,

3.00%,

2/25/2028

341,145

17,640

Series

2009-31,

Class

PI,

IO,

5.00%,

11/25/2038

75,534

6,007

FNMA,

Series

2021-R02,

Class

2B2,

6.25%,

11/25/2041(a)(b)

300,000

296,866

GNMA

REMICS

Series

2013-84,

Class

SC,

IO,

6.49%,

3/16/2040(b)

69,629

8,211

Series

2011-135,

Class

QI,

IO,

4.50%,

6/16/2041

91,147

10,788

Series

2012-140,

Class

IC,

IO,

3.50%,

11/20/2042

123,265

17,723

Series

2016-5,

Class

CS,

IO,

6.05%,

1/20/2046(b)

131,740

19,454

Series

2016-20,

Class

SB,

IO,

6.00%,

2/20/2046(b)

132,769

18,973

Series

2016-17,

Class

JS,

IO,

6.00%,

2/20/2046(b)

106,249

14,763

Series

2016-81,

Class

,

IO,

4.00%,

6/20/2046

79,343

12,564

Series

2016-88,

Class

SM,

IO,

6.00%,

7/20/2046(b)

140,379

24,031

20

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Amundi

Strategic

Income

Fund

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

UNITED

STATES

GNMA

REMICS

Series

2016-108,

Class

QI,

IO,

4.00%,

8/20/2046

110,196

24,219

Series

2016-118,

Class

DS,

IO,

6.00%,

9/20/2046(b)

163,271

35,378

Series

2016-145,

Class

UI,

IO,

3.50%,

10/20/2046

83,030

13,048

Series

2019-159,

Class

HI,

IO,

3.50%,

12/20/2049

1,441,759

217,169

Series

2019-159,

Class

CI,

IO,

3.50%,

12/20/2049

524,284

73,168

Hundred

Acre

Wood

Trust,

Series

2021-INV1,

Class

AX1,

IO,

0.20%,

7/25/2051(a)(b)

18,373,752

147,594

JP

Morgan

Mortgage

Trust

Series

2021-10,

Class

AX1,

IO,

0.14%,

12/25/2051(a)(b)

33,244,770

173,431

Series

2021-8,

Class

AX1,

IO,

0.14%,

12/25/2051(a)(b)

29,948,164

149,250

STACR

Trust

Series

2018-HRP2,

Class

B1,

4.31%,

2/25/2047(a)(b)

1,310,000

1,391,695

Series

2018-HRP2,

Class

B2,

10.61%,

2/25/2047(a)(b)

1,380,000

1,557,572

Verus

Securitization

Trust

Series

2020-INV1,

Class

B1,

5.75%,

3/25/2060(a)

(b)

100,000

102,429

Series

2020-INV1,

Class

B2,

6.00%,

3/25/2060(a)

(b)

100,000

101,429

Series

2020-2,

Class

B1,

5.36%,

5/25/2060(a)

(b)

200,000

202,955

Vista

Point

Securitization

Trust,

Series

2020-

1,

Class

B1,

5.38%,

3/25/2065(a)(b)

580,000

587,247

ZH

Trust,

Series

2021-

2,

Class

B,

3.51%,

10/17/2027(a)

575,000

545,248

16,768,932

0

Total

Collateralized

Mortgage

Obligations

(cost

$23,591,580)

24,165,393

Commercial

Mortgage-Backed

Securities

8.1%

Principal

Amount

($)

Value

($)

UNITED

STATES

8.1%

BAMLL

Commercial

Mortgage

Securities

Trust

,

Series

2021-

JACX,

Class

E,

3.86%,

9/15/2038(a)(b)

470,000

469,022

BX

Commercial

Mortgage

Trust

,

Series

2021-

VOLT,

Class

F,

2.51%,

9/15/2036(a)(b)

500,000

494,990

BX

Trust

,

Series

2021-

ARIA,

Class

D,

2.01%,

10/15/2036(a)(b)

1,500,000

1,492,489

COMM

Mortgage

Trust

,

Series

2015-CR26,

Class

D,

3.48%,

10/10/2048(b)

1,350,000

1,288,001

CSAIL

Commercial

Mortgage

Trust

,

Series

2015-C4,

Class

D,

3.56%,

11/15/2048(b)

250,000

244,517

FHLMC

Multifamily

Structured

Credit

Risk

REMICS,

Series

2021-

MN1,

Class

M2,

3.80%,

1/25/2051(a)(b)

700,000

697,379

FHLMC

Multifamily

Structured

Pass-

Through

Certificates

REMICS,

Series

2021-

MN3,

Class

M2,

4.05%,

11/25/2051(a)(b)

815,000

788,554

GS

Mortgage

Securities

Corp.

Trust

Series

2021-IP,

Class

D,

2.21%,

10/15/2036(a)(b)

350,000

349,432

Series

2021-IP,

Class

E,

3.66%,

10/15/2036(a)(b)

150,000

149,716

GS

Mortgage

Securities

Trust

,

Series

2016-

GS4,

Class

D,

3.23%,

11/10/2049(a)(b)

1,340,000

1,146,082

Med

Trust

,

Series

2021-

MDLN,

Class

F,

4.11%,

11/15/2038(a)(b)

1,150,000

1,137,091

Morgan

Stanley

Capital

I

Trust

,

Series

2016-

UBS9,

Class

D,

3.00%,

3/15/2049(a)

820,000

761,757

Multifamily

Connecticut

Avenue

Securities

Trust

,

Series

2019-

01,

Class

M10,

3.36%,

10/15/2049(a)(b)

500,000

487,413

SLG

Office

Trust

,

Series

2021-OVA,

Class

E,

2.85%,

7/15/2041(a)

1,975,000

1,832,510

Nationwide

Amundi

Strategic

Income

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

21

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

UNITED

STATES

UBS

Commercial

Mortgage

Trust

,

Series

2017-C4,

Class

C,

4.43%,

10/15/2050(b)

810,000

819,523

Wells

Fargo

Commercial

Mortgage

Trust

,

Series

2016-NXS5,

Class

D,

4.98%,

1/15/2059(b)

125,000

128,114

Total

Commercial

Mortgage-Backed

Securities

(cost

$12,146,704)

12,286,590

Corporate

Bonds

50.4%

ARGENTINA

0.3%

Construction

&

Engineering

0.3%

Stoneway

Capital

Corp.,

10.00%,

3/1/2027(a)(c)

1,381,510

400,652

AUSTRALIA

0.3%

Metals

&

Mining

0.3%

FMG

Resources

August

2006

Pty.

Ltd.,

4.38%,

4/1/2031(a)

403,000

405,519

BRAZIL

3.7%

Airlines

1.1%

Gol

Finance

SA,

8.00%,

6/30/2026(a)

1,825,000

1,681,300

Auto

Components

0.5%

Iochpe-Maxion

Austria

GmbH,

5.00%,

5/7/2028(a)

735,000

696,413

Electric

Utilities

0.7%

Light

Servicos

de

Eletricidade

SA,

4.38%,

6/18/2026(a)

995,000

983,060

Food

Products

0.7%

Minerva

Luxembourg

SA,

4.38%,

3/18/2031(a)

1,210,000

1,123,787

Oil,

Gas

&

Consumable

Fuels

0.7%

MC

Brazil

Downstream

Trading

SARL,

7.25%,

6/30/2031(a)

1,080,000

1,035,720

5,520,280

CAMEROON

0.3%

Oil,

Gas

&

Consumable

Fuels

0.3%

Golar

LNG

Ltd.,

7.00%,

10/20/2025(a)

515,000

501,481

CANADA

3.2%

Chemicals

0.4%

NOVA

Chemicals

Corp.,

5.25%,

6/1/2027(a)

635,000

641,179

Commercial

Services

&

Supplies

0.4%

GFL

Environmental,

Inc.,

4.38%,

8/15/2029(a)

570,000

543,945

Corporate

Bonds

Principal

Amount

($)

Value

($)

CANADA

Energy

Equipment

&

Services

0.1%

Precision

Drilling

Corp.,

6.88%,

1/15/2029(a)

144,000

144,245

Multi-Utilities

0.4%

Algonquin

Power

&

Utilities

Corp.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.50%),

4.75%,

1/18/2082(d)

705,000

696,558

Oil,

Gas

&

Consumable

Fuels

1.9%

Baytex

Energy

Corp.,

8.75%,

4/1/2027(a)

950,000

1,016,500

International

Petroleum

Corp.,

Reg.

S,

7.25%,

2/1/2027(a)

616,000

614,460

MEG

Energy

Corp.,

7.13%,

2/1/2027(a)

575,000

598,834

Strathcona

Resources

Ltd.,

6.88%,

8/1/2026(a)

650,000

644,969

2,874,763

4,900,690

CYPRUS

0.4%

Consumer

Finance

0.4%

ASG

Finance

Designated

Activity

Co.,

7.88%,

12/3/2024(a)

645,000

638,550

FINLAND

0.3%

Banks

0.3%

Nordea

Bank

Abp

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.60%),

3.75%,

3/01/2029(a)(d)(e)

455,000

412,912

FRANCE

1.0%

Banks

0.4%

Societe

Generale

SA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.90%),

4.03%,

1/21/2043(a)(d)

670,000

644,511

Diversified

Telecommunication

Services

0.6%

Altice

France

SA,

5.13%,

7/15/2029(a)

930,000

863,542

1,508,053

GERMANY

0.9%

Pharmaceuticals

0.9%

Gruenenthal

GmbH

4.13%,

5/15/2028(a)

EUR

1,190,000

1,333,563

22

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Amundi

Strategic

Income

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

GHANA

0.8%

Oil,

Gas

&

Consumable

Fuels

0.8%

Kosmos

Energy

Ltd.,

7.75%,

5/1/2027(a)

320,000

312,000

Tullow

Oil

plc,

10.25%,

5/15/2026(a)

855,000

863,550

1,175,550

GREECE

0.4%

Marine

0.4%

Danaos

Corp.,

8.50%,

3/1/2028(a)

532,000

579,880

HONG

KONG

0.7%

Marine

0.7%

Seaspan

Corp.

Reg.

S,

6.50%,

4/29/2026(a)

900,000

956,610

5.50%,

8/1/2029(a)

185,000

182,961

1,139,571

INDIA

0.1%

IT

Services

0.1%

CA

Magnum

Holdings,

5.38%,

10/31/2026(a)

200,000

203,690

IRELAND

0.3%

Consumer

Finance

0.3%

AerCap

Ireland

Capital

DAC,

3.30%,

1/30/2032

545,000

532,052

ISRAEL

1.0%

Pharmaceuticals

1.0%

Teva

Pharmaceutical

Finance

Netherlands

II

BV

6.00%,

1/31/2025

EUR

300,000

355,050

3.75%,

5/9/2027

EUR

120,000

130,400

Teva

Pharmaceutical

Finance

Netherlands

III

BV

3.15%,

10/1/2026

810,000

743,466

4.75%,

5/9/2027

200,000

193,500

5.13%,

5/9/2029

200,000

194,000

1,616,416

ITALY

2.0%

Banks

0.9%

UniCredit

SpA

,

(USD

ICE

Swap

Rate

5

Year

+

3.70%),

5.86%,

6/19/2032(a)(d)

1,260,000

1,343,593

Household

Durables

0.5%

International

Design

Group

SpA

,

6.50%,

11/15/2025(a)

EUR

585,000

676,113

Specialty

Retail

0.6%

Shiba

Bidco

SpA

,

4.50%,

10/31/2028(a)

EUR

855,000

949,744

2,969,450

Corporate

Bonds

Principal

Amount

($)

Value

($)

LUXEMBOURG

0.7%

Biotechnology

0.7%

Cidron

Aida

Finco

Sarl

,

5.00%,

4/1/2028(a)

EUR

1,027,000

1,113,839

MEXICO

1.8%

Airlines

0.2%

Aerovias

de

Mexico

SA

de

CV,

7.00%,

2/5/2025(a)

(c)

350,000

331,628

Chemicals

0.2%

Braskem

Idesa

SAPI,

6.99%,

2/20/2032(a)

340,000

337,450

Diversified

Telecommunication

Services

0.4%

Total

Play

Telecomunicaciones

SA

de

CV,

6.38%,

9/20/2028(a)

665,000

620,113

Hotels,

Restaurants

&

Leisure

0.3%

Grupo

Posadas

SAB

de

CV,

4.00%,

12/30/2027(a)(f)(g)

440,606

362,325

Oil,

Gas

&

Consumable

Fuels

0.7%

Petroleos

Mexicanos

,

6.70%,

2/16/2032(a)

1,076,000

1,065,133

2,716,649

NETHERLANDS

0.9%

Banks

0.9%

ING

Groep

NV,

Series

NC10,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.86%),

4.25%,

5/16/2031(d)(e)

1,510,000

1,370,325

SINGAPORE

0.7%

Consumer

Finance

0.7%

Avation

Capital

SA,

8.25%,

10/31/2026(a)

1,224,298

1,021,779

SPAIN

0.2%

Biotechnology

0.2%

Grifols

Escrow

Issuer

SA,

4.75%,

10/15/2028(a)

290,000

288,243

SWITZERLAND

1.4%

Capital

Markets

0.5%

Credit

Suisse

Group

AG,

(USD

Swap

Semi

5

Year

+

4.60%),

7.50%,

7/17/2023(a)(d)(e)

675,000

702,432

Consumer

Finance

0.9%

VistaJet

Malta

Finance

plc,

6.38%,

2/1/2030(a)

1,320,000

1,311,750

2,014,182

UNITED

ARAB

EMIRATES

0.5%

Energy

Equipment

&

Services

0.5%

Shelf

Drilling

Holdings

Ltd.

8.88%,

11/15/2024(a)

380,000

388,550

Nationwide

Amundi

Strategic

Income

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

23

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

ARAB

EMIRATES

Energy

Equipment

&

Services

8.25%,

2/15/2025(a)

490,000

381,000

769,550

UNITED

KINGDOM

2.1%

Banks

0.6%

NatWest

Group

plc,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.35%),

3.03%,

11/28/2035(d)

1,030,000

979,616

Hotels,

Restaurants

&

Leisure

0.3%

Deuce

Finco

plc,

5.50%,

6/15/2027(a)

GBP

370,000

490,547

Oil,

Gas

&

Consumable

Fuels

1.2%

Harbour

Energy

plc,

5.50%,

10/15/2026(a)

1,000,000

992,500

Neptune

Energy

Bondco

plc,

6.63%,

5/15/2025(a)

890,000

901,125

1,893,625

3,363,788

UNITED

STATES

26.4%

Aerospace

&

Defense

0.5%

Boeing

Co.

(The),

5.81%,

5/1/2050

590,000

741,816

Air

Freight

&

Logistics

0.6%

Western

Global

Airlines

LLC,

10.38%,

8/15/2025(a)

880,000

973,456

Airlines

0.9%

American

Airlines,

Inc.

5.50%,

4/20/2026(a)

225,000

230,344

5.75%,

4/20/2029(a)

190,000

194,512

Mileage

Plus

Holdings

LLC,

6.50%,

6/20/2027(a)

805,000

855,313

1,280,169

Auto

Components

0.5%

Dealer

Tire

LLC,

8.00%,

2/1/2028(a)

757,000

774,032

Building

Products

0.7%

MIWD

Holdco

II

LLC,

5.50%,

2/1/2030(a)

65,000

64,410

Standard

Industries,

Inc.,

4.38%,

7/15/2030(a)

1,035,000

988,425

1,052,835

Chemicals

0.4%

Trinseo

Materials

Operating

SCA,

5.13%,

4/1/2029(a)

505,000

509,696

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Commercial

Services

&

Supplies

0.9%

Allied

Universal

Holdco

LLC

3.63%,

6/1/2028(a)

EUR

480,000

506,901

4.63%,

6/1/2028(a)

225,000

212,677

6.00%,

6/1/2029(a)

310,000

293,850

Nielsen

Finance

LLC

4.50%,

7/15/2029(a)

205,000

191,163

4.75%,

7/15/2031(a)

205,000

190,660

1,395,251

Communications

Equipment

1.1%

Ciena

Corp.,

4.00%,

1/31/2030(a)

1,040,000

1,029,600

CommScope

,

Inc.,

4.75%,

9/1/2029(a)

650,000

622,655

1,652,255

Construction

&

Engineering

0.8%

Artera

Services

LLC,

9.03%,

12/4/2025(a)

585,000

598,162

Dycom

Industries,

Inc.,

4.50%,

4/15/2029(a)

633,000

619,916

1,218,078

Consumer

Finance

1.8%

Ford

Motor

Credit

Co.

LLC

2.33%,

11/25/2025

EUR

1,110,000

1,278,454

3.63%,

6/17/2031

1,500,000

1,477,500

2,755,954

Diversified

Telecommunication

Services

0.4%

Windstream

Escrow

LLC,

7.75%,

8/15/2028(a)

650,000

655,492

Electric

Utilities

0.8%

NRG

Energy,

Inc.,

3.88%,

2/15/2032(a)

815,000

766,304

Vistra

Operations

Co.

LLC,

4.38%,

5/1/2029(a)

490,000

472,850

1,239,154

Electrical

Equipment

0.4%

Energizer

Gamma

Acquisition

BV,

3.50%,

6/30/2029(a)

EUR

610,000

638,868

Electronic

Equipment,

Instruments

&

Components

0.7%

Belden,

Inc.,

3.38%,

7/15/2031(a)

EUR

950,000

1,037,159

Energy

Equipment

&

Services

0.7%

Nabors

Industries

Ltd.,

7.50%,

1/15/2028(a)

405,000

379,687

Nabors

Industries,

Inc.,

7.38%,

5/15/2027(a)

115,000

118,006

Transocean

Sentry

Ltd.,

5.38%,

5/15/2023(a)

654,030

631,139

1,128,832

24

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Amundi

Strategic

Income

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Equity

Real

Estate

Investment

Trusts

(REITs)

2.2%

HAT

Holdings

I

LLC,

3.38%,

6/15/2026(a)

680,000

654,500

iStar

,

Inc.,

4.25%,

8/1/2025

1,225,000

1,216,652

Uniti

Group

LP,

6.00%,

1/15/2030(a)

1,550,000

1,418,250

3,289,402

Food

Products

0.8%

Lamb

Weston

Holdings,

Inc.

4.13%,

1/31/2030(a)

615,000

607,562

4.38%,

1/31/2032(a)

615,000

606,546

1,214,108

Health

Care

Providers

&

Services

0.3%

US

Acute

Care

Solutions

LLC,

6.38%,

3/1/2026(a)

485,000

487,425

Hotels,

Restaurants

&

Leisure

0.6%

Genting

New

York

LLC,

3.30%,

2/15/2026(a)

340,000

331,122

Scientific

Games

International,

Inc.,

3.38%,

2/15/2026(a)

EUR

135,000

152,424

Viking

Ocean

Cruises

Ship

VII

Ltd.,

5.63%,

2/15/2029(a)

505,000

493,638

977,184

Household

Durables

0.2%

TopBuild

Corp.,

4.13%,

2/15/2032(a)

340,000

329,406

Insurance

1.2%

Farmers

Exchange

Capital

III,

(ICE

LIBOR

USD

3

Month

+

3.45%),

5.45%,

10/15/2054(a)(d)

1,070,000

1,253,008

Liberty

Mutual

Insurance

Co.,

7.70%,

10/15/2097(a)

420,000

639,682

1,892,690

Machinery

0.2%

Hillenbrand,

Inc.,

3.75%,

3/1/2031

375,000

359,062

Media

1.6%

Clear

Channel

Outdoor

Holdings,

Inc.,

7.50%,

6/1/2029(a)

795,000

823,819

CSC

Holdings

LLC,

4.63%,

12/1/2030(a)

800,000

712,000

Diamond

Sports

Group

LLC,

6.63%,

8/15/2027(a)

322,000

84,323

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Media

Midas

OpCo

Holdings

LLC,

5.63%,

8/15/2029(a)

897,000

881,751

2,501,893

Metals

&

Mining

0.9%

Coeur

Mining,

Inc.,

5.13%,

2/15/2029(a)(h)

460,000

438,725

Novelis

Corp.,

3.88%,

8/15/2031(a)

205,000

193,063

TMS

International

Corp.,

6.25%,

4/15/2029(a)

820,000

791,300

1,423,088

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.1%

Starwood

Property

Trust,

Inc.,

3.75%,

12/31/2024(a)

140,000

139,825

Oil,

Gas

&

Consumable

Fuels

3.4%

Delek

Logistics

Partners

LP,

7.13%,

6/1/2028(a)

725,000

735,513

Energy

Transfer

LP,

Series

G,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.31%),

7.13%,

5/15/2030(d)(e)

1,925,000

1,957,484

EnLink

Midstream

LLC,

5.38%,

6/1/2029

871,000

879,013

Midwest

Connector

Capital

Co.

LLC,

4.63%,

4/1/2029(a)

587,000

621,307

Southwestern

Energy

Co.

5.38%,

2/1/2029

680,000

691,478

4.75%,

2/1/2032

190,000

189,679

5,074,474

Pharmaceuticals

0.7%

Jazz

Securities

DAC,

4.38%,

1/15/2029(a)

400,000

394,940

Organon

&

Co.

2.88%,

4/30/2028(a)

EUR

315,000

343,529

4.13%,

4/30/2028(a)

225,000

221,405

959,874

Professional

Services

0.6%

CoreLogic

,

Inc.,

4.50%,

5/1/2028(a)

945,000

904,838

Real

Estate

Management

&

Development

0.4%

Kennedy-Wilson,

Inc.,

4.75%,

2/1/2030

565,000

555,113

Specialty

Retail

0.8%

Asbury

Automotive

Group,

Inc.,

4.63%,

11/15/2029(a)

335,000

329,647

Nationwide

Amundi

Strategic

Income

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

25

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Specialty

Retail

Penske

Automotive

Group,

Inc.,

3.75%,

6/15/2029

930,000

875,390

1,205,037

Thrifts

&

Mortgage

Finance

0.9%

Nationstar

Mortgage

Holdings,

Inc.

6.00%,

1/15/2027(a)

405,000

420,139

5.50%,

8/15/2028(a)

500,000

488,730

United

Wholesale

Mortgage

LLC,

5.50%,

4/15/2029(a)

485,000

444,211

1,353,080

Trading

Companies

&

Distributors

0.3%

Beacon

Roofing

Supply,

Inc.,

4.13%,

5/15/2029(a)

455,000

434,388

40,153,934

Total

Corporate

Bonds

(cost

$78,852,582)

76,650,598

Foreign

Government

Securities

3.3%

EGYPT

0.8%

Arab

Republic

of

Egypt,

7.30%,

9/30/2033

(a)

1,320,000

1,151,700

MEXICO

0.9%

United

Mexican

States

3.50%,

2/12/2034

560,000

540,126

4.28%,

8/14/2041

910,000

891,154

1,431,280

NIGERIA

0.3%

Federal

Republic

of

Nigeria,

7.38%,

9/28/2033

(a)

520,000

483,912

QATAR

0.9%

State

of

Qatar,

4.82%,

3/14/2049

(a)

1,135,000

1,418,750

SERBIA

0.4%

Republic

of

Serbia,

2.05%,

9/23/2036

(a)

EUR

600,000

592,943

Total

Foreign

Government

Securities

(cost

$5,125,379)

5,078,585

Loan

Participations

4.2%

CANADA

0.4%

Wireless

Telecommunication

Services

0.4%

Xplornet

Communications

Inc.,

2nd

Lien

Term

Loan,

(ICE

LIBOR

USD

1

Month

+

7.00%),

7.50%,

10/1/2029

(d)

545,000

546,363

Loan

Participations

Principal

Amount

($)

Value

($)

UNITED

STATES

3.8%

Airlines

0.6%

Grupo

Aeromexico

SAB

de

CV,

Term

Loan,

(ICE

LIBOR

USD

1

Month

+

8.00%),

9.00%,

3/31/2022

^∞(d)

955,000

963,356

Auto

Components

0.2%

Autokiniton

US

Holdings,

Inc.,

1st

Lien

Team

Loan

B,

(ICE

LIBOR

USD

3

Month

+

4.50%),

5.00%,

4/6/2028

(d)

236,810

236,810

Commercial

Services

&

Supplies

0.5%

MIP

V

Waste

Holdings,

LLC,

(ICE

LIBOR

USD

1

Month

+

0.00%),

3.75%,

12/8/2028

(d)

768,750

770,672

Diversified

Telecommunication

Services

0.2%

Cincinnati

Bell,

Inc.,

Term

Loan

B2,

(SOFR

+

3.25%),

3.47%,

11/22/2028

(d)

275,000

274,863

Hotels

Restaurants

&

Leisure

0.6%

Enterprise

Development

Authority,

Term

Loan,

(ICE

LIBOR

USD

1

Month

+

4.25%),

5.00%,

2/28/2028

(d)

972,125

972,125

Industrial

Services

0.2%

ASP

LS

Acquisition

Corp.

1st

lian

Team

Loan,

(ICE

LIBOR

USD

3

Month

+

4.50%),

5.25%,

5/7/2028

(d)

339,150

339,574

Media

0.5%

Radiate

Holdco,

LLC,

1st

lien

Term

Loan

B,

(ICE

LIBOR

USD

1

Month

+

3.25%),

4.00%,

9/25/2026

(d)

835,000

832,996

Metal

Fabrication/Hardware

0.5%

Grinding

Media

Inc.

(

Molycop

Ltd.),

1st

Lien

Term

Loan,

(ICE

LIBOR

USD

3

Month

+

4.00%),

4.75%,

10/12/2028

(d)

688,275

687,848

Professional

Services

0.2%

PECF

USS

Intermediate

Holding

III

Corp.,

Term

Loan,

(ICE

LIBOR

USD

1

Month

+

4.25%),

4.75%,

12/15/2028

(d)

278,000

278,100

26

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Amundi

Strategic

Income

Fund

Loan

Participations

Principal

Amount

($)

Value

($)

Speciality

Retail

0.3%

Petco

Health

&

Wellness

Co.,

Inc.,

(ICE

LIBOR

USD

3

Month

+

3.25%),

4.00%,

3/3/2028

(d)

456,550

455,874

Total

Loan

Participations

(cost

$6,328,086)

6,358,581

Convertible

Bonds

1.9%

Airlines

1.2%

Air

Canada,

4.00%,

7/1/2025

803,000

1,122,996

Spirit

Airlines,

Inc.,

1.00%,

5/15/2026

733,000

643,615

1,766,611

Hotels,

Restaurants

&

Leisure

0.5%

DraftKings

,

Inc.,

0.00%,

3/15/2028

(a)(

i

)

1,019,000

775,438

Pharmaceuticals

0.2%

Tricida

,

Inc.,

3.50%,

5/15/2027

715,000

380,531

Total

Convertible

Bond

(cost  $3,303,370)

2,922,580

Convertible

Preferred

Stock

1.0%

Banks

1.0%

Wells

Fargo

&

Co.,

7.50%,

1,068

1,520,950

Total

Convertible

Preferred

Stock

(cost  $1,533,999)

1,520,950

Short-Term

Investment

0.3%

Shares

Money

Market

Fund

0.3%

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,0.01%

(j)(k)

453,863

453,863

Total

Short-Term

Investment

(cost

$453,863)

453,863

Total

Investments

(cost

$141,854,293)

—

92.0%

139,900,323

Other

assets

in

excess

of

liabilities

—

8.0%

12,103,473

NET

ASSETS

—

100.0%

$

152,003,796

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

(a)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

January

31,

2022

was

$108,915,121

which

represents

71.65%

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,

2022.

(c)

Security

in

default.

(d)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

January

31,

2022.

(e)

Perpetual

Bond

Security.

The

rate

reflected

in

the

Statement

of

Investments

is

the

rate

in

effect

on

January

31,

2022.

The

maturity

date

reflects

the

next

call

date.

(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)

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

as

of

January

31,

2022.

(h)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2022.

The

total

value

of

securities

on

loan

as

of

January

31,

2022

was

$433,956,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

with

a

value

of

$453,863.

(

i

)

Zero

Coupon

Security.

Debt

security

that

pays

no

cash

income

but

is

sold

at

substantial

discount

from

its

value

at

maturity.

(j)

Represents

7-day

effective

yield

as

of

January

31,

2022.

(k)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2022

was

$453,863.

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

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

Nationwide

Amundi

Strategic

Income

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

27

Currency:

EUR

Euro

GBP

British

Pound

USD

United

States

Dollar

Centrally

Cleared

Credit

default

swap

contracts

outstanding

-

buy

protection

as

of

January

31,

2022

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

36-V1

5.00

Quarterly

6/20/2026

3.25

USD

40,000,000

(3,280,928)

301,466

(2,979,462)

Markit

CDX

North

American

High

Yield

Index

Series

37-V1

5.00

Quarterly

12/20/2026

3.41

USD

15,000,000

(1,259,010)

154,124

(1,104,886)

Markit

CDX

North

American

Investment

Grade

Index

Series

36-V1

1.00

Quarterly

6/20/2026

0.54

USD

30,000,000

(619,253)

4,767

(614,486)

(5,159,191)

460,357

(4,698,834)

As

of

January

31,

2022,

the

Fund

had

$2,793,105

segregated

as

collateral

for

credit

default

swap

contracts.

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).

Currency:

USD

United

States

dollar

Forward

Foreign

Currency

Contracts

outstanding

as

of

January

31,

2022:

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

($)

USD

9,544,341

EUR

8,395,574

Brown

Brothers

Harriman

&

Co.

2/22/2022

108,784

USD

489,207

GBP

359,995

Brown

Brothers

Harriman

&

Co.

2/22/2022

5,109

Net

unrealized

appreciation

113,893

Currency:

EUR

Euro

GBP

British

pound

USD

United

States

dollar

28

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Amundi

Strategic

Income

Fund

Futures

contracts

outstanding

as

of

January

31,

2022:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

Long

Bond

21

3/2022

USD

3,268,125

(43,026)

(43,026)

Short

Contracts

Euro-

Bobl

(10)

3/2022

EUR

(1,485,650)

20,341

Euro-Bund

(23)

3/2022

EUR

(4,369,692)

121,279

U.S.

Treasury

2

Year

Note

(19)

3/2022

USD

(4,116,469)

32,319

U.S.

Treasury

5

Year

Note

(145)

3/2022

USD

(17,284,453)

176,596

U.S.

Treasury

10

Year

Note

(44)

3/2022

USD

(5,630,625)

37,227

U.S.

Treasury

10

Year

Ultra

Note

(109)

3/2022

USD

(15,568,266)

98,045

U.S.

Treasury

Ultra

Bond

(39)

3/2022

USD

(7,368,563)

118,699

USD

10

Year

Interest

Rate

Swap

(27)

3/2022

USD

(2,662,875)

73,971

678,477

635,451

As

of

January

31,

2022,

the

Fund

had

$807,554

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

EUR

Euro

USD

United

States

Dollar

Nationwide

Amundi

Strategic

Income

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

29

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

30

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Amundi

Strategic

Income

Fund

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2022.

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.

(a)

Swap

Contracts

Credit

Default

Swap

Contracts

— The

Fund entered

into

credit

default

swap

contracts.

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.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

10,463,183

$

–

$

10,463,183

Collateralized

Mortgage

Obligations

–

24,165,393

–

24,165,393

Commercial

Mortgage-Backed

Securities

–

12,286,590

–

12,286,590

Convertible

Bonds

–

2,922,580

–

2,922,580

Convertible

Preferred

Stock

1,520,950

–

–

1,520,950

Corporate

Bonds

–

76,650,598

–

76,650,598

Credit

Default

Swaps*

–

460,357

–

460,357

Foreign

Government

Securities

–

5,078,585

–

5,078,585

Forward

Foreign

Currency

Contracts

–

113,893

–

113,893

Futures

Contracts

678,477

–

–

678,477

Loan

Participations  

–

5,395,225

963,356

6,358,581

Short-Term

Investment

453,863

–

–

453,863

Total

Assets

$

2,653,290

$

137,536,404

$

963,356

$

141,153,050

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(43,026)

$

–

$

–

$

(43,026)

Total

Liabilities

$

(43,026)

$

–

$

–

$

(43,026)

Total

$

2,610,264

$

137,536,404

$

963,356

$

141,110,024

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).

Loan

Participation

Total

Balance

as

of

10/31/2021

$

—

$—

Accrued

Accretion/(Amortization)

—

—

Realized

Gains

(Losses)

—

—

Purchases

—

—

Sales

—

—

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

into

Level

3

963,356

963,356

Transfers

out

of

Level

3

—

—

Balance

as

of

1/31/2022

$

963,356

$963,356

Change

in

Unrealized

Appreciation/Depreciation

for

Investments

Still

held

as

of

1/31/2022

$–

$—

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

Nationwide

Amundi

Strategic

Income

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

31

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,

2022

are

disclosed

in

the

Statement

of

Investments.

The

implied

credit

spread

of

a

particular

referenced

entity

reflects

the

cost

of

selling

protection

on

such

entity’s

debt,

and

may

include

upfront

payments

required

to

be

made

to

enter

into

the

agreement.

For

credit

default

swap

agreements

on

credit

indices,

the

quoted

market

prices

and

resulting

value

serve

as

the

indicator

of

the

current

status

of

the

payment/performance

risk.

Wider

credit

spreads

represent

a

deterioration

of

the

referenced

entity’s

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

Certain

clearinghouses

currently

offer

clearing

for

limited

types

of

derivatives

transactions,

such

as

credit

derivatives.

In

a

centrally

cleared

credit

default

swap

contract,

immediately

following

execution

of

the

swap

agreement,

the

swap

agreement

is

novated

to

a

central

counterparty

(the

“CCP”)

and

the

Fund’s

counterparty

on

the

swap

agreement

becomes

the

CCP.

The

Fund

is

required

to

interface

with

the

CCP

through

a

broker.

Upon

entering

into

a

centrally

cleared

swap

contract,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

the

size

and

risk

profile

of

the

particular

swap.

Securities

deposited

as

initial

margin

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).

(b)

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.

32

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Amundi

Strategic

Income

Fund

(c)

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,

2022:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2022:

Assets:

Fair

Value

Swap

Contracts(a)

Credit

risk

Receivable/payable

for

variation

margin

on

centrally

cleared

swap

contracts

$

460,357

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

appreciation

on

forward

foreign

currency

contracts

113,893

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

678,477

Total

$

1,252,727

Liabilities:

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

(43,026)

Total

$

(43,026)

(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,

2022

(Unaudited)

-

Statement

of

Investments

-

33

Common

Stocks

98.3%

Shares

Value

($)

ARGENTINA

0.3%

Internet

&

Direct

Marketing

Retail

0.3%

MercadoLibre

,

Inc.

*

500

566,030

AUSTRALIA

4.3%

Banks

0.4%

National

Australia

Bank

Ltd.

40,000

771,340

Biotechnology

0.4%

CSL

Ltd.

4,000

742,853

Food

&

Staples

Retailing

0.4%

Woolworths

Group

Ltd.

33,000

806,138

Metals

&

Mining

2.5%

BHP

Group

Ltd.

(a)

65,000

2,086,111

BHP

Group

plc

50,000

1,578,240

Rio

Tinto

plc

20,000

1,408,984

5,073,335

Multiline

Retail

0.6%

Wesfarmers

Ltd.

30,000

1,130,140

8,523,806

CANADA

3.6%

Auto

Components

0.6%

Magna

International,

Inc.

15,000

1,208,473

Banks

1.0%

Canadian

Imperial

Bank

of

Commerce

15,000

1,883,570

Chemicals

0.7%

Nutrien

Ltd.

20,000

1,396,845

Diversified

Telecommunication

Services

0.6%

BCE,

Inc.

22,000

1,149,196

Insurance

0.7%

Sun

Life

Financial,

Inc.

25,000

1,415,844

7,053,928

CHINA

2.3%

Automobiles

0.3%

BYD

Co.

Ltd.,

Class

H

23,000

662,043

Banks

0.4%

China

Construction

Bank

Corp.,

Class

H

1,100,000

842,225

Gas

Utilities

0.3%

ENN

Energy

Holdings

Ltd.

40,000

635,780

Interactive

Media

&

Services

0.6%

Tencent

Holdings

Ltd.

17,500

1,068,153

Internet

&

Direct

Marketing

Retail

0.3%

Alibaba

Group

Holding

Ltd.,

ADR

*

5,000

628,950

JD.com,

Inc.,

Class

A

*

833

31,063

660,013

Semiconductors

&

Semiconductor

Equipment

0.4%

NXP

Semiconductors

NV

3,500

719,040

4,587,254

DENMARK

2.8%

Air

Freight

&

Logistics

0.5%

DSV

A/S

5,000

1,016,748

Common

Stocks

Shares

Value

($)

DENMARK

Electric

Utilities

0.3%

Orsted

A/S

Reg.

S

(b)

6,000

639,305

Marine

1.1%

AP

Moller

-

Maersk

A/S,

Class

B

600

2,153,104

Pharmaceuticals

0.9%

Novo

Nordisk

A/S,

Class

B

17,000

1,701,844

5,511,001

FINLAND

0.3%

Multiline

Retail

0.3%

Tokmanni

Group

Corp.

25,000

521,838

FRANCE

13.1%

Auto

Components

0.9%

Cie

Generale

des

Etablissements

Michelin

SCA

11,000

1,841,074

Banks

1.5%

BNP

Paribas

SA

15,000

1,071,939

Credit

Agricole

SA

120,000

1,801,276

2,873,215

Chemicals

1.3%

Air

Liquide

SA

15,000

2,572,457

Construction

&

Engineering

0.6%

Bouygues

SA

35,000

1,231,641

Food

&

Staples

Retailing

0.4%

Carrefour

SA

38,000

723,459

Insurance

0.6%

AXA

SA

40,000

1,266,028

IT

Services

0.9%

Capgemini

SE

8,000

1,793,615

Oil,

Gas

&

Consumable

Fuels

1.2%

TotalEnergies

SE

40,000

2,265,678

Personal

Products

1.3%

L'Oreal

SA

6,000

2,568,437

Pharmaceuticals

0.5%

Sanofi

10,000

1,039,513

Professional

Services

0.5%

Teleperformance

2,500

941,966

Textiles,

Apparel

&

Luxury

Goods

3.4%

Hermes

International

900

1,348,410

Kering

SA

2,000

1,493,267

LVMH

Moet

Hennessy

Louis

Vuitton

SE

4,500

3,700,054

6,541,731

25,658,814

GERMANY

6.5%

Air

Freight

&

Logistics

1.0%

Deutsche

Post

AG

(Registered)

33,000

1,966,525

Automobiles

0.5%

Daimler

AG

12,000

944,608

34

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Bailard

International

Equities

Fund

Common

Stocks

Shares

Value

($)

GERMANY

Chemicals

0.9%

BASF

SE

23,000

1,746,736

Construction

Materials

0.5%

HeidelbergCement

AG

15,000

1,032,728

Diversified

Telecommunication

Services

0.8%

Deutsche

Telekom

AG

(Registered)

80,000

1,499,262

Industrial

Conglomerates

0.5%

Siemens

AG

(Registered)

6,500

1,022,005

Insurance

0.4%

Allianz

SE

(Registered)

3,000

768,355

Multi-Utilities

0.7%

E.ON

SE

100,000

1,373,301

Pharmaceuticals

0.7%

Merck

KGaA

6,000

1,307,950

Software

0.5%

SAP

SE

8,000

990,483

12,651,953

HONG

KONG

2.1%

Capital

Markets

0.5%

Hong

Kong

Exchanges

&

Clearing

Ltd.

18,000

1,015,877

Industrial

Conglomerates

0.5%

Jardine

Matheson

Holdings

Ltd.

15,000

886,483

Insurance

0.5%

AIA

Group

Ltd.

110,000

1,142,599

Real

Estate

Management

&

Development

0.6%

CK

Asset

Holdings

Ltd.

170,000

1,132,185

4,177,144

HUNGARY

0.9%

Banks

0.6%

OTP

Bank

Nyrt

.

*

20,000

1,161,043

Pharmaceuticals

0.3%

Richter

Gedeon

Nyrt

.

26,000

685,679

1,846,722

INDIA

1.1%

IT

Services

1.1%

Infosys

Ltd.,

ADR

60,000

1,414,200

Wipro

Ltd.,

ADR

100,000

769,000

2,183,200

IRELAND

0.8%

Construction

Materials

0.8%

CRH

plc

30,000

1,508,152

ITALY

1.3%

Electric

Utilities

0.8%

Enel

SpA

200,000

1,533,342

Electrical

Equipment

0.5%

Prysmian

SpA

28,000

942,140

2,475,482

Common

Stocks

Shares

Value

($)

JAPAN

20.4%

Auto

Components

0.5%

Bridgestone

Corp.

20,900

917,517

Automobiles

2.1%

Honda

Motor

Co.

Ltd.

30,000

880,721

Suzuki

Motor

Corp.

25,000

1,067,401

Toyota

Motor

Corp.

60,000

1,187,230

Yamaha

Motor

Co.

Ltd.

45,000

1,074,036

4,209,388

Banks

1.2%

Mitsubishi

UFJ

Financial

Group,

Inc.

200,000

1,208,982

Sumitomo

Mitsui

Financial

Group,

Inc.

30,000

1,077,445

2,286,427

Beverages

0.5%

Kirin

Holdings

Co.

Ltd.

65,000

1,041,575

Building

Products

0.5%

Daikin

Industries

Ltd.

5,000

1,050,478

Chemicals

0.9%

Mitsui

Chemicals,

Inc.

35,000

934,471

Shin-Etsu

Chemical

Co.

Ltd.

5,000

837,338

1,771,809

Diversified

Telecommunication

Services

0.6%

Nippon

Telegraph

&

Telephone

Corp.

40,000

1,139,931

Electrical

Equipment

0.8%

Mitsubishi

Electric

Corp.

130,000

1,630,684

Electronic

Equipment,

Instruments

&

Components

1.1%

Keyence

Corp.

1,200

617,114

Murata

Manufacturing

Co.

Ltd.

20,000

1,499,856

2,116,970

Entertainment

0.5%

Nintendo

Co.

Ltd.

2,000

980,989

Health

Care

Equipment

&

Supplies

1.2%

Hoya

Corp.

9,000

1,165,441

Olympus

Corp.

55,000

1,233,207

2,398,648

Health

Care

Technology

0.2%

M3,

Inc.

8,000

306,624

Household

Durables

1.7%

Panasonic

Corp.

100,000

1,098,545

Sekisui

Chemical

Co.

Ltd.

40,000

700,430

Sony

Group

Corp.

13,000

1,452,338

3,251,313

Industrial

Conglomerates

0.7%

Hitachi

Ltd.

25,000

1,303,120

IT

Services

0.8%

Fujitsu

Ltd.

7,000

923,259

NEC

Corp.

15,000

583,875

1,507,134

Machinery

0.6%

Komatsu

Ltd.

50,000

1,230,914

Personal

Products

0.5%

Kao

Corp.

20,000

1,000,747

Nationwide

Bailard

International

Equities

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

35

Common

Stocks

Shares

Value

($)

JAPAN

Pharmaceuticals

1.2%

Astellas

Pharma,

Inc.

90,000

1,447,996

Takeda

Pharmaceutical

Co.

Ltd.

33,000

955,886

2,403,882

Professional

Services

0.9%

Recruit

Holdings

Co.

Ltd.

35,000

1,725,829

Semiconductors

&

Semiconductor

Equipment

1.1%

Advantest

Corp.

11,000

937,716

Tokyo

Electron

Ltd.

2,500

1,215,195

2,152,911

Specialty

Retail

0.5%

Fast

Retailing

Co.

Ltd.

1,700

998,956

Technology

Hardware,

Storage

&

Peripherals

0.5%

Canon,

Inc.

40,000

944,618

Tobacco

0.3%

Japan

Tobacco,

Inc.

25,000

501,029

Trading

Companies

&

Distributors

0.7%

ITOCHU

Corp.

40,000

1,284,888

Wireless

Telecommunication

Services

0.8%

KDDI

Corp.

27,000

857,921

SoftBank

Corp.

63,000

788,808

1,646,729

39,803,110

NETHERLANDS

7.8%

Banks

1.1%

ING

Groep

NV

140,000

2,066,757

Chemicals

0.5%

Akzo

Nobel

NV

10,000

1,035,619

Diversified

Financial

Services

0.9%

EXOR

NV

20,000

1,677,635

Food

&

Staples

Retailing

0.9%

Koninklijke

Ahold

Delhaize

NV

55,000

1,783,061

IT

Services

0.3%

Adyen

NV

Reg.

S

*(b)

300

611,758

Oil,

Gas

&

Consumable

Fuels

0.5%

Shell

plc

40,000

1,014,915

Professional

Services

1.5%

Randstad

NV

22,000

1,436,023

Wolters

Kluwer

NV

15,000

1,528,202

2,964,225

Semiconductors

&

Semiconductor

Equipment

2.1%

ASML

Holding

NV

(Registered),

NYRS

6,000

4,063,200

15,217,170

NORWAY

1.6%

Banks

0.8%

DNB

Bank

ASA

70,000

1,665,008

Metals

&

Mining

0.8%

Norsk

Hydro

ASA

200,000

1,535,775

3,200,783

Common

Stocks

Shares

Value

($)

RUSSIA

1.1%

Banks

0.3%

Sberbank

of

Russia

PJSC,

ADR

40,000

562,178

Metals

&

Mining

0.3%

Severstal

PAO,

GDR

Reg.

S

30,000

591,443

Oil,

Gas

&

Consumable

Fuels

0.5%

LUKOIL

PJSC,

ADR

11,000

986,558

2,140,179

SINGAPORE

2.5%

Banks

1.8%

DBS

Group

Holdings

Ltd.

65,000

1,702,767

Oversea-Chinese

Banking

Corp.

Ltd.

200,000

1,852,217

3,554,984

Semiconductors

&

Semiconductor

Equipment

0.7%

STMicroelectronics

NV

30,000

1,409,833

4,964,817

SOUTH

AFRICA

1.0%

Metals

&

Mining

1.0%

Anglo

American

plc

45,000

1,973,349

SOUTH

KOREA

1.7%

Banks

0.5%

KB

Financial

Group,

Inc.

20,000

1,008,213

Interactive

Media

&

Services

0.4%

NAVER

Corp.

3,000

794,801

Technology

Hardware,

Storage

&

Peripherals

0.8%

Samsung

Electronics

Co.

Ltd.

25,000

1,548,513

3,351,527

SPAIN

1.7%

Banks

0.7%

Banco

Bilbao

Vizcaya

Argentaria

SA

200,000

1,272,978

Diversified

Telecommunication

Services

0.5%

Telefonica

SA

(a)

200,000

934,303

Electric

Utilities

0.5%

Iberdrola

SA

91,500

1,056,990

3,264,271

SWEDEN

1.5%

Machinery

1.5%

Atlas

Copco

AB,

Class

B

20,000

1,018,816

Husqvarna

AB,

Class

B

60,000

837,890

Volvo

AB,

Class

B

50,000

1,127,468

2,984,174

SWITZERLAND

4.3%

Capital

Markets

0.8%

UBS

Group

AG

(Registered)

80,000

1,483,273

Food

Products

0.8%

Nestle

SA

(Registered)

12,000

1,545,983

Insurance

0.8%

Swiss

Life

Holding

AG

(Registered)

2,500

1,606,434

36

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Bailard

International

Equities

Fund

Common

Stocks

Shares

Value

($)

SWITZERLAND

Pharmaceuticals

1.3%

Roche

Holding

AG

7,000

2,706,661

Technology

Hardware,

Storage

&

Peripherals

0.6%

Logitech

International

SA

(Registered)

14,000

1,176,292

8,518,643

TAIWAN

1.6%

Entertainment

0.3%

Sea

Ltd.,

ADR

*

3,500

526,085

Semiconductors

&

Semiconductor

Equipment

1.3%

MediaTek

,

Inc.

18,000

701,832

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

15,000

1,839,450

2,541,282

3,067,367

UNITED

KINGDOM

10.5%

Aerospace

&

Defense

0.8%

BAE

Systems

plc

200,000

1,560,488

Banks

1.1%

Barclays

plc

570,000

1,532,140

HSBC

Holdings

plc

100,000

716,744

2,248,884

Beverages

1.4%

Diageo

plc

55,000

2,772,381

Capital

Markets

0.4%

3i

Group

plc

40,000

745,249

Household

Durables

0.3%

Persimmon

plc

20,000

649,508

Industrial

Conglomerates

0.6%

CK

Hutchison

Holdings

Ltd.

160,000

1,134,447

Insurance

0.3%

Phoenix

Group

Holdings

plc

70,000

627,406

Oil,

Gas

&

Consumable

Fuels

1.3%

BP

plc

500,000

2,579,145

Personal

Products

0.8%

Unilever

plc

30,000

1,525,221

Pharmaceuticals

1.2%

AstraZeneca

plc,

ADR

20,000

1,164,200

GlaxoSmithKline

plc

55,000

1,217,153

2,381,353

Professional

Services

1.1%

RELX

plc

68,000

2,084,287

Textiles,

Apparel

&

Luxury

Goods

0.8%

Burberry

Group

plc

60,000

1,514,447

Trading

Companies

&

Distributors

0.4%

Bunzl

plc

20,000

747,537

20,570,353

UNITED

STATES

3.2%

Automobiles

0.9%

Stellantis

NV

104,519

2,025,797

Common

Stocks

Shares

Value

($)

UNITED

STATES

Electrical

Equipment

1.0%

Schneider

Electric

SE

11,000

1,869,923

IT

Services

0.3%

Globant

SA

*

2,000

510,360

Trading

Companies

&

Distributors

1.0%

Ferguson

plc

12,000

1,888,970

6,295,050

Total

Common

Stocks

(cost

$151,845,081)

192,616,117

Exchange

Traded

Fund

0.4%

UNITED

STATES

0.4%

VanEck

Vietnam

ETF

(a)

35,000

691,775

Total

Exchange

Traded

Fund

(cost

$622,056)

691,775

Short-Term

Investment

0.1%

Money

Market

Fund

0.1%

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,

0.01%,

(c)(d)

265,805

265,805

Total

Short-Term

Investment

(cost

$265,805)

265,805

Total

Investments

(cost

$152,732,942)

  —

98.8%

193,573,697

Other

assets

in

excess

of

liabilities

—

1.2%

2,389,832

NET

ASSETS

—

100.0%

$

195,963,529

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2022.

The

total

value

of

securities

on

loan

as

of

January

31,

2022

was

$639,689,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

with

a

total

value

of

$265,805

and

by

$399,940

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

3.38%,

and

maturity

dates

ranging

from

2/10/2022

–

2/15/2051;

a

total

value

of

$665,745.

(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

as

of

January

31,

2022

was

$1,251,063

which

represents

0.64%

of

net

assets.

(c)

Represents

7-day

effective

yield

as

of

January

31,

2022.

(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,

2022

was

$265,805.

Nationwide

Bailard

International

Equities

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

37

ADR

American

Depositary

Receipt

ETF

Exchange

Traded

Fund

GDR

Global

Depositary

Receipt

NYRS

New

York

Registry

Shares

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.

38

-

Statement

of

Investments

-

January

31,

2022

(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.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2022.

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

$

–

$

1,560,488

$

–

$

1,560,488

Air

Freight

&

Logistics

–

2,983,273

–

2,983,273

Auto

Components

1,208,473

2,758,591

–

3,967,064

Nationwide

Bailard

International

Equities

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

39

Level

1

Level

2

Level

3

Total

Assets:

Automobiles

$

–

$

7,841,836

$

–

$

7,841,836

Banks

1,883,570

20,313,252

–

22,196,822

Beverages

–

3,813,956

–

3,813,956

Biotechnology

–

742,853

–

742,853

Building

Products

–

1,050,478

–

1,050,478

Capital

Markets

–

3,244,399

–

3,244,399

Chemicals

1,396,845

7,126,621

–

8,523,466

Construction

&

Engineering

–

1,231,641

–

1,231,641

Construction

Materials

–

2,540,880

–

2,540,880

Diversified

Financial

Services

–

1,677,635

–

1,677,635

Diversified

Telecommunication

Services

1,149,196

3,573,496

–

4,722,692

Electric

Utilities

–

3,229,637

–

3,229,637

Electrical

Equipment

–

4,442,747

–

4,442,747

Electronic

Equipment,

Instruments

&

Components

–

2,116,970

–

2,116,970

Entertainment

526,085

980,989

–

1,507,074

Food

&

Staples

Retailing

–

3,312,658

–

3,312,658

Food

Products

–

1,545,983

–

1,545,983

Gas

Utilities

–

635,780

–

635,780

Health

Care

Equipment

&

Supplies

–

2,398,648

–

2,398,648

Health

Care

Technology

–

306,624

–

306,624

Household

Durables

–

3,900,821

–

3,900,821

Industrial

Conglomerates

–

4,346,055

–

4,346,055

Insurance

1,415,844

5,410,822

–

6,826,666

Interactive

Media

&

Services

–

1,862,954

–

1,862,954

Internet

&

Direct

Marketing

Retail

1,194,980

31,063

–

1,226,043

IT

Services

2,693,560

3,912,507

–

6,606,067

Machinery

–

4,215,088

–

4,215,088

Marine

–

2,153,104

–

2,153,104

Metals

&

Mining

–

9,173,902

–

9,173,902

Multiline

Retail

–

1,651,978

–

1,651,978

Multi-Utilities

–

1,373,301

–

1,373,301

Oil,

Gas

&

Consumable

Fuels

1,014,915

5,831,381

–

6,846,296

Personal

Products

–

5,094,405

–

5,094,405

Pharmaceuticals

1,164,200

11,062,682

–

12,226,882

Professional

Services

–

7,716,307

–

7,716,307

Real

Estate

Management

&

Development

–

1,132,185

–

1,132,185

Semiconductors

&

Semiconductor

Equipment

6,621,690

4,264,576

–

10,886,266

Software

–

990,483

–

990,483

Specialty

Retail

–

998,956

–

998,956

Technology

Hardware,

Storage

&

Peripherals

–

3,669,423

–

3,669,423

Textiles,

Apparel

&

Luxury

Goods

–

8,056,178

–

8,056,178

Tobacco

–

501,029

–

501,029

Trading

Companies

&

Distributors

–

3,921,395

–

3,921,395

Wireless

Telecommunication

Services

–

1,646,729

–

1,646,729

Total

Common

Stocks

$

20,269,358

$

172,346,759

$

–

$

192,616,117

Exchange

Traded

Fund

691,775

–

–

691,775

Short-Term

Investment

265,805

–

–

265,805

Total

$

21,226,938

$

172,346,759

$

–

$

193,573,697

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.

40

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Emerging

Markets

Debt

Fund

Corporate

Bonds

32.3%

Principal

Amount

($)

Value

($)

BRAZIL

2.8%

Chemicals

0.6%

Braskem

Netherlands

Finance

BV,

4.50%,

1/31/2030(a)

420,000

426,665

Energy

Equipment

&

Services

0.3%

Guara

Norte

Sarl

,

5.20%,

6/15/2034(a)

239,885

223,995

Internet

&

Direct

Marketing

Retail

0.3%

B2W

Digital

Lux

Sarl

,

4.38%,

12/20/2030(a)

200,000

176,500

Marine

0.5%

Hidrovias

International

Finance

SARL,

4.95%,

2/8/2031(a)

200,000

183,500

MV24

Capital

BV,

Reg.

S,

6.75%,

6/1/2034

180,614

180,164

363,664

Oil,

Gas

&

Consumable

Fuels

0.5%

Petrobras

Global

Finance

BV,

5.60%,

1/3/2031

340,000

350,540

Paper

&

Forest

Products

0.6%

Suzano

Austria

GmbH,

5.00%,

1/15/2030

383,000

407,746

1,949,110

CHILE

0.3%

Construction

&

Engineering

0.3%

ATP

Tower

Holdings

LLC,

4.05%,

4/27/2026(a)

210,000

205,800

CHINA

1.3%

Automobiles

1.0%

Geely

Automobile

Holdings

Ltd.,

Reg.

S,

3.63%,

1/25/2023

700,000

707,483

Real

Estate

Management

&

Development

0.3%

Times

China

Holdings

Ltd.,

Reg.

S,

6.75%,

7/8/2025

200,000

93,000

Zhenro

Properties

Group

Ltd.,

Reg.

S,

7.10%,

9/10/2024

254,000

110,490

203,490

910,973

COLOMBIA

1.3%

Banks

0.6%

Grupo

Aval

Ltd.,

4.38%,

2/4/2030(a)

440,000

416,206

Oil,

Gas

&

Consumable

Fuels

0.7%

Transportadora

de

Gas

Internacional

SA

ESP,

5.55%,

11/1/2028(a)

400,000

432,504

848,710

Corporate

Bonds

Principal

Amount

($)

Value

($)

DOMINICAN

REPUBLIC

0.3%

Electric

Utilities

0.3%

AES

Andres

BV,

5.70%,

5/4/2028(a)

211,000

211,000

ECUADOR

0.6%

Construction

&

Engineering

0.6%

International

Airport

Finance

SA,

12.00%,

3/15/2033(a)

352,861

379,325

GEORGIA

1.8%

Banks

0.6%

Bank

of

Georgia

JSC,

Reg.

S,

6.00%,

7/26/2023

351,000

365,791

Capital

Markets

0.4%

Georgia

Capital

JSC,

6.13%,

3/9/2024(a)

243,000

243,547

Electric

Utilities

0.5%

Georgia

Global

Utilities

JSC,

7.75%,

7/30/2025(a)

340,000

359,071

Wireless

Telecommunication

Services

0.3%

Silknet

JSC,

8.38%,

1/31/2027(a)

200,000

197,440

1,165,849

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

161,658

INDIA

1.4%

Diversified

Financial

Services

0.4%

REC

Ltd.,

Reg.

S,

4.63%,

3/22/2028

293,000

310,015

Electric

Utilities

1.0%

Adani

Electricity

Mumbai

Ltd.,

3.95%,

2/12/2030(a)

281,000

273,142

Greenko

Power

II

Ltd.,

4.30%,

12/13/2028(a)

200,000

195,700

India

Green

Power

Holdings,

4.00%,

2/22/2027(a)

220,000

212,586

681,428

991,443

INDONESIA

2.2%

Banks

0.5%

Bank

Mandiri

Persero

Tbk

.

PT,

Reg.

S,

3.75%,

4/11/2024

337,000

346,391

Nationwide

Emerging

Markets

Debt

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

41

Corporate

Bonds

Principal

Amount

($)

Value

($)

INDONESIA

Diversified

Telecommunication

Services

0.5%

Tower

Bersama

Infrastructure

Tbk

.

PT,

Reg.

S,

2.75%,

1/20/2026

354,000

343,554

Electric

Utilities

0.5%

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara,

6.25%,

1/25/2049(a)

265,000

310,453

Oil,

Gas

&

Consumable

Fuels

0.7%

Medco

Oak

Tree

Pte.

Ltd.,

Reg.

S,

7.38%,

5/14/2026

461,000

465,610

1,466,008

ISRAEL

1.4%

Oil,

Gas

&

Consumable

Fuels

0.4%

Energean

Israel

Finance

Ltd.,

Reg.

S,

4.88%,

3/30/2026(a)

297,000

291,431

Pharmaceuticals

1.0%

Teva

Pharmaceutical

Finance

Netherlands

III

BV,

6.00%,

4/15/2024

656,000

668,290

959,721

KAZAKHSTAN

1.3%

Banks

0.8%

Development

Bank

of

Kazakhstan

JSC,

10.95%,

5/6/2026(a)

KZT

223,000,000

506,143

Oil,

Gas

&

Consumable

Fuels

0.5%

KazMunayGas

National

Co.

JSC,

Reg.

S,

4.75%,

4/19/2027

330,000

350,481

856,624

KUWAIT

0.4%

Chemicals

0.4%

MEGlobal

Canada

ULC,

Reg.

S,

5.00%,

5/18/2025

220,000

235,950

MEXICO

6.5%

Banks

0.6%

BBVA

Bancomer

SA,

Reg.

S,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.65%),

5.12%,

1/18/2033(b)

420,000

422,138

Corporate

Bonds

Principal

Amount

($)

Value

($)

MEXICO

Construction

Materials

0.3%

Cemex

SAB

de

CV,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.53%),

5.12%,

6/08/2026(a)(b)(c)

200,000

200,683

Consumer

Finance

0.2%

Unifin

Financiera

SAB

de

CV,

9.88%,

1/28/2029(a)

227,000

135,065

Equity

Real

Estate

Investment

Trusts

(REITs)

0.7%

Trust

Fibra

Uno,

Reg.

S,

6.95%,

1/30/2044

375,000

444,911

Hotels,

Restaurants

&

Leisure

0.3%

Alsea

SAB

de

CV,

7.75%,

12/14/2026(a)

200,000

207,102

Oil,

Gas

&

Consumable

Fuels

3.9%

Petroleos

Mexicanos

Reg.

S,

7.19%,

9/12/2024

MXN

11,891,200

548,294

6.75%,

9/21/2047

965,000

827,970

6.35%,

2/12/2048

1,012,000

835,446

Petroleos

Mexicanos

,

Series

14-2,

7.47%,

11/12/2026

MXN

9,600,000

417,080

2,628,790

Wireless

Telecommunication

Services

0.5%

Sixsigma

Networks

Mexico

SA

de

CV,

7.50%,

5/2/2025(a)

377,000

362,863

4,401,552

MOROCCO

0.3%

Specialty

Retail

0.3%

Vivo

Energy

Investments

BV,

5.13%,

9/24/2027(a)

176,000

180,752

NIGERIA

1.5%

Banks

0.6%

First

Bank

of

Nigeria

Ltd.,

8.63%,

10/27/2025(a)

400,000

418,280

Diversified

Telecommunication

Services

0.9%

IHS

Holding

Ltd.,

5.63%,

11/29/2026(a)

600,000

604,368

1,022,648

PANAMA

0.7%

Media

0.4%

Cable

Onda

SA,

4.50%,

1/30/2030(a)

283,000

287,953

Oil,

Gas

&

Consumable

Fuels

0.3%

UEP

Penonome

II

SA,

6.50%,

10/1/2038(a)

192,383

201,283

489,236

42

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Emerging

Markets

Debt

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

PERU

0.8%

Oil,

Gas

&

Consumable

Fuels

0.3%

Petroleos

del

Peru

SA,

5.63%,

6/19/2047(a)

200,000

184,302

Specialty

Retail

0.5%

InRetail

Consumer,

3.25%,

3/22/2028(a)

360,000

349,204

533,506

RUSSIA

0.6%

Banks

0.3%

Sovcombank

,

Reg.

S,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

6.38%),

7.75%,

5/06/2025(b)(c)

200,000

186,760

Consumer

Finance

0.3%

GTLK

Europe

DAC,

Reg.

S,

5.13%,

5/31/2024

200,000

194,000

380,760

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

299,802

SINGAPORE

0.6%

Oil,

Gas

&

Consumable

Fuels

0.6%

Puma

International

Financing

SA,

5.00%,

1/24/2026(a)

404,000

402,586

SOUTH

AFRICA

1.2%

Diversified

Telecommunication

Services

0.9%

Liquid

Telecommunications

Financing

plc,

5.50%,

9/4/2026(a)

565,000

569,520

Electric

Utilities

0.3%

Eskom

Holdings

SOC

Ltd.,

Reg.

S,

7.13%,

2/11/2025

200,000

202,696

772,216

TANZANIA,

UNITED

REPUBLIC

OF

0.4%

Construction

&

Engineering

0.4%

HTA

Group

Ltd.,

7.00%,

12/18/2025(a)

273,000

284,046

TUNISIA

1.5%

Diversified

Financial

Services

1.5%

Banque

Centrale

de

Tunisie

International

Bond

6.75%,

10/31/2023(a)

EUR

708,000

686,257

Reg.

S,

5.63%,

2/17/2024

EUR

329,000

299,943

986,200

Corporate

Bonds

Principal

Amount

($)

Value

($)

UKRAINE

1.0%

Electric

Utilities

0.6%

NPC

Ukrenergo

,

6.88%,

11/9/2026(a)

466,000

362,967

Metals

&

Mining

0.4%

Metinvest

BV,

8.50%,

4/23/2026(a)

338,000

299,130

662,097

UNITED

ARAB

EMIRATES

1.1%

Diversified

Financial

Services

0.6%

ICD

Sukuk

Co.

Ltd.,

Reg.

S,

5.00%,

2/1/2027

370,000

396,270

Oil,

Gas

&

Consumable

Fuels

0.5%

Galaxy

Pipeline

Assets

Bidco

Ltd.,

Reg.

S,

2.16%,

3/31/2034

368,000

352,782

749,052

UNITED

KINGDOM

0.4%

Wireless

Telecommunication

Services

0.4%

CT

Trust,

5.13%,

2/3/2032(a)

249,000

252,737

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

20,328

Total

Corporate

Bonds

(cost

$22,271,213)

21,779,689

Foreign

Government

Securities

63.4%

ANGOLA

1.4%

Republic

of

Angola

Reg.

S,

8.25%,

5/9/2028

301,000

303,228

Reg.

S,

9.38%,

5/8/2048

638,000

621,986

925,214

ARGENTINA

2.7%

Argentine

Republic

1.00%,

7/9/2029

154,204

54,372

0.50%,

7/9/2030

(e)

1,739,191

586,994

1.13%,

7/9/2035

(e)

1,390,528

428,992

2.00%,

1/9/2038

(e)

192,079

72,606

1.13%,

7/9/2046

(e)

2,045,730

646,533

1,789,497

ARMENIA

0.7%

Republic

of

Armenia,

3.95%,

9/26/2029

(a)

470,000

442,411

BAHAMAS

1.7%

Commonwealth

of

the

Bahamas

6.00%,

11/21/2028

(a)

1,000,000

813,760

8.95%,

10/15/2032

(a)

350,000

304,937

1,118,697

Nationwide

Emerging

Markets

Debt

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

43

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

BAHRAIN

0.5%

Kingdom

of

Bahrain,

Reg.

S,

7.00%,

1/26/2026

330,000

356,119

BARBADOS

0.1%

Barbados

Government

Bond,

Reg.

S,

6.50%,

10/1/2029

75,100

74,725

BELARUS

0.8%

Republic

of

Belarus,

5.88%,

2/24/2026

(a)

650,000

545,285

BENIN

1.2%

Benin

Government

Bond

4.88%,

1/19/2032

(a)

EUR

634,000

685,415

6.88%,

1/19/2052

(a)

100,000

109,016

794,431

BRAZIL

5.3%

Notas

do

Tesouro

Nacional

10.00%,

1/1/2029

BRL

13,981,000

2,467,144

10.00%,

1/1/2031

6,431,000

1,125,029

3,592,173

CAMEROON

1.0%

Republic

of

Cameroon,

5.95%,

7/7/2032

(a)

EUR

621,000

640,733

CHILE

2.9%

Bonos

de

la

Tesoreria

de

la

Republica

en

pesos

Reg.

S,

4.70%,

9/1/2030

(a)

CLP

1,075,000,000

1,258,088

Reg.

S,

2.80%,

10/1/2033

(a)

355,000,000

333,560

5.00%,

3/1/2035

285,000,000

331,877

1,923,525

COLOMBIA

1.5%

Titulos

de

Tesoreria

7.50%,

8/26/2026

COP

716,500,000

175,227

7.00%,

3/26/2031

3,876,500,000

864,316

1,039,543

CZECH

REPUBLIC

0.3%

Czech

Republic,

1.50%,

4/24/2040

CZK

5,090,000

175,239

DOMINICAN

REPUBLIC

1.2%

Dominican

Republic

Government

Bond

Reg.

S,

5.95%,

1/25/2027

544,000

595,685

5.30%,

1/21/2041

(a)

211,000

200,450

796,135

ECUADOR

0.3%

Republic

of

Ecuador,

Reg.

S,

5.00%,

7/31/2030

(e)

232,600

201,781

EGYPT

3.4%

Arab

Republic

of

Egypt

5.75%,

5/29/2024

(a)

600,000

613,608

Reg.

S,

7.50%,

1/31/2027

426,000

430,260

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

EGYPT

Arab

Republic

of

Egypt

7.60%,

3/1/2029

(a)

489,000

470,614

5.63%,

4/16/2030

(a)

EUR

513,000

499,755

Reg.

S,

8.88%,

5/29/2050

350,000

298,913

2,313,150

EL

SALVADOR

0.3%

Republic

of

El

Salvador

Reg.

S,

5.88%,

1/30/2025

309,000

183,858

GHANA

0.6%

Republic

of

Ghana

7.75%,

4/7/2029

(a)

291,000

227,926

8.63%,

6/16/2049

(a)

267,000

199,249

427,175

HUNGARY

1.5%

Hungary

Government

Bond

1.50%,

4/22/2026

HUF

91,110,000

253,503

1.50%,

8/26/2026

273,330,000

752,761

1,006,264

INDONESIA

3.2%

Republic

of

Indonesia

6.13%,

5/15/2028

IDR

6,096,000,000

425,770

7.00%,

9/15/2030

12,516,000,000

894,622

6.50%,

2/15/2031

12,205,000,000

849,055

2,169,447

IRAQ

1.0%

Republic

of

Iraq

Reg.

S,

6.75%,

3/9/2023

260,000

261,950

Reg.

S,

5.80%,

1/15/2028

405,750

388,506

650,456

IVORY

COAST

1.0%

Republic

of

Cote

d'Ivoire

4.88%,

1/30/2032

(a)

EUR

120,000

126,369

Reg.

S,

6.88%,

10/17/2040

250,000

282,632

Reg.

S,

6.63%,

3/22/2048

270,000

288,669

697,670

JORDAN

0.4%

Hashemite

Kingdom

of

Jordan,

Reg.

S,

7.38%,

10/10/2047

283,000

277,801

MALAYSIA

1.1%

Malaysia

Government

Bond

3.91%,

7/15/2026

MYR

2,314,000

567,981

3.76%,

5/22/2040

717,000

160,217

728,198

MEXICO

0.2%

Mex

Bonos

Desarr

Fix

Rt

,

5.75%,

3/5/2026

MXN

2,472,200

112,219

44

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Emerging

Markets

Debt

Fund

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

MOROCCO

0.5%

Kingdom

of

Morocco,

1.50%,

11/27/2031

(a)

EUR

341,000

342,851

NIGERIA

1.0%

Federal

Republic

of

Nigeria

Reg.

S,

7.63%,

11/21/2025

375,000

403,762

7.14%,

2/23/2030

(a)

297,000

288,892

692,654

PAKISTAN

1.4%

Islamic

Republic

of

Pakistan

Reg.

S,

6.88%,

12/5/2027

348,000

338,430

7.38%,

4/8/2031

(a)

246,000

230,937

Reg.

S,

7.38%,

4/8/2031

200,000

187,754

8.88%,

4/8/2051

(a)

200,000

186,100

943,221

PERU

1.0%

Republic

of

Peru,

Reg.

S,

6.90%,

8/12/2037

PEN

2,542,000

665,121

QATAR

4.9%

State

of

Qatar

Reg.

S,

4.00%,

3/14/2029

950,000

1,046,571

Reg.

S,

4.82%,

3/14/2049

1,230,000

1,537,500

Reg.

S,

4.40%,

4/16/2050

592,000

702,260

3,286,331

ROMANIA

0.8%

Romania

Government

Bond

Reg.

S,

2.63%,

12/2/2040

EUR

268,000

249,906

Reg.

S,

2.75%,

4/14/2041

320,000

300,403

550,309

RUSSIA

2.2%

Russian

Federation

7.75%,

9/16/2026

RUB

65,161,000

790,914

6.90%,

5/23/2029

60,921,000

689,283

1,480,197

RWANDA

0.6%

Republic

of

Rwanda,

5.50%,

8/9/2031

(a)

427,000

419,041

SAUDI

ARABIA

1.3%

Kingdom

of

Saudi

Arabia

Reg.

S,

4.63%,

10/4/2047

270,000

307,913

Reg.

S,

3.75%,

1/21/2055

557,000

564,748

872,661

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

SERBIA

1.0%

Republic

of

Serbia

1.50%,

6/26/2029

(a)

EUR

358,000

380,797

1.65%,

3/3/2033

(a)

300,000

302,031

682,828

SOUTH

AFRICA

5.5%

Republic

of

South

Africa

8.25%,

3/31/2032

ZAR

27,346,000

1,603,397

9.00%,

1/31/2040

34,053,000

1,932,181

6.50%,

2/28/2041

4,332,500

188,240

3,723,818

THAILAND

2.5%

Kingdom

of

Thailand

Reg.

S,

1.25%,

3/12/2028

(f)

THB

42,676,704

1,282,568

3.30%,

6/17/2038

5,590,000

179,667

2.00%,

6/17/2042

8,161,000

212,626

1,674,861

TURKEY

0.5%

Republic

of

Turkey,

6.13%,

10/24/2028

330,000

304,458

UKRAINE

0.5%

Ukraine

Government

Bond,

Reg.

S,

7.75%,

9/1/2023

347,000

319,268

UNITED

ARAB

EMIRATES

0.5%

United

Arab

Emirates

Government

Bond,

3.13%,

4/16/2030

(a)

349,000

368,462

URUGUAY

2.7%

Oriental

Republic

of

Uruguay

Reg.

S,

8.50%,

3/15/2028

UYU

14,175,000

317,447

4.38%,

12/15/2028

(f)

54,703,115

1,479,409

1,796,856

UZBEKISTAN

1.7%

Republic

of

Uzbekistan

Reg.

S,

4.75%,

2/20/2024

287,000

296,621

3.70%,

11/25/2030

(a)

325,000

302,835

Reg.

S,

3.70%,

11/25/2030

200,000

186,360

3.90%,

10/19/2031

(a)

400,000

372,588

1,158,404

VENEZUELA,

BOLIVARIAN

REPUBLIC

OF

0.0%

†

Bolivarian

Republic

of

Venezuela,

Reg.

S,

11.75%,

10/21/2026

(d)

445,000

24,475

Nationwide

Emerging

Markets

Debt

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

45

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

ZAMBIA

0.5%

Republic

of

Zambia,

Reg.

S,

8.97%,

7/30/2027

(d)

499,000

370,038

Total

Foreign

Government

Securities

(cost

$45,942,372)

42,657,600

Total

Investments

(cost

$68,213,585)

—

95.7%

64,437,289

Other

assets

in

excess

of

liabilities

—

4.3%

2,864,032

NET

ASSETS

—

100.0%

$

67,301,321

†

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

as

of

January

31,

2022

was

$22,061,474

which

represents

32.78%

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,

2022.

(c)

Perpetual

Bond

Security.

The

rate

reflected

in

the

Statement

of

Investments

is

the

rate

in

effect

on

January

31,

2022.

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

as

of

January

31,

2022.

(f)

Principal

amounts

are

not

adjusted

for

inflation.

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

Currency:

BRL

Brazilian

Real

CLP

Chilean

Peso

COP

Colombian

Peso

CZK

Czech

Republic

Koruna

EUR

Euro

HUF

Hungarian

Forint

IDR

Indonesian

Rupiah

KZT

Kazakhstan

Tenge

MXN

Mexican

Peso

MYR

Malaysia

Ringgit

PEN

Peru

Nuevo

Sol

RUB

Russia

Ruble

THB

Thailand

Baht

UYU

Uruguay

Peso

Uruguayo

ZAR

South

Africa

Rand

46

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Emerging

Markets

Debt

Fund

Forward

Foreign

Currency

Contracts

outstanding

as

of

January

31,

2022:

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

($)

CZK

4,500,000

USD

199,168

CREDIT

AGRICOLE

SECURITIES

USA

INC

3/8/2022

7,860

HUF

297,000,000

USD

906,675

CREDIT

LYONNAIS

LONDON

3/11/2022

28,505

CNY

11,441,000

USD

1,783,182

Deutsche

Bank

Securities,

Inc.

**

3/15/2022

9,588

CZK

2,191,000

USD

100,078

Barclays

Bank

plc

3/15/2022

638

CZK

60,518,057

USD

2,668,642

CREDIT

LYONNAIS

LONDON

3/15/2022

113,247

IDR

1,657,915,000

USD

114,105

BARCLAYS

BANK

PLC

**

3/15/2022

848

INR

110,740,000

USD

1,452,537

BARCLAYS

BANK

PLC

**

3/15/2022

24,735

MXN

56,215,000

USD

2,598,360

JPMorgan

Chase

Bank

3/15/2022

108,404

THB

4,915,000

USD

145,874

CREDIT

LYONNAIS

LONDON

3/15/2022

1,725

USD

323,330

CLP

259,007,000

JPMORGAN

BANK

**

3/15/2022

1,594

USD

5,409,848

EUR

4,783,711

CREDIT

LYONNAIS

LONDON

3/15/2022

30,876

USD

582,824

PEN

2,230,000

Deutsche

Bank

Securities,

Inc.

**

3/15/2022

5,262

USD

480,658

RUB

36,500,000

CREDIT

AGRICOLE

SECURITIES

USA

INC

**

3/15/2022

13,205

USD

789,676

RUB

60,331,000

Deutsche

Bank

Securities,

Inc.

**

3/15/2022

17,020

Total

unrealized

appreciation

363,507

HUF

205,924,000

USD

661,280

Barclays

Bank

plc

3/11/2022

(12,876)

USD

250,044

HUF

80,600,000

Barclays

Bank

plc

3/11/2022

(3,746)

USD

498,617

HUF

163,800,000

CREDIT

LYONNAIS

LONDON

3/11/2022

(17,149)

CLP

457,980,000

USD

570,912

JPMorgan

Chase

Bank

**

3/15/2022

(2,013)

RUB

67,000,000

USD

864,487

BARCLAYS

BANK

PLC

**

3/15/2022

(6,421)

RUB

14,783,000

USD

197,298

DEUTSCHE

BANK

SECURITIES

**

3/15/2022

(7,973)

RUB

65,055,000

USD

845,749

JPMORGAN

BANK

**

3/15/2022

(12,592)

USD

952,955

BRL

5,532,000

JPMorgan

Chase

Bank

**

3/15/2022

(78,196)

USD

726,696

CLP

616,827,000

BARCLAYS

CAPITAL

INC

**

3/15/2022

(39,521)

USD

295,730

CLP

238,580,000

JPMorgan

Chase

Bank

**

3/15/2022

(632)

USD

169,057

COP

671,855,000

Deutsche

Bank

Securities,

Inc.

**

3/15/2022

(305)

USD

913,745

PEN

3,748,000

Deutsche

Bank

Securities,

Inc.

**

3/15/2022

(56,972)

USD

1,618,903

PLN

6,630,000

CREDIT

LYONNAIS

LONDON

3/15/2022

(1,176)

USD

216,745

PLN

893,000

Deutsche

Bank

Securities,

Inc.

3/15/2022

(1,465)

USD

688,815

RON

3,053,000

Barclays

Bank

plc

3/15/2022

(2,760)

USD

630,533

RUB

50,478,000

CREDIT

AGRICOLE

SECURITIES

(USA)

INC

**

3/15/2022

(15,937)

USD

2,362,535

ZAR

38,298,000

CREDIT

LYONNAIS

LONDON

3/15/2022

(115,203)

USD

350,289

HUF

115,000,000

Barclays

Bank

plc

3/16/2022

(11,623)

Total

unrealized

depreciation

(386,560)

Net

unrealized

depreciation

(23,053)

**

Non-deliverable

forward.

Currency:

BRL

Brazilian

real

CLP

Chilean

peso

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

RON

Romanian

Leu

RUB

Russian

ruble

THB

Thai

baht

USD

United

States

dollar

ZAR

South

African

rand

Nationwide

Emerging

Markets

Debt

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

47

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,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Corporate

Bonds

$

–

$

21,779,689

$

–

$

21,779,689

Foreign

Government

Securities

–

42,657,600

–

42,657,600

Forward

Foreign

Currency

Contracts

–

363,507

–

363,507

Total

Assets

$

–

$

64,800,796

$

–

$

64,800,796

$

–

$

–

$

–

$

–

Liabilities:

Forward

Foreign

Currency

Contracts

$

–

$

(386,560)

$

–

$

(386,560)

Total

Liabilities

$

–

$

(386,560)

$

–

$

(386,560)

Total

$

–

$

64,414,236

$

–

$

64,414,236

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

48

-

Statement

of

Investments

-

January

31,

2022

(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,

2022.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

forward

foreign

currency

contracts.

(a)

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,

2022:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2022:

Assets:

Fair

Value

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

appreciation

on

forward

foreign

currency

contracts

$

363,507

Total

$

363,507

Liabilities:

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

depreciation

on

forward

foreign

currency

contracts

$

(386,560)

Total

$

(386,560)

The

Statement

of

Investments

should

be

read

in

conjunction

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,

2022

(Unaudited)

-

Statement

of

Investments

-

49

Common

Stocks

98.0%

Shares

Value

($)

AUSTRIA

1.2%

Banks

1.2%

Erste

Group

Bank

AG

15,453

719,018

BELGIUM

1.1%

Banks

1.1%

KBC

Group

NV

7,793

676,466

CANADA

1.2%

Road

&

Rail

1.2%

Canadian

Pacific

Railway

Ltd.

10,467

747,344

CHINA

4.0%

Automobiles

0.7%

Li

Auto,

Inc.,

ADR

*

15,450

403,091

Chemicals

0.0%

†

Tianhe

Chemicals

Group

Ltd.

*^∞

2,702,000

0

Insurance

0.7%

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

H

54,000

423,207

Interactive

Media

&

Services

1.2%

Tencent

Holdings

Ltd.

11,900

726,344

Internet

&

Direct

Marketing

Retail

0.0%

†

JD.com,

Inc.,

Class

A

*

566

21,106

Semiconductors

&

Semiconductor

Equipment

1.4%

NXP

Semiconductors

NV

4,108

843,947

2,417,695

DENMARK

1.0%

Biotechnology

1.0%

Genmab

A/S

*

1,720

584,330

FINLAND

1.0%

Machinery

1.0%

Metso

Outotec

OYJ

58,579

625,964

FRANCE

6.8%

Auto

Components

1.4%

Cie

Generale

des

Etablissements

Michelin

SCA

5,167

864,803

Banks

1.8%

Societe

Generale

SA

28,800

1,068,474

Entertainment

0.5%

Ubisoft

Entertainment

SA

*

5,742

328,420

Food

Products

0.9%

Danone

SA

8,168

508,861

Insurance

2.2%

AXA

SA

40,913

1,294,925

4,065,483

GERMANY

1.4%

Machinery

1.4%

Knorr-

Bremse

AG

8,493

856,783

INDIA

1.8%

Banks

1.8%

Axis

Bank

Ltd.,

GDR

Reg.

S

*

19,996

1,055,531

Common

Stocks

Shares

Value

($)

INDONESIA

1.4%

Banks

1.4%

Bank

Mandiri

Persero

Tbk

.

PT

1,627,600

848,085

ITALY

1.0%

Electrical

Equipment

1.0%

Prysmian

SpA

17,068

574,302

JAPAN

6.3%

Diversified

Telecommunication

Services

0.6%

Nippon

Telegraph

&

Telephone

Corp.

13,100

373,327

Entertainment

0.7%

Nintendo

Co.

Ltd.

900

441,445

Household

Durables

2.5%

Sony

Group

Corp.

12,600

1,407,651

Pharmaceuticals

0.6%

Takeda

Pharmaceutical

Co.

Ltd.

12,959

375,373

Professional

Services

0.8%

TechnoPro

Holdings,

Inc.

18,714

475,411

Wireless

Telecommunication

Services

1.1%

SoftBank

Group

Corp.

15,500

685,620

3,758,827

NETHERLANDS

0.8%

Health

Care

Equipment

&

Supplies

0.8%

Koninklijke

Philips

NV

13,878

460,425

NORWAY

2.1%

Oil,

Gas

&

Consumable

Fuels

2.1%

Equinor

ASA

46,110

1,270,262

SWITZERLAND

0.9%

Health

Care

Equipment

&

Supplies

0.9%

Alcon,

Inc.

6,716

517,931

UNITED

KINGDOM

11.2%

Capital

Markets

1.8%

London

Stock

Exchange

Group

plc

11,002

1,074,665

Chemicals

2.2%

Linde

plc

4,315

1,375,104

Electronic

Equipment,

Instruments

&

Components

1.3%

Spectris

plc

16,921

771,197

Personal

Products

1.4%

Unilever

plc

16,228

823,999

Pharmaceuticals

1.8%

AstraZeneca

plc

9,359

1,085,999

Software

1.4%

Sage

Group

plc

(The)

86,700

844,947

Trading

Companies

&

Distributors

1.3%

Ashtead

Group

plc

10,472

748,070

6,723,981

UNITED

STATES

54.8%

Auto

Components

1.9%

Aptiv

plc

*

8,184

1,117,771

50

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Global

Sustainable

Equity

Fund

Common

Stocks

Shares

Value

($)

UNITED

STATES

Automobiles

0.5%

Rivian

Automotive,

Inc.,

Class

A

*(a)

5,000

328,700

Banks

1.9%

Wells

Fargo

&

Co.

20,865

1,122,537

Biotechnology

3.7%

AbbVie,

Inc.

6,868

940,161

Mirati

Therapeutics,

Inc.

*

2,086

248,860

Vertex

Pharmaceuticals,

Inc.

*

4,062

987,268

2,176,289

Capital

Markets

2.0%

Ameriprise

Financial,

Inc.

3,908

1,189,243

Chemicals

1.5%

Ecolab,

Inc.

4,836

916,180

Commercial

Services

&

Supplies

2.0%

Montrose

Environmental

Group,

Inc.

*

14,650

670,530

MSA

Safety,

Inc.

3,754

515,800

1,186,330

Communications

Equipment

0.8%

Ciena

Corp.

*

7,544

500,243

Electrical

Equipment

0.5%

Shoals

Technologies

Group,

Inc.,

Class

A

*

17,146

289,082

Electronic

Equipment,

Instruments

&

Components

0.5%

Keysight

Technologies,

Inc.

*

1,881

317,550

Entertainment

1.2%

Electronic

Arts,

Inc.

5,436

721,140

Food

&

Staples

Retailing

1.3%

Costco

Wholesale

Corp.

1,542

778,910

Health

Care

Equipment

&

Supplies

0.7%

Medtronic

plc

4,200

434,658

Health

Care

Providers

&

Services

3.1%

Laboratory

Corp.

of

America

Holdings

*

1,848

501,473

UnitedHealth

Group,

Inc.

2,911

1,375,652

1,877,125

Hotels,

Restaurants

&

Leisure

0.9%

Sweetgreen

,

Inc.,

Class

A

*(a)

18,128

548,372

Household

Products

1.0%

Procter

&

Gamble

Co.

(The)

3,844

616,770

Insurance

1.4%

Marsh

&

McLennan

Cos.,

Inc.

5,294

813,370

Internet

&

Direct

Marketing

Retail

2.4%

Amazon.com,

Inc.

*

475

1,420,948

IT

Services

6.2%

Akamai

Technologies,

Inc.

*

14,437

1,653,758

Okta

,

Inc.

*

1,982

392,218

Snowflake,

Inc.,

Class

A

*

2,908

802,317

Visa,

Inc.,

Class

A

3,592

812,403

3,660,696

Life

Sciences

Tools

&

Services

1.4%

Bio-Rad

Laboratories,

Inc.,

Class

A

*

1,363

817,432

Common

Stocks

Shares

Value

($)

UNITED

STATES

Machinery

1.8%

Ingersoll

Rand,

Inc.

19,134

1,075,522

Oil,

Gas

&

Consumable

Fuels

1.5%

Hess

Corp.

9,867

910,625

Pharmaceuticals

1.0%

Eli

Lilly

&

Co.

2,546

624,763

Semiconductors

&

Semiconductor

Equipment

3.9%

Micron

Technology,

Inc.

10,927

898,965

Universal

Display

Corp.

4,443

682,045

Xilinx,

Inc.

3,677

711,683

2,292,693

Software

9.0%

Cadence

Design

Systems,

Inc.

*

6,202

943,572

Microsoft

Corp.

8,119

2,524,848

salesforce.com,

Inc.

*

2,883

670,672

VMware,

Inc.,

Class

A

9,228

1,185,613

5,324,705

Specialty

Retail

1.9%

TJX

Cos.,

Inc.

(The)

15,865

1,141,804

Technology

Hardware,

Storage

&

Peripherals

0.8%

Western

Digital

Corp.

*

9,778

505,914

32,709,372

Total

Common

Stocks

(cost

$42,032,268)

58,611,799

Short-Term

Investment

1.3%

Money

Market

Fund

1.3%

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,

0.01%,

(b)(c)

769,910

769,910

Total

Short-Term

Investment

(cost

$769,910)

769,910

Total

Investments

(cost

$42,802,178)

  —

99.3%

59,381,709

Other

assets

in

excess

of

liabilities

—

0.7%

444,092

NET

ASSETS

—

100.0%

$

59,825,801

*

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

as

of

January

31,

2022.

The

total

value

of

securities

on

loan

as

of

January

31,

2022

was

$805,222,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

with

a

value

of

$769,910.

(b)

Represents

7-day

effective

yield

as

of

January

31,

2022.

(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,

2022

was

$769,910.

Nationwide

Global

Sustainable

Equity

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

51

ADR

American

Depositary

Receipt

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.

52

-

Statement

of

Investments

-

January

31,

2022

(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.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

  Common

Stocks

Auto

Components

$

1,117,771

$

864,803

$

–

$

1,982,574

Automobiles

731,791

–

–

731,791

Banks

1,122,537

4,367,574

–

5,490,111

Nationwide

Global

Sustainable

Equity

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

53

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

Level

1

Level

2

Level

3

Total

Assets:

Biotechnology

$

2,176,289

$

584,330

$

–

$

2,760,619

Capital

Markets

1,189,243

1,074,665

–

2,263,908

Chemicals

2,291,284

–

–

2,291,284

Commercial

Services

&

Supplies

1,186,330

–

–

1,186,330

Communications

Equipment

500,243

–

–

500,243

Diversified

Telecommunication

Services

–

373,327

–

373,327

Electrical

Equipment

289,082

574,302

–

863,384

Electronic

Equipment,

Instruments

&

Components

317,550

771,197

–

1,088,747

Entertainment

721,140

769,865

–

1,491,005

Food

&

Staples

Retailing

778,910

–

–

778,910

Food

Products

–

508,861

–

508,861

Health

Care

Equipment

&

Supplies

434,658

978,356

–

1,413,014

Health

Care

Providers

&

Services

1,877,125

–

–

1,877,125

Hotels,

Restaurants

&

Leisure

548,372

–

–

548,372

Household

Durables

–

1,407,651

–

1,407,651

Household

Products

616,770

–

–

616,770

Insurance

813,370

1,718,132

–

2,531,502

Interactive

Media

&

Services

–

726,344

–

726,344

Internet

&

Direct

Marketing

Retail

1,420,948

21,106

–

1,442,054

IT

Services

3,660,696

–

–

3,660,696

Life

Sciences

Tools

&

Services

817,432

–

–

817,432

Machinery

1,075,522

1,482,747

–

2,558,269

Oil,

Gas

&

Consumable

Fuels

910,625

1,270,262

–

2,180,887

Personal

Products

–

823,999

–

823,999

Pharmaceuticals

624,763

1,461,372

–

2,086,135

Professional

Services

–

475,411

–

475,411

Road

&

Rail

747,344

–

–

747,344

Semiconductors

&

Semiconductor

Equipment

3,136,640

–

–

3,136,640

Software

5,324,705

844,947

–

6,169,652

Specialty

Retail

1,141,804

–

–

1,141,804

Technology

Hardware,

Storage

&

Peripherals

505,914

–

–

505,914

Trading

Companies

&

Distributors

–

748,070

–

748,070

Wireless

Telecommunication

Services

–

685,620

–

685,620

Total

Common

Stocks

$

36,078,858

$

22,532,941

$

–

$

58,611,799

Short-Term

Investment

769,910

–

–

769,910

Total

$

36,848,768

$

22,532,941

$

–

$

59,381,709

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

During

the

period

ended

January

31,

2022,

the

Fund

held

one

common

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.

54

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

International

Small

Cap

Fund

Common

Stocks

96.8%

Shares

Value

($)

AUSTRALIA

5.1%

Capital

Markets

0.5%

Pendal

Group

Ltd.

934,031

3,201,203

Chemicals

0.2%

Nufarm

Ltd.

371,070

1,175,640

Containers

&

Packaging

0.4%

Orora

Ltd.

1,178,335

2,891,177

Energy

Equipment

&

Services

0.1%

Worley

Ltd.

56,479

461,647

Equity

Real

Estate

Investment

Trusts

(REITs)

0.9%

Charter

Hall

Group

492,215

5,896,473

Hotels,

Restaurants

&

Leisure

0.1%

Domino's

Pizza

Enterprises

Ltd.

13,247

979,583

IT

Services

0.4%

Tyro

Payments

Ltd.

*(a)

1,773,590

2,853,149

Metals

&

Mining

1.4%

Alumina

Ltd.

561,729

755,448

Bellevue

Gold

Ltd.

*

955,423

522,004

IGO

Ltd.

144,839

1,218,131

Lynas

Rare

Earths

Ltd.

*

175,355

1,131,647

Mineral

Resources

Ltd.

58,135

2,302,131

Northern

Star

Resources

Ltd.

189,778

1,126,614

OZ

Minerals

Ltd.

64,728

1,115,571

Pilbara

Minerals

Ltd.

*

865,784

2,004,039

10,175,585

Oil,

Gas

&

Consumable

Fuels

0.2%

Beach

Energy

Ltd.

374,212

395,891

Whitehaven

Coal

Ltd.

*

366,094

694,565

1,090,456

Real

Estate

Management

&

Development

0.4%

Lifestyle

Communities

Ltd.

226,130

2,711,474

Software

0.2%

SiteMinder

Ltd.

*

304,442

1,275,989

Trading

Companies

&

Distributors

0.3%

Seven

Group

Holdings

Ltd.

(a)

124,129

1,919,951

34,632,327

AUSTRIA

2.4%

Banks

1.2%

Addiko

Bank

AG

171,044

2,360,188

BAWAG

Group

AG

Reg.

S

(b)

95,218

5,718,146

8,078,334

Construction

Materials

0.2%

Wienerberger

AG

36,115

1,305,103

Electronic

Equipment,

Instruments

&

Components

0.4%

AT&S

Austria

Technologie

&

Systemtechnik

AG

61,415

2,868,878

Machinery

0.6%

ANDRITZ

AG

74,380

3,959,720

16,212,035

BELGIUM

1.0%

Air

Freight

&

Logistics

0.3%

bpost

SA

*

284,319

2,095,317

Common

Stocks

Shares

Value

($)

BELGIUM

Banks

0.7%

KBC

Ancora

93,950

4,524,029

6,619,346

BRAZIL

1.8%

IT

Services

0.4%

Locaweb

Servicos

de

Internet

SA

Reg.

S

*(b)

1,617,800

2,955,248

Software

0.8%

TOTVS

SA

878,200

4,807,683

Water

Utilities

0.2%

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

*

231,100

1,625,938

Wireless

Telecommunication

Services

0.4%

TIM

SA

*

1,038,400

2,594,973

11,983,842

CANADA

3.1%

Chemicals

0.3%

EcoSynthetix

,

Inc.

*

561,534

2,226,434

Entertainment

0.4%

Boat

Rocker

Media,

Inc.

*

530,876

2,789,798

IT

Services

1.0%

Nuvei

Corp.

Reg.

S

*(b)

112,387

6,855,607

Oil,

Gas

&

Consumable

Fuels

0.1%

Parex

Resources,

Inc.

45,121

959,817

Software

1.3%

Lightspeed

Commerce,

Inc.

*(a)

245,410

7,964,484

20,796,140

CHINA

2.3%

Auto

Components

0.3%

Minth

Group

Ltd.

491,677

2,279,002

Automobiles

0.2%

Niu

Technologies,

ADR

*(a)

74,856

1,051,727

Biotechnology

0.0%

†

Gracell

Biotechnologies,

Inc.,

ADR

*(a)

68,825

244,329

Gas

Utilities

0.5%

Beijing

Enterprises

Holdings

Ltd.

799,500

2,723,498

Hotels,

Restaurants

&

Leisure

0.0%

†

Tongcheng

Travel

Holdings

Ltd.

Reg.

S

*

105,600

217,819

Independent

Power

and

Renewable

Electricity

Producers

0.2%

China

Datang

Corp.

Renewable

Power

Co.

Ltd.,

Class

H

3,759,000

1,536,412

Machinery

0.6%

Airtac

International

Group

58,832

2,079,086

Estun

Automation

Co.

Ltd.,

Class

A

170,800

634,956

Nationwide

International

Small

Cap

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

55

Common

Stocks

Shares

Value

($)

CHINA

Machinery

Precision

Tsugami

China

Corp.

Ltd.

Reg.

S

656,738

839,982

3,554,024

Pharmaceuticals

0.1%

Hutchmed

China

Ltd.,

ADR

*

37,359

1,017,659

Real

Estate

Management

&

Development

0.3%

CIFI

Holdings

Group

Co.

Ltd.

3,214,000

2,098,697

Software

0.1%

Venustech

Group,

Inc.,

Class

A

147,800

572,583

15,295,750

COLOMBIA

0.1%

Oil,

Gas

&

Consumable

Fuels

0.1%

Canacol

Energy

Ltd.

367,125

967,524

DENMARK

1.6%

Beverages

0.3%

Royal

Unibrew

A/S

19,092

2,191,492

Biotechnology

0.7%

Ascendis

Pharma

A/S,

ADR

*

30,948

3,764,515

Zealand

Pharma

A/S

*(a)

51,987

1,011,764

4,776,279

Marine

0.1%

Dfds

A/S

*

17,919

874,397

Software

0.5%

Netcompany

Group

A/S

Reg.

S

(b)

45,396

3,327,972

11,170,140

EGYPT

0.1%

Metals

&

Mining

0.1%

Centamin

plc

829,054

994,361

FAROE

ISLANDS

0.2%

Food

Products

0.2%

Bakkafrost

P/F

17,848

1,232,470

FINLAND

1.0%

Chemicals

0.3%

Kemira

OYJ

156,398

2,303,596

Machinery

0.7%

Cargotec

OYJ,

Class

B

65,538

3,282,187

Wartsila

OYJ

Abp

111,580

1,382,390

4,664,577

6,968,173

FRANCE

5.4%

Auto

Components

0.2%

Valeo

SA

48,326

1,350,414

Capital

Markets

0.5%

Rothschild

&

Co.

72,339

3,145,863

Construction

Materials

0.3%

Imerys

SA

15,472

709,177

Vicat

SA

27,831

1,153,267

1,862,444

Gas

Utilities

0.4%

Rubis

SCA

85,068

2,744,814

Common

Stocks

Shares

Value

($)

FRANCE

Hotels,

Restaurants

&

Leisure

0.6%

Elior

Group

SA

Reg.

S

*(b)

666,684

4,018,536

Household

Durables

0.4%

Kaufman

&

Broad

SA

66,141

2,623,983

Media

1.0%

JCDecaux

SA

*

275,769

7,520,400

Real

Estate

Management

&

Development

0.6%

Nexity

SA

93,865

3,920,479

Road

&

Rail

0.3%

ALD

SA

Reg.

S

(b)

144,908

2,164,333

Semiconductors

&

Semiconductor

Equipment

0.3%

SOITEC

*

12,461

2,267,980

Specialty

Retail

0.8%

Maisons

du

Monde

SA

Reg.

S

(b)

223,884

5,106,005

36,725,251

GERMANY

2.4%

Chemicals

0.2%

Wacker

Chemie

AG

11,740

1,689,401

Industrial

Conglomerates

0.3%

Rheinmetall

AG

22,596

2,342,847

Life

Sciences

Tools

&

Services

0.8%

Evotec

SE

*

36,289

1,453,892

Gerresheimer

AG

36,742

3,277,673

4,731,565

Metals

&

Mining

0.5%

Aurubis

AG

21,293

2,199,297

thyssenkrupp

AG

*

64,575

652,479

2,851,776

Professional

Services

0.4%

Bertrandt

AG

46,549

2,706,010

Thrifts

&

Mortgage

Finance

0.2%

Deutsche

Pfandbriefbank

AG

Reg.

S

(b)

122,653

1,502,686

Transportation

Infrastructure

0.0%

†

Hamburger

Hafen

und

Logistik

AG

6,564

140,899

15,965,184

GREECE

0.8%

Diversified

Telecommunication

Services

0.8%

Hellenic

Telecommunications

Organization

SA

284,222

5,535,410

HONG

KONG

1.6%

Banks

0.8%

Dah

Sing

Financial

Holdings

Ltd.

1,574,000

5,109,946

Diversified

Telecommunication

Services

0.1%

HKBN

Ltd.

770,500

968,980

Hotels,

Restaurants

&

Leisure

0.7%

Mandarin

Oriental

International

Ltd.

*

1,120,600

2,421,157

56

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

International

Small

Cap

Fund

Common

Stocks

Shares

Value

($)

HONG

KONG

Hotels,

Restaurants

&

Leisure

Melco

Resorts

&

Entertainment

Ltd.,

ADR

*

215,895

2,279,851

4,701,008

10,779,934

IRELAND

1.6%

Banks

0.7%

AIB

Group

plc

*

1,738,451

4,590,811

Trading

Companies

&

Distributors

0.9%

AerCap

Holdings

NV

*

94,945

5,981,535

10,572,346

ISRAEL

0.7%

Real

Estate

Management

&

Development

0.7%

Melisron

Ltd.

*

56,636

4,973,166

ITALY

3.5%

Aerospace

&

Defense

0.1%

Leonardo

SpA

*(a)

104,786

754,553

Capital

Markets

0.3%

Banca

Generali

SpA

47,967

1,932,146

Construction

Materials

0.3%

Buzzi

Unicem

SpA

83,196

1,731,922

Energy

Equipment

&

Services

0.1%

Saipem

SpA

*

258,645

393,648

Gas

Utilities

0.5%

Italgas

SpA

(a)

557,013

3,689,196

Life

Sciences

Tools

&

Services

0.3%

Stevanato

Group

SpA

*

131,600

2,285,892

Machinery

0.2%

Interpump

Group

SpA

23,970

1,475,270

Textiles,

Apparel

&

Luxury

Goods

1.5%

Brunello

Cucinelli

SpA

*(a)

25,267

1,462,619

OVS

SpA

Reg.

S

*(b)

2,097,250

5,823,565

Salvatore

Ferragamo

SpA

*

141,588

3,028,854

10,315,038

Transportation

Infrastructure

0.2%

Enav

SpA

Reg.

S

*(b)

267,311

1,228,123

23,805,788

JAPAN

22.0%

Air

Freight

&

Logistics

0.4%

Kintetsu

World

Express,

Inc.

98,900

2,467,908

Auto

Components

0.4%

Ichikoh

Industries

Ltd.

36,100

158,997

Musashi

Seimitsu

Industry

Co.

Ltd.

152,300

2,291,864

Nifco,

Inc.

18,900

551,444

3,002,305

Automobiles

0.3%

Yamaha

Motor

Co.

Ltd.

72,830

1,738,268

Banks

1.4%

Bank

of

Kyoto

Ltd.

(The)

(a)

100,416

4,684,290

Fukuoka

Financial

Group,

Inc.

239,700

4,711,467

9,395,757

Common

Stocks

Shares

Value

($)

JAPAN

Beverages

0.2%

Ito

En

Ltd.

29,900

1,615,888

Building

Products

0.2%

Sekisui

Jushi

Corp.

38,400

678,428

Sinko

Industries

Ltd.

32,900

524,418

1,202,846

Chemicals

1.4%

Air

Water,

Inc.

90,900

1,384,763

JSR

Corp.

32,882

1,095,803

Lintec

Corp.

29,500

684,850

MEC

Co.

Ltd.

40,000

1,134,430

Nippon

Shokubai

Co.

Ltd.

13,200

620,812

NOF

Corp.

28,200

1,290,724

Shin-Etsu

Polymer

Co.

Ltd.

80,400

771,949

Showa

Denko

KK

(a)

56,600

1,176,931

Tokyo

Ohka

Kogyo

Co.

Ltd.

22,100

1,305,868

9,466,130

Construction

&

Engineering

1.2%

COMSYS

Holdings

Corp.

55,200

1,314,830

EXEO

Group,

Inc.

58,700

1,195,006

Hibiya

Engineering

Ltd.

20,000

329,578

JTOWER,

Inc.

*(a)

31,800

1,467,411

Kumagai

Gumi

Co.

Ltd.

28,300

722,067

Kyudenko

Corp.

31,800

813,478

Mirait

Holdings

Corp.

55,800

927,234

Nichireki

Co.

Ltd.

28,900

320,264

Totetsu

Kogyo

Co.

Ltd.

15,700

334,346

Toyo

Construction

Co.

Ltd.

69,200

344,337

Yokogawa

Bridge

Holdings

Corp.

32,000

597,921

8,366,472

Containers

&

Packaging

0.3%

FP

Corp.

69,800

2,244,178

Diversified

Financial

Services

0.4%

Zenkoku

Hosho

Co.

Ltd.

59,600

2,666,502

Electrical

Equipment

0.3%

Ushio,

Inc.

126,400

1,972,432

Electronic

Equipment,

Instruments

&

Components

0.6%

Ibiden

Co.

Ltd.

31,800

1,775,201

Taiyo

Yuden

Co.

Ltd.

45,880

2,225,254

4,000,455

Entertainment

0.1%

Square

Enix

Holdings

Co.

Ltd.

18,700

915,415

Equity

Real

Estate

Investment

Trusts

(REITs)

0.8%

Comforia

Residential

REIT,

Inc.

1,207

3,241,055

Frontier

Real

Estate

Investment

Corp.

519

2,187,221

5,428,276

Food

&

Staples

Retailing

0.9%

Kobe

Bussan

Co.

Ltd.

50,800

1,581,901

MatsukiyoCocokara

&

Co.

67,500

2,315,434

Sundrug

Co.

Ltd.

91,500

2,305,433

6,202,768

Food

Products

0.7%

Itoham

Yonekyu

Holdings,

Inc.

254,400

1,492,888

Nationwide

International

Small

Cap

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

57

Common

Stocks

Shares

Value

($)

JAPAN

Food

Products

Kagome

Co.

Ltd.

15,100

393,022

NH

Foods

Ltd.

19,700

757,262

Nichirei

Corp.

92,300

2,123,862

4,767,034

Health

Care

Equipment

&

Supplies

0.9%

Asahi

Intecc

Co.

Ltd.

165,800

2,826,367

Jeol

Ltd.

23,400

1,280,606

Mani,

Inc.

143,100

2,072,804

6,179,777

Household

Durables

0.6%

Open

House

Group

Co.

Ltd.

(a)

83,300

4,295,005

Industrial

Conglomerates

0.0%

†

TOKAI

Holdings

Corp.

43,000

329,314

Insurance

0.3%

Lifenet

Insurance

Co.

*

309,800

1,750,390

Interactive

Media

&

Services

0.7%

Dip

Corp.

158,500

5,013,053

IT

Services

0.4%

Comture

Corp.

31,512

771,321

GMO

internet,

Inc.

40,900

876,267

NET

One

Systems

Co.

Ltd.

39,010

926,770

2,574,358

Machinery

2.7%

Amada

Co.

Ltd.

218,100

2,114,107

Ebara

Corp.

34,900

1,711,755

Fuji

Corp.

68,000

1,572,506

Giken

Ltd.

16,200

554,039

Hino

Motors

Ltd.

380,000

3,299,129

IHI

Corp.

53,100

1,067,472

Kawasaki

Heavy

Industries

Ltd.

68,500

1,324,786

Max

Co.

Ltd.

43,600

695,991

Nabtesco

Corp.

57,500

1,794,611

Nippon

Thompson

Co.

Ltd.

188,200

1,005,657

NSK

Ltd.

104,400

711,031

Shibaura

Machine

Co.

Ltd.

19,000

546,200

Sumitomo

Heavy

Industries

Ltd.

54,300

1,426,016

THK

Co.

Ltd.

54,600

1,359,118

19,182,418

Media

1.0%

Hakuhodo

DY

Holdings,

Inc.

369,054

5,657,725

Kadokawa

Corp.

59,700

1,237,955

6,895,680

Metals

&

Mining

0.5%

Maruichi

Steel

Tube

Ltd.

28,200

625,136

Mitsubishi

Materials

Corp.

63,800

1,136,178

Tokyo

Steel

Manufacturing

Co.

Ltd.

68,900

660,409

Yodogawa

Steel

Works

Ltd.

(a)

34,700

737,144

3,158,867

Oil,

Gas

&

Consumable

Fuels

0.2%

Iwatani

Corp.

13,500

636,015

Common

Stocks

Shares

Value

($)

JAPAN

Oil,

Gas

&

Consumable

Fuels

Japan

Petroleum

Exploration

Co.

Ltd.

29,900

710,831

1,346,846

Personal

Products

0.3%

Fancl

Corp.

63,200

1,614,675

Mandom

Corp.

25,600

307,236

1,921,911

Professional

Services

0.1%

BayCurrent

Consulting,

Inc.

1,350

511,231

Real

Estate

Management

&

Development

1.5%

Heiwa

Real

Estate

Co.

Ltd.

129,800

4,430,417

SRE

Holdings

Corp.

*

64,300

2,512,121

Tokyo

Tatemono

Co.

Ltd.

227,100

3,391,525

10,334,063

Road

&

Rail

0.4%

Fukuyama

Transporting

Co.

Ltd.

28,200

889,633

Nikkon

Holdings

Co.

Ltd.

39,800

751,579

Seino

Holdings

Co.

Ltd.

79,000

784,480

2,425,692

Semiconductors

&

Semiconductor

Equipment

0.4%

Shinko

Electric

Industries

Co.

Ltd.

64,840

2,986,380

Software

0.7%

Chatwork

Co.

Ltd.

*(a)

70,800

425,512

Freee

KK

*(a)

50,500

2,010,952

Money

Forward,

Inc.

*(a)

28,689

1,323,208

Sansan

,

Inc.

*

89,108

994,295

4,753,967

Textiles,

Apparel

&

Luxury

Goods

0.7%

Asics

Corp.

228,500

4,463,284

Trading

Companies

&

Distributors

0.5%

Inaba

Denki

Sangyo

Co.

Ltd.

45,800

1,062,541

Sojitz

Corp.

98,980

1,546,395

Yamazen

Corp.

70,000

609,629

3,218,565

Transportation

Infrastructure

0.5%

Japan

Airport

Terminal

Co.

Ltd.

*

41,600

1,802,709

Sumitomo

Warehouse

Co.

Ltd.

(The)

83,800

1,508,073

3,310,782

150,104,217

LUXEMBOURG

0.3%

Automobiles

0.2%

Arrival

SA

*(a)

263,520

1,030,363

Personal

Products

0.1%

L'Occitane

International

SA

234,000

918,819

1,949,182

MALAYSIA

0.2%

Electronic

Equipment,

Instruments

&

Components

0.2%

Inari

Amertron

Bhd.

1,314,700

1,046,070

58

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

International

Small

Cap

Fund

Common

Stocks

Shares

Value

($)

MEXICO

0.3%

Real

Estate

Management

&

Development

0.3%

Corp.

Inmobiliaria

Vesta

SAB

de

CV

1,138,500

2,156,350

NETHERLANDS

2.3%

Biotechnology

0.5%

Merus

NV

*

154,138

3,793,336

Chemicals

0.3%

Corbion

NV

45,183

1,893,612

Construction

&

Engineering

0.3%

Boskalis

Westminster

62,877

1,786,105

Energy

Equipment

&

Services

0.1%

SBM

Offshore

NV

32,186

509,556

Hotels,

Restaurants

&

Leisure

0.3%

DP

Eurasia

NV

Reg.

S

*(b)

2,157,390

2,202,002

Semiconductors

&

Semiconductor

Equipment

0.4%

BE

Semiconductor

Industries

NV

32,931

2,788,526

Trading

Companies

&

Distributors

0.4%

IMCD

NV

16,866

2,909,295

15,882,432

NEW

ZEALAND

0.2%

Building

Products

0.2%

Fletcher

Building

Ltd.

325,637

1,379,078

NORWAY

1.0%

Aerospace

&

Defense

0.2%

Kongsberg

Gruppen

ASA

46,819

1,419,959

Banks

0.3%

Sparebanken

More

31,328

1,702,280

Energy

Equipment

&

Services

0.2%

Aker

Solutions

ASA

Reg.

S

*

591,664

1,538,698

Food

Products

0.3%

Salmar

ASA

32,757

2,232,417

6,893,354

PHILIPPINES

0.4%

Hotels,

Restaurants

&

Leisure

0.4%

Bloomberry

Resorts

Corp.

*

22,031,700

2,722,180

SOUTH

KOREA

0.4%

Auto

Components

0.2%

SNT

Motiv

Co.

Ltd.

28,173

1,036,786

Semiconductors

&

Semiconductor

Equipment

0.1%

Eugene

Technology

Co.

Ltd.

31,670

1,290,452

Software

0.1%

Douzone

Bizon

Co.

Ltd.

*

13,350

591,689

2,918,927

SPAIN

2.8%

Banks

0.5%

Bankinter

SA

583,882

3,420,683

Electric

Utilities

1.0%

Acciona

SA

(a)

36,930

6,461,181

Common

Stocks

Shares

Value

($)

SPAIN

Equity

Real

Estate

Investment

Trusts

(REITs)

0.1%

Arima

Real

Estate

SOCIMI

SA

*

71,868

729,190

Food

Products

0.6%

Ebro

Foods

SA

(a)

101,163

1,876,801

Viscofan

SA

38,179

2,315,126

4,191,927

Hotels,

Restaurants

&

Leisure

0.3%

Melia

Hotels

International

SA

*

276,609

2,099,655

Pharmaceuticals

0.3%

Almirall

SA

146,979

1,893,599

18,796,235

SWEDEN

6.9%

Aerospace

&

Defense

0.2%

Saab

AB,

Class

B

48,882

1,157,242

Capital

Markets

0.2%

Nordnet

AB

publ

105,639

1,658,622

Construction

&

Engineering

0.3%

Peab

AB,

Class

B

70,363

792,238

Sweco

AB,

Class

B

67,543

948,487

1,740,725

Containers

&

Packaging

0.5%

BillerudKorsnas

AB

209,570

3,340,048

Health

Care

Equipment

&

Supplies

0.6%

Cellavision

AB

55,005

1,791,162

Surgical

Science

Sweden

AB

*

114,203

2,437,117

4,228,279

Industrial

Conglomerates

0.1%

Nolato

AB,

Class

B

81,340

835,901

Leisure

Products

0.5%

Thule

Group

AB

Reg.

S

(b)

63,901

3,071,500

Machinery

1.8%

Indutrade

AB

75,940

1,881,851

Trelleborg

AB,

Class

B

415,108

10,455,283

12,337,134

Metals

&

Mining

0.2%

SSAB

AB,

Class

A

*

284,583

1,686,179

Real

Estate

Management

&

Development

2.1%

Castellum

AB

133,383

3,127,831

Catena

AB

98,844

5,600,180

Cibus

Nordic

Real

Estate

AB

62,343

1,724,818

Nyfosa

AB

235,451

3,652,477

14,105,306

Trading

Companies

&

Distributors

0.4%

AddTech

AB,

Class

B

81,492

1,514,004

Beijer

Ref

AB

66,596

1,160,289

2,674,293

46,835,229

SWITZERLAND

2.2%

Construction

&

Engineering

0.1%

Implenia

AG

(Registered)

*(a)

19,046

465,154

Nationwide

International

Small

Cap

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

59

Common

Stocks

Shares

Value

($)

SWITZERLAND

Life

Sciences

Tools

&

Services

1.5%

Siegfried

Holding

AG

(Registered)

*

6,274

5,070,770

Tecan

Group

AG

(Registered)

11,048

5,369,633

10,440,403

Machinery

0.1%

Interroll

Holding

AG

(Registered)

164

694,436

Specialty

Retail

0.5%

Dufry

AG

(Registered)

*(a)

68,334

3,524,031

15,124,024

TAIWAN

1.5%

Electronic

Equipment,

Instruments

&

Components

0.2%

Chroma

ATE,

Inc.

180,209

1,392,751

Semiconductors

&

Semiconductor

Equipment

1.3%

Advanced

Wireless

Semiconductor

Co.

198,543

857,381

ASMedia

Technology,

Inc.

16,000

914,217

ASPEED

Technology,

Inc.

18,000

1,997,748

Chang

Wah

Technology

Co.

Ltd.

457,000

1,622,633

Realtek

Semiconductor

Corp.

176,229

3,421,689

8,813,668

10,206,419

UKRAINE

0.1%

Metals

&

Mining

0.1%

Ferrexpo

plc

143,453

476,708

UNITED

ARAB

EMIRATES

1.0%

IT

Services

1.0%

Network

International

Holdings

plc

Reg.

S

*(b)

1,823,903

6,527,884

UNITED

KINGDOM

19.7%

Aerospace

&

Defense

0.6%

Meggitt

plc

*

195,321

1,962,278

QinetiQ

Group

plc

222,551

804,884

Ultra

Electronics

Holdings

plc

27,882

1,090,308

3,857,470

Airlines

0.4%

easyJet

plc

*

332,903

2,808,276

Beverages

0.1%

Britvic

plc

56,196

690,958

Biotechnology

0.9%

Abcam

plc

*

297,685

5,382,259

Immunocore

Holdings

plc,

ADR

*(a)

26,856

606,140

5,988,399

Building

Products

0.1%

Genuit

Group

plc

67,658

524,313

Capital

Markets

1.5%

Allfunds

Group

plc

*

171,199

2,427,311

Impax

Asset

Management

Group

plc

67,746

1,005,360

Intermediate

Capital

Group

plc

123,989

3,196,432

Ninety

One

plc

934,264

3,276,793

9,905,896

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Chemicals

0.3%

Synthomer

plc

399,103

1,969,394

Commercial

Services

&

Supplies

0.4%

Smart

Metering

Systems

plc

265,380

2,651,287

Construction

&

Engineering

0.2%

Balfour

Beatty

plc

309,389

1,056,285

Construction

Materials

0.1%

Marshalls

plc

73,645

701,165

Electronic

Equipment,

Instruments

&

Components

1.1%

Spectris

plc

160,400

7,310,439

Energy

Equipment

&

Services

0.1%

Subsea

7

SA

88,508

662,985

Equity

Real

Estate

Investment

Trusts

(REITs)

2.6%

Safestore

Holdings

plc

297,506

5,074,772

UNITE

Group

plc

(The)

357,986

5,001,676

Workspace

Group

plc

751,776

8,582,542

18,658,990

Food

Products

0.8%

Cranswick

plc

56,527

2,794,402

Tate

&

Lyle

plc

274,619

2,625,743

5,420,145

Health

Care

Equipment

&

Supplies

0.5%

ConvaTec

Group

plc

Reg.

S

(b)

1,464,496

3,469,743

Hotels,

Restaurants

&

Leisure

2.2%

Domino's

Pizza

Group

plc

(a)

127,692

668,281

Greggs

plc

53,800

1,955,926

Restaurant

Group

plc

(The)

*

3,605,713

4,684,238

SSP

Group

plc

*

1,402,253

5,169,680

Trainline

plc

Reg.

S

*(b)

743,353

2,265,228

14,743,353

Insurance

1.3%

Beazley

plc

*

872,251

5,798,304

Lancashire

Holdings

Ltd.

387,779

2,869,750

8,668,054

IT

Services

0.9%

Softcat

plc

280,247

6,224,006

Machinery

2.3%

IMI

plc

317,693

7,117,872

Rotork

plc

1,851,272

8,485,274

15,603,146

Media

0.4%

Hyve

Group

plc

*

2,213,051

3,027,564

Multiline

Retail

0.5%

B&M

European

Value

Retail

SA

451,547

3,454,746

Oil,

Gas

&

Consumable

Fuels

0.1%

Capricorn

Energy

plc

*

162,509

450,783

Real

Estate

Management

&

Development

1.1%

Savills

plc

410,189

7,457,965

Road

&

Rail

0.5%

National

Express

Group

plc

*

911,348

3,099,301

Trading

Companies

&

Distributors

0.3%

Grafton

Group

plc

48,257

754,278

60

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

International

Small

Cap

Fund

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Trading

Companies

&

Distributors

Travis

Perkins

plc

69,903

1,413,713

2,167,991

Water

Utilities

0.4%

Pennon

Group

plc

194,032

2,830,921

133,403,575

UNITED

STATES

0.8%

Building

Products

0.4%

Caesarstone

Ltd.

122,536

1,510,869

Reliance

Worldwide

Corp.

Ltd.

435,838

1,615,166

3,126,035

Semiconductors

&

Semiconductor

Equipment

0.4%

Parade

Technologies

Ltd.

34,000

2,518,538

5,644,573

Total

Common

Stocks

(cost

$604,960,429)

657,295,624

Exchange

Traded

Fund

2.3%

UNITED

STATES

2.3%

iShares

MSCI

EAFE

Small-

Cap

ETF

227,244

15,598,028

Total

Exchange

Traded

Fund

(cost

$16,259,395)

15,598,028

Rights

0.0%

†

Number

of

Rights

FRANCE

0.0%

†

Biotechnology

0.0%

†

Clementia

Pharmaceuticals,

Inc.,

CVR*^∞

16,268

0

Total

Rights

(cost

$–)

0

Short-Term

Investment

4.1%

Shares

Money

Market

Fund

4.1%

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,

0.01%,

(c)(d)

27,870,088

27,870,088

Total

Short-Term

Investment

(cost

$27,870,088)

27,870,088

Total

Investments

(cost

$649,089,912)

  —

103.2%

700,763,740

Liabilities

in

excess

of

other

assets

—

(3.2)%

(21,896,929)

NET

ASSETS

—

100.0%

$

678,866,811

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2022.

The

total

value

of

securities

on

loan

as

of

January

31,

2022

was

$38,164,541,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

with

a

total

value

of

$27,870,088

and

by

$12,278,227

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

3.38%,

and

maturity

dates

ranging

from

2/10/2022

–

2/15/2051;

a

total

value

of

$40,148,315.

(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

as

of

January

31,

2022

was

$56,236,578

which

represents

8.28%

of

net

assets.

(c)

Represents

7-day

effective

yield

as

of

January

31,

2022.

(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,

2022

was

$27,870,088.

ADR

American

Depositary

Receipt

CVR

Contingent

Value

Rights

ETF

Exchange

Traded

Fund

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

Nationwide

International

Small

Cap

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

61

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.

62

-

Statement

of

Investments

-

January

31,

2022

(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,

2022.

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

$

–

$

7,189,224

$

–

$

7,189,224

Air

Freight

&

Logistics

–

4,563,225

–

4,563,225

Airlines

–

2,808,276

–

2,808,276

Auto

Components

–

7,668,507

–

7,668,507

Automobiles

2,082,090

1,738,268

–

3,820,358

Banks

–

36,821,840

–

36,821,840

Beverages

–

4,498,338

–

4,498,338

Biotechnology

8,408,320

6,394,023

–

14,802,343

Building

Products

1,510,869

4,721,403

–

6,232,272

Capital

Markets

–

19,843,730

–

19,843,730

Chemicals

2,226,434

18,497,773

–

20,724,207

Commercial

Services

&

Supplies

–

2,651,287

–

2,651,287

Construction

&

Engineering

–

13,414,741

–

13,414,741

Construction

Materials

–

5,600,634

–

5,600,634

Containers

&

Packaging

–

8,475,403

–

8,475,403

Diversified

Financial

Services

–

2,666,502

–

2,666,502

Diversified

Telecommunication

Services

–

6,504,390

–

6,504,390

Electric

Utilities

–

6,461,181

–

6,461,181

Electrical

Equipment

–

1,972,432

–

1,972,432

Electronic

Equipment,

Instruments

&

Components

–

16,618,593

–

16,618,593

Energy

Equipment

&

Services

–

3,566,534

–

3,566,534

Entertainment

2,789,798

915,415

–

3,705,213

Equity

Real

Estate

Investment

Trusts

(REITs)

–

30,712,929

–

30,712,929

Food

&

Staples

Retailing

–

6,202,768

–

6,202,768

Food

Products

–

17,843,993

–

17,843,993

Gas

Utilities

–

9,157,508

–

9,157,508

Health

Care

Equipment

&

Supplies

–

13,877,799

–

13,877,799

Hotels,

Restaurants

&

Leisure

2,279,851

29,404,285

–

31,684,136

Household

Durables

–

6,918,988

–

6,918,988

Independent

Power

and

Renewable

Electricity

Producers

–

1,536,412

–

1,536,412

Industrial

Conglomerates

–

3,508,062

–

3,508,062

Insurance

–

10,418,444

–

10,418,444

Interactive

Media

&

Services

–

5,013,053

–

5,013,053

IT

Services

9,810,855

18,179,397

–

27,990,252

Leisure

Products

–

3,071,500

–

3,071,500

Life

Sciences

Tools

&

Services

2,285,892

15,171,968

–

17,457,860

Machinery

–

61,470,725

–

61,470,725

Marine

–

874,397

–

874,397

Media

–

17,443,644

–

17,443,644

Metals

&

Mining

–

19,343,476

–

19,343,476

Multiline

Retail

–

3,454,746

–

3,454,746

Oil,

Gas

&

Consumable

Fuels

1,927,341

2,888,085

–

4,815,426

Personal

Products

–

2,840,730

–

2,840,730

Pharmaceuticals

1,017,659

1,893,599

–

2,911,258

Professional

Services

–

3,217,241

–

3,217,241

Real

Estate

Management

&

Development

2,156,350

45,601,150

–

47,757,500

Road

&

Rail

–

7,689,326

–

7,689,326

Semiconductors

&

Semiconductor

Equipment

–

20,665,544

–

20,665,544

Software

12,772,167

10,522,200

–

23,294,367

Specialty

Retail

–

8,630,036

–

8,630,036

Textiles,

Apparel

&

Luxury

Goods

–

14,778,322

–

14,778,322

Thrifts

&

Mortgage

Finance

–

1,502,686

–

1,502,686

Trading

Companies

&

Distributors

5,981,535

12,890,095

–

18,871,630

Transportation

Infrastructure

–

4,679,804

–

4,679,804

Nationwide

International

Small

Cap

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

63

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

$

1,625,938

$

2,830,921

$

–

$

4,456,859

Wireless

Telecommunication

Services

2,594,973

–

–

2,594,973

Total

Common

Stocks

$

59,470,072

$

597,825,552

$

–

$

657,295,624

Exchange

Traded

Fund

15,598,028

–

–

15,598,028

Rights

–

–

–

–

Short-Term

Investment

27,870,088

–

–

27,870,088

Total

$

102,938,188

$

597,825,552

$

–

$

700,763,740

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

During

the

period

ended

January

31,

2022,

the

Fund

held

one

right

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.

Nationwide

Bond

Index

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

1

Asset-Backed

Securities

0.5%

Principal

Amount

($)

Value

($)

Airlines

0.0%

†

United

Airlines

Pass-Through

Trust,

Series

2013-1,

Class

A,

4.30%,

8/15/2025

163,240

168,675

Automobiles

0.4%

Carmax

Auto

Owner

Trust,

Series

2021-1,

Class

A3,

0.34%,

12/15/2025

900,000

891,595

World

Omni

Select

Auto

Trust,

Series

2020-A,

Class

A3,

0.55%,

7/15/2025

760,000

758,918

1,650,513

Credit

Card

0.1%

BA

Credit

Card

Trust,

Series

2021-A1,

Class

A1,

0.44%,

9/15/2026

50,000

48,941

Chase

Issuance

Trust,

Series

2012-A7,

Class

A7,

2.16%,

9/15/2024

625,000

630,892

679,833

Total

Asset-Backed

Securities

(cost

$2,489,307)

2,499,021

Commercial

Mortgage-Backed

Securities

2.0%

BBCMS

Mortgage

Trust

Series

2017-C1,

Class

A4,

3.67%,

2/15/2050

450,000

478,260

Series

2020-C7,

Class

A5,

2.04%,

4/15/2053

670,000

646,651

Citigroup

Commercial

Mortgage

Trust

Series

2013-GC17,

Class

A4,

4.13%,

11/10/2046

650,000

674,789

Series

2014-GC25,

Class

A4,

3.64%,

10/10/2047

500,000

520,118

FHLMC

Multifamily

Structured

Pass-Through

Certificates

REMICS

Series

K031,

Class

A2,

3.30%,

4/25/2023(a)

100,000

102,390

Series

K033,

Class

A2,

3.06%,

7/25/2023(a)

100,000

102,382

Series

K037,

Class

A2,

3.49%,

1/25/2024

200,000

207,214

Series

K066,

Class

A2,

3.12%,

6/25/2027

750,000

797,149

Series

K739,

Class

A2,

1.34%,

9/25/2027

620,000

604,226

Series

K115,

Class

A2,

1.38%,

6/25/2030

960,000

914,380

Series

K-1510,

Class

A3,

3.79%,

1/25/2034

200,000

225,157

FNMA

ACES

REMICS,

Series

2020-M5,

Class

A2,

2.21%,

1/25/2030

1,200,000

1,209,276

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GS

Mortgage

Securities

Trust,

Series

2015-GC30,

Class

A4,

3.38%,

5/10/2050

750,000

779,597

JPMCC

Commercial

Mortgage

Securities

Trust,

Series

2017-JP7,

Class

A5,

3.45%,

9/15/2050

750,000

786,916

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2013-C10,

Class

A5,

4.07%,

7/15/2046(a)

250,000

257,821

Morgan

Stanley

Capital

I

Trust

Series

2016-UBS9,

Class

A4,

3.59%,

3/15/2049

450,000

473,729

Series

2017-H1,

Class

A5,

3.53%,

6/15/2050

400,000

423,162

Series

2019-H6,

Class

A4,

3.42%,

6/15/2052

150,000

158,069

Total

Commercial

Mortgage-Backed

Securities

(cost

$9,404,126)

9,361,286

Corporate

Bonds

25.4%

Aerospace

&

Defense

0.7%

Boeing

Co.

(The)

,

4.51%,

5/1/2023

200,000

206,719

1.43%,

2/4/2024

250,000

247,399

3.10%,

5/1/2026

200,000

203,166

3.20%,

3/1/2029

150,000

150,658

5.15%,

5/1/2030

50,000

56,273

5.71%,

5/1/2040

200,000

240,679

3.75%,

2/1/2050

250,000

242,156

General

Dynamics

Corp.

,

4.25%,

4/1/2040

100,000

115,209

L3Harris

Technologies,

Inc.

,

3.83%,

4/27/2025

250,000

263,284

4.85%,

4/27/2035

55,000

64,180

Leidos

,

Inc.

,

2.30%,

2/15/2031

50,000

46,006

Lockheed

Martin

Corp.

,

2.90%,

3/1/2025

300,000

309,124

4.09%,

9/15/2052

100,000

116,014

Northrop

Grumman

Corp.

,

4.75%,

6/1/2043

100,000

119,185

Raytheon

Technologies

Corp.

,

4.13%,

11/16/2028

200,000

218,263

4.50%,

6/1/2042

300,000

347,020

Textron,

Inc.

,

4.30%,

3/1/2024

250,000

261,727

3,207,062

Air

Freight

&

Logistics

0.2%

FedEx

Corp.

,

4.25%,

5/15/2030

100,000

110,267

4.55%,

4/1/2046

150,000

167,170

United

Parcel

Service,

Inc.

,

2.20%,

9/1/2024

250,000

254,467

2

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Air

Freight

&

Logistics

United

Parcel

Service,

Inc.,

5.30%,

4/1/2050

100,000

139,083

670,987

Airlines

0.0%

†

Southwest

Airlines

Co.

,

2.63%,

2/10/2030

100,000

96,902

Auto

Components

0.1%

Aptiv

plc

,

5.40%,

3/15/2049

50,000

62,364

BorgWarner,

Inc.

,

3.38%,

3/15/2025

70,000

72,692

2.65%,

7/1/2027

25,000

25,276

Lear

Corp.

,

3.80%,

9/15/2027

123,000

129,831

290,163

Automobiles

0.1%

Daimler

Finance

North

America

LLC

,

8.50%,

1/18/2031

50,000

72,627

General

Motors

Co.

,

4.88%,

10/2/2023

200,000

210,222

6.25%,

10/2/2043

150,000

191,577

474,426

Banks

4.7%

Banco

Santander

SA

,

2.71%,

6/27/2024

200,000

203,663

4.25%,

4/11/2027

200,000

215,024

Bank

of

America

Corp.

,

4.10%,

7/24/2023

250,000

260,425

4.25%,

10/22/2026

145,000

156,739

3.25%,

10/21/2027

250,000

259,248

(ICE

LIBOR

USD

3

Month

+

1.04%),

3.42%,

12/20/2028(b)

281,000

291,832

(ICE

LIBOR

USD

3

Month

+

1.07%),

3.97%,

3/5/2029(b)

250,000

266,776

(SOFR

+

2.15%),

2.59%,

4/29/2031(b)

100,000

97,963

(SOFR

+

1.32%),

2.69%,

4/22/2032(b)

200,000

195,999

(SOFR

+

1.93%),

2.68%,

6/19/2041(b)

50,000

45,595

5.88%,

2/7/2042

25,000

33,673

(ICE

LIBOR

USD

3

Month

+

1.99%),

4.44%,

1/20/2048(b)

250,000

291,446

(ICE

LIBOR

USD

3

Month

+

1.52%),

4.33%,

3/15/2050(b)

300,000

344,400

(ICE

LIBOR

USD

3

Month

+

3.15%),

4.08%,

3/20/2051(b)

100,000

112,384

Bank

of

Nova

Scotia

(The)

,

2.70%,

8/3/2026

250,000

255,834

Barclays

plc

,

4.34%,

1/10/2028

250,000

267,674

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Barclays

plc,

4.84%,

5/9/2028

200,000

215,308

(ICE

LIBOR

USD

3

Month

+

1.90%),

4.97%,

5/16/2029(b)

250,000

277,457

BNP

Paribas

SA

,

4.25%,

10/15/2024

250,000

264,932

Citigroup,

Inc.

,

3.75%,

6/16/2024

300,000

313,786

3.70%,

1/12/2026

250,000

264,847

3.40%,

5/1/2026

200,000

210,058

(ICE

LIBOR

USD

3

Month

+

1.56%),

3.89%,

1/10/2028(b)

200,000

212,050

(ICE

LIBOR

USD

3

Month

+

1.15%),

3.52%,

10/27/2028(b)

100,000

104,529

(ICE

LIBOR

USD

3

Month

+

1.34%),

3.98%,

3/20/2030(b)

150,000

160,465

(SOFR

+

2.11%),

2.57%,

6/3/2031(b)

200,000

194,890

6.63%,

6/15/2032

182,000

233,939

4.65%,

7/23/2048

200,000

240,890

Citizens

Financial

Group,

Inc.

,

2.85%,

7/27/2026

250,000

255,637

Comerica,

Inc.

,

4.00%,

2/1/2029

100,000

108,850

Cooperatieve

Rabobank

UA

,

3.38%,

5/21/2025

250,000

262,241

5.25%,

5/24/2041

125,000

164,882

Discover

Bank

,

4.20%,

8/8/2023

250,000

260,062

Fifth

Third

Bancorp

,

3.95%,

3/14/2028

150,000

161,371

HSBC

Holdings

plc

,

(ICE

LIBOR

USD

3

Month

+

1.53%),

4.58%,

6/19/2029(b)

200,000

218,009

4.95%,

3/31/2030

200,000

227,761

5.25%,

3/14/2044

200,000

243,976

ING

Groep

NV

,

3.55%,

4/9/2024

400,000

414,453

JPMorgan

Chase

&

Co.

,

(ICE

LIBOR

USD

3

Month

+

0.73%),

3.56%,

4/23/2024(b)

250,000

256,500

3.63%,

5/13/2024

350,000

365,795

(ICE

LIBOR

USD

3

Month

+

1.00%),

4.02%,

12/5/2024(b)

200,000

208,384

3.13%,

1/23/2025

250,000

258,831

(SOFR

+

0.49%),

0.77%,

8/9/2025(b)

100,000

97,083

(SOFR

+

1.16%),

2.30%,

10/15/2025(b)

250,000

251,497

3.30%,

4/1/2026

250,000

261,109

4.13%,

12/15/2026

250,000

269,482

8.00%,

4/29/2027

202,000

255,518

Nationwide

Bond

Index

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

3

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

JPMorgan

Chase

&

Co.,

(ICE

LIBOR

USD

3

Month

+

1.33%),

4.45%,

12/5/2029(b)

25,000

27,523

(SOFR

+

1.51%),

2.74%,

10/15/2030(b)

100,000

99,459

(SOFR

+

3.79%),

4.49%,

3/24/2031(b)

200,000

223,561

(SOFR

+

2.04%),

2.52%,

4/22/2031(b)

125,000

121,817

(SOFR

+

1.26%),

2.96%,

1/25/2033(b)

35,000

35,230

(ICE

LIBOR

USD

3

Month

+

1.58%),

4.26%,

2/22/2048(b)

250,000

287,079

(ICE

LIBOR

USD

3

Month

+

1.38%),

3.96%,

11/15/2048(b)

150,000

163,846

(SOFR

+

2.44%),

3.11%,

4/22/2051(b)

200,000

192,643

Kreditanstalt

fuer

Wiederaufbau

,

1.63%,

2/15/2023

500,000

503,722

0.25%,

10/19/2023

500,000

492,512

0.63%,

1/22/2026

100,000

96,064

2.88%,

4/3/2028

200,000

212,700

1.75%,

9/14/2029

100,000

99,380

Landwirtschaftliche

Rentenbank

,

3.13%,

11/14/2023

500,000

517,054

Lloyds

Banking

Group

plc

,

4.05%,

8/16/2023

500,000

518,691

4.50%,

11/4/2024

250,000

264,237

(ICE

LIBOR

USD

3

Month

+

1.21%),

3.57%,

11/7/2028(b)

200,000

209,263

Mitsubishi

UFJ

Financial

Group,

Inc.

,

3.76%,

7/26/2023

200,000

206,701

3.75%,

7/18/2039

200,000

215,025

Mizuho

Financial

Group,

Inc.

,

3.17%,

9/11/2027

250,000

258,212

National

Australia

Bank

Ltd.

,

3.38%,

1/14/2026

250,000

264,027

NatWest

Group

plc

,

(ICE

LIBOR

USD

3

Month

+

1.91%),

5.08%,

1/27/2030(b)

250,000

280,589

PNC

Bank

NA

,

3.88%,

4/10/2025

250,000

263,790

PNC

Financial

Services

Group,

Inc.

(The)

,

2.55%,

1/22/2030

200,000

199,620

Royal

Bank

of

Canada

,

0.65%,

7/29/2024

200,000

194,918

2.25%,

11/1/2024

250,000

252,616

2.05%,

1/21/2027

100,000

98,968

Santander

Holdings

USA,

Inc.

,

4.40%,

7/13/2027

100,000

106,612

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Santander

UK

Group

Holdings

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.25%),

1.53%,

8/21/2026(b)

250,000

241,537

Sumitomo

Mitsui

Financial

Group,

Inc.

,

2.45%,

9/27/2024

250,000

253,987

3.78%,

3/9/2026

250,000

265,617

3.20%,

9/17/2029

250,000

254,176

Toronto-Dominion

Bank

(The)

,

0.75%,

6/12/2023

500,000

496,525

0.55%,

3/4/2024

250,000

244,668

2.65%,

6/12/2024

200,000

204,495

1.25%,

12/13/2024

100,000

98,555

Truist

Bank

,

2.25%,

3/11/2030

250,000

241,117

US

Bancorp

,

3.38%,

2/5/2024

250,000

258,894

2.40%,

7/30/2024

250,000

254,675

Series

X,

3.15%,

4/27/2027

250,000

263,217

Wells

Fargo

&

Co.

,

3.75%,

1/24/2024

750,000

779,666

(SOFR

+

1.26%),

2.57%,

2/11/2031(b)

250,000

245,892

5.61%,

1/15/2044

283,000

361,792

(SOFR

+

4.50%),

5.01%,

4/4/2051(b)

200,000

256,186

Westpac

Banking

Corp.

,

3.30%,

2/26/2024

150,000

155,731

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.53%),

3.02%,

11/18/2036(b)

85,000

81,266

3.13%,

11/18/2041

65,000

61,370

21,958,492

Beverages

0.5%

Anheuser-Busch

Cos.

LLC

,

4.90%,

2/1/2046

285,000

337,184

Anheuser-Busch

InBev

Worldwide,

Inc.

,

4.60%,

4/15/2048

150,000

171,642

4.50%,

6/1/2050

200,000

230,678

4.75%,

4/15/2058

100,000

115,416

Coca-Cola

Co.

(The)

,

1.75%,

9/6/2024

250,000

251,975

2.90%,

5/25/2027

100,000

104,660

2.50%,

6/1/2040

200,000

186,629

2.60%,

6/1/2050

100,000

90,944

Constellation

Brands,

Inc.

,

5.25%,

11/15/2048

50,000

61,367

Diageo

Capital

plc

,

2.38%,

10/24/2029

200,000

197,831

Keurig

Dr

Pepper,

Inc.

,

4.60%,

5/25/2028

200,000

221,250

Molson

Coors

Beverage

Co.

,

4.20%,

7/15/2046

100,000

104,317

4

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Beverages

PepsiCo,

Inc.

,

2.25%,

3/19/2025

100,000

101,430

2.75%,

3/19/2030

100,000

102,798

3.45%,

10/6/2046

75,000

79,535

2.75%,

10/21/2051

100,000

94,820

2,452,476

Biotechnology

0.5%

AbbVie,

Inc.

,

2.60%,

11/21/2024

300,000

305,304

4.50%,

5/14/2035

135,000

152,681

4.30%,

5/14/2036

100,000

112,023

4.70%,

5/14/2045

50,000

57,763

4.25%,

11/21/2049

275,000

306,103

Amgen,

Inc.

,

4.66%,

6/15/2051

279,000

329,754

Biogen,

Inc.

,

4.05%,

9/15/2025

95,000

100,540

2.25%,

5/1/2030

200,000

188,479

Gilead

Sciences,

Inc.

,

3.70%,

4/1/2024

400,000

415,817

4.75%,

3/1/2046

200,000

239,708

2,208,172

Building

Products

0.2%

Allegion

plc

,

3.50%,

10/1/2029

100,000

103,414

Carrier

Global

Corp.

,

2.49%,

2/15/2027

100,000

100,627

2.72%,

2/15/2030

200,000

197,557

Fortune

Brands

Home

&

Security,

Inc.

,

3.25%,

9/15/2029

50,000

51,231

Johnson

Controls

International

plc

,

4.50%,

2/15/2047

75,000

85,803

Masco

Corp.

,

3.50%,

11/15/2027

100,000

105,301

3.13%,

2/15/2051

30,000

28,022

Owens

Corning

,

4.30%,

7/15/2047

50,000

54,429

726,384

Capital

Markets

1.3%

Ameriprise

Financial,

Inc.

,

4.00%,

10/15/2023

250,000

260,766

Ares

Capital

Corp.

,

3.88%,

1/15/2026

200,000

206,109

Bank

of

New

York

Mellon

Corp.

(The)

,

2.05%,

1/26/2027

100,000

99,836

Series

J,

1.90%,

1/25/2029

100,000

97,192

Blackstone

Private

Credit

Fund

,

4.00%,

1/15/2029(c)

50,000

49,273

Brookfield

Finance

I

UK

plc

,

2.34%,

1/30/2032

200,000

189,587

Brookfield

Finance,

Inc.

,

4.85%,

3/29/2029

60,000

67,297

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Charles

Schwab

Corp.

(The)

,

0.90%,

3/11/2026

100,000

96,105

1.95%,

12/1/2031

50,000

47,360

CME

Group,

Inc.

,

5.30%,

9/15/2043

50,000

65,926

Credit

Suisse

USA,

Inc.

,

7.13%,

7/15/2032

195,000

268,320

Goldman

Sachs

Group,

Inc.

(The)

,

3.85%,

7/8/2024

300,000

312,694

(SOFR

+

0.73%),

1.76%,

1/24/2025(b)

50,000

49,806

3.50%,

4/1/2025

300,000

311,479

(SOFR

+

1.11%),

2.64%,

2/24/2028(b)

25,000

25,042

(SOFR

+

1.25%),

2.38%,

7/21/2032(b)

200,000

189,394

6.75%,

10/1/2037

100,000

135,582

(ICE

LIBOR

USD

3

Month

+

1.43%),

4.41%,

4/23/2039(b)

250,000

281,030

6.25%,

2/1/2041

250,000

344,273

Intercontinental

Exchange,

Inc.

,

3.75%,

9/21/2028

200,000

215,174

3.00%,

9/15/2060

100,000

90,257

Jefferies

Group

LLC

,

4.15%,

1/23/2030

100,000

107,828

Moody's

Corp.

,

2.55%,

8/18/2060

50,000

40,505

Morgan

Stanley

,

4.35%,

9/8/2026

250,000

270,083

3.63%,

1/20/2027

250,000

263,899

3.95%,

4/23/2027

250,000

266,366

(SOFR

+

1.00%),

2.48%,

1/21/2028(b)

130,000

129,780

(ICE

LIBOR

USD

3

Month

+

1.63%),

4.43%,

1/23/2030(b)

200,000

220,891

(SOFR

+

1.03%),

1.79%,

2/13/2032(b)

250,000

228,541

(SOFR

+

1.29%),

2.94%,

1/21/2033(b)

50,000

50,062

4.38%,

1/22/2047

250,000

291,058

Nomura

Holdings,

Inc.

,

3.10%,

1/16/2030

200,000

199,924

Northern

Trust

Corp.

,

3.65%,

8/3/2028

50,000

54,296

Raymond

James

Financial,

Inc.

,

4.65%,

4/1/2030

200,000

225,178

State

Street

Corp.

,

3.30%,

12/16/2024

155,000

162,513

5,913,426

Chemicals

0.4%

Air

Products

and

Chemicals,

Inc.

,

2.05%,

5/15/2030

200,000

194,615

Nationwide

Bond

Index

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

5

Corporate

Bonds

Principal

Amount

($)

Value

($)

Chemicals

Cabot

Corp.

,

4.00%,

7/1/2029

100,000

106,524

CF

Industries,

Inc.

,

5.15%,

3/15/2034

100,000

115,245

Dow

Chemical

Co.

(The)

,

4.25%,

10/1/2034

86,000

94,777

3.60%,

11/15/2050

100,000

100,452

DuPont

de

Nemours,

Inc.

,

5.42%,

11/15/2048

100,000

132,233

Eastman

Chemical

Co.

,

4.65%,

10/15/2044

50,000

56,538

Ecolab,

Inc.

,

2.13%,

2/1/2032

100,000

96,054

2.70%,

12/15/2051

40,000

36,170

International

Flavors

&

Fragrances,

Inc.

,

5.00%,

9/26/2048

50,000

60,593

Linde,

Inc.

,

3.20%,

1/30/2026

250,000

261,500

Lubrizol

Corp.

(The)

,

6.50%,

10/1/2034

13,000

18,140

LyondellBasell

Industries

NV

,

4.63%,

2/26/2055

100,000

111,836

Mosaic

Co.

(The)

,

5.45%,

11/15/2033

50,000

59,999

PPG

Industries,

Inc.

,

2.80%,

8/15/2029

100,000

102,120

Sherwin-Williams

Co.

(The)

,

4.50%,

6/1/2047

100,000

115,540

Westlake

Chemical

Corp.

,

4.38%,

11/15/2047

40,000

44,249

1,706,585

Commercial

Services

&

Supplies

0.1%

Republic

Services,

Inc.

,

3.20%,

3/15/2025

100,000

103,266

1.45%,

2/15/2031

55,000

49,786

3.05%,

3/1/2050

50,000

48,507

Waste

Management,

Inc.

,

4.15%,

7/15/2049

50,000

58,523

260,082

Communications

Equipment

0.1%

Cisco

Systems,

Inc.

,

2.50%,

9/20/2026

150,000

154,761

Juniper

Networks,

Inc.

,

3.75%,

8/15/2029

100,000

105,340

Motorola

Solutions,

Inc.

,

4.00%,

9/1/2024

150,000

157,398

2.30%,

11/15/2030

100,000

93,464

510,963

Construction

&

Engineering

0.0%

†

Quanta

Services,

Inc.

,

2.90%,

10/1/2030

50,000

49,172

Construction

Materials

0.0%

†

Martin

Marietta

Materials,

Inc.

,

4.25%,

12/15/2047

50,000

54,902

Corporate

Bonds

Principal

Amount

($)

Value

($)

Construction

Materials

Vulcan

Materials

Co.

,

3.90%,

4/1/2027

100,000

106,373

161,275

Consumer

Finance

0.8%

AerCap

Ireland

Capital

DAC

,

4.50%,

9/15/2023

200,000

207,725

2.45%,

10/29/2026

250,000

245,780

3.00%,

10/29/2028

200,000

195,932

Ally

Financial,

Inc.

,

8.00%,

11/1/2031

100,000

135,521

American

Express

Co.

,

3.63%,

12/5/2024

150,000

157,179

3.13%,

5/20/2026

300,000

312,150

American

Honda

Finance

Corp.

,

0.88%,

7/7/2023

300,000

298,069

3.45%,

7/14/2023

100,000

102,767

1.50%,

1/13/2025

50,000

49,589

2.25%,

1/12/2029

50,000

49,347

Capital

One

Financial

Corp.

,

3.50%,

6/15/2023

350,000

359,504

3.75%,

4/24/2024

100,000

104,132

3.75%,

3/9/2027

250,000

264,540

Discover

Financial

Services

,

4.50%,

1/30/2026

100,000

107,754

General

Motors

Financial

Co.,

Inc.

,

4.00%,

10/6/2026

250,000

263,737

2.35%,

2/26/2027

50,000

49,114

John

Deere

Capital

Corp.

,

0.70%,

1/15/2026

100,000

95,929

PACCAR

Financial

Corp.

,

1.80%,

2/6/2025

200,000

199,988

Synchrony

Financial

,

4.50%,

7/23/2025

190,000

202,009

Toyota

Motor

Credit

Corp.

,

0.50%,

8/14/2023

200,000

197,703

3.65%,

1/8/2029

100,000

108,725

3,707,194

Containers

&

Packaging

0.1%

International

Paper

Co.

,

4.40%,

8/15/2047

25,000

28,520

Sonoco

Products

Co.

,

1.80%,

2/1/2025

50,000

49,639

2.25%,

2/1/2027

45,000

44,692

2.85%,

2/1/2032

50,000

49,310

WRKCo

,

Inc.

,

4.20%,

6/1/2032

100,000

109,176

281,337

Diversified

Consumer

Services

0.1%

Massachusetts

Institute

of

Technology

,

Series

G,

2.29%,

7/1/2051

100,000

89,078

Northwestern

University

,

Series

2017,

3.66%,

12/1/2057

12,000

14,136

6

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Diversified

Consumer

Services

President

and

Fellows

of

Harvard

College

,

3.15%,

7/15/2046

50,000

52,679

3.30%,

7/15/2056

100,000

106,095

University

of

Notre

Dame

du

Lac

,

Series

2017,

3.39%,

2/15/2048

30,000

32,852

Yale

University

,

Series

2020,

2.40%,

4/15/2050

26,000

24,291

319,131

Diversified

Financial

Services

0.2%

Berkshire

Hathaway,

Inc.

,

2.75%,

3/15/2023

200,000

203,223

Equitable

Holdings,

Inc.

,

7.00%,

4/1/2028

92,000

113,955

5.00%,

4/20/2048

50,000

58,847

National

Rural

Utilities

Cooperative

Finance

Corp.

,

3.40%,

2/7/2028

50,000

52,524

Shell

International

Finance

BV

,

6.38%,

12/15/2038

150,000

208,685

3.25%,

4/6/2050

200,000

199,205

Voya

Financial,

Inc.

,

3.65%,

6/15/2026

100,000

106,045

942,484

Diversified

Telecommunication

Services

0.8%

AT&T,

Inc.

,

4.05%,

12/15/2023(d)

100,000

104,736

4.30%,

2/15/2030

300,000

329,984

2.75%,

6/1/2031

200,000

197,297

2.55%,

12/1/2033

207,000

194,567

4.65%,

6/1/2044

150,000

166,683

3.30%,

2/1/2052

200,000

183,183

3.55%,

9/15/2055

100,000

94,421

3.65%,

9/15/2059

518,000

490,142

Bell

Telephone

Co.

of

Canada

,

4.30%,

7/29/2049

50,000

57,264

Deutsche

Telekom

International

Finance

BV

,

8.75%,

6/15/2030(d)

106,000

149,538

Orange

SA

,

5.50%,

2/6/2044

50,000

64,728

Telefonica

Emisiones

SA

,

5.52%,

3/1/2049

150,000

182,512

Verizon

Communications,

Inc.

,

4.33%,

9/21/2028

254,000

279,724

4.02%,

12/3/2029

300,000

325,778

2.55%,

3/21/2031

250,000

244,123

3.85%,

11/1/2042

175,000

183,050

4.86%,

8/21/2046

200,000

244,598

2.99%,

10/30/2056

353,000

309,134

3,801,462

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

1.4%

American

Electric

Power

Co.,

Inc.

,

2.03%,

3/15/2024

80,000

80,080

Appalachian

Power

Co.

,

Series

Y,

4.50%,

3/1/2049

150,000

170,746

Arizona

Public

Service

Co.

,

2.20%,

12/15/2031

100,000

94,259

CenterPoint

Energy

Houston

Electric

LLC

,

3.95%,

3/1/2048

100,000

110,688

Cleveland

Electric

Illuminating

Co.

(The)

,

5.50%,

8/15/2024

200,000

219,245

DTE

Electric

Co.

,

3.65%,

3/15/2024

250,000

259,308

3.70%,

3/15/2045

80,000

84,806

Duke

Energy

Corp.

,

3.95%,

10/15/2023

100,000

103,552

3.75%,

4/15/2024

150,000

155,685

4.20%,

6/15/2049

150,000

163,278

Duke

Energy

Indiana

LLC

,

3.75%,

5/15/2046

250,000

265,755

Duke

Energy

Ohio,

Inc.

,

3.70%,

6/15/2046

100,000

104,497

Emera

US

Finance

LP

,

3.55%,

6/15/2026

250,000

260,977

Entergy

Arkansas

LLC

,

3.50%,

4/1/2026

100,000

105,635

4.20%,

4/1/2049

150,000

169,397

Evergy

Metro,

Inc.

,

Series

2019,

4.13%,

4/1/2049

100,000

112,837

Eversource

Energy

,

Series

H,

3.15%,

1/15/2025

125,000

129,271

3.45%,

1/15/2050

100,000

100,643

Exelon

Corp.

,

4.05%,

4/15/2030

200,000

216,190

5.63%,

6/15/2035

250,000

303,833

Florida

Power

&

Light

Co.

,

4.13%,

6/1/2048

150,000

173,776

Fortis,

Inc.

,

3.06%,

10/4/2026

100,000

102,618

Iberdrola

International

BV

,

5.81%,

3/15/2025

82,000

91,838

Kentucky

Utilities

Co.

,

5.13%,

11/1/2040

100,000

122,596

NextEra

Energy

Capital

Holdings,

Inc.

,

1.88%,

1/15/2027

45,000

44,097

2.75%,

11/1/2029

100,000

100,446

2.44%,

1/15/2032

25,000

24,108

3.00%,

1/15/2052

30,000

27,282

Ohio

Power

Co.

,

4.15%,

4/1/2048

50,000

56,008

Oncor

Electric

Delivery

Co.

LLC

,

5.30%,

6/1/2042

150,000

193,035

Pacific

Gas

and

Electric

Co.

,

4.55%,

7/1/2030

100,000

104,061

2.50%,

2/1/2031

250,000

228,540

Nationwide

Bond

Index

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

7

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Pacific

Gas

and

Electric

Co.,

4.50%,

7/1/2040

200,000

195,700

Public

Service

Co.

of

Colorado

,

Series

34,

3.20%,

3/1/2050

100,000

98,836

Public

Service

Electric

and

Gas

Co.

,

3.95%,

5/1/2042

100,000

108,719

Southern

California

Edison

Co.

,

4.00%,

4/1/2047

100,000

104,112

Series

B,

4.88%,

3/1/2049

100,000

113,224

Southern

Co.

(The)

,

3.25%,

7/1/2026

210,000

219,003

4.40%,

7/1/2046

250,000

276,257

Tampa

Electric

Co.

,

3.63%,

6/15/2050

40,000

42,282

Union

Electric

Co.

,

2.63%,

3/15/2051

100,000

91,147

Virginia

Electric

and

Power

Co.

,

2.30%,

11/15/2031

50,000

48,778

4.45%,

2/15/2044

150,000

172,595

Wisconsin

Power

and

Light

Co.

,

3.00%,

7/1/2029

250,000

255,227

Xcel

Energy,

Inc.

,

6.50%,

7/1/2036

123,000

166,474

6,371,441

Electrical

Equipment

0.0%

†

Eaton

Corp.

,

4.00%,

11/2/2032

100,000

111,340

Rockwell

Automation,

Inc.

,

2.80%,

8/15/2061

30,000

27,180

138,520

Electronic

Equipment,

Instruments

&

Components

0.1%

Amphenol

Corp.

,

2.80%,

2/15/2030

100,000

100,767

Arrow

Electronics,

Inc.

,

4.50%,

3/1/2023

100,000

102,315

Corning,

Inc.

,

5.35%,

11/15/2048

100,000

129,506

Flex

Ltd.

,

3.75%,

2/1/2026

200,000

209,807

542,395

Energy

Equipment

&

Services

0.1%

Baker

Hughes

Holdings

LLC

,

2.06%,

12/15/2026

35,000

34,588

4.08%,

12/15/2047

50,000

52,917

Halliburton

Co.

,

5.00%,

11/15/2045

90,000

103,463

NOV,

Inc.

,

3.95%,

12/1/2042

50,000

47,180

238,148

Corporate

Bonds

Principal

Amount

($)

Value

($)

Entertainment

0.1%

Activision

Blizzard,

Inc.

,

2.50%,

9/15/2050

50,000

43,106

TWDC

Enterprises

18

Corp.

,

3.00%,

7/30/2046

60,000

56,832

Walt

Disney

Co.

(The)

,

2.00%,

9/1/2029

100,000

96,496

2.75%,

9/1/2049

100,000

89,793

3.80%,

5/13/2060

200,000

213,738

499,965

Equity

Real

Estate

Investment

Trusts

(REITs)

1.1%

Alexandria

Real

Estate

Equities,

Inc.

,

4.00%,

2/1/2050

50,000

54,840

American

Tower

Corp.

,

3.38%,

5/15/2024

500,000

516,156

3.70%,

10/15/2049

100,000

99,009

AvalonBay

Communities,

Inc.

,

3.45%,

6/1/2025

100,000

104,627

2.30%,

3/1/2030

200,000

195,951

Boston

Properties

LP

,

2.75%,

10/1/2026

150,000

152,694

2.90%,

3/15/2030

100,000

99,631

Brixmor

Operating

Partnership

LP

,

4.13%,

5/15/2029

100,000

107,763

Camden

Property

Trust

,

3.35%,

11/1/2049

50,000

50,788

Crown

Castle

International

Corp.

,

2.25%,

1/15/2031

100,000

93,666

4.00%,

11/15/2049

60,000

62,117

CubeSmart

LP

,

2.25%,

12/15/2028

40,000

38,828

2.50%,

2/15/2032

45,000

43,040

Digital

Realty

Trust

LP

,

4.45%,

7/15/2028

100,000

109,917

Duke

Realty

LP

,

2.88%,

11/15/2029

40,000

40,798

Equinix

,

Inc.

,

2.63%,

11/18/2024

30,000

30,439

3.20%,

11/18/2029

35,000

35,391

2.15%,

7/15/2030

100,000

93,639

ERP

Operating

LP

,

2.85%,

11/1/2026

250,000

257,574

3.00%,

7/1/2029

100,000

102,719

Essex

Portfolio

LP

,

3.00%,

1/15/2030

150,000

152,320

Federal

Realty

Investment

Trust

,

3.20%,

6/15/2029

100,000

103,075

GLP

Capital

LP

,

5.38%,

4/15/2026

200,000

216,044

Healthcare

Trust

of

America

Holdings

LP

,

3.10%,

2/15/2030

100,000

101,651

Healthpeak

Properties,

Inc.

,

3.40%,

2/1/2025

19,000

19,721

2.88%,

1/15/2031

50,000

50,204

8

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Host

Hotels

&

Resorts

LP

,

Series

H,

3.38%,

12/15/2029

50,000

49,677

Kilroy

Realty

LP

,

3.05%,

2/15/2030

100,000

99,786

Kimco

Realty

Corp.

,

4.45%,

9/1/2047

50,000

56,194

National

Retail

Properties,

Inc.

,

4.80%,

10/15/2048

50,000

59,720

Omega

Healthcare

Investors,

Inc.

,

4.50%,

4/1/2027

100,000

108,139

Prologis

LP

,

1.25%,

10/15/2030

100,000

90,199

Public

Storage

,

1.50%,

11/9/2026

55,000

53,906

1.95%,

11/9/2028

55,000

53,310

2.25%,

11/9/2031

50,000

48,749

Realty

Income

Corp.

,

0.75%,

3/15/2026

100,000

95,067

3.25%,

6/15/2029

150,000

157,476

Simon

Property

Group

LP

,

2.00%,

9/13/2024

250,000

251,485

2.45%,

9/13/2029

100,000

98,642

4.75%,

3/15/2042

100,000

117,918

Spirit

Realty

LP

,

4.00%,

7/15/2029

85,000

91,074

STORE

Capital

Corp.

,

2.70%,

12/1/2031

50,000

46,939

UDR,

Inc.

,

3.20%,

1/15/2030

50,000

51,156

Ventas

Realty

LP

,

4.88%,

4/15/2049

50,000

59,612

Welltower

,

Inc.

,

4.13%,

3/15/2029

250,000

271,890

Weyerhaeuser

Co.

,

7.38%,

3/15/2032

100,000

135,408

WP

Carey,

Inc.

,

3.85%,

7/15/2029

50,000

53,878

4,982,827

Food

&

Staples

Retailing

0.2%

Costco

Wholesale

Corp.

,

2.75%,

5/18/2024

200,000

205,305

Kroger

Co.

(The)

,

7.50%,

4/1/2031

178,000

242,296

Sysco

Corp.

,

6.60%,

4/1/2050

50,000

72,920

Walgreens

Boots

Alliance,

Inc.

,

3.20%,

4/15/2030

150,000

154,152

Walmart,

Inc.

,

2.65%,

9/22/2051

200,000

189,330

864,003

Food

Products

0.4%

Archer-Daniels-Midland

Co.

,

2.50%,

8/11/2026

100,000

102,227

Corporate

Bonds

Principal

Amount

($)

Value

($)

Food

Products

Campbell

Soup

Co.

,

4.15%,

3/15/2028

50,000

54,166

4.80%,

3/15/2048

50,000

59,403

Conagra

Brands,

Inc.

,

5.40%,

11/1/2048

50,000

62,688

General

Mills,

Inc.

,

2.88%,

4/15/2030

100,000

101,373

Hershey

Co.

(The)

,

2.45%,

11/15/2029

150,000

151,768

3.13%,

11/15/2049

50,000

51,025

J

M

Smucker

Co.

(The)

,

4.25%,

3/15/2035

100,000

111,762

Kellogg

Co.

,

3.25%,

4/1/2026

40,000

41,621

4.30%,

5/15/2028

250,000

276,025

Mead

Johnson

Nutrition

Co.

,

4.13%,

11/15/2025

110,000

118,451

Mondelez

International,

Inc.

,

2.63%,

9/4/2050

100,000

87,586

Tyson

Foods,

Inc.

,

5.10%,

9/28/2048

100,000

126,566

Unilever

Capital

Corp.

,

2.00%,

7/28/2026

250,000

249,609

2.13%,

9/6/2029

100,000

97,624

5.90%,

11/15/2032

50,000

64,095

1,755,989

Gas

Utilities

0.1%

Atmos

Energy

Corp.

,

4.13%,

10/15/2044

100,000

110,393

National

Fuel

Gas

Co.

,

3.75%,

3/1/2023

250,000

254,367

ONE

Gas,

Inc.

,

2.00%,

5/15/2030

200,000

188,778

Piedmont

Natural

Gas

Co.,

Inc.

,

3.50%,

6/1/2029

50,000

52,253

Southwest

Gas

Corp.

,

3.18%,

8/15/2051

25,000

22,821

Washington

Gas

Light

Co.

,

3.65%,

9/15/2049

10,000

10,462

639,074

Health

Care

Equipment

&

Supplies

0.3%

Abbott

Laboratories

,

3.88%,

9/15/2025

45,000

48,077

3.75%,

11/30/2026

226,000

244,532

4.90%,

11/30/2046

100,000

127,240

Baxter

International,

Inc.

,

2.60%,

8/15/2026

100,000

101,626

1.92%,

2/1/2027(c)

70,000

68,653

2.27%,

12/1/2028(c)

50,000

48,930

Becton

Dickinson

and

Co.

,

4.69%,

12/15/2044

100,000

117,149

Boston

Scientific

Corp.

,

4.70%,

3/1/2049

50,000

59,046

DH

Europe

Finance

II

Sarl

,

2.60%,

11/15/2029

45,000

45,066

3.25%,

11/15/2039

50,000

50,375

Nationwide

Bond

Index

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

9

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Equipment

&

Supplies

Koninklijke

Philips

NV

,

5.00%,

3/15/2042

50,000

60,507

Medtronic,

Inc.

,

4.63%,

3/15/2045

100,000

122,279

Stryker

Corp.

,

2.90%,

6/15/2050

100,000

92,583

1,186,063

Health

Care

Providers

&

Services

0.9%

Advocate

Health

&

Hospitals

Corp.

,

4.27%,

8/15/2048

21,000

24,943

Aetna,

Inc.

,

3.88%,

8/15/2047

100,000

105,529

AmerisourceBergen

Corp.

,

4.25%,

3/1/2045

50,000

53,944

Anthem,

Inc.

,

4.65%,

8/15/2044

250,000

292,099

Cardinal

Health,

Inc.

,

4.37%,

6/15/2047

50,000

53,108

Cigna

Corp.

,

4.13%,

11/15/2025

200,000

213,598

4.90%,

12/15/2048

100,000

118,246

3.40%,

3/15/2050

125,000

118,428

CommonSpirit

Health

,

2.78%,

10/1/2030

62,000

61,941

4.35%,

11/1/2042

50,000

55,503

4.19%,

10/1/2049

25,000

27,367

CVS

Health

Corp.

,

4.30%,

3/25/2028

59,000

64,314

3.75%,

4/1/2030

100,000

106,329

2.13%,

9/15/2031

90,000

84,810

5.05%,

3/25/2048

300,000

367,396

HCA,

Inc.

,

5.00%,

3/15/2024

200,000

211,864

4.50%,

2/15/2027

250,000

269,166

5.25%,

6/15/2049

100,000

117,812

Humana,

Inc.

,

3.95%,

8/15/2049

100,000

106,645

Kaiser

Foundation

Hospitals

,

4.15%,

5/1/2047

150,000

175,700

Laboratory

Corp.

of

America

Holdings

,

2.95%,

12/1/2029

200,000

201,798

McKesson

Corp.

,

1.30%,

8/15/2026

100,000

95,658

3.95%,

2/16/2028

100,000

107,334

Memorial

Sloan-Kettering

Cancer

Center

,

Series

2020,

2.96%,

1/1/2050

29,000

28,010

New

York

and

Presbyterian

Hospital

(The)

,

2.61%,

8/1/2060

100,000

87,584

Northwell

Healthcare,

Inc.

,

4.26%,

11/1/2047

20,000

22,807

Providence

St

Joseph

Health

Obligated

Group

,

Series

A,

3.93%,

10/1/2048

15,000

16,828

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Providers

&

Services

Quest

Diagnostics,

Inc.

,

4.20%,

6/30/2029

50,000

54,740

Stanford

Health

Care

,

Series

2018,

3.80%,

11/15/2048

12,000

13,479

Sutter

Health

,

Series

2018,

4.09%,

8/15/2048

36,000

40,799

UnitedHealth

Group,

Inc.

,

3.38%,

4/15/2027

250,000

265,690

3.88%,

12/15/2028

200,000

218,625

3.25%,

5/15/2051

100,000

99,625

3.88%,

8/15/2059

150,000

164,538

3.13%,

5/15/2060

50,000

47,242

4,093,499

Hotels,

Restaurants

&

Leisure

0.3%

Booking

Holdings,

Inc.

,

4.63%,

4/13/2030

50,000

57,161

Expedia

Group,

Inc.

,

3.80%,

2/15/2028

50,000

51,898

3.25%,

2/15/2030

65,000

64,851

Las

Vegas

Sands

Corp.

,

3.20%,

8/8/2024

100,000

101,176

Marriott

International,

Inc.

,

Series

EE,

5.75%,

5/1/2025

56,000

62,019

Series

R,

3.13%,

6/15/2026

200,000

205,307

McDonald's

Corp.

,

3.50%,

7/1/2027

100,000

105,847

4.88%,

12/9/2045

150,000

179,433

Sands

China

Ltd.

,

5.40%,

8/8/2028

200,000

206,318

Starbucks

Corp.

,

3.80%,

8/15/2025

100,000

106,074

3.50%,

11/15/2050

100,000

98,930

1,239,014

Household

Durables

0.2%

DR

Horton,

Inc.

,

2.50%,

10/15/2024

85,000

86,146

Lennar

Corp.

,

5.88%,

11/15/2024

300,000

325,992

MDC

Holdings,

Inc.

,

2.50%,

1/15/2031

50,000

46,812

PulteGroup,

Inc.

,

5.00%,

1/15/2027

200,000

221,942

Whirlpool

Corp.

,

3.70%,

5/1/2025

100,000

105,044

785,936

Household

Products

0.1%

Colgate-Palmolive

Co.

,

3.70%,

8/1/2047

100,000

116,032

Kimberly-Clark

Corp.

,

2.88%,

2/7/2050

50,000

48,321

Procter

&

Gamble

Co.

(The)

,

3.00%,

3/25/2030

200,000

210,900

3.50%,

10/25/2047

50,000

56,170

431,423

10

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

Exelon

Generation

Co.

LLC

,

5.60%,

6/15/2042

50,000

57,264

Oglethorpe

Power

Corp.

,

5.05%,

10/1/2048

25,000

30,202

87,466

Industrial

Conglomerates

0.1%

3M

Co.

,

3.25%,

8/26/2049

125,000

128,675

General

Electric

Co.

,

6.75%,

3/15/2032

108,000

141,798

Honeywell

International,

Inc.

,

3.81%,

11/21/2047

100,000

113,003

Roper

Technologies,

Inc.

,

1.00%,

9/15/2025

60,000

57,600

1.75%,

2/15/2031

100,000

90,540

Trane

Technologies

Global

Holding

Co.

Ltd.

,

5.75%,

6/15/2043

50,000

66,251

597,867

Insurance

0.8%

Aflac,

Inc.

,

3.60%,

4/1/2030

110,000

117,902

Allstate

Corp.

(The)

,

4.20%,

12/15/2046

100,000

114,585

American

International

Group,

Inc.

,

4.75%,

4/1/2048

150,000

180,972

Aon

Corp.

,

2.60%,

12/2/2031

25,000

24,385

Aon

plc

,

4.75%,

5/15/2045

100,000

117,782

Arch

Capital

Finance

LLC

,

4.01%,

12/15/2026

250,000

269,429

Athene

Holding

Ltd.

,

4.13%,

1/12/2028

200,000

213,477

Berkshire

Hathaway

Finance

Corp.

,

1.45%,

10/15/2030

200,000

185,481

4.40%,

5/15/2042

150,000

173,337

Chubb

INA

Holdings,

Inc.

,

2.70%,

3/13/2023

250,000

254,506

3.35%,

5/3/2026

45,000

47,440

4.35%,

11/3/2045

100,000

118,139

CNA

Financial

Corp.

,

3.90%,

5/1/2029

50,000

54,189

Enstar

Group

Ltd.

,

3.10%,

9/1/2031

40,000

37,862

Everest

Reinsurance

Holdings,

Inc.

,

3.50%,

10/15/2050

50,000

49,256

Globe

Life,

Inc.

,

2.15%,

8/15/2030

100,000

94,851

Hartford

Financial

Services

Group,

Inc.

(The)

,

6.10%,

10/1/2041

50,000

67,181

Lincoln

National

Corp.

,

4.35%,

3/1/2048

50,000

56,603

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

Manulife

Financial

Corp.

,

4.15%,

3/4/2026

100,000

107,372

Markel

Corp.

,

5.00%,

5/20/2049

50,000

60,971

Marsh

&

McLennan

Cos.,

Inc.

,

4.90%,

3/15/2049

100,000

124,443

MetLife,

Inc.

,

5.70%,

6/15/2035

86,000

110,465

4.13%,

8/13/2042

100,000

111,983

Principal

Financial

Group,

Inc.

,

3.70%,

5/15/2029

50,000

53,976

Progressive

Corp.

(The)

,

6.25%,

12/1/2032

113,000

151,047

Prudential

Financial,

Inc.

,

6.63%,

6/21/2040

100,000

144,176

3.70%,

3/13/2051

100,000

106,546

Travelers

Cos.,

Inc.

(The)

,

4.00%,

5/30/2047

100,000

112,837

Travelers

Property

Casualty

Corp.

,

6.38%,

3/15/2033

80,000

108,241

Willis

North

America,

Inc.

,

2.95%,

9/15/2029

30,000

29,793

XLIT

Ltd.

,

4.45%,

3/31/2025

150,000

160,750

3,559,977

Interactive

Media

&

Services

0.1%

Alphabet,

Inc.

,

2.05%,

8/15/2050

200,000

164,627

Baidu,

Inc.

,

4.38%,

5/14/2024

200,000

210,042

374,669

Internet

&

Direct

Marketing

Retail

0.2%

Alibaba

Group

Holding

Ltd.

,

4.20%,

12/6/2047

250,000

259,031

Amazon.com,

Inc.

,

3.15%,

8/22/2027

350,000

368,274

2.50%,

6/3/2050

100,000

88,522

4.25%,

8/22/2057

200,000

240,945

eBay,

Inc.

,

4.00%,

7/15/2042

50,000

52,705

1,009,477

IT

Services

0.4%

Automatic

Data

Processing,

Inc.

,

1.25%,

9/1/2030

100,000

91,350

Broadridge

Financial

Solutions,

Inc.

,

3.40%,

6/27/2026

80,000

83,760

Fidelity

National

Information

Services,

Inc.

,

2.25%,

3/1/2031

200,000

188,736

Fiserv,

Inc.

,

2.75%,

7/1/2024

200,000

203,961

3.50%,

7/1/2029

200,000

207,544

Global

Payments,

Inc.

,

4.15%,

8/15/2049

50,000

52,575

Nationwide

Bond

Index

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

11

Corporate

Bonds

Principal

Amount

($)

Value

($)

IT

Services

International

Business

Machines

Corp.

,

5.88%,

11/29/2032

250,000

317,974

4.25%,

5/15/2049

100,000

113,224

Mastercard

,

Inc.

,

2.00%,

11/18/2031

50,000

48,111

3.95%,

2/26/2048

50,000

57,018

PayPal

Holdings,

Inc.

,

2.40%,

10/1/2024

35,000

35,658

2.30%,

6/1/2030

250,000

245,714

Visa,

Inc.

,

4.15%,

12/14/2035

150,000

171,299

4.30%,

12/14/2045

100,000

117,611

1,934,535

Leisure

Products

0.0%

†

Hasbro,

Inc.

,

3.55%,

11/19/2026

100,000

104,685

3.90%,

11/19/2029

50,000

53,225

157,910

Life

Sciences

Tools

&

Services

0.1%

Agilent

Technologies,

Inc.

,

2.75%,

9/15/2029

100,000

99,964

Danaher

Corp.

,

2.60%,

10/1/2050

75,000

66,138

PerkinElmer,

Inc.

,

3.30%,

9/15/2029

50,000

51,543

Thermo

Fisher

Scientific,

Inc.

,

1.75%,

10/15/2028

40,000

38,473

2.60%,

10/1/2029

65,000

65,250

321,368

Machinery

0.2%

Caterpillar,

Inc.

,

2.60%,

9/19/2029

200,000

204,819

3.25%,

9/19/2049

100,000

102,946

Deere

&

Co.

,

3.90%,

6/9/2042

100,000

112,631

Dover

Corp.

,

5.38%,

3/1/2041

50,000

62,056

Illinois

Tool

Works,

Inc.

,

4.88%,

9/15/2041

50,000

63,011

Otis

Worldwide

Corp.

,

3.11%,

2/15/2040

50,000

48,540

Parker-Hannifin

Corp.

,

3.25%,

6/14/2029

200,000

206,717

Snap-on,

Inc.

,

3.10%,

5/1/2050

50,000

48,963

Stanley

Black

&

Decker,

Inc.

,

2.30%,

3/15/2030

100,000

98,683

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.66%),

4.00%,

3/15/2060(b)

50,000

50,760

Westinghouse

Air

Brake

Technologies

Corp.

,

4.95%,

9/15/2028(d)

100,000

111,295

1,110,421

Corporate

Bonds

Principal

Amount

($)

Value

($)

Media

0.7%

Charter

Communications

Operating

LLC

,

4.50%,

2/1/2024

100,000

104,951

3.75%,

2/15/2028

250,000

260,168

2.25%,

1/15/2029

25,000

23,541

2.80%,

4/1/2031

200,000

189,356

3.50%,

3/1/2042

50,000

44,830

4.80%,

3/1/2050

150,000

153,196

3.70%,

4/1/2051

200,000

176,922

3.95%,

6/30/2062

50,000

44,091

Comcast

Corp.

,

3.70%,

4/15/2024

100,000

104,271

3.40%,

4/1/2030

100,000

105,746

3.97%,

11/1/2047

146,000

157,953

4.70%,

10/15/2048

225,000

268,753

2.89%,

11/1/2051(c)

100,000

90,575

2.94%,

11/1/2056(c)

305,000

269,654

4.95%,

10/15/2058

12,000

15,356

2.99%,

11/1/2063(c)

19,000

16,725

Discovery

Communications

LLC

,

5.30%,

5/15/2049

125,000

146,373

Fox

Corp.

,

5.48%,

1/25/2039

100,000

120,965

Omnicom

Group,

Inc.

,

3.60%,

4/15/2026

250,000

262,990

Time

Warner

Cable

LLC

,

6.75%,

6/15/2039

50,000

63,810

5.50%,

9/1/2041

100,000

112,915

ViacomCBS

,

Inc.

,

5.50%,

5/15/2033

82,000

98,452

4.38%,

3/15/2043

100,000

105,997

WPP

Finance

2010

,

3.75%,

9/19/2024

250,000

261,266

3,198,856

Metals

&

Mining

0.2%

ArcelorMittal

SA

,

4.25%,

7/16/2029

100,000

105,281

BHP

Billiton

Finance

USA

Ltd.

,

5.00%,

9/30/2043

50,000

61,971

Newmont

Corp.

,

2.60%,

7/15/2032

60,000

57,855

5.88%,

4/1/2035

64,000

79,274

Nucor

Corp.

,

4.00%,

8/1/2023

250,000

257,384

Rio

Tinto

Alcan,

Inc.

,

5.75%,

6/1/2035

144,000

185,890

Southern

Copper

Corp.

,

6.75%,

4/16/2040

100,000

134,601

Teck

Resources

Ltd.

,

5.20%,

3/1/2042

50,000

55,702

Vale

Overseas

Ltd.

,

6.88%,

11/10/2039

100,000

128,950

1,066,908

Multiline

Retail

0.1%

Dollar

General

Corp.

,

4.13%,

4/3/2050

50,000

54,186

12

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Multiline

Retail

Dollar

Tree,

Inc.

,

2.65%,

12/1/2031

25,000

24,133

3.38%,

12/1/2051

25,000

23,543

Target

Corp.

,

2.50%,

4/15/2026

250,000

257,338

3.90%,

11/15/2047

50,000

57,049

416,249

Multi-Utilities

0.5%

Ameren

Corp.

,

1.95%,

3/15/2027

80,000

78,648

Berkshire

Hathaway

Energy

Co.

,

3.50%,

2/1/2025

250,000

261,464

4.45%,

1/15/2049

50,000

57,215

4.25%,

10/15/2050

100,000

113,870

2.85%,

5/15/2051

200,000

178,792

Black

Hills

Corp.

,

3.05%,

10/15/2029

125,000

126,695

CMS

Energy

Corp.

,

3.00%,

5/15/2026

100,000

103,059

Consolidated

Edison

Co.

of

New

York,

Inc.

,

5.70%,

6/15/2040

150,000

191,805

3.70%,

11/15/2059

100,000

100,118

Consumers

Energy

Co.

,

3.75%,

2/15/2050

100,000

109,712

Dominion

Energy,

Inc.

,

Series

B,

5.95%,

6/15/2035

174,000

220,000

DTE

Energy

Co.

,

2.95%,

3/1/2030

100,000

100,625

NiSource,

Inc.

,

1.70%,

2/15/2031

25,000

22,815

4.38%,

5/15/2047

100,000

112,662

Puget

Sound

Energy,

Inc.

,

3.25%,

9/15/2049

100,000

98,764

Sempra

Energy

,

4.00%,

2/1/2048

150,000

158,430

Southern

Co.

Gas

Capital

Corp.

,

Series

20-A,

1.75%,

1/15/2031

50,000

45,207

WEC

Energy

Group,

Inc.

,

1.80%,

10/15/2030

200,000

184,426

2,264,307

Oil,

Gas

&

Consumable

Fuels

1.9%

BP

Capital

Markets

America,

Inc.

,

3.41%,

2/11/2026

250,000

261,973

4.23%,

11/6/2028

150,000

164,872

1.75%,

8/10/2030

200,000

185,587

2.72%,

1/12/2032

100,000

98,941

BP

Capital

Markets

plc

,

3.51%,

3/17/2025

250,000

262,009

3.72%,

11/28/2028

300,000

321,225

Canadian

Natural

Resources

Ltd.

,

6.25%,

3/15/2038

85,000

107,232

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Cenovus

Energy,

Inc.

,

4.25%,

4/15/2027

300,000

320,998

4.40%,

4/15/2029

200,000

216,345

Cheniere

Corpus

Christi

Holdings

LLC

,

5.13%,

6/30/2027

100,000

110,496

3.70%,

11/15/2029

65,000

67,540

2.74%,

12/31/2039(c)

25,000

23,267

Chevron

Corp.

,

2.95%,

5/16/2026

250,000

259,709

Chevron

USA,

Inc.

,

3.90%,

11/15/2024

250,000

264,420

CNOOC

Finance

2014

ULC

,

4.25%,

4/30/2024

200,000

210,361

CNOOC

Petroleum

North

America

ULC

,

6.40%,

5/15/2037

100,000

127,625

ConocoPhillips

,

6.50%,

2/1/2039

200,000

280,163

Devon

Energy

Corp.

,

5.00%,

6/15/2045

50,000

57,732

Enbridge

Energy

Partners

LP

,

7.38%,

10/15/2045

100,000

146,294

Energy

Transfer

LP

,

4.75%,

1/15/2026

100,000

107,399

5.25%,

4/15/2029

100,000

111,160

3.75%,

5/15/2030

200,000

205,264

6.50%,

2/1/2042

100,000

122,193

5.00%,

5/15/2044(d)

50,000

52,168

5.00%,

5/15/2050

100,000

108,226

Enterprise

Products

Operating

LLC

,

4.80%,

2/1/2049

75,000

86,141

4.95%,

10/15/2054

200,000

233,955

Equinor

ASA

,

3.70%,

4/6/2050

100,000

107,199

Exxon

Mobil

Corp.

,

1.57%,

4/15/2023

100,000

100,489

2.71%,

3/6/2025

250,000

256,730

2.99%,

3/19/2025

200,000

206,415

4.23%,

3/19/2040

200,000

226,429

4.11%,

3/1/2046

100,000

112,221

Hess

Corp.

,

4.30%,

4/1/2027

100,000

106,733

7.30%,

8/15/2031

127,000

166,381

Kinder

Morgan

Energy

Partners

LP

,

5.80%,

3/15/2035

144,000

171,949

Kinder

Morgan,

Inc.

,

5.05%,

2/15/2046

150,000

168,861

Magellan

Midstream

Partners

LP

,

4.25%,

9/15/2046

100,000

105,239

Marathon

Oil

Corp.

,

6.80%,

3/15/2032

82,000

103,047

Marathon

Petroleum

Corp.

,

6.50%,

3/1/2041

100,000

130,471

MPLX

LP

,

4.50%,

7/15/2023

150,000

154,832

4.70%,

4/15/2048

150,000

163,589

Nationwide

Bond

Index

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

13

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

ONEOK,

Inc.

,

4.95%,

7/13/2047

150,000

164,290

Phillips

66

,

5.88%,

5/1/2042

100,000

131,694

Plains

All

American

Pipeline

LP

,

4.70%,

6/15/2044

50,000

49,557

Sabine

Pass

Liquefaction

LLC

,

5.00%,

3/15/2027

250,000

275,753

Suncor

Energy,

Inc.

,

5.95%,

5/15/2035

89,000

110,167

4.00%,

11/15/2047

40,000

42,006

TotalEnergies

Capital

International

SA

,

3.70%,

1/15/2024

500,000

521,469

3.46%,

2/19/2029

100,000

105,610

3.46%,

7/12/2049

100,000

101,180

TransCanada

PipeLines

Ltd.

,

4.10%,

4/15/2030

150,000

161,613

5.10%,

3/15/2049

90,000

110,306

Valero

Energy

Corp.

,

6.63%,

6/15/2037

100,000

129,078

Williams

Cos.,

Inc.

(The)

,

2.60%,

3/15/2031

25,000

24,057

5.40%,

3/4/2044

100,000

118,813

8,839,473

Paper

&

Forest

Products

0.0%

†

Georgia-Pacific

LLC

,

8.88%,

5/15/2031

50,000

74,755

Personal

Products

0.1%

Estee

Lauder

Cos.,

Inc.

(The)

,

2.00%,

12/1/2024

250,000

252,492

3.13%,

12/1/2049

100,000

102,110

354,602

Pharmaceuticals

0.9%

AstraZeneca

plc

,

3.38%,

11/16/2025

250,000

263,045

4.38%,

8/17/2048

100,000

119,866

Bristol-Myers

Squibb

Co.

,

2.90%,

7/26/2024

319,000

329,098

3.20%,

6/15/2026

200,000

209,103

5.00%,

8/15/2045

140,000

175,633

4.25%,

10/26/2049

100,000

115,385

Eli

Lilly

&

Co.

,

2.25%,

5/15/2050

100,000

86,148

GlaxoSmithKline

Capital

plc

,

3.38%,

6/1/2029

100,000

105,799

GlaxoSmithKline

Capital,

Inc.

,

5.38%,

4/15/2034

139,000

176,691

Johnson

&

Johnson

,

4.95%,

5/15/2033

287,000

357,379

3.63%,

3/3/2037

250,000

274,933

Merck

&

Co.,

Inc.

,

3.40%,

3/7/2029

100,000

106,261

4.15%,

5/18/2043

100,000

114,028

4.00%,

3/7/2049

100,000

113,630

Corporate

Bonds

Principal

Amount

($)

Value

($)

Pharmaceuticals

Novartis

Capital

Corp.

,

2.20%,

8/14/2030

100,000

97,974

2.75%,

8/14/2050

50,000

47,065

Pfizer,

Inc.

,

3.00%,

12/15/2026

250,000

263,125

1.75%,

8/18/2031

100,000

93,882

4.13%,

12/15/2046

200,000

232,610

Pharmacia

LLC

,

6.60%,

12/1/2028(d)

123,000

155,389

Royalty

Pharma

plc

,

3.55%,

9/2/2050

75,000

67,988

Sanofi

,

3.63%,

6/19/2028

250,000

271,902

Takeda

Pharmaceutical

Co.

Ltd.

,

3.18%,

7/9/2050

200,000

184,275

Viatris

,

Inc.

,

3.85%,

6/22/2040

200,000

199,629

Zoetis,

Inc.

,

4.50%,

11/13/2025

115,000

124,305

4.70%,

2/1/2043

50,000

59,704

4,344,847

Professional

Services

0.0%

†

Thomson

Reuters

Corp.

,

3.35%,

5/15/2026

140,000

145,904

Road

&

Rail

0.4%

Burlington

Northern

Santa

Fe

LLC

,

5.05%,

3/1/2041

300,000

373,114

2.88%,

6/15/2052

25,000

23,495

Canadian

National

Railway

Co.

,

6.90%,

7/15/2028

118,000

149,635

6.20%,

6/1/2036

64,000

86,351

Canadian

Pacific

Railway

Co.

,

4.80%,

8/1/2045

150,000

182,841

CSX

Corp.

,

5.50%,

4/15/2041

100,000

128,076

3.95%,

5/1/2050

100,000

109,172

Kansas

City

Southern

,

4.20%,

11/15/2069

50,000

55,778

Norfolk

Southern

Corp.

,

2.90%,

2/15/2023

92,000

93,343

2.55%,

11/1/2029

50,000

50,096

4.45%,

6/15/2045

50,000

57,411

4.05%,

8/15/2052

132,000

147,383

Ryder

System,

Inc.

,

2.50%,

9/1/2024

45,000

45,723

2.90%,

12/1/2026

90,000

92,418

Union

Pacific

Corp.

,

3.60%,

9/15/2037

100,000

106,167

3.25%,

2/5/2050

80,000

79,848

3.95%,

8/15/2059

100,000

109,417

3.84%,

3/20/2060

25,000

26,854

1,917,122

14

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Semiconductors

&

Semiconductor

Equipment

0.6%

Applied

Materials,

Inc.

,

5.85%,

6/15/2041

50,000

69,011

Broadcom,

Inc.

,

4.15%,

11/15/2030

300,000

319,216

3.47%,

4/15/2034(c)

350,000

346,682

Intel

Corp.

,

3.70%,

7/29/2025

150,000

158,631

3.75%,

3/25/2027

100,000

107,637

2.45%,

11/15/2029

100,000

99,715

4.75%,

3/25/2050

150,000

184,991

3.05%,

8/12/2051

100,000

94,259

KLA

Corp.

,

4.65%,

11/1/2024

215,000

229,594

3.30%,

3/1/2050

50,000

49,718

Lam

Research

Corp.

,

3.80%,

3/15/2025

145,000

153,262

1.90%,

6/15/2030

60,000

57,246

2.88%,

6/15/2050

55,000

51,424

Micron

Technology,

Inc.

,

4.19%,

2/15/2027

250,000

266,405

NVIDIA

Corp.

,

3.50%,

4/1/2050

100,000

106,369

NXP

BV

,

4.30%,

6/18/2029(c)

150,000

162,975

QUALCOMM,

Inc.

,

1.65%,

5/20/2032

100,000

91,377

4.65%,

5/20/2035

100,000

118,849

Texas

Instruments,

Inc.

,

4.15%,

5/15/2048

100,000

117,466

Xilinx,

Inc.

,

2.95%,

6/1/2024

100,000

102,220

2,887,047

Software

0.6%

Adobe,

Inc.

,

3.25%,

2/1/2025

70,000

72,938

Microsoft

Corp.

,

2.00%,

8/8/2023

250,000

253,124

2.40%,

8/8/2026

465,000

475,916

3.50%,

2/12/2035

65,000

70,714

2.92%,

3/17/2052

330,000

322,637

2.68%,

6/1/2060

191,000

172,744

Oracle

Corp.

,

2.40%,

9/15/2023

350,000

353,918

2.65%,

7/15/2026

145,000

145,918

2.88%,

3/25/2031

200,000

193,029

4.30%,

7/8/2034

150,000

157,393

3.60%,

4/1/2040

100,000

92,511

3.60%,

4/1/2050

275,000

243,618

3.85%,

4/1/2060

150,000

133,109

salesforce.com,

Inc.

,

2.90%,

7/15/2051

150,000

142,425

ServiceNow

,

Inc.

,

1.40%,

9/1/2030

75,000

66,969

VMware,

Inc.

,

2.20%,

8/15/2031

100,000

93,378

2,990,341

Corporate

Bonds

Principal

Amount

($)

Value

($)

Specialty

Retail

0.2%

AutoNation,

Inc.

,

2.40%,

8/1/2031

25,000

23,272

AutoZone,

Inc.

,

3.13%,

4/18/2024

250,000

258,183

Home

Depot,

Inc.

(The)

,

5.88%,

12/16/2036

25,000

33,737

4.40%,

3/15/2045

100,000

117,214

4.50%,

12/6/2048

100,000

121,352

3.13%,

12/15/2049

100,000

97,671

Lowe's

Cos.,

Inc.

,

3.65%,

4/5/2029

100,000

106,452

2.63%,

4/1/2031

100,000

98,494

3.00%,

10/15/2050

150,000

137,091

TJX

Cos.,

Inc.

(The)

,

3.88%,

4/15/2030

100,000

109,965

1,103,431

Technology

Hardware,

Storage

&

Peripherals

0.4%

Apple,

Inc.

,

3.45%,

5/6/2024

300,000

313,130

2.50%,

2/9/2025

170,000

173,877

2.45%,

8/4/2026

190,000

194,117

3.00%,

11/13/2027

100,000

104,334

1.65%,

5/11/2030

25,000

23,583

1.65%,

2/8/2031

200,000

187,727

3.85%,

5/4/2043

250,000

276,246

4.38%,

5/13/2045

145,000

173,187

4.65%,

2/23/2046

230,000

282,787

Dell

International

LLC

,

3.38%,

12/15/2041(c)

25,000

22,613

8.35%,

7/15/2046

30,000

47,337

Hewlett

Packard

Enterprise

Co.

,

6.35%,

10/15/2045(d)

50,000

62,987

HP,

Inc.

,

6.00%,

9/15/2041

50,000

62,625

1,924,550

Textiles,

Apparel

&

Luxury

Goods

0.0%

†

NIKE,

Inc.

,

2.85%,

3/27/2030

50,000

51,497

3.38%,

11/1/2046

100,000

104,473

155,970

Thrifts

&

Mortgage

Finance

0.1%

BPCE

SA

,

4.00%,

4/15/2024

250,000

262,102

Tobacco

0.2%

Altria

Group,

Inc.

,

4.25%,

8/9/2042

100,000

94,548

3.88%,

9/16/2046

200,000

178,861

BAT

Capital

Corp.

,

3.22%,

8/15/2024

150,000

153,718

3.56%,

8/15/2027

200,000

204,569

4.39%,

8/15/2037

100,000

101,054

3.98%,

9/25/2050

100,000

90,067

Philip

Morris

International,

Inc.

,

4.13%,

3/4/2043

100,000

103,535

Nationwide

Bond

Index

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

15

Corporate

Bonds

Principal

Amount

($)

Value

($)

Tobacco

Reynolds

American,

Inc.

,

4.45%,

6/12/2025

100,000

106,045

5.70%,

8/15/2035

75,000

85,512

1,117,909

Trading

Companies

&

Distributors

0.1%

Air

Lease

Corp.

,

3.63%,

12/1/2027

250,000

256,984

Aircastle

Ltd.

,

5.00%,

4/1/2023

50,000

51,871

4.13%,

5/1/2024

100,000

103,345

GATX

Corp.

,

4.00%,

6/30/2030

200,000

215,326

627,526

Water

Utilities

0.0%

†

American

Water

Capital

Corp.

,

4.30%,

9/1/2045

150,000

168,549

Wireless

Telecommunication

Services

0.3%

America

Movil

SAB

de

CV

,

2.88%,

5/7/2030

200,000

200,747

6.38%,

3/1/2035

123,000

160,113

Rogers

Communications,

Inc.

,

5.00%,

3/15/2044

100,000

115,128

T-Mobile

USA,

Inc.

,

3.88%,

4/15/2030

200,000

209,624

2.55%,

2/15/2031

200,000

190,461

4.38%,

4/15/2040

100,000

107,292

4.50%,

4/15/2050

100,000

109,559

3.40%,

10/15/2052(c)

25,000

23,003

Vodafone

Group

plc

,

4.88%,

6/19/2049

100,000

116,292

4.25%,

9/17/2050

90,000

96,421

1,328,640

Total

Corporate

Bonds

(cost

$114,748,764)

117,849,250

Foreign

Government

Securities

1.7%

CANADA

0.3%

Province

of

Alberta,

2.95%,

1/23/2024

250,000

257,925

3.30%,

3/15/2028

100,000

107,179

Province

of

New

Brunswick,

3.63%,

2/24/2028

100,000

109,819

Province

of

Ontario,

1.13%,

10/7/2030

500,000

461,485

Province

of

Quebec,

7.50%,

9/15/2029

200,000

273,878

1,210,286

CHILE

0.0%

†

Republic

of

Chile,

3.10%,

1/22/2061

200,000

172,500

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

GERMANY

0.1%

FMS

Wertmanagement

AoeR

,

2.75%,

1/30/2024

400,000

411,787

HUNGARY

0.1%

Hungary

Government

Bond,

5.38%,

3/25/2024

500,000

537,451

INDONESIA

0.1%

Republic

of

Indonesia,

4.35%,

1/11/2048

250,000

265,529

ISRAEL

0.0%

†

State

of

Israel

Government

Bond,

4.13%,

1/17/2048

200,000

232,250

ITALY

0.2%

Italian

Republic

Government

Bond,

6.88%,

9/27/2023

200,000

217,192

2.38%,

10/17/2024

200,000

202,610

1.25%,

2/17/2026

200,000

191,697

2.88%,

10/17/2029

200,000

199,776

811,275

JAPAN

0.1%

Japan

Bank

for

International

Cooperation,

2.00%,

10/17/2029

500,000

499,402

MEXICO

0.1%

United

Mexican

States,

5.55%,

1/21/2045

200,000

226,774

5.00%,

4/27/2051

300,000

317,919

5.75%,

10/12/2110

80,000

86,506

631,199

PANAMA

0.1%

Republic

of

Panama,

7.13%,

1/29/2026

100,000

117,299

2.25%,

9/29/2032

200,000

183,224

6.70%,

1/26/2036

250,000

318,752

619,275

PERU

0.1%

Republic

of

Peru,

3.30%,

3/11/2041

120,000

112,464

2.78%,

12/1/2060

200,000

159,924

272,388

PHILIPPINES

0.2%

Republic

of

Philippines,

7.75%,

1/14/2031

350,000

488,267

6.38%,

10/23/2034

250,000

333,810

822,077

POLAND

0.1%

Republic

of

Poland,

4.00%,

1/22/2024

250,000

262,476

16

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Bond

Index

Fund

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

SOUTH

KOREA

0.2%

Export-Import

Bank

of

Korea,

2.88%,

1/21/2025

350,000

361,286

Republic

of

Korea,

5.63%,

11/3/2025

200,000

227,791

2.50%,

6/19/2029

200,000

206,235

795,312

URUGUAY

0.0%

†

Oriental

Republic

of

Uruguay,

5.10%,

6/18/2050

150,000

186,549

Total

Foreign

Government

Securities

(cost

$7,588,282)

7,729,756

Mortgage-Backed

Securities

27.4%

FHLMC

Gold

Pool

Pool#

C00351

8.00%,

7/1/2024

73

76

Pool#

D60780

8.00%,

6/1/2025

287

294

Pool#

G30267

5.00%,

8/1/2025

39,436

42,856

Pool#

J18127

3.00%,

3/1/2027

68,683

71,407

Pool#

J18702

3.00%,

3/1/2027

63,447

65,962

Pool#

J19106

3.00%,

5/1/2027

28,493

29,652

Pool#

D82854

7.00%,

10/1/2027

57

57

Pool#

C00566

7.50%,

12/1/2027

292

321

Pool#

G15100

2.50%,

7/1/2028

60,652

62,325

Pool#

C18271

7.00%,

11/1/2028

1,177

1,270

Pool#

C00678

7.00%,

11/1/2028

365

403

Pool#

C00836

7.00%,

7/1/2029

260

292

Pool#

C31285

7.00%,

9/1/2029

434

468

Pool#

C31282

7.00%,

9/1/2029

38

39

Pool#

C37436

8.00%,

1/1/2030

712

809

Pool#

C36429

7.00%,

2/1/2030

375

385

Pool#

C36306

7.00%,

2/1/2030

368

381

Pool#

C00921

7.50%,

2/1/2030

496

559

Pool#

G01108

7.00%,

4/1/2030

176

195

Pool#

C37703

7.50%,

4/1/2030

404

421

Pool#

J32257

3.00%,

7/1/2030

20,529

21,415

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

J32255

3.00%,

7/1/2030

19,688

20,523

Pool#

C41561

8.00%,

8/1/2030

1,179

1,223

Pool#

C01051

8.00%,

9/1/2030

642

734

Pool#

C43550

7.00%,

10/1/2030

868

892

Pool#

C44017

7.50%,

10/1/2030

275

279

Pool#

C43967

8.00%,

10/1/2030

1,632

1,639

Pool#

C44957

8.00%,

11/1/2030

536

546

Pool#

C01106

7.00%,

12/1/2030

3,470

3,862

Pool#

C01103

7.50%,

12/1/2030

386

446

Pool#

C46932

7.50%,

1/1/2031

402

415

Pool#

C01116

7.50%,

1/1/2031

313

355

Pool#

G01217

7.00%,

3/1/2031

3,935

4,414

Pool#

C48206

7.50%,

3/1/2031

1,065

1,069

Pool#

C91366

4.50%,

4/1/2031

50,689

54,600

Pool#

G18601

3.00%,

5/1/2031

16,362

17,054

Pool#

G18605

3.00%,

6/1/2031

8,740

9,110

Pool#

C91377

4.50%,

6/1/2031

27,412

29,535

Pool#

C53324

7.00%,

6/1/2031

979

1,031

Pool#

C01209

8.00%,

6/1/2031

207

210

Pool#

C54792

7.00%,

7/1/2031

1,033

1,060

Pool#

J35107

2.50%,

8/1/2031

25,942

26,660

Pool#

G01309

7.00%,

8/1/2031

428

474

Pool#

G01311

7.00%,

9/1/2031

3,774

4,196

Pool#

C01222

7.00%,

9/1/2031

486

558

Pool#

G01315

7.00%,

9/1/2031

132

148

Pool#

J35522

2.50%,

10/1/2031

105,698

108,624

Pool#

C58694

7.00%,

10/1/2031

2,711

2,915

Pool#

C60012

7.00%,

11/1/2031

431

442

Pool#

C61298

8.00%,

11/1/2031

1,554

1,589

Pool#

J35957

2.50%,

12/1/2031

193,038

198,381

Nationwide

Bond

Index

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

17

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

C61105

7.00%,

12/1/2031

3,334

3,549

Pool#

C01305

7.50%,

12/1/2031

95

95

Pool#

C63171

7.00%,

1/1/2032

2,842

3,148

Pool#

V61548

2.50%,

2/1/2032

214,771

220,730

Pool#

G01391

7.00%,

4/1/2032

6,624

7,412

Pool#

C01345

7.00%,

4/1/2032

2,118

2,432

Pool#

C01370

8.00%,

4/1/2032

618

689

Pool#

G16285

3.50%,

5/1/2032

16,039

16,931

Pool#

C01381

8.00%,

5/1/2032

7,365

8,375

Pool#

C68290

7.00%,

6/1/2032

1,480

1,588

Pool#

C68300

7.00%,

6/1/2032

606

608

Pool#

G01449

7.00%,

7/1/2032

4,179

4,689

Pool#

C69908

7.00%,

8/1/2032

15,297

16,857

Pool#

C91558

3.50%,

9/1/2032

58,796

62,035

Pool#

G16407

2.50%,

1/1/2033

81,108

83,524

Pool#

G16408

2.50%,

1/1/2033

44,516

45,822

Pool#

G01536

7.00%,

3/1/2033

6,009

6,801

Pool#

G30646

3.00%,

5/1/2033

94,086

98,162

Pool#

G30642

3.00%,

5/1/2033

50,126

52,300

Pool#

K90535

3.00%,

5/1/2033

21,056

21,970

Pool#

A16419

6.50%,

11/1/2033

9,769

10,738

Pool#

A16522

6.50%,

12/1/2033

8,880

10,067

Pool#

C01806

7.00%,

1/1/2034

7,847

8,256

Pool#

A21356

6.50%,

4/1/2034

30,978

34,597

Pool#

C01851

6.50%,

4/1/2034

13,459

15,010

Pool#

A24301

6.50%,

5/1/2034

18,135

19,932

Pool#

A22067

6.50%,

5/1/2034

12,938

14,676

Pool#

A24988

6.50%,

7/1/2034

7,228

7,945

Pool#

G01741

6.50%,

10/1/2034

4,697

5,227

Pool#

G08023

6.50%,

11/1/2034

9,453

10,852

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

A33137

6.50%,

1/1/2035

2,484

2,484

Pool#

G08064

6.50%,

4/1/2035

5,427

6,231

Pool#

G01947

7.00%,

5/1/2035

4,864

5,446

Pool#

A39759

5.50%,

11/1/2035

3,492

3,926

Pool#

A40376

5.50%,

12/1/2035

2,277

2,552

Pool#

A42305

5.50%,

1/1/2036

5,622

6,234

Pool#

A41548

7.00%,

1/1/2036

7,716

8,024

Pool#

G08111

5.50%,

2/1/2036

11,660

13,203

Pool#

A43861

5.50%,

3/1/2036

32,026

35,111

Pool#

G08116

5.50%,

3/1/2036

13,341

15,110

Pool#

A43534

6.50%,

3/1/2036

1,391

1,551

Pool#

A48735

5.50%,

5/1/2036

4,702

5,140

Pool#

G08136

6.50%,

6/1/2036

5,817

6,848

Pool#

A53039

6.50%,

10/1/2036

30,289

33,293

Pool#

C91982

3.50%,

3/1/2038

48,753

51,193

Pool#

G04251

6.50%,

4/1/2038

2,963

3,404

Pool#

G04569

6.50%,

8/1/2038

3,521

3,894

Pool#

C92013

3.50%,

9/1/2038

83,355

87,499

Pool#

A84252

6.50%,

1/1/2039

14,369

16,020

Pool#

A84287

6.50%,

1/1/2039

7,554

8,534

Pool#

G05535

4.50%,

7/1/2039

344,989

378,593

Pool#

G60342

4.50%,

5/1/2042

73,033

80,046

Pool#

G07158

3.50%,

10/1/2042

81,141

85,876

Pool#

G07163

3.50%,

10/1/2042

69,591

74,022

Pool#

Q12051

3.50%,

10/1/2042

68,508

72,890

Pool#

Q11532

3.50%,

10/1/2042

55,151

58,657

Pool#

Q12052

3.50%,

10/1/2042

30,420

32,302

Pool#

C09020

3.50%,

11/1/2042

267,372

284,472

Pool#

G07264

3.50%,

12/1/2042

109,495

116,468

Pool#

Q14292

3.50%,

1/1/2043

31,002

32,977

18

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

Q14881

3.50%,

1/1/2043

25,004

26,470

Pool#

V80002

2.50%,

4/1/2043

177,679

179,376

Pool#

Q16915

3.00%,

4/1/2043

330,641

344,731

Pool#

Q17675

3.50%,

4/1/2043

150,569

160,147

Pool#

G07410

3.50%,

7/1/2043

61,681

65,625

Pool#

Q20332

3.50%,

7/1/2043

11,307

12,006

Pool#

G07946

4.00%,

7/1/2044

61,336

66,519

Pool#

Q28607

3.50%,

9/1/2044

56,263

59,535

Pool#

G61231

3.50%,

9/1/2044

9,586

10,143

Pool#

G08609

3.50%,

10/1/2044

23,019

24,366

Pool#

Q30833

4.00%,

1/1/2045

5,769

6,251

Pool#

G60400

4.50%,

1/1/2045

52,071

56,987

Pool#

V81873

4.00%,

8/1/2045

11,890

12,836

Pool#

G08669

4.00%,

9/1/2045

61,417

66,172

Pool#

Q38357

4.00%,

1/1/2046

4,343

4,660

Pool#

G61365

4.50%,

1/1/2046

54,703

59,837

Pool#

G08697

3.00%,

3/1/2046

88,827

92,129

Pool#

Q39440

4.00%,

3/1/2046

4,079

4,384

Pool#

G08704

4.50%,

4/1/2046

9,782

10,632

Pool#

Q40097

4.50%,

4/1/2046

1,295

1,388

Pool#

G60582

3.50%,

5/1/2046

66,573

70,437

Pool#

Q40718

3.50%,

5/1/2046

16,594

17,518

Pool#

G08707

4.00%,

5/1/2046

78,910

84,867

Pool#

G08708

4.50%,

5/1/2046

7,197

7,822

Pool#

Q40728

4.50%,

5/1/2046

1,176

1,260

Pool#

Q41548

3.00%,

7/1/2046

17,567

18,219

Pool#

Q41903

3.50%,

7/1/2046

96,610

101,987

Pool#

Q41935

3.50%,

7/1/2046

8,265

8,769

Pool#

Q41491

3.50%,

7/1/2046

7,775

8,180

Pool#

G61791

4.00%,

7/1/2046

11,237

12,170

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

Q41947

4.50%,

7/1/2046

3,580

3,892

Pool#

G08715

3.00%,

8/1/2046

122,786

127,305

Pool#

Q42596

3.50%,

8/1/2046

81,904

86,678

Pool#

Q42393

3.50%,

8/1/2046

16,300

17,099

Pool#

Q42203

3.50%,

8/1/2046

13,899

14,747

Pool#

G61323

3.00%,

9/1/2046

154,296

160,664

Pool#

G08721

3.00%,

9/1/2046

91,668

95,024

Pool#

V82617

3.50%,

9/1/2046

63,112

66,629

Pool#

G08722

3.50%,

9/1/2046

13,470

14,254

Pool#

G60733

4.50%,

9/1/2046

24,456

26,806

Pool#

G60722

3.00%,

10/1/2046

244,030

253,014

Pool#

Q44035

3.00%,

10/1/2046

116,390

120,428

Pool#

G61815

4.00%,

10/1/2046

6,971

7,509

Pool#

G61257

3.00%,

11/1/2046

229,379

236,544

Pool#

Q44452

3.00%,

11/1/2046

50,913

52,662

Pool#

G08732

3.00%,

11/1/2046

14,760

15,328

Pool#

Q44473

3.50%,

11/1/2046

13,532

14,189

Pool#

Q44223

3.50%,

11/1/2046

8,522

8,982

Pool#

G08734

4.00%,

11/1/2046

131,011

140,496

Pool#

G08737

3.00%,

12/1/2046

636,388

657,913

Pool#

G60989

3.00%,

12/1/2046

94,157

97,620

Pool#

Q45878

3.00%,

12/1/2046

16,821

17,341

Pool#

Q45024

3.50%,

12/1/2046

44,213

46,729

Pool#

G61862

3.50%,

12/1/2046

15,090

15,926

Pool#

G08741

3.00%,

1/1/2047

130,875

135,370

Pool#

G08747

3.00%,

2/1/2047

222,472

229,625

Pool#

G08748

3.50%,

2/1/2047

21,634

22,818

Pool#

G08751

3.50%,

3/1/2047

92,991

98,039

Pool#

Q47592

3.50%,

4/1/2047

33,020

34,719

Pool#

Q47484

3.50%,

4/1/2047

23,623

25,020

Nationwide

Bond

Index

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

19

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G60988

3.00%,

5/1/2047

531,666

551,471

Pool#

Q48098

3.50%,

5/1/2047

81,639

86,049

Pool#

G61390

3.00%,

6/1/2047

191,093

197,802

Pool#

G08770

3.50%,

7/1/2047

26,573

28,026

Pool#

G61339

3.00%,

8/1/2047

48,505

50,215

Pool#

G08774

3.50%,

8/1/2047

42,416

44,582

Pool#

Q53085

3.00%,

9/1/2047

37,142

38,599

Pool#

G61295

3.50%,

9/1/2047

98,295

104,264

Pool#

G08779

3.50%,

9/1/2047

73,040

76,666

Pool#

G61622

3.00%,

10/1/2047

119,529

123,828

Pool#

G08785

4.00%,

10/1/2047

5,289

5,611

Pool#

Q52075

4.00%,

11/1/2047

87,080

92,632

Pool#

V83598

3.50%,

12/1/2047

23,514

24,639

Pool#

G67707

3.50%,

1/1/2048

121,339

129,084

Pool#

T65458

3.50%,

2/1/2048

91,806

94,402

Pool#

G08800

3.50%,

2/1/2048

11,815

12,372

Pool#

G08801

4.00%,

2/1/2048

36,063

38,246

Pool#

G61929

3.50%,

3/1/2048

33,843

35,521

Pool#

Q54727

3.50%,

3/1/2048

30,502

32,003

Pool#

Q55401

5.00%,

4/1/2048

8,417

9,221

Pool#

G08817

4.00%,

6/1/2048

7,663

8,101

Pool#

G08827

4.50%,

7/1/2048

63,432

67,861

Pool#

Q57401

4.50%,

7/1/2048

19,484

21,053

Pool#

Q57402

4.50%,

7/1/2048

8,823

9,628

Pool#

G08831

4.00%,

8/1/2048

63,182

66,869

Pool#

G67716

4.50%,

10/1/2048

69,223

75,843

Pool#

G61846

4.00%,

1/1/2049

118

125

Pool#

V85279

3.50%,

4/1/2049

25,519

26,855

FHLMC

Non

Gold

Pool

Pool#

1B8478

2.14%,

7/1/2041(a)

28,443

29,716

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Non

Gold

Pool

Pool#

2B0108

2.15%,

1/1/2042(a)

1,495

1,501

FHLMC

UMBS

Pool

Pool#

SB0383

2.50%,

4/1/2032

451,394

464,638

Pool#

SB0218

3.00%,

10/1/2033

47,469

49,399

Pool#

SB0095

3.50%,

7/1/2034

69,420

72,878

Pool#

SB8500

2.50%,

7/1/2035

297,018

304,734

Pool#

SB0479

2.50%,

10/1/2035

62,055

63,750

Pool#

RC1826

2.00%,

2/1/2036

282,921

284,529

Pool#

RC1887

2.00%,

3/1/2036

440,338

443,258

Pool#

RC2049

2.00%,

6/1/2036

695,778

699,861

Pool#

RC2045

2.00%,

6/1/2036

23,435

23,568

Pool#

SB8119

2.00%,

9/1/2036

143,021

143,835

Pool#

RC2370

2.00%,

11/1/2036

99,600

100,201

Pool#

QN8913

2.00%,

12/1/2036

74,577

75,073

Pool#

RC2404

2.00%,

1/1/2037

148,723

149,712

Pool#

RC2403

2.00%,

1/1/2037

100,000

100,727

Pool#

RC2402

2.00%,

1/1/2037

99,460

100,095

Pool#

RC2399

2.00%,

1/1/2037

75,000

75,519

Pool#

QA2226

3.00%,

7/1/2046

273,821

283,517

Pool#

ZS4688

3.00%,

11/1/2046

108,595

112,716

Pool#

ZS4693

3.00%,

12/1/2046

416,228

430,074

Pool#

ZM2339

3.50%,

1/1/2047

70,106

73,814

Pool#

ZS4746

3.00%,

12/1/2047

316,212

324,929

Pool#

QA8965

3.00%,

4/1/2050

251,475

257,918

Pool#

RA2579

3.00%,

5/1/2050

94,321

96,738

Pool#

RA3022

2.50%,

6/1/2050

227,613

227,587

Pool#

SD7521

2.50%,

7/1/2050

645,852

650,308

Pool#

SD7523

2.50%,

8/1/2050

302,598

303,907

Pool#

RA3382

3.00%,

8/1/2050

231,796

237,758

Pool#

SD0514

2.00%,

10/1/2050

242,052

236,629

20

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

RA3723

2.00%,

10/1/2050

129,815

126,904

Pool#

RA3935

2.50%,

11/1/2050

460,229

460,189

Pool#

RA3932

2.50%,

11/1/2050

266,924

268,383

Pool#

RA3987

2.50%,

11/1/2050

154,700

154,577

Pool#

RA3934

2.50%,

11/1/2050

145,596

145,581

Pool#

RA4411

2.50%,

1/1/2051

799,146

798,614

Pool#

RA4351

2.50%,

1/1/2051

314,159

314,136

Pool#

RA4410

2.50%,

1/1/2051

240,670

240,649

Pool#

RA4652

2.00%,

2/1/2051

1,444,567

1,411,190

Pool#

RA4493

2.00%,

2/1/2051

904,630

883,729

Pool#

QB9104

2.00%,

2/1/2051

395,455

386,370

Pool#

RA4737

2.00%,

3/1/2051

1,153,517

1,127,015

Pool#

RA4718

2.00%,

3/1/2051

648,537

633,643

Pool#

RA4727

2.00%,

3/1/2051

350,144

342,009

Pool#

SD7537

2.00%,

3/1/2051

165,925

162,145

Pool#

SD8140

2.00%,

4/1/2051

1,600,655

1,563,711

Pool#

SD0576

2.50%,

4/1/2051

74,852

75,064

Pool#

SD8146

2.00%,

5/1/2051

3,566,907

3,483,652

Pool#

QC2070

2.00%,

5/1/2051

71,004

69,373

Pool#

RA5436

2.00%,

6/1/2051

214,638

209,540

Pool#

RA5373

2.00%,

6/1/2051

97,634

95,392

Pool#

RA5398

2.00%,

7/1/2051

265,067

258,980

Pool#

RA6140

2.00%,

10/1/2051

222,748

217,411

Pool#

RA6085

2.00%,

10/1/2051

221,684

216,842

Pool#

RA6091

2.00%,

10/1/2051

221,382

216,299

Pool#

RA6236

2.00%,

11/1/2051

246,509

240,603

Pool#

RA6188

2.00%,

11/1/2051

199,868

195,085

Pool#

RA6234

2.00%,

11/1/2051

197,687

192,956

Pool#

RA6216

2.00%,

11/1/2051

197,149

192,553

Pool#

QD1140

2.50%,

11/1/2051

995,281

994,912

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

SD8182

2.00%,

12/1/2051

974,336

951,018

FNMA

Pool

Pool#

AC9890

1.96%,

4/1/2040(a)

193,408

201,747

Pool#

AJ1249

2.06%,

9/1/2041(a)

38,413

39,987

Pool#

AL1437

2.08%,

1/1/2042(a)

10,831

11,235

Pool#

AK0714

2.18%,

2/1/2042(a)

2,048

2,086

Pool#

AP1961

1.95%,

8/1/2042(a)

17,946

18,617

Pool#

BF0203

3.00%,

2/1/2047

222,603

229,223

Pool#

BF0206

4.00%,

2/1/2047

41,573

43,999

Pool#

BF0200

3.50%,

11/1/2051

229,988

243,817

FNMA

UMBS

Pool

Pool#

AA2549

4.00%,

4/1/2024

12,134

12,684

Pool#

935348

5.50%,

6/1/2024

3,393

3,414

Pool#

AC1374

4.00%,

8/1/2024

17,371

18,158

Pool#

AC1529

4.50%,

9/1/2024

9,398

9,776

Pool#

AD0244

4.50%,

10/1/2024

6,494

6,745

Pool#

AD4089

4.50%,

5/1/2025

94,811

99,788

Pool#

890216

4.50%,

7/1/2025

11,915

12,401

Pool#

AH1361

3.50%,

12/1/2025

47,794

49,939

Pool#

AH1518

3.50%,

12/1/2025

21,002

21,931

Pool#

AE6384

4.00%,

1/1/2026

4,203

4,405

Pool#

AL0298

4.00%,

5/1/2026

75,985

79,658

Pool#

AP4746

3.00%,

8/1/2027

43,953

45,795

Pool#

AP4640

3.00%,

9/1/2027

38,503

40,135

Pool#

AQ5096

3.00%,

11/1/2027

63,966

66,678

Pool#

AQ4532

3.00%,

11/1/2027

49,505

51,605

Pool#

AB6887

3.00%,

11/1/2027

48,612

50,672

Pool#

AQ3758

3.00%,

11/1/2027

36,240

37,778

Pool#

AQ7406

3.00%,

11/1/2027

30,540

31,826

Pool#

AB6886

3.00%,

11/1/2027

25,306

26,398

Pool#

AQ2884

3.00%,

12/1/2027

26,953

28,026

Nationwide

Bond

Index

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

21

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AS0487

2.50%,

9/1/2028

130,258

133,794

Pool#

930998

4.50%,

4/1/2029

8,269

8,816

Pool#

MA0243

5.00%,

11/1/2029

8,574

9,411

Pool#

BM1507

2.50%,

12/1/2029

44,761

45,943

Pool#

AL8077

3.50%,

12/1/2029

9,511

9,983

Pool#

MA0268

5.00%,

12/1/2029

8,375

9,194

Pool#

AD5655

5.00%,

5/1/2030

18,862

20,707

Pool#

MA0443

5.00%,

5/1/2030

10,416

11,439

Pool#

AB1038

5.00%,

5/1/2030

7,974

8,746

Pool#

AS5420

3.00%,

7/1/2030

42,989

44,784

Pool#

MA0559

5.00%,

9/1/2030

4,015

4,408

Pool#

AZ9234

3.50%,

10/1/2030

9,941

10,413

Pool#

AH1515

4.00%,

12/1/2030

165,024

175,549

Pool#

AD0716

6.50%,

12/1/2030

115,225

127,241

Pool#

BM5016

3.00%,

1/1/2031

131,047

136,119

Pool#

MA0641

4.00%,

2/1/2031

156,256

166,230

Pool#

560868

7.50%,

2/1/2031

405

409

Pool#

BC0774

3.00%,

3/1/2031

32,696

34,076

Pool#

AS6919

3.50%,

3/1/2031

24,398

25,610

Pool#

BC5968

2.50%,

4/1/2031

37,738

38,669

Pool#

BC4430

3.00%,

4/1/2031

12,670

13,176

Pool#

AL8566

3.00%,

6/1/2031

42,496

44,274

Pool#

AL8565

3.00%,

6/1/2031

38,266

39,895

Pool#

AL8561

3.50%,

6/1/2031

27,353

29,044

Pool#

AS8028

2.50%,

9/1/2031

111,202

114,167

Pool#

MA2775

2.50%,

10/1/2031

236,495

242,919

Pool#

AS8038

2.50%,

10/1/2031

125,259

128,661

Pool#

BC4777

2.50%,

10/1/2031

87,058

89,424

Pool#

AS8612

3.00%,

10/1/2031

41,655

43,363

Pool#

607212

7.50%,

10/1/2031

2,173

2,224

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

607632

6.50%,

11/1/2031

12

13

Pool#

MA2830

2.50%,

12/1/2031

92,284

94,792

Pool#

BM3814

2.50%,

12/1/2031

63,427

65,216

Pool#

AS8609

3.00%,

1/1/2032

54,554

56,839

Pool#

AL9786

3.00%,

1/1/2032

38,061

39,748

Pool#

AL9585

3.50%,

1/1/2032

14,102

14,978

Pool#

BM4624

3.00%,

2/1/2032

47,252

49,250

Pool#

AS8767

3.00%,

2/1/2032

39,729

41,375

Pool#

AL9740

3.00%,

2/1/2032

23,920

24,960

Pool#

AL9871

3.00%,

2/1/2032

19,257

20,108

Pool#

BM1007

2.50%,

3/1/2032

109,615

112,551

Pool#

AL9899

3.00%,

3/1/2032

73,216

76,393

Pool#

BM3269

2.50%,

4/1/2032

102,373

105,108

Pool#

MA1029

3.50%,

4/1/2032

134,299

142,468

Pool#

AS9695

3.50%,

5/1/2032

57,345

60,644

Pool#

BM4088

3.00%,

6/1/2032

40,594

42,276

Pool#

890786

3.50%,

6/1/2032

51,894

55,115

Pool#

MA1107

3.50%,

7/1/2032

38,167

40,247

Pool#

BH6610

3.50%,

7/1/2032

13,067

13,708

Pool#

BM1669

3.00%,

8/1/2032

23,598

24,684

Pool#

BH5355

3.50%,

8/1/2032

13,610

14,354

Pool#

MA1166

3.50%,

9/1/2032

207,302

218,599

Pool#

BM5167

3.50%,

9/1/2032

10,036

10,521

Pool#

CA0586

2.50%,

10/1/2032

11,071

11,414

Pool#

BH9391

3.50%,

10/1/2032

10,562

11,145

Pool#

BM3389

3.00%,

11/1/2032

49,193

51,428

Pool#

BM3977

3.00%,

12/1/2032

86,200

89,815

Pool#

CA0951

3.00%,

12/1/2032

55,957

58,304

Pool#

FM1661

2.50%,

1/1/2033

253,205

259,918

Pool#

BM4338

2.50%,

1/1/2033

103,251

105,995

22

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BM3919

3.00%,

2/1/2033

23,085

24,143

Pool#

656559

6.50%,

2/1/2033

9,739

10,700

Pool#

694846

6.50%,

4/1/2033

4,564

5,014

Pool#

AB9402

3.00%,

5/1/2033

122,598

127,871

Pool#

AB9403

3.00%,

5/1/2033

48,638

50,719

Pool#

AB9300

3.00%,

5/1/2033

42,247

44,065

Pool#

MA3372

4.00%,

5/1/2033

16,706

17,606

Pool#

254767

5.50%,

6/1/2033

288,265

324,135

Pool#

MA1527

3.00%,

8/1/2033

220,689

229,218

Pool#

750229

6.50%,

10/1/2033

12,611

13,854

Pool#

725228

6.00%,

3/1/2034

307,123

346,874

Pool#

788027

6.50%,

9/1/2034

15,159

16,654

Pool#

735141

5.50%,

1/1/2035

166,725

187,903

Pool#

FM5474

2.50%,

10/1/2035

382,799

392,277

Pool#

FM4900

2.00%,

12/1/2035

70,998

71,423

Pool#

CA8789

2.00%,

2/1/2036

412,298

414,642

Pool#

CA9141

2.00%,

2/1/2036

402,970

405,889

Pool#

CA9145

2.00%,

2/1/2036

352,902

354,908

Pool#

FM5571

2.00%,

2/1/2036

201,575

202,721

Pool#

CA9475

2.00%,

3/1/2036

109,845

110,470

Pool#

CB0262

2.00%,

4/1/2036

2,216,673

2,229,276

Pool#

FM7259

2.50%,

5/1/2036

235,114

241,555

Pool#

MA4360

2.00%,

6/1/2036

502,588

505,445

Pool#

FM8538

2.00%,

8/1/2036

24,698

24,862

Pool#

AL4260

5.50%,

9/1/2036

24,502

27,522

Pool#

FM9321

2.00%,

11/1/2036

126,047

126,764

Pool#

FS0180

2.00%,

12/1/2036

148,960

149,812

Pool#

FM9811

2.00%,

12/1/2036

124,281

124,988

Pool#

FS0155

2.00%,

12/1/2036

74,502

74,926

Pool#

BU1381

2.00%,

12/1/2036

50,000

50,332

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

CB2709

2.00%,

1/1/2037

125,000

125,711

Pool#

MA4535

1.50%,

2/1/2037

300,000

295,560

Pool#

310104

5.50%,

8/1/2037

178,314

198,337

Pool#

955194

7.00%,

11/1/2037

80,782

92,779

Pool#

MA3464

3.50%,

9/1/2038

51,014

53,582

Pool#

AB1735

3.50%,

11/1/2040

5,035

5,250

Pool#

AB2067

3.50%,

1/1/2041

185,669

197,377

Pool#

AB2068

3.50%,

1/1/2041

108,745

115,590

Pool#

932888

3.50%,

1/1/2041

76,804

82,134

Pool#

932891

3.50%,

1/1/2041

14,211

15,109

Pool#

AL6521

5.00%,

4/1/2041

426,721

478,866

Pool#

AL5863

4.50%,

6/1/2041

269,569

295,379

Pool#

AI9920

4.00%,

9/1/2041

4,497

4,753

Pool#

AI9851

4.50%,

9/1/2041

26,750

29,263

Pool#

AL0761

5.00%,

9/1/2041

272,388

304,757

Pool#

AJ5431

4.50%,

10/1/2041

75,430

81,707

Pool#

AL0933

5.00%,

10/1/2041

50,841

57,057

Pool#

AJ4861

4.00%,

12/1/2041

97,441

105,583

Pool#

AX5316

4.50%,

1/1/2042

9,436

10,346

Pool#

AL2499

4.50%,

1/1/2042

3,335

3,634

Pool#

AX5297

5.00%,

1/1/2042

12,990

14,578

Pool#

AW8167

3.50%,

2/1/2042

205,832

218,857

Pool#

AB5185

3.50%,

5/1/2042

159,938

169,511

Pool#

AO3575

4.50%,

5/1/2042

46,654

50,081

Pool#

890621

5.00%,

5/1/2042

32,142

35,961

Pool#

AP2092

4.50%,

8/1/2042

11,721

12,508

Pool#

AP7489

4.00%,

9/1/2042

253,843

274,454

Pool#

AP6756

4.00%,

9/1/2042

5,029

5,318

Pool#

AL2782

4.50%,

9/1/2042

37,852

41,549

Pool#

AB6786

3.50%,

11/1/2042

145,878

155,121

Nationwide

Bond

Index

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

23

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AL2677

3.50%,

11/1/2042

95,853

101,924

Pool#

MA1273

3.50%,

12/1/2042

123,670

131,387

Pool#

AR8213

3.50%,

4/1/2043

119,422

126,579

Pool#

AB9238

3.00%,

5/1/2043

376,708

392,283

Pool#

AB9237

3.00%,

5/1/2043

305,322

317,890

Pool#

AB9236

3.00%,

5/1/2043

68,948

71,795

Pool#

AB9362

3.50%,

5/1/2043

275,896

293,391

Pool#

AT4145

3.00%,

6/1/2043

150,628

156,796

Pool#

AB9814

3.00%,

7/1/2043

376,740

392,243

Pool#

AS0203

3.00%,

8/1/2043

178,510

185,815

Pool#

AS0255

4.50%,

8/1/2043

99,291

109,111

Pool#

AS0516

3.00%,

9/1/2043

143,118

149,209

Pool#

AL6951

3.50%,

10/1/2043

185,610

197,241

Pool#

BM4222

3.00%,

1/1/2044

198,226

206,244

Pool#

AW1006

4.00%,

5/1/2044

77,836

84,569

Pool#

AL7767

4.50%,

6/1/2044

5,151

5,642

Pool#

AS3161

4.00%,

8/1/2044

177,377

191,905

Pool#

BM4650

3.00%,

10/1/2044

357,966

372,576

Pool#

AS3946

4.00%,

12/1/2044

255,183

275,842

Pool#

AL8303

3.00%,

1/1/2045

62,940

65,497

Pool#

BM4384

4.00%,

1/1/2045

66,642

72,038

Pool#

BM3611

4.00%,

1/1/2045

39,883

43,220

Pool#

BM3804

3.50%,

2/1/2045

21,570

22,930

Pool#

AL9555

4.00%,

2/1/2045

561,792

608,050

Pool#

AX9524

4.00%,

2/1/2045

241,551

263,169

Pool#

AS4418

4.00%,

2/1/2045

158,539

172,768

Pool#

AS4375

4.00%,

2/1/2045

117,407

127,953

Pool#

AL6889

4.50%,

2/1/2045

43,291

47,503

Pool#

BM3931

3.00%,

3/1/2045

43,457

45,234

Pool#

AS4578

4.00%,

3/1/2045

81,074

88,332

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BM3664

3.00%,

5/1/2045

198,512

206,599

Pool#

AS4921

3.50%,

5/1/2045

280,618

297,685

Pool#

AS5012

4.00%,

5/1/2045

319,742

348,554

Pool#

BM5562

4.00%,

6/1/2045

67,986

73,665

Pool#

AL7207

4.50%,

8/1/2045

52,446

57,539

Pool#

BA2164

3.00%,

11/1/2045

41,179

42,683

Pool#

AS6213

4.00%,

11/1/2045

7,377

7,915

Pool#

BC0326

3.50%,

12/1/2045

60,777

64,171

Pool#

AS6362

4.50%,

12/1/2045

9,785

10,661

Pool#

AS6474

3.50%,

1/1/2046

79,212

84,187

Pool#

AS6539

3.50%,

1/1/2046

73,818

78,455

Pool#

AL9849

3.50%,

1/1/2046

60,745

64,363

Pool#

AS6527

4.00%,

1/1/2046

39,756

42,684

Pool#

BC2667

4.00%,

2/1/2046

12,022

12,934

Pool#

AL9781

4.50%,

2/1/2046

82,545

90,131

Pool#

BM4621

3.50%,

3/1/2046

47,218

50,179

Pool#

BA6972

4.00%,

3/1/2046

15,665

16,862

Pool#

BC0823

3.50%,

4/1/2046

50,076

52,788

Pool#

AS7026

4.00%,

4/1/2046

50,169

53,794

Pool#

AS7251

4.00%,

5/1/2046

83,490

89,444

Pool#

AL8833

4.00%,

6/1/2046

85,009

92,452

Pool#

AS7545

3.50%,

7/1/2046

76,730

80,854

Pool#

AL8824

3.50%,

7/1/2046

49,946

53,077

Pool#

MA2705

3.00%,

8/1/2046

178,685

184,703

Pool#

BC1489

3.00%,

8/1/2046

26,488

27,425

Pool#

BD4890

3.50%,

8/1/2046

193,065

203,510

Pool#

AS7760

4.00%,

8/1/2046

81,558

87,837

Pool#

AS7795

4.00%,

8/1/2046

30,239

32,346

Pool#

AS7648

4.00%,

8/1/2046

27,955

29,877

Pool#

BD3923

4.00%,

8/1/2046

7,410

7,960

24

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BD3911

4.00%,

8/1/2046

5,831

6,234

Pool#

AS7770

4.50%,

8/1/2046

6,006

6,485

Pool#

AL8947

3.50%,

9/1/2046

14,945

15,842

Pool#

AS8185

3.00%,

10/1/2046

318,745

329,629

Pool#

AL9263

3.00%,

10/1/2046

49,751

51,532

Pool#

BM3932

3.50%,

10/1/2046

64,845

68,308

Pool#

AL9234

3.50%,

10/1/2046

29,544

31,353

Pool#

FM1871

4.00%,

10/1/2046

52,349

56,649

Pool#

BC4766

4.50%,

10/1/2046

13,284

14,403

Pool#

AS8154

4.50%,

10/1/2046

5,632

6,076

Pool#

FM1368

3.00%,

11/1/2046

496,514

513,611

Pool#

BC9003

3.00%,

11/1/2046

54,930

57,128

Pool#

MA2806

3.00%,

11/1/2046

40,059

41,341

Pool#

BE5067

3.50%,

11/1/2046

159,744

169,403

Pool#

AS8483

3.00%,

12/1/2046

263,862

274,226

Pool#

AS8488

3.00%,

12/1/2046

75,597

78,293

Pool#

BC9067

3.00%,

12/1/2046

70,814

73,234

Pool#

AS8509

3.00%,

12/1/2046

16,878

17,527

Pool#

AS8492

3.50%,

12/1/2046

64,586

68,635

Pool#

AS8417

3.50%,

12/1/2046

63,697

67,238

Pool#

AS8650

3.00%,

1/1/2047

366,706

377,328

Pool#

AL9697

3.00%,

1/1/2047

190,238

197,131

Pool#

AS8647

3.00%,

1/1/2047

141,187

146,218

Pool#

BE5775

3.00%,

1/1/2047

100,278

103,780

Pool#

BM3204

3.50%,

1/1/2047

111,137

118,020

Pool#

AS8692

3.50%,

1/1/2047

67,855

71,450

Pool#

AL9774

3.50%,

1/1/2047

43,315

46,313

Pool#

BD2440

3.50%,

1/1/2047

23,643

24,889

Pool#

BE7115

4.50%,

1/1/2047

4,362

4,731

Pool#

BM3688

3.50%,

2/1/2047

139,416

147,246

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BD5046

3.50%,

2/1/2047

23,136

24,361

Pool#

AL9859

3.00%,

3/1/2047

220,930

229,180

Pool#

AL9848

3.00%,

3/1/2047

134,274

138,949

Pool#

AS8979

4.50%,

3/1/2047

18,908

20,595

Pool#

BM3707

2.50%,

4/1/2047

47,301

47,547

Pool#

AS9451

3.50%,

4/1/2047

66,501

69,852

Pool#

BD7122

4.00%,

4/1/2047

125,531

133,715

Pool#

AS9467

4.00%,

4/1/2047

6,885

7,409

Pool#

AS9470

4.50%,

4/1/2047

55,146

59,567

Pool#

BH0304

4.50%,

4/1/2047

4,257

4,594

Pool#

AS9562

3.00%,

5/1/2047

29,573

30,583

Pool#

BM3237

3.50%,

5/1/2047

112,932

119,669

Pool#

AS9577

3.50%,

5/1/2047

96,919

102,370

Pool#

AS9586

4.00%,

5/1/2047

444,093

480,209

Pool#

BM1268

4.00%,

5/1/2047

135,620

145,886

Pool#

BE3670

3.50%,

6/1/2047

99,282

104,099

Pool#

AS9794

3.50%,

6/1/2047

85,157

90,244

Pool#

BM3549

4.00%,

6/1/2047

94,207

101,168

Pool#

BE3702

4.00%,

6/1/2047

42,152

44,855

Pool#

BM1295

4.50%,

6/1/2047

59,474

64,178

Pool#

BE9624

4.50%,

6/1/2047

28,275

30,406

Pool#

BM3801

3.00%,

7/1/2047

120,784

124,997

Pool#

BM1551

3.50%,

7/1/2047

131,157

138,729

Pool#

AS9909

3.50%,

7/1/2047

68,743

72,714

Pool#

890673

3.00%,

8/1/2047

100,156

103,726

Pool#

MA3087

3.50%,

8/1/2047

121,105

127,213

Pool#

BM1658

3.50%,

8/1/2047

112,692

118,946

Pool#

CA0240

3.50%,

8/1/2047

63,535

66,607

Pool#

BH7375

3.50%,

8/1/2047

39,074

41,065

Pool#

CA0407

3.50%,

9/1/2047

91,836

96,251

Nationwide

Bond

Index

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

25

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

MA3120

3.50%,

9/1/2047

82,447

86,386

Pool#

BM3556

4.00%,

9/1/2047

27,509

30,331

Pool#

BM1959

3.50%,

10/1/2047

151,408

161,000

Pool#

CA0496

4.50%,

10/1/2047

83,879

91,854

Pool#

CA0623

4.50%,

10/1/2047

12,235

13,181

Pool#

CA0693

3.50%,

11/1/2047

153,360

160,860

Pool#

BM3358

3.50%,

11/1/2047

38,624

41,067

Pool#

BM3191

4.00%,

11/1/2047

14,974

15,936

Pool#

BM3379

3.00%,

12/1/2047

218,586

226,466

Pool#

BJ1699

4.00%,

12/1/2047

91,848

99,770

Pool#

MA3238

3.50%,

1/1/2048

130,368

136,408

Pool#

CA1242

3.50%,

2/1/2048

71,954

77,016

Pool#

MA3277

4.00%,

2/1/2048

100,988

107,103

Pool#

CA4341

3.00%,

3/1/2048

73,151

75,160

Pool#

BK1972

4.50%,

3/1/2048

22,527

24,417

Pool#

MA3332

3.50%,

4/1/2048

101,256

106,038

Pool#

CA1510

3.50%,

4/1/2048

35,927

37,637

Pool#

CA1531

3.50%,

4/1/2048

29,885

32,012

Pool#

CA1560

4.50%,

4/1/2048

35,984

39,191

Pool#

BJ2681

5.00%,

4/1/2048

9,150

10,003

Pool#

BM4024

3.50%,

5/1/2048

14,997

16,043

Pool#

CA1898

4.50%,

6/1/2048

65,334

71,445

Pool#

CA1951

4.00%,

7/1/2048

28,806

30,510

Pool#

BK6577

4.50%,

7/1/2048

8,370

8,945

Pool#

CA2065

5.00%,

7/1/2048

26,905

29,547

Pool#

CA2216

5.00%,

8/1/2048

38,002

41,904

Pool#

CA2376

4.00%,

9/1/2048

48,734

51,540

Pool#

MA3495

4.00%,

10/1/2048

87,222

92,209

Pool#

CA2493

4.50%,

10/1/2048

69,547

74,476

Pool#

BM4664

4.50%,

10/1/2048

49,169

53,385

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

FM1001

3.50%,

11/1/2048

15,287

16,028

Pool#

MA3521

4.00%,

11/1/2048

66,976

70,727

Pool#

MA3536

4.00%,

12/1/2048

67,934

71,728

Pool#

BN0340

4.50%,

12/1/2048

103,454

110,242

Pool#

CA2779

4.50%,

12/1/2048

45,878

49,809

Pool#

BN3944

4.00%,

1/1/2049

25,284

27,005

Pool#

BN3960

4.50%,

1/1/2049

129,877

138,812

Pool#

CA3387

4.00%,

4/1/2049

94,682

102,526

Pool#

CA3382

5.00%,

4/1/2049

19,161

21,230

Pool#

CA3489

4.00%,

5/1/2049

55,310

59,596

Pool#

MA3665

4.50%,

5/1/2049

99,535

106,360

Pool#

CA3669

4.00%,

6/1/2049

110,545

119,067

Pool#

CA3825

4.00%,

7/1/2049

32,536

35,308

Pool#

BO5494

3.00%,

11/1/2049

73,191

75,314

Pool#

BO6225

3.00%,

12/1/2049

398,149

407,115

Pool#

BO5380

3.00%,

12/1/2049

71,264

73,294

Pool#

CA5152

3.00%,

2/1/2050

123,126

126,288

Pool#

FM2887

3.00%,

3/1/2050

112,910

116,228

Pool#

FM0077

3.00%,

3/1/2050

56,597

57,883

Pool#

CA5510

3.00%,

4/1/2050

182,944

187,600

Pool#

MA4077

2.00%,

7/1/2050

106,092

103,728

Pool#

CA6598

2.50%,

8/1/2050

372,841

372,839

Pool#

BQ4909

2.00%,

9/1/2050

923,646

902,989

Pool#

CA6985

2.00%,

9/1/2050

603,849

590,387

Pool#

FM4222

2.50%,

9/1/2050

715,162

720,082

Pool#

CA7029

2.50%,

9/1/2050

676,860

681,534

Pool#

CA7572

2.50%,

10/1/2050

576,634

581,853

Pool#

CA7368

2.50%,

10/1/2050

453,291

453,239

Pool#

CA7369

2.50%,

10/1/2050

340,710

340,646

Pool#

MA4181

1.50%,

11/1/2050

497,446

471,167

26

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

FM4808

2.50%,

11/1/2050

300,121

300,087

Pool#

CA8442

2.00%,

1/1/2051

1,135,051

1,109,442

Pool#

FM5531

3.00%,

1/1/2051

153,887

157,840

Pool#

FM6031

2.00%,

2/1/2051

1,485,335

1,451,012

Pool#

CA8893

2.00%,

2/1/2051

460,326

449,754

Pool#

BQ9747

2.00%,

2/1/2051

386,356

377,440

Pool#

CA8823

2.00%,

2/1/2051

249,103

243,447

Pool#

FM6135

2.00%,

2/1/2051

162,374

158,701

Pool#

CA8866

2.50%,

2/1/2051

331,082

331,057

Pool#

MA4256

2.50%,

2/1/2051

13,623

13,612

Pool#

FM6554

2.00%,

3/1/2051

624,139

609,775

Pool#

FM6569

2.50%,

3/1/2051

677,930

677,888

Pool#

FM7677

2.50%,

3/1/2051

674,503

674,006

Pool#

FM6834

2.00%,

4/1/2051

765,463

747,854

Pool#

CB0235

2.00%,

4/1/2051

353,260

345,052

Pool#

CB0149

2.00%,

4/1/2051

234,345

228,845

Pool#

BR7647

2.00%,

4/1/2051

131,403

128,320

Pool#

CB0400

2.00%,

5/1/2051

95,588

93,738

Pool#

MA4326

2.50%,

5/1/2051

6,106

6,101

Pool#

CB0819

2.00%,

6/1/2051

479,208

468,036

Pool#

CB0684

2.00%,

6/1/2051

362,202

353,579

Pool#

FM7719

2.00%,

6/1/2051

217,131

212,076

Pool#

MA4356

2.50%,

6/1/2051

2,971

2,971

Pool#

MA4378

2.00%,

7/1/2051

677,298

661,322

Pool#

CB1110

2.00%,

7/1/2051

95,521

93,218

Pool#

FM8160

2.50%,

7/1/2051

192,253

193,086

Pool#

FM8007

2.50%,

7/1/2051

118,186

118,182

Pool#

FM8011

2.50%,

8/1/2051

362,259

363,388

Pool#

FM8441

2.50%,

8/1/2051

148,311

148,317

Pool#

CB1330

2.50%,

8/1/2051

121,277

121,282

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

FM8794

2.50%,

9/1/2051

365,834

365,542

Pool#

MA4437

2.00%,

10/1/2051

1,797,956

1,754,603

Pool#

FM9082

2.00%,

10/1/2051

123,666

120,745

Pool#

FM9179

2.00%,

10/1/2051

97,891

95,530

Pool#

CB1871

2.50%,

10/1/2051

438,191

438,232

Pool#

MA4465

2.00%,

11/1/2051

767,610

749,101

Pool#

FM9097

2.00%,

11/1/2051

197,447

193,245

Pool#

FM9450

2.00%,

11/1/2051

119,794

117,177

Pool#

FM9491

2.50%,

11/1/2051

50,592

50,602

Pool#

FM9494

2.50%,

11/1/2051

31,793

31,768

Pool#

FM9578

2.00%,

12/1/2051

646,999

631,499

Pool#

MA4492

2.00%,

12/1/2051

402,289

392,662

Pool#

FM9872

2.50%,

12/1/2051

273,889

274,253

Pool#

CB2410

2.50%,

12/1/2051

127,234

127,266

Pool#

FM9806

2.50%,

12/1/2051

110,747

110,769

Pool#

MA4512

2.50%,

1/1/2052

922,441

921,707

Pool#

BU9929

2.00%,

2/1/2052

275,000

268,376

FNMA/FHLMC

UMBS,

15

Year,

Single

Family

TBA

1.50%,

2/25/2037

3,725,000

3,665,560

2.00%,

2/25/2037

226,000

227,055

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

1.50%,

2/25/2052

2,850,000

2,695,922

2.00%,

2/25/2052

3,597

3,507

2.50%,

2/25/2052

4,899,000

4,890,580

4.00%,

2/25/2052

75,000

79,236

1.50%,

3/25/2052

525,000

495,774

GNMA

I

Pool

Pool#

376510

7.00%,

5/15/2024

183

189

Pool#

457801

7.00%,

8/15/2028

1,091

1,162

Pool#

486936

6.50%,

2/15/2029

432

473

Pool#

502969

6.00%,

3/15/2029

1,613

1,772

Pool#

487053

7.00%,

3/15/2029

533

572

Pool#

781014

6.00%,

4/15/2029

1,083

1,189

Pool#

509099

7.00%,

6/15/2029

1,830

1,876

Nationwide

Bond

Index

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

27

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

470643

7.00%,

7/15/2029

4,799

4,921

Pool#

434505

7.50%,

8/15/2029

32

32

Pool#

781124

7.00%,

12/15/2029

3,706

4,172

Pool#

507396

7.50%,

9/15/2030

23,114

23,989

Pool#

531352

7.50%,

9/15/2030

1,483

1,526

Pool#

536334

7.50%,

10/15/2030

107

109

Pool#

540659

7.00%,

1/15/2031

496

501

Pool#

486019

7.50%,

1/15/2031

548

568

Pool#

535388

7.50%,

1/15/2031

339

345

Pool#

528589

6.50%,

3/15/2031

11,990

13,105

Pool#

508473

7.50%,

4/15/2031

2,266

2,397

Pool#

544470

8.00%,

4/15/2031

1,219

1,223

Pool#

781287

7.00%,

5/15/2031

1,753

1,984

Pool#

781319

7.00%,

7/15/2031

536

624

Pool#

485879

7.00%,

8/15/2031

3,040

3,280

Pool#

572554

6.50%,

9/15/2031

26,056

28,477

Pool#

781328

7.00%,

9/15/2031

1,657

1,873

Pool#

550991

6.50%,

10/15/2031

319

348

Pool#

571267

7.00%,

10/15/2031

232

247

Pool#

555171

6.50%,

12/15/2031

788

861

Pool#

781380

7.50%,

12/15/2031

554

637

Pool#

781481

7.50%,

1/15/2032

2,469

2,858

Pool#

580972

6.50%,

2/15/2032

110

121

Pool#

781401

7.50%,

2/15/2032

1,710

1,937

Pool#

781916

6.50%,

3/15/2032

21,205

23,490

Pool#

552474

7.00%,

3/15/2032

2,914

3,249

Pool#

781478

7.50%,

3/15/2032

984

1,124

Pool#

781429

8.00%,

3/15/2032

1,763

2,013

Pool#

781431

7.00%,

4/15/2032

6,512

7,486

Pool#

552616

7.00%,

6/15/2032

23,624

26,171

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

570022

7.00%,

7/15/2032

8,870

10,003

Pool#

595077

6.00%,

10/15/2032

3,273

3,780

Pool#

552903

6.50%,

11/15/2032

36,726

40,634

Pool#

552952

6.00%,

12/15/2032

2,743

3,037

Pool#

602102

6.00%,

2/15/2033

9,441

10,356

Pool#

588192

6.00%,

2/15/2033

2,607

2,871

Pool#

553144

5.50%,

4/15/2033

8,420

9,495

Pool#

604243

6.00%,

4/15/2033

3,661

4,136

Pool#

611526

6.00%,

5/15/2033

5,283

5,790

Pool#

553320

6.00%,

6/15/2033

10,434

11,789

Pool#

604788

6.50%,

11/15/2033

34,232

37,414

Pool#

781688

6.00%,

12/15/2033

16,172

18,655

Pool#

604875

6.00%,

12/15/2033

14,513

16,744

Pool#

781690

6.00%,

12/15/2033

6,367

7,346

Pool#

781699

7.00%,

12/15/2033

2,419

2,666

Pool#

621856

6.00%,

1/15/2034

5,898

6,462

Pool#

564799

6.00%,

3/15/2034

10,144

11,126

Pool#

630038

6.50%,

8/15/2034

20,612

22,528

Pool#

781804

6.00%,

9/15/2034

16,504

19,037

Pool#

781847

6.00%,

12/15/2034

11,484

13,246

Pool#

486921

5.50%,

2/15/2035

4,244

4,778

Pool#

781902

6.00%,

2/15/2035

15,761

18,105

Pool#

649510

5.50%,

10/15/2035

53,692

60,013

Pool#

652207

5.50%,

3/15/2036

28,247

30,948

Pool#

655519

5.00%,

5/15/2036

13,167

14,678

Pool#

652539

5.00%,

5/15/2036

4,581

5,111

Pool#

606308

5.50%,

5/15/2036

4,769

5,234

Pool#

656666

6.00%,

6/15/2036

10,824

11,975

Pool#

657912

6.50%,

8/15/2036

2,939

3,212

Pool#

704630

5.50%,

7/15/2039

16,165

18,177

28

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

757039

4.00%,

12/15/2040

137,972

151,166

Pool#

757038

4.00%,

12/15/2040

134,887

147,967

Pool#

757044

4.00%,

12/15/2040

47,224

51,575

Pool#

755656

4.00%,

12/15/2040

45,669

50,291

Pool#

742235

4.00%,

12/15/2040

39,103

42,769

Pool#

755655

4.00%,

12/15/2040

28,154

30,899

Pool#

757043

4.00%,

12/15/2040

21,273

23,248

Pool#

756631

4.00%,

12/15/2040

14,291

15,739

Pool#

755959

4.00%,

1/15/2041

102,129

112,472

Pool#

742244

4.00%,

1/15/2041

89,099

97,452

Pool#

753826

4.00%,

1/15/2041

47,849

52,340

Pool#

690662

4.00%,

1/15/2041

35,931

39,179

Pool#

719486

4.00%,

1/15/2041

7,594

8,055

Pool#

757555

4.00%,

2/15/2041

22,712

24,440

Pool#

757557

4.00%,

2/15/2041

17,340

18,488

Pool#

AD6012

3.50%,

4/15/2043

275,525

291,911

Pool#

AD7471

3.50%,

4/15/2043

99,712

105,467

Pool#

AD9472

3.50%,

4/15/2043

97,430

102,619

Pool#

AA6307

3.50%,

4/15/2043

89,480

93,887

Pool#

AD7472

3.50%,

4/15/2043

72,586

76,836

Pool#

AB3946

3.50%,

4/15/2043

46,758

48,805

Pool#

AA6403

3.00%,

5/15/2043

375,440

392,032

Pool#

783781

3.50%,

6/15/2043

75,781

82,842

Pool#

784015

3.00%,

7/15/2043

20,198

20,963

Pool#

784714

3.00%,

1/15/2044

101,311

105,168

Pool#

784459

3.00%,

12/15/2046

40,684

41,969

Pool#

784355

4.00%,

12/15/2046

30,785

32,661

Pool#

784500

3.00%,

2/15/2047

96,404

99,049

Pool#

784713

3.00%,

2/15/2047

20,438

21,426

Pool#

784458

3.50%,

12/15/2047

207,665

226,963

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

784747

4.00%,

5/15/2048

35,961

38,480

Pool#

785073

4.00%,

9/15/2049

31,296

33,488

GNMA

II

Pool

Pool#

3851

5.50%,

5/20/2036

85,452

95,883

Pool#

4559

5.00%,

10/20/2039

114,715

129,506

Pool#

4715

5.00%,

6/20/2040

116,597

130,144

Pool#

4747

5.00%,

7/20/2040

62,200

70,036

Pool#

4771

4.50%,

8/20/2040

176,380

192,899

Pool#

737727

4.00%,

12/20/2040

447,705

485,149

Pool#

737730

4.00%,

12/20/2040

146,807

159,041

Pool#

4923

4.50%,

1/20/2041

76,105

84,233

Pool#

4978

4.50%,

3/20/2041

10,735

11,799

Pool#

5017

4.50%,

4/20/2041

111,838

122,928

Pool#

5082

4.50%,

6/20/2041

196,107

216,095

Pool#

5175

4.50%,

9/20/2041

155,637

171,787

Pool#

675523

3.50%,

3/20/2042

173,579

184,060

Pool#

MA0462

3.50%,

10/20/2042

280,780

299,298

Pool#

MA0625

3.50%,

12/20/2042

217,011

230,906

Pool#

MA0698

3.00%,

1/20/2043

179,536

186,403

Pool#

AF1001

3.50%,

6/20/2043

141,856

151,138

Pool#

AJ9335

3.50%,

10/20/2044

10,115

10,724

Pool#

MA2754

3.50%,

4/20/2045

109,030

114,801

Pool#

MA2824

2.50%,

5/20/2045

157,257

159,668

Pool#

MA2825

3.00%,

5/20/2045

223,884

232,415

Pool#

MA2891

3.00%,

6/20/2045

588,976

612,155

Pool#

MA2960

3.00%,

7/20/2045

192,606

199,009

Pool#

784156

4.00%,

8/20/2045

63,743

67,253

Pool#

AO1103

3.50%,

9/20/2045

244,582

259,323

Pool#

AO1099

3.50%,

9/20/2045

10,660

11,277

Pool#

MA3106

4.00%,

9/20/2045

33,554

36,059

Nationwide

Bond

Index

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

29

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

MA3172

3.00%,

10/20/2045

67,808

70,058

Pool#

MA3173

3.50%,

10/20/2045

4,225

4,446

Pool#

MA3174

4.00%,

10/20/2045

6,487

6,844

Pool#

MA3243

3.00%,

11/20/2045

60,202

62,199

Pool#

MA3244

3.50%,

11/20/2045

80,006

84,354

Pool#

784098

3.00%,

12/20/2045

315,683

326,926

Pool#

MA3309

3.00%,

12/20/2045

117,330

121,223

Pool#

MA3310

3.50%,

12/20/2045

33,200

34,956

Pool#

784111

3.00%,

1/20/2046

168,916

175,100

Pool#

MA3377

4.00%,

1/20/2046

18,376

19,687

Pool#

784119

3.00%,

2/20/2046

253,747

262,784

Pool#

784115

3.00%,

2/20/2046

13,720

14,209

Pool#

MA3520

3.00%,

3/20/2046

217,580

224,790

Pool#

MA3521

3.50%,

3/20/2046

185,776

195,575

Pool#

MA3596

3.00%,

4/20/2046

96,909

100,077

Pool#

MA3597

3.50%,

4/20/2046

33,438

35,151

Pool#

MA3735

3.00%,

6/20/2046

209,082

216,023

Pool#

MA3804

4.00%,

7/20/2046

16,808

17,765

Pool#

MA3876

4.50%,

8/20/2046

7,492

8,222

Pool#

MA3936

3.00%,

9/20/2046

692,807

715,810

Pool#

MA3939

4.50%,

9/20/2046

4,266

4,708

Pool#

MA4068

3.00%,

11/20/2046

99,324

102,623

Pool#

MA4125

2.50%,

12/20/2046

60,303

61,082

Pool#

MA4126

3.00%,

12/20/2046

720,286

744,225

Pool#

MA4127

3.50%,

12/20/2046

171,034

179,172

Pool#

MA4194

2.50%,

1/20/2047

147,844

149,489

Pool#

MA4196

3.50%,

1/20/2047

21,078

22,073

Pool#

MA4261

3.00%,

2/20/2047

179,660

185,609

Pool#

MA4264

4.50%,

2/20/2047

7,903

8,525

Pool#

MA4321

3.50%,

3/20/2047

275,634

288,211

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

MA4382

3.50%,

4/20/2047

145,792

152,388

Pool#

AZ1974

3.50%,

4/20/2047

105,670

111,933

Pool#

MA4384

4.50%,

4/20/2047

7,224

7,754

Pool#

MA4509

3.00%,

6/20/2047

77,886

80,597

Pool#

MA4511

4.00%,

6/20/2047

261,177

276,617

Pool#

MA4512

4.50%,

6/20/2047

20,246

21,673

Pool#

MA4585

3.00%,

7/20/2047

11,888

12,301

Pool#

MA4587

4.00%,

7/20/2047

282,794

299,445

Pool#

784471

3.50%,

8/20/2047

146,802

156,752

Pool#

BC1888

3.50%,

8/20/2047

142,611

151,413

Pool#

MA4652

3.50%,

8/20/2047

77,880

81,486

Pool#

MA4653

4.00%,

8/20/2047

10,787

11,411

Pool#

784408

3.50%,

10/20/2047

104,872

113,886

Pool#

MA4836

3.00%,

11/20/2047

117,453

121,348

Pool#

MA4837

3.50%,

11/20/2047

225,198

235,615

Pool#

784421

3.50%,

12/20/2047

208,246

228,201

Pool#

MA4900

3.50%,

12/20/2047

171,169

178,835

Pool#

MA4962

3.50%,

1/20/2048

160,546

166,735

Pool#

MA5018

3.00%,

2/20/2048

55,230

56,776

Pool#

784480

3.50%,

4/20/2048

62,253

67,960

Pool#

784479

3.50%,

4/20/2048

43,136

47,298

Pool#

784481

3.50%,

4/20/2048

12,237

13,000

Pool#

BD4034

4.00%,

4/20/2048

19,957

21,359

Pool#

MA5139

5.00%,

4/20/2048

29,039

31,223

Pool#

MA5194

5.00%,

5/20/2048

12,241

13,147

Pool#

MA5331

4.50%,

7/20/2048

58,127

61,612

Pool#

MA5466

4.00%,

9/20/2048

119,667

126,103

Pool#

MA5595

4.00%,

11/20/2048

42,257

44,489

Pool#

BJ2692

4.00%,

11/20/2048

12,884

13,571

Pool#

MA5597

5.00%,

11/20/2048

12,964

13,858

30

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

BK2856

4.50%,

12/20/2048

5,530

5,854

Pool#

MA5653

5.00%,

12/20/2048

21,339

22,769

Pool#

MA5818

4.50%,

3/20/2049

36,989

38,986

Pool#

MA5878

5.00%,

4/20/2049

13,027

13,900

Pool#

MA5933

5.00%,

5/20/2049

10,349

11,054

Pool#

MA6041

4.50%,

7/20/2049

100,267

105,690

Pool#

MA6092

4.50%,

8/20/2049

33,934

35,727

Pool#

MA6409

3.00%,

1/20/2050

282,274

289,321

Pool#

MA6764

2.00%,

7/20/2050

71,343

70,620

Pool#

MA6818

2.00%,

8/20/2050

562,889

557,191

Pool#

BW4732

2.50%,

8/20/2050

447,715

451,028

Pool#

BW6206

2.50%,

8/20/2050

433,951

437,162

Pool#

BW4741

2.50%,

9/20/2050

437,935

441,172

Pool#

BY0776

2.50%,

9/20/2050

422,116

425,245

Pool#

BY0805

2.50%,

9/20/2050

389,931

392,823

Pool#

MA7311

2.00%,

4/20/2051

1,924,866

1,905,300

Pool#

MA7472

2.50%,

7/20/2051

511,660

515,534

Pool#

MA7648

2.00%,

10/20/2051

1,270,612

1,257,609

GNMA

TBA

1.50%,

2/15/2052

100,000

95,156

2.00%,

2/15/2052

1,740,000

1,720,153

2.50%,

2/15/2052

2,094,000

2,107,088

Total

Mortgage-Backed

Securities

(cost

$127,387,036)

127,185,796

Municipal

Bonds

0.8%

California

0.2

%

Bay

Area

Toll

Authority,

RB,

6.91%,

10/1/2050

100,000

170,622

California

State,

GO,

7.60%,

11/1/2040

100,000

164,922

Los

Angeles

Unified

School

District,

GO,

Series

RY,

6.76%,

7/1/2034

100,000

136,059

Los

Angeles,

Department

of

Water

&

Power,

RB,

Series

D,

6.57%,

7/1/2045

100,000

160,089

Municipal

Bonds

Principal

Amount

($)

Value

($)

California

Santa

Clara

Valley

Transportation

Authority,

RB,

Series

A,

5.88%,

4/1/2032

100,000

119,221

State

of

California,

GO,

7.63%,

3/1/2040

100,000

159,503

University

of

California,

RB

3.06%,

7/1/2025

50,000

52,321

Series

R,

5.77%,

5/15/2043

50,000

66,380

4.86%,

5/15/2112

100,000

140,431

1,169,548

Connecticut

0.0

%

†

State

of

Connecticut,

GO,

Series

D,

5.09%,

10/1/2030

200,000

226,714

Georgia

0.0

%

†

Municipal

Electric

Authority

of

Georgia,

Refunding,

RB,

Series

A,

6.66%,

4/1/2057

145,000

214,209

Illinois

0.1

%

Chicago

O'Hare

International

Airport,

RB,

Series

C,

4.57%,

1/1/2054

35,000

46,157

State

of

Illinois,

GO,

5.10%,

6/1/2033

185,000

205,892

252,049

Nebraska

0.0

%

†

University

of

Nebraska

Facilities

Corp,

RB,

Series

A,

3.04%,

10/1/2049

55,000

55,496

New

Jersey

0.1

%

New

Jersey

Economic

Development

Authority,

RB,

NATL-RE

Insured,

Series

A,

7.43%,

2/15/2029

150,000

184,929

New

Jersey

State

Turnpike

Authority,

RB,

Series

F,

7.41%,

1/1/2040

115,000

180,889

365,818

New

York

0.2

%

Metropolitan

Transportation

Authority,

RB,

5.18%,

11/15/2049

100,000

128,734

New

York

City

Transitional

Finance

Authority,

Future

Tax

Secured,

RB,

Series

B,

5.57%,

11/1/2038

100,000

126,200

New

York

City

Transitional

Finance

Authority,

RB,

Series

CC,

5.88%,

6/15/2044

100,000

146,692

New

York

State

Dormitory

Authority,

RB,

Series

F,

3.11%,

2/15/2039

100,000

102,040

Nationwide

Bond

Index

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

31

Municipal

Bonds

Principal

Amount

($)

Value

($)

New

York

New

York

State

Thruway

Authority,

RB,

2.90%,

1/1/2035

50,000

50,996

Port

Authority

of

New

York

&

New

Jersey,

RB

6.04%,

12/1/2029

100,000

127,165

Series

174,

4.46%,

10/1/2062

100,000

125,567

807,394

Ohio

0.1

%

JobsOhio

Beverage

System,

RB,

Series

B,

4.53%,

1/1/2035

100,000

117,359

Ohio

State

University

(The),

RB,

Series

C,

4.91%,

6/1/2040

100,000

132,341

249,700

Texas

0.1

%

Dallas

Independent

School

District,

Texas

School

Building,

GO,

PSF-GTD,

Series

C,

6.45%,

2/15/2035

150,000

163,549

Dallas/Fort

Worth

International

Airport,

RB,

Series

A,

2.99%,

11/1/2038

50,000

51,976

Grand

Parkway

Transportation

Corp.,

RB,

Series

B,

3.24%,

10/1/2052

25,000

25,188

Texas

State

Taxable

Build

America

Bond,

GO,

Series

A,

5.52%,

4/1/2039

50,000

68,769

Texas

Transportation

Commission,

RB,

Series

B,

5.18%,

4/1/2030

100,000

116,959

426,441

Wisconsin

0.0

%

†

State

of

Wisconsin

Bond,

RB,

Series

C,

3.15%,

5/1/2027

20,000

21,358

Total

Municipal

Bonds

(cost

$3,296,867)

3,788,727

Supranational

1.5%

Asian

Development

Bank

1.50%,

10/18/2024

500,000

501,572

0.63%,

4/29/2025

500,000

486,378

2.50%,

11/2/2027

250,000

259,963

2.75%,

1/19/2028

200,000

211,005

3.13%,

9/26/2028

75,000

81,247

European

Bank

for

Reconstruction

&

Development,

0.25%,

7/10/2023

300,000

296,525

European

Investment

Bank

Supranational

Principal

Amount

($)

Value

($)

2.63%,

3/15/2024

500,000

514,310

1.63%,

3/14/2025

500,000

501,199

0.38%,

12/15/2025

500,000

477,130

0.38%,

3/26/2026

100,000

95,194

Inter-American

Development

Bank

0.50%,

5/24/2023

500,000

496,470

1.13%,

1/13/2031

50,000

46,990

4.38%,

1/24/2044

200,000

265,366

International

Bank

for

Reconstruction

&

Development

2.50%,

3/19/2024

500,000

513,007

2.50%,

11/25/2024

500,000

515,279

0.63%,

4/22/2025

500,000

486,315

2.50%,

7/29/2025

250,000

258,125

1.75%,

10/23/2029

250,000

248,099

International

Finance

Corp.,

1.38%,

10/16/2024

250,000

249,320

Nordic

Investment

Bank,

2.25%,

5/21/2024

200,000

204,378

Total

Supranational

(cost

$6,805,469)

6,707,872

U.S.

Government

Agency

Securities

1.7%

FHLB

3.13%,

6/13/2025

1,075,000

1,131,300

5.50%,

7/15/2036

300,000

420,778

FHLMC

0.13%,

7/25/2022

185,000

184,692

0.25%,

6/26/2023

700,000

692,037

0.25%,

8/24/2023

605,000

597,390

0.25%,

12/4/2023

205,000

201,576

0.38%,

7/21/2025

65,000

62,600

6.75%,

3/15/2031

400,000

559,976

6.25%,

7/15/2032

365,000

511,243

FNMA

2.63%,

9/6/2024

500,000

516,703

0.50%,

6/17/2025

500,000

484,616

6.25%,

5/15/2029

500,000

650,177

7.25%,

5/15/2030

500,000

706,539

0.88%,

8/5/2030

880,000

808,042

Tennessee

Valley

Authority,

4.88%,

1/15/2048

300,000

428,753

Total

U.S.

Government

Agency

Securities

(cost

$7,563,943)

7,956,422

U.S.

Treasury

Obligations

38.3%

U.S.

Treasury

Bonds

7.13%,

2/15/2023

1,000,000

1,065,156

6.25%,

8/15/2023

869,000

938,520

6.00%,

2/15/2026

444,500

522,617

5.50%,

8/15/2028

1,300,000

1,602,656

5.25%,

11/15/2028

1,000,000

1,225,820

4.50%,

2/15/2036

1,300,000

1,732,859

4.75%,

2/15/2037

900,000

1,237,008

32

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Bond

Index

Fund

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Bonds

4.50%,

5/15/2038

500,000

676,231

4.50%,

8/15/2039

185,000

252,438

4.38%,

11/15/2039

830,000

1,117,323

1.13%,

5/15/2040

500,000

421,856

3.88%,

8/15/2040

900,000

1,144,125

1.38%,

11/15/2040

800,000

701,406

4.25%,

11/15/2040

400,000

532,938

1.75%,

8/15/2041

500,000

465,625

3.75%,

8/15/2041

750,000

943,154

2.00%,

11/15/2041

250,000

243,008

3.13%,

11/15/2041

600,000

694,125

3.13%,

2/15/2042

1,650,000

1,912,582

2.75%,

11/15/2042

800,000

876,625

3.13%,

2/15/2043

1,750,000

2,029,316

2.88%,

5/15/2043

900,000

1,005,855

3.63%,

8/15/2043

1,000,000

1,248,320

3.75%,

11/15/2043

850,000

1,081,658

3.63%,

2/15/2044

800,000

1,002,125

3.13%,

8/15/2044

400,000

466,875

3.00%,

11/15/2044

1,350,000

1,545,803

3.00%,

5/15/2045

400,000

459,313

2.50%,

5/15/2046

900,000

954,035

2.25%,

8/15/2046

500,000

506,621

2.88%,

11/15/2046

275,000

312,114

3.00%,

2/15/2047

400,000

464,656

3.00%,

5/15/2047

600,000

698,531

2.75%,

8/15/2047

500,000

558,301

3.00%,

8/15/2048

1,450,000

1,703,354

2.88%,

5/15/2049

1,400,000

1,618,695

2.25%,

8/15/2049

2,500,000

2,565,820

2.38%,

11/15/2049

1,050,000

1,107,340

2.00%,

2/15/2050

500,000

487,363

1.25%,

5/15/2050

1,800,000

1,463,977

1.38%,

8/15/2050

900,000

755,297

1.63%,

11/15/2050

250,000

223,135

1.88%,

2/15/2051

1,450,000

1,373,309

2.38%,

5/15/2051

1,300,000

1,376,172

2.00%,

8/15/2051

1,000,000

975,469

1.88%,

11/15/2051

600,000

568,875

U.S.

Treasury

Notes

1.63%,

8/15/2022

200,000

201,211

1.88%,

9/30/2022

500,000

504,316

1.63%,

11/15/2022

2,000,000

2,014,766

2.00%,

11/30/2022

1,400,000

1,414,711

2.38%,

1/31/2023

1,750,000

1,777,002

1.50%,

2/28/2023

1,000,000

1,006,992

2.63%,

2/28/2023

1,500,000

1,528,594

1.38%,

6/30/2023

700,000

703,691

2.50%,

8/15/2023

800,000

817,875

1.38%,

8/31/2023

1,700,000

1,708,367

2.75%,

8/31/2023

2,000,000

2,052,422

2.13%,

11/30/2023

2,900,000

2,951,430

0.75%,

12/31/2023

2,000,000

1,984,375

2.25%,

12/31/2023

1,500,000

1,530,762

2.25%,

1/31/2024

1,800,000

1,838,250

2.50%,

1/31/2024

1,000,000

1,026,016

0.13%,

2/15/2024

1,000,000

978,633

2.75%,

2/15/2024

500,000

515,703

2.13%,

3/31/2024

1,000,000

1,019,062

2.00%,

4/30/2024

1,000,000

1,017,031

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Notes

2.25%,

4/30/2024

700,000

715,723

2.50%,

5/15/2024

1,700,000

1,748,012

2.00%,

5/31/2024

1,000,000

1,017,070

2.00%,

6/30/2024

500,000

508,633

0.38%,

7/15/2024

1,000,000

978,164

2.13%,

7/31/2024

1,500,000

1,531,348

0.38%,

8/15/2024

1,000,000

976,992

2.38%,

8/15/2024

250,000

256,719

1.88%,

8/31/2024

1,000,000

1,014,570

0.38%,

9/15/2024

2,000,000

1,951,719

1.50%,

9/30/2024

2,500,000

2,511,523

2.13%,

9/30/2024

500,000

510,508

0.63%,

10/15/2024

1,000,000

981,328

1.50%,

10/31/2024

1,000,000

1,004,219

2.25%,

10/31/2024

1,000,000

1,024,492

0.75%,

11/15/2024

1,500,000

1,475,156

2.25%,

11/15/2024

660,000

676,320

2.13%,

11/30/2024

1,200,000

1,225,359

1.38%,

1/31/2025

1,300,000

1,299,289

2.50%,

1/31/2025

1,500,000

1,548,809

2.00%,

2/15/2025

1,500,000

1,526,602

0.50%,

3/31/2025

2,700,000

2,623,746

2.63%,

3/31/2025

2,200,000

2,282,242

0.38%,

4/30/2025

2,500,000

2,416,602

2.13%,

5/15/2025

1,600,000

1,635,187

0.25%,

5/31/2025

1,000,000

961,133

0.25%,

6/30/2025

1,000,000

959,766

2.75%,

6/30/2025

1,750,000

1,824,990

2.88%,

7/31/2025

1,750,000

1,833,535

2.00%,

8/15/2025

2,000,000

2,035,078

0.25%,

8/31/2025

2,000,000

1,913,594

3.00%,

10/31/2025

1,800,000

1,897,242

2.25%,

11/15/2025

1,500,000

1,540,195

0.38%,

11/30/2025

1,500,000

1,435,957

0.38%,

12/31/2025

1,200,000

1,147,641

0.38%,

1/31/2026

1,000,000

954,727

2.63%,

1/31/2026

750,000

781,406

1.63%,

2/15/2026

400,000

401,281

0.75%,

3/31/2026

500,000

483,652

0.63%,

7/31/2026

1,000,000

958,164

1.50%,

8/15/2026

400,000

398,359

0.75%,

8/31/2026

2,000,000

1,925,547

1.38%,

8/31/2026

1,500,000

1,485,703

1.63%,

9/30/2026

1,000,000

1,001,406

1.63%,

10/31/2026

1,000,000

1,001,562

2.00%,

11/15/2026

1,000,000

1,018,437

1.25%,

12/31/2026

1,200,000

1,179,562

1.50%,

1/31/2027

800,000

795,812

2.25%,

2/15/2027

3,800,000

3,916,375

1.13%,

2/28/2027

2,000,000

1,951,953

0.63%,

3/31/2027

1,500,000

1,425,996

0.50%,

4/30/2027

2,000,000

1,886,797

0.50%,

8/31/2027

1,500,000

1,406,484

0.38%,

9/30/2027

2,000,000

1,859,844

2.25%,

11/15/2027

1,870,000

1,927,634

0.63%,

11/30/2027

1,250,000

1,175,684

0.63%,

12/31/2027

2,000,000

1,878,516

0.75%,

1/31/2028

500,000

472,578

2.75%,

2/15/2028

1,000,000

1,060,000

1.13%,

2/29/2028

1,000,000

966,328

Nationwide

Bond

Index

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

33

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Notes

1.25%,

3/31/2028

1,500,000

1,458,574

1.25%,

4/30/2028

1,200,000

1,165,922

2.88%,

5/15/2028

1,000,000

1,069,102

1.25%,

5/31/2028

1,500,000

1,457,051

1.25%,

6/30/2028

700,000

679,383

1.00%,

7/31/2028

1,000,000

954,648

2.88%,

8/15/2028

1,000,000

1,070,469

1.25%,

9/30/2028

500,000

484,277

1.38%,

10/31/2028

500,000

488,164

1.50%,

11/30/2028

500,000

492,031

1.75%,

1/31/2029

1,000,000

1,000,469

2.63%,

2/15/2029

1,657,000

1,753,896

2.38%,

5/15/2029

100,000

104,301

1.63%,

8/15/2029

1,000,000

992,422

1.75%,

11/15/2029

500,000

500,703

1.50%,

2/15/2030

1,000,000

981,641

0.63%,

8/15/2030

1,200,000

1,092,844

0.88%,

11/15/2030

1,800,000

1,671,117

1.13%,

2/15/2031

2,600,000

2,462,383

1.63%,

5/15/2031

2,700,000

2,667,516

1.25%,

8/15/2031

300,000

286,266

1.38%,

11/15/2031

2,400,000

2,312,625

Total

U.S.

Treasury

Obligations

(cost

$176,838,818)

177,898,684

Total

Investments

(cost

$456,122,612)

—

99.3%

460,976,814

Other

assets

in

excess

of

liabilities

—

0.7%

3,345,914

NET

ASSETS

—

100.0%

$

464,322,728

†

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,

2022.

(b)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

January

31,

2022.

(c)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

January

31,

2022

was

$1,122,350

which

represents

0.24%

of

net

assets.

(d)

Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

as

of

January

31,

2022.

ACES

Alternative

Credit

Enhancement

Services

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

34

-

Statement

of

Investments

-

January

31,

2022

(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,

2022

(Unaudited)

-

Statement

of

Investments

-

35

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

2,499,021

$

–

$

2,499,021

Commercial

Mortgage-Backed

Securities

–

9,361,286

–

9,361,286

Corporate

Bonds

–

117,849,250

–

117,849,250

Foreign

Government

Securities

–

7,729,756

–

7,729,756

Mortgage-Backed

Securities

–

127,185,796

–

127,185,796

Municipal

Bonds

–

3,788,727

–

3,788,727

Supranational

–

6,707,872

–

6,707,872

U.S.

Government

Agency

Securities

–

7,956,422

–

7,956,422

U.S.

Treasury

Obligations

–

177,898,684

–

177,898,684

Total

$

–

$

460,976,814

$

–

$

460,976,814

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.

36

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

International

Index

Fund

Common

Stocks

99.4%

Shares

Value

($)

AUSTRALIA

7.6%

Airlines

0.0%

†

Qantas

Airways

Ltd.*

66,807

229,234

Banks

1.7%

Australia

&

New

Zealand

Banking

Group

Ltd.

215,339

4,069,741

Commonwealth

Bank

of

Australia

134,726

8,963,463

National

Australia

Bank

Ltd.

247,393

4,770,601

Westpac

Banking

Corp.

277,905

4,010,585

21,814,390

Beverages

0.0%

†

Treasury

Wine

Estates

Ltd.

58,183

438,072

Biotechnology

0.5%

CSL

Ltd.

36,172

6,717,620

Capital

Markets

0.4%

ASX

Ltd.

14,577

867,262

Macquarie

Group

Ltd.

26,453

3,471,953

Magellan

Financial

Group

Ltd.

11,002

146,250

4,485,465

Chemicals

0.0%

†

Orica

Ltd.

29,622

293,141

Commercial

Services

&

Supplies

0.1%

Brambles

Ltd.

109,300

752,295

Diversified

Consumer

Services

0.0%

†

IDP

Education

Ltd.

15,965

334,813

Diversified

Telecommunication

Services

0.1%

Telstra

Corp.

Ltd.

314,827

875,807

Electric

Utilities

0.1%

AusNet

Services

Ltd.

151,847

278,980

Origin

Energy

Ltd.

126,678

506,474

785,454

Equity

Real

Estate

Investment

Trusts

(REITs)

0.4%

Dexus

83,420

610,287

Goodman

Group

126,157

2,081,551

GPT

Group

(The)

137,886

490,696

Mirvac

Group

297,803

555,514

Scentre

Group

392,555

819,533

Stockland

181,193

524,358

Vicinity

Centres

293,591

340,669

5,422,608

Food

&

Staples

Retailing

0.3%

Coles

Group

Ltd.

100,887

1,162,883

Endeavour

Group

Ltd.

101,442

454,624

Woolworths

Group

Ltd.

95,975

2,344,517

3,962,024

Gas

Utilities

0.1%

APA

Group

90,396

613,263

Health

Care

Equipment

&

Supplies

0.1%

Cochlear

Ltd.

4,972

680,682

Health

Care

Providers

&

Services

0.1%

Ramsay

Health

Care

Ltd.

14,057

627,477

Sonic

Healthcare

Ltd.

34,526

923,082

1,550,559

Hotels,

Restaurants

&

Leisure

0.2%

Aristocrat

Leisure

Ltd.

45,382

1,318,317

Common

Stocks

Shares

Value

($)

AUSTRALIA

Hotels,

Restaurants

&

Leisure

Crown

Resorts

Ltd.*

27,274

234,710

Domino's

Pizza

Enterprises

Ltd.

4,581

338,754

Tabcorp

Holdings

Ltd.

168,024

590,923

2,482,704

Insurance

0.2%

Insurance

Australia

Group

Ltd.

186,785

562,410

Medibank

Pvt

Ltd.

195,112

429,147

QBE

Insurance

Group

Ltd.

112,179

888,739

Suncorp

Group

Ltd.

97,033

763,020

2,643,316

Interactive

Media

&

Services

0.1%

REA

Group

Ltd.

3,771

391,547

SEEK

Ltd.

25,746

533,748

925,295

IT

Services

0.1%

Computershare

Ltd.

43,656

604,520

Metals

&

Mining

2.3%

BHP

Group

Ltd.(a)

224,194

7,195,286

BHP

Group

plc∞

160,021

5,051,031

BlueScope

Steel

Ltd.

38,104

498,092

Evolution

Mining

Ltd.

138,523

347,292

Fortescue

Metals

Group

Ltd.

128,686

1,822,055

Glencore

plc*

756,279

3,953,012

Newcrest

Mining

Ltd.

61,813

951,201

Northern

Star

Resources

Ltd.

83,956

498,403

Rio

Tinto

Ltd.

28,076

2,229,360

Rio

Tinto

plc

84,481

5,951,621

South32

Ltd.

356,186

978,130

29,475,483

Multiline

Retail

0.3%

Wesfarmers

Ltd.

85,648

3,226,474

Oil,

Gas

&

Consumable

Fuels

0.3%

Ampol

Ltd.

19,465

412,358

Santos

Ltd.

245,356

1,242,763

Washington

H

Soul

Pattinson

&

Co.

Ltd.

16,357

316,527

Woodside

Petroleum

Ltd.

72,877

1,296,286

3,267,934

Real

Estate

Management

&

Development

0.0%

†

Lendlease

Corp.

Ltd.

48,413

343,342

Road

&

Rail

0.0%

†

Aurizon

Holdings

Ltd.

129,780

325,629

Software

0.0%

†

WiseTech

Global

Ltd.

10,322

337,072

Trading

Companies

&

Distributors

0.0%

†

Reece

Ltd.

21,206

328,023

Transportation

Infrastructure

0.2%

Sydney

Airport*

100,012

612,978

Transurban

Group

230,097

2,033,046

2,646,024

95,561,243

AUSTRIA

0.3%

Banks

0.1%

Erste

Group

Bank

AG

26,413

1,228,980

Nationwide

International

Index

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

37

Common

Stocks

Shares

Value

($)

AUSTRIA

Banks

Raiffeisen

Bank

International

AG

12,288

344,076

1,573,056

Electric

Utilities

0.0%

†

Verbund

AG

4,821

510,429

Metals

&

Mining

0.0%

†

voestalpine

AG

8,778

293,027

Oil,

Gas

&

Consumable

Fuels

0.1%

OMV

AG

11,150

678,170

Paper

&

Forest

Products

0.1%

Mondi

plc

36,723

918,668

3,973,350

BELGIUM

0.8%

Banks

0.1%

KBC

Group

NV

18,909

1,641,383

Beverages

0.3%

Anheuser-Busch

InBev

SA/

NV

57,635

3,631,291

Chemicals

0.1%

Solvay

SA

5,805

699,132

Umicore

SA

14,543

549,814

1,248,946

Diversified

Financial

Services

0.1%

Groupe

Bruxelles

Lambert

SA

5,101

547,394

Groupe

Bruxelles

Lambert

SA

3,442

366,713

Sofina

SA

1,095

436,353

1,350,460

Diversified

Telecommunication

Services

0.0%

†

Proximus

SADP

11,004

224,419

Electric

Utilities

0.0%

†

Elia

Group

SA/NV

2,279

307,459

Food

&

Staples

Retailing

0.0%

†

Etablissements

Franz

Colruyt

NV

4,448

180,502

Insurance

0.1%

Ageas

SA/NV

13,243

637,095

Pharmaceuticals

0.1%

UCB

SA

9,562

949,210

10,170,765

BRAZIL

0.1%

Chemicals

0.1%

Yara

International

ASA

12,312

632,817

CHILE

0.0%

†

Metals

&

Mining

0.0%

†

Antofagasta

plc

30,799

562,964

CHINA

0.7%

Banks

0.1%

BOC

Hong

Kong

Holdings

Ltd.

280,100

1,079,461

Common

Stocks

Shares

Value

($)

CHINA

Beverages

0.0%

†

Budweiser

Brewing

Co.

APAC

Ltd.

Reg.

S(b)

119,400

315,098

Capital

Markets

0.0%

†

Futu

Holdings

Ltd.,

ADR*(a)

4,142

179,142

Food

Products

0.0%

†

Wilmar

International

Ltd.

145,258

460,289

Internet

&

Direct

Marketing

Retail

0.5%

Prosus

NV*

70,243

5,850,972

Marine

0.0%

†

SITC

International

Holdings

Co.

Ltd.

106,000

402,339

Real

Estate

Management

&

Development

0.1%

ESR

Cayman

Ltd.

Reg.

S*(b)

143,000

483,472

Specialty

Retail

0.0%

†

Chow

Tai

Fook

Jewellery

Group

Ltd.(a)

143,800

252,034

9,022,807

DENMARK

2.5%

Air

Freight

&

Logistics

0.2%

DSV

A/S

15,526

3,157,207

Banks

0.1%

Danske

Bank

A/S

52,179

1,010,889

Beverages

0.1%

Carlsberg

A/S,

Class

B

7,594

1,227,766

Biotechnology

0.1%

Genmab

A/S*

4,956

1,683,686

Building

Products

0.0%

†

ROCKWOOL

International

A/S,

Class

B

661

252,771

Chemicals

0.1%

Chr

Hansen

Holding

A/S

8,147

652,962

Novozymes

A/S,

Class

B

15,537

1,067,007

1,719,969

Electric

Utilities

0.1%

Orsted

A/S

Reg.

S(b)

13,950

1,486,385

Electrical

Equipment

0.2%

Vestas

Wind

Systems

A/S

76,378

2,054,136

Health

Care

Equipment

&

Supplies

0.2%

Ambu

A/S,

Class

B(a)

13,557

287,348

Coloplast

A/S,

Class

B(a)

8,980

1,305,007

Demant

A/S*

7,671

339,318

GN

Store

Nord

A/S

9,117

551,428

2,483,101

Insurance

0.1%

Tryg

A/S

27,232

642,848

Marine

0.2%

AP

Moller

-

Maersk

A/S,

Class

A

238

796,495

AP

Moller

-

Maersk

A/S,

Class

B

438

1,571,765

2,368,260

38

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

International

Index

Fund

Common

Stocks

Shares

Value

($)

DENMARK

Pharmaceuticals

1.0%

Novo

Nordisk

A/S,

Class

B

127,374

12,751,220

Textiles,

Apparel

&

Luxury

Goods

0.1%

Pandora

A/S

7,504

813,517

31,651,755

FINLAND

1.2%

Banks

0.2%

Nordea

Bank

Abp

243,829

2,894,353

Communications

Equipment

0.2%

Nokia

OYJ*

407,781

2,418,261

Diversified

Telecommunication

Services

0.0%

†

Elisa

OYJ

10,757

632,452

Electric

Utilities

0.1%

Fortum

OYJ

33,591

915,762

Food

&

Staples

Retailing

0.1%

Kesko

OYJ,

Class

B

20,657

654,811

Insurance

0.1%

Sampo

OYJ,

Class

A

37,725

1,875,094

Machinery

0.2%

Kone

OYJ,

Class

B

25,706

1,671,239

Wartsila

OYJ

Abp

37,465

464,162

2,135,401

Oil,

Gas

&

Consumable

Fuels

0.1%

Neste

OYJ

31,997

1,435,932

Paper

&

Forest

Products

0.2%

Stora

Enso

OYJ,

Class

R

44,079

898,176

UPM-Kymmene

OYJ

40,426

1,472,635

2,370,811

Pharmaceuticals

0.0%

†

Orion

OYJ,

Class

B

8,638

350,876

15,683,753

FRANCE

10.8%

Aerospace

&

Defense

0.8%

Airbus

SE*

44,820

5,721,684

Dassault

Aviation

SA

1,591

188,366

Safran

SA

25,773

3,126,833

Thales

SA

8,069

741,756

9,778,639

Auto

Components

0.2%

Cie

Generale

des

Etablissements

Michelin

SCA

12,846

2,150,040

Faurecia

SE∞

9,231

400,615

Valeo

SA

17,836

498,406

3,049,061

Automobiles

0.0%

†

Renault

SA*

14,538

576,790

Banks

0.8%

BNP

Paribas

SA

84,682

6,051,597

Credit

Agricole

SA

94,590

1,419,856

Societe

Generale

SA

61,341

2,275,738

9,747,191

Beverages

0.3%

Pernod

Ricard

SA

15,848

3,384,068

Common

Stocks

Shares

Value

($)

FRANCE

Beverages

Remy

Cointreau

SA

1,588

331,132

3,715,200

Building

Products

0.2%

Cie

de

Saint-Gobain

38,259

2,598,990

Capital

Markets

0.0%

†

Amundi

SA

Reg.

S(b)

4,914

382,904

Chemicals

0.5%

Air

Liquide

SA

35,702

6,122,790

Arkema

SA

4,801

707,996

6,830,786

Construction

&

Engineering

0.5%

Bouygues

SA

17,313

609,240

Eiffage

SA

6,452

676,733

Vinci

SA

40,951

4,479,717

5,765,690

Diversified

Financial

Services

0.0%

†

Eurazeo

SE

2,995

237,928

Wendel

SE

2,029

220,627

458,555

Diversified

Telecommunication

Services

0.1%

Orange

SA

150,888

1,768,552

Electric

Utilities

0.0%

†

Electricite

de

France

SA(a)

35,870

342,925

Electrical

Equipment

0.2%

Legrand

SA

20,227

2,058,460

Entertainment

0.1%

Bollore

SA

67,420

363,734

Ubisoft

Entertainment

SA*

7,453

426,283

790,017

Equity

Real

Estate

Investment

Trusts

(REITs)

0.2%

Covivio

4,161

347,090

Gecina

SA

3,479

470,875

Klepierre

SA

14,695

389,735

Unibail-Rodamco-Westfield*

9,427

719,751

1,927,451

Food

&

Staples

Retailing

0.1%

Carrefour

SA

46,880

892,520

Food

Products

0.2%

Danone

SA

49,385

3,076,653

Health

Care

Equipment

&

Supplies

0.0%

†

BioMerieux

3,141

367,844

Health

Care

Providers

&

Services

0.0%

†

Orpea

SA(a)

3,681

161,188

Hotels,

Restaurants

&

Leisure

0.1%

Accor

SA*

12,026

440,930

La

Francaise

des

Jeux

SAEM

Reg.

S(b)

6,838

282,592

Sodexo

SA

6,775

627,571

1,351,093

Household

Durables

0.0%

†

SEB

SA

2,052

311,373

Insurance

0.4%

AXA

SA

146,659

4,641,860

CNP

Assurances

11,940

292,688

4,934,548

Nationwide

International

Index

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

39

Common

Stocks

Shares

Value

($)

FRANCE

Interactive

Media

&

Services

0.0%

†

Adevinta

ASA*

20,721

217,378

IT

Services

0.4%

Capgemini

SE

12,132

2,720,016

Edenred

18,649

799,265

Worldline

SA

Reg.

S*(b)

18,019

875,382

4,394,663

Life

Sciences

Tools

&

Services

0.1%

Sartorius

Stedim

Biotech

2,092

915,917

Machinery

0.1%

Alstom

SA

23,984

778,374

Media

0.2%

Publicis

Groupe

SA

16,885

1,143,104

Vivendi

SE

59,332

777,561

1,920,665

Multi-Utilities

0.3%

Engie

SA

138,156

2,116,708

Veolia

Environnement

SA

49,571

1,793,707

3,910,415

Oil,

Gas

&

Consumable

Fuels

0.9%

TotalEnergies

SE

189,721

10,746,168

Personal

Products

0.6%

L'Oreal

SA

19,054

8,156,500

Pharmaceuticals

0.7%

Ipsen

SA

3,030

294,917

Sanofi

86,010

8,940,848

9,235,765

Professional

Services

0.2%

Bureau

Veritas

SA

22,238

636,876

Teleperformance

4,454

1,678,207

2,315,083

Software

0.2%

Dassault

Systemes

SE

49,949

2,404,968

Textiles,

Apparel

&

Luxury

Goods

2.3%

EssilorLuxottica

SA

21,621

4,083,254

Hermes

International

2,398

3,592,765

Kering

SA

5,687

4,246,104

LVMH

Moet

Hennessy

Louis

Vuitton

SE

20,996

17,263,630

29,185,753

Transportation

Infrastructure

0.1%

Aeroports

de

Paris*

2,138

289,453

Getlink

SE

31,613

498,640

788,093

135,856,172

GERMANY

8.7%

Aerospace

&

Defense

0.1%

MTU

Aero

Engines

AG

4,039

851,707

Air

Freight

&

Logistics

0.4%

Deutsche

Post

AG

(Registered)

75,222

4,482,606

Airlines

0.0%

†

Deutsche

Lufthansa

AG

(Registered)*

44,410

340,942

Common

Stocks

Shares

Value

($)

GERMANY

Auto

Components

0.1%

Continental

AG*

8,320

796,553

Automobiles

1.0%

Bayerische

Motoren

Werke

AG

25,057

2,617,543

Bayerische

Motoren

Werke

AG

(Preference)

4,551

389,293

Daimler

AG

64,201

5,053,730

Porsche

Automobil

Holding

SE

(Preference)

11,581

1,074,872

Volkswagen

AG(a)

2,518

719,613

Volkswagen

AG

(Preference)

14,036

2,892,637

12,747,688

Banks

0.0%

†

Commerzbank

AG*

70,215

598,282

Capital

Markets

0.4%

Deutsche

Bank

AG

(Registered)*

156,330

2,147,573

Deutsche

Boerse

AG

14,367

2,536,994

4,684,567

Chemicals

0.7%

BASF

SE

69,715

5,294,511

Covestro

AG

Reg.

S(b)

14,627

869,740

Evonik

Industries

AG

15,860

513,082

FUCHS

PETROLUB

SE

(Preference)

5,412

233,104

LANXESS

AG

6,607

398,838

Symrise

AG

9,749

1,163,226

8,472,501

Construction

Materials

0.1%

HeidelbergCement

AG

11,255

774,891

Diversified

Telecommunication

Services

0.4%

Deutsche

Telekom

AG

(Registered)

252,851

4,738,624

Telefonica

Deutschland

Holding

AG

85,677

244,565

United

Internet

AG

(Registered)

7,411

288,568

5,271,757

Electrical

Equipment

0.1%

Siemens

Energy

AG*

30,226

672,296

Food

&

Staples

Retailing

0.1%

HelloFresh

SE*

12,492

821,093

Health

Care

Equipment

&

Supplies

0.2%

Carl

Zeiss

Meditec

AG

3,044

484,351

Sartorius

AG

(Preference)

1,982

1,061,068

Siemens

Healthineers

AG

Reg.

S(b)

21,333

1,359,991

2,905,410

Health

Care

Providers

&

Services

0.2%

Fresenius

Medical

Care

AG

&

Co.

KGaA

15,504

1,046,560

Fresenius

SE

&

Co.

KGaA

31,627

1,299,326

2,345,886

Household

Products

0.1%

Henkel

AG

&

Co.

KGaA

7,994

628,902

40

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

International

Index

Fund

Common

Stocks

Shares

Value

($)

GERMANY

Household

Products

Henkel

AG

&

Co.

KGaA

(Preference)

13,475

1,097,289

1,726,191

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

Uniper

SE

6,223

279,928

Industrial

Conglomerates

0.7%

Siemens

AG

(Registered)

57,687

9,070,212

Insurance

1.0%

Allianz

SE

(Registered)

31,179

7,985,511

Hannover

Rueck

SE

4,560

914,711

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

10,605

3,326,107

12,226,329

Interactive

Media

&

Services

0.0%

†

Scout24

SE

Reg.

S(b)

6,919

409,634

Internet

&

Direct

Marketing

Retail

0.1%

Zalando

SE

Reg.

S*(b)

12,624

991,886

Zalando

SE

Reg.

S*∞(b)

4,053

318,643

IT

Services

0.0%

†

Bechtle

AG

6,538

388,803

Machinery

0.2%

Daimler

Truck

Holding

AG*

31,105

1,096,571

GEA

Group

AG

10,899

511,107

KION

Group

AG

5,493

501,172

Knorr-Bremse

AG

5,579

562,815

Rational

AG

412

342,274

3,013,939

Multi-Utilities

0.3%

E.ON

SE

168,111

2,308,669

RWE

AG

48,586

2,041,435

4,350,104

Personal

Products

0.1%

Beiersdorf

AG

7,624

754,810

Pharmaceuticals

0.5%

Bayer

AG

(Registered)

74,342

4,506,979

Merck

KGaA

9,775

2,130,868

6,637,847

Real

Estate

Management

&

Development

0.3%

Aroundtown

SA

75,561

463,741

LEG

Immobilien

SE

5,453

720,254

Vonovia

SE

55,794

3,160,747

4,344,742

Semiconductors

&

Semiconductor

Equipment

0.3%

Infineon

Technologies

AG

99,034

4,045,445

Software

0.8%

Nemetschek

SE

4,368

398,611

SAP

SE

78,881

9,766,283

10,164,894

Textiles,

Apparel

&

Luxury

Goods

0.4%

adidas

AG

14,440

3,932,720

Puma

SE

7,966

843,116

4,775,836

Common

Stocks

Shares

Value

($)

GERMANY

Trading

Companies

&

Distributors

0.1%

Brenntag

SE

11,685

993,894

110,259,316

HONG

KONG

2.5%

Banks

0.1%

Hang

Seng

Bank

Ltd.

57,800

1,142,274

Building

Products

0.0%

†

Xinyi

Glass

Holdings

Ltd.

138,000

365,925

Capital

Markets

0.4%

Hong

Kong

Exchanges

&

Clearing

Ltd.

90,800

5,124,537

Diversified

Telecommunication

Services

0.0%

†

HKT

Trust

&

HKT

Ltd.

264,420

360,515

Electric

Utilities

0.2%

CK

Infrastructure

Holdings

Ltd.

51,500

317,587

CLP

Holdings

Ltd.

124,000

1,238,900

HK

Electric

Investments

&

HK

Electric

Investments

Ltd.

Reg.

S

227,000

225,974

Power

Assets

Holdings

Ltd.

107,800

663,079

2,445,540

Equity

Real

Estate

Investment

Trusts

(REITs)

0.1%

Link

REIT

157,751

1,352,707

Food

Products

0.0%

†

WH

Group

Ltd.

Reg.

S(b)

594,743

396,825

Gas

Utilities

0.1%

Hong

Kong

&

China

Gas

Co.

Ltd.

846,565

1,303,702

Hotels,

Restaurants

&

Leisure

0.0%

†

Melco

Resorts

&

Entertainment

Ltd.,

ADR*

18,469

195,033

Industrial

Conglomerates

0.1%

Jardine

Matheson

Holdings

Ltd.

14,300

851,565

Jardine

Matheson

Holdings

Ltd.

2,100

124,108

975,673

Insurance

0.8%

AIA

Group

Ltd.

915,000

9,504,347

Machinery

0.2%

Techtronic

Industries

Co.

Ltd.

103,000

1,693,353

Real

Estate

Management

&

Development

0.4%

CK

Asset

Holdings

Ltd.

151,886

1,011,547

Hang

Lung

Properties

Ltd.

166,000

355,318

Henderson

Land

Development

Co.

Ltd.

114,352

500,249

Hongkong

Land

Holdings

Ltd.

66,300

353,379

Hongkong

Land

Holdings

Ltd.

24,300

131,704

New

World

Development

Co.

Ltd.

117,707

479,495

Sino

Land

Co.

Ltd.

256,200

332,010

Nationwide

International

Index

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

41

Common

Stocks

Shares

Value

($)

HONG

KONG

Real

Estate

Management

&

Development

Sun

Hung

Kai

Properties

Ltd.

98,700

1,202,001

Swire

Pacific

Ltd.,

Class

A

39,000

235,386

Swire

Properties

Ltd.

82,000

218,997

Wharf

Real

Estate

Investment

Co.

Ltd.

117,270

556,839

5,376,925

Road

&

Rail

0.1%

MTR

Corp.

Ltd.

110,714

598,280

30,835,636

IRELAND

0.7%

Building

Products

0.1%

Kingspan

Group

plc

11,697

1,130,592

Construction

Materials

0.2%

CRH

plc

59,305

2,981,366

Containers

&

Packaging

0.1%

Smurfit

Kappa

Group

plc

18,611

981,106

Food

Products

0.1%

Kerry

Group

plc,

Class

A

12,034

1,516,501

Hotels,

Restaurants

&

Leisure

0.2%

Flutter

Entertainment

plc*

12,374

1,886,595

8,496,160

ISRAEL

0.6%

Aerospace

&

Defense

0.0%

†

Elbit

Systems

Ltd.

2,177

362,711

Banks

0.2%

Bank

Hapoalim

BM

87,383

905,987

Bank

Leumi

Le-Israel

BM

109,884

1,177,030

Israel

Discount

Bank

Ltd.,

Class

A

80,983

542,426

Mizrahi

Tefahot

Bank

Ltd.

9,938

383,650

3,009,093

Chemicals

0.0%

†

ICL

Group

Ltd.

56,588

511,688

IT

Services

0.1%

Wix.com

Ltd.*

4,237

556,615

Machinery

0.0%

†

Kornit

Digital

Ltd.*

3,539

371,807

Pharmaceuticals

0.1%

Teva

Pharmaceutical

Industries

Ltd.,

ADR*

83,372

702,826

Real

Estate

Management

&

Development

0.0%

†

Azrieli

Group

Ltd.

3,210

289,871

Software

0.2%

Check

Point

Software

Technologies

Ltd.*

7,779

941,337

Nice

Ltd.*

4,772

1,223,027

2,164,364

7,968,975

ITALY

2.1%

Automobiles

0.2%

Ferrari

NV

9,537

2,193,347

Common

Stocks

Shares

Value

($)

ITALY

Banks

0.6%

FinecoBank

Banca

Fineco

SpA

46,127

773,873

Intesa

Sanpaolo

SpA

1,249,269

3,692,901

Mediobanca

Banca

di

Credito

Finanziario

SpA

46,974

537,228

UniCredit

SpA

161,996

2,555,273

7,559,275

Beverages

0.0%

†

Davide

Campari-Milano

NV

41,739

521,984

Diversified

Telecommunication

Services

0.1%

Infrastrutture

Wireless

Italiane

SpA

Reg.

S(b)

25,550

275,408

Telecom

Italia

SpA

753,603

354,395

629,803

Electric

Utilities

0.4%

Enel

SpA

617,231

4,732,131

Terna

-

Rete

Elettrica

Nazionale

106,413

833,584

5,565,715

Electrical

Equipment

0.1%

Prysmian

SpA

19,759

664,848

Gas

Utilities

0.1%

Snam

SpA

153,216

855,742

Health

Care

Equipment

&

Supplies

0.0%

†

DiaSorin

SpA

1,904

293,440

Health

Care

Providers

&

Services

0.0%

†

Amplifon

SpA

8,940

378,663

Insurance

0.2%

Assicurazioni

Generali

SpA

83,705

1,756,799

Poste

Italiane

SpA

Reg.

S(b)

41,988

561,203

2,318,002

IT

Services

0.0%

†

Nexi

SpA

Reg.

S*(b)

33,597

491,647

Oil,

Gas

&

Consumable

Fuels

0.2%

Eni

SpA

190,887

2,862,224

Pharmaceuticals

0.0%

†

Recordati

Industria

Chimica

e

Farmaceutica

SpA

7,430

414,685

Textiles,

Apparel

&

Luxury

Goods

0.1%

Moncler

SpA

15,524

990,859

Transportation

Infrastructure

0.1%

Atlantia

SpA*

38,167

707,221

26,447,455

JAPAN

22.4%

Air

Freight

&

Logistics

0.1%

SG

Holdings

Co.

Ltd.

25,600

544,822

Yamato

Holdings

Co.

Ltd.

23,000

490,752

1,035,574

Airlines

0.0%

†

ANA

Holdings,

Inc.*

11,900

250,931

Japan

Airlines

Co.

Ltd.*

10,174

192,071

443,002

Auto

Components

0.5%

Aisin

Corp.

10,300

374,878

42

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

International

Index

Fund

Common

Stocks

Shares

Value

($)

JAPAN

Auto

Components

Bridgestone

Corp.

43,200

1,896,495

Denso

Corp.

32,800

2,445,426

Koito

Manufacturing

Co.

Ltd.

8,200

412,047

Stanley

Electric

Co.

Ltd.

10,900

255,085

Sumitomo

Electric

Industries

Ltd.

57,000

756,978

6,140,909

Automobiles

1.9%

Honda

Motor

Co.

Ltd.

123,300

3,619,761

Isuzu

Motors

Ltd.

44,100

540,145

Mazda

Motor

Corp.*

45,560

352,957

Nissan

Motor

Co.

Ltd.*

175,600

934,543

Subaru

Corp.

46,500

850,755

Suzuki

Motor

Corp.

27,900

1,191,220

Toyota

Motor

Corp.

802,100

15,871,290

Yamaha

Motor

Co.

Ltd.

22,500

537,018

23,897,689

Banks

1.1%

Chiba

Bank

Ltd.

(The)

34,000

220,180

Concordia

Financial

Group

Ltd.

82,300

338,278

Japan

Post

Bank

Co.

Ltd.(a)

30,600

301,410

Mitsubishi

UFJ

Financial

Group,

Inc.

928,284

5,611,392

Mizuho

Financial

Group,

Inc.

182,351

2,460,600

Resona

Holdings,

Inc.

161,501

693,480

Shizuoka

Bank

Ltd.

(The)

37,400

293,561

Sumitomo

Mitsui

Financial

Group,

Inc.

98,705

3,544,974

Sumitomo

Mitsui

Trust

Holdings,

Inc.

25,576

886,826

14,350,701

Beverages

0.2%

Asahi

Group

Holdings

Ltd.

34,500

1,410,044

Ito

En

Ltd.

3,900

210,768

Kirin

Holdings

Co.

Ltd.

62,200

996,707

Suntory

Beverage

&

Food

Ltd.

10,900

420,271

3,037,790

Building

Products

0.4%

AGC,

Inc.

14,620

670,051

Daikin

Industries

Ltd.

18,900

3,970,807

Lixil

Corp.

18,700

428,689

TOTO

Ltd.

10,900

471,355

5,540,902

Capital

Markets

0.2%

Daiwa

Securities

Group,

Inc.

111,300

670,866

Japan

Exchange

Group,

Inc.

38,500

794,209

Nomura

Holdings,

Inc.

232,300

1,024,715

SBI

Holdings,

Inc.

19,070

491,654

2,981,444

Chemicals

0.9%

Asahi

Kasei

Corp.

94,900

933,110

JSR

Corp.

15,300

509,877

Kansai

Paint

Co.

Ltd.

12,600

261,625

Mitsubishi

Chemical

Holdings

Corp.

96,800

760,424

Mitsubishi

Gas

Chemical

Co.,

Inc.

11,800

225,623

Common

Stocks

Shares

Value

($)

JAPAN

Chemicals

Mitsui

Chemicals,

Inc.

14,820

395,682

Nippon

Paint

Holdings

Co.

Ltd.

53,800

430,203

Nippon

Sanso

Holdings

Corp.

10,700

212,435

Nissan

Chemical

Corp.

8,500

462,601

Nitto

Denko

Corp.

10,810

840,379

Shin-Etsu

Chemical

Co.

Ltd.

26,800

4,488,132

Sumitomo

Chemical

Co.

Ltd.

113,600

571,595

Toray

Industries,

Inc.

105,400

669,911

Tosoh

Corp.

17,800

278,522

11,040,119

Commercial

Services

&

Supplies

0.2%

Dai

Nippon

Printing

Co.

Ltd.

17,050

410,566

Secom

Co.

Ltd.

15,900

1,123,863

Sohgo

Security

Services

Co.

Ltd.

4,900

178,209

Toppan,

Inc.

18,900

360,915

2,073,553

Construction

&

Engineering

0.1%

Kajima

Corp.

31,900

385,574

Obayashi

Corp.

45,700

370,276

Shimizu

Corp.

38,300

255,277

Taisei

Corp.

13,600

445,507

1,456,634

Diversified

Financial

Services

0.2%

Mitsubishi

HC

Capital,

Inc.

45,500

235,426

ORIX

Corp.

92,400

1,907,132

Tokyo

Century

Corp.

3,000

148,377

2,290,935

Diversified

Telecommunication

Services

0.2%

Nippon

Telegraph

&

Telephone

Corp.

97,416

2,776,188

Electric

Utilities

0.1%

Chubu

Electric

Power

Co.,

Inc.

48,800

489,425

Kansai

Electric

Power

Co.,

Inc.

(The)

53,200

502,890

Tokyo

Electric

Power

Co.

Holdings,

Inc.*

127,100

338,715

1,331,030

Electrical

Equipment

0.4%

Fuji

Electric

Co.

Ltd.

9,140

491,876

Mitsubishi

Electric

Corp.

137,900

1,729,779

Nidec

Corp.

33,800

2,995,314

5,216,969

Electronic

Equipment,

Instruments

&

Components

1.4%

Azbil

Corp.

8,600

338,692

Hamamatsu

Photonics

KK

10,900

558,208

Hirose

Electric

Co.

Ltd.

2,665

398,135

Ibiden

Co.

Ltd.

7,500

418,679

Keyence

Corp.

14,772

7,596,675

Kyocera

Corp.

24,300

1,500,052

Murata

Manufacturing

Co.

Ltd.

43,400

3,254,687

Omron

Corp.

14,000

1,023,004

Shimadzu

Corp.

17,900

647,440

TDK

Corp.

29,400

1,060,326

Nationwide

International

Index

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

43

Common

Stocks

Shares

Value

($)

JAPAN

Electronic

Equipment,

Instruments

&

Components

Yokogawa

Electric

Corp.

17,100

280,488

17,076,386

Entertainment

0.5%

Capcom

Co.

Ltd.

14,500

349,790

Koei

Tecmo

Holdings

Co.

Ltd.(a)

4,910

176,949

Konami

Holdings

Corp.

7,500

404,404

Nexon

Co.

Ltd.

37,000

698,849

Nintendo

Co.

Ltd.

8,400

4,120,152

Square

Enix

Holdings

Co.

Ltd.

6,100

298,611

Toho

Co.

Ltd.

7,900

306,330

6,355,085

Equity

Real

Estate

Investment

Trusts

(REITs)

0.3%

Daiwa

House

REIT

Investment

Corp.

177

527,521

GLP

J-REIT

312

502,754

Japan

Metropolitan

Fund

Investment

Corp.

562

473,657

Japan

Real

Estate

Investment

Corp.

94

516,264

Nippon

Building

Fund,

Inc.

114

659,362

Nippon

Prologis

REIT,

Inc.

156

486,985

Nomura

Real

Estate

Master

Fund,

Inc.

327

453,075

Orix

JREIT,

Inc.

211

302,567

3,922,185

Food

&

Staples

Retailing

0.4%

Aeon

Co.

Ltd.

49,500

1,128,682

Cosmos

Pharmaceutical

Corp.(a)

1,700

213,127

Kobe

Bussan

Co.

Ltd.

11,100

345,652

Lawson,

Inc.

4,400

193,625

Seven

&

i

Holdings

Co.

Ltd.

57,000

2,785,475

Tsuruha

Holdings,

Inc.

2,900

233,479

Welcia

Holdings

Co.

Ltd.

7,800

211,476

5,111,516

Food

Products

0.3%

Ajinomoto

Co.,

Inc.

35,300

986,101

Kikkoman

Corp.

11,000

832,350

MEIJI

Holdings

Co.

Ltd.

8,698

543,206

Nisshin

Seifun

Group,

Inc.

16,152

226,945

Nissin

Foods

Holdings

Co.

Ltd.

4,400

312,659

Toyo

Suisan

Kaisha

Ltd.

7,500

307,982

Yakult

Honsha

Co.

Ltd.

9,200

467,086

3,676,329

Gas

Utilities

0.1%

Osaka

Gas

Co.

Ltd.

26,680

453,519

Tokyo

Gas

Co.

Ltd.

28,480

575,242

1,028,761

Health

Care

Equipment

&

Supplies

0.7%

Asahi

Intecc

Co.

Ltd.

15,800

269,340

Hoya

Corp.

27,900

3,612,868

Olympus

Corp.

84,500

1,894,654

Sysmex

Corp.

12,700

1,205,888

Terumo

Corp.

48,800

1,783,822

8,766,572

Common

Stocks

Shares

Value

($)

JAPAN

Health

Care

Providers

&

Services

0.0%

†

Medipal

Holdings

Corp.

12,700

228,672

Health

Care

Technology

0.1%

M3,

Inc.

33,400

1,280,156

Hotels,

Restaurants

&

Leisure

0.2%

McDonald's

Holdings

Co.

Japan

Ltd.

5,824

254,181

Oriental

Land

Co.

Ltd.

15,100

2,635,198

2,889,379

Household

Durables

1.2%

Iida

Group

Holdings

Co.

Ltd.

10,100

210,340

Open

House

Group

Co.

Ltd.

6,300

324,832

Panasonic

Corp.

166,902

1,833,494

Rinnai

Corp.

2,700

242,107

Sekisui

Chemical

Co.

Ltd.

28,800

504,310

Sekisui

House

Ltd.

46,700

946,780

Sharp

Corp.

16,100

179,013

Sony

Group

Corp.

95,200

10,635,577

14,876,453

Household

Products

0.1%

Lion

Corp.

18,400

240,358

Unicharm

Corp.

30,500

1,180,353

1,420,711

Industrial

Conglomerates

0.4%

Hitachi

Ltd.

73,160

3,813,450

Toshiba

Corp.

30,970

1,283,510

5,096,960

Insurance

0.7%

Dai-ichi

Life

Holdings,

Inc.

77,100

1,734,238

Japan

Post

Holdings

Co.

Ltd.*

185,100

1,577,364

Japan

Post

Insurance

Co.

Ltd.

13,200

230,465

MS&AD

Insurance

Group

Holdings,

Inc.

33,655

1,155,279

Sompo

Holdings,

Inc.

24,025

1,124,118

T&D

Holdings,

Inc.

40,700

601,344

Tokio

Marine

Holdings,

Inc.

47,600

2,844,099

9,266,907

Interactive

Media

&

Services

0.1%

Kakaku.com,

Inc.

9,700

200,715

Z

Holdings

Corp.

202,600

1,035,160

1,235,875

Internet

&

Direct

Marketing

Retail

0.1%

Mercari,

Inc.*

7,400

279,176

Rakuten

Group,

Inc.

65,600

568,825

ZOZO,

Inc.

8,800

234,383

1,082,384

IT

Services

0.5%

Fujitsu

Ltd.

15,110

1,992,920

GMO

Payment

Gateway,

Inc.

3,100

270,990

Itochu

Techno-Solutions

Corp.

6,200

169,148

NEC

Corp.

18,600

724,005

Nomura

Research

Institute

Ltd.

25,254

888,547

NTT

Data

Corp.

47,800

918,509

Obic

Co.

Ltd.

5,300

874,121

Otsuka

Corp.

8,700

352,834

44

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

International

Index

Fund

Common

Stocks

Shares

Value

($)

JAPAN

IT

Services

SCSK

Corp.

10,800

182,824

TIS,

Inc.

18,000

473,191

6,847,089

Leisure

Products

0.2%

Bandai

Namco

Holdings,

Inc.

15,149

1,065,203

Shimano,

Inc.

5,600

1,260,856

Yamaha

Corp.

10,800

491,775

2,817,834

Machinery

1.2%

Daifuku

Co.

Ltd.

7,900

549,255

FANUC

Corp.

14,500

2,869,388

Hino

Motors

Ltd.

20,000

173,638

Hitachi

Construction

Machinery

Co.

Ltd.

7,200

184,336

Hoshizaki

Corp.

4,300

318,690

Komatsu

Ltd.

65,900

1,622,345

Kubota

Corp.

77,700

1,667,088

Kurita

Water

Industries

Ltd.

8,000

327,965

Makita

Corp.

16,900

632,560

MINEBEA

MITSUMI,

Inc.

27,800

682,251

MISUMI

Group,

Inc.

21,500

699,698

Mitsubishi

Heavy

Industries

Ltd.

24,820

672,311

Miura

Co.

Ltd.

6,600

195,340

NGK

Insulators

Ltd.

21,000

355,766

SMC

Corp.

4,300

2,405,281

Toyota

Industries

Corp.

11,100

867,333

Yaskawa

Electric

Corp.

18,200

764,184

14,987,429

Marine

0.1%

Nippon

Yusen

KK

12,240

957,887

Media

0.1%

CyberAgent,

Inc.

30,700

357,735

Dentsu

Group,

Inc.

17,161

593,955

Hakuhodo

DY

Holdings,

Inc.

17,400

266,748

1,218,438

Metals

&

Mining

0.2%

Hitachi

Metals

Ltd.*

16,700

300,658

JFE

Holdings,

Inc.

38,800

497,640

Nippon

Steel

Corp.

64,706

1,050,433

Sumitomo

Metal

Mining

Co.

Ltd.

18,700

859,980

2,708,711

Multiline

Retail

0.1%

Pan

Pacific

International

Holdings

Corp.

31,900

430,386

Ryohin

Keikaku

Co.

Ltd.

18,300

262,699

693,085

Oil,

Gas

&

Consumable

Fuels

0.2%

ENEOS

Holdings,

Inc.

232,117

918,297

Idemitsu

Kosan

Co.

Ltd.

16,044

408,806

Inpex

Corp.

74,800

751,024

2,078,127

Paper

&

Forest

Products

0.0%

†

Oji

Holdings

Corp.

63,700

337,023

Personal

Products

0.3%

Kao

Corp.

35,300

1,766,318

Common

Stocks

Shares

Value

($)

JAPAN

Personal

Products

Kobayashi

Pharmaceutical

Co.

Ltd.

4,300

335,920

Kose

Corp.(a)

2,400

219,469

Pola

Orbis

Holdings,

Inc.

7,200

107,218

Shiseido

Co.

Ltd.

30,300

1,533,323

3,962,248

Pharmaceuticals

1.2%

Astellas

Pharma,

Inc.

140,600

2,262,092

Chugai

Pharmaceutical

Co.

Ltd.

50,800

1,649,536

Daiichi

Sankyo

Co.

Ltd.

132,600

2,968,824

Eisai

Co.

Ltd.

17,900

904,552

Kyowa

Kirin

Co.

Ltd.

20,600

516,669

Nippon

Shinyaku

Co.

Ltd.

3,600

235,781

Ono

Pharmaceutical

Co.

Ltd.

28,100

678,735

Otsuka

Holdings

Co.

Ltd.

29,500

1,010,617

Santen

Pharmaceutical

Co.

Ltd.

28,000

318,907

Shionogi

&

Co.

Ltd.

20,000

1,124,660

Sumitomo

Dainippon

Pharma

Co.

Ltd.

12,900

140,964

Taisho

Pharmaceutical

Holdings

Co.

Ltd.

3,270

160,675

Takeda

Pharmaceutical

Co.

Ltd.

119,197

3,452,689

15,424,701

Professional

Services

0.5%

Benefit

One,

Inc.

6,100

185,366

Nihon

M&A

Center

Holdings,

Inc.

22,900

360,757

Persol

Holdings

Co.

Ltd.

13,700

352,829

Recruit

Holdings

Co.

Ltd.

102,000

5,029,560

5,928,512

Real

Estate

Management

&

Development

0.5%

Daito

Trust

Construction

Co.

Ltd.

5,000

572,551

Daiwa

House

Industry

Co.

Ltd.

42,800

1,248,991

Hulic

Co.

Ltd.(a)

29,200

282,494

Mitsubishi

Estate

Co.

Ltd.

89,500

1,295,381

Mitsui

Fudosan

Co.

Ltd.

68,900

1,473,112

Nomura

Real

Estate

Holdings,

Inc.

10,200

239,582

Sumitomo

Realty

&

Development

Co.

Ltd.

23,400

724,934

5,837,045

Road

&

Rail

0.5%

Central

Japan

Railway

Co.

10,900

1,443,089

East

Japan

Railway

Co.

22,890

1,310,605

Hankyu

Hanshin

Holdings,

Inc.

16,300

475,129

Keio

Corp.

7,880

354,834

Keisei

Electric

Railway

Co.

Ltd.

9,900

280,036

Kintetsu

Group

Holdings

Co.

Ltd.*

13,850

402,818

Nippon

Express

Holdings,

Inc.

5,850

344,147

Nationwide

International

Index

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

45

Common

Stocks

Shares

Value

($)

JAPAN

Road

&

Rail

Odakyu

Electric

Railway

Co.

Ltd.

22,250

393,363

Tobu

Railway

Co.

Ltd.

15,100

354,130

Tokyu

Corp.

37,850

503,349

West

Japan

Railway

Co.

16,300

684,858

6,546,358

Semiconductors

&

Semiconductor

Equipment

0.9%

Advantest

Corp.

15,100

1,287,229

Disco

Corp.

2,200

603,719

Lasertec

Corp.

5,700

1,277,634

Renesas

Electronics

Corp.*

94,800

1,091,264

Rohm

Co.

Ltd.

6,600

554,688

SUMCO

Corp.

25,600

471,402

Tokyo

Electron

Ltd.

11,300

5,492,679

10,778,615

Software

0.1%

Oracle

Corp.

Japan

2,500

186,164

Trend

Micro,

Inc.

10,700

568,955

755,119

Specialty

Retail

0.3%

Fast

Retailing

Co.

Ltd.

4,400

2,585,534

Hikari

Tsushin,

Inc.

1,500

179,996

Nitori

Holdings

Co.

Ltd.

6,200

888,450

USS

Co.

Ltd.

16,500

269,976

3,923,956

Technology

Hardware,

Storage

&

Peripherals

0.4%

Brother

Industries

Ltd.

17,100

315,989

Canon,

Inc.

75,700

1,787,689

FUJIFILM

Holdings

Corp.

27,100

1,814,221

Ricoh

Co.

Ltd.(a)

53,400

451,037

Seiko

Epson

Corp.

20,000

311,128

4,680,064

Tobacco

0.2%

Japan

Tobacco,

Inc.

90,800

1,819,738

Trading

Companies

&

Distributors

1.0%

ITOCHU

Corp.

90,000

2,890,997

Marubeni

Corp.

118,300

1,225,169

Mitsubishi

Corp.

95,700

3,248,940

Mitsui

&

Co.

Ltd.

117,500

2,939,497

MonotaRO

Co.

Ltd.

20,300

330,849

Sumitomo

Corp.

85,200

1,321,141

Toyota

Tsusho

Corp.

16,500

669,803

12,626,396

Wireless

Telecommunication

Services

0.8%

KDDI

Corp.

122,000

3,876,531

SoftBank

Corp.

217,200

2,719,509

SoftBank

Group

Corp.

91,400

4,042,945

10,638,985

282,495,130

JORDAN

0.0%

†

Pharmaceuticals

0.0%

†

Hikma

Pharmaceuticals

plc

13,557

380,996

LUXEMBOURG

0.2%

Life

Sciences

Tools

&

Services

0.1%

Eurofins

Scientific

SE

10,098

1,012,877

Common

Stocks

Shares

Value

($)

LUXEMBOURG

Metals

&

Mining

0.1%

ArcelorMittal

SA

51,342

1,531,642

2,544,519

MACAU

0.1%

Hotels,

Restaurants

&

Leisure

0.1%

Galaxy

Entertainment

Group

Ltd.*

165,000

959,435

Sands

China

Ltd.*

193,900

543,938

1,503,373

MALTA

0.0%

†

Capital

Markets

0.0%

†

BGP

Holdings

plc*^∞

1,554,139

0

NETHERLANDS

5.3%

Banks

0.4%

ABN

AMRO

Bank

NV,

CVA

Reg.

S(b)

33,433

537,335

ING

Groep

NV

295,555

4,363,146

4,900,481

Beverages

0.2%

Heineken

Holding

NV

8,714

765,022

Heineken

NV(a)

19,622

2,106,387

2,871,409

Biotechnology

0.1%

Argenx

SE*

3,467

924,302

Capital

Markets

0.0%

†

Euronext

NV

Reg.

S(b)

6,553

630,930

Chemicals

0.3%

Akzo

Nobel

NV

14,414

1,492,742

Koninklijke

DSM

NV

13,113

2,469,689

3,962,431

Diversified

Financial

Services

0.1%

EXOR

NV

8,202

687,998

Diversified

Telecommunication

Services

0.1%

Koninklijke

KPN

NV

254,294

837,042

Entertainment

0.1%

Universal

Music

Group

NV

55,968

1,390,200

Food

&

Staples

Retailing

0.2%

Koninklijke

Ahold

Delhaize

NV

79,090

2,564,042

Food

Products

0.0%

†

JDE

Peet's

NV(a)

6,476

193,834

Health

Care

Equipment

&

Supplies

0.2%

Koninklijke

Philips

NV

70,311

2,332,681

Insurance

0.1%

Aegon

NV

135,332

765,425

NN

Group

NV

20,435

1,145,025

1,910,450

IT

Services

0.2%

Adyen

NV

Reg.

S*(b)

1,487

3,032,278

Oil,

Gas

&

Consumable

Fuels

1.2%

Shell

plc

588,571

14,933,744

Professional

Services

0.2%

Randstad

NV

9,078

592,555

Wolters

Kluwer

NV

20,233

2,061,341

2,653,896

46

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

International

Index

Fund

Common

Stocks

Shares

Value

($)

NETHERLANDS

Semiconductors

&

Semiconductor

Equipment

1.8%

ASM

International

NV

3,571

1,240,416

ASML

Holding

NV

31,264

21,384,613

22,625,029

Trading

Companies

&

Distributors

0.1%

IMCD

NV

4,358

751,732

67,202,479

NEW

ZEALAND

0.3%

Diversified

Telecommunication

Services

0.0%

†

Spark

New

Zealand

Ltd.

141,213

402,795

Electric

Utilities

0.0%

†

Mercury

NZ

Ltd.

52,982

194,021

Health

Care

Equipment

&

Supplies

0.1%

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

43,777

806,059

Health

Care

Providers

&

Services

0.0%

†

Ryman

Healthcare

Ltd.

34,170

222,564

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

Meridian

Energy

Ltd.

102,275

294,394

Software

0.1%

Xero

Ltd.*

10,087

818,415

Transportation

Infrastructure

0.1%

Auckland

International

Airport

Ltd.*

88,891

420,811

3,159,059

NORWAY

0.6%

Banks

0.1%

DNB

Bank

ASA

70,354

1,673,429

Diversified

Telecommunication

Services

0.1%

Telenor

ASA(a)

52,921

873,307

Food

Products

0.1%

Mowi

ASA

33,243

816,371

Orkla

ASA

57,823

552,493

1,368,864

Insurance

0.0%

†

Gjensidige

Forsikring

ASA

14,145

345,093

Media

0.0%

†

Schibsted

ASA,

Class

A

6,222

184,117

Schibsted

ASA,

Class

B

6,755

178,085

362,202

Metals

&

Mining

0.1%

Norsk

Hydro

ASA

101,853

782,116

Oil,

Gas

&

Consumable

Fuels

0.2%

Aker

BP

ASA

9,639

332,931

Equinor

ASA

73,924

2,036,497

2,369,428

7,774,439

POLAND

0.0%

†

Air

Freight

&

Logistics

0.0%

†

InPost

SA*

13,676

111,520

Common

Stocks

Shares

Value

($)

PORTUGAL

0.2%

Electric

Utilities

0.1%

EDP

-

Energias

de

Portugal

SA

209,951

1,077,823

Food

&

Staples

Retailing

0.1%

Jeronimo

Martins

SGPS

SA

21,657

521,051

Oil,

Gas

&

Consumable

Fuels

0.0%

†

Galp

Energia

SGPS

SA

37,911

418,000

2,016,874

RUSSIA

0.1%

Beverages

0.1%

Coca-Cola

HBC

AG*

15,639

518,654

Metals

&

Mining

0.0%

†

Evraz

plc

34,581

236,054

754,708

SAUDI

ARABIA

0.1%

Internet

&

Direct

Marketing

Retail

0.1%

Delivery

Hero

SE

Reg.

S*(b)

12,252

935,720

SINGAPORE

1.3%

Aerospace

&

Defense

0.0%

†

Singapore

Technologies

Engineering

Ltd.

123,500

341,778

Airlines

0.1%

Singapore

Airlines

Ltd.*

104,482

388,099

Banks

0.6%

DBS

Group

Holdings

Ltd.

136,650

3,579,740

Oversea-Chinese

Banking

Corp.

Ltd.

254,289

2,354,992

United

Overseas

Bank

Ltd.

89,062

1,980,542

7,915,274

Capital

Markets

0.0%

†

Singapore

Exchange

Ltd.

50,600

349,440

Diversified

Telecommunication

Services

0.1%

Singapore

Telecommunications

Ltd.

624,603

1,125,968

Electronic

Equipment,

Instruments

&

Components

0.0%

†

Venture

Corp.

Ltd.

21,000

274,560

Equity

Real

Estate

Investment

Trusts

(REITs)

0.1%

Ascendas

REIT

251,913

515,686

CapitaLand

Integrated

Commercial

Trust

373,678

537,667

Mapletree

Commercial

Trust

146,000

194,812

Mapletree

Logistics

Trust

233,375

292,525

1,540,690

Hotels,

Restaurants

&

Leisure

0.0%

†

Genting

Singapore

Ltd.

483,917

263,350

Industrial

Conglomerates

0.1%

Keppel

Corp.

Ltd.

115,600

484,242

Real

Estate

Management

&

Development

0.1%

Capitaland

Investment

Ltd.*

199,545

510,864

City

Developments

Ltd.

39,199

204,854

UOL

Group

Ltd.

32,113

173,579

889,297

Nationwide

International

Index

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

47

Common

Stocks

Shares

Value

($)

SINGAPORE

Semiconductors

&

Semiconductor

Equipment

0.2%

STMicroelectronics

NV

51,628

2,426,229

15,998,927

SOUTH

AFRICA

0.3%

Metals

&

Mining

0.3%

Anglo

American

plc

98,061

4,300,190

SPAIN

2.3%

Banks

0.7%

Banco

Bilbao

Vizcaya

Argentaria

SA

503,894

3,207,228

Banco

Santander

SA

1,314,249

4,606,816

CaixaBank

SA

334,397

1,074,237

8,888,281

Biotechnology

0.0%

†

Grifols

SA

23,191

408,639

Construction

&

Engineering

0.1%

ACS

Actividades

de

Construccion

y

Servicios

SA

20,143

508,632

Ferrovial

SA

36,429

1,012,539

1,521,171

Diversified

Telecommunication

Services

0.3%

Cellnex

Telecom

SA

Reg.

S(b)

38,534

1,757,254

Telefonica

SA

402,997

1,882,607

3,639,861

Electric

Utilities

0.5%

Endesa

SA

24,801

558,128

Iberdrola

SA

439,953

5,082,251

Red

Electrica

Corp.

SA

29,340

592,065

6,232,444

Electrical

Equipment

0.0%

†

Siemens

Gamesa

Renewable

Energy

SA*

18,457

402,086

Gas

Utilities

0.1%

Enagas

SA

15,738

341,068

Naturgy

Energy

Group

SA(a)

14,665

465,874

806,942

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

EDP

Renovaveis

SA

21,805

461,801

IT

Services

0.2%

Amadeus

IT

Group

SA*

34,072

2,337,634

Oil,

Gas

&

Consumable

Fuels

0.1%

Repsol

SA

109,775

1,390,870

Specialty

Retail

0.2%

Industria

de

Diseno

Textil

SA

82,501

2,492,732

Transportation

Infrastructure

0.1%

Aena

SME

SA

Reg.

S*(b)

5,655

917,815

29,500,276

SWEDEN

3.5%

Banks

0.3%

Skandinaviska

Enskilda

Banken

AB,

Class

A

123,113

1,587,215

Common

Stocks

Shares

Value

($)

SWEDEN

Banks

Svenska

Handelsbanken

AB,

Class

A

110,315

1,172,905

Swedbank

AB,

Class

A

68,268

1,336,380

4,096,500

Building

Products

0.2%

Assa

Abloy

AB,

Class

B

74,758

2,048,103

Nibe

Industrier

AB,

Class

B

107,877

1,021,707

3,069,810

Capital

Markets

0.1%

EQT

AB

22,375

872,166

Commercial

Services

&

Supplies

0.0%

†

Securitas

AB,

Class

B

25,797

311,582

Communications

Equipment

0.2%

Telefonaktiebolaget

LM

Ericsson,

Class

B

220,879

2,741,325

Construction

&

Engineering

0.1%

Skanska

AB,

Class

B

25,729

629,127

Diversified

Financial

Services

0.4%

Industrivarden

AB,

Class

A

10,936

345,002

Industrivarden

AB,

Class

C

11,408

353,866

Investor

AB,

Class

A

38,140

870,699

Investor

AB,

Class

B

137,755

2,998,261

Kinnevik

AB,

Class

B*

18,611

558,261

L

E

Lundbergforetagen

AB,

Class

B

5,748

294,498

5,420,587

Diversified

Telecommunication

Services

0.1%

Telia

Co.

AB

201,048

791,777

Electronic

Equipment,

Instruments

&

Components

0.2%

Hexagon

AB,

Class

B

149,000

2,013,169

Entertainment

0.0%

†

Embracer

Group

AB*(a)

35,136

351,330

Health

Care

Equipment

&

Supplies

0.1%

Getinge

AB,

Class

B

17,494

685,730

Hotels,

Restaurants

&

Leisure

0.1%

Evolution

AB

Reg.

S(b)

12,847

1,595,219

Household

Durables

0.0%

†

Electrolux

AB,

Class

B

Series B(a)

17,058

353,498

Household

Products

0.1%

Essity

AB,

Class

B

46,064

1,296,712

Industrial

Conglomerates

0.1%

Investment

AB

Latour,

Class

B

11,742

364,050

Lifco

AB,

Class

B

17,828

415,920

779,970

Machinery

1.0%

Alfa

Laval

AB

23,793

805,026

Atlas

Copco

AB,

Class

A

50,790

2,985,097

Atlas

Copco

AB,

Class

B

29,513

1,503,415

Epiroc

AB,

Class

A

49,842

1,059,424

Epiroc

AB,

Class

B

29,494

532,258

Husqvarna

AB,

Class

B

33,722

470,922

Sandvik

AB

85,634

2,252,304

48

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

International

Index

Fund

Common

Stocks

Shares

Value

($)

SWEDEN

Machinery

SKF

AB,

Class

B

29,316

644,388

Volvo

AB,

Class

A

15,315

349,046

Volvo

AB,

Class

B

108,137

2,438,420

13,040,300

Metals

&

Mining

0.1%

Boliden

AB

20,990

847,943

Oil,

Gas

&

Consumable

Fuels

0.0%

†

Lundin

Energy

AB

15,137

612,614

Paper

&

Forest

Products

0.1%

Svenska

Cellulosa

AB

SCA,

Class

B

46,096

802,016

Real

Estate

Management

&

Development

0.1%

Fastighets

AB

Balder,

Class

B*

7,954

525,149

Sagax

AB,

Class

B

12,317

356,968

882,117

Software

0.0%

†

Sinch

AB

Reg.

S*(b)

38,381

392,894

Specialty

Retail

0.1%

H

&

M

Hennes

&

Mauritz

AB,

Class

B

55,236

1,094,628

Tobacco

0.1%

Swedish

Match

AB

119,498

920,584

Wireless

Telecommunication

Services

0.0%

†

Tele2

AB,

Class

B

39,623

575,162

44,176,760

SWITZERLAND

9.9%

Building

Products

0.1%

Geberit

AG

(Registered)

2,713

1,843,894

Capital

Markets

0.8%

Credit

Suisse

Group

AG

(Registered)

202,726

1,921,879

Julius

Baer

Group

Ltd.

16,927

1,105,719

Partners

Group

Holding

AG

1,716

2,387,496

UBS

Group

AG

(Registered)

265,641

4,925,226

10,340,320

Chemicals

0.6%

Clariant

AG

(Registered)*

15,455

327,630

EMS-Chemie

Holding

AG

(Registered)

532

538,143

Givaudan

SA

(Registered)

698

2,895,618

Sika

AG

(Registered)

10,748

3,761,772

7,523,163

Construction

Materials

0.2%

Holcim

Ltd.*

39,593

2,140,271

Diversified

Telecommunication

Services

0.1%

Swisscom

AG

(Registered)

1,959

1,117,503

Electrical

Equipment

0.3%

ABB

Ltd.

(Registered)

123,853

4,280,726

Food

Products

2.4%

Barry

Callebaut

AG

(Registered)

276

634,220

Chocoladefabriken

Lindt

&

Spruengli

AG

79

919,667

Common

Stocks

Shares

Value

($)

SWITZERLAND

Food

Products

Chocoladefabriken

Lindt

&

Spruengli

AG

(Registered)

8

920,919

Nestle

SA

(Registered)

212,928

27,431,925

29,906,731

Health

Care

Equipment

&

Supplies

0.5%

Alcon,

Inc.

37,869

2,920,420

Sonova

Holding

AG

(Registered)

4,126

1,465,836

Straumann

Holding

AG

(Registered)

782

1,292,762

5,679,018

Insurance

0.6%

Baloise

Holding

AG

(Registered)

3,506

613,881

Swiss

Life

Holding

AG

(Registered)

2,411

1,549,245

Zurich

Insurance

Group

AG

11,424

5,455,044

7,618,170

Life

Sciences

Tools

&

Services

0.3%

Bachem

Holding

AG

(Registered),

Class

B

474

281,337

Lonza

Group

AG

(Registered)

5,648

3,887,702

4,169,039

Machinery

0.2%

Schindler

Holding

AG

3,079

771,097

Schindler

Holding

AG

(Registered)

1,360

341,200

VAT

Group

AG

Reg.

S(b)

2,065

840,169

1,952,466

Marine

0.1%

Kuehne

+

Nagel

International

AG

(Registered)

4,114

1,165,893

Pharmaceuticals

2.9%

Novartis

AG

(Registered)

165,727

14,408,863

Roche

Holding

AG

55,562

21,543,576

Vifor

Pharma

AG

3,467

613,177

36,565,616

Professional

Services

0.1%

Adecco

Group

AG

(Registered)

12,193

580,464

SGS

SA

(Registered)

443

1,263,308

1,843,772

Real

Estate

Management

&

Development

0.0%

†

Swiss

Prime

Site

AG

(Registered)

6,017

594,549

Software

0.1%

Temenos

AG

(Registered)

5,051

604,443

Technology

Hardware,

Storage

&

Peripherals

0.1%

Logitech

International

SA

(Registered)

13,092

1,100,001

Textiles,

Apparel

&

Luxury

Goods

0.5%

Cie

Financiere

Richemont

SA

(Registered)

39,668

5,752,637

Swatch

Group

AG

(The)

2,249

655,133

Nationwide

International

Index

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

49

Common

Stocks

Shares

Value

($)

SWITZERLAND

Textiles,

Apparel

&

Luxury

Goods

Swatch

Group

AG

(The)

(Registered)

3,860

216,281

6,624,051

125,069,626

TAIWAN

0.1%

Entertainment

0.1%

Sea

Ltd.,

ADR*

10,537

1,583,816

UNITED

KINGDOM

12.6%

Aerospace

&

Defense

0.2%

BAE

Systems

plc

244,068

1,904,326

Rolls-Royce

Holdings

plc*

632,853

987,924

2,892,250

Banks

1.7%

Barclays

plc

1,285,473

3,455,306

HSBC

Holdings

plc

1,549,109

11,103,152

Lloyds

Banking

Group

plc

5,357,177

3,729,751

NatWest

Group

plc

437,782

1,441,803

Standard

Chartered

plc

200,512

1,467,804

21,197,816

Beverages

0.8%

Coca-Cola

Europacific

Partners

plc

15,479

884,625

Diageo

plc

176,112

8,877,260

9,761,885

Capital

Markets

0.5%

3i

Group

plc

73,679

1,372,731

Abrdn

plc

151,838

495,528

Hargreaves

Lansdown

plc

27,965

506,488

London

Stock

Exchange

Group

plc

24,882

2,430,450

Schroders

plc

9,402

431,088

St

James's

Place

plc

40,783

841,104

6,077,389

Chemicals

0.1%

Croda

International

plc

10,559

1,137,636

Johnson

Matthey

plc

14,637

385,908

1,523,544

Commercial

Services

&

Supplies

0.1%

Rentokil

Initial

plc

140,624

983,305

Diversified

Financial

Services

0.0%

†

M&G

plc

201,928

592,349

Diversified

Telecommunication

Services

0.1%

BT

Group

plc

675,192

1,787,773

Electric

Utilities

0.1%

SSE

plc

78,927

1,685,867

Electronic

Equipment,

Instruments

&

Components

0.1%

Halma

plc

28,713

973,228

Equity

Real

Estate

Investment

Trusts

(REITs)

0.2%

British

Land

Co.

plc

(The)

69,735

520,139

Land

Securities

Group

plc

50,512

540,077

Segro

plc

90,770

1,592,610

2,652,826

Food

&

Staples

Retailing

0.3%

J

Sainsbury

plc

128,300

503,675

Ocado

Group

plc*

36,853

750,439

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Food

&

Staples

Retailing

Tesco

plc

585,314

2,343,094

3,597,208

Food

Products

0.1%

Associated

British

Foods

plc

26,944

709,040

Health

Care

Equipment

&

Supplies

0.1%

Smith

&

Nephew

plc

66,483

1,129,510

Hotels,

Restaurants

&

Leisure

0.4%

Compass

Group

plc

135,194

3,068,783

Entain

plc*

44,275

956,602

InterContinental

Hotels

Group

plc*

13,857

915,141

Whitbread

plc*

15,360

631,409

5,571,935

Household

Durables

0.2%

Barratt

Developments

plc

77,018

638,137

Berkeley

Group

Holdings

plc

8,754

498,201

Persimmon

plc

24,134

783,762

Taylor

Wimpey

plc

275,755

564,632

2,484,732

Household

Products

0.3%

Reckitt

Benckiser

Group

plc

54,109

4,388,147

Industrial

Conglomerates

0.3%

CK

Hutchison

Holdings

Ltd.

204,386

1,449,156

DCC

plc

7,455

625,767

Melrose

Industries

plc

336,340

684,717

Smiths

Group

plc

27,905

588,152

3,347,792

Insurance

0.6%

Admiral

Group

plc

14,602

620,116

Aviva

plc

297,197

1,752,204

Legal

&

General

Group

plc

451,340

1,760,798

Phoenix

Group

Holdings

plc

49,123

440,287

Prudential

plc

197,437

3,320,648

7,894,053

Interactive

Media

&

Services

0.1%

Auto

Trader

Group

plc

Reg.

S(b)

74,438

672,995

Internet

&

Direct

Marketing

Retail

0.0%

†

Just

Eat

Takeaway.com

NV

Reg.

S*(b)

13,355

660,772

Machinery

0.2%

CNH

Industrial

NV

77,394

1,172,469

Spirax-Sarco

Engineering

plc

5,579

1,000,646

2,173,115

Media

0.2%

Informa

plc*

113,682

861,621

Pearson

plc

57,195

474,861

WPP

plc

91,163

1,423,377

2,759,859

Multiline

Retail

0.1%

Next

plc

10,055

1,023,222

Multi-Utilities

0.3%

National

Grid

plc

274,010

4,003,480

Oil,

Gas

&

Consumable

Fuels

0.6%

BP

plc

1,521,947

7,850,645

50

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

International

Index

Fund

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Personal

Products

0.8%

Unilever

plc

196,066

9,960,445

Pharmaceuticals

1.7%

AstraZeneca

plc

117,176

13,596,858

GlaxoSmithKline

plc

380,601

8,422,720

22,019,578

Professional

Services

0.7%

Experian

plc

69,847

2,917,050

Intertek

Group

plc

12,206

883,383

RELX

plc

146,686

4,505,483

8,305,916

Software

0.1%

AVEVA

Group

plc

9,111

360,616

Sage

Group

plc

(The)

81,262

791,950

1,152,566

Specialty

Retail

0.1%

JD

Sports

Fashion

plc

204,225

522,487

Kingfisher

plc

159,685

717,601

1,240,088

Textiles,

Apparel

&

Luxury

Goods

0.1%

Burberry

Group

plc

30,621

772,898

Tobacco

0.7%

British

American

Tobacco

plc(a)

164,208

6,988,831

Imperial

Brands

plc

71,760

1,696,058

8,684,889

Trading

Companies

&

Distributors

0.3%

Ashtead

Group

plc

33,906

2,422,086

Bunzl

plc

25,490

952,736

3,374,822

Water

Utilities

0.1%

Severn

Trent

plc

18,892

731,498

United

Utilities

Group

plc

52,816

759,792

1,491,290

Wireless

Telecommunication

Services

0.3%

Vodafone

Group

plc

2,072,172

3,645,693

159,042,922

UNITED

STATES

1.5%

Automobiles

0.2%

Stellantis

NV

153,617

2,974,068

Construction

Materials

0.1%

James

Hardie

Industries

plc

CHDI

33,602

1,128,278

Electrical

Equipment

0.6%

Schneider

Electric

SE

41,080

6,983,311

Energy

Equipment

&

Services

0.1%

Tenaris

SA

37,931

460,912

Health

Care

Equipment

&

Supplies

0.0%

†

Inmode

Ltd.*

3,797

183,129

Insurance

0.2%

Swiss

Re

AG

22,816

2,476,097

Internet

&

Direct

Marketing

Retail

0.0%

†

Fiverr

International

Ltd.*

2,236

190,753

Life

Sciences

Tools

&

Services

0.1%

QIAGEN

NV*

17,321

851,281

Common

Stocks

Shares

Value

($)

UNITED

STATES

Software

0.0%

†

CyberArk

Software

Ltd.*

3,120

427,908

Trading

Companies

&

Distributors

0.2%

Ferguson

plc

16,893

2,659,198

18,334,935

Total

Common

Stocks

(cost

$846,601,641)

1,254,009,437

Short-Term

Investment

0.8%

Money

Market

Fund

  0.8%

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,

0.01%

(c)(d)

9,797,114

9,797,114

Total

Short-Term

Investment

(cost

$9,797,114)

9,797,114

Total

Investments

(cost

$856,398,755)

—

100.2%

1,263,806,551

Liabilities

in

excess

of

other

assets

—

(0.2)%

(2,486,803)

NET

ASSETS

—

100.0%

$

1,261,319,748

Nationwide

International

Index

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

51

*

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

as

of

January

31,

2022.

The

total

value

of

securities

on

loan

as

of

January

31,

2022

was

$18,023,927,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

with

a

total

value

of

$9,797,114

and

by

$9,272,737

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

3.38%,

and

maturity

dates

ranging

from

2/10/2022

–

2/15/2051;

a

total

value

of

$19,069,852.

(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

as

of

January

31,

2022

was

$21,474,191

which

represents

1.70%

of

net

assets.

(c)

Represents

7-day

effective

yield

as

of

January

31,

2022.

(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,

2022

was

$9,797,114.

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,

2022:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

EURO

STOXX

50

Index

49

3/2022

EUR

2,280,682

(17,053)

FTSE

100

Index

14

3/2022

GBP

1,392,657

(18,344)

Nikkei

225

Index

12

3/2022

JPY

1,410,323

46,898

SPI

200

Index

5

3/2022

AUD

607,003

(42,966)

(31,465)

As

of

January

31,

2022,

the

Fund

had

$474,053

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

52

-

Statement

of

Investments

-

January

31,

2022

(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,

2022

(Unaudited)

-

Statement

of

Investments

-

53

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2022.

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

$

–

$

14,227,085

$

–

$

14,227,085

Air

Freight

&

Logistics

–

8,786,907

–

8,786,907

Airlines

–

1,401,277

–

1,401,277

Auto

Components

–

9,986,523

–

9,986,523

Automobiles

–

42,389,582

–

42,389,582

Banks

–

115,092,129

–

115,092,129

Beverages

884,625

25,154,524

–

26,039,149

Biotechnology

–

9,734,247

–

9,734,247

Building

Products

–

14,802,884

–

14,802,884

Capital

Markets

179,142

35,929,162

–

36,108,304

Chemicals

–

43,759,105

–

43,759,105

Commercial

Services

&

Supplies

–

4,120,735

–

4,120,735

Communications

Equipment

–

5,159,586

–

5,159,586

Construction

&

Engineering

–

9,372,622

–

9,372,622

Construction

Materials

–

7,024,806

–

7,024,806

Containers

&

Packaging

–

981,106

–

981,106

Diversified

Consumer

Services

–

334,813

–

334,813

Diversified

Financial

Services

366,713

10,434,171

–

10,800,884

Diversified

Telecommunication

Services

–

23,115,519

–

23,115,519

Electric

Utilities

–

22,880,854

–

22,880,854

Electrical

Equipment

–

22,332,832

–

22,332,832

Electronic

Equipment,

Instruments

&

Components

–

20,337,343

–

20,337,343

Energy

Equipment

&

Services

–

460,912

–

460,912

Entertainment

1,583,816

8,886,632

–

10,470,448

Equity

Real

Estate

Investment

Trusts

(REITs)

–

16,818,467

–

16,818,467

Food

&

Staples

Retailing

–

18,304,767

–

18,304,767

Food

Products

–

41,305,066

–

41,305,066

Gas

Utilities

–

4,608,410

–

4,608,410

Health

Care

Equipment

&

Supplies

183,129

26,130,047

–

26,313,176

Health

Care

Providers

&

Services

–

4,887,532

–

4,887,532

Health

Care

Technology

–

1,280,156

–

1,280,156

Hotels,

Restaurants

&

Leisure

195,033

17,543,648

–

17,738,681

Household

Durables

–

18,026,056

–

18,026,056

Household

Products

–

8,831,761

–

8,831,761

Independent

Power

and

Renewable

Electricity

Producers

–

1,036,123

–

1,036,123

Industrial

Conglomerates

851,565

18,903,284

–

19,754,849

Insurance

–

64,292,349

–

64,292,349

Interactive

Media

&

Services

–

3,461,177

–

3,461,177

Internet

&

Direct

Marketing

Retail

190,753

9,840,377

–

10,031,130

IT

Services

556,615

18,096,634

–

18,653,249

Leisure

Products

–

2,817,834

–

2,817,834

Life

Sciences

Tools

&

Services

–

6,949,114

–

6,949,114

Machinery

1,468,378

38,677,806

–

40,146,184

Marine

–

4,894,379

–

4,894,379

Media

–

6,261,164

–

6,261,164

Metals

&

Mining

–

40,738,130

–

40,738,130

Multiline

Retail

–

4,942,781

–

4,942,781

Multi-Utilities

–

12,263,999

–

12,263,999

Oil,

Gas

&

Consumable

Fuels

14,933,744

33,710,112

–

48,643,856

Paper

&

Forest

Products

–

4,428,518

–

4,428,518

Personal

Products

–

22,834,003

–

22,834,003

Pharmaceuticals

702,826

104,730,494

–

105,433,320

Professional

Services

–

21,047,179

–

21,047,179

Real

Estate

Management

&

Development

353,379

18,687,981

–

19,041,360

Road

&

Rail

344,147

7,126,120

–

7,470,267

54

-

Statement

of

Investments

-

January

31,

2022

(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,

2022.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

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.

Level

1

Level

2

Level

3

Total

Assets:

Semiconductors

&

Semiconductor

Equipment

$

–

$

39,875,318

$

–

$

39,875,318

Software

1,369,245

17,853,398

–

19,222,643

Specialty

Retail

–

9,003,438

–

9,003,438

Technology

Hardware,

Storage

&

Peripherals

–

5,780,065

–

5,780,065

Textiles,

Apparel

&

Luxury

Goods

–

43,162,914

–

43,162,914

Tobacco

–

11,425,211

–

11,425,211

Trading

Companies

&

Distributors

–

20,734,065

–

20,734,065

Transportation

Infrastructure

–

5,479,964

–

5,479,964

Water

Utilities

–

1,491,290

–

1,491,290

Wireless

Telecommunication

Services

–

14,859,840

–

14,859,840

Total

Common

Stocks

$

24,163,110

$

1,229,846,327

$

–

$

1,254,009,437

Futures

Contracts

46,898

–

–

46,898

Short-Term

Investment

9,797,114

–

–

9,797,114

Total

Assets

$

34,007,122

$

1,229,846,327

$

–

$

1,263,853,449

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(78,363)

$

–

$

–

$

(78,363)

Total

Liabilities

$

(78,363)

$

–

$

–

$

(78,363)

Total

$

33,928,759

$

1,229,846,327

$

–

$

1,263,775,086

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

During

the

period

ended

January

31,

2022,

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,

2022

(Unaudited)

-

Statement

of

Investments

-

55

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,

2022:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2022:

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

46,898

Total

$

46,898

Liabilities:

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

(78,363)

Total

$

(78,363)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

56

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Mid

Cap

Market

Index

Fund

Common

Stocks

99.8%

Shares

Value

($)

Aerospace

&

Defense

1.0%

Axon

Enterprise,

Inc.*

22,347

3,127,016

Curtiss-Wright

Corp.

13,344

1,771,950

Hexcel

Corp.*

28,701

1,497,331

Mercury

Systems,

Inc.*

19,509

1,110,452

7,506,749

Air

Freight

&

Logistics

0.3%

GXO

Logistics,

Inc.*

33,547

2,724,352

Airlines

0.2%

JetBlue

Airways

Corp.*

108,741

1,590,881

Auto

Components

1.7%

Adient

plc*

32,301

1,355,673

Dana,

Inc.

49,306

1,067,968

Fox

Factory

Holding

Corp.*

14,372

1,912,482

Gentex

Corp.

81,174

2,548,864

Goodyear

Tire

&

Rubber

Co.

(The)*

95,607

1,981,933

Lear

Corp.

20,285

3,394,086

Visteon

Corp.*

9,488

963,127

13,224,133

Automobiles

0.5%

Harley-Davidson,

Inc.

52,326

1,808,910

Thor

Industries,

Inc.

18,878

1,785,670

3,594,580

Banks

6.7%

Associated

Banc-Corp.

51,604

1,233,336

Bank

of

Hawaii

Corp.

13,924

1,198,439

Bank

OZK

41,424

1,940,714

Cadence

Bank

62,342

1,943,200

Cathay

General

Bancorp

26,576

1,200,172

Commerce

Bancshares,

Inc.

37,770

2,602,731

Cullen/Frost

Bankers,

Inc.

19,295

2,720,788

East

West

Bancorp,

Inc.

48,286

4,169,013

First

Financial

Bankshares

,

Inc.

43,630

2,050,174

First

Horizon

Corp.

183,971

3,147,744

FNB

Corp.

115,676

1,494,534

Fulton

Financial

Corp.

55,485

995,956

Glacier

Bancorp,

Inc.

36,909

1,916,684

Hancock

Whitney

Corp.

29,776

1,569,791

Home

BancShares

,

Inc.

51,290

1,208,392

International

Bancshares

Corp.

18,252

767,132

PacWest

Bancorp

40,123

1,862,911

Pinnacle

Financial

Partners,

Inc.

25,906

2,505,369

Prosperity

Bancshares,

Inc.

31,595

2,314,334

Sterling

Bancorp

66,010

1,735,403

Synovus

Financial

Corp.

49,512

2,463,717

Texas

Capital

Bancshares,

Inc.*

17,120

1,073,424

UMB

Financial

Corp.

14,774

1,454,500

Umpqua

Holdings

Corp.

73,805

1,496,765

United

Bankshares

,

Inc.

46,667

1,648,745

Valley

National

Bancorp

139,384

1,940,225

Webster

Financial

Corp.

30,824

1,751,111

Wintrust

Financial

Corp.

19,397

1,902,264

52,307,568

Common

Stocks

Shares

Value

($)

Beverages

0.2%

Boston

Beer

Co.,

Inc.

(The),

Class

A*

3,240

1,363,489

Biotechnology

1.4%

Arrowhead

Pharmaceuticals,

Inc.*

35,456

1,870,658

Exelixis

,

Inc.*

107,658

1,948,610

Halozyme

Therapeutics,

Inc.*

48,198

1,668,133

Neurocrine

Biosciences,

Inc.*

32,280

2,550,765

United

Therapeutics

Corp.*

15,394

3,107,587

11,145,753

Building

Products

2.5%

Builders

FirstSource

,

Inc.*

65,161

4,430,296

Carlisle

Cos.,

Inc.

17,791

3,975,221

Lennox

International,

Inc.

11,454

3,248,584

Owens

Corning

34,192

3,032,830

Simpson

Manufacturing

Co.,

Inc.

14,760

1,664,781

Trex

Co.,

Inc.*

39,170

3,582,880

19,934,592

Capital

Markets

2.1%

Affiliated

Managers

Group,

Inc.

13,957

2,040,653

Evercore

,

Inc.,

Class

A

13,218

1,649,871

Federated

Hermes,

Inc.,

Class

B

32,927

1,090,213

Interactive

Brokers

Group,

Inc.,

Class

A

29,914

2,039,836

Janus

Henderson

Group

plc

58,490

2,158,281

Jefferies

Financial

Group,

Inc.

67,203

2,462,318

SEI

Investments

Co.

36,019

2,111,073

Stifel

Financial

Corp.

35,631

2,668,762

16,221,007

Chemicals

2.6%

Ashland

Global

Holdings,

Inc.

(a)

19,213

1,845,216

Avient

Corp.

31,282

1,556,905

Cabot

Corp.

19,315

1,062,132

Chemours

Co.

(The)

55,808

1,825,480

Ingevity

Corp.*

13,420

884,512

Minerals

Technologies,

Inc.

11,431

799,827

NewMarket

Corp.

2,359

797,507

Olin

Corp.

49,118

2,488,809

RPM

International,

Inc.

44,137

3,910,980

Scotts

Miracle-

Gro

Co.

(The)

13,954

2,109,845

Sensient

Technologies

Corp.

14,327

1,214,070

Valvoline,

Inc.

61,506

2,026,008

20,521,291

Commercial

Services

&

Supplies

1.5%

Brink's

Co.

(The)

16,864

1,176,770

Clean

Harbors,

Inc.*

17,082

1,580,939

IAA,

Inc.*

46,020

2,113,698

MillerKnoll

,

Inc.

25,790

996,010

MSA

Safety,

Inc.

12,396

1,703,210

Stericycle,

Inc.*

31,250

1,835,625

Tetra

Tech,

Inc.

18,398

2,560,818

11,967,070

Communications

Equipment

1.0%

Calix,

Inc.*

18,798

945,163

Nationwide

Mid

Cap

Market

Index

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

57

Common

Stocks

Shares

Value

($)

Communications

Equipment

Ciena

Corp.*

52,675

3,492,879

Lumentum

Holdings,

Inc.*

24,601

2,496,510

ViaSat

,

Inc.*

25,200

1,109,304

8,043,856

Construction

&

Engineering

1.4%

AECOM

49,019

3,388,684

Dycom

Industries,

Inc.*

10,170

857,229

EMCOR

Group,

Inc.

18,282

2,179,397

Fluor

Corp.*

48,195

1,014,023

MasTec

,

Inc.*

19,588

1,687,114

Valmont

Industries,

Inc.

7,264

1,577,959

10,704,406

Construction

Materials

0.3%

Eagle

Materials,

Inc.

13,840

2,018,564

Consumer

Finance

0.6%

FirstCash

Holdings,

Inc.

13,835

964,300

Navient

Corp.

55,508

967,504

PROG

Holdings,

Inc.*

19,483

775,618

SLM

Corp.

99,641

1,827,416

4,534,838

Containers

&

Packaging

0.8%

AptarGroup,

Inc.

22,555

2,645,701

Greif,

Inc.,

Class

A

9,130

540,131

Silgan

Holdings,

Inc.

28,817

1,290,425

Sonoco

Products

Co.

33,679

1,907,579

6,383,836

Diversified

Consumer

Services

0.9%

Graham

Holdings

Co.,

Class

B

1,335

794,485

Grand

Canyon

Education,

Inc.*

13,802

1,154,952

H&R

Block,

Inc.

60,391

1,380,538

Service

Corp.

International

56,113

3,463,294

6,793,269

Diversified

Financial

Services

0.2%

Voya

Financial,

Inc.

23,767

1,615,205

Diversified

Telecommunication

Services

0.2%

Iridium

Communications,

Inc.*

44,861

1,609,613

Electric

Utilities

1.1%

ALLETE,

Inc.

18,106

1,155,706

Hawaiian

Electric

Industries,

Inc.

37,194

1,580,745

IDACORP,

Inc.

17,185

1,894,131

OGE

Energy

Corp.

68,112

2,582,807

PNM

Resources,

Inc.

29,462

1,320,192

8,533,581

Electrical

Equipment

1.9%

Acuity

Brands,

Inc.

11,884

2,276,142

EnerSys

14,437

1,081,764

Hubbell,

Inc.

18,616

3,486,591

nVent

Electric

plc

57,245

1,980,105

Regal

Rexnord

Corp.

23,038

3,651,062

Sunrun

,

Inc.*

70,376

1,824,850

Vicor

Corp.*

7,386

696,721

14,997,235

Electronic

Equipment,

Instruments

&

Components

3.2%

Arrow

Electronics,

Inc.*

23,692

2,937,808

Common

Stocks

Shares

Value

($)

Electronic

Equipment,

Instruments

&

Components

Avnet,

Inc.

34,216

1,380,958

Belden,

Inc.

15,307

856,427

Cognex

Corp.

60,158

3,998,101

Coherent,

Inc.*

8,378

2,165,545

II-VI,

Inc.*

36,115

2,289,691

Jabil,

Inc.

48,726

2,996,162

Littelfuse

,

Inc.

8,381

2,262,618

National

Instruments

Corp.

45,010

1,855,312

TD

SYNNEX

Corp.

14,117

1,476,215

Vishay

Intertechnology

,

Inc.

44,981

931,556

Vontier

Corp.

57,416

1,613,964

24,764,357

Energy

Equipment

&

Services

0.5%

ChampionX

Corp.*

68,757

1,540,157

NOV,

Inc.

133,886

2,198,408

3,738,565

Entertainment

0.1%

World

Wrestling

Entertainment,

Inc.,

Class

A

15,446

771,373

Equity

Real

Estate

Investment

Trusts

(REITs)

9.9%

American

Campus

Communities,

Inc.

47,350

2,474,511

Apartment

Income

REIT

Corp.

53,669

2,834,797

Brixmor

Property

Group,

Inc.

101,054

2,562,729

Camden

Property

Trust

34,774

5,566,970

Corporate

Office

Properties

Trust

38,071

961,673

Cousins

Properties,

Inc.

50,767

1,957,575

CyrusOne

,

Inc.

43,175

3,879,274

Douglas

Emmett,

Inc.

59,704

1,863,959

EastGroup

Properties,

Inc.

13,843

2,767,354

EPR

Properties

25,694

1,129,765

First

Industrial

Realty

Trust,

Inc.

44,333

2,694,560

Healthcare

Realty

Trust,

Inc.

50,069

1,553,140

Highwoods

Properties,

Inc.

35,626

1,536,193

Hudson

Pacific

Properties,

Inc.

51,991

1,228,547

JBG

SMITH

Properties

38,689

1,060,079

Kilroy

Realty

Corp.

35,665

2,282,560

Kite

Realty

Group

Trust

74,628

1,558,233

Lamar

Advertising

Co.,

Class

A

29,690

3,288,464

Life

Storage,

Inc.

27,905

3,765,780

Macerich

Co.

(The)

73,177

1,210,348

Medical

Properties

Trust,

Inc.

202,898

4,617,958

National

Retail

Properties,

Inc.

59,756

2,651,971

National

Storage

Affiliates

Trust

27,840

1,713,830

Omega

Healthcare

Investors,

Inc.

81,314

2,559,765

Park

Hotels

&

Resorts,

Inc.*

80,465

1,464,463

Pebblebrook

Hotel

Trust

44,504

963,512

Physicians

Realty

Trust

75,868

1,385,350

PotlatchDeltic

Corp.

23,061

1,240,451

PS

Business

Parks,

Inc.

6,900

1,152,024

Rayonier,

Inc.

48,661

1,778,073

Rexford

Industrial

Realty,

Inc.

51,526

3,770,157

Sabra

Health

Care

REIT,

Inc.

78,757

1,071,883

SL

Green

Realty

Corp.

22,953

1,664,526

58

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Mid

Cap

Market

Index

Fund

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Spirit

Realty

Capital,

Inc.

41,960

1,991,422

STORE

Capital

Corp.

83,503

2,647,880

Urban

Edge

Properties

37,069

676,139

77,525,915

Food

&

Staples

Retailing

1.2%

BJ's

Wholesale

Club

Holdings,

Inc.*

46,461

2,855,958

Casey's

General

Stores,

Inc.

12,624

2,370,913

Grocery

Outlet

Holding

Corp.*

29,508

748,913

Performance

Food

Group

Co.*

52,508

2,215,312

Sprouts

Farmers

Market,

Inc.*

38,513

1,045,243

9,236,339

Food

Products

1.7%

Darling

Ingredients,

Inc.*

55,057

3,510,985

Flowers

Foods,

Inc.

67,614

1,901,982

Hain

Celestial

Group,

Inc.

(The)*

31,362

1,145,654

Ingredion,

Inc.

22,709

2,150,542

Lancaster

Colony

Corp.

6,759

1,073,126

Pilgrim's

Pride

Corp.*

16,356

457,477

Post

Holdings,

Inc.*

20,086

2,125,501

Sanderson

Farms,

Inc.

7,218

1,328,112

13,693,379

Gas

Utilities

1.3%

National

Fuel

Gas

Co.

31,225

1,896,294

New

Jersey

Resources

Corp.

32,813

1,319,411

ONE

Gas,

Inc.

18,285

1,424,219

Southwest

Gas

Holdings,

Inc.

20,797

1,417,939

Spire,

Inc.

17,564

1,157,819

UGI

Corp.

71,464

3,240,892

10,456,574

Health

Care

Equipment

&

Supplies

3.0%

Envista

Holdings

Corp.*

54,907

2,374,179

Globus

Medical,

Inc.,

Class

A*

26,873

1,793,235

Haemonetics

Corp.*

17,192

831,233

ICU

Medical,

Inc.*

6,818

1,454,688

Integra

LifeSciences

Holdings

Corp.*

24,734

1,601,279

LivaNova

plc*

18,367

1,379,545

Masimo

Corp.*

17,287

3,800,893

Neogen

Corp.*

36,982

1,348,734

NuVasive

,

Inc.*

17,836

927,650

Penumbra,

Inc.*

11,949

2,700,594

Quidel

Corp.*

13,061

1,349,985

STAAR

Surgical

Co.*

16,094

1,170,356

Tandem

Diabetes

Care,

Inc.*

21,716

2,564,877

23,297,248

Health

Care

Providers

&

Services

2.9%

Acadia

Healthcare

Co.,

Inc.*(a)

30,542

1,608,036

Amedisys

,

Inc.*

11,146

1,505,825

Chemed

Corp.

5,238

2,456,151

Encompass

Health

Corp.

33,853

2,100,240

HealthEquity

,

Inc.*

28,536

1,524,964

LHC

Group,

Inc.*

10,768

1,336,309

Molina

Healthcare,

Inc.*

19,872

5,772,418

Option

Care

Health,

Inc.*

47,433

1,108,509

Patterson

Cos.,

Inc.

29,967

859,753

Progyny

,

Inc.*

23,981

971,230

Common

Stocks

Shares

Value

($)

Health

Care

Providers

&

Services

R1

RCM,

Inc.*

45,579

1,083,869

Tenet

Healthcare

Corp.*

36,451

2,701,748

23,029,052

Hotels,

Restaurants

&

Leisure

3.0%

Boyd

Gaming

Corp.*

27,887

1,658,161

Choice

Hotels

International,

Inc.

11,201

1,606,223

Churchill

Downs,

Inc.

11,798

2,481,119

Cracker

Barrel

Old

Country

Store,

Inc.

8,044

958,362

Jack

in

the

Box,

Inc.

7,313

665,849

Marriott

Vacations

Worldwide

Corp.

14,493

2,353,373

Papa

John's

International,

Inc.

11,157

1,377,332

Scientific

Games

Corp.*

32,838

1,894,753

Six

Flags

Entertainment

Corp.*

26,245

1,036,415

Texas

Roadhouse,

Inc.

23,911

2,041,760

Travel

+

Leisure

Co.

29,499

1,675,543

Wendy's

Co.

(The)

60,721

1,398,405

Wingstop

,

Inc.

10,114

1,549,971

Wyndham

Hotels

&

Resorts,

Inc.

31,705

2,661,635

23,358,901

Household

Durables

1.9%

Helen

of

Troy

Ltd.*

8,210

1,718,599

KB

Home

29,517

1,247,093

Leggett

&

Platt,

Inc.

45,343

1,806,918

Taylor

Morrison

Home

Corp.*

42,324

1,298,924

Tempur

Sealy

International,

Inc.

65,504

2,607,714

Toll

Brothers,

Inc.

38,931

2,295,761

TopBuild

Corp.*

11,203

2,606,378

TRI

Pointe

Group,

Inc.*

38,276

911,352

14,492,739

Household

Products

0.1%

Energizer

Holdings,

Inc.

21,307

801,356

Insurance

3.9%

Alleghany

Corp.*

4,661

3,094,904

American

Financial

Group,

Inc.

22,508

2,932,342

Brighthouse

Financial,

Inc.*

27,490

1,496,831

CNO

Financial

Group,

Inc.

42,295

1,054,838

First

American

Financial

Corp.

37,477

2,792,411

Hanover

Insurance

Group,

Inc.

(The)

12,201

1,683,250

Kemper

Corp.

20,359

1,221,133

Kinsale

Capital

Group,

Inc.

7,360

1,474,355

Mercury

General

Corp.

8,950

489,207

Old

Republic

International

Corp.

97,151

2,489,980

Primerica,

Inc.

13,437

2,073,867

Reinsurance

Group

of

America,

Inc.

23,134

2,656,477

RenaissanceRe

Holdings

Ltd.

15,659

2,461,125

RLI

Corp.

13,713

1,436,848

Selective

Insurance

Group,

Inc.

20,440

1,612,716

Nationwide

Mid

Cap

Market

Index

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

59

Common

Stocks

Shares

Value

($)

Insurance

Unum

Group

69,906

1,774,214

30,744,498

Interactive

Media

&

Services

0.4%

TripAdvisor,

Inc.*

33,484

909,091

Yelp,

Inc.*

23,032

795,525

Ziff

Davis,

Inc.*

16,402

1,723,194

3,427,810

IT

Services

2.4%

Alliance

Data

Systems

Corp.

16,921

1,168,226

Concentrix

Corp.

14,636

2,941,690

Euronet

Worldwide,

Inc.*

17,894

2,395,828

Genpact

Ltd.

58,870

2,928,782

Kyndryl

Holdings,

Inc.*(a)

60,748

1,025,426

LiveRamp

Holdings,

Inc.*

23,460

1,047,489

MAXIMUS,

Inc.

20,915

1,617,148

Sabre

Corp.*

109,652

1,003,316

Western

Union

Co.

(The)

136,788

2,586,661

WEX,

Inc.*

15,251

2,455,106

19,169,672

Leisure

Products

1.3%

Brunswick

Corp.

26,350

2,392,317

Callaway

Golf

Co.*

39,533

943,258

Mattel,

Inc.*

119,208

2,493,831

Polaris,

Inc.

19,409

2,185,259

YETI

Holdings,

Inc.*

29,890

1,960,186

9,974,851

Life

Sciences

Tools

&

Services

1.4%

Bruker

Corp.

34,574

2,302,628

Medpace

Holdings,

Inc.*

9,765

1,732,897

Repligen

Corp.*

17,488

3,468,570

Syneos

Health,

Inc.*

35,282

3,195,138

10,699,233

Machinery

5.3%

AGCO

Corp.

20,985

2,459,442

Colfax

Corp.*

45,820

1,884,118

Crane

Co.

17,054

1,765,260

Donaldson

Co.,

Inc.

42,286

2,353,639

Flowserve

Corp.

44,446

1,449,829

Graco

,

Inc.

57,833

4,196,362

ITT,

Inc.

29,275

2,690,958

Kennametal,

Inc.

28,811

995,996

Lincoln

Electric

Holdings,

Inc.

20,092

2,568,561

Middleby

Corp.

(The)*

18,927

3,505,280

Nordson

Corp.

18,390

4,276,411

Oshkosh

Corp.

23,354

2,657,919

Terex

Corp.

23,830

994,188

Timken

Co.

(The)

23,414

1,564,055

Toro

Co.

(The)

36,219

3,498,031

Trinity

Industries,

Inc.(a)

28,062

806,221

Watts

Water

Technologies,

Inc.,

Class

A

9,360

1,434,046

Woodward,

Inc.

21,574

2,378,965

41,479,281

Marine

0.2%

Kirby

Corp.*

20,526

1,337,885

Media

0.9%

Cable

One,

Inc.

1,687

2,605,959

Common

Stocks

Shares

Value

($)

Media

John

Wiley

&

Sons,

Inc.,

Class

A

14,911

756,733

New

York

Times

Co.

(The),

Class

A

57,128

2,286,834

TEGNA,

Inc.

75,171

1,455,311

7,104,837

Metals

&

Mining

2.5%

Alcoa

Corp.

63,642

3,609,138

Cleveland-Cliffs,

Inc.*

154,847

2,654,078

Commercial

Metals

Co.

41,168

1,376,658

Reliance

Steel

&

Aluminum

Co.

21,430

3,276,218

Royal

Gold,

Inc.

22,334

2,268,018

Steel

Dynamics,

Inc.

64,095

3,558,554

United

States

Steel

Corp.

91,950

1,905,204

Worthington

Industries,

Inc.

11,068

599,664

19,247,532

Multiline

Retail

1.0%

Kohl's

Corp.

51,221

3,058,406

Macy's,

Inc.

104,406

2,672,794

Nordstrom,

Inc.*

37,799

850,477

Ollie's

Bargain

Outlet

Holdings,

Inc.*

20,850

999,549

7,581,226

Multi-Utilities

0.6%

Black

Hills

Corp.

21,673

1,468,129

MDU

Resources

Group,

Inc.

69,193

2,032,198

NorthWestern

Corp.

18,134

1,053,948

4,554,275

Oil,

Gas

&

Consumable

Fuels

1.9%

Antero

Midstream

Corp.

111,371

1,108,141

CNX

Resources

Corp.*

71,935

1,066,796

DT

Midstream,

Inc.

32,886

1,700,206

EQT

Corp.*

102,881

2,186,221

Equitrans

Midstream

Corp.

140,152

1,136,633

HollyFrontier

Corp.

51,156

1,798,645

Murphy

Oil

Corp.

49,765

1,572,574

Targa

Resources

Corp.

77,911

4,602,982

15,172,198

Paper

&

Forest

Products

0.3%

Louisiana-Pacific

Corp.

29,939

1,989,147

Personal

Products

0.2%

Coty,

Inc.,

Class

A*

114,946

974,742

Nu

Skin

Enterprises,

Inc.,

Class

A

17,003

819,375

1,794,117

Pharmaceuticals

0.6%

Jazz

Pharmaceuticals

plc*

20,916

2,905,442

Perrigo

Co.

plc

45,473

1,731,157

4,636,599

Professional

Services

1.6%

ASGN,

Inc.*

17,728

2,036,415

CACI

International,

Inc.,

Class

A*

7,995

1,978,443

FTI

Consulting,

Inc.*

11,719

1,708,747

Insperity

,

Inc.

12,262

1,318,533

60

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Mid

Cap

Market

Index

Fund

Common

Stocks

Shares

Value

($)

Professional

Services

KBR,

Inc.

47,734

2,071,656

ManpowerGroup

,

Inc.

18,456

1,935,481

Science

Applications

International

Corp.

19,511

1,600,487

12,649,762

Real

Estate

Management

&

Development

0.5%

Jones

Lang

LaSalle,

Inc.*

17,172

4,306,566

Road

&

Rail

1.9%

Avis

Budget

Group,

Inc.*

13,637

2,402,567

Knight-Swift

Transportation

Holdings,

Inc.

56,732

3,209,897

Landstar

System,

Inc.

12,967

2,074,720

Ryder

System,

Inc.

18,323

1,341,060

Saia,

Inc.*

8,961

2,547,433

Werner

Enterprises,

Inc.

20,520

914,987

XPO

Logistics,

Inc.*

33,567

2,221,128

14,711,792

Semiconductors

&

Semiconductor

Equipment

3.9%

Amkor

Technology,

Inc.

33,955

747,689

Azenta

,

Inc.

25,297

2,133,549

Cirrus

Logic,

Inc.*

19,554

1,748,910

CMC

Materials,

Inc.

9,661

1,747,482

First

Solar,

Inc.*

33,647

2,637,252

Lattice

Semiconductor

Corp.*

46,596

2,573,031

MKS

Instruments,

Inc.

18,871

2,931,232

Power

Integrations,

Inc.

20,490

1,653,748

Semtech

Corp.*

22,009

1,564,840

Silicon

Laboratories,

Inc.*

13,763

2,273,510

SiTime

Corp.*

5,162

1,203,210

SunPower

Corp.*(a)

27,978

469,471

Synaptics

,

Inc.*

13,362

2,810,697

Universal

Display

Corp.

14,838

2,277,781

Wolfspeed

,

Inc.*

39,433

3,716,166

30,488,568

Software

3.8%

ACI

Worldwide,

Inc.*

39,987

1,374,353

Aspen

Technology,

Inc.*

22,909

3,440,015

Blackbaud

,

Inc.*

14,283

973,244

CDK

Global,

Inc.

40,211

1,727,867

Cerence

,

Inc.*

13,002

825,497

CommVault

Systems,

Inc.*

15,555

1,049,340

Digital

Turbine,

Inc.*

30,283

1,336,994

Envestnet

,

Inc.*

12,419

918,261

Fair

Isaac

Corp.*

9,309

4,607,862

Manhattan

Associates,

Inc.*

21,532

2,882,489

Mimecast

Ltd.*

21,266

1,695,113

NCR

Corp.*

45,461

1,730,246

Paylocity

Holding

Corp.*

13,481

2,749,854

Qualys

,

Inc.*

11,483

1,471,431

SailPoint

Technologies

Holdings,

Inc.*

31,678

1,225,622

Teradata

Corp.*

37,352

1,506,780

29,514,968

Specialty

Retail

3.2%

American

Eagle

Outfitters,

Inc.

(a)

52,330

1,194,694

AutoNation,

Inc.*

13,557

1,477,713

Dick's

Sporting

Goods,

Inc.(a)

22,239

2,566,381

Common

Stocks

Shares

Value

($)

Specialty

Retail

Five

Below,

Inc.*

19,062

3,126,168

Foot

Locker,

Inc.

31,110

1,389,995

GameStop

Corp.,

Class

A*(a)

21,082

2,296,462

Lithia

Motors,

Inc.,

Class

A

10,303

3,009,815

Murphy

USA,

Inc.

8,108

1,594,519

Restoration

Hardware

Holdings,

Inc.*

5,902

2,377,444

Urban

Outfitters,

Inc.*

22,043

633,075

Victoria's

Secret

&

Co.*

24,913

1,390,893

Williams-Sonoma,

Inc.

25,304

4,062,304

25,119,463

Technology

Hardware,

Storage

&

Peripherals

0.1%

Xerox

Holdings

Corp.

46,617

984,085

Textiles,

Apparel

&

Luxury

Goods

1.8%

Capri

Holdings

Ltd.*

51,176

3,074,142

Carter's,

Inc.

14,556

1,355,455

Columbia

Sportswear

Co.

11,740

1,090,294

Crocs,

Inc.*

20,023

2,054,760

Deckers

Outdoor

Corp.*

9,402

3,010,802

Hanesbrands,

Inc.

118,806

1,912,777

Skechers

USA,

Inc.,

Class

A*

45,902

1,927,884

14,426,114

Thrifts

&

Mortgage

Finance

0.8%

Essent

Group

Ltd.

37,537

1,713,189

MGIC

Investment

Corp.

110,639

1,679,500

New

York

Community

Bancorp,

Inc.

158,229

1,844,950

Washington

Federal,

Inc.

22,086

773,452

6,011,091

Trading

Companies

&

Distributors

0.9%

GATX

Corp.

12,114

1,265,308

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

16,008

1,306,893

Univar

Solutions,

Inc.*

58,044

1,538,166

Watsco

,

Inc.

11,238

3,175,409

7,285,776

Water

Utilities

0.5%

Essential

Utilities,

Inc.

78,259

3,814,344

Total

Common

Stocks

(cost

$527,066,550)

780,727,356

Short-Term

Investment

0.8%

Money

Market

Fund

0.8%

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,

0.01%(b)(c)

6,295,106

6,295,106

Total

Short-Term

Investment

(cost

$6,295,106)

6,295,106

Total

Investments

(cost

$533,361,656)

—

100.6%

787,022,462

Liabilities

in

excess

of

other

assets

—

(0.6)%

(4,855,975)

NET

ASSETS

—

100.0%

$

782,166,487

Nationwide

Mid

Cap

Market

Index

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

61

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2022.

The

total

value

of

securities

on

loan

as

of

January

31,

2022

was

$6,501,995,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

with

a

value

of

$6,295,106.

(b)

Represents

7-day

effective

yield

as

of

January

31,

2022.

(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,

2022

was

$6,295,106.

REIT

Real

Estate

Investment

Trust

Futures

contracts

outstanding

as

of

January

31,

2022:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

S&P

Midcap

400

E-Mini

Index

10

3/2022

USD

2,629,700

99,323

99,323

As

of

January

31,

2022,

the

Fund

had

$277,800

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

62

-

Statement

of

Investments

-

January

31,

2022

(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,

2022

(Unaudited)

-

Statement

of

Investments

-

63

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2022.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

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,

2022:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2022:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

780,727,356

$

–

$

–

$

780,727,356

Futures

Contracts

99,323

–

–

99,323

Short-Term

Investment

6,295,106

–

–

6,295,106

Total

$

787,121,785

$

–

$

–

$

787,121,785

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

99,323

Total

$

99,323

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

64

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

S&P

500

Index

Fund

He

Common

Stocks

99.3%

Shares

Value

($)

Aerospace

&

Defense

1.4%

Boeing

Co.

(The)*

18,517

3,707,844

General

Dynamics

Corp.

7,696

1,632,322

Howmet

Aerospace,

Inc.

14,040

436,503

Huntington

Ingalls

Industries,

Inc.

1,361

254,779

L3Harris

Technologies,

Inc.

6,762

1,415,219

Lockheed

Martin

Corp.

8,267

3,216,938

Northrop

Grumman

Corp.

4,994

1,847,281

Raytheon

Technologies

Corp.

50,740

4,576,241

Textron,

Inc.

7,506

510,858

TransDigm

Group,

Inc.*

1,762

1,085,727

18,683,712

Air

Freight

&

Logistics

0.6%

CH

Robinson

Worldwide,

Inc.

4,434

464,018

Expeditors

International

of

Washington,

Inc.

5,524

632,388

FedEx

Corp.

8,200

2,016,052

United

Parcel

Service,

Inc.,

Class

B

24,568

4,967,895

8,080,353

Airlines

0.2%

Alaska

Air

Group,

Inc.*

4,421

242,006

American

Airlines

Group,

Inc.*(a)

23,177

381,725

Delta

Air

Lines,

Inc.*

21,789

864,805

Southwest

Airlines

Co.*

19,773

885,040

United

Airlines

Holdings,

Inc.*

10,890

466,963

2,840,539

Auto

Components

0.1%

Aptiv

plc*

9,150

1,249,707

BorgWarner,

Inc.

7,692

337,294

1,587,001

Automobiles

2.4%

Ford

Motor

Co.

130,380

2,646,714

General

Motors

Co.*

48,850

2,575,861

Tesla,

Inc.*

27,439

25,702,660

30,925,235

Banks

4.2%

Bank

of

America

Corp.

242,936

11,209,067

Citigroup,

Inc.

66,933

4,358,677

Citizens

Financial

Group,

Inc.

13,890

714,918

Comerica,

Inc.

4,188

388,563

Fifth

Third

Bancorp

23,503

1,048,939

First

Republic

Bank

5,828

1,011,682

Huntington

Bancshares,

Inc.

48,648

732,639

JPMorgan

Chase

&

Co.

99,687

14,813,488

KeyCorp

32,076

803,825

M&T

Bank

Corp.

4,164

705,298

People's

United

Financial,

Inc.

14,533

281,649

PNC

Financial

Services

Group,

Inc.

(The)

14,301

2,945,863

Regions

Financial

Corp.

33,788

775,097

Signature

Bank

2,045

622,968

SVB

Financial

Group*

1,974

1,152,619

Truist

Financial

Corp.

44,938

2,823,005

US

Bancorp

45,400

2,641,826

Wells

Fargo

&

Co.

134,497

7,235,939

Common

Stocks

Shares

Value

($)

Banks

Zions

Bancorp

NA

5,427

368,059

54,634,121

Beverages

1.5%

Brown-Forman

Corp.,

Class

B

6,145

414,357

Coca-Cola

Co.

(The)

130,678

7,972,665

Constellation

Brands,

Inc.,

Class

A

5,662

1,346,140

Molson

Coors

Beverage

Co.,

Class

B

6,950

331,237

Monster

Beverage

Corp.*

12,636

1,095,794

PepsiCo,

Inc.

46,619

8,089,329

19,249,522

Biotechnology

1.8%

AbbVie,

Inc.

59,592

8,157,549

Amgen,

Inc.

19,088

4,335,648

Biogen,

Inc.*

4,982

1,125,932

Gilead

Sciences,

Inc.

42,077

2,889,848

Incyte

Corp.*

6,374

473,779

Moderna,

Inc.*

11,817

2,000,973

Regeneron

Pharmaceuticals,

Inc.*

3,537

2,152,583

Vertex

Pharmaceuticals,

Inc.*

8,655

2,103,598

23,239,910

Building

Products

0.5%

A

O

Smith

Corp.

4,600

351,532

Allegion

plc

2,995

367,576

Carrier

Global

Corp.

29,198

1,392,161

Fortune

Brands

Home

&

Security,

Inc.

4,669

439,680

Johnson

Controls

International

plc

24,258

1,762,829

Masco

Corp.

8,173

517,596

Trane

Technologies

plc

7,896

1,366,797

6,198,171

Capital

Markets

3.0%

Ameriprise

Financial,

Inc.

3,779

1,149,987

Bank

of

New

York

Mellon

Corp.

(The)

26,511

1,571,042

BlackRock,

Inc.

4,787

3,939,414

Cboe

Global

Markets,

Inc.

3,823

453,140

Charles

Schwab

Corp.

(The)

50,394

4,419,554

CME

Group,

Inc.

12,077

2,771,672

FactSet

Research

Systems,

Inc.

1,270

535,800

Franklin

Resources,

Inc.

10,128

323,792

Goldman

Sachs

Group,

Inc.

(The)

11,347

4,024,554

Intercontinental

Exchange,

Inc.

19,153

2,425,919

Invesco

Ltd.

11,488

260,318

MarketAxess

Holdings,

Inc.

1,354

466,426

Moody's

Corp.

5,400

1,852,200

Morgan

Stanley

48,423

4,965,294

MSCI,

Inc.

2,747

1,472,722

Nasdaq,

Inc.

3,963

710,209

Northern

Trust

Corp.

6,919

807,032

Raymond

James

Financial,

Inc.

6,516

689,849

S&P

Global,

Inc.

8,171

3,392,763

Nationwide

S&P

500

Index

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

65

Common

Stocks

Shares

Value

($)

Capital

Markets

State

Street

Corp.

12,333

1,165,468

T.

Rowe

Price

Group,

Inc.

7,562

1,167,800

38,564,955

Chemicals

1.7%

Air

Products

&

Chemicals,

Inc.

7,440

2,098,973

Albemarle

Corp.

3,987

880,090

Celanese

Corp.

3,601

560,712

CF

Industries

Holdings,

Inc.

7,429

511,635

Corteva,

Inc.

24,208

1,163,921

Dow,

Inc.

25,375

1,515,649

DuPont

de

Nemours,

Inc.

17,601

1,348,236

Eastman

Chemical

Co.

4,591

546,007

Ecolab,

Inc.

8,426

1,596,306

FMC

Corp.

4,401

485,738

International

Flavors

&

Fragrances,

Inc.

8,416

1,110,239

Linde

plc

17,360

5,532,285

LyondellBasell

Industries

NV,

Class

A

8,863

857,318

Mosaic

Co.

(The)

10,947

437,333

PPG

Industries,

Inc.

8,044

1,256,473

Sherwin-Williams

Co.

(The)

8,151

2,335,343

22,236,258

Commercial

Services

&

Supplies

0.4%

Cintas

Corp.

2,945

1,153,056

Copart,

Inc.*

7,112

919,226

Republic

Services,

Inc.

7,161

914,173

Rollins,

Inc.

7,593

234,244

Waste

Management,

Inc.

13,134

1,975,879

5,196,578

Communications

Equipment

0.8%

Arista

Networks,

Inc.*

7,508

933,319

Cisco

Systems,

Inc.

141,397

7,871,571

F5,

Inc.*

2,045

424,583

Juniper

Networks,

Inc.

10,084

351,125

Motorola

Solutions,

Inc.

5,720

1,326,697

10,907,295

Construction

&

Engineering

0.0%

†

Quanta

Services,

Inc.

4,773

490,283

Construction

Materials

0.1%

Martin

Marietta

Materials,

Inc.

2,060

801,587

Vulcan

Materials

Co.

4,390

835,461

1,637,048

Consumer

Finance

0.6%

American

Express

Co.

21,163

3,805,531

Capital

One

Financial

Corp.

14,357

2,106,603

Discover

Financial

Services

10,026

1,160,509

Synchrony

Financial

19,170

816,450

7,889,093

Containers

&

Packaging

0.3%

Amcor

plc

51,643

620,232

Avery

Dennison

Corp.

2,842

583,804

Ball

Corp.

11,292

1,096,453

International

Paper

Co.

12,770

616,153

Packaging

Corp.

of

America

3,058

460,627

Sealed

Air

Corp.

4,612

313,247

Common

Stocks

Shares

Value

($)

Containers

&

Packaging

Westrock

Co.

9,133

421,579

4,112,095

Distributors

0.1%

Genuine

Parts

Co.

4,639

618,054

LKQ

Corp.

9,147

502,079

Pool

Corp.

1,364

649,605

1,769,738

Diversified

Financial

Services

1.5%

Berkshire

Hathaway,

Inc.,

Class

B*

61,776

19,337,124

Diversified

Telecommunication

Services

1.1%

AT&T,

Inc.

240,260

6,126,630

Lumen

Technologies,

Inc.(a)

32,033

395,928

Verizon

Communications,

Inc.

139,598

7,430,801

13,953,359

Electric

Utilities

1.6%

Alliant

Energy

Corp.

8,371

501,088

American

Electric

Power

Co.,

Inc.

16,858

1,523,963

Duke

Energy

Corp.

25,888

2,719,793

Edison

International

12,839

806,161

Entergy

Corp.

6,889

769,983

Evergy,

Inc.

8,199

532,607

Eversource

Energy

11,481

1,027,435

Exelon

Corp.

32,438

1,879,782

FirstEnergy

Corp.

17,897

750,958

NextEra

Energy,

Inc.

65,847

5,143,968

NRG

Energy,

Inc.(a)

8,520

340,204

Pinnacle

West

Capital

Corp.

3,789

263,752

PPL

Corp.

25,608

760,045

Southern

Co.

(The)

35,732

2,483,017

Xcel

Energy,

Inc.

18,095

1,260,498

20,763,254

Electrical

Equipment

0.5%

AMETEK,

Inc.

7,851

1,073,781

Eaton

Corp.

plc

13,413

2,125,022

Emerson

Electric

Co.

20,299

1,866,493

Generac

Holdings,

Inc.*

2,081

587,633

Rockwell

Automation,

Inc.

3,919

1,133,453

6,786,382

Electronic

Equipment,

Instruments

&

Components

0.7%

Amphenol

Corp.,

Class

A

20,129

1,602,067

CDW

Corp.

4,513

853,183

Corning,

Inc.

25,807

1,084,926

IPG

Photonics

Corp.*

1,225

189,226

Keysight

Technologies,

Inc.*

6,199

1,046,515

TE

Connectivity

Ltd.

11,095

1,586,696

Teledyne

Technologies,

Inc.*

1,577

664,595

Trimble,

Inc.*

8,621

622,091

Zebra

Technologies

Corp.,

Class

A*

1,767

899,615

8,548,914

Energy

Equipment

&

Services

0.3%

Baker

Hughes

Co.(a)

27,878

764,972

Halliburton

Co.

29,063

893,397

66

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

S&P

500

Index

Fund

Common

Stocks

Shares

Value

($)

Energy

Equipment

&

Services

Schlumberger

NV

47,267

1,846,722

3,505,091

Entertainment

1.5%

Activision

Blizzard,

Inc.

26,384

2,084,600

Electronic

Arts,

Inc.

9,484

1,258,148

Live

Nation

Entertainment,

Inc.*

4,369

478,449

Netflix,

Inc.*

14,903

6,365,667

Take-Two

Interactive

Software,

Inc.*

3,767

615,302

Walt

Disney

Co.

(The)*

61,291

8,762,774

19,564,940

Equity

Real

Estate

Investment

Trusts

(REITs)

2.5%

Alexandria

Real

Estate

Equities,

Inc.

4,693

914,384

American

Tower

Corp.

15,357

3,862,285

AvalonBay

Communities,

Inc.

4,774

1,165,954

Boston

Properties,

Inc.

4,582

513,550

Crown

Castle

International

Corp.

14,662

2,675,961

Digital

Realty

Trust,

Inc.

9,552

1,425,445

Duke

Realty

Corp.

13,382

773,212

Equinix,

Inc.

3,017

2,187,023

Equity

Residential

11,579

1,027,405

Essex

Property

Trust,

Inc.

2,207

733,827

Extra

Space

Storage,

Inc.

4,493

890,468

Federal

Realty

Investment

Trust

2,632

335,554

Healthpeak

Properties,

Inc.

17,549

620,708

Host

Hotels

&

Resorts,

Inc.*

22,752

394,520

Iron

Mountain,

Inc.

9,250

424,760

Kimco

Realty

Corp.

20,546

498,446

Mid-America

Apartment

Communities,

Inc.

3,913

808,739

Prologis,

Inc.

24,818

3,891,959

Public

Storage

5,060

1,814,162

Realty

Income

Corp.

18,536

1,286,584

Regency

Centers

Corp.

4,832

346,696

SBA

Communications

Corp.

3,690

1,200,873

Simon

Property

Group,

Inc.

11,139

1,639,661

UDR,

Inc.

8,983

510,594

Ventas,

Inc.

12,416

658,296

Vornado

Realty

Trust

5,479

224,694

Welltower,

Inc.

14,219

1,231,792

Weyerhaeuser

Co.

24,660

997,004

33,054,556

Food

&

Staples

Retailing

1.4%

Costco

Wholesale

Corp.

14,834

7,493,098

Kroger

Co.

(The)

22,881

997,383

Sysco

Corp.

17,303

1,352,230

Walgreens

Boots

Alliance,

Inc.

24,317

1,210,014

Walmart,

Inc.

48,089

6,723,323

17,776,048

Food

Products

0.9%

Archer-Daniels-Midland

Co.

18,901

1,417,575

Campbell

Soup

Co.

7,028

310,075

Conagra

Brands,

Inc.

17,160

596,482

General

Mills,

Inc.

20,532

1,410,138

Common

Stocks

Shares

Value

($)

Food

Products

Hershey

Co.

(The)

4,987

982,788

Hormel

Foods

Corp.

9,055

429,841

J

M

Smucker

Co.

(The)

3,604

506,650

Kellogg

Co.

8,240

519,120

Kraft

Heinz

Co.

(The)

23,355

836,109

Lamb

Weston

Holdings,

Inc.

4,559

292,733

McCormick

&

Co.,

Inc.

(Non-Voting)

8,248

827,357

Mondelez

International,

Inc.,

Class

A

47,072

3,155,236

Tyson

Foods,

Inc.,

Class

A

10,311

937,167

12,221,271

Gas

Utilities

0.0%

†

Atmos

Energy

Corp.

4,377

469,302

Health

Care

Equipment

&

Supplies

2.8%

Abbott

Laboratories

59,655

7,603,626

ABIOMED,

Inc.*

1,610

476,351

Align

Technology,

Inc.*

2,505

1,239,875

Baxter

International,

Inc.

16,967

1,449,660

Becton

Dickinson

and

Co.

9,674

2,458,550

Boston

Scientific

Corp.*

47,576

2,041,010

Cooper

Cos.,

Inc.

(The)

1,625

647,238

Dentsply

Sirona,

Inc.

7,284

389,111

DexCom,

Inc.*

3,256

1,401,643

Edwards

Lifesciences

Corp.*

21,129

2,307,287

Hologic,

Inc.*

8,483

595,846

IDEXX

Laboratories,

Inc.*

2,856

1,448,849

Intuitive

Surgical,

Inc.*

12,039

3,421,243

Medtronic

plc

45,222

4,680,025

ResMed,

Inc.

4,914

1,123,340

STERIS

plc

3,395

761,838

Stryker

Corp.

11,293

2,801,229

Teleflex,

Inc.

1,528

473,970

Zimmer

Biomet

Holdings,

Inc.

7,027

864,462

36,185,153

Health

Care

Providers

&

Services

2.8%

AmerisourceBergen

Corp.

5,106

695,437

Anthem,

Inc.

8,129

3,584,808

Cardinal

Health,

Inc.

9,786

504,664

Centene

Corp.*

19,938

1,550,379

Cigna

Corp.

11,422

2,632,314

CVS

Health

Corp.

44,418

4,730,961

DaVita,

Inc.*

2,309

250,226

HCA

Healthcare,

Inc.

8,295

1,991,215

Henry

Schein,

Inc.*

4,550

342,615

Humana,

Inc.

4,311

1,692,067

Laboratory

Corp.

of

America

Holdings*

3,346

907,971

McKesson

Corp.

5,205

1,336,228

Quest

Diagnostics,

Inc.

4,106

554,392

UnitedHealth

Group,

Inc.

31,729

14,994,173

Universal

Health

Services,

Inc.,

Class

B

2,499

325,020

36,092,470

Health

Care

Technology

0.1%

Cerner

Corp.

10,273

936,898

Hotels,

Restaurants

&

Leisure

1.9%

Booking

Holdings,

Inc.*

1,382

3,394,372

Nationwide

S&P

500

Index

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

67

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Caesars

Entertainment,

Inc.*

7,465

568,385

Carnival

Corp.*

26,094

516,922

Chipotle

Mexican

Grill,

Inc.*

937

1,391,988

Darden

Restaurants,

Inc.

4,464

624,380

Domino's

Pizza,

Inc.

1,240

563,766

Expedia

Group,

Inc.*

5,026

921,216

Hilton

Worldwide

Holdings,

Inc.*

9,378

1,360,842

Las

Vegas

Sands

Corp.*

12,442

544,960

Marriott

International,

Inc.,

Class

A*

9,234

1,487,782

McDonald's

Corp.

25,130

6,519,978

MGM

Resorts

International

12,941

552,839

Norwegian

Cruise

Line

Holdings

Ltd.*(a)

11,537

240,316

Penn

National

Gaming,

Inc.*

5,007

228,369

Royal

Caribbean

Cruises

Ltd.*

7,614

592,445

Starbucks

Corp.

39,677

3,901,043

Wynn

Resorts

Ltd.*

3,870

330,691

Yum!

Brands,

Inc.

10,162

1,271,978

25,012,272

Household

Durables

0.4%

DR

Horton,

Inc.

10,969

978,654

Garmin

Ltd.

5,174

643,749

Lennar

Corp.,

Class

A

9,167

881,040

Mohawk

Industries,

Inc.*

1,892

298,690

Newell

Brands,

Inc.

14,058

326,286

NVR,

Inc.*

112

596,649

PulteGroup,

Inc.

8,722

459,562

Whirlpool

Corp.

2,018

424,164

4,608,794

Household

Products

1.4%

Church

&

Dwight

Co.,

Inc.

8,343

856,409

Clorox

Co.

(The)

4,072

683,526

Colgate-Palmolive

Co.

28,628

2,360,379

Kimberly-Clark

Corp.

11,468

1,578,570

Procter

&

Gamble

Co.

(The)

81,682

13,105,877

18,584,761

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

AES

Corp.

(The)

22,538

499,893

Industrial

Conglomerates

1.0%

3M

Co.

19,343

3,211,325

General

Electric

Co.

37,030

3,498,594

Honeywell

International,

Inc.

23,232

4,750,479

Roper

Technologies,

Inc.

3,497

1,528,749

12,989,147

Insurance

1.9%

Aflac,

Inc.

20,765

1,304,457

Allstate

Corp.

(The)

9,950

1,200,667

American

International

Group,

Inc.

28,459

1,643,507

Aon

plc,

Class

A

7,576

2,094,310

Arthur

J

Gallagher

&

Co.

7,006

1,106,528

Assurant,

Inc.

2,034

310,205

Brown

&

Brown,

Inc.

7,865

521,292

Chubb

Ltd.

14,764

2,912,642

Cincinnati

Financial

Corp.

5,040

593,863

Common

Stocks

Shares

Value

($)

Insurance

Everest

Re

Group

Ltd.

1,247

353,400

Globe

Life,

Inc.

3,200

327,360

Hartford

Financial

Services

Group,

Inc.

(The)

11,683

839,657

Lincoln

National

Corp.

5,983

418,690

Loews

Corp.

6,839

408,015

Marsh

&

McLennan

Cos.,

Inc.

17,212

2,644,452

MetLife,

Inc.

24,639

1,652,291

Principal

Financial

Group,

Inc.

8,344

609,613

Progressive

Corp.

(The)

19,601

2,129,845

Prudential

Financial,

Inc.

13,016

1,452,195

Travelers

Cos.,

Inc.

(The)

8,290

1,377,632

W

R

Berkley

Corp.

4,396

371,462

Willis

Towers

Watson

plc

4,324

1,011,643

25,283,726

Interactive

Media

&

Services

6.2%

Alphabet,

Inc.,

Class

A*

10,128

27,407,077

Alphabet,

Inc.,

Class

C*

9,432

25,598,165

Match

Group,

Inc.*

9,315

1,049,801

Meta

Platforms,

Inc.,

Class

A*

79,819

25,004,100

Twitter,

Inc.*

26,628

998,816

80,057,959

Internet

&

Direct

Marketing

Retail

3.5%

Amazon.com,

Inc.*

14,712

44,010,507

eBay,

Inc.

22,000

1,321,540

Etsy,

Inc.*

4,219

662,720

45,994,767

IT

Services

4.6%

Accenture

plc,

Class

A

21,343

7,546,458

Akamai

Technologies,

Inc.*

5,294

606,428

Automatic

Data

Processing,

Inc.

14,241

2,936,067

Broadridge

Financial

Solutions,

Inc.

3,759

598,508

Cognizant

Technology

Solutions

Corp.,

Class

A

17,455

1,491,006

DXC

Technology

Co.*

8,638

259,831

EPAM

Systems,

Inc.*

1,904

906,570

Fidelity

National

Information

Services,

Inc.

20,954

2,512,804

Fiserv,

Inc.*

20,241

2,139,474

FleetCor

Technologies,

Inc.*

2,743

653,547

Gartner,

Inc.*

2,770

814,075

Global

Payments,

Inc.

9,978

1,495,503

International

Business

Machines

Corp.

30,114

4,022,327

Jack

Henry

&

Associates,

Inc.

2,523

423,385

Mastercard,

Inc.,

Class

A

29,295

11,319,002

Paychex,

Inc.

11,009

1,296,420

PayPal

Holdings,

Inc.*

39,524

6,795,756

VeriSign,

Inc.*

3,262

708,441

Visa,

Inc.,

Class

A

56,798

12,846,004

59,371,606

Leisure

Products

0.0%

†

Hasbro,

Inc.

4,155

384,254

Life

Sciences

Tools

&

Services

1.8%

Agilent

Technologies,

Inc.

10,211

1,422,596

68

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

S&P

500

Index

Fund

Common

Stocks

Shares

Value

($)

Life

Sciences

Tools

&

Services

Bio-Rad

Laboratories,

Inc.,

Class

A*

762

456,994

Bio-Techne

Corp.

1,319

496,485

Charles

River

Laboratories

International,

Inc.*

1,644

542,125

Danaher

Corp.

21,437

6,126,480

Illumina,

Inc.*

5,272

1,838,979

IQVIA

Holdings,

Inc.*

6,364

1,558,544

Mettler-Toledo

International,

Inc.*

765

1,126,600

PerkinElmer,

Inc.

4,257

732,928

Thermo

Fisher

Scientific,

Inc.

13,254

7,704,550

Waters

Corp.*

2,038

652,405

West

Pharmaceutical

Services,

Inc.

2,489

978,725

23,637,411

Machinery

1.6%

Caterpillar,

Inc.

18,468

3,722,410

Cummins,

Inc.

4,832

1,067,292

Deere

&

Co.

9,552

3,595,373

Dover

Corp.

4,861

825,933

Fortive

Corp.

12,060

850,712

IDEX

Corp.

2,586

557,128

Illinois

Tool

Works,

Inc.

9,760

2,283,059

Ingersoll

Rand,

Inc.

13,634

766,367

Otis

Worldwide

Corp.

14,361

1,226,860

PACCAR,

Inc.

11,674

1,085,565

Parker-Hannifin

Corp.

4,343

1,346,373

Pentair

plc

5,688

362,326

Snap-on,

Inc.

1,748

364,021

Stanley

Black

&

Decker,

Inc.

5,527

965,291

Westinghouse

Air

Brake

Technologies

Corp.

6,449

573,316

Xylem,

Inc.

6,209

652,069

20,244,095

Media

1.1%

Charter

Communications,

Inc.,

Class

A*

4,268

2,532,375

Comcast

Corp.,

Class

A

154,250

7,710,958

Discovery,

Inc.,

Class

A*(a)

5,609

156,547

Discovery,

Inc.,

Class

C*(a)

10,614

290,293

DISH

Network

Corp.,

Class

A*

8,381

263,163

Fox

Corp.,

Class

A

10,915

443,258

Fox

Corp.,

Class

B

5,046

187,610

Interpublic

Group

of

Cos.,

Inc.

(The)

13,538

481,141

News

Corp.,

Class

A

13,611

302,708

News

Corp.,

Class

B

2,953

65,675

Omnicom

Group,

Inc.

7,341

553,218

ViacomCBS,

Inc.

20,460

684,387

13,671,333

Metals

&

Mining

0.3%

Freeport-McMoRan,

Inc.

48,734

1,813,880

Newmont

Corp.

26,620

1,628,345

Nucor

Corp.

9,883

1,002,136

4,444,361

Multiline

Retail

0.5%

Dollar

General

Corp.

7,864

1,639,487

Common

Stocks

Shares

Value

($)

Multiline

Retail

Dollar

Tree,

Inc.*

7,774

1,020,104

Target

Corp.

16,596

3,658,256

6,317,847

Multi-Utilities

0.8%

Ameren

Corp.

8,683

770,529

CenterPoint

Energy,

Inc.

19,006

539,010

CMS

Energy

Corp.

9,349

601,889

Consolidated

Edison,

Inc.

11,891

1,027,977

Dominion

Energy,

Inc.

27,318

2,203,470

DTE

Energy

Co.

6,520

785,204

NiSource,

Inc.

13,375

390,283

Public

Service

Enterprise

Group,

Inc.

16,985

1,130,012

Sempra

Energy

10,595

1,463,805

WEC

Energy

Group,

Inc.

10,557

1,024,451

9,936,630

Oil,

Gas

&

Consumable

Fuels

3.1%

APA

Corp.

11,535

383,077

Chevron

Corp.

65,076

8,546,431

ConocoPhillips

45,314

4,015,727

Coterra

Energy,

Inc.

27,464

601,462

Devon

Energy

Corp.

21,971

1,111,073

Diamondback

Energy,

Inc.

5,664

714,570

EOG

Resources,

Inc.

19,691

2,195,153

Exxon

Mobil

Corp.

142,459

10,821,186

Hess

Corp.

9,042

834,486

Kinder

Morgan,

Inc.

66,282

1,150,655

Marathon

Oil

Corp.

24,669

480,305

Marathon

Petroleum

Corp.

21,684

1,555,827

Occidental

Petroleum

Corp.

30,379

1,144,377

ONEOK,

Inc.

15,295

928,101

Phillips

66

14,816

1,256,249

Pioneer

Natural

Resources

Co.

7,587

1,660,718

Valero

Energy

Corp.

13,781

1,143,410

Williams

Cos.,

Inc.

(The)

40,657

1,217,271

39,760,078

Personal

Products

0.2%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

7,803

2,432,897

Pharmaceuticals

3.7%

Bristol-Myers

Squibb

Co.

75,011

4,867,464

Catalent,

Inc.*

5,685

590,842

Eli

Lilly

&

Co.

26,658

6,541,607

Johnson

&

Johnson

88,469

15,242,324

Merck

&

Co.,

Inc.

85,473

6,964,340

Organon

&

Co.

8,781

280,202

Pfizer,

Inc.

188,664

9,940,706

Viatris,

Inc.

38,882

582,063

Zoetis,

Inc.

15,901

3,176,861

48,186,409

Professional

Services

0.4%

Equifax,

Inc.

4,023

964,555

IHS

Markit

Ltd.

13,413

1,566,504

Jacobs

Engineering

Group,

Inc.

4,374

569,407

Leidos

Holdings,

Inc.

4,884

436,874

Nielsen

Holdings

plc

12,190

229,903

Nationwide

S&P

500

Index

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

69

Common

Stocks

Shares

Value

($)

Professional

Services

Robert

Half

International,

Inc.

3,574

404,791

Verisk

Analytics,

Inc.

5,451

1,069,105

5,241,139

Real

Estate

Management

&

Development

0.1%

CBRE

Group,

Inc.,

Class

A*

11,297

1,144,838

Road

&

Rail

0.9%

CSX

Corp.

75,863

2,596,032

JB

Hunt

Transport

Services,

Inc.

2,987

575,117

Norfolk

Southern

Corp.

8,351

2,271,389

Old

Dominion

Freight

Line,

Inc.

3,194

964,364

Union

Pacific

Corp.

21,944

5,366,405

11,773,307

Semiconductors

&

Semiconductor

Equipment

5.9%

Advanced

Micro

Devices,

Inc.*

40,762

4,657,058

Analog

Devices,

Inc.

18,188

2,982,286

Applied

Materials,

Inc.

30,749

4,248,897

Broadcom,

Inc.

13,820

8,096,862

Enphase

Energy,

Inc.*

4,471

628,041

Intel

Corp.

136,747

6,675,989

KLA

Corp.

5,140

2,000,848

Lam

Research

Corp.

4,839

2,854,623

Microchip

Technology,

Inc.

18,170

1,407,812

Micron

Technology,

Inc.

37,993

3,125,684

Monolithic

Power

Systems,

Inc.

1,464

589,889

NVIDIA

Corp.

84,330

20,649,044

NXP

Semiconductors

NV

8,922

1,832,936

Qorvo,

Inc.*

3,750

514,800

QUALCOMM,

Inc.

37,833

6,649,528

Skyworks

Solutions,

Inc.

5,538

811,428

SolarEdge

Technologies,

Inc.*

1,772

422,126

Teradyne,

Inc.

5,547

651,384

Texas

Instruments,

Inc.

31,101

5,582,318

Xilinx,

Inc.

8,320

1,610,336

75,991,889

Software

9.1%

Adobe,

Inc.*

16,002

8,549,869

ANSYS,

Inc.*

2,923

993,849

Autodesk,

Inc.*

7,381

1,843,700

Cadence

Design

Systems,

Inc.*

9,415

1,432,398

Ceridian

HCM

Holding,

Inc.*

4,539

344,147

Citrix

Systems,

Inc.

4,259

434,162

Fortinet,

Inc.*

4,568

1,357,792

Intuit,

Inc.

9,524

5,288,011

Microsoft

Corp.

253,258

78,758,173

NortonLifeLock,

Inc.

19,462

506,207

Oracle

Corp.

54,405

4,415,510

Paycom

Software,

Inc.*

1,618

542,515

PTC,

Inc.*

3,354

389,936

salesforce.com,

Inc.*

33,023

7,682,140

ServiceNow,

Inc.*

6,666

3,904,809

Synopsys,

Inc.*

5,067

1,573,304

Tyler

Technologies,

Inc.*

1,321

625,890

118,642,412

Specialty

Retail

2.3%

Advance

Auto

Parts,

Inc.

2,093

484,550

Common

Stocks

Shares

Value

($)

Specialty

Retail

AutoZone,

Inc.*

717

1,424,213

Bath

&

Body

Works,

Inc.

8,909

499,528

Best

Buy

Co.,

Inc.

7,584

752,940

CarMax,

Inc.*

5,354

595,204

Gap,

Inc.

(The)

7,350

132,815

Home

Depot,

Inc.

(The)

35,599

13,064,121

Lowe's

Cos.,

Inc.

23,357

5,543,784

O'Reilly

Automotive,

Inc.*

2,319

1,511,408

Ross

Stores,

Inc.

12,207

1,193,234

TJX

Cos.,

Inc.

(The)

40,970

2,948,611

Tractor

Supply

Co.

3,869

844,641

Ulta

Beauty,

Inc.*

1,831

666,008

29,661,057

Technology

Hardware,

Storage

&

Peripherals

7.4%

Apple,

Inc.

525,747

91,890,061

Hewlett

Packard

Enterprise

Co.

44,782

731,290

HP,

Inc.

40,395

1,483,708

NetApp,

Inc.

7,815

676,076

Seagate

Technology

Holdings

plc

7,309

783,159

Western

Digital

Corp.*

9,907

512,588

96,076,882

Textiles,

Apparel

&

Luxury

Goods

0.6%

NIKE,

Inc.,

Class

B

43,032

6,371,748

PVH

Corp.

2,620

248,926

Ralph

Lauren

Corp.

1,456

161,383

Tapestry,

Inc.

8,802

334,036

Under

Armour,

Inc.,

Class

A*

7,239

136,311

Under

Armour,

Inc.,

Class

C*

6,098

97,507

VF

Corp.

11,081

722,592

8,072,503

Tobacco

0.7%

Altria

Group,

Inc.

62,053

3,157,256

Philip

Morris

International,

Inc.

52,648

5,414,847

8,572,103

Trading

Companies

&

Distributors

0.2%

Fastenal

Co.

19,312

1,094,604

United

Rentals,

Inc.*

2,405

769,889

WW

Grainger,

Inc.

1,475

730,287

2,594,780

Water

Utilities

0.1%

American

Water

Works

Co.,

Inc.

6,096

980,237

Wireless

Telecommunication

Services

0.2%

T-Mobile

US,

Inc.*

19,991

2,162,426

Total

Common

Stocks

(cost

$674,579,997)

1,289,768,482

70

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

S&P

500

Index

Fund

Short-Term

Investment

0.1%

Shares

Value

($)

Money

Market

Fund

0.1%

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,

0.01%(b)(c)

1,825,805

1,825,805

Total

Short-Term

Investment

(cost

$1,825,805)

1,825,805

Total

Investments

(cost

$676,405,802)

—

99.4%

1,291,594,287

Other

assets

in

excess

of

liabilities

—

0.6%

8,242,391

NET

ASSETS

—

100.0%

$

1,299,836,678

*

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

as

of

January

31,

2022.

The

total

value

of

securities

on

loan

as

of

January

31,

2022

was

$1,839,820,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

with

a

value

of

$1,825,805.

(b)

Represents

7-day

effective

yield

as

of

January

31,

2022.

(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,

2022

was

$1,825,805.

REIT

Real

Estate

Investment

Trust

Futures

contracts

outstanding

as

of

January

31,

2022:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

S&P

500

E-Mini

Index

71

3/2022

USD

15,990,088

(396,220)

(396,220)

As

of

January

31,

2022,

the

Fund

had

$775,200

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

Nationwide

S&P

500

Index

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

71

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.

72

-

Statement

of

Investments

-

January

31,

2022

(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,

2022.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

1,289,768,482

$

–

$

–

$

1,289,768,482

Short-Term

Investment

1,825,805

–

–

1,825,805

Total

Assets

$

1,291,594,287

$

–

$

–

$

1,291,594,287

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(396,220)

$

–

$

–

$

(396,220)

Total

Liabilities

$

(396,220)

$

–

$

–

$

(396,220)

Total

$

1,291,198,067

$

–

$

–

$

1,291,198,067

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

Nationwide

S&P

500

Index

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

73

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2022:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2022:

Liabilities:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(396,220)

Total

$

(396,220)

The

Statement

of

Investments

should

be

read

in

conjunction

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,

2022

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

99.7%

Shares

Value

($)

Aerospace

&

Defense

0.7%

AAR

Corp.*

3,201

128,904

Aerojet

Rocketdyne

Holdings,

Inc.

7,157

276,189

AeroVironment,

Inc.*

2,139

121,752

AerSale

Corp.*

708

10,075

Astronics

Corp.*

2,468

29,690

Byrna

Technologies,

Inc.*

1,739

18,973

Cadre

Holdings,

Inc.(a)

608

13,273

Ducommun,

Inc.*

1,100

48,125

Kaman

Corp.

2,635

105,321

Kratos

Defense

&

Security

Solutions,

Inc.*

11,733

196,645

Maxar

Technologies,

Inc.(a)

6,936

180,405

Moog,

Inc.,

Class

A

2,743

209,126

National

Presto

Industries,

Inc.

485

39,891

PAE,

Inc.*

6,901

69,079

Park

Aerospace

Corp.

2,112

28,575

Parsons

Corp.*

2,589

78,835

Triumph

Group,

Inc.*

6,010

109,502

Vectrus,

Inc.*

1,092

50,243

1,714,603

Air

Freight

&

Logistics

0.4%

Air

Transport

Services

Group,

Inc.*

5,709

153,287

Atlas

Air

Worldwide

Holdings,

Inc.*

2,728

219,140

Forward

Air

Corp.

2,576

273,829

Hub

Group,

Inc.,

Class

A*

3,137

237,533

Radiant

Logistics,

Inc.*

3,719

23,095

906,884

Airlines

0.3%

Allegiant

Travel

Co.*

1,467

262,094

Frontier

Group

Holdings,

Inc.*

3,299

43,151

Hawaiian

Holdings,

Inc.*

5,026

85,944

Mesa

Air

Group,

Inc.*

3,510

17,550

SkyWest,

Inc.*

4,764

181,747

Spirit

Airlines,

Inc.*

9,405

201,925

Sun

Country

Airlines

Holdings,

Inc.*

3,046

80,963

873,374

Auto

Components

1.4%

Adient

plc*

9,060

380,248

American

Axle

&

Manufacturing

Holdings,

Inc.*

10,778

87,733

Cooper-Standard

Holdings,

Inc.*

1,718

35,374

Dana,

Inc.

13,904

301,161

Dorman

Products,

Inc.*

2,535

237,352

Fox

Factory

Holding

Corp.*

4,040

537,603

Gentherm,

Inc.*

3,152

275,453

Goodyear

Tire

&

Rubber

Co.

(The)*

26,463

548,578

LCI

Industries

2,371

292,036

Modine

Manufacturing

Co.*

4,740

43,371

Motorcar

Parts

of

America,

Inc.*

1,795

29,671

Patrick

Industries,

Inc.

2,190

141,036

Common

Stocks

Shares

Value

($)

Auto

Components

Standard

Motor

Products,

Inc.

1,981

94,830

Stoneridge,

Inc.*

2,472

46,647

Tenneco,

Inc.,

Class

A*

6,698

70,329

Visteon

Corp.*

2,656

269,610

XL

Fleet

Corp.*

3,634

7,777

XPEL,

Inc.

Reg.

S*

1,739

108,444

3,507,253

Automobiles

0.2%

Arcimoto,

Inc.*

2,595

15,856

Canoo,

Inc.*(a)

10,036

61,420

Fisker,

Inc.*(a)

15,556

183,717

Lordstown

Motors

Corp.*(a)

14,680

44,040

Winnebago

Industries,

Inc.

3,062

197,560

Workhorse

Group,

Inc.*(a)

11,711

39,583

542,176

Banks

9.2%

1st

Source

Corp.

1,620

80,806

Allegiance

Bancshares,

Inc.

1,909

84,053

Amalgamated

Financial

Corp.

1,443

24,545

Amerant

Bancorp,

Inc.

2,554

86,836

American

National

Bankshares,

Inc.

1,003

37,913

Ameris

Bancorp

6,360

313,612

Arrow

Financial

Corp.

1,411

49,921

Associated

Banc-Corp.

14,223

339,930

Atlantic

Capital

Bancshares,

Inc.*

1,882

56,686

Atlantic

Union

Bankshares

Corp.

7,237

294,691

Banc

of

California,

Inc.

5,221

100,870

BancFirst

Corp.

1,700

127,415

Bancorp,

Inc.

(The)*

4,736

141,228

Bank

First

Corp.(a)

662

46,333

Bank

of

Marin

Bancorp

1,552

57,874

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

4,821

176,690

BankUnited,

Inc.

8,295

346,316

Banner

Corp.

3,286

204,093

Bar

Harbor

Bankshares

1,512

46,176

Berkshire

Hills

Bancorp,

Inc.

4,596

135,996

Blue

Ridge

Bankshares,

Inc.

1,644

29,987

Brookline

Bancorp,

Inc.

7,276

124,420

Business

First

Bancshares,

Inc.

1,893

51,963

Byline

Bancorp,

Inc.

2,437

63,362

Cadence

Bank

15,854

494,169

Cambridge

Bancorp

670

59,992

Camden

National

Corp.

1,485

73,745

Capital

Bancorp,

Inc.

850

21,964

Capital

City

Bank

Group,

Inc.

1,391

38,475

Capstar

Financial

Holdings,

Inc.

1,971

42,278

Carter

Bankshares,

Inc.*

2,406

37,028

Cathay

General

Bancorp

7,091

320,230

CBTX,

Inc.

1,822

53,621

Central

Pacific

Financial

Corp.

2,361

68,705

Citizens

&

Northern

Corp.

1,306

32,807

City

Holding

Co.

1,467

117,668

Civista

Bancshares,

Inc.

1,577

38,021

Nationwide

Small

Cap

Index

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

75

Common

Stocks

Shares

Value

($)

Banks

CNB

Financial

Corp.

1,586

42,362

Coastal

Financial

Corp.*

973

47,113

Columbia

Banking

System,

Inc.

6,820

237,131

Community

Bank

System,

Inc.

5,075

362,456

Community

Trust

Bancorp,

Inc.

1,437

63,501

ConnectOne

Bancorp,

Inc.

3,584

114,724

CrossFirst

Bankshares,

Inc.*

4,460

68,952

Customers

Bancorp,

Inc.*

2,806

163,590

CVB

Financial

Corp.

12,249

269,845

Dime

Community

Bancshares,

Inc.

3,284

114,809

Eagle

Bancorp,

Inc.

2,998

179,790

Eastern

Bankshares,

Inc.

16,430

349,795

Enterprise

Bancorp,

Inc.

946

40,385

Enterprise

Financial

Services

Corp.

3,387

167,792

Equity

Bancshares,

Inc.,

Class

A

1,391

44,595

Farmers

National

Banc

Corp.

2,956

51,582

FB

Financial

Corp.

3,248

144,601

Fidelity

D&D

Bancorp,

Inc.

394

20,736

Financial

Institutions,

Inc.

1,547

49,875

First

Bancorp,

Inc.

(The)

1,016

32,654

First

Bancorp/NC

2,669

117,196

First

Bancorp/PR

18,891

274,864

First

Bancshares,

Inc.

(The)

1,979

71,383

First

Bank

1,760

25,784

First

Busey

Corp.

4,809

134,075

First

Commonwealth

Financial

Corp.

9,045

149,785

First

Community

Bankshares,

Inc.

1,680

52,433

First

Financial

Bancorp

8,817

222,277

First

Financial

Bankshares,

Inc.

12,422

583,710

First

Financial

Corp.

1,173

52,656

First

Foundation,

Inc.

3,850

100,677

First

Internet

Bancorp

969

48,702

First

Interstate

BancSystem,

Inc.,

Class

A

3,956

145,383

First

Merchants

Corp.

5,455

231,456

First

Mid

Bancshares,

Inc.

1,623

66,786

First

Midwest

Bancorp,

Inc.

10,795

224,212

First

of

Long

Island

Corp.

(The)

2,185

47,873

Five

Star

Bancorp

1,179

36,549

Flushing

Financial

Corp.

2,943

69,484

Fulton

Financial

Corp.

15,205

272,930

German

American

Bancorp,

Inc.

2,338

92,585

Glacier

Bancorp,

Inc.

10,542

547,446

Great

Southern

Bancorp,

Inc.

979

58,094

Great

Western

Bancorp,

Inc.

5,251

162,151

Guaranty

Bancshares,

Inc.

792

28,148

Hancock

Whitney

Corp.

8,276

436,311

Hanmi

Financial

Corp.

3,124

83,973

HarborOne

Bancorp,

Inc.

4,756

67,535

HBT

Financial,

Inc.

1,085

20,192

Heartland

Financial

USA,

Inc.

3,855

200,576

Common

Stocks

Shares

Value

($)

Banks

Heritage

Commerce

Corp.

5,783

72,056

Heritage

Financial

Corp.

3,262

79,136

Hilltop

Holdings,

Inc.

5,921

195,571

Home

BancShares,

Inc.

14,588

343,693

HomeStreet,

Inc.

1,870

91,163

HomeTrust

Bancshares,

Inc.

1,494

46,508

Hope

Bancorp,

Inc.

11,171

187,114

Horizon

Bancorp,

Inc.

4,101

87,474

Independent

Bank

Corp.

6,322

411,006

Independent

Bank

Group,

Inc.

3,630

275,590

International

Bancshares

Corp.

5,183

217,841

Investors

Bancorp,

Inc.

21,882

357,114

Lakeland

Bancorp,

Inc.

4,634

87,722

Lakeland

Financial

Corp.

2,353

188,075

Live

Oak

Bancshares,

Inc.

3,043

179,111

Macatawa

Bank

Corp.

2,364

21,371

Mercantile

Bank

Corp.

1,512

58,167

Meta

Financial

Group,

Inc.

2,916

173,385

Metrocity

Bankshares,

Inc.

1,755

45,261

Metropolitan

Bank

Holding

Corp.*

938

93,800

Mid

Penn

Bancorp,

Inc.

1,357

40,506

Midland

States

Bancorp,

Inc.

2,117

61,118

MidWestOne

Financial

Group,

Inc.

1,433

45,756

MVB

Financial

Corp.

976

39,060

National

Bank

Holdings

Corp.,

Class

A

2,824

128,210

NBT

Bancorp,

Inc.

3,998

154,643

Nicolet

Bankshares,

Inc.*

1,197

111,429

Northrim

Bancorp,

Inc.

627

27,550

OceanFirst

Financial

Corp.

5,757

130,684

OFG

Bancorp

4,717

130,519

Old

National

Bancorp

15,662

287,084

Old

Second

Bancorp,

Inc.

2,505

33,642

Origin

Bancorp,

Inc.

2,116

90,396

Orrstown

Financial

Services,

Inc.

1,133

28,042

Pacific

Premier

Bancorp,

Inc.

8,257

315,830

Park

National

Corp.

1,402

189,915

Peapack-Gladstone

Financial

Corp.

1,716

63,217

Peoples

Bancorp,

Inc.

2,535

84,035

Peoples

Financial

Services

Corp.

731

37,084

Preferred

Bank

916

71,503

Primis

Financial

Corp.

2,286

33,970

QCR

Holdings,

Inc.

1,501

85,617

RBB

Bancorp

1,299

35,060

Red

River

Bancshares,

Inc.

500

25,985

Renasant

Corp.

5,236

192,580

Republic

Bancorp,

Inc.,

Class

A

813

39,853

Republic

First

Bancorp,

Inc.*

5,020

21,586

S&T

Bancorp,

Inc.

3,673

113,165

Sandy

Spring

Bancorp,

Inc.

4,281

202,534

Seacoast

Banking

Corp.

of

Florida

4,979

181,734

ServisFirst

Bancshares,

Inc.

4,775

405,254

Sierra

Bancorp

1,449

38,442

76

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Banks

Silvergate

Capital

Corp.,

Class

A*

2,632

283,572

Simmons

First

National

Corp.,

Class

A

10,059

287,687

SmartFinancial,

Inc.

1,478

39,625

South

Plains

Financial,

Inc.

1,077

31,158

South

State

Corp.

6,681

563,943

Southern

First

Bancshares,

Inc.*

712

41,723

Southside

Bancshares,

Inc.

2,953

123,731

Spirit

of

Texas

Bancshares,

Inc.

1,336

37,194

Stock

Yards

Bancorp,

Inc.

2,304

137,272

Summit

Financial

Group,

Inc.

1,137

31,745

Texas

Capital

Bancshares,

Inc.*

4,912

307,982

Third

Coast

Bancshares,

Inc.*

338

8,105

Tompkins

Financial

Corp.

1,344

106,929

Towne

Bank

6,571

206,198

TriCo

Bancshares

2,693

117,065

TriState

Capital

Holdings,

Inc.*

2,781

87,852

Triumph

Bancorp,

Inc.*

2,250

196,830

Trustmark

Corp.

5,693

185,478

UMB

Financial

Corp.

4,189

412,407

United

Bankshares,

Inc.

12,617

445,759

United

Community

Banks,

Inc.

9,693

343,035

Univest

Financial

Corp.

2,741

82,586

Valley

National

Bancorp

38,314

533,331

Veritex

Holdings,

Inc.

4,372

175,536

Washington

Trust

Bancorp,

Inc.

1,739

99,262

WesBanco,

Inc.

5,868

208,255

West

Bancorp,

Inc.

1,569

46,317

Westamerica

Bancorp

2,578

149,730

23,559,401

Beverages

0.4%

Celsius

Holdings,

Inc.*

5,197

248,053

Coca-Cola

Consolidated,

Inc.

450

257,850

Duckhorn

Portfolio,

Inc.

(The)*

3,393

67,724

MGP

Ingredients,

Inc.(a)

1,343

101,612

National

Beverage

Corp.

2,372

105,957

NewAge,

Inc.*

13,931

10,441

Primo

Water

Corp.

14,904

248,897

Zevia

PBC,

Class

A*

981

7,848

1,048,382

Biotechnology

7.5%

2seventy

bio,

Inc.*

2,133

39,823

4D

Molecular

Therapeutics,

Inc.*

2,671

42,202

89bio,

Inc.*

840

4,948

ACADIA

Pharmaceuticals,

Inc.*

11,341

255,059

Acumen

Pharmaceuticals,

Inc.*

960

4,915

Adagio

Therapeutics,

Inc.*(a)

1,992

14,303

Adicet

Bio,

Inc.*

1,982

25,013

Adverum

Biotechnologies,

Inc.*

9,200

15,180

Aeglea

BioTherapeutics,

Inc.*

4,569

19,647

Common

Stocks

Shares

Value

($)

Biotechnology

Aerovate

Therapeutics,

Inc.*

950

11,229

Affimed

NV*

11,589

47,283

Agenus,

Inc.*

21,035

58,057

Agios

Pharmaceuticals,

Inc.*

5,139

158,744

Akebia

Therapeutics,

Inc.*(a)

17,821

35,464

Akero

Therapeutics,

Inc.*

2,436

42,679

Akouos,

Inc.*

2,495

16,143

Alaunos

Therapeutics,

Inc.*(a)

21,709

23,446

Albireo

Pharma,

Inc.*

1,727

49,202

Aldeyra

Therapeutics,

Inc.*

4,599

16,878

Alector,

Inc.*

5,586

88,594

Aligos

Therapeutics,

Inc.*

1,778

5,672

Alkermes

plc*

15,341

391,195

Allakos,

Inc.*

3,408

23,038

Allogene

Therapeutics,

Inc.*

6,443

73,772

Allovir,

Inc.*

3,034

24,757

Alpine

Immune

Sciences,

Inc.*

1,101

9,358

Altimmune,

Inc.*

3,902

31,489

ALX

Oncology

Holdings,

Inc.*

1,664

26,624

Amicus

Therapeutics,

Inc.*

25,093

236,125

AnaptysBio,

Inc.*

1,827

58,409

Anavex

Life

Sciences

Corp.*

6,416

83,921

Anika

Therapeutics,

Inc.*

1,420

45,156

Annexon,

Inc.*

3,100

23,250

Apellis

Pharmaceuticals,

Inc.*

6,836

275,286

Applied

Molecular

Transport,

Inc.*

2,278

21,459

Applied

Therapeutics,

Inc.*

1,580

4,866

AquaBounty

Technologies,

Inc.*

4,973

8,802

Arbutus

Biopharma

Corp.*

7,400

20,794

Arcturus

Therapeutics

Holdings,

Inc.*

2,082

54,403

Arcus

Biosciences,

Inc.*

4,340

133,672

Arcutis

Biotherapeutics,

Inc.*

2,707

40,903

Ardelyx,

Inc.*

7,755

6,407

Arena

Pharmaceuticals,

Inc.*

5,904

543,050

Arrowhead

Pharmaceuticals,

Inc.*

9,694

511,455

Atara

Biotherapeutics,

Inc.*

8,249

126,705

Athenex,

Inc.*

7,555

7,706

Athersys,

Inc.*

18,085

17,904

Atossa

Therapeutics,

Inc.*

11,085

15,186

Atreca,

Inc.,

Class

A*

2,968

6,292

Aura

Biosciences,

Inc.*

521

9,508

Avalo

Therapeutics,

Inc.*

4,624

4,545

Avid

Bioservices,

Inc.*

5,846

110,314

Avidity

Biosciences,

Inc.*

3,564

59,234

Avita

Medical,

Inc.*

2,262

21,874

Avrobio,

Inc.*

3,637

7,056

Beam

Therapeutics,

Inc.*

4,895

338,783

Beyondspring,

Inc.*

1,925

6,218

BioAtla,

Inc.*

1,484

14,187

BioCryst

Pharmaceuticals,

Inc.*(a)

17,404

268,892

Biohaven

Pharmaceutical

Holding

Co.

Ltd.*

5,327

707,798

Biomea

Fusion,

Inc.*

2,073

14,843

Bioxcel

Therapeutics,

Inc.*

1,675

28,307

Nationwide

Small

Cap

Index

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

77

Common

Stocks

Shares

Value

($)

Biotechnology

Black

Diamond

Therapeutics,

Inc.*

1,875

7,819

Bluebird

Bio,

Inc.*

6,400

50,496

Blueprint

Medicines

Corp.*

5,605

432,145

Bolt

Biotherapeutics,

Inc.*(a)

2,159

8,291

Bridgebio

Pharma,

Inc.*(a)

10,147

100,151

Brooklyn

ImmunoTherapeutics,

Inc.*

2,255

6,134

C4

Therapeutics,

Inc.*

3,863

94,373

Cardiff

Oncology,

Inc.*

3,426

11,580

CareDx,

Inc.*

4,840

202,312

Caribou

Biosciences,

Inc.*

1,809

19,411

Catalyst

Pharmaceuticals,

Inc.*

9,286

53,487

Celcuity,

Inc.*

755

8,396

Celldex

Therapeutics,

Inc.*

4,398

136,382

CEL-SCI

Corp.*

3,633

21,943

Century

Therapeutics,

Inc.*

1,114

14,515

Cerevel

Therapeutics

Holdings,

Inc.*

3,896

101,452

ChemoCentryx,

Inc.*

5,134

138,053

Chimerix,

Inc.*

6,981

39,861

Chinook

Therapeutics,

Inc.*

3,737

48,207

Clene,

Inc.*

2,168

6,092

Clovis

Oncology,

Inc.*(a)

10,305

21,022

Codiak

Biosciences,

Inc.*

1,488

9,851

Cogent

Biosciences,

Inc.*

3,521

26,619

Coherus

Biosciences,

Inc.*

6,114

75,569

Cortexyme,

Inc.*

1,890

11,491

Crinetics

Pharmaceuticals,

Inc.*

4,358

82,323

Cue

Biopharma,

Inc.*

3,070

22,687

Cullinan

Oncology,

Inc.*

2,441

32,905

Curis,

Inc.*

8,206

26,177

Cyteir

Therapeutics,

Inc.*

789

4,797

Cytokinetics,

Inc.*

7,591

251,945

CytomX

Therapeutics,

Inc.*

6,296

28,962

Day

One

Biopharmaceuticals,

Inc.*

1,040

15,340

Deciphera

Pharmaceuticals,

Inc.*

3,963

33,408

Denali

Therapeutics,

Inc.*

8,746

299,288

DermTech,

Inc.*

2,246

28,771

Design

Therapeutics,

Inc.*

2,515

31,790

Dynavax

Technologies

Corp.*(a)

10,641

138,014

Dyne

Therapeutics,

Inc.*

2,846

21,117

Eagle

Pharmaceuticals,

Inc.*

1,081

49,661

Editas

Medicine,

Inc.*

6,513

124,008

Eiger

BioPharmaceuticals,

Inc.*

3,240

13,997

Eliem

Therapeutics,

Inc.*

666

6,021

Emergent

BioSolutions,

Inc.*

4,708

220,334

Enanta

Pharmaceuticals,

Inc.*

1,897

112,720

Entrada

Therapeutics,

Inc.*(a)

866

9,587

Epizyme,

Inc.*

9,234

11,358

Erasca,

Inc.*(a)

1,950

23,107

Evelo

Biosciences,

Inc.*

2,878

13,555

Exagen,

Inc.*

1,172

11,521

Fate

Therapeutics,

Inc.*

7,762

322,201

Common

Stocks

Shares

Value

($)

Biotechnology

FibroGen,

Inc.*

8,188

123,557

Finch

Therapeutics

Group,

Inc.*

717

6,080

Foghorn

Therapeutics,

Inc.*

1,853

28,499

Forma

Therapeutics

Holdings,

Inc.*

3,100

36,704

Forte

Biosciences,

Inc.*

1,069

1,807

Fortress

Biotech,

Inc.*

6,511

13,608

Frequency

Therapeutics,

Inc.*

2,592

13,919

G1

Therapeutics,

Inc.*

3,971

40,028

Gemini

Therapeutics,

Inc.*

2,076

4,069

Generation

Bio

Co.*

4,131

26,851

Geron

Corp.*

29,922

33,513

Global

Blood

Therapeutics,

Inc.*

5,924

170,907

Gossamer

Bio,

Inc.*

5,881

56,399

Graphite

Bio,

Inc.*

1,533

14,318

Greenwich

Lifesciences,

Inc.*

382

7,056

Gritstone

bio,

Inc.*

4,187

22,861

GT

Biopharma,

Inc.*

2,259

7,071

Halozyme

Therapeutics,

Inc.*

13,241

458,271

Harpoon

Therapeutics,

Inc.*

2,126

11,247

Heron

Therapeutics,

Inc.*(a)

9,068

78,982

Homology

Medicines,

Inc.*

3,534

13,146

Hookipa

Pharma,

Inc.*

1,436

2,154

Humanigen,

Inc.*

4,250

10,965

iBio,

Inc.*

21,800

10,433

Icosavax,

Inc.*

1,262

19,258

Ideaya

Biosciences,

Inc.*

3,090

51,201

IGM

Biosciences,

Inc.*

768

13,594

Imago

Biosciences,

Inc.*

920

18,602

Immuneering

Corp.,

Class

A*

780

7,800

Immunic,

Inc.*

1,470

17,331

ImmunityBio,

Inc.*(a)

6,337

36,881

ImmunoGen,

Inc.*

18,916

106,875

Immunovant,

Inc.*

3,765

26,317

Impel

Neuropharma,

Inc.*

717

6,238

Infinity

Pharmaceuticals,

Inc.*

8,294

10,285

Inhibrx,

Inc.*(a)

2,645

70,251

Inovio

Pharmaceuticals,

Inc.*(a)

19,591

81,107

Inozyme

Pharma,

Inc.*

1,204

8,043

Insmed,

Inc.*

11,295

256,171

Instil

Bio,

Inc.*

5,113

59,362

Intellia

Therapeutics,

Inc.*

6,671

630,876

Intercept

Pharmaceuticals,

Inc.*(a)

2,678

43,892

Invitae

Corp.*(a)

19,318

217,134

Ironwood

Pharmaceuticals,

Inc.*

14,038

156,524

iTeos

Therapeutics,

Inc.*

2,015

73,789

IVERIC

bio,

Inc.*

10,880

151,667

Janux

Therapeutics,

Inc.*

1,248

19,007

Jounce

Therapeutics,

Inc.*

3,124

23,368

KalVista

Pharmaceuticals,

Inc.*

1,953

24,647

Karuna

Therapeutics,

Inc.*

2,104

233,670

Karyopharm

Therapeutics,

Inc.*

7,316

65,112

Keros

Therapeutics,

Inc.*

1,492

69,184

78

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Biotechnology

Kezar

Life

Sciences,

Inc.*

3,210

42,308

Kiniksa

Pharmaceuticals

Ltd.,

Class

A*

2,768

31,085

Kinnate

Biopharma,

Inc.*

2,428

26,659

Kodiak

Sciences,

Inc.*

3,213

188,603

Kronos

Bio,

Inc.*

3,678

33,470

Krystal

Biotech,

Inc.*

1,699

100,241

Kura

Oncology,

Inc.*

6,044

85,160

Kymera

Therapeutics,

Inc.*

3,286

138,012

Lexicon

Pharmaceuticals,

Inc.*

6,694

21,220

Ligand

Pharmaceuticals,

Inc.*

1,460

181,960

Lineage

Cell

Therapeutics,

Inc.*

11,490

18,154

Lyell

Immunopharma,

Inc.*

2,229

12,661

MacroGenics,

Inc.*

6,046

74,668

Madrigal

Pharmaceuticals,

Inc.*

1,126

64,835

Magenta

Therapeutics,

Inc.*

3,265

10,677

MannKind

Corp.*(a)

23,396

87,267

MEI

Pharma,

Inc.*

11,438

22,075

MeiraGTx

Holdings

plc*

2,997

44,925

Mersana

Therapeutics,

Inc.*

6,525

31,124

MiMedx

Group,

Inc.*

10,526

52,209

Mirum

Pharmaceuticals,

Inc.*

622

11,849

Molecular

Templates,

Inc.*

4,003

12,329

Monte

Rosa

Therapeutics,

Inc.*

1,091

13,812

Morphic

Holding,

Inc.*

1,965

83,375

Mustang

Bio,

Inc.*

7,934

9,362

Myriad

Genetics,

Inc.*

7,588

199,489

Neoleukin

Therapeutics,

Inc.*

3,487

12,449

NexImmune,

Inc.*

1,665

5,278

Nkarta,

Inc.*

1,337

13,250

Nurix

Therapeutics,

Inc.*

2,968

55,264

Nuvalent,

Inc.,

Class

A*(a)

1,010

13,625

Ocugen,

Inc.*(a)

17,496

62,111

Olema

Pharmaceuticals,

Inc.*

2,376

15,278

Omega

Therapeutics,

Inc.*

697

7,918

Oncocyte

Corp.*

7,251

12,327

Oncorus,

Inc.*

1,935

6,714

Oncternal

Therapeutics,

Inc.*

4,193

7,841

OPKO

Health,

Inc.*(a)

38,728

121,219

Organogenesis

Holdings,

Inc.*

3,613

27,784

ORIC

Pharmaceuticals,

Inc.*

2,796

27,652

Outlook

Therapeutics,

Inc.*

8,298

11,783

Oyster

Point

Pharma,

Inc.*

1,053

12,625

Passage

Bio,

Inc.*

3,514

17,675

PMV

Pharmaceuticals,

Inc.*

2,485

39,909

Portage

Biotech,

Inc.*

342

2,969

Poseida

Therapeutics,

Inc.*

3,352

15,922

Praxis

Precision

Medicines,

Inc.*

3,056

45,412

Precigen,

Inc.*(a)

8,987

23,186

Precision

BioSciences,

Inc.*

4,856

23,163

Prelude

Therapeutics,

Inc.*

1,036

10,287

Prometheus

Biosciences,

Inc.*(a)

2,834

101,826

Protagonist

Therapeutics,

Inc.*

4,219

123,574

Prothena

Corp.

plc*

3,457

117,815

PTC

Therapeutics,

Inc.*

6,581

264,688

Common

Stocks

Shares

Value

($)

Biotechnology

Puma

Biotechnology,

Inc.*

3,208

7,892

Pyxis

Oncology,

Inc.*

1,017

9,702

Radius

Health,

Inc.*

4,734

35,884

Rallybio

Corp.*

688

8,366

RAPT

Therapeutics,

Inc.*

2,010

43,456

Recursion

Pharmaceuticals,

Inc.,

Class

A*(a)

10,900

129,056

REGENXBIO,

Inc.*

3,810

100,584

Relay

Therapeutics,

Inc.*

6,617

146,434

Reneo

Pharmaceuticals,

Inc.*

931

5,781

Replimune

Group,

Inc.*

2,998

59,450

REVOLUTION

Medicines,

Inc.*

5,628

121,115

Rhythm

Pharmaceuticals,

Inc.*

4,341

32,167

Rigel

Pharmaceuticals,

Inc.*

15,130

38,733

Rocket

Pharmaceuticals,

Inc.*

3,842

63,931

Rubius

Therapeutics,

Inc.*

4,272

28,836

Sana

Biotechnology,

Inc.*(a)

8,144

71,341

Sangamo

Therapeutics,

Inc.*

11,062

66,704

Scholar

Rock

Holding

Corp.*

2,643

47,072

Selecta

Biosciences,

Inc.*

9,533

23,832

Sensei

Biotherapeutics,

Inc.*

1,927

9,288

Seres

Therapeutics,

Inc.*

6,594

54,994

Sesen

Bio,

Inc.*

16,198

12,001

Shattuck

Labs,

Inc.*

2,521

17,420

Sigilon

Therapeutics,

Inc.*

761

1,484

Silverback

Therapeutics,

Inc.*(a)

2,374

11,561

Solid

Biosciences,

Inc.*

5,650

6,893

Sorrento

Therapeutics,

Inc.*(a)

28,569

98,563

Spectrum

Pharmaceuticals,

Inc.*

14,946

10,482

Spero

Therapeutics,

Inc.*

2,077

24,654

SpringWorks

Therapeutics,

Inc.*

2,766

154,011

Spruce

Biosciences,

Inc.*

744

1,890

SQZ

Biotechnologies

Co.*

2,157

17,299

Stoke

Therapeutics,

Inc.*

1,809

34,281

Summit

Therapeutics,

Inc.*

2,032

4,470

Surface

Oncology,

Inc.*

3,153

11,824

Sutro

Biopharma,

Inc.*

4,108

43,873

Syndax

Pharmaceuticals,

Inc.*

4,260

69,608

Syros

Pharmaceuticals,

Inc.*

4,855

9,613

Talaris

Therapeutics,

Inc.*

2,016

19,011

Taysha

Gene

Therapies,

Inc.*

2,109

16,767

TCR2

Therapeutics,

Inc.*

2,976

9,940

Tenaya

Therapeutics,

Inc.*

1,314

15,663

TG

Therapeutics,

Inc.*

12,289

142,184

Tonix

Pharmaceuticals

Holding

Corp.*

47,813

11,619

Travere

Therapeutics,

Inc.*

5,675

156,062

Trevena,

Inc.*

15,495

8,422

Turning

Point

Therapeutics,

Inc.*

4,397

163,700

Twist

Bioscience

Corp.*

4,532

269,291

Tyra

Biosciences,

Inc.*(a)

1,150

15,076

UroGen

Pharma

Ltd.*

2,025

15,633

Vanda

Pharmaceuticals,

Inc.*

5,469

82,910

Vaxart,

Inc.*(a)

11,318

56,024

Vaxcyte,

Inc.*

3,766

71,705

Nationwide

Small

Cap

Index

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

79

Common

Stocks

Shares

Value

($)

Biotechnology

VBI

Vaccines,

Inc.*

18,498

31,447

Vera

Therapeutics,

Inc.*

946

18,854

Veracyte,

Inc.*

6,471

196,783

Verastem,

Inc.*

17,472

26,732

Vericel

Corp.*

4,459

158,651

Verve

Therapeutics,

Inc.*

1,490

42,942

Viking

Therapeutics,

Inc.*

6,711

24,898

Vincerx

Pharma,

Inc.*

1,215

8,736

Vir

Biotechnology,

Inc.*

5,749

197,363

Viracta

Therapeutics,

Inc.*

3,435

9,206

VistaGen

Therapeutics,

Inc.*

18,127

29,547

Vor

BioPharma,

Inc.*

1,796

14,817

Werewolf

Therapeutics,

Inc.*

2,497

22,748

XBiotech,

Inc.

1,527

16,446

Xencor,

Inc.*

5,407

185,839

Xilio

Therapeutics,

Inc.*

710

9,663

XOMA

Corp.*

616

12,764

Y-mAbs

Therapeutics,

Inc.*

3,311

32,746

Zentalis

Pharmaceuticals,

Inc.*

3,487

199,038

19,384,746

Building

Products

1.3%

AAON,

Inc.

3,974

255,330

American

Woodmark

Corp.*

1,623

97,266

Apogee

Enterprises,

Inc.

2,436

108,767

Caesarstone

Ltd.

2,304

28,408

Cornerstone

Building

Brands,

Inc.*

5,366

79,149

CSW

Industrials,

Inc.

1,417

157,287

Gibraltar

Industries,

Inc.*

3,138

171,962

Griffon

Corp.

4,404

98,606

Insteel

Industries,

Inc.

1,818

68,775

JELD-WEN

Holding,

Inc.*

8,751

206,524

Masonite

International

Corp.*

2,278

226,069

PGT

Innovations,

Inc.*

5,480

104,065

Quanex

Building

Products

Corp.

3,175

69,183

Resideo

Technologies,

Inc.*

13,969

346,152

Simpson

Manufacturing

Co.,

Inc.

4,167

469,996

UFP

Industries,

Inc.

5,759

459,914

View,

Inc.*

13,195

34,703

Zurn

Water

Solutions

Corp.

11,647

355,699

3,337,855

Capital

Markets

1.6%

Artisan

Partners

Asset

Management,

Inc.,

Class

A

5,599

241,933

Assetmark

Financial

Holdings,

Inc.*

1,660

39,823

Associated

Capital

Group,

Inc.,

Class

A

190

8,531

B.

Riley

Financial,

Inc.

1,934

119,076

BGC

Partners,

Inc.,

Class

A

31,428

132,626

Blucora,

Inc.*

4,495

72,909

Brightsphere

Investment

Group,

Inc.

5,496

118,604

Cohen

&

Steers,

Inc.

2,390

199,637

Cowen,

Inc.,

Class

A

2,683

84,997

Diamond

Hill

Investment

Group,

Inc.

288

53,784

Common

Stocks

Shares

Value

($)

Capital

Markets

Donnelley

Financial

Solutions,

Inc.*

2,803

104,328

Federated

Hermes,

Inc.,

Class

B

8,905

294,845

Focus

Financial

Partners,

Inc.,

Class

A*

5,755

289,822

GAMCO

Investors,

Inc.,

Class

A

512

11,525

GCM

Grosvenor,

Inc.,

Class

A(a)

4,036

36,687

Greenhill

&

Co.,

Inc.

1,513

25,237

Hamilton

Lane,

Inc.,

Class

A

3,336

301,775

Houlihan

Lokey,

Inc.

4,904

521,197

Moelis

&

Co.,

Class

A

5,901

333,229

Open

Lending

Corp.,

Class

A*

9,881

187,640

Oppenheimer

Holdings,

Inc.,

Class

A

982

41,627

Piper

Sandler

Cos.

1,672

257,856

PJT

Partners,

Inc.,

Class

A

2,267

157,148

Pzena

Investment

Management,

Inc.,

Class

A

1,606

16,285

Sculptor

Capital

Management,

Inc.

1,922

37,671

StepStone

Group,

Inc.,

Class

A

3,874

135,629

StoneX

Group,

Inc.*

1,594

104,582

Value

Line,

Inc.

100

5,898

Virtus

Investment

Partners,

Inc.

692

181,083

WisdomTree

Investments,

Inc.

12,971

72,767

4,188,751

Chemicals

2.0%

AdvanSix,

Inc.

2,588

108,929

American

Vanguard

Corp.

2,930

44,448

Amyris,

Inc.*(a)

16,368

74,638

Avient

Corp.

8,743

435,139

Balchem

Corp.

3,084

453,163

Cabot

Corp.

5,318

292,437

Chase

Corp.

705

66,890

Danimer

Scientific,

Inc.*(a)

8,565

42,911

Ecovyst,

Inc.

5,063

51,795

Ferro

Corp.*

7,786

169,735

FutureFuel

Corp.

2,709

21,130

GCP

Applied

Technologies,

Inc.*

4,686

149,483

Hawkins,

Inc.

1,821

67,960

HB

Fuller

Co.(a)

4,988

357,989

Ingevity

Corp.*

3,844

253,358

Innospec,

Inc.

2,372

220,501

Intrepid

Potash,

Inc.*

998

38,702

Koppers

Holdings,

Inc.*

1,968

58,804

Kraton

Corp.*

3,005

139,372

Kronos

Worldwide,

Inc.

2,146

30,795

Livent

Corp.*

15,578

358,450

Marrone

Bio

Innovations,

Inc.*

9,493

7,015

Minerals

Technologies,

Inc.

3,186

222,924

Orion

Engineered

Carbons

SA

5,814

99,419

PureCycle

Technologies,

Inc.*

5,049

30,042

Quaker

Chemical

Corp.

1,278

267,319

80

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Chemicals

Rayonier

Advanced

Materials,

Inc.*

5,855

36,477

Sensient

Technologies

Corp.

4,045

342,773

Stepan

Co.

2,062

227,150

Tredegar

Corp.

2,721

31,972

Trinseo

plc

3,688

197,456

Tronox

Holdings

plc,

Class

A

10,962

248,837

Valhi,

Inc.

347

9,213

Zymergen,

Inc.*

7,582

39,426

5,196,652

Commercial

Services

&

Supplies

1.8%

ABM

Industries,

Inc.

6,445

268,692

ACCO

Brands

Corp.

8,832

71,892

Aris

Water

Solution,

Inc.,

Class

A

1,840

21,289

Brady

Corp.,

Class

A

4,512

234,263

BrightView

Holdings,

Inc.*

3,880

51,488

Brink's

Co.

(The)

4,612

321,825

Casella

Waste

Systems,

Inc.,

Class

A*

4,706

357,562

CECO

Environmental

Corp.*

3,326

20,987

Cimpress

plc*

1,682

113,064

CoreCivic,

Inc.*

11,497

116,235

Deluxe

Corp.

4,087

123,019

Ennis,

Inc.

2,418

45,773

Harsco

Corp.*

7,619

119,618

Healthcare

Services

Group,

Inc.

7,170

130,422

Heritage-Crystal

Clean,

Inc.*

1,481

42,371

HNI

Corp.

4,163

174,596

Interface,

Inc.

5,456

72,347

KAR

Auction

Services,

Inc.*

11,793

167,696

Kimball

International,

Inc.,

Class

B

3,733

36,658

Matthews

International

Corp.,

Class

A

2,932

102,972

MillerKnoll,

Inc.

7,172

276,983

Montrose

Environmental

Group,

Inc.*

2,476

113,327

NL

Industries,

Inc.

865

5,622

Pitney

Bowes,

Inc.

12,266

75,559

RR

Donnelley

&

Sons

Co.*

6,714

73,988

SP

Plus

Corp.*

2,192

61,771

Steelcase,

Inc.,

Class

A

8,830

108,962

Team,

Inc.*

2,969

2,117

Tetra

Tech,

Inc.

5,158

717,942

UniFirst

Corp.

1,429

271,639

US

Ecology,

Inc.*

2,985

85,311

Viad

Corp.*

1,911

71,987

VSE

Corp.

1,035

53,385

4,511,362

Communications

Equipment

0.7%

ADTRAN,

Inc.

4,563

87,655

Aviat

Networks,

Inc.*

638

18,515

CalAmp

Corp.*

3,575

21,235

Calix,

Inc.*

5,277

265,328

Cambium

Networks

Corp.*

1,136

27,468

Casa

Systems,

Inc.*

3,315

14,685

Clearfield,

Inc.*

1,159

74,721

Common

Stocks

Shares

Value

($)

Communications

Equipment

Comtech

Telecommunications

Corp.

2,491

50,642

Digi

International,

Inc.*

3,229

72,136

DZS,

Inc.*

1,462

21,404

EMCORE

Corp.*

3,461

20,108

Extreme

Networks,

Inc.*

12,193

154,729

Harmonic,

Inc.*

8,462

91,051

Infinera

Corp.*

17,337

145,978

Inseego

Corp.*(a)

8,190

37,346

KVH

Industries,

Inc.*

1,677

15,093

NETGEAR,

Inc.*

2,880

79,690

NetScout

Systems,

Inc.*

6,761

213,310

Plantronics,

Inc.*

3,981

106,094

Ribbon

Communications,

Inc.*

6,875

30,938

Viavi

Solutions,

Inc.*

22,905

377,016

1,925,142

Construction

&

Engineering

1.6%

Ameresco,

Inc.,

Class

A*

3,000

151,830

API

Group

Corp.*

19,300

430,390

Arcosa,

Inc.

4,634

216,222

Argan,

Inc.

1,414

52,530

Comfort

Systems

USA,

Inc.

3,441

308,933

Concrete

Pumping

Holdings,

Inc.*

2,745

22,537

Construction

Partners,

Inc.,

Class

A*

2,881

75,597

Dycom

Industries,

Inc.*

2,832

238,709

EMCOR

Group,

Inc.

5,098

607,733

Fluor

Corp.*

13,585

285,828

Granite

Construction,

Inc.

4,336

156,009

Great

Lakes

Dredge

&

Dock

Corp.*

6,040

82,688

IES

Holdings,

Inc.*

836

41,215

Infrastructure

and

Energy

Alternatives,

Inc.*

2,728

24,607

INNOVATE

Corp.*(a)

4,487

17,634

Matrix

Service

Co.*

2,636

19,137

MYR

Group,

Inc.*

1,592

149,696

Northwest

Pipe

Co.*

985

27,944

NV5

Global,

Inc.*

1,262

131,993

Primoris

Services

Corp.

5,217

134,181

Sterling

Construction

Co.,

Inc.*

2,870

72,927

Tutor

Perini

Corp.*

4,143

49,302

WillScot

Mobile

Mini

Holdings

Corp.*

20,228

749,245

4,046,887

Construction

Materials

0.2%

Forterra,

Inc.*

2,978

69,893

Summit

Materials,

Inc.,

Class

A*

11,355

403,784

United

States

Lime

&

Minerals,

Inc.

214

27,069

500,746

Consumer

Finance

0.8%

Atlanticus

Holdings

Corp.*

493

31,705

Curo

Group

Holdings

Corp.

1,901

27,241

Encore

Capital

Group,

Inc.*(a)

2,825

182,212

Enova

International,

Inc.*

3,581

144,243

Nationwide

Small

Cap

Index

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

81

Common

Stocks

Shares

Value

($)

Consumer

Finance

EZCORP,

Inc.,

Class

A*

4,554

27,187

FirstCash

Holdings,

Inc.

3,798

264,721

Green

Dot

Corp.,

Class

A*

5,068

160,706

LendingClub

Corp.*

9,359

175,575

LendingTree,

Inc.*

1,141

139,019

Navient

Corp.

15,135

263,803

Nelnet,

Inc.,

Class

A

1,653

146,340

Oportun

Financial

Corp.*

2,015

36,290

PRA

Group,

Inc.*

4,178

194,277

PROG

Holdings,

Inc.*

6,234

248,176

Regional

Management

Corp.

706

35,837

World

Acceptance

Corp.*

417

78,805

2,156,137

Containers

&

Packaging

0.3%

Greif,

Inc.,

Class

A

2,467

145,948

Greif,

Inc.,

Class

B

571

33,917

Myers

Industries,

Inc.

3,713

67,094

O-I

Glass,

Inc.*

15,112

201,141

Pactiv

Evergreen,

Inc.

4,044

44,282

Ranpak

Holdings

Corp.*

3,576

96,051

TriMas

Corp.

4,134

143,698

UFP

Technologies,

Inc.*

662

46,975

779,106

Distributors

0.0%

†

Funko,

Inc.,

Class

A*

2,512

43,407

Greenlane

Holdings,

Inc.,

Class

A*

1,043

795

44,202

Diversified

Consumer

Services

0.7%

2U,

Inc.*

7,139

115,223

Adtalem

Global

Education,

Inc.*

4,855

142,834

American

Public

Education,

Inc.*

1,745

37,326

Carriage

Services,

Inc.

1,465

73,719

Coursera,

Inc.*

6,984

141,845

European

Wax

Center,

Inc.,

Class

A*

1,265

30,917

Graham

Holdings

Co.,

Class

B

367

218,409

Houghton

Mifflin

Harcourt

Co.*

12,047

216,966

Laureate

Education,

Inc.,

Class

A

9,367

118,493

OneSpaWorld

Holdings

Ltd.*

5,379

55,511

Perdoceo

Education

Corp.*

6,668

73,481

PowerSchool

Holdings,

Inc.,

Class

A*

5,084

83,276

Regis

Corp.*

2,444

3,642

StoneMor,

Inc.*

2,971

7,427

Strategic

Education,

Inc.

2,314

138,053

Stride,

Inc.*

3,967

139,123

Udemy,

Inc.*

1,315

21,303

Vivint

Smart

Home,

Inc.*

8,682

62,510

WW

International,

Inc.*

5,088

64,109

1,744,167

Diversified

Financial

Services

0.2%

Alerus

Financial

Corp.

1,429

40,491

A-Mark

Precious

Metals,

Inc.

827

51,191

Common

Stocks

Shares

Value

($)

Diversified

Financial

Services

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

3,144

51,813

Cannae

Holdings,

Inc.*

8,106

242,126

385,621

Diversified

Telecommunication

Services

0.6%

Anterix,

Inc.*

1,055

54,079

ATN

International,

Inc.

1,053

41,783

Bandwidth,

Inc.,

Class

A*

2,225

139,307

Cogent

Communications

Holdings,

Inc.

4,079

259,465

Consolidated

Communications

Holdings,

Inc.*

6,909

49,676

EchoStar

Corp.,

Class

A*

3,570

84,573

Globalstar,

Inc.*(a)

57,528

61,555

IDT

Corp.,

Class

B*

1,897

71,194

Iridium

Communications,

Inc.*

11,361

407,633

Liberty

Latin

America

Ltd.,

Class

A*

4,063

44,449

Liberty

Latin

America

Ltd.,

Class

C*

14,646

158,324

Ooma,

Inc.*

2,215

39,959

Radius

Global

Infrastructure,

Inc.*

5,562

76,533

Telesat

Corp.*

1,318

29,853

1,518,383

Electric

Utilities

0.7%

ALLETE,

Inc.

5,078

324,129

MGE

Energy,

Inc.

3,452

267,288

Otter

Tail

Corp.

3,952

250,557

PNM

Resources,

Inc.

8,189

366,949

Portland

General

Electric

Co.

8,609

452,317

Via

Renewables,

Inc.

1,304

14,918

1,676,158

Electrical

Equipment

1.0%

Advent

Technologies

Holdings,

Inc.*

1,618

6,860

Allied

Motion

Technologies,

Inc.

1,074

38,503

American

Superconductor

Corp.*

2,764

22,665

Array

Technologies,

Inc.*

12,103

127,566

Atkore,

Inc.*

4,410

475,310

AZZ,

Inc.

2,383

113,383

Babcock

&

Wilcox

Enterprises,

Inc.*

5,260

37,346

Beam

Global*

833

10,979

Blink

Charging

Co.*(a)

3,460

72,349

Bloom

Energy

Corp.,

Class

A*

13,464

203,037

Encore

Wire

Corp.

1,889

212,871

EnerSys

4,102

307,363

Eos

Energy

Enterprises,

Inc.*

4,054

16,784

FTC

Solar,

Inc.*

1,802

7,604

FuelCell

Energy,

Inc.*(a)

34,969

148,269

GrafTech

International

Ltd.

19,205

201,268

Powell

Industries,

Inc.

885

26,426

Preformed

Line

Products

Co.

334

20,254

Romeo

Power,

Inc.*(a)

11,880

28,037

82

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Electrical

Equipment

Stem,

Inc.*(a)

10,784

132,427

Thermon

Group

Holdings,

Inc.*

3,123

53,559

TPI

Composites,

Inc.*

3,771

45,516

Vicor

Corp.*

2,026

191,113

2,499,489

Electronic

Equipment,

Instruments

&

Components

2.3%

908

Devices,

Inc.*

1,785

28,239

Advanced

Energy

Industries,

Inc.

3,609

311,024

Aeva

Technologies,

Inc.*

9,995

52,274

Akoustis

Technologies,

Inc.*

4,880

29,524

Arlo

Technologies,

Inc.*

7,715

67,043

Badger

Meter,

Inc.

2,793

282,568

Belden,

Inc.

4,193

234,598

Benchmark

Electronics,

Inc.

3,484

84,104

CTS

Corp.

3,041

102,026

Daktronics,

Inc.*

3,846

18,845

ePlus,

Inc.*

2,526

116,120

Fabrinet*

3,536

400,134

FARO

Technologies,

Inc.*

1,740

94,499

Identiv,

Inc.*

1,958

37,829

II-VI,

Inc.*

10,133

642,432

Insight

Enterprises,

Inc.*

3,299

310,601

Iteris,

Inc.*

4,393

17,484

Itron,

Inc.*

4,327

268,274

Kimball

Electronics,

Inc.*

2,459

48,664

Knowles

Corp.*

8,513

180,561

Luna

Innovations,

Inc.*

3,044

22,191

Methode

Electronics,

Inc.

3,651

160,754

MicroVision,

Inc.*(a)

15,589

53,158

Napco

Security

Technologies,

Inc.*

2,896

60,208

nLight,

Inc.*

4,132

85,491

Novanta,

Inc.*

3,375

466,087

OSI

Systems,

Inc.*

1,634

135,524

Ouster,

Inc.*

14,812

52,138

PAR

Technology

Corp.*(a)

2,383

89,362

PC

Connection,

Inc.

1,152

49,939

Plexus

Corp.*

2,676

207,444

Rogers

Corp.*

1,790

488,580

Sanmina

Corp.*

6,087

230,210

ScanSource,

Inc.*

2,385

74,364

TTM

Technologies,

Inc.*

9,976

134,277

Velodyne

Lidar,

Inc.*(a)

8,043

31,448

Vishay

Intertechnology,

Inc.

12,636

261,692

Vishay

Precision

Group,

Inc.*

1,184

37,924

5,967,634

Energy

Equipment

&

Services

1.0%

Archrock,

Inc.

12,502

105,517

Aspen

Aerogels,

Inc.*

2,143

63,647

Bristow

Group,

Inc.*

2,262

74,307

Cactus,

Inc.,

Class

A

5,302

256,935

ChampionX

Corp.*

19,506

436,934

DMC

Global,

Inc.*

1,761

71,039

Dril-Quip,

Inc.*

3,363

85,050

Expro

Group

Holdings

NV*

4,396

68,841

FTS

International,

Inc.,

Class

A*

842

22,187

Common

Stocks

Shares

Value

($)

Energy

Equipment

&

Services

Helix

Energy

Solutions

Group,

Inc.*

13,563

47,877

Helmerich

&

Payne,

Inc.

10,072

289,066

Liberty

Oilfield

Services,

Inc.,

Class

A*

8,641

104,556

Nabors

Industries

Ltd.*(a)

665

68,834

National

Energy

Services

Reunited

Corp.*

3,805

37,784

Newpark

Resources,

Inc.*

8,796

31,226

NexTier

Oilfield

Solutions,

Inc.*

16,517

99,432

Oceaneering

International,

Inc.*

9,703

126,430

Oil

States

International,

Inc.*

6,072

38,072

Patterson-UTI

Energy,

Inc.

17,898

178,264

ProPetro

Holding

Corp.*

8,602

90,407

RPC,

Inc.*

5,861

34,639

Select

Energy

Services,

Inc.,

Class

A*

5,884

39,246

Solaris

Oilfield

Infrastructure,

Inc.,

Class

A

2,867

22,105

TETRA

Technologies,

Inc.*

11,629

34,073

Tidewater,

Inc.*

4,200

59,598

US

Silica

Holdings,

Inc.*

6,960

66,468

2,552,534

Entertainment

0.6%

AMC

Entertainment

Holdings,

Inc.,

Class

A*(a)

49,369

792,866

Chicken

Soup

For

The

Soul

Entertainment,

Inc.*

672

6,834

Cinemark

Holdings,

Inc.*(a)

10,241

154,639

CuriosityStream,

Inc.*

2,466

10,924

Eros

STX

Global

Corp.*

30,101

6,412

IMAX

Corp.*

4,722

81,454

Liberty

Media

Corp.-Liberty

Braves,

Class

C*

3,430

92,610

Liberty

Media

Corp-Liberty

Braves,

Class

A*

1,076

30,182

Lions

Gate

Entertainment

Corp.,

Class

A*(a)

5,519

86,538

Lions

Gate

Entertainment

Corp.,

Class

B*

11,492

167,553

LiveOne,

Inc.*

5,025

4,715

Madison

Square

Garden

Entertainment

Corp.*

2,497

176,863

Marcus

Corp.

(The)*(a)

2,314

38,991

1,650,581

Equity

Real

Estate

Investment

Trusts

(REITs)

6.8%

Acadia

Realty

Trust

8,032

158,953

Agree

Realty

Corp.

6,587

430,658

Alexander

&

Baldwin,

Inc.

6,930

159,043

Alexander's,

Inc.

219

57,656

American

Assets

Trust,

Inc.

4,733

170,246

American

Finance

Trust,

Inc.

11,875

98,087

Apartment

Investment

and

Management

Co.,

Class

A*

14,115

99,228

Apple

Hospitality

REIT,

Inc.

20,644

332,988

Armada

Hoffler

Properties,

Inc.

5,989

84,026

Ashford

Hospitality

Trust,

Inc.*

1,719

13,391

Nationwide

Small

Cap

Index

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

83

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Braemar

Hotels

&

Resorts,

Inc.*

5,464

29,232

Brandywine

Realty

Trust

16,082

206,815

Broadstone

Net

Lease,

Inc.

15,054

347,898

BRT

Apartments

Corp.

1,127

25,008

CareTrust

REIT,

Inc.

9,146

193,987

CatchMark

Timber

Trust,

Inc.,

Class

A

4,635

38,007

Centerspace

1,367

130,384

Chatham

Lodging

Trust*

4,758

63,139

City

Office

REIT,

Inc.

4,048

72,176

Clipper

Realty,

Inc.

1,519

13,929

Community

Healthcare

Trust,

Inc.

2,343

106,232

CorePoint

Lodging,

Inc.*

4,061

63,798

Corporate

Office

Properties

Trust

10,805

272,934

CTO

Realty

Growth,

Inc.

606

35,506

DiamondRock

Hospitality

Co.*

19,361

181,025

DigitalBridge

Group,

Inc.*

46,526

339,640

Diversified

Healthcare

Trust

22,423

68,390

Easterly

Government

Properties,

Inc.

8,283

173,695

EastGroup

Properties,

Inc.

3,866

772,852

Empire

State

Realty

Trust,

Inc.,

Class

A

13,552

120,884

Equity

Commonwealth*

11,219

292,143

Essential

Properties

Realty

Trust,

Inc.

11,586

307,608

Farmland

Partners,

Inc.

2,680

30,525

Four

Corners

Property

Trust,

Inc.

7,390

200,047

Franklin

Street

Properties

Corp.

9,714

53,913

GEO

Group,

Inc.

(The)*

10,262

69,063

Getty

Realty

Corp.

3,776

112,034

Gladstone

Commercial

Corp.

3,638

84,365

Gladstone

Land

Corp.

2,898

88,331

Global

Medical

REIT,

Inc.

5,727

96,844

Global

Net

Lease,

Inc.

9,977

143,070

Healthcare

Realty

Trust,

Inc.

14,085

436,917

Hersha

Hospitality

Trust*

3,477

31,363

Independence

Realty

Trust,

Inc.

10,055

231,164

Indus

Realty

Trust,

Inc.

551

43,281

Industrial

Logistics

Properties

Trust

6,357

145,766

Innovative

Industrial

Properties,

Inc.

2,272

450,288

iStar,

Inc.

6,134

131,697

Kite

Realty

Group

Trust

20,775

433,782

LTC

Properties,

Inc.

3,749

135,226

LXP

Industrial

Trust

26,503

394,630

Macerich

Co.

(The)

20,456

338,342

Monmouth

Real

Estate

Investment

Corp.

9,235

193,843

National

Health

Investors,

Inc.

4,146

239,763

National

Storage

Affiliates

Trust

7,771

478,383

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

NETSTREIT

Corp.

3,761

84,999

NexPoint

Residential

Trust,

Inc.

2,116

167,799

Office

Properties

Income

Trust

4,572

116,495

One

Liberty

Properties,

Inc.

1,527

46,573

Outfront

Media,

Inc.

13,920

345,773

Paramount

Group,

Inc.

17,693

153,752

Pebblebrook

Hotel

Trust

12,434

269,196

Phillips

Edison

&

Co.,

Inc.

1,768

55,727

Physicians

Realty

Trust

21,089

385,085

Piedmont

Office

Realty

Trust,

Inc.,

Class

A

11,862

210,669

Plymouth

Industrial

REIT,

Inc.

2,991

85,991

Postal

Realty

Trust,

Inc.,

Class

A

1,142

20,419

PotlatchDeltic

Corp.

6,317

339,791

Preferred

Apartment

Communities,

Inc.,

Class

A

4,951

82,583

PS

Business

Parks,

Inc.

1,922

320,897

Retail

Opportunity

Investments

Corp.

11,370

210,686

Retail

Value,

Inc.

1,624

5,116

RLJ

Lodging

Trust

15,821

219,121

RPT

Realty

8,009

101,074

Ryman

Hospitality

Properties,

Inc.*

5,145

454,818

Sabra

Health

Care

REIT,

Inc.

21,846

297,324

Safehold,

Inc.

1,965

121,634

Saul

Centers,

Inc.

1,206

59,552

Seritage

Growth

Properties,

Class

A*

3,544

36,716

Service

Properties

Trust

15,554

132,987

SITE

Centers

Corp.

16,421

243,195

STAG

Industrial,

Inc.

16,871

720,898

Summit

Hotel

Properties,

Inc.*

9,803

92,344

Sunstone

Hotel

Investors,

Inc.*

21,101

238,652

Tanger

Factory

Outlet

Centers,

Inc.

9,785

166,443

Terreno

Realty

Corp.

7,054

527,428

UMH

Properties,

Inc.

4,059

95,792

Uniti

Group,

Inc.

19,112

230,491

Universal

Health

Realty

Income

Trust

1,227

71,534

Urban

Edge

Properties

10,974

200,166

Urstadt

Biddle

Properties,

Inc.,

Class

A

2,993

58,932

Veris

Residential,

Inc.*

8,399

138,583

Washington

REIT

8,099

199,397

Whitestone

REIT

4,399

44,914

Xenia

Hotels

&

Resorts,

Inc.*

10,899

188,989

17,564,730

Food

&

Staples

Retailing

1.0%

Andersons,

Inc.

(The)

3,071

117,005

BJ's

Wholesale

Club

Holdings,

Inc.*

13,110

805,872

Chefs'

Warehouse,

Inc.

(The)*

3,166

94,473

HF

Foods

Group,

Inc.*

3,603

25,005

Ingles

Markets,

Inc.,

Class

A

1,331

102,394

MedAvail

Holdings,

Inc.*

1,110

1,598

84

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Food

&

Staples

Retailing

Natural

Grocers

by

Vitamin

Cottage,

Inc.

867

12,658

Performance

Food

Group

Co.*

14,501

611,797

PriceSmart,

Inc.

2,220

158,530

Rite

Aid

Corp.*(a)

5,286

56,085

SpartanNash

Co.

3,424

84,128

Sprouts

Farmers

Market,

Inc.*

10,807

293,302

United

Natural

Foods,

Inc.*

5,288

205,069

Village

Super

Market,

Inc.,

Class

A

852

19,468

Weis

Markets,

Inc.

1,559

93,914

2,681,298

Food

Products

1.0%

AppHarvest,

Inc.*(a)

6,581

19,677

B&G

Foods,

Inc.(a)

6,070

188,777

Calavo

Growers,

Inc.

1,637

67,788

Cal-Maine

Foods,

Inc.

3,861

150,579

Fresh

Del

Monte

Produce,

Inc.

3,151

87,692

Hostess

Brands,

Inc.*

13,217

271,213

J

&

J

Snack

Foods

Corp.

1,391

211,001

John

B

Sanfilippo

&

Son,

Inc.

905

71,586

Laird

Superfood,

Inc.*

637

5,077

Lancaster

Colony

Corp.

1,816

288,326

Landec

Corp.*

2,718

29,218

Limoneira

Co.

1,661

24,682

Mission

Produce,

Inc.*

3,514

50,145

Sanderson

Farms,

Inc.

1,925

354,200

Seneca

Foods

Corp.,

Class

A*

660

30,855

Simply

Good

Foods

Co.

(The)*

8,143

286,878

Sovos

Brands,

Inc.*

2,433

35,692

Tattooed

Chef,

Inc.*(a)

4,431

56,274

Tootsie

Roll

Industries,

Inc.

1,360

46,172

TreeHouse

Foods,

Inc.*

4,927

190,823

Utz

Brands,

Inc.(a)

5,587

90,007

Vita

Coco

Co.,

Inc.

(The)*

1,054

11,499

Vital

Farms,

Inc.*

2,448

40,465

Whole

Earth

Brands,

Inc.*

3,541

33,569

2,642,195

Gas

Utilities

1.0%

Brookfield

Infrastructure

Corp.,

Class

A(a)

5,906

391,686

Chesapeake

Utilities

Corp.

1,633

222,431

New

Jersey

Resources

Corp.

9,242

371,621

Northwest

Natural

Holding

Co.

2,957

139,985

ONE

Gas,

Inc.

5,045

392,955

South

Jersey

Industries,

Inc.

9,763

244,270

Southwest

Gas

Holdings,

Inc.

(a)

5,779

394,012

Spire,

Inc.

4,912

323,799

2,480,759

Health

Care

Equipment

&

Supplies

3.1%

Accelerate

Diagnostics,

Inc.*

3,444

11,469

Accuray,

Inc.*

9,387

34,263

Acutus

Medical,

Inc.*

1,469

3,335

Alphatec

Holdings,

Inc.*

6,694

69,216

AngioDynamics,

Inc.*

3,507

75,856

Apyx

Medical

Corp.*

3,347

38,490

Artivion,

Inc.*

3,603

64,133

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

Asensus

Surgical,

Inc.*(a)

22,171

19,661

Aspira

Women's

Health,

Inc.*

6,888

8,334

AtriCure,

Inc.*

4,298

282,121

Atrion

Corp.

134

81,125

Avanos

Medical,

Inc.*

4,580

138,591

Axogen,

Inc.*

3,771

32,845

Axonics,

Inc.*

4,473

212,154

BioLife

Solutions,

Inc.*

982

29,303

Bioventus,

Inc.,

Class

A*

2,744

35,754

Butterfly

Network,

Inc.*(a)

11,809

68,492

Cardiovascular

Systems,

Inc.*

3,736

65,642

Cerus

Corp.*

15,938

85,428

ClearPoint

Neuro,

Inc.*

1,783

15,744

CONMED

Corp.

2,784

383,023

CryoPort,

Inc.*

3,843

160,522

Cue

Health,

Inc.*(a)

1,379

12,108

Cutera,

Inc.*

1,573

57,273

CVRx,

Inc.*

777

6,449

CytoSorbents

Corp.*

4,346

16,167

DarioHealth

Corp.*

1,277

11,199

Eargo,

Inc.*

2,881

13,858

Glaukos

Corp.*

4,334

230,742

Haemonetics

Corp.*

4,825

233,289

Heska

Corp.*

958

131,802

Inari

Medical,

Inc.*

3,286

241,718

Inogen,

Inc.*

1,882

55,952

Integer

Holdings

Corp.*

3,113

244,090

Intersect

ENT,

Inc.*

3,339

91,489

Invacare

Corp.*

3,490

7,852

iRadimed

Corp.*

520

20,706

iRhythm

Technologies,

Inc.*

2,824

352,520

Lantheus

Holdings,

Inc.*

6,395

162,497

LeMaitre

Vascular,

Inc.

1,747

73,916

LivaNova

plc*

5,113

384,037

Meridian

Bioscience,

Inc.*

4,041

84,255

Merit

Medical

Systems,

Inc.*

4,909

272,204

Mesa

Laboratories,

Inc.

476

135,341

Natus

Medical,

Inc.*

3,144

72,438

Neogen

Corp.*

10,296

375,495

Neuronetics,

Inc.*

2,367

8,474

NeuroPace,

Inc.*

660

5,320

Nevro

Corp.*

3,353

220,292

NuVasive,

Inc.*

4,955

257,710

OraSure

Technologies,

Inc.*

6,842

60,552

Ortho

Clinical

Diagnostics

Holdings

plc*

11,391

197,748

Orthofix

Medical,

Inc.*

1,884

57,274

OrthoPediatrics

Corp.*

1,320

62,423

Outset

Medical,

Inc.*

4,481

166,648

Paragon

28,

Inc.*

857

12,898

PAVmed,

Inc.*

6,436

11,070

PROCEPT

BioRobotics

Corp.*

684

12,681

Pulmonx

Corp.*

2,633

64,114

Pulse

Biosciences,

Inc.*

1,452

17,656

Quotient

Ltd.*

7,746

12,549

Retractable

Technologies,

Inc.*(a)

1,297

7,082

RxSight,

Inc.*

796

8,191

SeaSpine

Holdings

Corp.*

3,203

38,372

Senseonics

Holdings,

Inc.*(a)

41,335

110,778

Nationwide

Small

Cap

Index

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

85

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

Shockwave

Medical,

Inc.*

3,230

468,253

SI-BONE,

Inc.*

2,966

58,430

Sientra,

Inc.*

5,294

14,876

Sight

Sciences,

Inc.*

1,051

15,376

Silk

Road

Medical,

Inc.*

3,284

107,748

STAAR

Surgical

Co.*

4,552

331,021

Stereotaxis,

Inc.*

4,636

25,544

Surmodics,

Inc.*

1,282

58,562

Tactile

Systems

Technology,

Inc.*

1,898

29,931

Talis

Biomedical

Corp.*

1,317

3,885

TransMedics

Group,

Inc.*

2,599

41,246

Treace

Medical

Concepts,

Inc.*

2,844

51,590

Utah

Medical

Products,

Inc.

343

32,266

Vapotherm,

Inc.*

2,035

32,906

Varex

Imaging

Corp.*

3,650

95,265

ViewRay,

Inc.*

13,646

59,360

Zynex,

Inc.(a)

2,132

16,885

7,977,874

Health

Care

Providers

&

Services

2.8%

1Life

Healthcare,

Inc.*

11,049

123,307

Accolade,

Inc.*

4,970

94,927

AdaptHealth

Corp.*

6,854

129,541

Addus

HomeCare

Corp.*

1,497

119,506

Agiliti,

Inc.*

2,513

48,074

AirSculpt

Technologies,

Inc.*(a)

628

9,238

Alignment

Healthcare,

Inc.*

7,503

57,023

AMN

Healthcare

Services,

Inc.*

4,509

456,942

Apollo

Medical

Holdings,

Inc.*(a)

3,599

185,277

Apria,

Inc.*

1,877

70,219

Aveanna

Healthcare

Holdings,

Inc.*

3,656

20,071

Biodesix,

Inc.*

1,164

4,644

Brookdale

Senior

Living,

Inc.*

17,843

94,389

Castle

Biosciences,

Inc.*

2,019

87,322

Community

Health

Systems,

Inc.*

11,774

149,412

CorVel

Corp.*

840

147,941

Covetrus,

Inc.*

9,807

177,212

Cross

Country

Healthcare,

Inc.*

3,635

78,189

Ensign

Group,

Inc.

(The)

5,060

381,676

Fulgent

Genetics,

Inc.*(a)

1,996

127,485

Hanger,

Inc.*

3,555

64,452

HealthEquity,

Inc.*

7,877

420,947

InfuSystem

Holdings,

Inc.*

2,024

30,562

Innovage

Holding

Corp.*

1,737

9,067

Joint

Corp.

(The)*

1,297

70,090

LHC

Group,

Inc.*

2,941

364,978

LifeStance

Health

Group,

Inc.*(a)

4,379

33,412

MEDNAX,

Inc.*

7,311

178,754

ModivCare,

Inc.*

1,193

138,304

National

HealthCare

Corp.

1,187

77,630

National

Research

Corp.

1,401

58,282

Common

Stocks

Shares

Value

($)

Health

Care

Providers

&

Services

Ontrak,

Inc.*

799

2,765

Option

Care

Health,

Inc.*

15,204

355,317

Owens

&

Minor,

Inc.

6,983

293,914

Patterson

Cos.,

Inc.

8,078

231,758

Pennant

Group,

Inc.

(The)*

2,429

40,370

PetIQ,

Inc.*

2,580

52,735

Privia

Health

Group,

Inc.*

1,543

32,835

Progyny,

Inc.*

6,129

248,224

R1

RCM,

Inc.*

11,363

270,212

RadNet,

Inc.*

4,345

111,884

Select

Medical

Holdings

Corp.

10,664

247,725

Sharps

Compliance

Corp.*

1,434

9,679

SOC

Telemed,

Inc.*

3,879

2,790

Surgery

Partners,

Inc.*

3,250

138,677

Tenet

Healthcare

Corp.*

10,144

751,873

Tivity

Health,

Inc.*

4,158

105,780

Triple-S

Management

Corp.,

Class

B*

2,275

81,877

US

Physical

Therapy,

Inc.(a)

1,226

118,640

Viemed

Healthcare,

Inc.*

3,627

16,793

7,122,721

Health

Care

Technology

1.1%

Allscripts

Healthcare

Solutions,

Inc.*

11,692

236,412

American

Well

Corp.,

Class

A*

17,272

81,697

Castlight

Health,

Inc.,

Class

B*

11,316

23,085

Computer

Programs

&

Systems,

Inc.*

1,315

37,241

Convey

Health

Solutions

Holdings,

Inc.*

1,287

10,026

Evolent

Health,

Inc.,

Class

A*

7,624

180,765

Forian,

Inc.

1,720

14,190

Health

Catalyst,

Inc.*

4,999

149,220

HealthStream,

Inc.*

2,396

58,343

iCAD,

Inc.*

2,093

11,700

Inspire

Medical

Systems,

Inc.*

2,574

569,600

Multiplan

Corp.*(a)

36,341

146,454

NantHealth,

Inc.*

2,484

1,981

NextGen

Healthcare,

Inc.*

5,322

102,768

Omnicell,

Inc.*

4,187

628,636

OptimizeRx

Corp.*

1,677

75,348

Phreesia,

Inc.*

4,736

147,716

Schrodinger,

Inc.*

4,294

121,735

Simulations

Plus,

Inc.

1,449

61,611

Tabula

Rasa

HealthCare,

Inc.*

2,169

23,403

Vocera

Communications,

Inc.*

3,299

260,654

2,942,585

Hotels,

Restaurants

&

Leisure

2.4%

Accel

Entertainment,

Inc.*

5,387

67,930

Bally's

Corp.*

3,094

110,580

Biglari

Holdings,

Inc.,

Class

B*

64

7,584

BJ's

Restaurants,

Inc.*

2,108

63,430

Bloomin'

Brands,

Inc.*

8,473

172,256

Bluegreen

Vacations

Holding

Corp.*

1,539

46,124

Brinker

International,

Inc.*

4,306

143,002

Carrols

Restaurant

Group,

Inc.

3,655

9,028

Century

Casinos,

Inc.*

2,834

28,198

86

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Cheesecake

Factory,

Inc.

(The)*

4,453

158,883

Chuy's

Holdings,

Inc.*

2,015

50,798

Cracker

Barrel

Old

Country

Store,

Inc.

2,269

270,329

Dave

&

Buster's

Entertainment,

Inc.*

4,096

146,596

Del

Taco

Restaurants,

Inc.

2,880

35,914

Denny's

Corp.*

5,803

89,946

Dine

Brands

Global,

Inc.

1,559

105,778

Drive

Shack,

Inc.*

7,828

10,959

El

Pollo

Loco

Holdings,

Inc.*

1,956

26,093

Esports

Technologies,

Inc.*

1,044

12,549

Everi

Holdings,

Inc.*

8,172

161,560

F45

Training

Holdings,

Inc.*

1,934

24,194

Fiesta

Restaurant

Group,

Inc.*

1,831

17,340

First

Watch

Restaurant

Group,

Inc.*

1,038

15,612

Full

House

Resorts,

Inc.*

3,100

27,373

GAN

Ltd.*

3,945

27,181

Golden

Entertainment,

Inc.*

1,642

73,857

Golden

Nugget

Online

Gaming,

Inc.*

3,763

30,255

Hall

of

Fame

Resort

&

Entertainment

Co.*

5,210

6,044

Hilton

Grand

Vacations,

Inc.*

8,184

399,870

International

Game

Technology

plc

9,564

256,028

Jack

in

the

Box,

Inc.

2,059

187,472

Krispy

Kreme,

Inc.

2,072

31,059

Kura

Sushi

USA,

Inc.,

Class

A*

462

21,321

Life

Time

Group

Holdings,

Inc.*

3,680

55,274

Lindblad

Expeditions

Holdings,

Inc.*

3,228

54,456

Monarch

Casino

&

Resort,

Inc.*

1,231

76,199

Nathan's

Famous,

Inc.

305

16,433

NEOGAMES

SA*

989

23,410

Noodles

&

Co.*

3,955

33,262

ONE

Group

Hospitality,

Inc.

(The)*

1,852

23,335

Papa

John's

International,

Inc.

3,164

390,596

PlayAGS,

Inc.*

2,786

21,703

Portillo's,

Inc.,

Class

A*(a)

2,225

59,074

RCI

Hospitality

Holdings,

Inc.

859

60,018

Red

Robin

Gourmet

Burgers,

Inc.*

1,590

23,452

Red

Rock

Resorts,

Inc.,

Class

A

5,705

253,987

Rush

Street

Interactive,

Inc.*

4,959

50,284

Ruth's

Hospitality

Group,

Inc.*

3,349

67,080

Scientific

Games

Corp.*

9,198

530,725

SeaWorld

Entertainment,

Inc.*

4,926

293,491

Shake

Shack,

Inc.,

Class

A*

3,606

238,248

Target

Hospitality

Corp.*

2,500

8,275

Texas

Roadhouse,

Inc.

6,696

571,771

Wingstop,

Inc.

2,855

437,529

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Xponential

Fitness,

Inc.,

Class

A*

878

15,330

6,139,075

Household

Durables

1.9%

Aterian,

Inc.*

1,875

6,075

Bassett

Furniture

Industries,

Inc.

882

16,370

Beazer

Homes

USA,

Inc.*

2,931

53,461

Cavco

Industries,

Inc.*

875

235,760

Century

Communities,

Inc.

2,875

189,319

Ethan

Allen

Interiors,

Inc.

2,155

54,328

Flexsteel

Industries,

Inc.

629

15,668

GoPro,

Inc.,

Class

A*

12,312

109,084

Green

Brick

Partners,

Inc.*

2,913

68,980

Hamilton

Beach

Brands

Holding

Co.,

Class

A

704

9,758

Helen

of

Troy

Ltd.*

2,306

482,715

Hooker

Furnishings

Corp.

1,149

25,324

Hovnanian

Enterprises,

Inc.,

Class

A*

485

46,987

Installed

Building

Products,

Inc.

2,258

250,164

iRobot

Corp.*(a)

2,566

168,124

KB

Home

7,601

321,142

Landsea

Homes

Corp.*

1,027

7,466

La-Z-Boy,

Inc.

4,325

158,771

Legacy

Housing

Corp.*

854

21,145

LGI

Homes,

Inc.*

2,066

257,238

Lifetime

Brands,

Inc.

1,270

19,685

Lovesac

Co.

(The)*

1,259

67,797

M/I

Homes,

Inc.*

2,700

143,073

MDC

Holdings,

Inc.

5,409

274,182

Meritage

Homes

Corp.*

3,536

360,778

Purple

Innovation,

Inc.*

5,433

45,203

Skyline

Champion

Corp.*

5,025

338,384

Snap

One

Holdings

Corp.*(a)

1,253

23,569

Sonos,

Inc.*

11,501

290,055

Taylor

Morrison

Home

Corp.*

11,509

353,211

Traeger,

Inc.*

2,128

21,684

TRI

Pointe

Group,

Inc.*

10,661

253,838

Tupperware

Brands

Corp.*

4,685

72,243

Universal

Electronics,

Inc.*

1,214

43,085

VOXX

International

Corp.*

1,475

16,299

Vuzix

Corp.*(a)

5,561

36,313

Weber,

Inc.,

Class

A(a)

1,605

17,398

4,874,676

Household

Products

0.3%

Central

Garden

&

Pet

Co.*

924

42,864

Central

Garden

&

Pet

Co.,

Class

A*

3,835

166,171

Energizer

Holdings,

Inc.

6,511

244,878

Oil-Dri

Corp.

of

America

538

18,303

WD-40

Co.

1,307

290,494

762,710

Independent

Power

and

Renewable

Electricity

Producers

0.3%

Clearway

Energy,

Inc.,

Class

A

3,334

102,854

Clearway

Energy,

Inc.,

Class

C

7,776

261,896

Nationwide

Small

Cap

Index

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

87

Common

Stocks

Shares

Value

($)

Independent

Power

and

Renewable

Electricity

Producers

Ormat

Technologies,

Inc.(a)

4,329

295,065

Sunnova

Energy

International,

Inc.*

8,231

161,821

821,636

Insurance

2.0%

Ambac

Financial

Group,

Inc.*

4,312

61,101

American

Equity

Investment

Life

Holding

Co.

7,912

325,500

American

National

Group,

Inc.

706

133,286

AMERISAFE,

Inc.

1,841

96,689

Argo

Group

International

Holdings

Ltd.

3,004

170,567

Bright

Health

Group,

Inc.*

5,006

13,917

BRP

Group,

Inc.,

Class

A*

4,598

140,331

Citizens,

Inc.*

5,129

24,363

CNO

Financial

Group,

Inc.

11,642

290,351

Crawford

&

Co.,

Class

A

1,679

12,777

Donegal

Group,

Inc.,

Class

A

1,195

17,148

eHealth,

Inc.*

2,314

50,561

Employers

Holdings,

Inc.

2,699

105,531

Enstar

Group

Ltd.*

1,187

314,650

Genworth

Financial,

Inc.,

Class

A*

48,050

187,395

Goosehead

Insurance,

Inc.,

Class

A

1,729

170,445

Greenlight

Capital

Re

Ltd.,

Class

A*

2,858

20,692

HCI

Group,

Inc.

537

36,446

Heritage

Insurance

Holdings,

Inc.

2,629

16,379

Horace

Mann

Educators

Corp.

3,954

150,291

Independence

Holding

Co.

452

25,741

Investors

Title

Co.

135

26,999

James

River

Group

Holdings

Ltd.

2,974

84,224

Kinsale

Capital

Group,

Inc.

2,057

412,058

Maiden

Holdings

Ltd.*

6,587

18,378

MBIA,

Inc.*

4,952

67,694

MetroMile,

Inc.*

9,211

15,290

National

Western

Life

Group,

Inc.,

Class

A

243

51,970

NI

Holdings,

Inc.*

857

16,540

Palomar

Holdings,

Inc.*

2,329

122,855

ProAssurance

Corp.

5,093

122,028

RLI

Corp.

3,828

401,098

Safety

Insurance

Group,

Inc.

1,372

112,957

Selective

Insurance

Group,

Inc.

5,684

448,468

Selectquote,

Inc.*

12,915

95,442

SiriusPoint

Ltd.*

8,441

71,495

State

Auto

Financial

Corp.

1,801

93,112

Stewart

Information

Services

Corp.

2,529

180,646

Tiptree,

Inc.

2,044

25,325

Trean

Insurance

Group,

Inc.*

1,839

14,841

Trupanion,

Inc.*

3,652

347,853

United

Fire

Group,

Inc.

2,154

53,721

Common

Stocks

Shares

Value

($)

Insurance

United

Insurance

Holdings

Corp.

2,059

8,318

Universal

Insurance

Holdings,

Inc.

2,884

49,720

5,205,193

Interactive

Media

&

Services

0.6%

Cargurus,

Inc.*

9,131

291,279

Cars.com,

Inc.*

6,546

101,986

Eventbrite,

Inc.,

Class

A*

7,312

104,781

EverQuote,

Inc.,

Class

A*

1,856

30,550

fuboTV,

Inc.*

12,777

137,225

Liberty

TripAdvisor

Holdings,

Inc.,

Class

A*

7,531

16,945

MediaAlpha,

Inc.,

Class

A*

2,082

30,918

Outbrain,

Inc.*

791

9,982

QuinStreet,

Inc.*

4,988

80,257

TrueCar,

Inc.*

10,595

36,447

Yelp,

Inc.*

6,845

236,426

Ziff

Davis,

Inc.*

4,171

438,205

1,515,001

Internet

&

Direct

Marketing

Retail

0.5%

1-800-Flowers.com,

Inc.,

Class

A*

2,631

44,806

1stdibs.com,

Inc.*

644

6,633

aka

Brands

Holding

Corp.*

912

6,466

CarParts.com,

Inc.*

4,490

41,308

Duluth

Holdings,

Inc.,

Class

B*

1,128

17,010

Groupon,

Inc.*(a)

2,399

73,265

Lands'

End,

Inc.*

1,408

25,809

Liquidity

Services,

Inc.*

2,640

50,239

Lulu's

Fashion

Lounge

Holdings,

Inc.*

555

5,361

Overstock.com,

Inc.*(a)

4,120

197,513

PetMed

Express,

Inc.

1,978

51,092

Porch

Group,

Inc.*(a)

7,274

76,741

Quotient

Technology,

Inc.*

8,964

63,734

RealReal,

Inc.

(The)*

7,451

70,412

Rent

the

Runway,

Inc.,

Class

A*

1,623

9,365

Revolve

Group,

Inc.*

3,434

169,365

Shutterstock,

Inc.

2,240

217,213

Stitch

Fix,

Inc.,

Class

A*

7,702

126,544

Xometry,

Inc.,

Class

A*

761

39,267

1,292,143

IT

Services

1.6%

BigCommerce

Holdings,

Inc.,

Series

1*

4,575

149,557

Brightcove,

Inc.*

4,060

38,286

Cantaloupe,

Inc.*

5,521

46,376

Cass

Information

Systems,

Inc.

1,255

51,053

Conduent,

Inc.*

16,082

76,068

CSG

Systems

International,

Inc.

3,081

174,908

DigitalOcean

Holdings,

Inc.*

4,853

278,271

EVERTEC,

Inc.

5,793

252,807

Evo

Payments,

Inc.,

Class

A*

4,754

114,666

ExlService

Holdings,

Inc.*

3,141

378,553

88

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

IT

Services

Flywire

Corp.*(a)

5,958

167,956

GreenBox

POS*(a)

1,646

6,337

Grid

Dynamics

Holdings,

Inc.*

4,349

115,901

Hackett

Group,

Inc.

(The)

2,349

44,960

I3

Verticals,

Inc.,

Class

A*

2,297

53,153

IBEX

Holdings

Ltd.*

552

8,015

International

Money

Express,

Inc.*

2,896

46,365

Limelight

Networks,

Inc.*

12,467

53,234

LiveRamp

Holdings,

Inc.*

6,340

283,081

MAXIMUS,

Inc.

5,866

453,559

MoneyGram

International,

Inc.*

8,972

78,684

Paya

Holdings,

Inc.*

7,790

51,024

Perficient,

Inc.*

3,113

326,305

Priority

Technology

Holdings,

Inc.*

732

4,436

Rackspace

Technology,

Inc.*

5,096

63,751

Remitly

Global,

Inc.*

1,161

14,129

Repay

Holdings

Corp.*

8,284

148,201

StarTek,

Inc.*

1,992

10,139

TTEC

Holdings,

Inc.

1,752

140,318

Tucows,

Inc.,

Class

A*(a)

959

75,761

Unisys

Corp.*

6,278

114,574

Verra

Mobility

Corp.*

13,764

218,022

4,038,450

Leisure

Products

0.5%

Acushnet

Holdings

Corp.

3,249

151,728

American

Outdoor

Brands,

Inc.*

1,410

23,378

AMMO,

Inc.*(a)

8,211

38,099

Callaway

Golf

Co.*

11,070

264,130

Clarus

Corp.

2,530

57,001

Escalade,

Inc.

1,062

15,187

Genius

Brands

International,

Inc.*

26,744

23,527

Johnson

Outdoors,

Inc.,

Class

A

496

44,749

Latham

Group,

Inc.*(a)

3,018

50,340

Malibu

Boats,

Inc.,

Class

A*

2,001

131,386

Marine

Products

Corp.

694

8,508

MasterCraft

Boat

Holdings,

Inc.*

1,895

48,190

Nautilus,

Inc.*

2,823

14,397

Smith

&

Wesson

Brands,

Inc.

4,522

77,236

Solo

Brands,

Inc.,

Class

A*

1,108

12,365

Sturm

Ruger

&

Co.,

Inc.

1,628

109,450

Vista

Outdoor,

Inc.*

5,539

213,695

1,283,366

Life

Sciences

Tools

&

Services

0.7%

Absci

Corp.*

1,309

8,810

Akoya

Biosciences,

Inc.*

1,283

14,575

Alpha

Teknova,

Inc.*

657

10,367

Berkeley

Lights,

Inc.*

4,899

47,569

Bionano

Genomics,

Inc.*(a)

27,903

61,945

ChromaDex

Corp.*

4,369

12,277

Codex

DNA,

Inc.*

742

5,817

Codexis,

Inc.*

5,840

119,720

Cytek

Biosciences,

Inc.*

1,515

22,058

Common

Stocks

Shares

Value

($)

Life

Sciences

Tools

&

Services

Fluidigm

Corp.*(a)

7,727

25,267

Harvard

Bioscience,

Inc.*

3,924

22,838

Inotiv,

Inc.*

1,414

45,234

MaxCyte,

Inc.*

9,076

58,631

Medpace

Holdings,

Inc.*

2,777

492,806

NanoString

Technologies,

Inc.*

4,336

150,546

NeoGenomics,

Inc.*

10,904

245,776

Pacific

Biosciences

of

California,

Inc.*

18,665

208,675

Personalis,

Inc.*

3,373

38,418

Quanterix

Corp.*

2,924

89,007

Rapid

Micro

Biosystems,

Inc.,

Class

A*

754

5,376

Seer,

Inc.*(a)

3,925

61,740

Singular

Genomics

Systems,

Inc.*

1,117

8,657

1,756,109

Machinery

3.7%

AgEagle

Aerial

Systems,

Inc.*

6,324

7,589

Alamo

Group,

Inc.

951

133,948

Albany

International

Corp.,

Class

A

2,916

244,098

Altra

Industrial

Motion

Corp.

6,197

299,191

Astec

Industries,

Inc.

2,172

137,466

Barnes

Group,

Inc.

4,529

204,575

Blue

Bird

Corp.*

1,550

24,041

Chart

Industries,

Inc.*

3,495

425,936

CIRCOR

International,

Inc.*

1,745

48,459

Columbus

McKinnon

Corp.

2,638

114,173

Commercial

Vehicle

Group,

Inc.*

3,037

23,506

Desktop

Metal,

Inc.,

Class

A*(a)

17,381

71,088

Douglas

Dynamics,

Inc.

2,141

78,211

Energy

Recovery,

Inc.*

3,996

78,242

Enerpac

Tool

Group

Corp.

5,770

102,994

EnPro

Industries,

Inc.

1,956

205,419

ESCO

Technologies,

Inc.

2,424

193,387

Evoqua

Water

Technologies

Corp.*

11,069

448,294

Federal

Signal

Corp.

5,764

224,911

Franklin

Electric

Co.,

Inc.

4,435

384,958

Gorman-Rupp

Co.

(The)

2,152

86,317

Greenbrier

Cos.,

Inc.

(The)

3,130

126,327

Helios

Technologies,

Inc.

3,070

235,254

Hillenbrand,

Inc.

6,979

324,384

Hydrofarm

Holdings

Group,

Inc.*

3,672

72,008

Hyliion

Holdings

Corp.*(a)

11,109

49,435

Hyster-Yale

Materials

Handling,

Inc.

947

42,511

Ideanomics,

Inc.*(a)

42,044

44,987

John

Bean

Technologies

Corp.

3,002

405,270

Kadant,

Inc.

1,111

232,177

Kennametal,

Inc.

7,996

276,422

Lindsay

Corp.

1,033

130,416

Luxfer

Holdings

plc

2,801

47,841

Manitowoc

Co.,

Inc.

(The)*

3,253

59,367

Mayville

Engineering

Co.,

Inc.*

801

9,187

Nationwide

Small

Cap

Index

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

89

Common

Stocks

Shares

Value

($)

Machinery

Meritor,

Inc.*

6,490

149,595

Miller

Industries,

Inc.

1,051

33,075

Mueller

Industries,

Inc.

5,325

275,090

Mueller

Water

Products,

Inc.,

Class

A

15,003

192,789

Nikola

Corp.*(a)

21,882

175,712

NN,

Inc.*

4,396

16,749

Omega

Flex,

Inc.

304

43,156

Park-Ohio

Holdings

Corp.

806

16,313

Proto

Labs,

Inc.*

2,658

133,378

RBC

Bearings,

Inc.*

2,674

482,577

REV

Group,

Inc.

2,812

37,765

Shyft

Group,

Inc.

(The)

3,333

139,786

SPX

Corp.*

4,156

216,860

SPX

FLOW,

Inc.

3,994

344,283

Standex

International

Corp.

1,141

113,358

Tennant

Co.

1,766

136,282

Terex

Corp.

6,545

273,057

Titan

International,

Inc.*

4,784

46,644

Trinity

Industries,

Inc.

7,434

213,579

Wabash

National

Corp.

4,876

95,667

Watts

Water

Technologies,

Inc.,

Class

A

2,641

404,628

Welbilt,

Inc.*

12,505

296,994

9,429,726

Marine

0.2%

Costamare,

Inc.

5,014

65,884

Eagle

Bulk

Shipping,

Inc.

875

39,217

Genco

Shipping

&

Trading

Ltd.

3,044

47,365

Matson,

Inc.

3,977

388,394

Safe

Bulkers,

Inc.*

5,545

19,352

560,212

Media

1.0%

Advantage

Solutions,

Inc.*

7,239

52,700

AMC

Networks,

Inc.,

Class

A*

2,777

118,383

Audacy,

Inc.*

12,043

29,144

Boston

Omaha

Corp.,

Class

A*

1,949

51,434

Cardlytics,

Inc.*

3,087

207,138

Clear

Channel

Outdoor

Holdings,

Inc.*

34,415

105,310

comScore,

Inc.*

6,365

19,286

Daily

Journal

Corp.*

126

40,823

Emerald

Holding,

Inc.*

2,575

8,394

Entravision

Communications

Corp.,

Class

A

5,926

35,912

EW

Scripps

Co.

(The),

Class

A*

5,372

110,126

Fluent,

Inc.*

4,414

7,062

Gannett

Co.,

Inc.*

13,690

66,533

Gray

Television,

Inc.

8,098

168,843

Hemisphere

Media

Group,

Inc.*

1,673

10,858

iHeartMedia,

Inc.,

Class

A*

10,613

213,852

Integral

Ad

Science

Holding

Corp.*

1,601

26,801

John

Wiley

&

Sons,

Inc.,

Class

A

4,089

207,517

Magnite,

Inc.*

12,419

168,526

National

CineMedia,

Inc.

6,183

16,323

Common

Stocks

Shares

Value

($)

Media

Scholastic

Corp.

2,448

100,417

Sinclair

Broadcast

Group,

Inc.,

Class

A

4,393

120,720

Stagwell,

Inc.*

5,922

44,237

TechTarget,

Inc.*

2,499

207,267

TEGNA,

Inc.

21,155

409,561

Thryv

Holdings,

Inc.*

870

28,214

WideOpenWest,

Inc.*

4,967

92,436

2,667,817

Metals

&

Mining

1.3%

Allegheny

Technologies,

Inc.*

12,071

220,779

Arconic

Corp.*

10,219

316,074

Carpenter

Technology

Corp.

4,515

129,671

Century

Aluminum

Co.*

5,216

80,013

Coeur

Mining,

Inc.*

24,465

114,741

Commercial

Metals

Co.

11,487

384,125

Compass

Minerals

International,

Inc.

3,271

174,671

Constellium

SE*

11,885

207,869

Gatos

Silver,

Inc.*

4,376

13,609

Haynes

International,

Inc.

1,240

46,649

Hecla

Mining

Co.

51,428

255,083

Kaiser

Aluminum

Corp.

1,498

143,433

Materion

Corp.

1,931

159,983

MP

Materials

Corp.*(a)

7,256

289,805

Novagold

Resources,

Inc.*

22,478

148,355

Olympic

Steel,

Inc.

906

19,289

Perpetua

Resources

Corp.*

2,539

9,343

PolyMet

Mining

Corp.*

2,809

7,163

Ryerson

Holding

Corp.

1,675

34,337

Schnitzer

Steel

Industries,

Inc.,

Class

A

2,505

98,046

SunCoke

Energy,

Inc.

7,952

54,471

TimkenSteel

Corp.*

4,308

60,441

Warrior

Met

Coal,

Inc.

4,878

127,804

Worthington

Industries,

Inc.

3,160

171,209

3,266,963

Mortgage

Real

Estate

Investment

Trusts

(REITs)

1.4%

AFC

Gamma,

Inc.

1,186

23,352

Angel

Oak

Mortgage,

Inc.

695

11,878

Apollo

Commercial

Real

Estate

Finance,

Inc.

13,299

181,531

Arbor

Realty

Trust,

Inc.

13,766

241,043

Ares

Commercial

Real

Estate

Corp.

4,149

60,949

ARMOUR

Residential

REIT,

Inc.

8,514

79,861

Blackstone

Mortgage

Trust,

Inc.,

Class

A

15,047

472,777

BrightSpire

Capital,

Inc.

8,075

75,824

Broadmark

Realty

Capital,

Inc.

12,412

116,425

Chimera

Investment

Corp.

22,389

324,640

Dynex

Capital,

Inc.

3,414

54,897

Ellington

Financial,

Inc.

5,150

91,515

Franklin

BSP

Realty

Trust,

Inc.

3,442

46,364

Granite

Point

Mortgage

Trust,

Inc.

5,570

67,397

Great

Ajax

Corp.

1,992

25,976

90

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Mortgage

Real

Estate

Investment

Trusts

(REITs)

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

7,377

305,998

Invesco

Mortgage

Capital,

Inc.

27,779

74,448

KKR

Real

Estate

Finance

Trust,

Inc.

3,380

72,129

Ladder

Capital

Corp.

11,020

131,028

MFA

Financial,

Inc.

41,955

194,252

New

York

Mortgage

Trust,

Inc.

36,726

137,722

Orchid

Island

Capital,

Inc.

12,999

52,386

PennyMac

Mortgage

Investment

Trust

9,572

170,573

Ready

Capital

Corp.

5,564

79,231

Redwood

Trust,

Inc.

10,844

133,707

TPG

RE

Finance

Trust,

Inc.

5,690

71,808

Two

Harbors

Investment

Corp.

32,912

189,244

3,486,955

Multiline

Retail

0.4%

Big

Lots,

Inc.

3,216

134,783

Dillard's,

Inc.,

Class

A(a)

559

141,829

Franchise

Group,

Inc.

2,685

134,438

Macy's,

Inc.(a)

28,972

741,683

1,152,733

Multi-Utilities

0.4%

Avista

Corp.

6,771

301,039

Black

Hills

Corp.

6,122

414,704

NorthWestern

Corp.

5,053

293,680

Unitil

Corp.

1,492

70,035

1,079,458

Oil,

Gas

&

Consumable

Fuels

4.2%

Aemetis,

Inc.*

2,639

24,200

Alto

Ingredients,

Inc.*

6,777

35,105

Altus

Midstream

Co.(a)

309

19,476

Antero

Resources

Corp.*

27,471

536,509

Arch

Resources,

Inc.

1,433

135,619

Berry

Corp.

7,102

61,716

Brigham

Minerals,

Inc.,

Class

A

4,320

93,485

California

Resources

Corp.

7,759

330,688

Callon

Petroleum

Co.*(a)

4,547

224,804

Centennial

Resource

Development,

Inc.,

Class

A*

17,158

134,004

Centrus

Energy

Corp.,

Class

A*

895

38,888

Chesapeake

Energy

Corp.

10,043

684,631

Civitas

Resources,

Inc.

4,157

226,556

Clean

Energy

Fuels

Corp.*

14,836

90,054

CNX

Resources

Corp.*

20,064

297,549

Comstock

Resources,

Inc.*

8,678

67,515

CONSOL

Energy,

Inc.*

3,276

71,220

Crescent

Energy,

Inc.,

Class

A(a)

2,905

38,549

CVR

Energy,

Inc.

2,830

55,270

Delek

US

Holdings,

Inc.*

6,222

96,565

Denbury,

Inc.*

4,826

362,626

DHT

Holdings,

Inc.

13,721

66,958

Dorian

LPG

Ltd.

2,831

33,661

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

Earthstone

Energy,

Inc.,

Class

A*

2,380

32,511

Energy

Fuels,

Inc.*(a)

14,527

89,632

Equitrans

Midstream

Corp.

39,117

317,239

Falcon

Minerals

Corp.

3,994

20,649

Frontline

Ltd.*(a)

11,319

74,366

Gevo,

Inc.*(a)

19,704

67,388

Golar

LNG

Ltd.*

9,878

141,749

Green

Plains,

Inc.*

3,466

105,852

HighPeak

Energy,

Inc.

490

8,707

International

Seaways,

Inc.

4,517

65,903

Kosmos

Energy

Ltd.*

42,914

185,818

Laredo

Petroleum,

Inc.*

1,192

80,055

Magnolia

Oil

&

Gas

Corp.,

Class

A

13,793

298,343

Matador

Resources

Co.

10,639

476,308

Murphy

Oil

Corp.

13,887

438,829

Nordic

American

Tankers

Ltd.

15,263

23,658

Northern

Oil

and

Gas,

Inc.

4,986

117,271

Oasis

Petroleum,

Inc.

1,912

258,942

Ovintiv,

Inc.

25,072

972,794

Par

Pacific

Holdings,

Inc.*

4,279

60,334

PBF

Energy,

Inc.,

Class

A*

9,395

148,817

PDC

Energy,

Inc.

9,324

552,633

Peabody

Energy

Corp.*

8,513

91,940

Petrocorp,

Inc.*^∞

1,500

0

Range

Resources

Corp.*

22,953

441,845

Ranger

Oil

Corp.*

2,030

62,950

Renewable

Energy

Group,

Inc.*

4,260

171,508

REX

American

Resources

Corp.*

542

52,265

Riley

Exploration

Permian,

Inc.

217

5,818

Scorpio

Tankers,

Inc.

4,622

62,905

SFL

Corp.

Ltd.

11,729

96,178

SM

Energy

Co.

11,473

376,429

Southwestern

Energy

Co.*

97,200

427,680

Talos

Energy,

Inc.*

3,494

37,176

Teekay

Corp.*

6,581

20,401

Teekay

Tankers

Ltd.,

Class

A*

2,260

24,114

Tellurian,

Inc.*(a)

34,424

86,404

Uranium

Energy

Corp.*

24,506

63,961

Ur-Energy,

Inc.*

17,145

20,231

W&T

Offshore,

Inc.*

9,549

40,870

Whiting

Petroleum

Corp.*

3,733

277,175

World

Fuel

Services

Corp.

5,966

168,301

10,791,597

Paper

&

Forest

Products

0.1%

Clearwater

Paper

Corp.*

1,645

52,015

Glatfelter

Corp.

4,443

77,131

Neenah,

Inc.

1,692

78,001

Schweitzer-Mauduit

International,

Inc.

2,994

90,628

Verso

Corp.,

Class

A

2,551

68,571

366,346

Personal

Products

0.6%

Beauty

Health

Co.

(The)*

8,227

116,823

BellRing

Brands,

Inc.,

Class

A*

3,815

92,933

Edgewell

Personal

Care

Co.

5,147

235,732

Nationwide

Small

Cap

Index

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

91

Common

Stocks

Shares

Value

($)

Personal

Products

elf

Beauty,

Inc.*

4,619

136,538

Honest

Co.,

Inc.

(The)*

8,045

52,212

Inter

Parfums,

Inc.

1,708

169,041

Medifast,

Inc.

1,122

222,953

Nature's

Sunshine

Products,

Inc.

1,134

20,004

Nu

Skin

Enterprises,

Inc.,

Class

A

4,710

226,975

Revlon,

Inc.,

Class

A*

644

6,376

USANA

Health

Sciences,

Inc.*

1,140

108,961

Veru,

Inc.*

5,621

29,229

1,417,777

Pharmaceuticals

1.5%

9

Meters

Biopharma,

Inc.*

20,137

15,369

Aclaris

Therapeutics,

Inc.*

4,811

52,536

Aerie

Pharmaceuticals,

Inc.*

4,306

31,692

Amneal

Pharmaceuticals,

Inc.*

10,204

45,204

Amphastar

Pharmaceuticals,

Inc.*

3,708

85,618

Ampio

Pharmaceuticals,

Inc.*

18,023

9,329

Angion

Biomedica

Corp.*

2,053

5,543

ANI

Pharmaceuticals,

Inc.*

1,046

42,279

Antares

Pharma,

Inc.*

16,564

55,821

Arvinas,

Inc.*

4,505

322,062

Atea

Pharmaceuticals,

Inc.*

6,120

43,697

Athira

Pharma,

Inc.*

3,056

31,477

Axsome

Therapeutics,

Inc.*(a)

2,670

73,265

BioDelivery

Sciences

International,

Inc.*

9,337

34,173

Cara

Therapeutics,

Inc.*

4,282

49,586

Cassava

Sciences,

Inc.*(a)

3,625

160,406

Citius

Pharmaceuticals,

Inc.*(a)

10,759

16,246

Collegium

Pharmaceutical,

Inc.*

3,301

58,923

Corcept

Therapeutics,

Inc.*

9,161

171,952

CorMedix,

Inc.*

3,326

14,069

Cymabay

Therapeutics,

Inc.*

6,896

20,550

DICE

Therapeutics,

Inc.*

1,317

22,429

Durect

Corp.*

23,134

17,510

Edgewise

Therapeutics,

Inc.*

3,659

49,762

Endo

International

plc*

21,775

69,462

Esperion

Therapeutics,

Inc.*

2,674

11,471

Evolus,

Inc.*

3,056

22,676

EyePoint

Pharmaceuticals,

Inc.*

2,002

18,759

Fulcrum

Therapeutics,

Inc.*

2,513

30,558

Harmony

Biosciences

Holdings,

Inc.*

2,118

75,951

Ikena

Oncology,

Inc.*

2,620

25,493

Innoviva,

Inc.*

4,090

65,563

Intra-Cellular

Therapies,

Inc.*

7,637

362,681

Kala

Pharmaceuticals,

Inc.*

4,108

3,634

Kaleido

Biosciences,

Inc.*

1,324

2,330

KemPharm,

Inc.*

2,708

19,525

Landos

Biopharma,

Inc.*

607

2,082

Marinus

Pharmaceuticals,

Inc.*

3,500

35,700

Mind

Medicine

MindMed,

Inc.*(a)

34,342

38,463

Common

Stocks

Shares

Value

($)

Pharmaceuticals

NGM

Biopharmaceuticals,

Inc.*

3,048

48,189

Nuvation

Bio,

Inc.*(a)

15,033

91,701

Ocular

Therapeutix,

Inc.*

7,507

42,490

Omeros

Corp.*(a)

5,569

33,414

Oramed

Pharmaceuticals,

Inc.*

2,870

25,715

Pacira

BioSciences,

Inc.*

4,224

265,140

Paratek

Pharmaceuticals,

Inc.*

4,557

18,456

Phathom

Pharmaceuticals,

Inc.*

1,919

32,239

Phibro

Animal

Health

Corp.,

Class

A

2,135

41,205

Pliant

Therapeutics,

Inc.*

2,454

28,785

Prestige

Consumer

Healthcare,

Inc.*

4,779

269,775

Provention

Bio,

Inc.*

5,449

29,207

Rain

Therapeutics,

Inc.*

1,522

13,059

Reata

Pharmaceuticals,

Inc.,

Class

A*

2,690

75,643

Relmada

Therapeutics,

Inc.*

1,526

28,063

Revance

Therapeutics,

Inc.*

6,651

88,658

Seelos

Therapeutics,

Inc.*

7,183

8,189

SIGA

Technologies,

Inc.*

4,614

30,037

Supernus

Pharmaceuticals,

Inc.*

4,656

143,638

Tarsus

Pharmaceuticals,

Inc.*

993

19,930

Terns

Pharmaceuticals,

Inc.*

1,886

11,825

TherapeuticsMD,

Inc.*

34,406

10,442

Theravance

Biopharma,

Inc.*

6,166

56,172

Theseus

Pharmaceuticals,

Inc.*

1,101

10,162

Ventyx

Biosciences,

Inc.*(a)

988

16,065

Verrica

Pharmaceuticals,

Inc.*

1,326

10,860

WaVe

Life

Sciences

Ltd.*

3,344

7,323

Zogenix,

Inc.*

5,150

133,951

3,804,179

Professional

Services

1.7%

Acacia

Research

Corp.*

4,922

22,149

ASGN,

Inc.*

4,868

559,187

Atlas

Technical

Consultants,

Inc.*

1,304

12,662

Barrett

Business

Services,

Inc.

715

45,760

CBIZ,

Inc.*

4,829

186,544

CRA

International,

Inc.

674

57,330

Exponent,

Inc.

4,967

471,766

First

Advantage

Corp.*

5,206

88,085

Forrester

Research,

Inc.*

1,137

62,558

Franklin

Covey

Co.*

1,259

58,934

Heidrick

&

Struggles

International,

Inc.

1,849

80,931

HireQuest,

Inc.

475

8,787

HireRight

Holdings

Corp.*

2,121

28,846

Huron

Consulting

Group,

Inc.*

2,172

95,829

ICF

International,

Inc.

1,769

166,976

Insperity,

Inc.

3,475

373,667

KBR,

Inc.

13,525

586,985

Kelly

Services,

Inc.,

Class

A

3,540

60,463

Kforce,

Inc.

1,938

133,082

92

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Professional

Services

Korn

Ferry

5,153

342,056

ManTech

International

Corp.,

Class

A

2,685

193,964

Mistras

Group,

Inc.*

1,957

13,151

Resources

Connection,

Inc.

2,989

52,098

Sterling

Check

Corp.*

1,568

31,376

TriNet

Group,

Inc.*

3,841

327,253

TrueBlue,

Inc.*

3,325

88,445

Upwork,

Inc.*

11,223

305,266

Willdan

Group,

Inc.*

1,086

34,166

4,488,316

Real

Estate

Management

&

Development

0.8%

Cushman

&

Wakefield

plc*

13,270

278,537

Douglas

Elliman,

Inc.*

6,899

53,536

eXp

World

Holdings,

Inc.(a)

6,084

165,120

Fathom

Holdings,

Inc.*

528

7,550

Forestar

Group,

Inc.*

1,740

34,713

FRP

Holdings,

Inc.*

633

35,752

Kennedy-Wilson

Holdings,

Inc.

11,380

255,595

Marcus

&

Millichap,

Inc.*

2,250

105,323

Newmark

Group,

Inc.,

Class

A

14,233

217,907

Rafael

Holdings,

Inc.,

Class

B*

973

4,028

RE/MAX

Holdings,

Inc.,

Class

A

1,879

55,919

Realogy

Holdings

Corp.*

10,917

180,131

Redfin

Corp.*(a)

9,869

291,826

RMR

Group,

Inc.

(The),

Class

A

1,446

46,287

St

Joe

Co.

(The)

3,232

156,784

Tejon

Ranch

Co.*

2,180

37,954

1,926,962

Road

&

Rail

0.9%

ArcBest

Corp.

2,459

217,474

Avis

Budget

Group,

Inc.*

3,953

696,439

Covenant

Logistics

Group,

Inc.*

1,155

25,087

Daseke,

Inc.*

3,980

44,496

Heartland

Express,

Inc.

4,521

67,634

HyreCar,

Inc.*

1,661

5,647

Marten

Transport

Ltd.

5,692

94,999

PAM

Transportation

Services,

Inc.*

384

26,815

Saia,

Inc.*

2,538

721,503

Universal

Logistics

Holdings,

Inc.

692

11,785

US

Xpress

Enterprises,

Inc.,

Class

A*

2,258

10,184

Werner

Enterprises,

Inc.

5,991

267,139

Yellow

Corp.*

4,771

49,809

2,239,011

Semiconductors

&

Semiconductor

Equipment

3.4%

Alpha

&

Omega

Semiconductor

Ltd.*

2,025

91,186

Ambarella,

Inc.*

3,380

473,707

Amkor

Technology,

Inc.

9,952

219,143

Atomera,

Inc.*(a)

2,151

30,394

Axcelis

Technologies,

Inc.*

3,234

202,481

AXT,

Inc.*

4,177

31,286

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

CEVA,

Inc.*

2,225

83,816

CMC

Materials,

Inc.

2,715

491,089

Cohu,

Inc.*

4,542

149,795

Diodes,

Inc.*

4,170

386,934

FormFactor,

Inc.*

7,369

314,951

Ichor

Holdings

Ltd.*

2,684

113,855

Impinj,

Inc.*

1,794

142,426

Kopin

Corp.*(a)

7,353

21,618

Kulicke

&

Soffa

Industries,

Inc.

5,856

320,265

Lattice

Semiconductor

Corp.*

12,981

716,811

MACOM

Technology

Solutions

Holdings,

Inc.*

4,657

285,055

MaxLinear,

Inc.*

6,756

405,495

Meta

Materials,

Inc.*(a)

20,667

34,514

NeoPhotonics

Corp.*

5,012

76,984

NVE

Corp.

460

28,460

Onto

Innovation,

Inc.*

4,658

426,393

PDF

Solutions,

Inc.*

2,937

87,317

Photronics,

Inc.*

5,840

104,419

Power

Integrations,

Inc.

5,775

466,100

Rambus,

Inc.*

10,375

261,969

Semtech

Corp.*

6,186

439,825

Silicon

Laboratories,

Inc.*

3,815

630,200

SiTime

Corp.*

1,523

354,996

SkyWater

Technology,

Inc.*

745

7,472

SMART

Global

Holdings,

Inc.*

1,653

94,816

SunPower

Corp.*(a)

7,688

129,005

Synaptics,

Inc.*

3,749

788,602

Ultra

Clean

Holdings,

Inc.*

4,222

212,873

Veeco

Instruments,

Inc.*

4,719

129,725

8,753,977

Software

5.5%

8x8,

Inc.*

10,793

165,673

A10

Networks,

Inc.

5,522

81,726

ACI

Worldwide,

Inc.*

11,327

389,309

Agilysys,

Inc.*

2,033

77,376

Alarm.com

Holdings,

Inc.*

4,481

334,148

Alkami

Technology,

Inc.*

2,689

41,249

Altair

Engineering,

Inc.,

Class

A*

4,440

279,365

American

Software,

Inc.,

Class

A

3,164

72,740

Appfolio,

Inc.,

Class

A*

1,823

210,119

Appian

Corp.*(a)

3,762

212,064

Arteris,

Inc.*

483

7,144

Asana,

Inc.,

Class

A*

6,813

357,546

Avaya

Holdings

Corp.*

7,893

143,810

AvidXchange

Holdings,

Inc.*

2,394

24,802

Benefitfocus,

Inc.*

2,366

26,357

Blackbaud,

Inc.*

4,581

312,149

Blackline,

Inc.*

5,186

476,438

Bottomline

Technologies

DE,

Inc.*

4,299

242,421

Box,

Inc.,

Class

A*

13,445

351,318

BTRS

Holdings,

Inc.,

Class

A*

6,105

39,072

Cerence,

Inc.*

3,619

229,770

ChannelAdvisor

Corp.*

2,883

60,947

Cleanspark,

Inc.*

3,529

23,715

CommVault

Systems,

Inc.*

4,383

295,677

Nationwide

Small

Cap

Index

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

93

Common

Stocks

Shares

Value

($)

Software

Consensus

Cloud

Solutions,

Inc.*

1,538

87,205

CoreCard

Corp.*

769

28,530

Couchbase,

Inc.*

913

21,392

CS

Disco,

Inc.*

725

24,882

Digimarc

Corp.*(a)

1,247

39,530

Digital

Turbine,

Inc.*

8,713

384,679

Domo,

Inc.,

Class

B*

2,681

125,900

E2open

Parent

Holdings,

Inc.*(a)

18,807

174,905

Ebix,

Inc.

2,515

76,431

eGain

Corp.*

2,137

22,075

Enfusion,

Inc.,

Class

A*

2,058

28,421

EngageSmart,

Inc.*

1,517

33,162

Envestnet,

Inc.*

5,149

380,717

EverCommerce,

Inc.*(a)

1,568

18,847

GTY

Technology

Holdings,

Inc.*

3,050

15,402

Instructure

Holdings,

Inc.*

1,130

26,103

Intapp,

Inc.*

950

19,114

InterDigital,

Inc.

3,005

207,435

JFrog

Ltd.*

5,141

137,368

Kaltura,

Inc.*

1,642

5,895

LivePerson,

Inc.*

6,289

187,852

Marathon

Digital

Holdings,

Inc.*(a)

9,046

212,943

MeridianLink,

Inc.*

1,194

23,152

MicroStrategy,

Inc.,

Class

A*(a)

810

298,088

Mimecast

Ltd.*

5,833

464,948

Mitek

Systems,

Inc.*

3,977

65,103

Model

N,

Inc.*

3,337

92,301

Momentive

Global,

Inc.*

12,430

212,926

ON24,

Inc.*

2,537

41,759

OneSpan,

Inc.*

3,447

55,359

PagerDuty,

Inc.*

7,852

259,273

Ping

Identity

Holding

Corp.*

5,717

113,139

Progress

Software

Corp.

4,205

191,370

PROS

Holdings,

Inc.*

3,788

104,965

Q2

Holdings,

Inc.*

5,230

341,258

Qualys,

Inc.*

3,261

417,865

Rapid7,

Inc.*

5,381

518,352

Rekor

Systems,

Inc.*

2,973

13,824

Rimini

Street,

Inc.*

4,202

21,640

Riot

Blockchain,

Inc.*(a)

8,509

135,633

SailPoint

Technologies

Holdings,

Inc.*

8,752

338,615

Sapiens

International

Corp.

NV

2,958

94,183

SecureWorks

Corp.,

Class

A*

927

13,673

ShotSpotter,

Inc.*

841

22,177

Smith

Micro

Software,

Inc.*

4,900

20,482

Sprout

Social,

Inc.,

Class

A*

4,290

295,366

SPS

Commerce,

Inc.*

3,451

427,406

Stronghold

Digital

Mining,

Inc.,

Class

A*

705

6,296

Sumo

Logic,

Inc.*

8,317

99,055

Telos

Corp.*

3,766

44,025

Tenable

Holdings,

Inc.*

8,830

453,862

Upland

Software,

Inc.*

2,901

56,860

Common

Stocks

Shares

Value

($)

Software

Varonis

Systems,

Inc.*

10,202

380,127

Verint

Systems,

Inc.*

6,162

316,295

Veritone,

Inc.*(a)

2,716

42,831

Viant

Technology,

Inc.,

Class

A*

1,092

8,725

VirnetX

Holding

Corp.*(a)

6,569

14,846

Vonage

Holdings

Corp.*

23,119

481,800

Weave

Communications,

Inc.*

447

4,470

Workiva,

Inc.*

4,095

484,357

Xperi

Holding

Corp.

9,947

167,806

Yext,

Inc.*

11,026

89,311

Zuora,

Inc.,

Class

A*

10,696

177,874

14,125,120

Specialty

Retail

2.5%

Aaron's

Co.,

Inc.

(The)

3,243

68,654

Abercrombie

&

Fitch

Co.,

Class

A*

5,598

218,322

Academy

Sports

&

Outdoors,

Inc.*

7,506

291,983

American

Eagle

Outfitters,

Inc.

(a)

14,677

335,076

America's

Car-Mart,

Inc.*

575

54,579

Arko

Corp.*

11,388

93,609

Asbury

Automotive

Group,

Inc.*

2,215

356,549

Barnes

&

Noble

Education,

Inc.*

4,320

26,006

Bed

Bath

&

Beyond,

Inc.*(a)

9,723

157,902

Big

5

Sporting

Goods

Corp.

1,973

38,848

Boot

Barn

Holdings,

Inc.*

2,800

257,516

Buckle,

Inc.

(The)

2,889

108,742

Caleres,

Inc.

3,414

81,868

Camping

World

Holdings,

Inc.,

Class

A(a)

4,045

134,294

CarLotz,

Inc.*

6,979

14,167

Cato

Corp.

(The),

Class

A

1,875

30,975

Chico's

FAS,

Inc.*

11,400

53,694

Children's

Place,

Inc.

(The)*

1,367

96,715

Citi

Trends,

Inc.*(a)

845

41,168

Conn's,

Inc.*

1,723

41,817

Container

Store

Group,

Inc.

(The)*

3,257

33,221

Designer

Brands,

Inc.,

Class

A*

5,697

75,030

Genesco,

Inc.*

1,389

89,354

Group

1

Automotive,

Inc.

1,666

282,903

GrowGeneration

Corp.*

5,296

44,698

Guess?,

Inc.

3,780

87,016

Haverty

Furniture

Cos.,

Inc.

1,581

46,671

Hibbett,

Inc.

1,419

87,481

JOANN,

Inc.(a)

1,100

11,759

Kirkland's,

Inc.*

1,328

22,483

Lazydays

Holdings,

Inc.*

696

11,303

LL

Flooring

Holdings,

Inc.*

2,943

42,497

MarineMax,

Inc.*

2,039

95,955

Monro,

Inc.

3,199

159,086

Murphy

USA,

Inc.

2,313

454,875

National

Vision

Holdings,

Inc.*

7,736

316,248

ODP

Corp.

(The)*

4,411

195,099

94

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Specialty

Retail

OneWater

Marine,

Inc.,

Class

A

1,039

53,727

Party

City

Holdco,

Inc.*

10,472

49,533

Rent-A-Center,

Inc.

6,306

265,798

Sally

Beauty

Holdings,

Inc.*

10,681

183,393

Shift

Technologies,

Inc.*(a)

5,881

13,468

Shoe

Carnival,

Inc.

1,674

57,184

Signet

Jewelers

Ltd.

5,055

435,387

Sleep

Number

Corp.*

2,091

149,507

Sonic

Automotive,

Inc.,

Class

A

2,074

105,795

Sportsman's

Warehouse

Holdings,

Inc.*

4,125

45,210

Tilly's,

Inc.,

Class

A

2,277

30,011

Torrid

Holdings,

Inc.*

1,204

11,077

TravelCenters

of

America,

Inc.*

1,183

53,921

Urban

Outfitters,

Inc.*

6,501

186,709

Winmark

Corp.

331

71,304

Zumiez,

Inc.*

2,131

95,788

6,365,975

Technology

Hardware,

Storage

&

Peripherals

0.3%

3D

Systems

Corp.*

11,875

212,563

Avid

Technology,

Inc.*

3,499

109,729

Corsair

Gaming,

Inc.*(a)

2,893

56,529

Diebold

Nixdorf,

Inc.*

6,882

64,278

Eastman

Kodak

Co.*

4,251

16,706

Quantum

Corp.*

5,655

28,501

Super

Micro

Computer,

Inc.*

4,153

168,280

Turtle

Beach

Corp.*

1,441

29,281

685,867

Textiles,

Apparel

&

Luxury

Goods

0.7%

Crocs,

Inc.*

5,574

572,004

Fossil

Group,

Inc.*

4,469

49,561

G-III

Apparel

Group

Ltd.*

4,265

115,880

Kontoor

Brands,

Inc.

5,033

248,077

Movado

Group,

Inc.

1,489

55,197

Oxford

Industries,

Inc.

1,567

129,105

PLBY

Group,

Inc.*

2,726

43,316

Rocky

Brands,

Inc.

719

30,759

Steven

Madden

Ltd.

7,717

317,477

Superior

Group

of

Cos.,

Inc.

1,108

22,637

Unifi,

Inc.*

1,392

26,462

Vera

Bradley,

Inc.*

2,138

17,510

Wolverine

World

Wide,

Inc.

7,707

204,158

1,832,143

Thrifts

&

Mortgage

Finance

1.7%

Axos

Financial,

Inc.*

5,483

282,374

Blue

Foundry

Bancorp*

2,644

38,814

Bridgewater

Bancshares,

Inc.*

2,014

35,829

Capitol

Federal

Financial,

Inc.

12,315

137,066

Columbia

Financial,

Inc.*

3,760

79,599

Essent

Group

Ltd.

10,363

472,967

Federal

Agricultural

Mortgage

Corp.,

Class

C

862

104,992

Finance

of

America

Cos.,

Inc.,

Class

A*

3,164

11,802

Flagstar

Bancorp,

Inc.

5,010

226,702

Common

Stocks

Shares

Value

($)

Thrifts

&

Mortgage

Finance

FS

Bancorp,

Inc.

722

23,985

Hingham

Institution

for

Savings

139

53,908

Home

Bancorp,

Inc.

818

31,779

Home

Point

Capital,

Inc.

642

2,562

Kearny

Financial

Corp.

6,489

83,968

Luther

Burbank

Corp.

1,224

15,704

Merchants

Bancorp

1,632

47,573

Mr.

Cooper

Group,

Inc.*

5,918

237,608

NMI

Holdings,

Inc.,

Class

A*

8,042

198,959

Northfield

Bancorp,

Inc.

3,885

61,228

Northwest

Bancshares,

Inc.

11,140

157,185

Ocwen

Financial

Corp.*

774

28,390

PCSB

Financial

Corp.

1,500

28,020

PennyMac

Financial

Services,

Inc.

2,988

187,348

Pioneer

Bancorp,

Inc.*

1,383

15,987

Premier

Financial

Corp.

3,500

104,475

Provident

Bancorp,

Inc.

1,535

27,753

Provident

Financial

Services,

Inc.

6,956

168,127

Radian

Group,

Inc.

17,237

385,936

Southern

Missouri

Bancorp,

Inc.

831

45,954

TrustCo

Bank

Corp.

1,944

65,902

Velocity

Financial,

Inc.*

813

10,455

Walker

&

Dunlop,

Inc.

2,797

370,351

Washington

Federal,

Inc.

6,211

217,509

Waterstone

Financial,

Inc.

2,233

45,598

WSFS

Financial

Corp.

6,202

324,861

4,331,270

Tobacco

0.1%

22nd

Century

Group,

Inc.*(a)

14,307

31,046

Turning

Point

Brands,

Inc.

1,380

48,617

Universal

Corp.

2,362

128,564

Vector

Group

Ltd.

13,799

153,307

361,534

Trading

Companies

&

Distributors

1.6%

Alta

Equipment

Group,

Inc.*

1,843

25,120

Applied

Industrial

Technologies,

Inc.

3,674

359,979

Beacon

Roofing

Supply,

Inc.*

5,340

293,006

BlueLinx

Holdings,

Inc.*

850

60,894

Boise

Cascade

Co.

3,733

262,131

Custom

Truck

One

Source,

Inc.*

4,359

35,831

DXP

Enterprises,

Inc.*

1,648

47,051

EVI

Industries,

Inc.*

556

12,293

GATX

Corp.

3,378

352,832

Global

Industrial

Co.

1,316

46,007

GMS,

Inc.*

4,067

208,149

H&E

Equipment

Services,

Inc.

3,076

128,054

Herc

Holdings,

Inc.

2,385

382,673

Karat

Packaging,

Inc.*

412

6,810

Lawson

Products,

Inc.*

479

23,308

McGrath

RentCorp

2,289

174,445

MRC

Global,

Inc.*

7,907

58,591

NOW,

Inc.*

10,446

92,865

Rush

Enterprises,

Inc.,

Class

A

3,989

210,699

Nationwide

Small

Cap

Index

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

95

Common

Stocks

Shares

Value

($)

Trading

Companies

&

Distributors

Rush

Enterprises,

Inc.,

Class

B

710

36,025

Textainer

Group

Holdings

Ltd.

4,542

167,055

Titan

Machinery,

Inc.*

1,946

59,937

Transcat,

Inc.*

714

67,766

Triton

International

Ltd.

6,445

389,407

Veritiv

Corp.*

1,416

131,801

WESCO

International,

Inc.*

4,259

519,130

Willis

Lease

Finance

Corp.*

294

10,516

4,162,375

Water

Utilities

0.4%

American

States

Water

Co.

3,528

325,387

Artesian

Resources

Corp.,

Class

A

843

40,633

Cadiz,

Inc.*

1,885

5,297

California

Water

Service

Group

5,029

312,251

Global

Water

Resources,

Inc.

1,383

21,243

Middlesex

Water

Co.

1,626

164,616

Pure

Cycle

Corp.*

2,059

26,396

SJW

Group

2,674

184,132

York

Water

Co.

(The)

1,234

56,048

1,136,003

Wireless

Telecommunication

Services

0.2%

Gogo,

Inc.*

5,656

70,417

Shenandoah

Telecommunications

Co.

4,580

104,287

Telephone

&

Data

Systems,

Inc.

9,577

189,625

United

States

Cellular

Corp.*

1,449

44,368

408,697

Total

Common

Stocks

(cost

$211,454,183)

256,159,760

Rights

0.0%

†

Number

of

Rights

Biotechnology

0.0%

†

CONTRA

ADURO

BIOTECH

I,

CVR*^∞

1,489

0

Oncternal

Therapeutics,

Inc.,

CVR*∞

95

97

97

Total

Rights

(cost

$4,467)

97

Short-Term

Investment

4.0%

Shares

Value

($)

Money

Market

Fund

4.0%

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,

0.01%(b)(c)

10,259,834

10,259,834

Total

Short-Term

Investment

(cost

$10,259,834)

10,259,834

Total

Investments

(cost

$221,718,484)

—

103.7%

266,419,691

Liabilities

in

excess

of

other

assets

—

(3.7)%

(9,481,616)

NET

ASSETS

—

100.0%

$

256,938,075

*

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

as

of

January

31,

2022.

The

total

value

of

securities

on

loan

as

of

January

31,

2022

was

$10,602,223,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

with

a

value

of

$10,259,834.

(b)

Represents

7-day

effective

yield

as

of

January

31,

2022.

(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,

2022

was

$10,259,834.

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

96

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Futures

contracts

outstanding

as

of

January

31,

2022:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

Russell

2000

Micro

E-Mini

Index

148

3/2022

USD

1,498,056

(98,900)

(98,900)

As

of

January

31,

2022,

the

Fund

had

$88,600

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

Nationwide

Small

Cap

Index

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

97

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,

2022.

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

$

1,714,603

$

–

$

–

$

1,714,603

Air

Freight

&

Logistics

906,884

–

–

906,884

Airlines

873,374

–

–

873,374

98

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Level

1

Level

2

Level

3

Total

Assets:

Auto

Components

$

3,507,253

$

–

$

–

$

3,507,253

Automobiles

542,176

–

–

542,176

Banks

23,559,401

–

–

23,559,401

Beverages

1,048,382

–

–

1,048,382

Biotechnology

19,384,746

–

–

19,384,746

Building

Products

3,337,855

–

–

3,337,855

Capital

Markets

4,188,751

–

–

4,188,751

Chemicals

5,196,652

–

–

5,196,652

Commercial

Services

&

Supplies

4,511,362

–

–

4,511,362

Communications

Equipment

1,925,142

–

–

1,925,142

Construction

&

Engineering

4,046,887

–

–

4,046,887

Construction

Materials

500,746

–

–

500,746

Consumer

Finance

2,156,137

–

–

2,156,137

Containers

&

Packaging

779,106

–

–

779,106

Distributors

44,202

–

–

44,202

Diversified

Consumer

Services

1,744,167

–

–

1,744,167

Diversified

Financial

Services

385,621

–

–

385,621

Diversified

Telecommunication

Services

1,518,383

–

–

1,518,383

Electric

Utilities

1,676,158

–

–

1,676,158

Electrical

Equipment

2,499,489

–

–

2,499,489

Electronic

Equipment,

Instruments

&

Components

5,967,634

–

–

5,967,634

Energy

Equipment

&

Services

2,552,534

–

–

2,552,534

Entertainment

1,650,581

–

–

1,650,581

Equity

Real

Estate

Investment

Trusts

(REITs)

17,564,730

–

–

17,564,730

Food

&

Staples

Retailing

2,681,298

–

–

2,681,298

Food

Products

2,642,195

–

–

2,642,195

Gas

Utilities

2,480,759

–

–

2,480,759

Health

Care

Equipment

&

Supplies

7,977,874

–

–

7,977,874

Health

Care

Providers

&

Services

7,122,721

–

–

7,122,721

Health

Care

Technology

2,942,585

–

–

2,942,585

Hotels,

Restaurants

&

Leisure

6,139,075

–

–

6,139,075

Household

Durables

4,874,676

–

–

4,874,676

Household

Products

762,710

–

–

762,710

Independent

Power

and

Renewable

Electricity

Producers

821,636

–

–

821,636

Insurance

5,205,193

–

–

5,205,193

Interactive

Media

&

Services

1,515,001

–

–

1,515,001

Internet

&

Direct

Marketing

Retail

1,292,143

–

–

1,292,143

IT

Services

4,038,450

–

–

4,038,450

Leisure

Products

1,283,366

–

–

1,283,366

Life

Sciences

Tools

&

Services

1,756,109

–

–

1,756,109

Machinery

9,429,726

–

–

9,429,726

Marine

560,212

–

–

560,212

Media

2,667,817

–

–

2,667,817

Metals

&

Mining

3,266,963

–

–

3,266,963

Mortgage

Real

Estate

Investment

Trusts

(REITs)

3,486,955

–

–

3,486,955

Multiline

Retail

1,152,733

–

–

1,152,733

Multi-Utilities

1,079,458

–

–

1,079,458

Oil,

Gas

&

Consumable

Fuels

10,791,597

–

–

10,791,597

Paper

&

Forest

Products

366,346

–

–

366,346

Personal

Products

1,417,777

–

–

1,417,777

Pharmaceuticals

3,804,179

–

–

3,804,179

Professional

Services

4,488,316

–

–

4,488,316

Real

Estate

Management

&

Development

1,926,962

–

–

1,926,962

Road

&

Rail

2,239,011

–

–

2,239,011

Semiconductors

&

Semiconductor

Equipment

8,753,977

–

–

8,753,977

Software

14,125,120

–

–

14,125,120

Nationwide

Small

Cap

Index

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

99

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,

2022.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

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:

Specialty

Retail

$

6,365,975

$

–

$

–

$

6,365,975

Technology

Hardware,

Storage

&

Peripherals

685,867

–

–

685,867

Textiles,

Apparel

&

Luxury

Goods

1,832,143

–

–

1,832,143

Thrifts

&

Mortgage

Finance

4,331,270

–

–

4,331,270

Tobacco

361,534

–

–

361,534

Trading

Companies

&

Distributors

4,162,375

–

–

4,162,375

Water

Utilities

1,136,003

–

–

1,136,003

Wireless

Telecommunication

Services

408,697

–

–

408,697

Total

Common

Stocks

$

256,159,760

$

–

$

–

$

256,159,760

Rights  

–

97

–

97

Short-Term

Investment

10,259,834

–

–

10,259,834

Total

Assets

$

266,419,594

$

97

$

–

$

266,419,691

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(98,900)

$

–

$

–

$

(98,900)

Total

Liabilities

$

(98,900)

$

–

$

–

$

(98,900)

Total

$

266,320,694

$

97

$

–

$

266,320,791

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

During

the

period

ended

January

31,

2022,

the

Fund

held

one

common

stock

and

one

rights

investments

that

were

categorized

as

Level

3

investments

which

were

each

valued

at

$0.

100

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2022:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2022:

Liabilities:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(98,900)

Total

$

(98,900)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

NYSE

Arca

Tech

100

Index

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

101

Common

Stocks

99.7%

Shares

Value

($)

Aerospace

&

Defense

7.2%

Boeing

Co.

(The)*

47,887

9,588,893

General

Dynamics

Corp.

47,887

10,156,833

L3Harris

Technologies,

Inc.

47,887

10,022,270

Lockheed

Martin

Corp.

47,887

18,634,268

Raytheon

Technologies

Corp.

47,887

4,318,929

52,721,193

Biotechnology

3.6%

Amgen,

Inc.

47,887

10,877,053

Biogen,

Inc.*

47,887

10,822,462

Gilead

Sciences,

Inc.

47,887

3,288,879

Myriad

Genetics,

Inc.*

47,887

1,258,950

26,247,344

Chemicals

0.5%

DuPont

de

Nemours,

Inc.

47,887

3,668,144

Communications

Equipment

6.0%

Ciena

Corp.*

47,887

3,175,387

Cisco

Systems,

Inc.

47,887

2,665,869

F5,

Inc.*

47,887

9,942,299

Juniper

Networks,

Inc.

47,887

1,667,425

Motorola

Solutions,

Inc.

47,887

11,106,911

Nokia

OYJ,

ADR-FI*

47,887

282,533

Ubiquiti,

Inc.

47,887

13,889,146

Viavi

Solutions,

Inc.*

47,887

788,220

43,517,790

Diversified

Telecommunication

Services

0.2%

AT&T,

Inc.

47,887

1,221,119

Electrical

Equipment

0.4%

Sensata

Technologies

Holding

plc*

47,887

2,746,798

Electronic

Equipment,

Instruments

&

Components

0.9%

Amphenol

Corp.,

Class

A

47,887

3,811,326

Corning,

Inc.

47,887

2,013,170

LG

Display

Co.

Ltd.,

ADR-KR*(a)

47,887

396,983

6,221,479

Energy

Equipment

&

Services

0.6%

Halliburton

Co.

47,887

1,472,046

NOV,

Inc.

47,887

786,305

Schlumberger

NV

47,887

1,870,945

4,129,296

Entertainment

0.5%

Activision

Blizzard,

Inc.

47,887

3,783,552

Health

Care

Equipment

&

Supplies

1.5%

Baxter

International,

Inc.

47,887

4,091,465

Boston

Scientific

Corp.*

47,887

2,054,352

Medtronic

plc

47,887

4,955,826

11,101,643

Health

Care

Technology

2.2%

Cerner

Corp.

47,887

4,367,294

Veeva

Systems,

Inc.,

Class

A*

47,887

11,327,191

15,694,485

Household

Durables

1.3%

Garmin

Ltd.

47,887

5,958,101

iRobot

Corp.*(a)

47,887

3,137,556

9,095,657

Common

Stocks

Shares

Value

($)

Industrial

Conglomerates

1.4%

Honeywell

International,

Inc.

47,887

9,791,934

Interactive

Media

&

Services

3.0%

Meta

Platforms,

Inc.,

Class

A*

47,887

15,001,082

Twitter,

Inc.*

47,887

1,796,241

Ziff

Davis,

Inc.*

47,887

5,031,008

21,828,331

Internet

&

Direct

Marketing

Retail

1.7%

Alibaba

Group

Holding

Ltd.,

ADR-CN*

47,887

6,023,706

eBay,

Inc.

47,887

2,876,572

JD.com,

Inc.,

ADR-CN*

47,887

3,585,778

12,486,056

IT

Services

9.4%

Akamai

Technologies,

Inc.*

47,887

5,485,456

Amdocs

Ltd.

47,887

3,634,144

Automatic

Data

Processing,

Inc.

47,887

9,872,863

DXC

Technology

Co.*

47,887

1,440,441

International

Business

Machines

Corp.

47,887

6,396,267

LiveRamp

Holdings,

Inc.*

47,887

2,138,154

Mastercard

,

Inc.,

Class

A

47,887

18,502,579

VeriSign,

Inc.*

47,887

10,400,099

Visa,

Inc.,

Class

A

47,887

10,830,603

68,700,606

Life

Sciences

Tools

&

Services

8.9%

Agilent

Technologies,

Inc.

47,887

6,671,617

Danaher

Corp.

47,887

13,685,626

Illumina,

Inc.*

47,887

16,703,943

Thermo

Fisher

Scientific,

Inc.

47,887

27,836,713

64,897,899

Pharmaceuticals

1.5%

AstraZeneca

plc,

ADR-UK

47,887

2,787,502

Bausch

Health

Cos.,

Inc.*

47,887

1,176,584

Bristol-Myers

Squibb

Co.

47,887

3,107,387

Novartis

AG,

ADR-CH

47,887

4,161,859

11,233,332

Semiconductors

&

Semiconductor

Equipment

26.9%

Advanced

Micro

Devices,

Inc.*

47,887

5,471,090

Analog

Devices,

Inc.

47,887

7,852,031

Applied

Materials,

Inc.

47,887

6,617,026

ASML

Holding

NV

(Registered),

NYRS-NL

47,887

32,429,076

Broadcom,

Inc.

47,887

28,056,036

FormFactor

,

Inc.*

47,887

2,046,690

Intel

Corp.

47,887

2,337,843

KLA

Corp.

47,887

18,640,972

Lam

Research

Corp.

47,887

28,249,499

Microchip

Technology,

Inc.

47,887

3,710,285

Micron

Technology,

Inc.

47,887

3,939,664

NVIDIA

Corp.

47,887

11,725,611

NXP

Semiconductors

NV

47,887

9,837,905

ON

Semiconductor

Corp.*

47,887

2,825,333

QUALCOMM,

Inc.

47,887

8,416,619

Teradyne,

Inc.

47,887

5,623,370

Texas

Instruments,

Inc.

47,887

8,595,238

102

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

NYSE

Arca

Tech

100

Index

Fund

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

Xilinx,

Inc.

47,887

9,268,529

195,642,817

Software

18.8%

Adobe,

Inc.*

47,887

25,586,024

Check

Point

Software

Technologies

Ltd.*

47,887

5,794,806

Citrix

Systems,

Inc.

47,887

4,881,601

InterDigital

,

Inc.

47,887

3,305,640

Intuit,

Inc.

47,887

26,588,299

Microsoft

Corp.

47,887

14,891,899

NortonLifeLock

,

Inc.

47,887

1,245,541

Open

Text

Corp.

47,887

2,291,872

Oracle

Corp.

47,887

3,886,509

Progress

Software

Corp.

47,887

2,179,337

PTC,

Inc.*

47,887

5,567,343

salesforce.com,

Inc.*

47,887

11,139,953

SAP

SE,

ADR-DE(a)

47,887

5,995,931

Synopsys,

Inc.*

47,887

14,868,913

Teradata

Corp.*

47,887

1,931,761

VMware,

Inc.,

Class

A

47,887

6,152,522

Xperi

Holding

Corp.

47,887

807,854

137,115,805

Technology

Hardware,

Storage

&

Peripherals

3.1%

Apple,

Inc.

47,887

8,369,690

HP,

Inc.

47,887

1,758,890

NetApp,

Inc.

47,887

4,142,704

Seagate

Technology

Holdings

plc

47,887

5,131,092

Western

Digital

Corp.*

47,887

2,477,673

Xerox

Holdings

Corp.

47,887

1,010,895

22,890,944

Wireless

Telecommunication

Services

0.1%

Telephone

&

Data

Systems,

Inc.

47,887

948,163

Total

Common

Stocks

(cost

$182,607,963)

725,684,387

Short-Term

Investment

1.3%

Shares

Value

($)

Money

Market

Fund

1.3%

Fidelity

Investments

Money

Market

Government

Portfolio

—

Institutional

Class,

0.01%(b)(c)

9,258,367

9,258,367

Total

Short-Term

Investment

(cost

$9,258,367)

9,258,367

Total

Investments

(cost

$191,866,330)

—

101.0%

734,942,754

Liabilities

in

excess

of

other

assets

—

(1.0)%

(7,188,927)

NET

ASSETS

—

100.0%

$

727,753,827

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2022.

The

total

value

of

securities

on

loan

as

of

January

31,

2022

was

$9,412,021,

which

was

collateralized

by

cash

used

to

purchase

a

money

market

fund

with

a

value

of

$9,258,367.

(b)

Represents

7-day

effective

yield

as

of

January

31,

2022.

(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,

2022

was

$9,258,367.

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,

2022:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

NASDAQ

100

E-Mini

Index

10

3/2022

USD

2,981,000

80,048

80,048

As

of

January

31,

2022,

the

Fund

had

$174,000

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

Nationwide

NYSE

Arca

Tech

100

Index

Fund

-

January

31,

2022

(Unaudited)

-

Statement

of

Investments

-

103

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.

104

-

Statement

of

Investments

-

January

31,

2022

(Unaudited)

-

Nationwide

NYSE

Arca

Tech

100

Index

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2022.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

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,

2022

:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2022:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

725,684,387

$

–

$

–

$

725,684,387

Futures

Contracts

80,048

–

–

80,048

Short-Term

Investment

9,258,367

–

–

9,258,367

Total

$

735,022,802

$

–

$

–

$

735,022,802

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

80,048

Total

$

80,048

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.