Nationwide

Destination

2025

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

1

Investment

Companies

88.1%

Shares

Value

($)

Alternative

Assets

4.6%

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

818,508

8,062,301

Total

Alternative

Assets

(cost

$8,111,802)

8,062,301

Equity

Funds

43.2%

Nationwide

International

Index

Fund,

Class

R6(a)

2,600,922

19,767,007

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

280,910

4,696,821

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

4,328,323

49,775,710

Nationwide

Small

Cap

Index

Fund,

Class

R6(a)

176,315

1,902,437

Total

Equity

Funds

(cost

$63,954,714)

76,141,975

Fixed

Income

Funds

40.3%

Nationwide

Bond

Portfolio,

Class

R6(a)

7,022,666

63,414,677

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

763,487

7,611,967

Total

Fixed

Income

Funds

(cost

$78,094,044)

71,026,644

Total

Investment

Companies

(cost

$150,160,560)

155,230,920

Exchange

Traded

Funds

5.1%

Equity

Fund

3.2%

iShares

Core

MSCI

Emerging

Markets

ETF

115,977

5,689,832

Exchange

Traded

Funds

Shares

Value

($)

Fixed

Income

Fund

1.9%

iShares

20+

Year

Treasury

Bond

ETF

27,956

3,282,873

Total

Exchange

Traded

Funds

(cost

$9,552,472)

8,972,705

Investment

Contract

6.8%

Principal

Amount

($)

Nationwide

Contract,

2.15%

^∞(a)(b)

12,063,074

12,063,074

Total

Investment

Contract

(cost

$12,063,074)

12,063,074

Total

Investments

(cost

$171,776,106)

—

100.0%

176,266,699

Liabilities

in

excess

of

other

assets

—

0.0%

†

(73,316)

NET

ASSETS

—

100.0%

$

176,193,383

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

(b)

The

Nationwide

Contract

is

issued

by

Nationwide

Life

Insurance

Company.

The

interest

rate

is

assessed

and

may

change

quarterly.

The

security

is

restricted

and

has

been

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

ETF

Exchange

Traded

Fund

2

-

Statement

of

Investments

-

July

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

July

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

$

8,972,705

$

–

$

–

$

8,972,705

Investment

Companies

155,230,920

–

–

155,230,920

Investment

Contract

–

–

12,063,074

12,063,074

Total

$

164,203,625

$

–

$

12,063,074

$

176,266,699

Nationwide

Destination

2025

Fund

-

July

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

*

874,403

874,403

Sales

(2,987,796)

(2,987,796)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

July

31,

2022

$

12,063,074

$

12,063,074

*

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

-

July

31,

2022

(Unaudited)

-

Nationwide

Destination

2030

Fund

Investment

Companies

91.1%

Shares

Value

($)

Alternative

Assets

3.3%

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

663,379

6,534,282

Total

Alternative

Assets

(cost

$6,662,849)

6,534,282

Equity

Funds

55.8%

Nationwide

International

Index

Fund,

Class

R6(a)

4,125,747

31,355,676

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

461,803

7,721,339

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

5,870,730

67,513,401

Nationwide

Small

Cap

Index

Fund,

Class

R6(a)

377,526

4,073,502

Total

Equity

Funds

(cost

$95,129,779)

110,663,918

Fixed

Income

Funds

32.0%

Nationwide

Bond

Portfolio,

Class

R6(a)

6,624,194

59,816,468

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

380,270

3,791,296

Total

Fixed

Income

Funds

(cost

$70,217,308)

63,607,764

Total

Investment

Companies

(cost

$172,009,936)

180,805,964

Exchange

Traded

Funds

5.9%

Equity

Fund

4.5%

iShares

Core

MSCI

Emerging

Markets

ETF

181,594

8,909,001

Exchange

Traded

Funds

Shares

Value

($)

Fixed

Income

Fund

1.4%

iShares

20+

Year

Treasury

Bond

ETF

23,597

2,770,996

Total

Exchange

Traded

Funds

(cost

$12,478,977)

11,679,997

Investment

Contract

3.0%

Principal

Amount

($)

Nationwide

Contract,

2.15%

^∞(a)(b)

6,044,821

6,044,821

Total

Investment

Contract

(cost

$6,044,821)

6,044,821

Total

Investments

(cost

$190,533,734)

—

100.0%

198,530,782

Liabilities

in

excess

of

other

assets

—

0.0%

†

(85,461)

NET

ASSETS

—

100.0%

$

198,445,321

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

(b)

The

Nationwide

Contract

is

issued

by

Nationwide

Life

Insurance

Company.

The

interest

rate

is

assessed

and

may

change

quarterly.

The

security

is

restricted

and

has

been

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

ETF

Exchange

Traded

Fund

Nationwide

Destination

2030

Fund

-

July

31,

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

July

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

$

11,679,997

$

–

$

–

$

11,679,997

Investment

Companies

180,805,964

–

–

180,805,964

Investment

Contract

–

–

6,044,821

6,044,821

Total

$

192,485,961

$

–

$

6,044,821

$

198,530,782

6

-

Statement

of

Investments

-

July

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

*

865,741

865,741

Sales

(1,074,875)

(1,074,875)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

July

31,

2022

$

6,044,821

$

6,044,821

*

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

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

7

Investment

Companies

91.6%

Shares

Value

($)

Alternative

Assets

2.6%

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

476,854

4,697,013

Total

Alternative

Assets

(cost

$4,864,566)

4,697,013

Equity

Funds

66.6%

Nationwide

International

Index

Fund,

Class

R6(a)

4,472,021

33,987,363

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

554,480

9,270,910

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

6,336,809

72,873,302

Nationwide

Small

Cap

Index

Fund,

Class

R6(a)

435,224

4,696,064

Total

Equity

Funds

(cost

$106,473,848)

120,827,639

Fixed

Income

Funds

22.4%

Nationwide

Bond

Portfolio,

Class

R6(a)

4,376,986

39,524,185

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

108,947

1,086,199

Total

Fixed

Income

Funds

(cost

$45,042,006)

40,610,384

Total

Investment

Companies

(cost

$156,380,420)

166,135,036

Exchange

Traded

Funds

7.2%

Equity

Fund

6.0%

iShares

Core

MSCI

Emerging

Markets

ETF

221,849

10,883,912

Exchange

Traded

Funds

Shares

Value

($)

Fixed

Income

Fund

1.2%

iShares

20+

Year

Treasury

Bond

ETF

18,908

2,220,366

Total

Exchange

Traded

Funds

(cost

$13,944,245)

13,104,278

Investment

Contract

1.2%

Principal

Amount

($)

Nationwide

Contract,

2.15%

^∞(a)(b)

2,181,459

2,181,459

Total

Investment

Contract

(cost

$2,181,459)

2,181,459

Total

Investments

(cost

$172,506,124)

—

100.0%

181,420,773

Liabilities

in

excess

of

other

assets

—

0.0%

†

(75,524)

NET

ASSETS

—

100.0%

$

181,345,249

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

(b)

The

Nationwide

Contract

is

issued

by

Nationwide

Life

Insurance

Company.

The

interest

rate

is

assessed

and

may

change

quarterly.

The

security

is

restricted

and

has

been

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

ETF

Exchange

Traded

Fund

8

-

Statement

of

Investments

-

July

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

July

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

$

13,104,278

$

–

$

–

$

13,104,278

Investment

Companies

166,135,036

–

–

166,135,036

Investment

Contract

–

–

2,181,459

2,181,459

Total

$

179,239,314

$

–

$

2,181,459

$

181,420,773

Nationwide

Destination

2035

Fund

-

July

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

*

281,364

281,364

Sales

(406,486)

(406,486)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

July

31,

2022

$

2,181,459

$

2,181,459

*

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

-

July

31,

2022

(Unaudited)

-

Nationwide

Destination

2040

Fund

Investment

Companies

91.3%

Shares

Value

($)

Alternative

Assets

1.3%

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

213,484

2,102,821

Total

Alternative

Assets

(cost

$2,133,166)

2,102,821

Equity

Funds

74.7%

Nationwide

International

Index

Fund,

Class

R6(a)

4,196,531

31,893,638

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

600,885

10,046,793

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

6,265,827

72,057,011

Nationwide

Small

Cap

Index

Fund,

Class

R6(a)

412,141

4,447,004

Total

Equity

Funds

(cost

$104,928,431)

118,444,446

Fixed

Income

Funds

15.3%

Nationwide

Bond

Portfolio,

Class

R6(a)

2,675,698

24,161,552

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

13,981

139,394

Total

Fixed

Income

Funds

(cost

$26,957,778)

24,300,946

Total

Investment

Companies

(cost

$134,019,375)

144,848,213

Exchange

Traded

Funds

8.0%

Equity

Fund

6.8%

iShares

Core

MSCI

Emerging

Markets

ETF

219,961

10,791,287

Exchange

Traded

Funds

Shares

Value

($)

Fixed

Income

Fund

1.2%

iShares

20+

Year

Treasury

Bond

ETF

16,783

1,970,828

Total

Exchange

Traded

Funds

(cost

$13,593,708)

12,762,115

Investment

Contract

0.7%

Principal

Amount

($)

Nationwide

Contract,

2.15%

^∞(a)(b)

1,060,778

1,060,778

Total

Investment

Contract

(cost

$1,060,778)

1,060,778

Total

Investments

(cost

$148,673,861)

—

100.0%

158,671,106

Other

assets

in

excess

of

liabilities

—

0.0%

†

25,860

NET

ASSETS

—

100.0%

$

158,696,966

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

(b)

The

Nationwide

Contract

is

issued

by

Nationwide

Life

Insurance

Company.

The

interest

rate

is

assessed

and

may

change

quarterly.

The

security

is

restricted

and

has

been

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

ETF

Exchange

Traded

Fund

Nationwide

Destination

2040

Fund

-

July

31,

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

July

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

$

12,762,115

$

–

$

–

$

12,762,115

Investment

Companies

144,848,213

–

–

144,848,213

Investment

Contract

–

–

1,060,778

1,060,778

Total

$

157,610,328

$

–

$

1,060,778

$

158,671,106

12

-

Statement

of

Investments

-

July

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

*

110,137

110,137

Sales

(262,969)

(262,969)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

July

31,

2022

$

1,060,778

$

1,060,778

*

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

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

13

Investment

Companies

91.3%

Shares

Value

($)

Alternative

Assets

0.3%

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

43,837

431,793

Total

Alternative

Assets

(cost

$458,650)

431,793

Equity

Funds

79.6%

Nationwide

International

Index

Fund,

Class

R6(a)

3,806,060

28,926,053

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

562,456

9,404,268

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

5,856,288

67,347,313

Nationwide

Small

Cap

Index

Fund,

Class

R6(a)

377,415

4,072,306

Total

Equity

Funds

(cost

$97,118,163)

109,749,940

Fixed

Income

Fund

11.4%

Nationwide

Bond

Portfolio,

Class

R6(a)

1,747,793

15,782,568

Total

Fixed

Income

Funds

(cost

$17,513,373)

15,782,568

Total

Investment

Companies

(cost

$115,090,186)

125,964,301

Exchange

Traded

Funds

8.4%

Equity

Fund

7.2%

iShares

Core

MSCI

Emerging

Markets

ETF

201,887

9,904,576

Exchange

Traded

Funds

Shares

Value

($)

Fixed

Income

Fund

1.2%

iShares

20+

Year

Treasury

Bond

ETF

14,988

1,760,041

Total

Exchange

Traded

Funds

(cost

$12,442,667)

11,664,617

Investment

Contract

0.3%

Principal

Amount

($)

Nationwide

Contract,

2.15%

^∞(a)(b)

351,411

351,411

Total

Investment

Contract

(cost

$351,411)

351,411

Total

Investments

(cost

$127,884,264)

—

100.0%

137,980,329

Liabilities

in

excess

of

other

assets

—

0.0%

†

(58,299)

NET

ASSETS

—

100.0%

$

137,922,030

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

(b)

The

Nationwide

Contract

is

issued

by

Nationwide

Life

Insurance

Company.

The

interest

rate

is

assessed

and

may

change

quarterly.

The

security

is

restricted

and

has

been

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

ETF

Exchange

Traded

Fund

14

-

Statement

of

Investments

-

July

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

July

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

$

11,664,617

$

–

$

–

$

11,664,617

Investment

Companies

125,964,301

–

–

125,964,301

Investment

Contract

–

–

351,411

351,411

Total

$

137,628,918

$

–

$

351,411

$

137,980,329

Nationwide

Destination

2045

Fund

-

July

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

*

78,915

78,915

Sales

(50,153)

(50,153)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

July

31,

2022

$

351,411

$

351,411

*

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

-

July

31,

2022

(Unaudited)

-

Nationwide

Destination

2050

Fund

Investment

Companies

91.3%

Shares

Value

($)

Alternative

Assets

0.0%

†

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

3,643

35,880

Total

Alternative

Assets

(cost

$37,601)

35,880

Equity

Funds

82.3%

Nationwide

International

Index

Fund,

Class

R6(a)

3,570,483

27,135,668

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

565,208

9,450,284

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

5,597,367

64,369,723

Nationwide

Small

Cap

Index

Fund,

Class

R6(a)

360,990

3,895,082

Total

Equity

Funds

(cost

$94,294,143)

104,850,757

Fixed

Income

Fund

9.0%

Nationwide

Bond

Portfolio,

Class

R6(a)

1,270,471

11,472,352

Total

Fixed

Income

Funds

(cost

$12,718,112)

11,472,352

Total

Investment

Companies

(cost

$107,049,856)

116,358,989

Exchange

Traded

Funds

8.7%

Shares

Value

($)

Equity

Fund

7.4%

iShares

Core

MSCI

Emerging

Markets

ETF

192,046

9,421,777

Fixed

Income

Fund

1.3%

iShares

20+

Year

Treasury

Bond

ETF(b)

13,944

1,637,444

Total

Exchange

Traded

Funds

(cost

$11,800,030)

11,059,221

Total

Investments

(cost

$118,849,886)

—

100.0%

127,418,210

Other

assets

in

excess

of

liabilities

—

0.0%

†

61,496

NET

ASSETS

—

100.0%

$

127,479,706

†

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

July

31,

2022.

The

total

value

of

securities

on

loan

as

of

July

31,

2022

was

$1,637,326,

which

was

collateralized

by

$1,699,194

in

the

form

of

U.S

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

-

4.75%,

and

maturity

dates

ranging

from

10/31/2022

-

11/15/2051.

ETF

Exchange

Traded

Fund

Nationwide

Destination

2050

Fund

-

July

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

July

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

$

11,059,221

$

–

$

–

$

11,059,221

Investment

Companies

116,358,989

–

–

116,358,989

Total

$

127,418,210

$

–

$

–

$

127,418,210

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

18

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Destination

2055

Fund

Investment

Companies

91.3%

Shares

Value

($)

Equity

Funds

83.6%

Nationwide

International

Index

Fund,

Class

R6(a)

2,248,430

17,088,065

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

372,557

6,229,154

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

3,530,686

40,602,889

Nationwide

Small

Cap

Index

Fund,

Class

R6(a)

232,176

2,505,184

Total

Equity

Funds

(cost

$60,354,031)

66,425,292

Fixed

Income

Fund

7.7%

Nationwide

Bond

Portfolio,

Class

R6(a)

674,825

6,093,669

Total

Fixed

Income

Funds

(cost

$6,728,161)

6,093,669

Total

Investment

Companies

(cost

$67,082,192)

72,518,961

Exchange

Traded

Funds

8.6%

Shares

Value

($)

Equity

Fund

7.6%

iShares

Core

MSCI

Emerging

Markets

ETF

124,052

6,085,991

Fixed

Income

Fund

1.0%

iShares

20+

Year

Treasury

Bond

ETF

6,561

770,458

Total

Exchange

Traded

Funds

(cost

$7,301,061)

6,856,449

Total

Investments

(cost

$74,383,253)

—

99.9%

79,375,410

Other

assets

in

excess

of

liabilities

—

0.1%

59,305

NET

ASSETS

—

100.0%

$

79,434,715

(a)

Investment

in

affiliate.

ETF

Exchange

Traded

Fund

Nationwide

Destination

2055

Fund

-

July

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

July

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

$

6,856,449

$

–

$

–

$

6,856,449

Investment

Companies

72,518,961

–

–

72,518,961

Total

$

79,375,410

$

–

$

–

$

79,375,410

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

20

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Destination

2060

Fund

000

Investment

Companies

91.3%

Shares

Value

($)

Equity

Funds

84.5%

Nationwide

International

Index

Fund,

Class

R6(a)

977,862

7,431,753

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

166,594

2,785,457

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

1,550,675

17,832,766

Nationwide

Small

Cap

Index

Fund,

Class

R6(a)

104,428

1,126,778

Total

Equity

Funds

(cost

$26,885,354)

29,176,754

Fixed

Income

Fund

6.8%

Nationwide

Bond

Portfolio,

Class

R6(a)

259,364

2,342,058

Total

Fixed

Income

Funds

(cost

$2,579,577)

2,342,058

Total

Investment

Companies

(cost

$29,464,931)

31,518,812

Exchange

Traded

Funds

8.7%

Shares

Value

($)

Equity

Fund

8.0%

iShares

Core

MSCI

Emerging

Markets

ETF

56,113

2,752,904

Fixed

Income

Fund

0.7%

iShares

20+

Year

Treasury

Bond

ETF

2,057

241,553

Total

Exchange

Traded

Funds

(cost

$3,185,345)

2,994,457

Total

Investments

(cost

$32,650,276)

—

100.0%

34,513,269

Other

assets

in

excess

of

liabilities

—

0.0%

†

10,326

NET

ASSETS

—

100.0%

$

34,523,595

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

ETF

Exchange

Traded

Fund

Nationwide

Destination

2060

Fund

-

July

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

July

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

$

2,994,457

$

–

$

–

$

2,994,457

Investment

Companies

31,518,812

–

–

31,518,812

Total

$

34,513,269

$

–

$

–

$

34,513,269

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

22

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Destination

2065

Fund

Investment

Companies

90.9%

Shares

Value

($)

Equity

Funds

84.8%

Nationwide

International

Index

Fund,

Class

R6(a)

83,204

632,352

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

14,064

235,158

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

132,000

1,517,994

Nationwide

Small

Cap

Index

Fund,

Class

R6(a)

8,864

95,642

Total

Equity

Funds

(cost

$2,451,543)

2,481,146

Fixed

Income

Fund

6.1%

Nationwide

Bond

Portfolio,

Class

R6(a)

19,693

177,830

Total

Fixed

Income

Funds

(cost

$192,620)

177,830

Total

Investment

Companies

(cost

$2,644,163)

2,658,976

Exchange

Traded

Funds

8.7%

Shares

Value

($)

Equity

Fund

8.1%

iShares

Core

MSCI

Emerging

Markets

ETF

4,840

237,451

Fixed

Income

Fund

0.6%

iShares

20+

Year

Treasury

Bond

ETF

130

15,266

Total

Exchange

Traded

Funds

(cost

$275,605)

252,717

Total

Investments

(cost

$2,919,768)

—

99.6%

2,911,693

Other

assets

in

excess

of

liabilities

—

0.4%

12,328

NET

ASSETS

—

100.0%

$

2,924,021

(a)

Investment

in

affiliate.

ETF

Exchange

Traded

Fund

Nationwide

Destination

2065

Fund

-

July

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

July

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

$

252,717

$

–

$

–

$

252,717

Investment

Companies

2,658,976

–

–

2,658,976

Total

$

2,911,693

$

–

$

–

$

2,911,693

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

24

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Destination

Retirement

Fund

Investment

Companies

85.9%

Shares

Value

($)

Alternative

Assets

5.6%

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

707,931

6,973,118

Total

Alternative

Assets

(cost

$6,674,251)

6,973,118

Equity

Funds

33.5%

Nationwide

International

Index

Fund,

Class

R6(a)

1,172,987

8,914,704

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

139,007

2,324,196

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

2,639,801

30,357,712

Total

Equity

Funds

(cost

$34,123,585)

41,596,612

Fixed

Income

Funds

46.8%

Nationwide

Bond

Portfolio,

Class

R6(a)

5,501,856

49,681,757

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

842,792

8,402,633

Total

Fixed

Income

Funds

(cost

$63,317,024)

58,084,390

Total

Investment

Companies

(cost

$104,114,860)

106,654,120

Exchange

Traded

Funds

4.4%

Equity

Fund

2.4%

iShares

Core

MSCI

Emerging

Markets

ETF

61,070

2,996,094

Exchange

Traded

Funds

Shares

Value

($)

Fixed

Income

Fund

2.0%

iShares

20+

Year

Treasury

Bond

ETF

20,575

2,416,122

Total

Exchange

Traded

Funds

(cost

$6,015,375)

5,412,216

Investment

Contract

9.8%

Principal

Amount

($)

Nationwide

Contract,

2.15%

^∞(a)(b)

12,102,177

12,102,177

Total

Investment

Contract

(cost

$12,102,177)

12,102,177

Total

Investments

(cost

$122,232,412)

—

100.1%

124,168,513

Liabilities

in

excess

of

other

assets

—

(0.1)%

(64,222)

NET

ASSETS

—

100.0%

$

124,104,291

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

(a)

Investment

in

affiliate.

(b)

The

Nationwide

Contract

is

issued

by

Nationwide

Life

Insurance

Company.

The

interest

rate

is

assessed

and

may

change

quarterly.

The

security

is

restricted

and

has

been

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

ETF

Exchange

Traded

Fund

Nationwide

Destination

Retirement

Fund

-

July

31,

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

July

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

$

5,412,216

$

–

$

–

$

5,412,216

Investment

Companies

106,654,120

–

–

106,654,120

Investment

Contract

–

–

12,102,177

12,102,177

Total

$

112,066,336

$

–

$

12,102,177

$

124,168,513

26

-

Statement

of

Investments

-

July

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

*

803,439

803,439

Sales

(5,584,338)

(5,584,338)

Change

in

Unrealized

Appreciation/

Depreciation

—

—

Transfers

into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

July

31,

2022

$

12,102,177

$

12,102,177

*

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

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

1

Investment

Companies

90.4%

Shares

Value

($)

Alternative

Assets

1.6%

Nationwide

Amundi

Global

High

Yield

Fund,

Class

R6(a)

669,557

5,523,848

Nationwide

Emerging

Markets

Debt

Fund,

Class

R6(a)

1,163,634

8,925,076

Total

Alternative

Assets

(cost

$17,224,897)

14,448,924

Equity

Funds

86.0%

Nationwide

GQG

US

Quality

Equity

Fund,

Class

R6(a)

1,544,790

18,800,099

Nationwide

International

Index

Fund,

Class

R6(a)

21,789,195

165,597,883

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

3,989,279

34,666,836

Nationwide

Loomis

All

Cap

Growth

Fund,

Class

R6(a)

1,253,173

17,193,537

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

6,489,641

108,506,801

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

36,963,229

425,077,128

Total

Equity

Funds

(cost

$700,625,083)

769,842,284

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

2.8%

Nationwide

Bond

Portfolio,

Class

R6(a)

1,790,252

16,165,980

Nationwide

Loomis

Core

Bond

Fund,

Class

R6(a)

936,045

9,379,172

Total

Fixed

Income

Funds

(cost

$27,692,061)

25,545,152

Total

Investment

Companies

(cost

$745,542,041)

809,836,360

Exchange

Traded

Funds

9.6%

Equity

Funds

9.6%

iShares

Core

MSCI

Emerging

Markets

ETF

1,374,543

67,435,080

iShares

Core

S&P

Small-Cap

ETF

181,917

18,480,948

Total

Exchange

Traded

Funds

(cost

$93,173,768)

85,916,028

Total

Investments

(cost

$838,715,809)

—

100.0%

895,752,388

Liabilities

in

excess

of

other

assets

—

0.0%

†

(300,230)

NET

ASSETS

—

100.0%

$

895,452,158

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

ETF

Exchange

Traded

Fund

2

-

Statement

of

Investments

-

July

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

July

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

$

85,916,028

$

–

$

–

$

85,916,028

Investment

Companies

809,836,360

–

–

809,836,360

Total

$

895,752,388

$

–

$

–

$

895,752,388

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Investor

Destinations

Conservative

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

3

Investment

Companies

74.6%

Shares

Value

($)

Alternative

Assets

4.0%

Nationwide

Amundi

Global

High

Yield

Fund,

Class

R6(a)

722,627

5,961,677

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

849,046

8,363,101

Nationwide

Emerging

Markets

Debt

Fund,

Class

R6(a)

622,513

4,774,677

Total

Alternative

Assets

(cost

$20,884,617)

19,099,455

Equity

Funds

19.2%

Nationwide

International

Index

Fund,

Class

R6(a)

2,533,022

19,250,964

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

241,260

2,096,551

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

544,696

9,107,325

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

5,426,574

62,405,603

Total

Equity

Funds

(cost

$75,222,498)

92,860,443

Fixed

Income

Funds

51.4%

Nationwide

Bond

Portfolio,

Class

R6(a)

16,617,422

150,055,324

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

2,467,391

24,599,893

Nationwide

Loomis

Core

Bond

Fund,

Class

R6(a)

1,000,915

10,029,169

Nationwide

Loomis

Short

Term

Bond

Fund,

Class

R6(a)

6,469,309

63,528,613

Total

Fixed

Income

Funds

(cost

$260,923,639)

248,212,999

Total

Investment

Companies

(cost

$357,030,754)

360,172,897

Exchange

Traded

Funds

12.4%

Equity

Funds

2.0%

iShares

Core

MSCI

Emerging

Markets

ETF

168,123

8,248,115

iShares

Core

S&P

Small-Cap

ETF

12,831

1,303,501

Total

Equity

Funds

(cost

$9,852,363)

9,551,616

Fixed

Income

Funds

10.4%

iShares

20+

Year

Treasury

Bond

ETF

164,061

19,265,683

iShares

7-10

Year

Treasury

Bond

ETF

148,489

15,616,588

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF(b)

13,890

1,591,933

Exchange

Traded

Funds

Shares

Value

($)

iShares

U.S.

Treasury

Bond

ETF

581,061

14,096,540

Total

Fixed

Income

Funds

(cost

$55,729,001)

50,570,744

Total

Exchange

Traded

Funds

(cost

$65,581,364)

60,122,360

Investment

Contract

13.1%

Principal

Amount

($)

Nationwide

Contract,

2.15%

^∞(a)(c)

63,021,674

63,021,674

Total

Investment

Contract

(cost

$63,021,674)

63,021,674

Repurchase

Agreement

0.3%

CF

Secured,

LLC,

2.24%,

dated

7/29/2022,

due

8/1/2022,

repurchase

price

$1,620,455,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.50%,

maturing

9/30/2022

-

5/15/2052;

total

market

value

$1,652,863.(d)

1,620,152

1,620,152

Total

Repurchase

Agreement

(cost

$1,620,152)

1,620,152

Total

Investments

(cost

$487,253,944)

—

100.4%

484,937,083

Liabilities

in

excess

of

other

assets

—

(0.4)%

(2,048,388)

NET

ASSETS

—

100.0%

$

482,888,695

^

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

July

31,

2022.

The

total

value

of

securities

on

loan

as

of

July

31,

2022

was

$1,591,818,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$1,620,152.

(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)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

July

31,

2022

was

$1,620,152.

ETF

Exchange

Traded

Fund

4

-

Statement

of

Investments

-

July

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

July

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

$

60,122,360

$

–

$

–

$

60,122,360

Investment

Companies

360,172,897

–

–

360,172,897

Investment

Contract

–

–

63,021,674

63,021,674

Repurchase

Agreement

–

1,620,152

–

1,620,152

Total

$

420,295,257

$

1,620,152

$

63,021,674

$

484,937,083

Nationwide

Investor

Destinations

Conservative

Fund

-

July

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

*

5,142,061

5,142,061

Sales

(35,527,718)

(35,527,718)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

July

31,

2022

$

63,021,674

$

63,021,674

*

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

-

July

31,

2022

(Unaudited)

-

Nationwide

Investor

Destinations

Moderate

Fund

Investment

Companies

83.4%

Shares

Value

($)

Alternative

Assets

5.1%

Nationwide

Amundi

Global

High

Yield

Fund,

Class

R6(a)

2,396,044

19,767,364

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

1,240,671

12,220,606

Nationwide

Emerging

Markets

Debt

Fund,

Class

R6(a)

2,599,996

19,941,973

Total

Alternative

Assets

(cost

$59,925,665)

51,929,943

Equity

Funds

54.4%

Nationwide

GQG

US

Quality

Equity

Fund,

Class

R6(a)

856,324

10,421,466

Nationwide

International

Index

Fund,

Class

R6(a)

14,219,961

108,071,701

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

2,064,449

17,940,058

Nationwide

Loomis

All

Cap

Growth

Fund,

Class

R6(a)

647,750

8,887,134

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

2,923,108

48,874,369

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

31,058,453

357,172,204

Total

Equity

Funds

(cost

$481,980,747)

551,366,932

Fixed

Income

Funds

23.9%

Nationwide

Bond

Portfolio,

Class

R6(a)

15,168,954

136,975,658

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

1,027,489

10,244,066

Nationwide

Loomis

Core

Bond

Fund,

Class

R6(a)

5,228,269

52,387,258

Nationwide

Loomis

Short

Term

Bond

Fund,

Class

R6(a)

4,366,067

42,874,782

Total

Fixed

Income

Funds

(cost

$258,349,618)

242,481,764

Total

Investment

Companies

(cost

$800,256,030)

845,778,639

Exchange

Traded

Funds

10.8%

Equity

Funds

6.7%

iShares

Core

MSCI

Emerging

Markets

ETF

861,803

42,280,055

iShares

Core

S&P

Small-Cap

ETF

257,313

26,140,428

Total

Equity

Funds

(cost

$74,364,443)

68,420,483

Fixed

Income

Funds

4.1%

iShares

20+

Year

Treasury

Bond

ETF

123,965

14,557,210

iShares

7-10

Year

Treasury

Bond

ETF

101,086

10,631,215

Exchange

Traded

Funds

Shares

Value

($)

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF(b)

13,927

1,596,173

iShares

U.S.

Treasury

Bond

ETF

596,655

14,474,850

Total

Fixed

Income

Funds

(cost

$45,117,104)

41,259,448

Total

Exchange

Traded

Funds

(cost

$119,481,547)

109,679,931

Investment

Contract

5.8%

Principal

Amount

($)

Nationwide

Contract,

2.15%

^∞(a)(c)

58,902,725

58,902,725

Total

Investment

Contract

(cost

$58,902,725)

58,902,725

Repurchase

Agreement

0.2%

CF

Secured,

LLC,

2.24%,

dated

7/29/2022,

due

8/1/2022,

repurchase

price

$1,624,772,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.50%,

maturing

9/30/2022

-

5/15/2052;

total

market

value

$1,657,267.(d)

1,624,468

1,624,468

Total

Repurchase

Agreement

(cost

$1,624,468)

1,624,468

Total

Investments

(cost

$980,264,770)

—

100.2%

1,015,985,763

Liabilities

in

excess

of

other

assets

—

(0.2)%

(2,227,554)

NET

ASSETS

—

100.0%

$

1,013,758,209

^

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

July

31,

2022.

The

total

value

of

securities

on

loan

as

of

July

31,

2022

was

$1,596,059,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$1,624,468.

(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)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

July

31,

2022

was

$1,624,468.

ETF

Exchange

Traded

Fund

Nationwide

Investor

Destinations

Moderate

Fund

-

July

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

July

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

$

109,679,931

$

–

$

–

$

109,679,931

Investment

Companies

845,778,639

–

–

845,778,639

Investment

Contract

–

–

58,902,725

58,902,725

Repurchase

Agreement

–

1,624,468

–

1,624,468

Total

$

955,458,570

$

1,624,468

$

58,902,725

$

1,015,985,763

8

-

Statement

of

Investments

-

July

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

*

5,196,341

5,196,341

Sales

(25,563,742)

(25,563,742)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

July

31,

2022

$

58,902,725

$

58,902,725

*

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

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

9

Investment

Companies

90.7%

Shares

Value

($)

Alternative

Assets

4.5%

Nationwide

Amundi

Global

High

Yield

Fund,

Class

R6(a)

2,582,510

21,305,707

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

1,185,082

11,673,053

Nationwide

Emerging

Markets

Debt

Fund,

Class

R6(a)

3,390,141

26,002,382

Total

Alternative

Assets

(cost

$67,820,264)

58,981,142

Equity

Funds

71.8%

Nationwide

GQG

US

Quality

Equity

Fund,

Class

R6(a)

1,766,044

21,492,758

Nationwide

International

Index

Fund,

Class

R6(a)

22,212,981

168,818,658

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

4,970,869

43,196,853

Nationwide

Loomis

All

Cap

Growth

Fund,

Class

R6(a)

1,370,418

18,802,132

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

6,270,443

104,841,805

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

50,306,039

578,519,448

Total

Equity

Funds

(cost

$841,378,673)

935,671,654

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

14.4%

Nationwide

Bond

Portfolio,

Class

R6(a)

16,222,931

146,493,067

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

1,346,591

13,425,513

Nationwide

Loomis

Core

Bond

Fund,

Class

R6(a)

2,740,545

27,460,256

Total

Fixed

Income

Funds

(cost

$200,564,991)

187,378,836

Total

Investment

Companies

(cost

$1,109,763,928)

1,182,031,632

Exchange

Traded

Funds

9.4%

Equity

Funds

9.4%

iShares

Core

MSCI

Emerging

Markets

ETF

1,942,331

95,290,759

iShares

Core

S&P

Small-Cap

ETF

267,015

27,126,054

Total

Exchange

Traded

Funds

(cost

$132,236,361)

122,416,813

Total

Investments

(cost

$1,242,000,289)

—

100.1%

1,304,448,445

Liabilities

in

excess

of

other

assets

—

(0.1)%

(719,351)

NET

ASSETS

—

100.0%

$

1,303,729,094

(a)

Investment

in

affiliate.

ETF

Exchange

Traded

Fund

10

-

Statement

of

Investments

-

July

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

July

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

$

122,416,813

$

–

$

–

$

122,416,813

Investment

Companies

1,182,031,632

–

–

1,182,031,632

Total

$

1,304,448,445

$

–

$

–

$

1,304,448,445

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Investor

Destinations

Moderately

Conservative

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

11

Investment

Companies

80.1%

Shares

Value

($)

Alternative

Assets

3.5%

Nationwide

Amundi

Global

High

Yield

Fund,

Class

R6(a)

693,852

5,724,279

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

309,913

3,052,640

Nationwide

Emerging

Markets

Debt

Fund,

Class

R6(a)

463,944

3,558,452

Total

Alternative

Assets

(cost

$13,936,824)

12,335,371

Equity

Funds

37.2%

Nationwide

International

Index

Fund,

Class

R6(a)

3,495,605

26,566,599

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

360,668

3,134,208

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

885,637

14,807,855

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

7,647,512

87,946,389

Total

Equity

Funds

(cost

$111,666,952)

132,455,051

Fixed

Income

Funds

39.4%

Nationwide

Bond

Portfolio,

Class

R6(a)

9,723,921

87,807,008

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

1,104,205

11,008,925

Nationwide

Loomis

Core

Bond

Fund,

Class

R6(a)

1,462,932

14,658,577

Nationwide

Loomis

Short

Term

Bond

Fund,

Class

R6(a)

2,750,239

27,007,351

Total

Fixed

Income

Funds

(cost

$148,793,778)

140,481,861

Total

Investment

Companies

(cost

$274,397,554)

285,272,283

Exchange

Traded

Funds

10.8%

Equity

Funds

4.3%

iShares

Core

MSCI

Emerging

Markets

ETF

218,913

10,739,872

iShares

Core

S&P

Small-Cap

ETF

45,295

4,601,519

Total

Equity

Funds

(cost

$16,153,985)

15,341,391

Fixed

Income

Funds

6.5%

iShares

20+

Year

Treasury

Bond

ETF

58,202

6,834,661

iShares

7-10

Year

Treasury

Bond

ETF(b)

71,547

7,524,598

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF(b)

7,190

824,046

Exchange

Traded

Funds

Shares

Value

($)

iShares

U.S.

Treasury

Bond

ETF

316,675

7,682,535

Total

Fixed

Income

Funds

(cost

$25,073,338)

22,865,840

Total

Exchange

Traded

Funds

(cost

$41,227,323)

38,207,231

Investment

Contract

9.2%

Principal

Amount

($)

Nationwide

Contract,

2.15%

^∞(a)(c)

32,912,311

32,912,311

Total

Investment

Contract

(cost

$32,912,311)

32,912,311

Repurchase

Agreement

2.2%

CF

Secured,

LLC,

2.24%,

dated

7/29/2022,

due

8/1/2022,

repurchase

price

$7,746,542,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.50%,

maturing

9/30/2022

-

5/15/2052;

total

market

value

$7,901,473.(d)

7,745,096

7,745,096

Total

Repurchase

Agreement

(cost

$7,745,096)

7,745,096

Total

Investments

(cost

$356,282,284)

—

102.3%

364,136,921

Liabilities

in

excess

of

other

assets

—

(2.3)%

(8,099,817)

NET

ASSETS

—

100.0%

$

356,037,104

^

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

July

31,

2022.

The

total

value

of

securities

on

loan

as

of

July

31,

2022

was

$7,595,933,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$7,745,096.

(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)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

July

31,

2022

was

$7,745,096.

ETF

Exchange

Traded

Fund

12

-

Statement

of

Investments

-

July

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

July

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

$

38,207,231

$

–

$

–

$

38,207,231

Investment

Companies

285,272,283

–

–

285,272,283

Investment

Contract

–

–

32,912,311

32,912,311

Repurchase

Agreement

–

7,745,096

–

7,745,096

Total

$

323,479,514

$

7,745,096

$

32,912,311

$

364,136,921

Nationwide

Investor

Destinations

Moderately

Conservative

Fund

-

July

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

*

2,796,071

2,796,071

Sales

(16,627,805)

(16,627,805)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

July

31,

2022

$

32,912,311

$

32,912,311

*

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

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

1

Asset-Backed

Securities

13.8%

Principal

Amount

($)

Value

($)

Airlines

3.0%

Air

Canada

Pass-Through

Trust,

Series

2015-1,

Class

B,

3.88%,

3/15/2023(a)

2,035,406

1,994,613

American

Airlines

Pass-

Through

Trust,

Series

2021-1,

Class

B,

3.95%,

7/11/2030

1,050,000

865,219

British

Airways

Pass-Through

Trust

Series

2021-1,

Class

B,

3.90%,

9/15/2031(a)

2,353,231

2,115,105

Series

2021-1,

Class

A,

2.90%,

3/15/2035(a)

713,004

628,135

United

Airlines

Pass-Through

Trust

Series

2016-1,

Class

B,

3.65%,

1/7/2026

1,851,125

1,656,996

Series

2020-1,

Class

A,

5.88%,

10/15/2027

1,391,641

1,403,074

Series

2019-2,

Class

B,

3.50%,

5/1/2028

46,523

40,294

8,703,436

Home

Equity

0.2%

Long

Beach

Mortgage

Loan

Trust,

Series

2005-

WL2,

Class

M2,

2.36%,

8/25/2035(b)

27,135

28,024

Park

Place

Securities,

Inc.

Asset-Backed

Pass-

Through

Certificates,

Series

2005-WCH1,

Class

M4,

3.50%,

1/25/2036(b)

365,999

363,472

Soundview

Home

Loan

Trust,

Series

2006-WF2,

Class

M1,

2.59%,

12/25/2036(b)

245,772

245,527

Structured

Asset

Securities

Corp.

Mortgage

Pass-

Through

Certificates,

Series

2004-6XS,

Class

A6,

5.13%,

3/25/2034(c)

12

12

637,035

Other

10.6%

Apidos

CLO

XXII,

Series

2015-22A,

Class

A1R,

3.77%,

4/20/2031(a)(b)

1,000,000

982,289

Apidos

CLO

XXXIV,

Series

2020-34A,

Class

A1R,

3.86%,

1/20/2035(a)(b)

1,050,000

1,019,892

Ares

LVI

CLO

Ltd.,

Series

2020-56A,

Class

AR,

3.94%,

10/25/2034(a)(b)

500,000

486,164

Ares

LXIII

CLO

Ltd.,

Series

2022-63A,

Class

A1A,

2.27%,

4/20/2035(a)(b)

1,000,000

971,416

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Bayview

Opportunity

Master

Fund

IVa

Trust,

Series

2017-SPL5,

Class

B2,

4.50%,

6/28/2057(a)(b)

1,348,100

1,320,733

Broad

River

Bsl

Funding

CLO

Ltd.,

Series

2020-1A,

Class

AR,

3.88%,

7/20/2034(a)(b)

1,000,000

964,387

Carlyle

Global

Market

Strategies

CLO

Ltd.,

Series

2016-1A,

Class

A1R2,

3.85%,

4/20/2034(a)(b)

200,000

193,781

Cedar

Funding

VIII

CLO

Ltd.,

Series

2017-8A,

Class

A1R,

3.89%,

10/17/2034(a)(b)

500,000

484,563

CVS

Pass-Through

Trust,

6.94%,

1/10/2030

1,294,253

1,395,855

Dryden

86

CLO

Ltd.

Series

2020-86A,

Class

A1R,

3.84%,

7/17/2034(a)

(b)

1,650,000

1,602,328

Series

2020-86A,

Class

BR,

4.44%,

7/17/2034(a)(b)

850,000

806,604

FCI

Funding

LLC,

Series

2021-1A,

Class

A,

1.13%,

4/15/2033(a)

382,401

372,960

Golden

Bear

LLC,

Series

2016-1A,

Class

A,

3.75%,

9/20/2047(a)

964,389

906,879

Goodgreen

Series

2019-2A,

Class

A,

2.76%,

4/15/2055(a)

1,092,271

1,002,480

Series

2022-1A,

Class

A,

3.84%,

10/15/2056(a)

684,263

657,659

Goodgreen

Trust,

Series

2017-1A,

Class

A,

3.74%,

10/15/2052(a)

105,065

100,937

HERO

Funding

Trust

Series

2015-2A,

Class

A,

3.99%,

9/20/2040(a)

130,376

130,435

Series

2015-1A,

Class

A,

3.84%,

9/21/2040(a)

549,930

551,122

Series

2015-3A,

Class

A,

4.28%,

9/20/2041(a)

520,581

521,723

Invesco

CLO

Ltd.

Series

2021-1A,

Class

A1,

3.51%,

4/15/2034(a)(b)

400,000

384,278

Series

2021-2A,

Class

A,

3.63%,

7/15/2034(a)(b)

1,000,000

967,138

LCM

37

Ltd.,

Series

37A,

Class

A1,

2.51%,

4/15/2034(a)(b)

500,000

491,104

Magnetite

XXVIII

Ltd.,

Series

2020-28A,

Class

AR,

3.84%,

1/20/2035(a)(b)

1,000,000

969,012

Magnetite

XXXII

Ltd.,

Series

2022-32A,

Class

A,

2.07%,

4/15/2035(a)(b)

1,000,000

969,325

2

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Bond

Fund

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Neuberger

Berman

Loan

Advisers

CLO

32

Ltd.,

Series

2019-32A,

Class

AR,

3.73%,

1/20/2032(a)(b)

500,000

489,590

Neuberger

Berman

Loan

Advisers

CLO

38

Ltd.,

Series

2020-38A,

Class

AR,

3.85%,

10/20/2035(a)(b)

1,000,000

971,537

NRZ

Advance

Receivables

Trust

Series

2020-T3,

Class

AT3,

1.32%,

10/15/2052(a)

480,000

476,642

Series

2020-T3,

Class

BT3,

1.57%,

10/15/2052(a)

80,000

79,390

Series

2020-T2,

Class

AT2,

1.48%,

9/15/2053(a)

1,700,000

1,620,697

Series

2020-T2,

Class

BT2,

1.72%,

9/15/2053(a)

200,000

190,714

Reese

Park

CLO

Ltd.,

Series

2020-1A,

Class

AR,

3.64%,

10/15/2034(a)(b)

400,000

388,398

Renew,

Series

2018-1,

Class

A,

3.95%,

9/20/2053(a)

989,346

951,018

RR

1

LLC,

Series

2017-

1A,

Class

A1AB,

3.66%,

7/15/2035(a)(b)

1,000,000

974,621

Tricon

American

Homes

Trust

Series

2017-SFR2,

Class

A,

2.93%,

1/17/2036(a)

3,327,749

3,286,579

Series

2019-SFR1,

Class

A,

2.75%,

3/17/2038(a)

2,765,244

2,686,023

Wellman

Park

CLO

Ltd.,

Series

2021-1A,

Class

A,

3.61%,

7/15/2034(a)(b)

1,000,000

972,894

31,341,167

Total

Asset-Backed

Securities

(cost

$42,630,472)

40,681,638

Collateralized

Mortgage

Obligations

2.4%

Alternative

Loan

Trust,

Series

2007-2CB,

Class

2A14,

5.75%,

3/25/2037

186,050

115,470

American

Home

Mortgage

Investment

Trust,

Series

2004-3,

Class

6A1,

5.32%,

10/25/2034(c)

3,642

3,607

Angel

Oak

Mortgage

Trust,

Series

2020-1,

Class

A1,

2.47%,

12/25/2059(a)(b)

430,767

416,362

Chase

Mortgage

Finance

Corp.,

Series

2016-

SH2,

Class

M2,

3.75%,

12/25/2045(a)(b)

2,987,123

2,809,348

CHL

Mortgage

Pass-Through

Trust,

Series

2005-15,

Class

A7,

5.50%,

8/25/2035

39,113

24,854

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

Citigroup

Mortgage

Loan

Trust,

Series

2015-

RP2,

Class

A1,

3.50%,

1/25/2053(a)(b)

184,283

180,110

Citigroup

Mortgage

Loan

Trust,

Inc.,

Series

2018-

RP1,

Class

A1,

3.00%,

9/25/2064(a)(b)

196,952

193,313

FNMA

REMICS

Series

2003-33,

Class

LB,

5.50%,

5/25/2023

22,052

22,079

Series

2009-42,

Class

AP,

4.50%,

3/25/2039

3,051

3,047

MASTR

Alternative

Loan

Trust,

Series

2005-6,

Class

1A5,

5.50%,

12/25/2035

134,391

105,136

NYMT

Loan

Trust

Series

2022-CP1,

Class

A2,

3.01%,

7/25/2061(a)

688,000

626,765

Series

2022-CP1,

Class

M1,

3.21%,

7/25/2061(a)

688,000

627,223

Series

2022-CP1,

Class

M2,

3.51%,

7/25/2061(a)

465,000

424,265

Sequoia

Mortgage

Trust,

Series

2017-CH1,

Class

A2,

3.50%,

8/25/2047(a)(b)

40,586

39,045

Towd

Point

Mortgage

Trust,

Series

2019-4,

Class

A2,

3.25%,

10/25/2059(a)(b)

590,000

547,170

Verus

Securitization

Trust

Series

2022-3,

Class

A2,

4.13%,

2/25/2067(a)(b)

424,574

411,247

Series

2022-3,

Class

A1,

4.13%,

2/25/2067(a)(c)

318,902

309,768

Visio

Trust,

Series

2019-

2,

Class

A2,

2.92%,

11/25/2054(a)(b)

274,674

264,198

Total

Collateralized

Mortgage

Obligations

(cost

$7,681,547)

7,123,007

Commercial

Mortgage-Backed

Securities

2.8%

AREIT

Trust,

Series

2022-

CRE6,

Class

A,

2.72%,

1/16/2037(a)(b)

600,000

576,511

Aventura

Mall

Trust,

Series

2018-AVM,

Class

A,

4.11%,

7/5/2040(a)(b)

700,000

680,497

BBCMS

Mortgage

Trust,

Series

2016-ETC,

Class

C,

3.39%,

8/14/2036(a)

6,300,000

5,513,553

BXP

Trust,

Series

2017-

GM,

Class

B,

3.42%,

6/13/2039(a)(b)

1,300,000

1,219,155

Nationwide

Bond

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

3

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

Natixis

Commercial

Mortgage

Securities

Trust,

Series

2019-LVL,

Class

A,

3.89%,

8/15/2038(a)

400,000

385,248

Total

Commercial

Mortgage-Backed

Securities

(cost

$9,563,589)

8,374,964

Corporate

Bonds

28.2%

Aerospace

&

Defense

1.6%

Boeing

Co.

(The)

,

2.95%,

2/1/2030

1,225,000

1,071,131

3.25%,

2/1/2035

500,000

408,163

Huntington

Ingalls

Industries,

Inc.

,

4.20%,

5/1/2030

1,230,000

1,185,662

Moog,

Inc.

,

4.25%,

12/15/2027(a)

215,000

200,623

Raytheon

Technologies

Corp.

,

4.13%,

11/16/2028

1,900,000

1,927,727

4,793,306

Airlines

0.0%

†

United

Airlines,

Inc.

,

4.63%,

4/15/2029(a)

75,000

69,094

Automobiles

0.5%

Hyundai

Capital

America

,

2.38%,

10/15/2027(a)

1,110,000

991,041

1.80%,

1/10/2028(a)

140,000

120,134

6.38%,

4/8/2030(a)

460,000

498,308

1,609,483

Banks

3.2%

Bank

of

America

Corp.

,

(ICE

LIBOR

USD

3

Month

+

1.21%),

3.97%,

2/7/2030(d)

990,000

958,388

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

1,043,677

Citigroup,

Inc.

,

(SOFR

+

1.94%),

3.79%,

3/17/2033(d)

1,000,000

943,252

Citizens

Financial

Group,

Inc.

,

2.64%,

9/30/2032

1,350,000

1,115,968

Commonwealth

Bank

of

Australia

,

3.78%,

3/14/2032(a)(e)

1,000,000

899,608

HSBC

Holdings

plc

,

(SOFR

+

1.29%),

1.59%,

5/24/2027(d)

1,000,000

891,279

ING

Groep

NV

,

(SOFR

+

1.83%),

4.02%,

3/28/2028(d)

1,600,000

1,550,193

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

JPMorgan

Chase

&

Co.

,

Series

I,

(ICE

LIBOR

USD

3

Month

+

3.47%),

6.28%,

10/30/2022(d)(f)

488,000

485,043

(SOFR

+

1.51%),

2.53%,

11/19/2041(d)

650,000

481,679

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

1,032,373

9,401,460

Beverages

0.9%

Anheuser-Busch

Cos.

LLC

,

4.90%,

2/1/2046

1,000,000

1,007,105

Anheuser-Busch

InBev

Worldwide,

Inc.

,

4.50%,

6/1/2050

105,000

100,750

Bacardi

Ltd.

,

5.30%,

5/15/2048(a)

460,000

446,639

PepsiCo,

Inc.

,

3.90%,

7/18/2032

1,000,000

1,033,926

2,588,420

Biotechnology

0.6%

AbbVie,

Inc.

,

3.20%,

11/21/2029

195,000

186,071

CSL

Finance

plc

,

4.25%,

4/27/2032(a)

1,600,000

1,631,593

1,817,664

Capital

Markets

2.5%

Credit

Suisse

Group

AG

,

(SOFR

+

3.73%),

4.19%,

4/1/2031(a)(d)

250,000

222,358

(SOFR

+

1.73%),

3.09%,

5/14/2032(a)(d)

975,000

783,780

FMR

LLC

,

4.95%,

2/1/2033(a)

925,000

958,986

Morgan

Stanley

,

(SOFR

+

2.62%),

5.30%,

4/20/2037(d)

600,000

604,421

Nuveen

Finance

LLC

,

4.13%,

11/1/2024(a)

1,555,000

1,552,787

S&P

Global,

Inc.

,

2.90%,

3/1/2032(a)

1,500,000

1,390,902

UBS

Group

AG

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.75%),

4.75%,

5/12/2028(a)(d)

2,000,000

2,003,324

7,516,558

Chemicals

0.2%

Cytec

Industries,

Inc.

,

3.95%,

5/1/2025

600,000

585,589

4

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Commercial

Services

&

Supplies

0.1%

Stericycle,

Inc.

,

3.88%,

1/15/2029(a)

220,000

201,153

Communications

Equipment

0.1%

Viasat

,

Inc.

,

5.63%,

4/15/2027(a)

220,000

207,438

Consumer

Finance

0.1%

Ford

Motor

Credit

Co.

LLC

,

4.00%,

11/13/2030

215,000

190,042

Diversified

Telecommunication

Services

1.3%

AT&T,

Inc.

,

2.55%,

12/1/2033

174,000

147,311

3.65%,

6/1/2051

1,145,000

932,820

CCO

Holdings

LLC

,

4.50%,

5/1/2032

290,000

250,725

Level

3

Financing,

Inc.

,

4.63%,

9/15/2027(a)

145,000

132,536

Verizon

Communications,

Inc.

,

2.55%,

3/21/2031

2,500,000

2,221,437

Virgin

Media

Secured

Finance

plc

,

4.50%,

8/15/2030(a)

200,000

180,000

3,864,829

Electric

Utilities

4.8%

Alliant

Energy

Finance

LLC

,

4.25%,

6/15/2028(a)

2,000,000

1,974,587

Appalachian

Power

Co.

,

Series

BB,

4.50%,

8/1/2032

555,000

558,563

Series

Z,

3.70%,

5/1/2050

190,000

156,771

Entergy

Arkansas

LLC

,

4.00%,

6/1/2028

2,650,000

2,640,785

Evergy

,

Inc.

,

2.90%,

9/15/2029

1,020,000

923,006

Fells

Point

Funding

Trust

,

3.05%,

1/31/2027(a)

3,000,000

2,826,034

Georgia

Power

Co.

,

4.70%,

5/15/2032

1,250,000

1,299,110

Indiana

Michigan

Power

Co.

,

3.85%,

5/15/2028

1,250,000

1,243,592

Jersey

Central

Power

&

Light

Co.

,

2.75%,

3/1/2032(a)

170,000

149,867

Metropolitan

Edison

Co.

,

4.30%,

1/15/2029(a)

1,000,000

1,002,508

NextEra

Energy

Operating

Partners

LP

,

4.50%,

9/15/2027(a)(e)

215,000

212,490

NRG

Energy,

Inc.

,

3.63%,

2/15/2031(a)

215,000

180,085

Vistra

Operations

Co.

LLC

,

5.63%,

2/15/2027(a)

230,000

230,738

4.30%,

7/15/2029(a)

1,000,000

924,830

14,322,966

Electrical

Equipment

0.1%

Sensata

Technologies

BV

,

4.00%,

4/15/2029(a)

200,000

181,860

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electronic

Equipment,

Instruments

&

Components

0.1%

Sensata

Technologies,

Inc.

,

3.75%,

2/15/2031(a)(e)

215,000

186,810

Entertainment

0.8%

Magallanes,

Inc.

,

4.28%,

3/15/2032(a)

1,750,000

1,633,223

Walt

Disney

Co.

(The)

,

2.65%,

1/13/2031

800,000

735,932

2,369,155

Equity

Real

Estate

Investment

Trusts

(REITs)

2.2%

Invitation

Homes

Operating

Partnership

LP

,

2.70%,

1/15/2034

1,475,000

1,178,346

Kite

Realty

Group

Trust

,

4.75%,

9/15/2030

549,000

521,092

LXP

Industrial

Trust

,

2.70%,

9/15/2030

1,300,000

1,085,158

Piedmont

Operating

Partnership

LP

,

2.75%,

4/1/2032

191,000

151,867

Spirit

Realty

LP

,

2.10%,

3/15/2028

1,000,000

853,497

Sun

Communities

Operating

LP

,

2.30%,

11/1/2028

1,131,000

987,956

VICI

Properties

LP

,

5.13%,

5/15/2032

700,000

695,667

WP

Carey,

Inc.

,

2.45%,

2/1/2032(e)

1,250,000

1,038,500

6,512,083

Food

&

Staples

Retailing

0.2%

CVS

Pass-Through

Trust

,

7.51%,

1/10/2032(a)

613,786

677,237

Food

Products

0.1%

JBS

USA

LUX

SA

,

4.38%,

2/2/2052(a)

600,000

454,728

Hotels,

Restaurants

&

Leisure

0.1%

International

Game

Technology

plc

,

5.25%,

1/15/2029(a)(e)

215,000

207,620

Household

Durables

0.1%

Newell

Brands,

Inc.

,

5.75%,

4/1/2046(c)

300,000

256,914

Independent

Power

and

Renewable

Electricity

Producers

0.1%

Calpine

Corp.

,

4.50%,

2/15/2028(a)

215,000

208,550

Industrial

Conglomerates

0.2%

GE

Capital

Funding

LLC

,

4.55%,

5/15/2032

600,000

603,847

IT

Services

0.3%

International

Business

Machines

Corp.

,

4.40%,

7/27/2032

850,000

872,312

Nationwide

Bond

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

5

Corporate

Bonds

Principal

Amount

($)

Value

($)

Machinery

0.1%

Amsted

Industries,

Inc.

,

4.63%,

5/15/2030(a)

220,000

196,020

Media

0.5%

Charter

Communications

Operating

LLC

,

5.75%,

4/1/2048

400,000

368,702

Comcast

Corp.

,

2.94%,

11/1/2056

1,358,000

990,773

CSC

Holdings

LLC

,

3.38%,

2/15/2031(a)

215,000

172,000

1,531,475

Multi-Utilities

0.9%

Black

Hills

Corp.

,

3.05%,

10/15/2029

675,000

602,401

Dominion

Energy,

Inc.

,

Series

A,

4.60%,

3/15/2049

1,000,000

965,580

Southern

Co.

Gas

Capital

Corp.

,

3.88%,

11/15/2025

1,100,000

1,101,746

2,669,727

Oil,

Gas

&

Consumable

Fuels

2.8%

BP

Capital

Markets

America,

Inc.

,

2.94%,

6/4/2051(e)

500,000

376,938

Continental

Resources,

Inc.

,

4.38%,

1/15/2028

215,000

206,960

5.75%,

1/15/2031(a)

350,000

345,103

2.88%,

4/1/2032(a)

836,000

681,616

Energy

Transfer

LP

,

5.50%,

6/1/2027

1,000,000

1,032,441

6.50%,

2/1/2042

250,000

258,701

Exxon

Mobil

Corp.

,

3.45%,

4/15/2051

725,000

626,462

NGPL

PipeCo

LLC

,

3.25%,

7/15/2031(a)

650,000

556,571

ONEOK,

Inc.

,

7.15%,

1/15/2051

500,000

540,016

Sunoco

LP

,

4.50%,

5/15/2029

150,000

134,976

Targa

Resources

Partners

LP

,

4.88%,

2/1/2031

505,000

474,737

4.00%,

1/15/2032

1,170,000

1,044,202

Valero

Energy

Corp.

,

4.00%,

4/1/2029

190,000

185,088

4.90%,

3/15/2045(e)

150,000

143,376

Valero

Energy

Partners

LP

,

4.50%,

3/15/2028

80,000

80,531

Var

Energi

ASA

,

5.00%,

5/18/2027(a)

1,617,245

1,631,374

8,319,092

Road

&

Rail

1.0%

Ashtead

Capital,

Inc.

,

4.00%,

5/1/2028(a)

2,000,000

1,856,267

Corporate

Bonds

Principal

Amount

($)

Value

($)

Road

&

Rail

Burlington

Northern

Santa

Fe

LLC

,

4.15%,

4/1/2045

1,000,000

964,137

2,820,404

Software

0.1%

Open

Text

Holdings,

Inc.

,

4.13%,

2/15/2030(a)

215,000

198,702

PTC,

Inc.

,

4.00%,

2/15/2028(a)

215,000

203,923

402,625

Specialty

Retail

0.4%

AutoZone,

Inc.

,

4.75%,

8/1/2032

1,000,000

1,031,378

Bath

&

Body

Works,

Inc.

,

6.63%,

10/1/2030(a)

150,000

143,139

1,174,517

Technology

Hardware,

Storage

&

Peripherals

0.3%

Digital

Equipment

Corp.

,

7.75%,

4/1/2023

825,000

831,265

Thrifts

&

Mortgage

Finance

0.7%

BPCE

SA

,

5.70%,

10/22/2023(a)

1,500,000

1,516,642

(SOFR

+

1.73%),

3.12%,

10/19/2032(a)(d)

750,000

617,281

2,133,923

Tobacco

0.4%

BAT

Capital

Corp.

,

3.46%,

9/6/2029

1,010,000

876,904

4.74%,

3/16/2032

200,000

183,240

1,060,144

Trading

Companies

&

Distributors

0.6%

GATX

Corp.

,

1.90%,

6/1/2031

1,000,000

804,497

3.50%,

6/1/2032

1,100,000

989,054

1,793,551

Wireless

Telecommunication

Services

0.2%

T-Mobile

USA,

Inc.

,

3.30%,

2/15/2051

810,000

619,492

Total

Corporate

Bonds

(cost

$91,373,904)

83,251,353

Mortgage-Backed

Securities

30.4%

FHLMC

UMBS

Pool

Pool#

SB8088

1.50%,

2/1/2036

3,873,191

3,596,070

Pool#

SD8178

2.50%,

11/1/2051

9,432,773

8,809,236

Pool#

QE0799

2.50%,

4/1/2052

8,815,002

8,225,613

FNMA

UMBS

Pool

Pool#

CA4488

2.50%,

7/1/2034

1,406,034

1,376,038

6

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Bond

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

FM1776

3.00%,

10/1/2034

446,370

447,132

Pool#

BC0180

4.00%,

1/1/2046

748,995

766,582

Pool#

BC9003

3.00%,

11/1/2046

112,604

110,738

Pool#

AS8483

3.00%,

12/1/2046

86,676

85,098

Pool#

MA2863

3.00%,

1/1/2047

911,634

891,163

Pool#

BM2003

4.00%,

10/1/2047

475,611

485,877

Pool#

CA2208

4.50%,

8/1/2048

1,624,314

1,670,826

Pool#

CA2469

4.00%,

10/1/2048

700,740

714,096

Pool#

BN0906

4.00%,

11/1/2048

1,010,510

1,029,835

Pool#

CA3866

3.50%,

7/1/2049

2,101,588

2,098,064

Pool#

BP5783

3.00%,

5/1/2050

5,506,843

5,332,851

Pool#

MA4210

2.50%,

12/1/2050

1,026,329

959,556

Pool#

FS2041

2.00%,

8/1/2051

7,932,442

7,153,730

Pool#

MA4491

1.50%,

12/1/2051

1,465,424

1,264,130

Pool#

MA4577

2.00%,

4/1/2052

10,843,581

9,756,914

Pool#

BU8944

3.00%,

4/1/2052

4,952,616

4,777,175

FNMA/FHLMC

UMBS,

15

Year,

Single

Family

TBA

3.50%,

8/25/2037

7,500,000

7,554,932

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

3.50%,

8/25/2052

10,000,000

9,895,703

4.00%,

8/25/2052

7,500,000

7,537,207

4.50%,

8/25/2052

5,000,000

5,086,914

Total

Mortgage-Backed

Securities

(cost

$91,818,021)

89,625,480

Municipal

Bonds

0.5%

California

0.2

%

Northern

California

Power

Agency,

RB,

Series

B,

7.31%,

6/1/2040

500,000

628,118

District

of

Columbia

0.3

%

Metropolitan

Washington

Airports

Authority,

RB,

Series

D,

7.46%,

10/1/2046

600,000

798,188

Total

Municipal

Bonds

(cost

$1,318,457)

1,426,306

Purchased

Options

0.0%

†

Number

of

Contracts

Value

($)

Call

Options

0.0%

†

Future

Interest

Rate

Options

0.0%

†

3

Month

Eurodollar

12/19/2022

at

USD

99.38,

American

Style,

Notional

Amount:

USD

60,000,000

Exchange

Traded

240

3,000

3

Month

Eurodollar

12/19/2022

at

USD

98.25,

American

Style,

Notional

Amount:

USD

62,500,000

Exchange

Traded

250

9,375

0

Total

Purchased

Options

(cost

$284,186)

12,375

U.S.

Treasury

Obligations

21.8%

Principal

Amount

($)

U.S.

Treasury

Bonds

2.00%,

11/15/2041

16,000,000

13,062,500

2.38%,

2/15/2042

15,000,000

13,064,063

3.25%,

5/15/2042

3,500,000

3,503,828

2.25%,

8/15/2046

2,100,000

1,730,203

2.25%,

2/15/2052

(e)

9,500,000

8,011,172

2.88%,

5/15/2052

1,750,000

1,692,578

U.S.

Treasury

Notes

0.25%,

3/15/2024

1,000,000

957,344

0.38%,

4/15/2024

1,000,000

957,344

1.00%,

12/15/2024

5,000,000

4,786,914

2.88%,

6/15/2025

2,000,000

2,001,875

2.63%,

1/31/2026

(g)

4,000,000

3,978,125

2.25%,

2/15/2027

1,000,000

978,633

0.50%,

4/30/2027

2,000,000

1,802,656

2.38%,

5/15/2027

2,000,000

1,967,344

3.25%,

6/30/2027

2,000,000

2,050,000

1.25%,

3/31/2028

1,000,000

921,445

2.75%,

5/31/2029

2,000,000

2,003,750

3.25%,

6/30/2029

1,000,000

1,034,062

Total

U.S.

Treasury

Obligations

(cost

$63,069,993)

64,503,836

Nationwide

Bond

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

7

Repurchase

Agreement

2.4%

Principal

Amount

($)

Value

($)

CF

Secured,

LLC

2.24%,

dated

7/29/2022,

due

8/1/2022,

repurchase

price

$6,948,183,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.50%,

maturing

9/30/2022

-

5/15/2052;

total

market

value

$7,087,146.

(h)

6,946,886

6,946,886

Total

Repurchase

Agreement

(cost

$6,946,886)

6,946,886

Total

Investments

(cost

$314,687,055)

—

102.3%

301,945,845

Liabilities

in

excess

of

other

assets

—

(2.3)%

(6,667,814)

NET

ASSETS

—

100.0%

$

295,278,031

†

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

July

31,

2022

was

$81,567,052

which

represents

27.62%

of

net

assets.

(b)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

July

31,

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

July

31,

2022.

(d)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

July

31,

2022.

(e)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

July

31,

2022.

The

total

value

of

securities

on

loan

as

of

July

31,

2022

was

$8,666,326,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$6,946,886

and

by

$2,002,460

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

3.88%,

and

maturity

dates

ranging

from

5/31/2023

–

11/15/2048,

a

total

value

of

$8,949,346.

(f)

Perpetual

Bond

Security.

The

rate

reflected

in

the

Statement

of

Investments

is

the

rate

in

effect

on

July

31,

2022.

The

maturity

date

reflects

the

next

call

date.

(g)

Security

or

a

portion

of

the

security

was

used

to

cover

the

margin

requirement

for

futures

contracts.

(h)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

July

31,

2022

was

$6,946,886.

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

8

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Bond

Fund

Centrally

Cleared

Credit

default

swap

contracts

outstanding

-

buy

protection

as

of

July

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

38-V1

1.00

Quarterly

6/20/2027

0.80

USD

5,000,000

(74,959)

24,226

(50,733)

Markit

CDX

North

American

Investment

Grade

Index

Series

38-V1

1.00

Quarterly

6/20/2027

0.80

USD

25,000,000

(190,081)

(63,586)

(253,667)

(265,040)

(39,360)

(304,400)

As

of

July

31,

2022,

the

Fund

had

$400,768

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

Nationwide

Bond

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

9

Futures

contracts

outstanding

as

of

July

31,

2022:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

10

Year

Note

7

9/2022

USD

847,984

22,077

Total

long

contracts

22,077

Short

Contracts

U.S.

Treasury

10

Year

Ultra

Note

(85)

9/2022

USD

(11,156,250)

(143,642)

3

Month

Eurodollar

(47)

12/2022

USD

(11,321,712)

(8,812)

Total

short

contracts

(152,454)

Net

contracts

(130,377)

Currency:

USD

United

States

Dollar

Written

Call

Options

Contracts

as

of

July

31,

2022

:

D

escription

Counterparty

Number

of

Contracts

Notional

Amount

Exercise

  Price  

Expiration

Date

Value

($)  

3

Month

Eurodollar

Exchange

Traded

500

USD

125,000,000

USD

98.63

12/19/2022

(9,375)

3

Month

Eurodollar

Exchange

Traded

240

USD

60,000,000

USD

99.63

12/19/2022

(3,000)

Total

written

call

options

contracts

(12,375)

Written

Put

Options

Contracts

as

of

July

31,

2022

:

D

escription

Counterparty

Number

of

Contracts

Notional

Amount

Exercise

  Price  

Expiration

Date

Value

($)  

3

Month

Eurodollar

Exchange

Traded

87

USD

21,750,000

USD

98.88

12/19/2022

(548,100)

Total

written

put

options

contracts

(548,100)

–

Total

Written

Options

Contracts

(Premiums

Received

($256,527))

(560,475)

Currency:

USD

United

States

dollar

10

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

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

Bond

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

11

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

July

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.

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

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

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

$

–

$

40,681,638

$

–

$

40,681,638

Collateralized

Mortgage

Obligations

–

7,123,007

–

7,123,007

Commercial

Mortgage-Backed

Securities

–

8,374,964

–

8,374,964

Corporate

Bonds

–

83,251,353

–

83,251,353

Credit

Default

Swaps†

–

24,226

–

24,226

Futures

Contracts

22,077

–

–

22,077

Mortgage-Backed

Securities

–

89,625,480

–

89,625,480

Municipal

Bonds

–

1,426,306

–

1,426,306

Purchased

Option

12,375

–

–

12,375

Repurchase

Agreement

–

6,946,886

–

6,946,886

U.S.

Treasury

Obligations

–

64,503,836

–

64,503,836

Total

Assets

$

34,452

$

301,957,696

$

–

$

301,992,148

$

–

$

–

$

–

$

–

Liabilities:

Credit

Default

Swaps†

$

–

$

(63,586)

$

–

$

(63,586)

Futures

Contracts

(152,454)

–

–

(152,454)

Written

Options

(560,475)

–

–

(560,475)

Total

Liabilities

$

(712,929)

$

(63,586)

$

–

$

(776,515)

Total

$

(678,477)

$

301,894,110

$

–

$

301,215,633

†

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).

12

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Bond

Fund

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.

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

Nationwide

Bond

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

13

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

July

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

managing

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

14

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Bond

Fund

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

July

31,

2022:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

July

31,

2022:        

Assets:

Fair

Value

Purchased

Options

Interest

rate

risk

Investment

securities,

at

value

$

12,375

Swap

Contracts†

Credit

risk

Receivable/payable

for

variation

margin

on

centrally

cleared

swap

contracts

24,226

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

22,077

Total

$

58,678

Liabilities:

Fair

Value

Written

Options

Interest

rate

risk

Written

options,

at

value

$

(560,475)

Swap

Contracts†

Credit

risk

Unrealized

depreciation

on

centrally

cleared

swap

contracts

(63,586)

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

(152,454)

Total

$

(776,515)

†

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

BNY

Mellon

Core

Plus

Bond

ESG

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

15

Asset-Backed

Securities

6.7%

Principal

Amount

($)

Value

($)

Airlines

0.1%

United

Airlines

Pass-Through

Trust,

Series

2016-1,

Class

B,

3.65%,

1/7/2026

614,583

550,131

Automobiles

2.3%

AmeriCredit

Automobile

Receivables

Trust

Series

2022-1,

Class

A2,

2.05%,

1/20/2026

992,342

983,194

Series

2022-2,

Class

B,

4.81%,

4/18/2028

1,088,000

1,106,367

Drive

Auto

Receivables

Trust,

Series

2021-2,

Class

B,

0.58%,

12/15/2025

3,750,000

3,674,626

Exeter

Automobile

Receivables

Trust,

Series

2022-3A,

Class

B,

4.86%,

12/15/2026

1,058,000

1,061,487

Hyundai

Auto

Receivables

Trust,

Series

2022-B,

Class

A2A,

3.64%,

5/15/2025

1,883,000

1,882,983

Santander

Drive

Auto

Receivables

Trust

Series

2021-3,

Class

B,

0.60%,

12/15/2025

3,425,000

3,371,155

Series

2022-1,

Class

B,

2.36%,

8/17/2026

2,300,000

2,235,964

Volkswagen

Auto

Lease

Trust,

Series

2022-A,

Class

A3,

3.44%,

7/21/2025

414,000

413,634

14,729,410

Credit

Card

0.5%

Capital

One

Multi-Asset

Execution

Trust,

Series

2005-B3,

Class

B3,

3.06%,

5/15/2028(a)

3,500,000

3,433,073

Other

3.8%

Apidos

CLO

XXXIX,

Series

2022-39A,

Class

A1,

2.04%,

4/21/2035(a)(b)

3,045,000

2,946,288

Cedar

Funding

VII

CLO

Ltd.,

Series

2018-7A,

Class

A1,

3.71%,

1/20/2031(a)(b)

8,250,000

8,120,368

Cerberus

Loan

Funding

XXXVII

LP,

Series

2022-

1A,

Class

A1,

4.11%,

4/15/2034(a)(b)

2,000,000

1,940,187

CF

Hippolyta

Issuer

LLC,

Series

2020-1,

Class

A1,

1.69%,

7/15/2060(b)

3,451,888

3,169,753

DataBank

Issuer,

Series

2021-2A,

Class

A2,

2.40%,

10/25/2051(b)

3,500,000

3,171,106

DB

Master

Finance

LLC,

Series

2021-1A,

Class

A2II,

2.49%,

11/20/2051(b)

3,532,250

3,069,221

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Domino's

Pizza

Master

Issuer

LLC,

Series

2021-1A,

Class

A2I,

2.66%,

4/25/2051(b)

943,063

830,401

Textainer

Marine

Containers

VII

Ltd.,

Series

2021-

2A,

Class

A,

2.23%,

4/20/2046(b)

900,000

810,993

24,058,317

Total

Asset-Backed

Securities

(cost

$44,014,199)

42,770,931

Collateralized

Mortgage

Obligation

0.1%

FHLMC

REMICS,

Series

4026,

Class

WJ,

2.75%,

8/15/2041

446,516

441,978

Total

Collateralized

Mortgage

Obligation

(cost

$441,515)

441,978

Commercial

Mortgage-Backed

Securities

1.1%

GNMA

REMICS

Series

2018-17,

Class

MA,

2.60%,

5/1/2052

2,727,737

2,577,978

Series

2019-131,

Class

AD,

2.50%,

8/16/2060

4,880,688

4,571,865

Total

Commercial

Mortgage-Backed

Securities

(cost

$7,617,871)

7,149,843

Corporate

Bonds

48.7%

Aerospace

&

Defense

0.7%

Northrop

Grumman

Corp.

,

3.25%,

1/15/2028

2,010,000

1,968,751

Raytheon

Technologies

Corp.

,

4.70%,

12/15/2041

2,500,000

2,495,981

4,464,732

Airlines

0.1%

United

Airlines,

Inc.

,

4.63%,

4/15/2029(b)

902,000

830,967

Automobiles

1.2%

Ford

Motor

Co.

,

3.25%,

2/12/2032

4,300,000

3,590,500

General

Motors

Co.

,

6.80%,

10/1/2027

1,500,000

1,622,173

5.60%,

10/15/2032

2,395,000

2,391,421

7,604,094

Banks

3.6%

Citigroup,

Inc.

,

3.20%,

10/21/2026

4,161,000

4,067,467

16

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Citigroup,

Inc.,

(ICE

LIBOR

USD

3

Month

+

1.34%),

3.98%,

3/20/2030(c)

3,325,000

3,219,248

ING

Groep

NV

,

(SOFR

+

1.64%),

3.87%,

3/28/2026(c)

2,533,000

2,497,831

JPMorgan

Chase

&

Co.

,

(SOFR

+

1.07%),

1.95%,

2/4/2032(c)

8,045,000

6,683,958

Mizuho

Financial

Group,

Inc.

,

4.02%,

3/5/2028

5,715,000

5,565,461

Wells

Fargo

&

Co.

,

(SOFR

+

1.51%),

3.53%,

3/24/2028(c)

1,112,000

1,074,752

23,108,717

Beverages

0.3%

Anheuser-Busch

InBev

Worldwide,

Inc.

,

4.50%,

6/1/2050

1,625,000

1,559,226

Biotechnology

1.9%

AbbVie,

Inc.

,

4.05%,

11/21/2039

1,965,000

1,860,436

Amgen,

Inc.

,

3.00%,

2/22/2029

4,900,000

4,679,786

5.15%,

11/15/2041

3,875,000

4,009,826

5.38%,

5/15/2043

1,320,000

1,378,193

11,928,241

Building

Products

0.9%

Builders

FirstSource

,

Inc.

,

6.38%,

6/15/2032(b)

208,000

207,241

JELD-WEN,

Inc.

,

4.88%,

12/15/2027(b)(d)

1,000,000

827,500

Johnson

Controls

International

plc

,

1.75%,

9/15/2030

3,760,000

3,169,086

SRM

Escrow

Issuer

LLC

,

6.00%,

11/1/2028(b)

1,756,000

1,629,375

5,833,202

Capital

Markets

3.4%

Charles

Schwab

Corp.

(The)

,

1.95%,

12/1/2031

5,830,000

4,942,546

Goldman

Sachs

Group,

Inc.

(The)

,

4.39%,

6/15/2027

3,250,000

3,269,190

(SOFR

+

1.09%),

1.99%,

1/27/2032(c)

4,040,000

3,327,614

Intercontinental

Exchange,

Inc.

,

4.35%,

6/15/2029

1,159,000

1,182,400

Morgan

Stanley

,

7.25%,

4/1/2032

5,600,000

6,872,703

Owl

Rock

Capital

Corp.

,

2.88%,

6/11/2028

2,610,000

2,134,269

21,728,722

Corporate

Bonds

Principal

Amount

($)

Value

($)

Chemicals

2.2%

Braskem

Netherlands

Finance

BV

,

5.88%,

1/31/2050(b)

2,115,000

1,840,301

Celanese

US

Holdings

LLC

,

6.17%,

7/15/2027

2,586,000

2,626,470

DuPont

de

Nemours,

Inc.

,

4.49%,

11/15/2025

5,900,000

6,044,791

LG

Chem

Ltd.

,

2.38%,

7/7/2031(b)

3,750,000

3,185,837

13,697,399

Commercial

Services

&

Supplies

0.9%

Cimpress

plc

,

7.00%,

6/15/2026(b)

3,725,000

3,108,513

ILFC

E-Capital

Trust

I

,

+

1.55%,

14.50%

Cap),

4.85%,

12/21/2065(b)(c)

3,800,000

2,853,465

5,961,978

Consumer

Finance

1.8%

Capital

One

Financial

Corp.

,

(SOFR

+

0.69%),

2.97%,

12/6/2024(c)

4,295,000

4,144,675

General

Motors

Financial

Co.,

Inc.

,

2.40%,

10/15/2028

1,000,000

856,413

Synchrony

Financial

,

2.88%,

10/28/2031(d)

4,775,000

3,776,363

World

Acceptance

Corp.

,

7.00%,

11/1/2026(b)

3,725,000

2,652,656

11,430,107

Containers

&

Packaging

0.5%

Ardagh

Metal

Packaging

Finance

USA

LLC

,

6.00%,

6/15/2027(b)

3,200,000

3,292,000

Diversified

Financial

Services

0.5%

Jackson

Financial,

Inc.

,

3.13%,

11/23/2031(b)

3,720,000

3,021,258

Diversified

Telecommunication

Services

2.2%

AT&T,

Inc.

,

3.55%,

9/15/2055

4,360,000

3,398,905

CCO

Holdings

LLC

,

4.50%,

5/1/2032(b)

1,500,000

1,296,855

TELUS

Corp.

,

3.40%,

5/13/2032

3,500,000

3,238,683

Verizon

Communications,

Inc.

,

2.85%,

9/3/2041

7,570,000

5,942,081

13,876,524

Electric

Utilities

4.6%

Avangrid

,

Inc.

,

3.20%,

4/15/2025

2,800,000

2,744,458

Commonwealth

Edison

Co.

,

3.70%,

8/15/2028

2,090,000

2,091,407

Duke

Energy

Carolinas

LLC

,

3.95%,

11/15/2028(d)

3,795,000

3,857,670

Enel

Finance

International

NV

,

5.00%,

6/15/2032(b)

3,200,000

3,132,630

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

17

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Enel

Finance

International

NV,

2.88%,

7/12/2041(b)

3,969,000

2,658,716

Eversource

Energy

,

Series

R,

1.65%,

8/15/2030

3,200,000

2,648,779

Oncor

Electric

Delivery

Co.

LLC

,

4.15%,

6/1/2032(b)

3,250,000

3,388,846

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara

,

5.38%,

1/25/2029(b)

616,000

621,643

PPL

Electric

Utilities

Corp.

,

3.95%,

6/1/2047

1,730,000

1,595,852

Sociedad

de

Transmision

Austral

SA

,

4.00%,

1/27/2032(b)

3,750,000

3,146,397

Southern

Co.

(The)

,

Series

A,

3.70%,

4/30/2030

3,750,000

3,644,071

29,530,469

Electronic

Equipment,

Instruments

&

Components

1.6%

Corning,

Inc.

,

7.25%,

8/15/2036

6,312,000

6,994,371

5.75%,

8/15/2040

3,000,000

3,240,726

10,235,097

Entertainment

0.3%

Magallanes,

Inc.

,

3.64%,

3/15/2025(b)

1,442,000

1,411,706

Take-Two

Interactive

Software,

Inc.

,

3.70%,

4/14/2027

515,000

510,731

1,922,437

Equity

Real

Estate

Investment

Trusts

(REITs)

3.5%

Alexandria

Real

Estate

Equities,

Inc.

,

2.95%,

3/15/2034

3,562,000

3,100,521

Equinix

,

Inc.

,

3.90%,

4/15/2032

3,000,000

2,842,384

Healthpeak

Properties,

Inc.

,

3.40%,

2/1/2025

178,000

175,313

1.35%,

2/1/2027

3,975,000

3,549,656

Iron

Mountain,

Inc.

,

4.88%,

9/15/2027(b)

1,711,000

1,633,774

Omega

Healthcare

Investors,

Inc.

,

3.63%,

10/1/2029

3,000,000

2,598,815

STORE

Capital

Corp.

,

2.75%,

11/18/2030

1,850,000

1,557,913

2.70%,

12/1/2031

1,675,000

1,380,948

Ventas

Realty

LP

,

4.00%,

3/1/2028

2,300,000

2,253,152

Vornado

Realty

LP

,

2.15%,

6/1/2026

3,561,000

3,211,887

22,304,363

Food

&

Staples

Retailing

0.7%

Sysco

Corp.

,

2.40%,

2/15/2030

3,655,000

3,251,545

Corporate

Bonds

Principal

Amount

($)

Value

($)

Food

&

Staples

Retailing

United

Natural

Foods,

Inc.

,

6.75%,

10/15/2028(b)

1,050,000

1,056,563

4,308,108

Food

Products

0.2%

Archer-Daniels-Midland

Co.

,

2.90%,

3/1/2032

1,642,000

1,546,581

Health

Care

Equipment

&

Supplies

0.4%

Zimmer

Biomet

Holdings,

Inc.

,

2.60%,

11/24/2031

3,000,000

2,566,764

Health

Care

Providers

&

Services

2.4%

AdaptHealth

LLC

,

5.13%,

3/1/2030(b)

6,400,000

5,870,336

Elevance

Health,

Inc.

,

5.10%,

1/15/2044

4,000,000

4,170,967

HCA,

Inc.

,

4.50%,

2/15/2027

4,135,000

4,110,220

3.13%,

3/15/2027(b)

384,000

361,650

Tenet

Healthcare

Corp.

,

4.88%,

1/1/2026(b)

652,000

642,155

15,155,328

Hotels,

Restaurants

&

Leisure

0.3%

Marriott

Ownership

Resorts,

Inc.

,

4.75%,

1/15/2028

2,325,000

2,104,334

Independent

Power

and

Renewable

Electricity

Producers

0.5%

AES

Corp.

(The)

,

2.45%,

1/15/2031

3,750,000

3,169,731

Insurance

2.1%

Prudential

Financial,

Inc.

,

5.70%,

12/14/2036

3,416,000

3,854,004

SBL

Holdings,

Inc.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.62%),

6.50%,

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

7,500,000

5,493,750

Sompo

International

Holdings

Ltd.

,

4.70%,

10/15/2022

4,052,000

4,061,029

13,408,783

Life

Sciences

Tools

&

Services

0.8%

Thermo

Fisher

Scientific,

Inc.

,

2.00%,

10/15/2031

5,750,000

5,116,226

Media

1.2%

Comcast

Cable

Communications

Holdings,

Inc.

,

9.46%,

11/15/2022

4,050,000

4,124,193

Comcast

Corp.

,

2.89%,

11/1/2051

4,565,000

3,424,657

7,548,850

18

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Multiline

Retail

0.2%

Macy's

Retail

Holdings

LLC

,

5.88%,

3/15/2030(b)

1,387,000

1,189,067

Oil,

Gas

&

Consumable

Fuels

5.6%

Aker

BP

ASA

,

2.00%,

7/15/2026(b)

4,500,000

4,095,165

DT

Midstream,

Inc.

,

4.30%,

4/15/2032(b)

1,392,000

1,318,431

Hess

Midstream

Operations

LP

,

5.50%,

10/15/2030(b)

218,000

203,050

HF

Sinclair

Corp.

,

5.88%,

4/1/2026(b)

3,600,000

3,689,818

ONEOK

Partners

LP

,

6.85%,

10/15/2037

7,593,000

8,160,133

Tengizchevroil

Finance

Co.

International

Ltd.

,

4.00%,

8/15/2026(b)

3,000,000

2,515,050

TransCanada

PipeLines

Ltd.

,

6.20%,

10/15/2037

1,255,000

1,427,233

Valero

Energy

Corp.

,

8.75%,

6/15/2030

2,500,000

3,136,110

7.50%,

4/15/2032

2,641,000

3,159,054

6.63%,

6/15/2037

3,500,000

3,982,361

4.00%,

6/1/2052

816,000

687,896

Williams

Cos.,

Inc.

(The)

,

2.60%,

3/15/2031

3,500,000

3,039,849

35,414,150

Pharmaceuticals

0.2%

Bausch

Health

Cos.,

Inc.

,

5.00%,

1/30/2028(b)

1,500,000

798,750

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

5.13%,

5/9/2029

285,000

261,465

1,060,215

Road

&

Rail

0.9%

Avis

Budget

Car

Rental

LLC

,

5.38%,

3/1/2029(b)

2,400,000

2,188,584

Simpar

Europe

SA

,

5.20%,

1/26/2031(b)(d)

2,500,000

2,100,000

Triton

Container

International

Ltd.

,

3.15%,

6/15/2031(b)

1,486,000

1,207,872

5,496,456

Semiconductors

&

Semiconductor

Equipment

1.0%

Micron

Technology,

Inc.

,

2.70%,

4/15/2032

3,750,000

3,114,339

NXP

BV

,

3.40%,

5/1/2030

3,500,000

3,193,542

6,307,881

Software

0.8%

Salesforce,

Inc.

,

2.70%,

7/15/2041

3,565,000

2,924,250

VMware,

Inc.

,

2.20%,

8/15/2031

2,870,000

2,331,029

5,255,279

Corporate

Bonds

Principal

Amount

($)

Value

($)

Specialty

Retail

0.5%

Sonic

Automotive,

Inc.

,

4.63%,

11/15/2029(b)(d)

3,569,000

3,033,186

Technology

Hardware,

Storage

&

Peripherals

0.7%

Dell

International

LLC

,

5.45%,

6/15/2023

473,000

478,152

3.45%,

12/15/2051(b)

2,555,000

1,804,867

Lenovo

Group

Ltd.

,

6.54%,

7/27/2032(b)

2,328,000

2,316,546

4,599,565

Total

Corporate

Bonds

(cost

$337,148,843)

309,610,037

Foreign

Government

Securities

0.7%

CHILE

0.5%

Republic

of

Chile,

3.24%,

2/6/2028

3,445,000

3,319,884

HUNGARY

0.2%

Hungary

Government

Bond,

5.50%,

6/16/2034(b)

1,340,000

1,353,464

Total

Foreign

Government

Securities

(cost

$4,816,137)

4,673,348

Mortgage-Backed

Securities

17.0%

FHLMC

Gold

Pool

Pool#

J14732

4.00%,

3/1/2026

9

9

Pool#

C91768

3.50%,

7/1/2034

2,208,732

2,270,658

Pool#

G30692

3.50%,

8/1/2034

2,906,296

2,987,677

Pool#

G30782

3.50%,

2/1/2035

774,075

795,712

Pool#

C91859

3.50%,

12/1/2035

759,624

779,068

Pool#

C91868

3.50%,

4/1/2036

1,844,247

1,891,462

Pool#

Q10392

3.50%,

8/1/2042

1,131,994

1,144,262

Pool#

G08541

3.50%,

8/1/2043

1,638,715

1,656,484

Pool#

G08554

3.50%,

10/1/2043

944,428

954,670

Pool#

G08588

4.00%,

5/1/2044

652,250

670,183

Pool#

G08721

3.00%,

9/1/2046

2,315,122

2,264,963

Pool#

G08726

3.00%,

10/1/2046

3,383,432

3,318,336

FHLMC

UMBS

Pool

Pool#

SB0548

2.00%,

7/1/2036

5,541,942

5,284,697

Pool#

RB5076

2.00%,

8/1/2040

7,964,491

7,377,102

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

19

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

SD0040

3.00%,

7/1/2049

1,859,681

1,803,124

Pool#

SD8036

3.00%,

1/1/2050

1,329,888

1,286,221

FNMA

UMBS

Pool

Pool#

MA2124

3.00%,

12/1/2029

440,873

441,795

Pool#

AL6591

3.00%,

9/1/2033

2,279,294

2,278,307

Pool#

MA1608

3.50%,

10/1/2033

2,906,988

2,986,241

Pool#

MA1982

3.50%,

8/1/2034

3,008,384

3,083,742

Pool#

MA2610

3.00%,

5/1/2036

2,647,307

2,646,145

Pool#

MA3697

3.00%,

7/1/2039

1,757,303

1,725,297

Pool#

AE0311

3.50%,

8/1/2040

1,948,781

1,970,572

Pool#

AB1845

4.00%,

11/1/2040

1,961,954

2,020,131

Pool#

AJ9278

3.50%,

12/1/2041

2,107,072

2,123,561

Pool#

AW8165

4.00%,

1/1/2042

1,557,302

1,603,495

Pool#

AU2592

3.50%,

8/1/2043

1,419,660

1,433,893

Pool#

AX4312

3.50%,

2/1/2045

791,400

796,342

Pool#

AZ7353

3.50%,

11/1/2045

1,275,911

1,280,062

Pool#

AS6408

3.50%,

1/1/2046

1,987,719

1,997,722

Pool#

AS8583

3.50%,

1/1/2047

3,412,549

3,429,715

Pool#

MA3088

4.00%,

8/1/2047

776,786

792,793

Pool#

CA1191

3.50%,

11/1/2047

1,975,703

1,974,991

Pool#

MA3744

3.00%,

8/1/2049

1,692,755

1,638,594

Pool#

CA7972

3.00%,

9/1/2050

7,785,469

7,533,119

Pool#

MA4439

3.00%,

10/1/2051

8,003,999

7,724,723

Pool#

CB3678

4.00%,

5/1/2052

3,187,188

3,218,888

Pool#

FS1855

4.00%,

5/1/2052

3,068,416

3,111,236

Pool#

MA4625

3.50%,

6/1/2052

3,237,816

3,206,863

Pool#

MA4684

4.50%,

6/1/2052

6,136,239

6,255,476

Pool#

FS2323

4.00%,

7/1/2052

2,253,331

2,274,352

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

FS2293

4.50%,

7/1/2052

6,191,910

6,353,339

Total

Mortgage-Backed

Securities

(cost

$111,605,094)

108,386,022

Municipal

Bonds

1.7%

California

0.7

%

City

of

San

Francisco

CA

Public

Utilities

Commission

Water

Revenue,

RB,

Series

A,

3.47%,

11/1/2043

5,000,000

4,278,858

Michigan

0.2

%

University

of

Michigan,

Series

C,

3.60%,

4/1/2047

1,145,000

1,085,037

Virginia

0.8

%

City

of

Richmond

VA

Public

Utility

Revenue,

2.50%,

1/15/2029

2,450,000

2,331,043

Virginia

College

Building

Authority,

RB,

Series

B,

2.17%,

2/1/2034

3,465,000

2,933,198

5,264,241

Total

Municipal

Bonds

(cost

$12,228,102)

10,628,136

U.S.

Treasury

Obligations

22.1%

U.S.

Treasury

Bonds

1.88%,

2/15/2041

35,850,800

28,844,489

3.25%,

5/15/2042

1,317,000

1,318,441

3.13%,

8/15/2044

1,414,400

1,369,924

2.00%,

8/15/2051

37,084,900

29,385,437

2.25%,

2/15/2052

(d)

4,534,900

3,824,196

U.S.

Treasury

Notes

1.75%,

5/15/2023

1,530,000

1,515,417

0.13%,

7/31/2023

10,745,000

10,444,476

1.50%,

2/29/2024

14,448,000

14,124,613

0.38%,

4/30/2025

6,403,700

5,986,209

1.88%,

2/28/2027

1,340,600

1,292,475

2.25%,

8/15/2027

25,933,700

25,342,088

1.25%,

6/30/2028

1,665,000

1,529,263

1.00%,

7/31/2028

17,225,000

15,569,112

2.88%,

5/15/2032

222,900

226,905

Total

U.S.

Treasury

Obligations

(cost

$152,835,024)

140,773,045

Preferred

Stocks

0.6%

Shares

Consumer

Finance

0.4%

Capital

One

Financial

Corp.,

4.80%,

6/1/2025(f)

128,250

2,670,165

20

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund

Preferred

Stocks

Shares

Value

($)

Insurance

0.0%

†

Enstar

Group

Ltd.,

7.00%,

3/1/2024(f)

1,914

47,467

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)(f)

50,000

1,118,500

Thrifts

&

Mortgage

Finance

0.0%

†

FHLMC,

(ICE

LIBOR

USD

3

Month

+

4.16%,

7.88%

Floor),

8.38%,

12/31/2022*(c)(d)(f)

35,000

108,850

Total

Preferred

Stocks

(cost

$5,450,920)

3,944,982

Repurchase

Agreement

0.8%

Principal

Amount

($)

CF

Secured,

LLC

2.24%,

dated

7/29/2022,

due

8/1/2022,

repurchase

price

$4,889,900,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.50%,

maturing

9/30/2022

-

5/15/2052;

total

market

value

$4,987,697.

(g)

4,888,987

4,888,987

Total

Repurchase

Agreement

(cost

$4,888,987)

4,888,987

Total

Investments

(cost

$681,046,692)

—

99.5%

633,267,309

Other

assets

in

excess

of

liabilities

—

0.5%

2,931,723

NET

ASSETS

—

100.0%

$

636,199,032

*

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

July

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

July

31,

2022

was

$106,036,301

which

represents

16.67%

of

net

assets.

(c)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

July

31,

2022.

(d)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

July

31,

2022.

The

total

value

of

securities

on

loan

as

of

July

31,

2022

was

$6,160,912,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$4,888,987

and

by

$1,381,581

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

3.88%,

and

maturity

dates

ranging

from

1/15/2025

–

5/15/2052,

a

total

value

of

$6,270,568.

(e)

Perpetual

Bond

Security.

The

rate

reflected

in

the

Statement

of

Investments

is

the

rate

in

effect

on

July

31,

2022.

The

maturity

date

reflects

the

next

call

date.

(f)

The

date

shown

reflects

the

next

call

date

on

which

the

issuer

may

redeem

the

security

at

par

value.

The

coupon

rate

for

this

security

is

based

on

par

value

and

is

currently

in

effect

as

of

July

31,

2022.

(g)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

July

31,

2022

was

$4,888,987.

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

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

21

Futures

contracts

outstanding

as

of

July

31,

2022:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

Long

Bond

4

9/2022

USD

576,000

11,118

Total

long

contracts

11,118

Short

Contracts

U.S.

Treasury

5

Year

Note

(403)

9/2022

USD

(45,831,805)

(235,260)

U.S.

Treasury

10

Year

Note

(49)

9/2022

USD

(5,935,891)

(91,197)

U.S.

Treasury

10

Year

Ultra

Note

(164)

9/2022

USD

(21,525,000)

(864,969)

U.S.

Treasury

Ultra

Bond

(45)

9/2022

USD

(7,124,062)

(129,366)

Total

short

contracts

(1,320,792)

Net

contracts

(1,309,674)

As

of

July

31,

2022,

the

Fund

had

$1,386,020

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

22

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

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

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

23

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

July

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

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

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

$

–

$

42,770,931

$

–

$

42,770,931

Collateralized

Mortgage

Obligation

–

441,978

–

441,978

Commercial

Mortgage-Backed

Securities

–

7,149,843

–

7,149,843

Corporate

Bonds

–

309,610,037

–

309,610,037

Foreign

Government

Securities

–

4,673,348

–

4,673,348

Futures

Contracts

11,118

–

–

11,118

Mortgage-Backed

Securities

–

108,386,022

–

108,386,022

Municipal

Bonds

–

10,628,136

–

10,628,136

Preferred

Stocks

3,944,982

–

–

3,944,982

Repurchase

Agreement

–

4,888,987

–

4,888,987

U.S.

Treasury

Obligations

–

140,773,045

–

140,773,045

Total

Assets

$

3,956,100

$

629,322,327

$

–

$

633,278,427

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(1,320,792)

$

–

$

–

$

(1,320,792)

Total

Liabilities

$

(1,320,792)

$

–

$

–

$

(1,320,792)

Total

$

2,635,308

$

629,322,327

$

–

$

631,957,635

24

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

July

31,

2022:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

July

31,

2022:        

Assets:

Fair

Value

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

$

11,118

Total

$

11,118

Liabilities:

Fair

Value

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

$

(1,320,792)

Total

$

(1,320,792)

The

Statement

of

Investments

should

be

read

in

conjunction

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

Inflation-Protected

Securities

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

25

Asset-Backed

Securities

1.8%

Principal

Amount

($)

Value

($)

Other

1.8%

Goodgreen

,

Series

2022-

1A,

Class

A,

3.84%,

10/15/2056(a)

481,876

463,140

New

Residential

Advance

Receivables

Trust

Advance

Receivables

Backed

Series

2020-T1,

Class

AT1,

1.43%,

8/15/2053(a)

1,900,000

1,815,846

Series

2020-T1,

Class

BT1,

1.82%,

8/15/2053(a)

250,000

237,617

Series

2020-T1,

Class

CT1,

2.27%,

8/15/2053(a)

250,000

237,458

NRZ

Advance

Receivables

Trust,

Series

2020-

T3,

Class

AT3,

1.32%,

10/15/2052(a)

160,000

158,881

SPS

Servicer

Advance

Receivables

Trust,

Series

2020-T2,

Class

A,

1.83%,

11/15/2055(a)

1,290,000

1,188,878

Total

Asset-Backed

Securities

(cost

$4,331,473)

4,101,820

Collateralized

Mortgage

Obligations

3.3%

FHLMC

REMICS

Series

1684,

Class

I,

6.50%,

3/15/2024

23,110

23,630

Series

2296,

Class

H,

6.50%,

3/15/2031

12

12

FNMA

REMICS

Series

1993-16,

Class

Z,

7.50%,

2/25/2023

404

406

Series

1993-226,

Class

PK,

6.00%,

12/25/2023

11,162

11,243

Series

2013-59,

Class

MX,

2.50%,

9/25/2042

991,928

970,891

GCAT

Trust,

Series

2022-

HX1,

Class

A1,

2.89%,

12/27/2066(a)(b)

934,479

894,693

Towd

Point

Mortgage

Trust

Series

2018-6,

Class

A2,

3.75%,

3/25/2058(a)(b)

2,800,000

2,697,220

Series

2018-3,

Class

A2,

3.88%,

5/25/2058(a)(b)

2,820,000

2,709,402

Total

Collateralized

Mortgage

Obligations

(cost

$7,935,574)

7,307,497

Commercial

Mortgage-Backed

Security

0.0%

†

Principal

Amount

($)

Value

($)

FNMA

REMICS,

Series

1998-73,

Class

MZ,

6.30%,

10/17/2038

69,313

69,240

Total

Commercial

Mortgage-Backed

Security

(cost

$69,571)

69,240

Mortgage-Backed

Securities

0.8%

FNMA

Pool

Pool#

874982

6.81%,

11/1/2025

1,345,561

1,355,007

Pool#

773298

2.63%,

4/1/2035(b)

240,236

238,845

Pool#

813605

2.55%,

7/1/2036(b)

58,477

57,997

Pool#

745769

2.79%,

7/1/2036(b)

84,072

84,095

Total

Mortgage-Backed

Securities

(cost

$1,754,716)

1,735,944

U.S.

Government

Agency

Securities

3.4%

FFCB,

2.43%,

9/13/2027

3,000,000

2,929,973

FHLB

5.37%,

9/9/2024

2,615,000

2,742,519

3.00%,

3/12/2027

2,000,000

2,015,117

Total

U.S.

Government

Agency

Securities

(cost

$7,792,407)

7,687,609

U.S.

Treasury

Obligations

89.9%

U.S.

Treasury

Inflation

Linked

Bonds

1.75%,

1/15/2028

(c)

4,800,000

7,324,173

3.63%,

4/15/2028

(c)

5,000,000

10,872,143

2.50%,

1/15/2029

(c)

4,750,000

7,472,753

3.88%,

4/15/2029

(c)

3,300,000

7,343,771

2.13%,

2/15/2041

(c)

2,500,000

4,138,476

0.75%,

2/15/2042

(c)

10,000,000

12,733,243

0.63%,

2/15/2043

(c)

15,350,000

18,572,857

0.75%,

2/15/2045

(c)

3,000,000

3,597,307

1.00%,

2/15/2046

(c)

5,875,000

7,426,286

0.88%,

2/15/2047

(c)

5,000,000

6,002,478

U.S.

Treasury

Inflation

Linked

Notes

0.50%,

4/15/2024

(c)

19,500,000

22,890,847

0.13%,

4/15/2025

(c)

9,000,000

10,262,995

0.38%,

7/15/2025

(c)

12,000,000

15,084,923

0.63%,

1/15/2026

(c)(d)

17,500,000

22,102,637

0.13%,

7/15/2026

(c)

3,000,000

3,703,988

0.38%,

7/15/2027

(c)

2,750,000

3,372,228

0.50%,

1/15/2028

(c)

5,000,000

6,078,166

0.75%,

7/15/2028

(c)

4,000,000

4,871,859

0.88%,

1/15/2029

(c)

2,500,000

3,043,872

0.25%,

7/15/2029

(c)

4,000,000

4,643,245

0.13%,

1/15/2030

(c)

1,000,000

1,138,465

26

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Inflation-Protected

Securities

Fund

g

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Inflation

Linked

Notes

0.13%,

1/15/2031

(c)

2,000,000

2,249,180

U.S.

Treasury

Notes

2.25%,

3/31/2024

2,000,000

1,976,953

3.00%,

6/30/2024

(e)

7,000,000

7,010,117

1.50%,

9/30/2024

2,000,000

1,941,719

1.13%,

1/15/2025

6,000,000

5,753,438

Total

U.S.

Treasury

Obligations

(cost

$203,659,891)

201,608,119

Total

Investments

(cost

$225,543,632)

—

99.2%

222,510,229

Other

assets

in

excess

of

liabilities

—

0.8%

1,782,140

NET

ASSETS

—

100.0%

$

224,292,369

†

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

July

31,

2022

was

$10,403,135

which

represents

4.64%

of

net

assets.

(b)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

July

31,

2022.

(c)

Principal

amounts

are

not

adjusted

for

inflation.

(d)

Security

or

a

portion

of

the

security

was

used

to

cover

the

margin

requirement

for

futures

contracts.

(e)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

July

31,

2022.

The

total

value

of

securities

on

loan

as

of

July

31,

2022

was

$2,002,891,

which

was

collateralized

by

$2,052,014

in

the

form

of

U.S

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

7.63%,

and

maturity

dates

ranging

from

9/15/2022

-

5/15/2052.

FFCB

Federal

Farm

Credit

Bank

FHLB

Federal

Home

Loan

Bank

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

REMICS

Real

Estate

Mortgage

Investment

Conduits

Futures

contracts

outstanding

as

of

July

31,

2022:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

10

Year

Note

42

9/2022

USD

5,087,906

6,462

Total

long

contracts

6,462

Short

Contracts

U.S.

Treasury

Long

Bond

(49)

9/2022

USD

(7,056,000)

(132,188)

Total

short

contracts

(132,188)

Net

contracts

(125,726)

Currency:

USD

United

States

Dollar

Nationwide

Inflation-Protected

Securities

Fund

-

July

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.

28

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Inflation-Protected

Securities

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

July

31,

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

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

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

$

–

$

4,101,820

$

–

$

4,101,820

Collateralized

Mortgage

Obligations

–

7,307,497

–

7,307,497

Commercial

Mortgage-Backed

Security

–

69,240

–

69,240

Futures

Contracts

6,462

–

–

6,462

Mortgage-Backed

Securities

–

1,735,944

–

1,735,944

U.S.

Government

Agency

Securities

–

7,687,609

–

7,687,609

U.S.

Treasury

Obligations

–

201,608,119

–

201,608,119

Total

Assets

$

6,462

$

222,510,229

$

–

$

222,516,691

Liabilities:

Futures

Contracts

$

(132,188)

$

–

$

–

$

(132,188)

Total

Liabilities

$

(132,188)

$

–

$

–

$

(132,188)

Total

$

(125,726)

$

222,510,229

$

–

$

222,384,503

Nationwide

Inflation-Protected

Securities

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

29

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

July

31,

2022:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

July

31,

2022:        

Assets:

Fair

Value

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

$

6,462

Total

$

6,462

Liabilities:

Fair

Value

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

$

(132,188)

Total

$

(132,188)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

30

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Loomis

Core

Bond

Fund

Asset-Backed

Securities

8.8%

Principal

Amount

($)

Value

($)

Automobiles

7.5%

American

Credit

Acceptance

Receivables

Trust

Series

2021-1,

Class

B,

0.61%,

3/13/2025(a)

20,627

20,590

Series

2019-4,

Class

C,

2.69%,

12/12/2025(a)

18,867

18,860

Series

2021-3,

Class

B,

0.66%,

2/13/2026(a)

645,000

635,997

Series

2020-4,

Class

C,

1.31%,

12/14/2026(a)

850,136

837,492

AmeriCredit

Automobile

Receivables

Trust

Series

2019-2,

Class

B,

2.54%,

7/18/2024

906,520

905,727

Series

2020-2,

Class

B,

0.97%,

2/18/2026

160,000

156,689

Series

2021-2,

Class

B,

0.69%,

1/19/2027

655,000

621,040

Series

2021-3,

Class

C,

1.41%,

8/18/2027

830,000

779,832

Series

2022-2,

Class

A3,

4.38%,

4/18/2028

520,000

525,065

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

Series

2019-2A,

Class

A,

3.35%,

9/22/2025(a)

980,000

964,210

Carvana

Auto

Receivables

Trust

Series

2021-P4,

Class

A3,

1.31%,

1/11/2027

1,690,000

1,600,257

Series

2021-N2,

Class

B,

0.75%,

3/10/2028

164,960

155,093

Series

2021-N4,

Class

C,

1.72%,

9/11/2028

480,000

457,767

Credit

Acceptance

Auto

Loan

Trust

Series

2019-3A,

Class

A,

2.38%,

11/15/2028(a)

51,638

51,552

Series

2020-2A,

Class

A,

1.37%,

7/16/2029(a)

680,000

670,725

Series

2020-3A,

Class

B,

1.77%,

12/17/2029(a)

660,000

628,215

Series

2021-2A,

Class

A,

0.96%,

2/15/2030(a)

565,000

541,251

Series

2021-3A,

Class

A,

1.00%,

5/15/2030(a)

625,000

598,014

Series

2021-4,

Class

A,

1.26%,

10/15/2030(a)

530,000

501,618

Donlen

Fleet

Lease

Funding

2

LLC,

Series

2021-2,

Class

A2,

0.56%,

12/11/2034(a)

970,078

940,777

Drive

Auto

Receivables

Trust

Series

2021-1,

Class

B,

0.65%,

7/15/2025

573,966

570,919

Series

2021-2,

Class

B,

0.58%,

12/15/2025

840,000

823,116

Series

2021-3,

Class

B,

1.11%,

5/15/2026

735,000

711,367

DT

Auto

Owner

Trust

Series

2021-1A,

Class

B,

0.62%,

9/15/2025(a)

160,000

157,132

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

Series

2020-2A,

Class

C,

3.28%,

3/16/2026(a)

300,000

297,315

Series

2021-2A,

Class

B,

0.81%,

1/15/2027(a)

510,000

495,585

Series

2021-4A,

Class

C,

1.50%,

9/15/2027(a)

690,000

649,276

Exeter

Automobile

Receivables

Trust

Series

2021-1A,

Class

B,

0.50%,

2/18/2025

210,805

210,180

Series

2020-2A,

Class

C,

3.28%,

5/15/2025(a)

296,971

296,558

Series

2021-2A,

Class

B,

0.57%,

9/15/2025

560,000

552,167

Series

2021-4A,

Class

B,

1.05%,

5/15/2026

1,140,000

1,102,498

Series

2022-3A,

Class

B,

4.86%,

12/15/2026

945,000

948,115

Flagship

Credit

Auto

Trust

Series

2020-1,

Class

B,

2.05%,

2/17/2025(a)

183,595

182,910

Series

2020-2,

Class

C,

3.80%,

4/15/2026(a)

65,000

64,756

Series

2020-4,

Class

C,

1.28%,

2/16/2027(a)

120,000

115,717

Series

2021-2,

Class

B,

0.93%,

6/15/2027(a)

500,000

477,792

Series

2021-3,

Class

B,

0.95%,

7/15/2027(a)

375,000

351,424

Ford

Credit

Auto

Owner

Trust

Series

2018-1,

Class

A,

3.19%,

7/15/2031(a)

1,900,000

1,880,049

Series

2021-1,

Class

A,

1.37%,

10/17/2033(a)

980,000

903,263

Foursight

Capital

Automobile

Receivables

Trust

Series

2022-1,

Class

A3,

1.83%,

12/15/2026(a)

635,000

608,477

Series

2022-2,

Class

A3,

4.59%,

6/15/2027(a)

525,000

525,000

GLS

Auto

Receivables

Issuer

Trust

Series

2019-4A,

Class

B,

2.78%,

9/16/2024(a)

145,228

145,063

Series

2021-1A,

Class

B,

0.82%,

4/15/2025(a)

560,826

557,144

Series

2021-3A,

Class

B,

0.78%,

11/17/2025(a)

545,000

523,072

Series

2020-4A,

Class

C,

1.14%,

11/17/2025(a)

430,000

419,224

Series

2021-4A,

Class

B,

1.53%,

4/15/2026(a)

1,570,000

1,507,352

GM

Financial

Consumer

Automobile

Receivables

Trust,

Series

2020-2,

Class

A3,

1.49%,

12/16/2024

133,238

132,086

GMF

Floorplan

Owner

Revolving

Trust,

Series

2020-1,

Class

A,

0.68%,

8/15/2025(a)

310,000

300,712

Nationwide

Loomis

Core

Bond

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

31

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

NextGear

Floorplan

Master

Owner

Trust,

Series

2020-

1A,

Class

A2,

1.55%,

2/15/2025(a)

100,000

98,648

Prestige

Auto

Receivables

Trust,

Series

2021-

1A,

Class

C,

1.53%,

2/15/2028(a)

680,000

636,151

Santander

Consumer

Auto

Receivables

Trust,

Series

2020-AA,

Class

C,

3.71%,

2/17/2026(a)

385,000

382,896

Santander

Drive

Auto

Receivables

Trust

Series

2020-4,

Class

C,

1.01%,

1/15/2026

680,000

670,912

Series

2021-2,

Class

C,

0.90%,

6/15/2026

790,000

768,246

Series

2022-1,

Class

B,

2.36%,

8/17/2026

975,000

947,854

Series

2022-3,

Class

B,

4.13%,

8/16/2027

975,000

969,223

Series

2022-4,

Class

B,

4.42%,

11/15/2027

860,000

865,712

Toyota

Auto

Loan

Extended

Note

Trust,

Series

2020-

1A,

Class

A,

1.35%,

5/25/2033(a)

405,000

381,236

United

Auto

Credit

Securitization

Trust

Series

2022-1,

Class

B,

2.10%,

3/10/2025(a)

315,000

308,008

Series

2022-2,

Class

C,

5.81%,

5/10/2027(a)

490,000

489,835

Westlake

Automobile

Receivables

Trust

Series

2020-2A,

Class

C,

2.01%,

7/15/2025(a)

370,000

365,835

Series

2020-3A,

Class

C,

1.24%,

11/17/2025(a)

305,000

297,819

Series

2021-1A,

Class

B,

0.64%,

3/16/2026(a)

1,625,000

1,589,545

Series

2021-2A,

Class

B,

0.62%,

7/15/2026(a)

620,000

599,079

Series

2021-3A,

Class

C,

1.58%,

1/15/2027(a)

1,675,000

1,590,344

World

Omni

Select

Auto

Trust

Series

2020-A,

Class

A3,

0.55%,

7/15/2025

349,207

346,124

Series

2021-A,

Class

B,

0.85%,

8/16/2027

595,000

559,352

38,985,859

Equipment

Loans

&

Leases

0.1%

SCF

Equipment

Leasing

LLC,

Series

2022-1A,

Class

A3,

2.92%,

7/20/2029(a)

645,000

622,868

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

1.0%

Affirm

Asset

Securitization

Trust,

Series

2021-B,

Class

A,

1.03%,

8/17/2026(a)

665,000

629,982

Aqua

Finance

Trust,

Series

2021-A,

Class

A,

1.54%,

7/17/2046(a)

676,133

629,689

New

Economy

Assets

Phase

1

Sponsor

LLC,

Series

2021-1,

Class

A1,

1.91%,

10/20/2061(a)

1,355,000

1,195,675

OneMain

Financial

Issuance

Trust,

Series

2022-

S1,

Class

A,

4.13%,

5/14/2035(a)

1,920,000

1,895,424

Planet

Fitness

Master

Issuer

LLC,

Series

2018-1A,

Class

A2II,

4.67%,

9/5/2048(a)

895,125

870,955

5,221,725

Student

Loan

0.2%

Massachusetts

Educational

Financing

Authority,

Series

2018-A,

Class

A,

3.85%,

5/25/2033

290,308

293,002

Navient

Private

Education

Refi

Loan

Trust

Series

2020-HA,

Class

A,

1.31%,

1/15/2069(a)

268,702

250,551

Series

2020-BA,

Class

A2,

2.12%,

1/15/2069(a)

306,811

288,527

Series

2020-GA,

Class

A,

1.17%,

9/16/2069(a)

113,171

105,861

SoFi

Professional

Loan

Program

LLC,

Series

2018-A,

Class

A2B,

2.95%,

2/25/2042(a)

209,011

205,580

1,143,521

Total

Asset-Backed

Securities

(cost

$47,444,386)

45,973,973

Collateralized

Mortgage

Obligations

5.6%

FHLMC

REMICS

Series

5065,

Class

HI,

IO,

4.97%,

4/15/2042(b)

2,096,195

381,927

Series

5115,

Class

FD,

1.67%,

8/15/2043(b)

2,310,894

2,266,196

Series

5065,

Class

EI,

IO,

5.44%,

11/25/2044(b)

463,518

99,664

Series

5094,

Class

,

IO,

1.59%,

12/15/2048(b)

903,634

66,049

Series

5214,

Class

BI,

IO,

0.92%,

4/25/2052(b)

132,377

5,097

Series

5214,

Class

BY,

3.00%,

4/25/2052

45,000

41,720

FNMA

REMICS

Series

2004-29,

Class

PS,

IO,

5.34%,

5/25/2034(b)

1,204,651

189,558

32

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Loomis

Core

Bond

Fund

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

Series

2016-32,

Class

SA,

IO,

3.84%,

10/25/2034(b)

5,760,374

615,749

Series

2020-85,

Class

LI,

IO,

3.00%,

2/25/2035

3,058,850

443,037

Series

2010-57,

Class

SA,

IO,

4.19%,

6/25/2040(b)

1,663,406

213,829

Series

2010-63,

Class

SA,

IO,

4.24%,

6/25/2040(b)

1,442,312

183,497

Series

2010-118,

Class

SN,

IO,

4.34%,

10/25/2040(b)

7,378,564

1,119,802

Series

2013-18,

Class

FB,

2.61%,

10/25/2041(b)

163,989

163,850

Series

2015-55,

Class

IN,

IO,

4.50%,

8/25/2045

301,833

46,293

Series

2017-26,

Class

ID,

IO,

3.50%,

4/25/2047

237,771

26,159

Series

2018-4,

Class

FM,

2.56%,

2/25/2048(b)

314,698

310,229

Series

2019-31,

Class

FA,

2.66%,

7/25/2049(b)

1,407,180

1,401,898

Series

2021-24,

Class

,

IO,

1.19%,

3/25/2059(b)

3,793,121

289,048

GNMA

REMICS

Series

2009-61,

Class

ZQ,

6.00%,

8/16/2039

3,564,890

4,085,579

Series

2019-21,

Class

,

IO,

4.50%,

2/20/2049

4,418,259

660,119

Series

2019-117,

Class

LI,

IO,

3.50%,

9/20/2049

546,607

39,523

Series

2019-132,

Class

LI,

IO,

3.50%,

10/20/2049

178,249

18,131

Series

2012-H20,

Class

PT,

2.86%,

7/20/2062(b)

557,420

556,158

Series

2018-H02,

Class

ZJ,

4.54%,

10/20/2064(b)

548,130

555,443

Series

2017-H12,

Class

EZ,

4.72%,

6/20/2066(b)

644,573

652,820

Series

2017-H13,

Class

JZ,

5.03%,

5/20/2067(b)

137,685

143,055

Series

2017-H22,

Class

FD,

1.32%,

11/20/2067(b)

56,304

55,666

Series

2017-H25,

Class

FD,

1.27%,

12/20/2067(b)

73,817

72,925

Series

2021-H08,

Class

IA,

IO,

3.48%,

1/20/2068(b)

664,742

55,764

Series

2019-H01,

Class

FT,

1.52%,

10/20/2068(b)

5,472,379

5,437,401

Series

2019-H07,

Class

BZ,

4.28%,

1/20/2069(b)

4,258,667

4,475,676

Series

2019-H05,

Class

FT,

2.45%,

4/20/2069(b)

3,618,909

3,621,359

Series

2019-H13,

Class

FT,

2.47%,

8/20/2069(b)

550,150

549,813

Series

2019-H18,

Class

DF,

1.52%,

10/20/2069(b)

553,727

548,492

Series

2021-H03,

Class

,

IO,

3.41%,

4/20/2070(b)

6,345,037

155,467

Total

Collateralized

Mortgage

Obligations

(cost

$30,743,341)

29,546,993

Commercial

Mortgage-Backed

Securities

10.5%

Principal

Amount

($)

Value

($)

BANK

Series

2020-BN25,

Class

A5,

2.65%,

1/15/2063

1,030,000

946,568

Series

2020-BN26,

Class

A4,

2.40%,

3/15/2063

2,050,000

1,849,699

Series

2022-BNK40,

Class

A4,

3.39%,

3/15/2064(b)

790,000

761,087

Series

2021-BN37,

Class

A5,

2.62%,

11/15/2064(b)

1,480,000

1,333,706

BBCMS

Mortgage

Trust

Series

2020-BID,

Class

A,

4.14%,

10/15/2037(a)(b)

1,095,000

1,077,394

Series

2021-C12,

Class

A5,

2.69%,

11/15/2054

1,470,000

1,331,260

Benchmark

Mortgage

Trust,

Series

2021-B31,

Class

A5,

2.67%,

12/15/2054

1,190,000

1,075,946

BPR

Trust

Series

2021-NRD,

Class

A,

3.63%,

12/15/2023(a)(b)

815,000

781,008

Series

2022-OANA,

Class

A,

3.86%,

4/15/2037(a)(b)

605,000

591,898

Citigroup

Commercial

Mortgage

Trust,

Series

2019-C7,

Class

A4,

3.10%,

12/15/2072

910,000

856,246

Commercial

Mortgage

Pass-

Through

Certificates,

Series

2012-LTRT,

Class

A2,

3.40%,

10/5/2030(a)

105,000

98,700

Commercial

Mortgage

Trust,

Series

2013-CR6,

Class

A4,

3.10%,

3/10/2046

4,450,000

4,432,269

CSAIL

Commercial

Mortgage

Trust,

Series

2019-

C18,

Class

A4,

2.97%,

12/15/2052

765,000

710,006

CSMC

LLC

Series

2014-USA,

Class

A1,

3.30%,

9/15/2037(a)

334,917

315,026

Series

2014-USA,

Class

A2,

3.95%,

9/15/2037(a)

830,000

788,493

FHLMC

Multifamily

Structured

Pass-Through

Certificates

REMICS

Series

K107,

Class

X1,

IO,

1.59%,

1/25/2030(b)

483,697

46,607

Series

K142,

Class

X1,

IO,

0.30%,

3/25/2032(b)

5,769,400

144,891

Series

K146,

Class

X1,

IO,

0.23%,

6/25/2032(b)

5,009,883

109,892

Series

K147,

Class

X1,

IO,

0.49%,

6/25/2032(b)

3,875,000

123,599

Series

K157,

Class

X1,

IO,

0.01%,

8/25/2033(b)

9,066,614

47,360

Series

K157,

Class

A3,

3.99%,

8/25/2033(b)

1,870,000

1,937,568

Series

K-1513,

Class

X1,

IO,

0.86%,

8/25/2034(b)

966,787

67,363

Series

K-1521,

Class

X1,

IO,

0.98%,

8/25/2036(b)

2,809,748

271,191

Nationwide

Loomis

Core

Bond

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

33

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

Series

K143,

Class

X1,

IO,

0.34%,

4/25/2055(b)

2,604,500

75,909

Series

K145,

Class

X1,

IO,

0.32%,

6/25/2055(b)

1,479,843

41,421

FNMA

ACES

REMICS

Series

2020-M33,

Class

X,

IO,

1.92%,

6/25/2028(b)

841,414

60,899

Series

2020-M37,

Class

X,

IO,

1.09%,

4/25/2032(b)

1,240,771

77,826

Series

2020-M43,

Class

X1,

IO,

2.08%,

8/25/2034(b)

5,665,055

659,094

Series

2020-M36,

Class

X1,

IO,

1.46%,

9/25/2034(b)

975,295

85,296

GNMA

REMICS

Series

2018-82,

Class

,

IO,

0.47%,

5/16/2058(b)

10,790,276

388,068

Series

2021-145,

Class

,

IO,

0.77%,

7/16/2061(b)

826,843

54,372

Series

2020-108,

Class

,

IO,

0.85%,

6/16/2062(b)

2,891,282

188,870

Series

2021-20,

Class

,

IO,

1.14%,

8/16/2062(b)

2,977,826

246,390

Series

2020-179,

Class

,

IO,

1.01%,

9/16/2062(b)

2,755,214

210,901

Series

2021-33,

Class

,

IO,

0.84%,

10/16/2062(b)

2,549,113

178,684

Series

2020-128,

Class

,

IO,

0.91%,

10/16/2062(b)

1,453,028

104,952

Series

2021-40,

Class

,

IO,

0.83%,

2/16/2063(b)

2,256,035

159,084

Series

2021-12,

Class

,

IO,

0.97%,

3/16/2063(b)

3,114,738

234,707

Series

2021-52,

Class

,

IO,

0.72%,

4/16/2063(b)

3,399,128

221,492

Series

2021-144,

Class

,

IO,

0.82%,

4/16/2063(b)

3,993,660

282,198

Series

2021-106,

Class

,

IO,

0.86%,

4/16/2063(b)

3,073,831

230,546

Series

2021-132,

Class

BI,

IO,

0.92%,

4/16/2063(b)

4,050,926

305,295

Series

2021-151,

Class

,

IO,

0.92%,

4/16/2063(b)

3,525,369

269,447

Series

2021-186,

Class

,

IO,

0.77%,

5/16/2063(b)

4,162,632

282,528

Series

2021-10,

Class

,

IO,

0.99%,

5/16/2063(b)

698,474

55,966

Series

2021-133,

Class

,

IO,

0.88%,

7/16/2063(b)

3,875,089

286,115

Series

2021-163,

Class

,

IO,

0.80%,

3/16/2064(b)

3,746,973

265,033

Series

2022-17,

Class

,

IO,

0.80%,

6/16/2064(b)

2,105,499

154,441

Series

2022-132,

Class

,

IO,

0.54%,

10/16/2064(b)

3,515,000

219,036

GS

Mortgage

Securities

Corp.

II,

Series

2012-

BWTR,

Class

A,

2.95%,

11/5/2034(a)

1,035,000

1,027,334

GS

Mortgage

Securities

Corp.

Trust,

Series

2013-PEMB,

Class

A,

3.55%,

3/5/2033(a)

(b)

235,000

218,740

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GS

Mortgage

Securities

Trust

Series

2014-GC18,

Class

A4,

4.07%,

1/10/2047

4,139,865

4,128,560

Series

2020-GC45,

Class

A5,

2.91%,

2/13/2053

415,000

386,723

Hudsons

Bay

Simon

JV

Trust,

Series

2015-HB10,

Class

A10,

4.15%,

8/5/2034(a)

2,015,000

1,824,957

Med

Trust,

Series

2021-

MDLN,

Class

A,

2.95%,

11/15/2038(a)(b)

755,000

724,852

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2013-C11,

Class

A4,

4.15%,

8/15/2046(b)

1,130,000

1,122,104

SPGN

Mortgage

Trust,

Series

2022-TFLM,

Class

A,

3.51%,

2/15/2039(a)(b)

1,495,000

1,427,217

Starwood

Retail

Property

Trust,

Series

2014-

STAR,

Class

A,

3.47%,

11/15/2027(a)(b)

655,893

446,007

UBS-Barclays

Commercial

Mortgage

Trust

Series

2013-C5,

Class

A4,

3.18%,

3/10/2046

5,951,897

5,921,255

Series

2013-C6,

Class

A4,

3.24%,

4/10/2046

4,440,000

4,415,162

Wells

Fargo

Commercial

Mortgage

Trust

Series

2013-LC12,

Class

A4,

4.22%,

7/15/2046(b)

1,505,000

1,501,075

Series

2021-C61,

Class

A4,

2.66%,

11/15/2054

2,165,000

1,921,490

Series

2022-C62,

Class

A4,

4.00%,

4/15/2055(b)

1,405,000

1,387,907

WFRBS

Commercial

Mortgage

Trust,

Series

2014-C19,

Class

A5,

4.10%,

3/15/2047

3,490,000

3,483,801

Total

Commercial

Mortgage-Backed

Securities

(cost

$57,611,537)

54,973,531

Corporate

Bonds

48.0%

Auto

Components

0.3%

Aptiv

plc

,

3.10%,

12/1/2051

510,000

339,028

Denso

Corp.

,

1.24%,

9/16/2026(a)

1,115,000

1,009,324

1,348,352

Automobiles

0.7%

General

Motors

Co.

,

5.40%,

10/15/2029

1,100,000

1,099,530

Hyundai

Capital

America

,

2.10%,

9/15/2028(a)

1,085,000

926,394

Kia

Corp.

,

1.00%,

4/16/2024(a)

400,000

381,613

34

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Loomis

Core

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Automobiles

Volkswagen

Group

of

America

Finance

LLC

,

3.35%,

5/13/2025(a)

490,000

479,888

4.35%,

6/8/2027(a)

970,000

965,021

3,852,446

Banks

14.3%

ABN

AMRO

Bank

NV

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.10%),

2.47%,

12/13/2029(a)(c)

1,000,000

870,590

ANZ

New

Zealand

Int'l

Ltd.

,

2.17%,

2/18/2025(a)

890,000

855,531

ASB

Bank

Ltd.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.25%),

5.28%,

6/17/2032(a)(c)

925,000

925,013

Banco

Bilbao

Vizcaya

Argentaria

SA

,

0.88%,

9/18/2023

1,400,000

1,355,021

Banco

Santander

SA

,

3.89%,

5/24/2024

2,400,000

2,407,343

Bank

of

America

Corp.

,

(SOFR

+

1.33%),

3.38%,

4/2/2026(c)

1,425,000

1,391,919

(SOFR

+

2.04%),

4.95%,

7/22/2028(c)

1,790,000

1,841,777

Bank

of

Ireland

Group

plc

,

4.50%,

11/25/2023(a)

620,000

617,534

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.10%),

2.03%,

9/30/2027(a)(c)

1,495,000

1,304,554

Bank

of

Montreal

,

1.50%,

1/10/2025

1,950,000

1,856,664

2.65%,

3/8/2027

790,000

749,358

Bank

of

New

Zealand

,

2.00%,

2/21/2025(a)

1,015,000

973,052

2.29%,

1/27/2027(a)

1,195,000

1,116,828

Bank

of

Nova

Scotia

(The)

,

3.45%,

4/11/2025

390,000

387,356

Banque

Federative

du

Credit

Mutuel

SA

,

2.38%,

11/21/2024(a)

985,000

947,811

4.75%,

7/13/2027(a)

1,300,000

1,326,136

Barclays

plc

,

(ICE

LIBOR

USD

3

Month

+

1.61%),

3.93%,

5/7/2025(c)

545,000

536,393

BNP

Paribas

SA

,

(SOFR

+

1.22%),

2.16%,

9/15/2029(a)(c)

1,065,000

902,395

Canadian

Imperial

Bank

of

Commerce

,

1.00%,

10/18/2024

2,560,000

2,408,277

3.95%,

8/4/2025

1,490,000

1,492,987

Citigroup,

Inc.

,

(SOFR

+

0.67%),

0.98%,

5/1/2025(c)

395,000

373,980

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Citigroup,

Inc.,

(SOFR

+

2.84%),

3.11%,

4/8/2026(c)

535,000

520,027

(SOFR

+

1.89%),

4.66%,

5/24/2028(c)(d)

550,000

557,333

Citizens

Financial

Group,

Inc.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.75%),

5.64%,

5/21/2037(c)

1,330,000

1,352,300

Comerica,

Inc.

,

3.70%,

7/31/2023

570,000

570,059

Commonwealth

Bank

of

Australia

,

2.55%,

3/14/2027(a)

1,000,000

952,077

Cooperatieve

Rabobank

UA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.73%),

1.98%,

12/15/2027(a)(c)

990,000

893,874

Credit

Agricole

SA

,

(SOFR

+

1.68%),

1.91%,

6/16/2026(a)(c)

1,395,000

1,289,426

Danske

Bank

A/S

,

3.88%,

9/12/2023(a)

1,125,000

1,120,902

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.45%),

3.77%,

3/28/2025(a)(c)

765,000

750,390

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.55%),

0.98%,

9/10/2025(a)(c)

955,000

884,699

DNB

Bank

ASA

,

2.15%,

12/2/2022(a)

200,000

199,440

(United

States

SOFR

Compounded

Index

+

0.81%),

2.97%,

3/28/2025(a)(c)

1,600,000

1,567,760

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.85%),

1.13%,

9/16/2026(a)(c)

1,115,000

1,009,614

Fifth

Third

Bancorp

,

(United

States

SOFR

Compounded

Index

+

2.13%),

4.77%,

7/28/2030(c)

1,330,000

1,351,976

HSBC

Holdings

plc

,

(SOFR

+

2.11%),

4.75%,

6/9/2028(c)

1,320,000

1,311,483

(SOFR

+

1.29%),

2.21%,

8/17/2029(c)

645,000

550,951

Huntington

National

Bank

(The)

,

(SOFR

+

1.21%),

4.01%,

5/16/2025(c)

510,000

510,587

ING

Groep

NV

,

(SOFR

+

1.83%),

4.02%,

3/28/2028(c)

1,100,000

1,065,758

Nationwide

Loomis

Core

Bond

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

35

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

JPMorgan

Chase

&

Co.

,

(SOFR

+

1.32%),

4.08%,

4/26/2026(c)

1,540,000

1,538,770

(SOFR

+

2.08%),

4.91%,

7/25/2033(c)

805,000

839,380

Lloyds

Banking

Group

plc

,

4.05%,

8/16/2023

905,000

907,529

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.60%),

3.51%,

3/18/2026(c)

655,000

640,891

Mitsubishi

UFJ

Financial

Group,

Inc.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.13%),

3.84%,

4/17/2026(c)

775,000

768,078

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.13%),

5.13%,

7/20/2033(c)

1,795,000

1,870,767

National

Bank

of

Canada

,

3.75%,

6/9/2025

2,695,000

2,679,022

NatWest

Group

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.27%),

5.52%,

9/30/2028(c)

450,000

461,298

NatWest

Markets

plc

,

3.63%,

9/29/2022(a)

1,180,000

1,180,364

Nordea

Bank

Abp

,

1.50%,

9/30/2026(a)

2,165,000

1,960,711

Royal

Bank

of

Canada

,

3.63%,

5/4/2027

780,000

771,306

4.24%,

8/3/2027

1,820,000

1,843,863

Santander

Holdings

USA,

Inc.

,

3.45%,

6/2/2025

1,475,000

1,429,374

Santander

UK

Group

Holdings

plc

,

(SOFR

+

1.22%),

2.47%,

1/11/2028(c)

600,000

539,888

Societe

Generale

SA

,

4.68%,

6/15/2027(a)

1,805,000

1,822,902

Standard

Chartered

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.18%),

2.61%,

1/12/2028(a)(c)

595,000

539,538

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.20%),

2.68%,

6/29/2032(a)(c)

640,000

523,806

Sumitomo

Mitsui

Financial

Group,

Inc.

,

1.90%,

9/17/2028

1,560,000

1,346,990

Sumitomo

Mitsui

Trust

Bank

Ltd.

,

0.85%,

3/25/2024(a)

1,505,000

1,434,290

2.55%,

3/10/2025(a)

280,000

271,023

Swedbank

AB

,

3.36%,

4/4/2025(a)

1,320,000

1,303,819

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Toronto-Dominion

Bank

(The)

,

4.11%,

6/8/2027(d)

1,480,000

1,497,624

Truist

Financial

Corp.

,

(SOFR

+

0.86%),

1.89%,

6/7/2029(c)

440,000

388,841

(SOFR

+

2.24%),

4.92%,

7/28/2033(c)

1,270,000

1,281,156

UniCredit

SpA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.30%),

2.57%,

9/22/2026(a)(c)

1,090,000

973,462

US

Bancorp

,

(SOFR

+

2.11%),

4.97%,

7/22/2033(c)

1,160,000

1,203,783

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

0.95%),

2.49%,

11/3/2036(c)

495,000

417,378

Wells

Fargo

&

Co.

,

(SOFR

+

2.10%),

4.90%,

7/25/2033(c)

1,255,000

1,300,924

Westpac

Banking

Corp.

,

3.74%,

8/26/2025

1,655,000

1,664,351

1.95%,

11/20/2028(d)

515,000

462,076

74,962,379

Beverages

0.4%

Brown-Forman

Corp.

,

3.50%,

4/15/2025

390,000

393,238

Coca-Cola

Europacific

Partners

plc

,

0.80%,

5/3/2024(a)

1,790,000

1,701,563

PepsiCo,

Inc.

,

4.20%,

7/18/2052

155,000

161,062

2,255,863

Building

Products

0.2%

Fortune

Brands

Home

&

Security,

Inc.

,

4.50%,

3/25/2052

1,130,000

906,653

Capital

Markets

5.6%

Ares

Capital

Corp.

,

4.25%,

3/1/2025

45,000

43,837

2.88%,

6/15/2028

870,000

717,098

Ares

Finance

Co.

IV

LLC

,

3.65%,

2/1/2052(a)

905,000

649,659

Bain

Capital

Specialty

Finance,

Inc.

,

2.55%,

10/13/2026

880,000

762,071

Bank

of

New

York

Mellon

Corp.

(The)

,

(SOFR

+

1.76%),

4.60%,

7/26/2030(c)

385,000

397,272

Barings

BDC,

Inc.

,

3.30%,

11/23/2026(a)

335,000

291,798

Blackstone

Private

Credit

Fund

,

2.63%,

12/15/2026(a)

2,180,000

1,861,033

36

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Loomis

Core

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Blackstone

Secured

Lending

Fund

,

2.85%,

9/30/2028(d)

940,000

753,496

Blue

Owl

Finance

LLC

,

4.38%,

2/15/2032(a)

1,480,000

1,295,093

Credit

Suisse

AG

,

3.70%,

2/21/2025(d)

1,785,000

1,759,719

Deutsche

Bank

AG

,

(SOFR

+

1.13%),

1.45%,

4/1/2025(c)

335,000

314,293

(SOFR

+

3.19%),

6.12%,

7/14/2026(c)

1,935,000

1,965,989

(SOFR

+

1.32%),

2.55%,

1/7/2028(c)

1,175,000

1,031,749

FS

KKR

Capital

Corp.

,

3.13%,

10/12/2028

1,055,000

866,488

Goldman

Sachs

Group,

Inc.

(The)

,

(SOFR

+

0.91%),

1.95%,

10/21/2027(c)

1,560,000

1,423,656

Golub

Capital

BDC,

Inc.

,

2.50%,

8/24/2026

1,220,000

1,059,950

Hercules

Capital,

Inc.

,

3.38%,

1/20/2027

1,215,000

1,059,021

JAB

Holdings

BV

,

4.50%,

4/8/2052(a)

685,000

531,071

KKR

Group

Finance

Co.

XII

LLC

,

4.85%,

5/17/2032(a)

320,000

324,960

Lehman

Brothers

Holdings,

Inc.

,

5.63%,

1/24/2013(e)

4,000,000

16,000

Macquarie

Group

Ltd.

,

(SOFR

+

2.13%),

4.10%,

6/21/2028(a)(c)

1,000,000

973,890

Main

Street

Capital

Corp.

,

3.00%,

7/14/2026

1,205,000

1,074,226

Morgan

Stanley

Direct

Lending

Fund

,

4.50%,

2/11/2027

880,000

802,775

Nomura

Holdings,

Inc.

,

2.33%,

1/22/2027

2,155,000

1,955,325

5.61%,

7/6/2029

1,020,000

1,051,923

Northern

Trust

Corp.

,

(ICE

LIBOR

USD

3

Month

+

1.13%),

3.38%,

5/8/2032(c)

1,175,000

1,117,356

Oaktree

Specialty

Lending

Corp.

,

3.50%,

2/25/2025

200,000

191,672

Owl

Rock

Capital

Corp.

,

3.75%,

7/22/2025

210,000

200,143

4.25%,

1/15/2026

490,000

463,716

OWL

Rock

Core

Income

Corp.

,

5.50%,

3/21/2025(a)

845,000

816,855

Owl

Rock

Technology

Finance

Corp.

,

4.75%,

12/15/2025(a)

1,710,000

1,604,989

State

Street

Corp.

,

(SOFR

+

0.56%),

1.68%,

11/18/2027(c)

530,000

484,161

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

UBS

AG

,

1.38%,

1/13/2025(a)

465,000

439,589

UBS

Group

AG

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.55%),

4.49%,

5/12/2026(a)(c)

890,000

895,211

29,196,084

Chemicals

0.3%

Cabot

Corp.

,

4.00%,

7/1/2029

625,000

592,989

5.00%,

6/30/2032

465,000

463,555

Celanese

US

Holdings

LLC

,

6.38%,

7/15/2032

195,000

200,280

Sherwin-Williams

Co.

(The)

,

2.90%,

3/15/2052

685,000

478,600

1,735,424

Consumer

Finance

3.2%

AerCap

Ireland

Capital

DAC

,

3.15%,

2/15/2024

855,000

831,010

Ally

Financial,

Inc.

,

4.75%,

6/9/2027

1,885,000

1,863,491

American

Express

Co.

,

2.55%,

3/4/2027

1,380,000

1,318,642

4.05%,

5/3/2029

180,000

181,748

(SOFR

+

1.76%),

4.42%,

8/3/2033(c)

1,275,000

1,294,062

American

Honda

Finance

Corp.

,

2.25%,

1/12/2029

1,815,000

1,656,652

BOC

Aviation

USA

Corp.

,

1.63%,

4/29/2024(a)

575,000

549,078

Capital

One

Financial

Corp.

,

3.90%,

1/29/2024

1,325,000

1,325,788

(SOFR

+

0.69%),

1.34%,

12/6/2024(c)

65,000

62,387

(SOFR

+

2.06%),

4.93%,

5/10/2028(c)(d)

1,100,000

1,111,052

(SOFR

+

1.34%),

2.36%,

7/29/2032(c)

415,000

326,423

(SOFR

+

1.27%),

2.62%,

11/2/2032(c)

270,000

223,260

General

Motors

Financial

Co.,

Inc.

,

3.80%,

4/7/2025(d)

605,000

596,875

5.00%,

4/9/2027

1,220,000

1,222,193

Harley-Davidson

Financial

Services,

Inc.

,

3.35%,

6/8/2025(a)

535,000

518,940

Hyundai

Capital

Services,

Inc.

,

2.13%,

4/24/2025(a)

410,000

387,118

LeasePlan

Corp.

NV

,

2.88%,

10/24/2024(a)

780,000

750,714

Synchrony

Financial

,

4.88%,

6/13/2025

1,700,000

1,695,186

Toyota

Motor

Credit

Corp.

,

4.45%,

6/29/2029(d)

655,000

682,051

16,596,670

Nationwide

Loomis

Core

Bond

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

37

Corporate

Bonds

Principal

Amount

($)

Value

($)

Containers

&

Packaging

0.1%

Amcor

Flexibles

North

America,

Inc.

,

4.00%,

5/17/2025

545,000

542,921

Distributors

0.1%

Ferguson

Finance

plc

,

4.65%,

4/20/2032(a)

735,000

714,171

Diversified

Financial

Services

1.5%

AIG

Global

Funding

,

0.65%,

6/17/2024(a)(d)

1,060,000

1,003,036

0.90%,

9/22/2025(a)

1,010,000

915,613

Antares

Holdings

LP

,

3.75%,

7/15/2027(a)

1,220,000

1,046,367

Element

Fleet

Management

Corp.

,

3.85%,

6/15/2025(a)

815,000

801,395

Jackson

Financial,

Inc.

,

5.17%,

6/8/2027

760,000

766,659

4.00%,

11/23/2051(a)

455,000

321,222

Mitsubishi

HC

Capital,

Inc.

,

2.65%,

9/19/2022(a)

1,400,000

1,397,905

NTT

Finance

Corp.

,

4.37%,

7/27/2027(a)

560,000

576,904

ORIX

Corp.

,

3.25%,

12/4/2024

635,000

627,394

Pine

Street

Trust

II

,

5.57%,

2/15/2049(a)

275,000

273,014

7,729,509

Electric

Utilities

3.0%

AEP

Transmission

Co.

LLC

,

Series

N,

2.75%,

8/15/2051

290,000

213,126

Alliant

Energy

Finance

LLC

,

4.25%,

6/15/2028(a)

810,000

799,708

American

Electric

Power

Co.,

Inc.

,

2.03%,

3/15/2024

840,000

817,214

Series

J,

4.30%,

12/1/2028

1,000,000

1,000,186

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.68%),

3.88%,

2/15/2062(c)

765,000

647,012

Appalachian

Power

Co.

,

Series

BB,

4.50%,

8/1/2032

790,000

795,072

Duke

Energy

Corp.

,

0.90%,

9/15/2025

515,000

473,773

Enel

Finance

International

NV

,

5.50%,

6/15/2052(a)(d)

1,170,000

1,112,137

Entergy

Corp.

,

0.90%,

9/15/2025

1,100,000

1,001,723

Entergy

Texas,

Inc.

,

3.45%,

12/1/2027

415,000

400,081

Eversource

Energy

,

4.60%,

7/1/2027

1,120,000

1,155,545

Fells

Point

Funding

Trust

,

3.05%,

1/31/2027(a)

860,000

810,130

Interstate

Power

and

Light

Co.

,

3.10%,

11/30/2051

675,000

516,182

New

England

Power

Co.

,

2.81%,

10/6/2050(a)

1,000,000

691,578

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

NextEra

Energy

Capital

Holdings,

Inc.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.55%),

3.80%,

3/15/2082(c)

615,000

510,223

Pacific

Gas

and

Electric

Co.

,

(United

States

SOFR

Compounded

Index

+

1.15%),

3.43%,

11/14/2022(c)

185,000

184,580

4.95%,

6/8/2025

905,000

894,754

Southern

California

Edison

Co.

,

(SOFR

+

0.47%),

2.75%,

12/2/2022(c)

1,310,000

1,307,626

Series

E,

5.45%,

6/1/2052

660,000

678,955

Vistra

Operations

Co.

LLC

,

5.13%,

5/13/2025(a)

1,810,000

1,809,366

15,818,971

Electronic

Equipment,

Instruments

&

Components

0.6%

Amphenol

Corp.

,

2.05%,

3/1/2025

230,000

221,440

Avnet,

Inc.

,

5.50%,

6/1/2032

800,000

799,973

CDW

LLC

,

3.28%,

12/1/2028

1,425,000

1,252,598

Flex

Ltd.

,

4.88%,

6/15/2029

210,000

205,818

Jabil,

Inc.

,

4.25%,

5/15/2027

495,000

490,049

2,969,878

Entertainment

0.1%

Magallanes,

Inc.

,

5.14%,

3/15/2052(a)

730,000

642,706

Equity

Real

Estate

Investment

Trusts

(REITs)

1.0%

American

Campus

Communities

Operating

Partnership

LP

,

2.25%,

1/15/2029

250,000

236,948

Crown

Castle

International

Corp.

,

2.90%,

3/15/2027

770,000

730,643

Extra

Space

Storage

LP

,

3.90%,

4/1/2029(d)

365,000

350,057

Kilroy

Realty

LP

,

2.65%,

11/15/2033(d)

340,000

270,650

Life

Storage

LP

,

2.40%,

10/15/2031

925,000

760,362

Office

Properties

Income

Trust

,

4.50%,

2/1/2025(d)

405,000

380,898

2.40%,

2/1/2027

300,000

238,227

3.45%,

10/15/2031

860,000

612,390

Omega

Healthcare

Investors,

Inc.

,

4.50%,

1/15/2025

405,000

403,609

38

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Loomis

Core

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Piedmont

Operating

Partnership

LP

,

3.15%,

8/15/2030

370,000

313,886

Simon

Property

Group

LP

,

1.75%,

2/1/2028

535,000

470,271

Welltower,

Inc.

,

2.75%,

1/15/2032

560,000

479,309

5,247,250

Food

&

Staples

Retailing

0.3%

Walgreens

Boots

Alliance,

Inc.

,

0.95%,

11/17/2023

1,510,000

1,465,724

Food

Products

0.4%

J

M

Smucker

Co.

(The)

,

2.13%,

3/15/2032(d)

440,000

369,133

JBS

USA

LUX

SA

,

5.75%,

4/1/2033(a)

1,345,000

1,330,635

4.38%,

2/2/2052(a)

145,000

109,893

Viterra

Finance

BV

,

2.00%,

4/21/2026(a)

300,000

267,023

2,076,684

Gas

Utilities

0.1%

Southwest

Gas

Corp.

,

3.18%,

8/15/2051

780,000

556,068

Health

Care

Equipment

&

Supplies

0.2%

DH

Europe

Finance

II

Sarl

,

2.20%,

11/15/2024

840,000

813,208

Health

Care

Providers

&

Services

0.6%

Centene

Corp.

,

3.00%,

10/15/2030

610,000

544,449

Cigna

Corp.

,

3.75%,

7/15/2023

327,000

327,571

CVS

Health

Corp.

,

4.30%,

3/25/2028

148,000

150,441

Elevance

Health,

Inc.

,

4.10%,

3/1/2028

1,000,000

1,014,003

McKesson

Corp.

,

1.30%,

8/15/2026

960,000

871,800

2,908,264

Hotels,

Restaurants

&

Leisure

0.2%

Expedia

Group,

Inc.

,

6.25%,

5/1/2025(a)

319,000

330,885

Marriott

International,

Inc.

,

Series

Z,

4.15%,

12/1/2023(d)

655,000

658,924

989,809

Household

Durables

0.1%

MDC

Holdings,

Inc.

,

3.97%,

8/6/2061

950,000

567,665

Household

Products

0.1%

Church

&

Dwight

Co.,

Inc.

,

5.00%,

6/15/2052

395,000

423,949

Corporate

Bonds

Principal

Amount

($)

Value

($)

Independent

Power

and

Renewable

Electricity

Producers

0.1%

AES

Corp.

(The)

,

3.30%,

7/15/2025(a)

795,000

757,786

Insurance

4.9%

Arthur

J

Gallagher

&

Co.

,

3.05%,

3/9/2052

1,010,000

723,380

Assurant,

Inc.

,

4.20%,

9/27/2023

425,000

425,575

Athene

Global

Funding

,

3.21%,

3/8/2027(a)

875,000

811,836

2.50%,

3/24/2028(a)

1,115,000

973,917

2.65%,

10/4/2031(a)

610,000

499,475

Brighthouse

Financial

Global

Funding

,

1.20%,

12/15/2023(a)

960,000

926,486

1.75%,

1/13/2025(a)

955,000

896,230

Brown

&

Brown,

Inc.

,

4.95%,

3/17/2052

710,000

648,776

CNO

Global

Funding

,

2.65%,

1/6/2029(a)

1,520,000

1,355,347

Equitable

Financial

Life

Global

Funding

,

1.80%,

3/8/2028(a)

620,000

548,340

Everest

Reinsurance

Holdings,

Inc.

,

3.13%,

10/15/2052

1,535,000

1,124,375

F&G

Global

Funding

,

5.15%,

7/7/2025(a)

1,805,000

1,822,770

2.00%,

9/20/2028(a)

1,020,000

876,046

GA

Global

Funding

Trust

,

1.25%,

12/8/2023(a)

465,000

447,563

2.25%,

1/6/2027(a)

1,515,000

1,385,161

Globe

Life,

Inc.

,

4.80%,

6/15/2032

45,000

45,358

Great-West

Lifeco

US

Finance

2020

LP

,

0.90%,

8/12/2025(a)

1,225,000

1,120,225

Hill

City

Funding

Trust

,

4.05%,

8/15/2041(a)

1,230,000

914,408

Jackson

National

Life

Global

Funding

,

1.75%,

1/12/2025(a)

1,470,000

1,392,362

3.88%,

6/11/2025(a)

195,000

194,367

Lincoln

National

Corp.

,

3.40%,

3/1/2032

590,000

533,036

Manulife

Financial

Corp.

,

3.70%,

3/16/2032

535,000

508,487

MetLife,

Inc.

,

5.00%,

7/15/2052

480,000

511,793

Protective

Life

Global

Funding

,

1.65%,

1/13/2025(a)

1,060,000

1,003,981

3.22%,

3/28/2025(a)

570,000

561,376

4.71%,

7/6/2027(a)

1,815,000

1,859,266

Reliance

Standard

Life

Global

Funding

II

,

3.85%,

9/19/2023(a)

225,000

225,127

2.75%,

5/7/2025(a)

1,270,000

1,224,347

RGA

Global

Funding

,

2.70%,

1/18/2029(a)

1,160,000

1,050,685

Nationwide

Loomis

Core

Bond

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

39

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

Trustage

Financial

Group,

Inc.

,

4.63%,

4/15/2032(a)

560,000

529,010

Willis

North

America,

Inc.

,

4.65%,

6/15/2027

535,000

539,372

25,678,477

Internet

&

Direct

Marketing

Retail

0.1%

Prosus

NV

,

4.99%,

1/19/2052(a)

945,000

733,112

IT

Services

1.2%

DXC

Technology

Co.

,

2.38%,

9/15/2028

1,545,000

1,349,106

Fidelity

National

Information

Services,

Inc.

,

5.63%,

7/15/2052

1,300,000

1,352,280

Global

Payments,

Inc.

,

1.50%,

11/15/2024

860,000

808,601

International

Business

Machines

Corp.

,

4.40%,

7/27/2032(d)

1,280,000

1,313,600

PayPal

Holdings,

Inc.

,

5.05%,

6/1/2052(d)

535,000

556,652

Western

Union

Co.

(The)

,

4.25%,

6/9/2023

645,000

646,884

1.35%,

3/15/2026

235,000

212,705

6,239,828

Leisure

Products

0.2%

Brunswick

Corp.

,

4.40%,

9/15/2032

1,310,000

1,170,845

Machinery

0.8%

CNH

Industrial

Capital

LLC

,

1.95%,

7/2/2023

560,000

548,812

3.95%,

5/23/2025

1,540,000

1,532,752

Daimler

Trucks

Finance

North

America

LLC

,

3.65%,

4/7/2027(a)

900,000

878,814

Kennametal,

Inc.

,

4.63%,

6/15/2028

380,000

374,369

Timken

Co.

(The)

,

4.50%,

12/15/2028

660,000

652,901

3,987,648

Media

0.1%

Paramount

Global

,

6.88%,

4/30/2036

440,000

474,773

Metals

&

Mining

0.3%

Anglo

American

Capital

plc

,

4.75%,

3/16/2052(a)

860,000

748,253

Glencore

Funding

LLC

,

4.13%,

3/12/2024(a)

290,000

288,937

Nucor

Corp.

,

3.95%,

5/23/2025

640,000

647,380

1,684,570

Multi-Utilities

0.7%

Ameren

Corp.

,

1.75%,

3/15/2028

770,000

681,498

Corporate

Bonds

Principal

Amount

($)

Value

($)

Multi-Utilities

Dominion

Energy,

Inc.

,

3.07%,

8/15/2024(f)

405,000

397,670

DTE

Energy

Co.

,

Series

C,

2.53%,

10/1/2024(f)

495,000

481,378

Series

F,

1.05%,

6/1/2025

660,000

612,185

Puget

Energy,

Inc.

,

4.22%,

3/15/2032

470,000

450,000

Sempra

Energy

,

3.70%,

4/1/2029

495,000

480,743

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.87%),

4.12%,

4/1/2052(c)

970,000

818,847

3,922,321

Oil,

Gas

&

Consumable

Fuels

0.7%

Boardwalk

Pipelines

LP

,

3.60%,

9/1/2032

515,000

452,071

Kinder

Morgan,

Inc.

,

5.45%,

8/1/2052

780,000

781,657

MPLX

LP

,

4.95%,

3/14/2052

875,000

801,700

ONEOK,

Inc.

,

7.15%,

1/15/2051

470,000

507,615

Targa

Resources

Corp.

,

6.25%,

7/1/2052

1,285,000

1,352,248

3,895,291

Pharmaceuticals

0.3%

Bayer

US

Finance

II

LLC

,

3.38%,

7/15/2024(a)

605,000

596,389

Pfizer,

Inc.

,

3.45%,

3/15/2029

1,000,000

1,006,679

1,603,068

Road

&

Rail

0.8%

Burlington

Northern

Santa

Fe

LLC

,

4.45%,

1/15/2053

670,000

684,052

DAE

Funding

LLC

,

1.55%,

8/1/2024(a)

525,000

491,484

Penske

Truck

Leasing

Co.

LP

,

4.13%,

8/1/2023(a)

1,315,000

1,315,181

4.00%,

7/15/2025(a)

400,000

396,457

4.40%,

7/1/2027(a)

200,000

200,093

Ryder

System,

Inc.

,

4.63%,

6/1/2025

745,000

755,695

4.30%,

6/15/2027

380,000

382,228

4,225,190

Semiconductors

&

Semiconductor

Equipment

1.1%

Broadcom,

Inc.

,

4.00%,

4/15/2029(a)

730,000

699,764

KLA

Corp.

,

4.95%,

7/15/2052

645,000

694,011

Marvell

Technology,

Inc.

,

4.20%,

6/22/2023

940,000

941,952

Microchip

Technology,

Inc.

,

2.67%,

9/1/2023

860,000

847,878

0.97%,

2/15/2024

240,000

228,879

40

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Loomis

Core

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Semiconductors

&

Semiconductor

Equipment

Qorvo,

Inc.

,

1.75%,

12/15/2024(a)

320,000

300,038

QUALCOMM,

Inc.

,

4.50%,

5/20/2052

1,340,000

1,377,462

TSMC

Global

Ltd.

,

4.63%,

7/22/2032(a)

820,000

844,844

5,934,828

Software

0.1%

Infor,

Inc.

,

1.45%,

7/15/2023(a)

585,000

568,861

Specialty

Retail

0.4%

AutoNation,

Inc.

,

3.50%,

11/15/2024

800,000

784,251

4.50%,

10/1/2025

675,000

667,740

3.85%,

3/1/2032(d)

425,000

378,734

Dick's

Sporting

Goods,

Inc.

,

4.10%,

1/15/2052

710,000

494,864

2,325,589

Technology

Hardware,

Storage

&

Peripherals

0.6%

HP,

Inc.

,

4.75%,

1/15/2028

1,370,000

1,389,382

4.20%,

4/15/2032

510,000

469,853

NetApp,

Inc.

,

1.88%,

6/22/2025

535,000

507,438

Seagate

HDD

Cayman

,

4.88%,

3/1/2024

685,000

681,533

Western

Digital

Corp.

,

3.10%,

2/1/2032

130,000

102,898

3,151,104

Textiles,

Apparel

&

Luxury

Goods

0.1%

Tapestry,

Inc.

,

3.05%,

3/15/2032

300,000

251,119

Thrifts

&

Mortgage

Finance

0.7%

Nationwide

Building

Society

,

(ICE

LIBOR

USD

3

Month

+

1.39%),

4.36%,

8/1/2024(a)

(c)

1,310,000

1,306,499

4.85%,

7/27/2027(a)

2,485,000

2,538,074

3,844,573

Tobacco

0.4%

BAT

Capital

Corp.

,

4.74%,

3/16/2032

1,425,000

1,305,581

Imperial

Brands

Finance

plc

,

6.13%,

7/27/2027(a)

755,000

775,294

2,080,875

Trading

Companies

&

Distributors

0.6%

Air

Lease

Corp.

,

1.88%,

8/15/2026

605,000

539,090

Aircastle

Ltd.

,

2.85%,

1/26/2028(a)

885,000

741,537

Aviation

Capital

Group

LLC

,

3.88%,

5/1/2023(a)

835,000

826,581

GATX

Corp.

,

3.50%,

6/1/2032

475,000

427,092

Corporate

Bonds

Principal

Amount

($)

Value

($)

Trading

Companies

&

Distributors

WW

Grainger,

Inc.

,

1.85%,

2/15/2025

715,000

688,896

3,223,196

Wireless

Telecommunication

Services

0.4%

America

Movil

SAB

de

CV

,

4.70%,

7/21/2032

1,255,000

1,301,548

SK

Telecom

Co.

Ltd.

,

3.75%,

4/16/2023(a)

560,000

561,534

1,863,082

Total

Corporate

Bonds

(cost

$269,419,402)

251,936,784

Mortgage-Backed

Securities

14.7%

FHLMC

UMBS

Pool

Pool#

SD8200

2.50%,

3/1/2052

2,223,063

2,074,522

Pool#

SD8205

2.50%,

4/1/2052

3,480,660

3,247,691

FNMA

Pool#

BS2927

,

1.82%,

9/1/2033

2,155,000

1,844,549

FNMA

UMBS

Pool

Pool#

MA3209

3.00%,

12/1/2047

1,485,932

1,450,109

Pool#

MA3275

3.00%,

2/1/2048

1,362,707

1,330,821

FNMA/FHLMC

UMBS,

15

Year,

Single

Family

TBA

2.00%,

8/25/2037

2,285,000

2,173,249

2.50%,

8/25/2037

1,509,000

1,468,328

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

3.00%,

8/25/2052

7,000,000

6,740,576

4.00%,

8/25/2052

4,218,000

4,238,925

3.50%,

9/25/2052

23,081,000

22,775,820

4.00%,

9/25/2052

16,697,000

16,753,683

4.50%,

9/25/2052

5,500,000

5,584,932

GNMA

I

Pool

Pool#

348637

7.50%,

5/15/2023

387

388

Pool#

369270

6.50%,

12/15/2023

604

636

Pool#

354696

6.50%,

12/15/2023

584

615

Pool#

368677

7.50%,

1/15/2024

1,337

1,345

Pool#

359986

7.50%,

1/15/2024

188

188

Pool#

362734

7.50%,

1/15/2024

66

67

Pool#

371909

6.50%,

2/15/2024

1,078

1,137

Pool#

442138

8.00%,

11/15/2026

11,125

11,591

Pool#

399109

7.50%,

2/15/2027

4,903

5,016

Pool#

445661

7.50%,

7/15/2027

2,074

2,088

Nationwide

Loomis

Core

Bond

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

41

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

443887

7.50%,

8/15/2027

3,536

3,558

Pool#

455381

7.50%,

8/15/2027

2,309

2,402

Pool#

450591

7.50%,

8/15/2027

390

393

Pool#

453295

7.50%,

8/15/2027

196

198

Pool#

446699

6.00%,

8/15/2028

5,480

5,756

Pool#

482748

6.00%,

9/15/2028

24,585

25,828

Pool#

460906

6.00%,

9/15/2028

2,078

2,183

Pool#

476969

6.50%,

1/15/2029

14,209

14,981

Pool#

781029

6.50%,

5/15/2029

44,430

47,218

GNMA

TBA

3.50%,

8/15/2052

5,000,000

4,977,344

4.50%,

8/15/2052

1,250,000

1,273,975

4.00%,

9/15/2052

1,250,000

1,260,547

Total

Mortgage-Backed

Securities

(cost

$76,211,595)

77,320,659

U.S.

Treasury

Obligations

11.4%

U.S.

Treasury

Bonds

1.75%,

8/15/2041

3,415,000

2,667,969

2.00%,

11/15/2041

13,085,000

10,682,676

2.38%,

2/15/2042

5,055,000

4,402,589

3.25%,

5/15/2042

1,975,000

1,977,160

2.25%,

8/15/2049

11,385,000

9,574,963

2.00%,

2/15/2050

8,630,000

6,857,479

1.63%,

11/15/2050

1,485,000

1,070,360

1.88%,

2/15/2051

1,520,000

1,168,381

2.25%,

2/15/2052

(d)

9,935,000

8,377,999

2.88%,

5/15/2052

1,450,000

1,402,422

U.S.

Treasury

Notes

2.63%,

5/31/2027

2,620,000

2,611,403

2.88%,

5/15/2032

8,795,000

8,953,035

Total

U.S.

Treasury

Obligations

(cost

$67,943,582)

59,746,436

Short-Term

Investments

11.9%

U.S.

Treasury

Obligations

11.9%

U.S.

Treasury

Bills

1.25%,

9/8/2022

23,000,000

22,948,592

1.63%,

9/29/2022

24,000,000

23,914,345

1.89%,

10/6/2022

1,000,000

995,870

2.36%,

10/27/2022

14,750,000

14,666,470

Total

U.S.

Treasury

Obligations

(cost

$62,568,664)

62,525,277

Total

Short-Term

Investments

(cost

$62,568,664)

62,525,277

Repurchase

Agreement

1.0%

Principal

Amount

($)

Value

($)

CF

Secured,

LLC

2.24%,

dated

7/29/2022,

due

8/1/2022,

repurchase

price

$5,042,799,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.50%,

maturing

9/30/2022

-

5/15/2052;

total

market

value

$5,143,655.

(g)

5,041,858

5,041,858

Total

Repurchase

Agreement

(cost

$5,041,858)

5,041,858

Total

Investments

(cost

$616,984,365)

—

111.9%

587,065,511

Liabilities

in

excess

of

other

assets

—

(11.9)%

(62,347,909)

NET

ASSETS

—

100.0%

$

524,717,602

(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

July

31,

2022

was

$136,636,143

which

represents

26.04%

of

net

assets.

(b)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

July

31,

2022.

(c)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

July

31,

2022.

(d)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

July

31,

2022.

The

total

value

of

securities

on

loan

as

of

July

31,

2022

was

$11,726,288,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$5,041,858

and

by

$7,020,315

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

3.88%,

and

maturity

dates

ranging

from

5/31/2023

–

5/15/2052,

a

total

value

of

$12,062,173.

(e)

Security

in

default.

(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

July

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

July

31,

2022

was

$5,041,858.

42

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Loomis

Core

Bond

Fund

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

Nationwide

Loomis

Core

Bond

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

43

Futures

contracts

outstanding

as

of

July

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

9/2022

USD

7,960,859

25,584

U.S.

Treasury

10

Year

Note

14

9/2022

USD

1,695,969

14,989

U.S.

Treasury

10

Year

Ultra

Note

31

9/2022

USD

4,068,750

100,971

U.S.

Treasury

Long

Bond

192

9/2022

USD

27,648,000

547,592

U.S.

Treasury

Ultra

Bond

13

9/2022

USD

2,058,063

(939)

Net

contracts

688,197

As

of

July

31,

2022,

the

Fund

had

$1,030,230

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

44

-

Statement

of

Investments

-

July

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.

Nationwide

Loomis

Core

Bond

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

45

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

July

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

managing

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

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

July

31,

2022:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

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

$

–

$

45,973,973

$

–

$

45,973,973

Collateralized

Mortgage

Obligations

–

29,546,993

–

29,546,993

Commercial

Mortgage-Backed

Securities

–

54,973,531

–

54,973,531

Corporate

Bonds

–

251,936,784

–

251,936,784

Futures

Contracts

689,136

–

–

689,136

Mortgage-Backed

Securities

–

77,320,659

–

77,320,659

Repurchase

Agreement

–

5,041,858

–

5,041,858

Short-Term

Investments

–

62,525,277

–

62,525,277

U.S.

Treasury

Obligations

–

59,746,436

–

59,746,436

Total

Assets

$

689,136

$

587,065,511

$

–

$

587,754,647

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(939)

$

–

$

–

$

(939)

Total

Liabilities

$

(939)

$

–

$

–

$

(939)

Total

$

688,197

$

587,065,511

$

–

$

587,753,708

46

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Loomis

Core

Bond

Fund

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

July

31,

2022:        

Assets:

Fair

Value

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

$

689,136

Total

$

689,136

Liabilities:

Fair

Value

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

$

(939)

Total

$

(939)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Loomis

Short

Term

Bond

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

47

Asset-Backed

Securities

15.5%

Principal

Amount

($)

Value

($)

Automobiles

12.7%

Ally

Auto

Receivables

Trust,

Series

2019-4,

Class

A3,

1.84%,

6/17/2024

244,059

243,490

American

Credit

Acceptance

Receivables

Trust

Series

2021-2,

Class

A,

0.37%,

10/15/2024(a)

8,047

8,037

Series

2019-4,

Class

C,

2.69%,

12/12/2025(a)

22,640

22,632

Series

2021-3,

Class

B,

0.66%,

2/13/2026(a)

215,000

211,999

AmeriCredit

Automobile

Receivables

Trust

Series

2019-2,

Class

B,

2.54%,

7/18/2024

521,873

521,416

Series

2020-2,

Class

B,

0.97%,

2/18/2026

25,000

24,483

Series

2021-3,

Class

C,

1.41%,

8/18/2027

265,000

248,982

Series

2022-2,

Class

A3,

4.38%,

4/18/2028

175,000

176,705

Avid

Automobile

Receivables

Trust,

Series

2021-1,

Class

A,

0.61%,

1/15/2025(a)

95,856

94,816

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

Series

2019-2A,

Class

A,

3.35%,

9/22/2025(a)

570,000

560,816

Bank

of

The

West

Auto

Trust,

Series

2019-1,

Class

A3,

2.43%,

4/15/2024(a)

36,158

36,137

Carmax

Auto

Owner

Trust,

Series

2021-1,

Class

A3,

0.34%,

12/15/2025

198,924

193,838

Carvana

Auto

Receivables

Trust

Series

2021-P4,

Class

A3,

1.31%,

1/11/2027

515,000

487,652

Series

2021-N2,

Class

B,

0.75%,

3/10/2028

57,959

54,492

Series

2021-N4,

Class

A1,

0.83%,

9/11/2028

354,896

345,718

Series

2021-N4,

Class

C,

1.72%,

9/11/2028

150,000

143,053

CIG

Auto

Receivables

Trust,

Series

2021-1A,

Class

A,

0.69%,

4/14/2025(a)

200,276

196,204

Credit

Acceptance

Auto

Loan

Trust

Series

2019-3A,

Class

A,

2.38%,

11/15/2028(a)

39,120

39,054

Series

2020-2A,

Class

A,

1.37%,

7/16/2029(a)

280,000

276,181

Series

2021-3A,

Class

A,

1.00%,

5/15/2030(a)

275,000

263,127

Series

2021-4,

Class

A,

1.26%,

10/15/2030(a)

255,000

241,344

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

Donlen

Fleet

Lease

Funding

2

LLC,

Series

2021-2,

Class

A2,

0.56%,

12/11/2034(a)

330,545

320,561

Drive

Auto

Receivables

Trust

Series

2021-1,

Class

B,

0.65%,

7/15/2025

195,481

194,443

Series

2021-3,

Class

B,

1.11%,

5/15/2026

235,000

227,444

DT

Auto

Owner

Trust

Series

2021-1A,

Class

A,

0.35%,

1/15/2025(a)

62,746

62,491

Series

2020-2A,

Class

C,

3.28%,

3/16/2026(a)

135,000

133,792

Series

2020-3A,

Class

C,

1.47%,

6/15/2026(a)

225,000

219,029

Series

2021-2A,

Class

B,

0.81%,

1/15/2027(a)

175,000

170,054

Series

2021-4A,

Class

C,

1.50%,

9/15/2027(a)

325,000

305,818

Exeter

Automobile

Receivables

Trust

Series

2021-1A,

Class

B,

0.50%,

2/18/2025

45,534

45,399

Series

2020-2A,

Class

C,

3.28%,

5/15/2025(a)

135,653

135,464

Series

2020-3A,

Class

C,

1.32%,

7/15/2025

196,053

193,993

Series

2021-2A,

Class

B,

0.57%,

9/15/2025

195,000

192,272

Series

2021-4A,

Class

B,

1.05%,

5/15/2026

365,000

352,993

Series

2022-3A,

Class

B,

4.86%,

12/15/2026

320,000

321,055

First

Investors

Auto

Owner

Trust

Series

2021-1A,

Class

A,

0.45%,

3/16/2026(a)

56,987

56,070

Series

2022-1A,

Class

C,

3.13%,

5/15/2028(a)

350,000

335,428

Flagship

Credit

Auto

Trust

Series

2020-1,

Class

B,

2.05%,

2/17/2025(a)

562,760

560,658

Series

2021-1,

Class

A,

0.31%,

6/16/2025(a)

133,367

131,824

Series

2022-1,

Class

A,

1.79%,

10/15/2026(a)

504,238

490,284

Series

2021-2,

Class

B,

0.93%,

6/15/2027(a)

175,000

167,227

Ford

Credit

Auto

Owner

Trust

Series

2019-C,

Class

A3,

1.87%,

3/15/2024

233,598

232,917

Series

2020-C,

Class

A3,

0.41%,

7/15/2025

264,869

259,152

Series

2021-A,

Class

A3,

0.30%,

8/15/2025

475,000

462,317

Foursight

Capital

Automobile

Receivables

Trust

Series

2022-2,

Class

A2,

4.49%,

3/16/2026(a)

535,000

535,000

48

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Loomis

Short

Term

Bond

Fund

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

Series

2022-1,

Class

A3,

1.83%,

12/15/2026(a)

205,000

196,437

GLS

Auto

Receivables

Issuer

Trust

Series

2020-3A,

Class

B,

1.38%,

8/15/2024(a)

23,533

23,513

Series

2019-4A,

Class

B,

2.78%,

9/16/2024(a)

88,845

88,744

Series

2020-4A,

Class

C,

1.14%,

11/17/2025(a)

120,000

116,993

Series

2021-4A,

Class

B,

1.53%,

4/15/2026(a)

485,000

465,647

GM

Financial

Automobile

Leasing

Trust

Series

2020-2,

Class

A3,

0.80%,

7/20/2023

6,320

6,307

Series

2021-1,

Class

A3,

0.26%,

2/20/2024

501,684

496,787

GM

Financial

Consumer

Automobile

Receivables

Trust

Series

2019-3,

Class

A3,

2.18%,

4/16/2024

64,389

64,300

Series

2022-2,

Class

A2,

2.52%,

5/16/2025

250,000

247,894

Series

2021-1,

Class

A3,

0.35%,

10/16/2025

174,875

170,665

Harley-Davidson

Motorcycle

Trust

Series

2020-A,

Class

A3,

1.87%,

10/15/2024

71,990

71,734

Series

2022-A,

Class

A2A,

2.45%,

5/15/2025

110,000

109,264

Series

2021-A,

Class

A3,

0.37%,

4/15/2026

300,322

294,186

Honda

Auto

Receivables

Owner

Trust

Series

2019-4,

Class

A3,

1.83%,

1/18/2024

342,132

340,655

Series

2021-1,

Class

A3,

0.27%,

4/21/2025

285,000

278,329

Hyundai

Auto

Receivables

Trust,

Series

2019-B,

Class

A3,

1.94%,

2/15/2024

137,425

137,229

NextGear

Floorplan

Master

Owner

Trust,

Series

2022-

1A,

Class

A2,

2.80%,

3/15/2027(a)

950,000

925,654

Prestige

Auto

Receivables

Trust

Series

2020-1A,

Class

C,

1.31%,

11/16/2026(a)

480,000

475,745

Series

2021-1A,

Class

C,

1.53%,

2/15/2028(a)

215,000

201,136

Santander

Consumer

Auto

Receivables

Trust

Series

2020-AA,

Class

A,

1.37%,

10/15/2024(a)

29,241

29,184

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

Series

2020-AA,

Class

C,

3.71%,

2/17/2026(a)

175,000

174,044

Santander

Drive

Auto

Receivables

Trust

Series

2020-4,

Class

C,

1.01%,

1/15/2026

265,000

261,458

Series

2020-3,

Class

C,

1.12%,

1/15/2026

394,965

389,712

Series

2021-2,

Class

C,

0.90%,

6/15/2026

275,000

267,428

Series

2022-3,

Class

B,

4.13%,

8/16/2027

325,000

323,074

Series

2022-4,

Class

B,

4.42%,

11/15/2027

575,000

578,819

Toyota

Auto

Loan

Extended

Note

Trust,

Series

2020-

1A,

Class

A,

1.35%,

5/25/2033(a)

170,000

160,025

Toyota

Auto

Receivables

Owner

Trust

Series

2019-D,

Class

A3,

1.92%,

1/16/2024

312,348

312,117

Series

2020-A,

Class

A3,

1.66%,

5/15/2024

970,781

965,251

United

Auto

Credit

Securitization

Trust

Series

2022-1,

Class

B,

2.10%,

3/10/2025(a)

200,000

195,560

Series

2022-2,

Class

C,

5.81%,

5/10/2027(a)

230,000

229,923

Westlake

Automobile

Receivables

Trust

Series

2020-2A,

Class

C,

2.01%,

7/15/2025(a)

165,000

163,142

Series

2020-3A,

Class

C,

1.24%,

11/17/2025(a)

80,000

78,116

Series

2021-1A,

Class

B,

0.64%,

3/16/2026(a)

570,000

557,564

Series

2021-3A,

Class

C,

1.58%,

1/15/2027(a)

535,000

507,961

World

Omni

Auto

Receivables

Trust

Series

2019-C,

Class

A3,

1.96%,

12/16/2024

469,542

467,194

Series

2020-B,

Class

A3,

0.63%,

5/15/2025

306,850

302,318

World

Omni

Automobile

Lease

Securitization

Trust

Series

2020-A,

Class

A3,

1.70%,

1/17/2023

330,169

329,937

Series

2022-A,

Class

A3,

3.21%,

2/18/2025

125,000

124,384

World

Omni

Select

Auto

Trust,

Series

2021-A,

Class

B,

0.85%,

8/16/2027

190,000

178,617

21,802,908

Nationwide

Loomis

Short

Term

Bond

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

49

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Credit

Card

0.3%

Mercury

Financial

Credit

Card

Master

Trust,

Series

2022-1A,

Class

A,

2.50%,

9/21/2026(a)

480,000

456,806

Equipment

Loans

&

Leases

0.5%

CNH

Equipment

Trust,

Series

2020-A,

Class

A3,

1.16%,

6/16/2025

49,179

48,518

GreatAmerica

Leasing

Receivables

Funding

LLC,

Series

2020-1,

Class

A3,

1.76%,

8/15/2023(a)

264,594

263,226

HPEFS

Equipment

Trust,

Series

2021-1A,

Class

A2,

0.27%,

3/20/2031(a)

106,840

106,296

SCF

Equipment

Leasing

LLC

Series

2021-1A,

Class

A2,

0.42%,

8/20/2026(a)

79,177

78,788

Series

2022-1A,

Class

A3,

2.92%,

7/20/2029(a)

420,000

405,589

902,417

Other

1.1%

Affirm

Asset

Securitization

Trust,

Series

2021-B,

Class

A,

1.03%,

8/17/2026(a)

220,000

208,415

Aqua

Finance

Trust,

Series

2021-A,

Class

A,

1.54%,

7/17/2046(a)

217,565

202,620

Diamond

Resorts

Owner

Trust,

Series

2018-1,

Class

A,

3.70%,

1/21/2031(a)

95,252

94,942

FREED

ABS

Trust,

Series

2021-3FP,

Class

A,

0.62%,

11/20/2028(a)

18,513

18,464

Marlette

Funding

Trust,

Series

2021-3A,

Class

A,

0.65%,

12/15/2031(a)

151,409

148,268

New

Economy

Assets

Phase

1

Sponsor

LLC,

Series

2021-1,

Class

A1,

1.91%,

10/20/2061(a)

450,000

397,088

OneMain

Financial

Issuance

Trust,

Series

2022-

S1,

Class

A,

4.13%,

5/14/2035(a)

920,000

908,224

1,978,021

Student

Loan

0.9%

Massachusetts

Educational

Financing

Authority,

Series

2018-A,

Class

A,

3.85%,

5/25/2033

192,520

194,307

Navient

Private

Education

Refi

Loan

Trust

Series

2020-HA,

Class

A,

1.31%,

1/15/2069(a)

130,017

121,235

Series

2021-A,

Class

A,

0.84%,

5/15/2069(a)

120,876

110,946

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Student

Loan

Series

2020-GA,

Class

A,

1.17%,

9/16/2069(a)

44,909

42,008

Series

2021-CA,

Class

A,

1.06%,

10/15/2069(a)

368,095

337,271

Series

2021-EA,

Class

A,

0.97%,

12/16/2069(a)

794,256

712,664

SoFi

Professional

Loan

Program

LLC,

Series

2018-A,

Class

A1,

2.61%,

2/25/2042(a)(b)

35,775

35,501

1,553,932

Total

Asset-Backed

Securities

(cost

$27,382,184)

26,694,084

Collateralized

Mortgage

Obligations

1.0%

FHLMC

REMICS

Series

2611,

Class

HD,

5.00%,

5/15/2023

7,092

7,113

Series

3585,

Class

LA,

3.50%,

10/15/2024

3,191

3,194

Series

3721,

Class

PE,

3.50%,

9/15/2040

51,429

51,315

FNMA

REMICS

Series

2012-99,

Class

TC,

1.50%,

9/25/2022

818

816

Series

2012-100,

Class

WA,

1.50%,

9/25/2027

102,391

98,736

Series

2012-93,

Class

DP,

1.50%,

9/25/2027

90,257

87,145

GNMA

REMICS

Series

2009-104,

Class

KE,

2.50%,

8/16/2039

9,625

9,551

Series

2009-88,

Class

QE,

3.00%,

9/16/2039

11,008

10,998

Series

2011-39,

Class

NE,

3.50%,

9/16/2039

46,850

46,948

Series

2010-H22,

Class

FE,

1.47%,

5/20/2059(b)

32,838

32,602

Series

2010-H02,

Class

FA,

2.31%,

2/20/2060(b)

205,329

204,636

Series

2011-H11,

Class

FA,

1.62%,

3/20/2061(b)

150,262

149,190

Series

2011-H23,

Class

HA,

3.00%,

12/20/2061

4,401

4,321

Series

2012-H18,

Class

NA,

1.64%,

8/20/2062(b)

56,701

56,397

Series

2016-H13,

Class

FT,

1.70%,

5/20/2066(b)

29,871

29,740

Series

2017-H25,

Class

FD,

1.27%,

12/20/2067(b)

56,611

55,927

Series

2019-H01,

Class

FJ,

1.42%,

9/20/2068(b)

108,719

108,131

Series

2019-H01,

Class

FT,

1.52%,

10/20/2068(b)

271,430

269,695

50

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Loomis

Short

Term

Bond

Fund

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

Series

2019-H13,

Class

FT,

2.47%,

8/20/2069(b)

447,425

447,151

Total

Collateralized

Mortgage

Obligations

(cost

$1,692,330)

1,673,606

Commercial

Mortgage-Backed

Securities

4.8%

AOA

Mortgage

Trust,

Series

2021-1177,

Class

A,

2.87%,

10/15/2038(a)(b)

680,000

640,547

BBCMS

Mortgage

Trust,

Series

2020-BID,

Class

A,

4.14%,

10/15/2037(a)(b)

425,000

418,167

Benchmark

Mortgage

Trust,

Series

2019-B10,

Class

A1,

2.79%,

3/15/2062

929,459

915,434

BPR

Trust

Series

2021-NRD,

Class

A,

3.63%,

12/15/2023(a)(b)

350,000

335,402

Series

2022-OANA,

Class

A,

3.86%,

4/15/2037(a)(b)

200,000

195,669

Series

2022-SSP,

Class

A,

4.96%,

5/15/2039(a)(b)

455,000

454,034

Citigroup

Commercial

Mortgage

Trust,

Series

2021-PRM2,

Class

A,

2.95%,

10/15/2036(a)(b)

680,000

656,338

CSMC

LLC,

Series

2014-

USA,

Class

A2,

3.95%,

9/15/2037(a)

395,000

375,246

DROP

Mortgage

Trust,

Series

2021-FILE,

Class

A,

3.15%,

10/15/2043(a)(b)

525,000

506,516

GS

Mortgage

Securities

Corp.

II,

Series

2012-

BWTR,

Class

A,

2.95%,

11/5/2034(a)

350,000

347,408

GS

Mortgage

Securities

Corp.

Trust,

Series

2013-PEMB,

Class

A,

3.55%,

3/5/2033(a)

(b)

100,000

93,081

Med

Trust,

Series

2021-

MDLN,

Class

A,

2.95%,

11/15/2038(a)(b)

250,000

240,017

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2013-C11,

Class

A4,

4.15%,

8/15/2046(b)

565,000

561,052

MSBAM

Commercial

Mortgage

Securities

Trust,

Series

2012-CKSV,

Class

A2,

3.28%,

10/15/2030(a)

465,000

460,418

OPG

Trust,

Series

2021-

PORT,

Class

A,

2.48%,

10/15/2036(a)(b)

785,000

749,245

Starwood

Retail

Property

Trust,

Series

2014-

STAR,

Class

A,

3.47%,

11/15/2027(a)(b)

336,810

229,031

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2013-LC12,

Class

A4,

4.22%,

7/15/2046(b)

1,015,000

1,012,353

Total

Commercial

Mortgage-Backed

Securities

(cost

$8,533,980)

8,189,958

Corporate

Bonds

66.6%

Aerospace

&

Defense

0.0%

†

Raytheon

Technologies

Corp.

,

3.65%,

8/16/2023

23,000

23,055

Airlines

0.2%

Southwest

Airlines

Co.

,

5.25%,

5/4/2025

255,000

262,711

United

Airlines,

Inc.

,

4.38%,

4/15/2026(a)

120,000

115,200

377,911

Auto

Components

0.2%

Icahn

Enterprises

LP

,

5.25%,

5/15/2027

275,000

263,978

Automobiles

2.4%

BMW

Finance

NV

,

2.25%,

8/12/2022(a)

1,200,000

1,199,971

BMW

US

Capital

LLC

,

3.45%,

4/12/2023(a)

750,000

750,396

General

Motors

Co.

,

5.40%,

10/15/2029

365,000

364,844

Hyundai

Capital

America

,

0.88%,

6/14/2024(a)

715,000

670,495

Kia

Corp.

,

2.38%,

2/14/2025(a)

520,000

497,998

Volkswagen

Group

of

America

Finance

LLC

,

4.25%,

11/13/2023(a)

330,000

331,511

4.35%,

6/8/2027(a)

325,000

323,332

4,138,547

Banks

17.3%

ANZ

New

Zealand

Int'l

Ltd.

,

2.17%,

2/18/2025(a)

300,000

288,381

ASB

Bank

Ltd.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.25%),

5.28%,

6/17/2032(a)(c)

295,000

295,004

Australia

&

New

Zealand

Banking

Group

Ltd.

,

2.05%,

11/21/2022

1,200,000

1,196,636

Banco

Bilbao

Vizcaya

Argentaria

SA

,

0.88%,

9/18/2023

600,000

580,723

Banco

Santander

SA

,

3.89%,

5/24/2024

200,000

200,612

2.75%,

5/28/2025

600,000

572,637

Nationwide

Loomis

Short

Term

Bond

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

51

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Bank

of

America

Corp.

,

(SOFR

+

1.33%),

3.38%,

4/2/2026(c)

465,000

454,205

(SOFR

+

2.04%),

4.95%,

7/22/2028(c)

860,000

884,876

Bank

of

Ireland

Group

plc

,

4.50%,

11/25/2023(a)

360,000

358,568

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.10%),

2.03%,

9/30/2027(a)(c)

295,000

257,420

Bank

of

Montreal

,

1.50%,

1/10/2025

615,000

585,563

2.65%,

3/8/2027

285,000

270,338

Bank

of

Nova

Scotia

(The)

,

1.95%,

2/1/2023(d)

1,190,000

1,183,410

Banque

Federative

du

Credit

Mutuel

SA

,

4.75%,

7/13/2027(a)

425,000

433,545

BNP

Paribas

SA

,

(ICE

LIBOR

USD

3

Month

+

2.24%),

4.70%,

1/10/2025(a)(c)

545,000

546,659

Canadian

Imperial

Bank

of

Commerce

,

1.00%,

10/18/2024

815,000

766,698

3.95%,

8/4/2025

505,000

506,012

Citigroup,

Inc.

,

(SOFR

+

0.67%),

0.98%,

5/1/2025(c)

95,000

89,945

(SOFR

+

1.89%),

4.66%,

5/24/2028(c)

265,000

268,533

Citizens

Financial

Group,

Inc.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.75%),

5.64%,

5/21/2037(c)

450,000

457,545

Comerica,

Inc.

,

3.70%,

7/31/2023

375,000

375,039

Commonwealth

Bank

of

Australia

,

2.55%,

3/14/2027(a)

330,000

314,185

Cooperatieve

Rabobank

UA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.73%),

1.98%,

12/15/2027(a)(c)

430,000

388,248

Credit

Agricole

SA

,

3.75%,

4/24/2023(a)

595,000

594,392

Danske

Bank

A/S

,

3.88%,

9/12/2023(a)

645,000

642,651

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.45%),

3.77%,

3/28/2025(a)(c)

275,000

269,748

DNB

Bank

ASA

,

2.15%,

12/2/2022(a)

645,000

643,195

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

DNB

Bank

ASA,

(United

States

SOFR

Compounded

Index

+

0.81%),

2.97%,

3/28/2025(a)(c)

275,000

269,459

Fifth

Third

Bancorp

,

(SOFR

+

1.36%),

4.06%,

4/25/2028(c)

915,000

909,130

(United

States

SOFR

Compounded

Index

+

2.13%),

4.77%,

7/28/2030(c)

435,000

442,187

Fifth

Third

Bank

NA

,

1.80%,

1/30/2023

1,005,000

998,953

HSBC

Holdings

plc

,

(SOFR

+

1.10%),

2.25%,

11/22/2027(c)

285,000

257,287

(SOFR

+

2.11%),

4.75%,

6/9/2028(c)

430,000

427,226

(SOFR

+

1.29%),

2.21%,

8/17/2029(c)

225,000

192,192

Huntington

National

Bank

(The)

,

(SOFR

+

1.21%),

4.01%,

5/16/2025(c)

260,000

260,299

ING

Groep

NV

,

4.10%,

10/2/2023

790,000

794,316

JPMorgan

Chase

&

Co.

,

(SOFR

+

1.32%),

4.08%,

4/26/2026(c)

740,000

739,409

(SOFR

+

1.99%),

4.85%,

7/25/2028(c)

600,000

615,766

KeyCorp

,

(SOFR

+

1.25%),

3.88%,

5/23/2025(c)

405,000

403,800

Lloyds

Banking

Group

plc

,

4.05%,

8/16/2023

340,000

340,950

Mitsubishi

UFJ

Financial

Group,

Inc.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.95%),

5.02%,

7/20/2028(c)

855,000

878,662

National

Australia

Bank

Ltd.

,

3.91%,

6/9/2027

580,000

585,228

National

Bank

of

Canada

,

3.75%,

6/9/2025

895,000

889,694

NatWest

Group

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.27%),

5.52%,

9/30/2028(c)

200,000

205,021

NatWest

Markets

plc

,

1.60%,

9/29/2026(a)

455,000

407,979

Royal

Bank

of

Canada

,

3.63%,

5/4/2027

610,000

603,201

Santander

Holdings

USA,

Inc.

,

3.45%,

6/2/2025

610,000

591,131

52

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Loomis

Short

Term

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Societe

Generale

SA

,

4.68%,

6/15/2027(a)

590,000

595,852

Toronto-Dominion

Bank

(The)

,

(SOFR

+

0.24%),

2.52%,

1/6/2023(c)

1,075,000

1,072,001

4.11%,

6/8/2027

710,000

718,455

Truist

Financial

Corp.

,

(SOFR

+

2.24%),

4.92%,

7/28/2033(c)

425,000

428,733

UniCredit

SpA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.30%),

2.57%,

9/22/2026(a)(c)

455,000

406,354

US

Bancorp

,

(SOFR

+

1.66%),

4.55%,

7/22/2028(c)

855,000

877,343

Wells

Fargo

&

Co.

,

(SOFR

+

1.32%),

3.91%,

4/25/2026(c)

795,000

789,957

(SOFR

+

1.98%),

4.81%,

7/25/2028(c)

600,000

614,004

29,739,357

Beverages

0.9%

Bacardi

Ltd.

,

4.45%,

5/15/2025(a)

565,000

564,072

Coca-Cola

Europacific

Partners

plc

,

0.50%,

5/5/2023(a)

490,000

477,250

PepsiCo,

Inc.

,

3.90%,

7/18/2032

430,000

444,588

1,485,910

Biotechnology

0.2%

CSL

Finance

plc

,

3.85%,

4/27/2027(a)

290,000

291,791

Building

Products

0.2%

Fortune

Brands

Home

&

Security,

Inc.

,

4.00%,

3/25/2032

355,000

325,639

Capital

Markets

7.2%

Ares

Capital

Corp.

,

2.88%,

6/15/2028

310,000

255,518

Bank

of

New

York

Mellon

Corp.

(The)

,

(SOFR

+

1.76%),

4.60%,

7/26/2030(c)

130,000

134,144

Barings

BDC,

Inc.

,

3.30%,

11/23/2026(a)

105,000

91,459

Blackstone

Holdings

Finance

Co.

LLC

,

1.63%,

8/5/2028(a)

350,000

303,999

Blackstone

Private

Credit

Fund

,

1.75%,

9/15/2024(a)

230,000

209,574

2.63%,

12/15/2026(a)

485,000

414,037

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Blackstone

Secured

Lending

Fund

,

2.85%,

9/30/2028

290,000

232,462

Credit

Suisse

AG

,

3.70%,

2/21/2025

595,000

586,573

Deutsche

Bank

AG

,

(SOFR

+

1.13%),

1.45%,

4/1/2025(c)

305,000

286,147

(SOFR

+

3.19%),

6.12%,

7/14/2026(c)

660,000

670,570

(SOFR

+

1.32%),

2.55%,

1/7/2028(c)

395,000

346,844

FS

KKR

Capital

Corp.

,

4.25%,

2/14/2025(a)

90,000

86,030

3.25%,

7/15/2027

200,000

175,104

Goldman

Sachs

Group,

Inc.

(The)

,

(SOFR

+

0.54%),

0.63%,

11/17/2023(c)

655,000

648,811

(SOFR

+

0.91%),

1.95%,

10/21/2027(c)

490,000

447,174

Golub

Capital

BDC,

Inc.

,

2.50%,

8/24/2026

505,000

438,750

Hercules

Capital,

Inc.

,

3.38%,

1/20/2027

290,000

252,770

Lehman

Brothers

Holdings,

Inc.

,

5.63%,

1/24/2013(e)

500,000

2,000

Macquarie

Bank

Ltd.

,

2.10%,

10/17/2022(a)

1,210,000

1,207,510

Main

Street

Capital

Corp.

,

3.00%,

7/14/2026

370,000

329,845

Morgan

Stanley

,

(SOFR

+

0.46%),

0.53%,

1/25/2024(c)

1,080,000

1,062,526

(SOFR

+

0.62%),

0.73%,

4/5/2024(c)

835,000

816,631

Morgan

Stanley

Direct

Lending

Fund

,

4.50%,

2/11/2027

280,000

255,428

Nomura

Holdings,

Inc.

,

2.33%,

1/22/2027

690,000

626,067

5.39%,

7/6/2027

840,000

859,174

Oaktree

Specialty

Lending

Corp.

,

3.50%,

2/25/2025

110,000

105,420

Owl

Rock

Capital

Corp.

,

3.75%,

7/22/2025

310,000

295,449

OWL

Rock

Core

Income

Corp.

,

5.50%,

3/21/2025(a)

280,000

270,674

Owl

Rock

Technology

Finance

Corp.

,

4.75%,

12/15/2025(a)

440,000

412,980

UBS

AG

,

1.38%,

1/13/2025(a)

200,000

189,070

Nationwide

Loomis

Short

Term

Bond

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

53

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

UBS

Group

AG

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.55%),

4.49%,

5/12/2026(a)(c)

315,000

316,844

12,329,584

Chemicals

0.7%

Albemarle

Corp.

,

4.65%,

6/1/2027(d)

230,000

231,028

Cabot

Corp.

,

5.00%,

6/30/2032

165,000

164,487

Celanese

US

Holdings

LLC

,

6.17%,

7/15/2027

860,000

873,459

1,268,974

Consumer

Finance

4.6%

AerCap

Ireland

Capital

DAC

,

3.15%,

2/15/2024

280,000

272,144

Ally

Financial,

Inc.

,

4.75%,

6/9/2027

625,000

617,868

American

Express

Co.

,

2.55%,

3/4/2027

440,000

420,437

(SOFR

+

1.76%),

4.42%,

8/3/2033(c)

425,000

431,354

American

Honda

Finance

Corp.

,

2.25%,

1/12/2029

565,000

515,707

Avolon

Holdings

Funding

Ltd.

,

5.50%,

1/15/2026(a)

345,000

334,916

BOC

Aviation

USA

Corp.

,

1.63%,

4/29/2024(a)

205,000

195,758

Capital

One

Financial

Corp.

,

3.90%,

1/29/2024

855,000

855,508

(SOFR

+

0.69%),

1.34%,

12/6/2024(c)

25,000

23,995

(SOFR

+

2.06%),

4.93%,

5/10/2028(c)

250,000

252,512

Ford

Motor

Credit

Co.

LLC

,

2.30%,

2/10/2025

465,000

435,809

General

Motors

Financial

Co.,

Inc.

,

2.35%,

2/26/2027

650,000

586,061

5.00%,

4/9/2027

400,000

400,719

Harley-Davidson

Financial

Services,

Inc.

,

3.35%,

6/8/2025(a)

70,000

67,899

Hyundai

Capital

Services,

Inc.

,

2.13%,

4/24/2025(a)

200,000

188,838

LeasePlan

Corp.

NV

,

2.88%,

10/24/2024(a)

495,000

476,414

PACCAR

Financial

Corp.

,

1.90%,

2/7/2023

960,000

954,730

Synchrony

Financial

,

4.38%,

3/19/2024

120,000

119,759

4.88%,

6/13/2025

565,000

563,400

Toyota

Motor

Credit

Corp.

,

4.45%,

6/29/2029

220,000

229,086

7,942,914

Corporate

Bonds

Principal

Amount

($)

Value

($)

Containers

&

Packaging

0.7%

Amcor

Flexibles

North

America,

Inc.

,

4.00%,

5/17/2025

185,000

184,294

Canpack

SA

,

3.88%,

11/15/2029(a)

460,000

378,905

Sonoco

Products

Co.

,

1.80%,

2/1/2025

655,000

620,921

1,184,120

Distributors

0.2%

Ferguson

Finance

plc

,

4.25%,

4/20/2027(a)

270,000

268,034

Diversified

Financial

Services

0.9%

Antares

Holdings

LP

,

3.75%,

7/15/2027(a)

390,000

334,494

Element

Fleet

Management

Corp.

,

3.85%,

6/15/2025(a)

320,000

314,658

Equitable

Holdings,

Inc.

,

3.90%,

4/20/2023

379,000

380,175

Jackson

Financial,

Inc.

,

5.17%,

6/8/2027

250,000

252,191

NTT

Finance

Corp.

,

4.37%,

7/27/2027(a)

210,000

216,339

1,497,857

Diversified

Telecommunication

Services

0.2%

British

Telecommunications

plc

,

4.50%,

12/4/2023

400,000

402,538

Electric

Utilities

4.9%

Alliant

Energy

Finance

LLC

,

3.75%,

6/15/2023(a)

820,000

817,800

American

Electric

Power

Co.,

Inc.

,

Series

A,

(ICE

LIBOR

USD

3

Month

+

0.48%),

1.77%,

11/1/2023(c)

1,085,000

1,078,482

2.03%,

3/15/2024

255,000

248,083

Appalachian

Power

Co.

,

Series

BB,

4.50%,

8/1/2032

260,000

261,669

Enel

Finance

International

NV

,

4.63%,

6/15/2027(a)

890,000

884,078

Eversource

Energy

,

Series

N,

3.80%,

12/1/2023(d)

1,155,000

1,157,802

4.60%,

7/1/2027

380,000

392,060

Fells

Point

Funding

Trust

,

3.05%,

1/31/2027(a)

290,000

273,183

NextEra

Energy

Capital

Holdings,

Inc.

,

0.65%,

3/1/2023

500,000

492,251

(United

States

SOFR

Compounded

Index

+

0.40%),

2.68%,

11/3/2023(c)

170,000

167,882

54

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Loomis

Short

Term

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Pacific

Gas

and

Electric

Co.

,

(United

States

SOFR

Compounded

Index

+

1.15%),

3.43%,

11/14/2022(c)

60,000

59,864

3.25%,

2/16/2024(d)

465,000

453,982

Southern

California

Edison

Co.

,

(SOFR

+

0.47%),

2.75%,

12/2/2022(c)

340,000

339,384

Series

D,

4.70%,

6/1/2027

425,000

436,431

Southern

Co.

(The)

,

Series

21-A,

0.60%,

2/26/2024

750,000

713,520

Vistra

Operations

Co.

LLC

,

5.13%,

5/13/2025(a)

590,000

589,794

8,366,265

Electronic

Equipment,

Instruments

&

Components

0.2%

Avnet,

Inc.

,

5.50%,

6/1/2032

270,000

269,991

Jabil,

Inc.

,

4.25%,

5/15/2027

165,000

163,349

433,340

Entertainment

0.7%

Magallanes,

Inc.

,

3.43%,

3/15/2024(a)

285,000

280,577

Take-Two

Interactive

Software,

Inc.

,

3.30%,

3/28/2024

915,000

909,571

1,190,148

Equity

Real

Estate

Investment

Trusts

(REITs)

1.2%

Crown

Castle

International

Corp.

,

2.90%,

3/15/2027

255,000

241,966

Extra

Space

Storage

LP

,

3.90%,

4/1/2029

120,000

115,087

Federal

Realty

OP

LP

,

3.95%,

1/15/2024

665,000

665,545

GLP

Capital

LP

,

5.25%,

6/1/2025

600,000

594,752

Office

Properties

Income

Trust

,

4.50%,

2/1/2025

350,000

329,171

3.45%,

10/15/2031

130,000

92,571

2,039,092

Food

Products

0.4%

JBS

USA

LUX

SA

,

5.13%,

2/1/2028(a)

620,000

617,942

Gas

Utilities

0.3%

CenterPoint

Energy

Resources

Corp.

,

0.70%,

3/2/2023

260,000

256,914

Corporate

Bonds

Principal

Amount

($)

Value

($)

Gas

Utilities

Southern

Natural

Gas

Co.

LLC

,

0.63%,

4/28/2023(a)

185,000

179,948

436,862

Health

Care

Equipment

&

Supplies

0.2%

Baxter

International,

Inc.

,

2.27%,

12/1/2028

335,000

302,856

Hotels,

Restaurants

&

Leisure

0.3%

Expedia

Group,

Inc.

,

6.25%,

5/1/2025(a)

126,000

130,694

Hyatt

Hotels

Corp.

,

1.30%,

10/1/2023

405,000

392,375

5.63%,

4/23/2025(f)

65,000

66,284

589,353

Independent

Power

and

Renewable

Electricity

Producers

0.2%

AES

Corp.

(The)

,

3.30%,

7/15/2025(a)

315,000

300,255

Insurance

7.1%

Aon

Corp.

,

2.20%,

11/15/2022

1,195,000

1,191,282

Assurant,

Inc.

,

4.20%,

9/27/2023

227,000

227,307

Athene

Global

Funding

,

1.72%,

1/7/2025(a)

510,000

477,907

2.50%,

3/24/2028(a)

480,000

419,265

Brighthouse

Financial

Global

Funding

,

1.20%,

12/15/2023(a)

255,000

246,098

1.75%,

1/13/2025(a)

375,000

351,923

Brown

&

Brown,

Inc.

,

4.20%,

3/17/2032

50,000

47,109

CNO

Global

Funding

,

2.65%,

1/6/2029(a)

475,000

423,546

Corebridge

Financial,

Inc.

,

3.65%,

4/5/2027(a)

460,000

443,009

F&G

Global

Funding

,

5.15%,

7/7/2025(a)

390,000

393,839

GA

Global

Funding

Trust

,

1.25%,

12/8/2023(a)

565,000

543,813

Globe

Life,

Inc.

,

4.80%,

6/15/2032

15,000

15,119

Guardian

Life

Global

Funding

,

1.10%,

6/23/2025(a)

995,000

922,801

Jackson

National

Life

Global

Funding

,

(SOFR

+

0.60%),

2.88%,

1/6/2023(a)(c)

1,205,000

1,204,619

1.75%,

1/12/2025(a)

460,000

435,705

Metropolitan

Life

Global

Funding

I

,

0.90%,

6/8/2023(a)

445,000

435,843

1.88%,

1/11/2027(a)

940,000

867,057

Pricoa

Global

Funding

I

,

1.15%,

12/6/2024(a)

955,000

901,714

Nationwide

Loomis

Short

Term

Bond

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

55

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

Protective

Life

Global

Funding

,

1.65%,

1/13/2025(a)

460,000

435,690

3.22%,

3/28/2025(a)

190,000

187,125

4.71%,

7/6/2027(a)

610,000

624,878

Reliance

Standard

Life

Global

Funding

II

,

2.15%,

1/21/2023(a)

380,000

376,897

RGA

Global

Funding

,

2.70%,

1/18/2029(a)

360,000

326,075

Security

Benefit

Global

Funding

,

1.25%,

5/17/2024(a)

450,000

425,252

Trustage

Financial

Group,

Inc.

,

4.63%,

4/15/2032(a)

135,000

127,529

Willis

North

America,

Inc.

,

4.65%,

6/15/2027

180,000

181,471

12,232,873

Internet

&

Direct

Marketing

Retail

0.7%

Amazon.com,

Inc.

,

3.30%,

4/13/2027

920,000

926,185

Prosus

NV

,

3.26%,

1/19/2027(a)

370,000

334,214

1,260,399

IT

Services

1.5%

Fidelity

National

Information

Services,

Inc.

,

4.50%,

7/15/2025

860,000

873,145

Global

Payments,

Inc.

,

1.50%,

11/15/2024

275,000

258,564

International

Business

Machines

Corp.

,

4.15%,

7/27/2027

855,000

874,619

Western

Union

Co.

(The)

,

4.25%,

6/9/2023

570,000

571,665

2,577,993

Leisure

Products

0.2%

Brunswick

Corp.

,

4.40%,

9/15/2032

430,000

384,323

Machinery

0.6%

CNH

Industrial

Capital

LLC

,

1.95%,

7/2/2023

230,000

225,405

3.95%,

5/23/2025

525,000

522,529

Daimler

Trucks

Finance

North

America

LLC

,

3.65%,

4/7/2027(a)

265,000

258,762

1,006,696

Metals

&

Mining

0.3%

FMG

Resources

August

2006

Pty.

Ltd.

,

6.13%,

4/15/2032(a)

330,000

313,665

Glencore

Funding

LLC

,

4.13%,

3/12/2024(a)

190,000

189,304

502,969

Corporate

Bonds

Principal

Amount

($)

Value

($)

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.4%

Starwood

Property

Trust,

Inc.

,

5.50%,

11/1/2023(a)

290,000

287,825

3.75%,

12/31/2024(a)

355,000

342,385

630,210

Multi-Utilities

1.3%

Dominion

Energy,

Inc.

,

3.07%,

8/15/2024(f)

295,000

289,661

Public

Service

Enterprise

Group,

Inc.

,

0.84%,

11/8/2023

675,000

652,191

Sempra

Energy

,

3.70%,

4/1/2029

165,000

160,248

WEC

Energy

Group,

Inc.

,

0.55%,

9/15/2023

1,105,000

1,070,943

2,173,043

Oil,

Gas

&

Consumable

Fuels

2.0%

Enbridge,

Inc.

,

2.15%,

2/16/2024

835,000

815,223

EQM

Midstream

Partners

LP

,

7.50%,

6/1/2030(a)

150,000

154,369

EQT

Corp.

,

6.63%,

2/1/2025(f)

240,000

249,893

Gray

Oak

Pipeline

LLC

,

2.60%,

10/15/2025(a)

75,000

70,529

MPLX

LP

,

3.38%,

3/15/2023

780,000

778,603

Targa

Resources

Corp.

,

5.20%,

7/1/2027

515,000

524,358

TransCanada

PipeLines

Ltd.

,

1.00%,

10/12/2024

975,000

915,595

3,508,570

Pharmaceuticals

1.4%

AstraZeneca

plc

,

3.50%,

8/17/2023

695,000

697,478

Bayer

US

Finance

II

LLC

,

3.38%,

7/15/2024(a)

385,000

379,520

Bristol-Myers

Squibb

Co.

,

2.00%,

8/1/2022

100,000

100,000

Roche

Holdings,

Inc.

,

2.13%,

3/10/2025(a)

960,000

938,963

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

4.75%,

5/9/2027

230,000

220,512

2,336,473

Real

Estate

Management

&

Development

0.1%

Forestar

Group,

Inc.

,

3.85%,

5/15/2026(a)

155,000

137,006

Road

&

Rail

1.1%

DAE

Funding

LLC

,

1.55%,

8/1/2024(a)

215,000

201,274

Penske

Truck

Leasing

Co.

LP

,

4.13%,

8/1/2023(a)

845,000

845,116

4.00%,

7/15/2025(a)

45,000

44,602

Ryder

System,

Inc.

,

4.63%,

6/1/2025

245,000

248,517

4.30%,

6/15/2027

145,000

145,850

56

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Loomis

Short

Term

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Road

&

Rail

Triton

Container

International

Ltd.

,

0.80%,

8/1/2023(a)

495,000

475,343

1,960,702

Semiconductors

&

Semiconductor

Equipment

1.4%

Broadcom,

Inc.

,

4.00%,

4/15/2029(a)

245,000

234,852

Marvell

Technology,

Inc.

,

4.20%,

6/22/2023

600,000

601,246

Microchip

Technology,

Inc.

,

2.67%,

9/1/2023

335,000

330,278

Qorvo

,

Inc.

,

1.75%,

12/15/2024(a)

100,000

93,762

Skyworks

Solutions,

Inc.

,

0.90%,

6/1/2023

525,000

510,341

TSMC

Global

Ltd.

,

4.38%,

7/22/2027(a)

650,000

663,919

2,434,398

Software

0.7%

Infor

,

Inc.

,

1.45%,

7/15/2023(a)

225,000

218,793

VMware,

Inc.

,

0.60%,

8/15/2023

1,005,000

972,966

1,191,759

Technology

Hardware,

Storage

&

Peripherals

0.6%

Dell

International

LLC

,

5.85%,

7/15/2025

390,000

408,934

HP,

Inc.

,

4.75%,

1/15/2028

445,000

451,296

4.00%,

4/15/2029

160,000

154,387

Western

Digital

Corp.

,

2.85%,

2/1/2029

85,000

71,719

1,086,336

Textiles,

Apparel

&

Luxury

Goods

0.0%

†

Tapestry,

Inc.

,

3.05%,

3/15/2032

95,000

79,521

Thrifts

&

Mortgage

Finance

1.0%

Nationwide

Building

Society

,

0.55%,

1/22/2024(a)

930,000

887,198

4.85%,

7/27/2027(a)

840,000

857,940

1,745,138

Tobacco

0.7%

BAT

International

Finance

plc

,

4.45%,

3/16/2028

940,000

900,104

Imperial

Brands

Finance

plc

,

6.13%,

7/27/2027(a)

260,000

266,988

1,167,092

Trading

Companies

&

Distributors

0.8%

Air

Lease

Corp.

,

0.70%,

2/15/2024

505,000

478,675

0.80%,

8/18/2024

200,000

185,129

Aircastle

Ltd.

,

2.85%,

1/26/2028(a)

330,000

276,505

Corporate

Bonds

Principal

Amount

($)

Value

($)

Trading

Companies

&

Distributors

Aviation

Capital

Group

LLC

,

3.88%,

5/1/2023(a)

515,000

509,808

1,450,117

Wireless

Telecommunication

Services

0.4%

America

Movil

SAB

de

CV

,

4.70%,

7/21/2032

425,000

440,763

SK

Telecom

Co.

Ltd.

,

3.75%,

4/16/2023(a)

315,000

315,863

756,626

Total

Corporate

Bonds

(cost

$117,631,624)

114,438,566

Mortgage-Backed

Securities

0.5%

FHLMC

Gold

Pool

Pool#

G14899

3.00%,

11/1/2023

24,955

24,896

Pool#

G13746

4.50%,

1/1/2025

25,996

26,772

Pool#

G13888

5.00%,

6/1/2025

3,884

4,003

Pool#

J19197

3.00%,

5/1/2027

115,967

115,989

Pool#

C00748

6.00%,

4/1/2029

4,710

5,012

Pool#

C01418

5.50%,

10/1/2032

33,906

36,085

Pool#

G01740

5.50%,

12/1/2034

18,265

19,578

Pool#

G04342

6.00%,

4/1/2038

21,727

23,658

FHLMC

Non

Gold

Pool

Pool#

972136

2.35%,

1/1/2034(b)

19,595

20,265

Pool#

848191

2.47%,

12/1/2034(b)

120,767

120,189

FNMA

Pool#

815323

,

3.35%,

1/1/2035

(b)

31,278

31,976

FNMA

UMBS

Pool

Pool#

981257

5.00%,

5/1/2023

3,882

3,999

Pool#

931892

4.50%,

9/1/2024

101,127

104,065

Pool#

AL0802

4.50%,

4/1/2025

19,249

19,808

Pool#

AB2518

4.00%,

3/1/2026

23,854

24,292

Pool#

AB4998

3.00%,

4/1/2027

202,265

202,684

Pool#

190307

8.00%,

6/1/2030

415

451

Pool#

253516

8.00%,

11/1/2030

309

331

Pool#

725773

5.50%,

9/1/2034

40,237

43,089

Pool#

811773

5.50%,

1/1/2035

41,126

44,118

Nationwide

Loomis

Short

Term

Bond

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

57

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

Pool#

5080

,

4.00%,

6/20/2026

30,428

31,026

Total

Mortgage-Backed

Securities

(cost

$902,362)

902,286

U.S.

Treasury

Obligations

9.3%

U.S.

Treasury

Notes

0.88%,

1/31/2024

2,655,000

2,573,691

2.50%,

4/30/2024

3,955,000

3,924,565

2.50%,

5/31/2024

(d)

5,115,000

5,075,838

3.00%,

6/30/2024

2,855,000

2,859,126

3.25%,

6/30/2027

1,510,000

1,547,750

Total

U.S.

Treasury

Obligations

(cost

$16,033,379)

15,980,970

Short-Term

Investment

1.0%

U.S.

Treasury

Obligation

1.0%

U.S.

Treasury

Bills,

1.94%,

9/1/2022

1,685,000

1,681,910

Total

Short-Term

Investment

(cost

$1,682,193)

1,681,910

Repurchase

Agreement

0.9%

CF

Secured,

LLC

2.24%,

dated

7/29/2022,

due

8/1/2022,

repurchase

price

$1,508,094,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.50%,

maturing

9/30/2022

-

5/15/2052;

total

market

value

$1,538,256.

(g)

1,507,813

1,507,813

Total

Repurchase

Agreement

(cost

$1,507,813)

1,507,813

Total

Investments

(cost

$175,365,865)

—

99.6%

171,069,193

Other

assets

in

excess

of

liabilities

—

0.4%

634,041

NET

ASSETS

—

100.0%

$

171,703,234

†

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

July

31,

2022

was

$62,668,354

which

represents

36.50%

of

net

assets.

(b)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

July

31,

2022.

(c)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

July

31,

2022.

(d)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

July

31,

2022.

The

total

value

of

securities

on

loan

as

of

July

31,

2022

was

$5,225,869,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$1,507,813

and

by

$3,856,008

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

3.88%,

and

maturity

dates

ranging

from

1/15/2025

–

5/15/2052,

a

total

value

of

$5,363,821.

(e)

Security

in

default.

(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

July

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

July

31,

2022

was

$1,507,813.

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

58

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Loomis

Short

Term

Bond

Fund

Futures

contracts

outstanding

as

of

July

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

22

9/2022

USD

4,630,141

(15,944)

Total

long

contracts

(15,944)

Short

Contracts

U.S.

Treasury

5

Year

Note

(40)

9/2022

USD

(4,549,063)

(35,106)

U.S.

Treasury

10

Year

Ultra

Note

(42)

9/2022

USD

(5,512,500)

(89,552)

Total

short

contracts

(124,658)

Net

contracts

(140,602)

As

of

July

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

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

59

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

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

$

–

$

26,694,084

$

–

$

26,694,084

Collateralized

Mortgage

Obligations

–

1,673,606

–

1,673,606

Commercial

Mortgage-Backed

Securities

–

8,189,958

–

8,189,958

Corporate

Bonds

–

114,438,566

–

114,438,566

Mortgage-Backed

Securities

–

902,286

–

902,286

Repurchase

Agreement

–

1,507,813

–

1,507,813

Short-Term

Investment

–

1,681,910

–

1,681,910

60

-

Statement

of

Investments

-

July

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

July

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

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

July

31,

2022:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

July

31,

2022:        

Level

1

Level

2

Level

3

Total

Assets:

U.S.

Treasury

Obligations

$

–

$

15,980,970

$

–

$

15,980,970

Total

Assets

$

–

$

171,069,193

$

–

$

171,069,193

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(140,602)

$

–

$

–

$

(140,602)

Total

Liabilities

$

(140,602)

$

–

$

–

$

(140,602)

Total

$

(140,602)

$

171,069,193

$

–

$

170,928,591

Liabilities:

Fair

Value

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

$

(140,602)

Total

$

(140,602)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Multi-Cap

Portfolio

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

1

Asset-Backed

Securities

5.1%

Principal

Amount

($)

Value

($)

Automobiles

0.6%

Avis

Budget

Rental

Car

Funding

AESOP

LLC

Series

2021-1A,

Class

A,

1.38%,

8/20/2027(a)

2,190,000

1,968,637

Series

2021-2A,

Class

A,

1.66%,

2/20/2028(a)

5,000,000

4,551,796

Ford

Credit

Floorplan

Master

Owner

Trust

Series

2020-2,

Class

A,

1.06%,

9/15/2027

2,940,000

2,716,560

Series

2018-4,

Class

A,

4.06%,

11/15/2030

1,150,000

1,164,398

GM

Financial

Revolving

Receivables

Trust,

Series

2021-1,

Class

A,

1.17%,

6/12/2034(a)

6,500,000

5,914,241

Hertz

Vehicle

Financing

III

LP

Series

2021-2A,

Class

A,

1.68%,

12/27/2027(a)

4,250,000

3,844,799

Series

2021-2A,

Class

B,

2.12%,

12/27/2027(a)

2,060,000

1,844,193

NextGear

Floorplan

Master

Owner

Trust,

Series

2020-

1A,

Class

A2,

1.55%,

2/15/2025(a)

4,530,000

4,468,743

Tesla

Auto

Lease

Trust,

Series

2021-A,

Class

A3,

0.56%,

3/20/2025(a)

5,159,000

4,989,017

31,462,384

Equipment

Loans

&

Leases

0.1%

CLI

Funding

VIII

LLC,

Series

2022-1A,

Class

A,

2.72%,

1/18/2047(a)

4,081,792

3,719,622

MMAF

Equipment

Finance

LLC,

Series

2019-A,

Class

A5,

3.08%,

11/12/2041(a)

2,105,000

2,072,292

Pawnee

Equipment

Receivables

LLC,

Series

2020-1,

Class

A,

1.37%,

11/17/2025(a)

510,999

503,992

6,295,906

Home

Equity

0.5%

Aegis

Asset-Backed

Securities

Trust

Mortgage

Pass-

Through

Certificates,

Series

2005-4,

Class

M2,

2.96%,

10/25/2035(b)

2,330,000

2,228,935

Ameriquest

Mortgage

Securities,

Inc.

Asset-

Backed

Pass-Through

Certificates,

Series

2004-

R10,

Class

M6,

4.31%,

11/25/2034(b)

1,815,679

1,681,249

Asset-Backed

Securities

Corp.

Home

Equity

Loan

Trust,

Series

2006-HE5,

Class

A5,

2.74%,

7/25/2036(b)

4,140,000

3,977,958

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Home

Equity

Bear

Stearns

Asset-Backed

Securities

I

Trust,

Series

2004-HE7,

Class

M1,

3.16%,

8/25/2034(b)

3,486,491

3,320,241

CIT

Mortgage

Loan

Trust,

Series

2007-1,

Class

1M2,

4.01%,

10/25/2037(a)(b)

5,000,000

4,172,211

CWABS,

Inc.

Asset-Backed

Certificates

Trust,

Series

2004-6,

Class

1A1,

2.80%,

12/25/2034(b)

825,825

781,689

First

Franklin

Mortgage

Loan

Trust,

Series

2006-

FF15,

Class

A2,

2.38%,

11/25/2036(b)

960,034

880,316

GSAA

Home

Equity

Trust,

Series

2005-6,

Class

M4,

3.31%,

6/25/2035(b)

1,090,000

945,100

JP

Morgan

Mortgage

Acquisition

Corp.,

Series

2005-OPT2,

Class

M4,

3.19%,

12/25/2035(b)

2,190,000

2,153,564

Morgan

Stanley

ABS

Capital

I,

Inc.

Trust,

Series

2004-

HE8,

Class

M2,

3.28%,

9/25/2034(b)

993,326

947,629

Morgan

Stanley

Home

Equity

Loan

Trust,

Series

2006-2,

Class

A4,

2.82%,

2/25/2036(b)

678,837

672,316

RAAC

Trust,

Series

2005-

SP3,

Class

M2,

3.46%,

12/25/2035(b)

223,761

223,059

Saxon

Asset

Securities

Trust,

Series

2006-3,

Class

A4,

2.50%,

10/25/2046(b)

1,329,000

1,041,723

Structured

Asset

Investment

Loan

Trust,

Series

2004-

7,

Class

A8,

3.46%,

8/25/2034(b)

957,584

924,800

23,950,790

Other

3.1%

ABPCI

Direct

Lending

Fund

CLO

X

LP,

Series

2020-

10A,

Class

A1A,

4.66%,

1/20/2032(a)(b)

2,840,000

2,836,725

ABPCI

Direct

Lending

Fund

IX

LLC,

Series

2020-9A,

Class

A1R,

4.17%,

11/18/2031(a)

(b)

6,200,000

6,032,922

Allegro

CLO

XI

Ltd.,

Series

2019-2A,

Class

A1A,

4.13%,

1/19/2033(a)(b)

1,500,000

1,477,653

AMMC

CLO

21

Ltd.,

Series

2017-21A,

Class

A,

2.54%,

11/2/2030(a)(b)

392,000

387,593

Apidos

CLO

XII,

Series

2013-

12A,

Class

AR,

3.59%,

4/15/2031(a)(b)

1,100,000

1,081,446

2

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Arbor

Realty

Commercial

Real

Estate

Notes

Ltd.

Series

2021-FL4,

Class

A,

3.35%,

11/15/2036(a)(b)

2,060,000

2,004,249

Series

2022-FL1,

Class

A,

2.87%,

1/15/2037(a)(b)

666,000

648,136

Bain

Capital

Credit

CLO,

Series

2020-1A,

Class

A1,

3.93%,

4/18/2033(a)(b)

2,250,000

2,204,510

Balboa

Bay

Loan

Funding

Ltd.,

Series

2020-1A,

Class

AR,

3.83%,

1/20/2032(a)(b)

5,000,000

4,900,810

Ballyrock

CLO

Ltd.,

Series

2019-2A,

Class

A1BR,

2.68%,

11/20/2030(a)(b)

970,000

934,124

BCRED

MML

CLO

LLC,

Series

2021-1A,

Class

A,

3.99%,

1/15/2035(a)(b)

1,650,000

1,581,436

Blackbird

Capital

Aircraft,

Series

2021-1A,

Class

A,

2.44%,

7/15/2046(a)

1,343,856

1,162,478

Blackrock

Rainier

CLO

VI

Ltd.,

Series

2021-6A,

Class

A,

4.41%,

4/20/2033(a)(b)

5,000,000

4,858,595

BlueMountain

CLO

Ltd.,

Series

2015-3A,

Class

A1R,

3.71%,

4/20/2031(a)(b)

1,215,000

1,191,339

BlueMountain

CLO

XXII

Ltd.,

Series

2018-22A,

Class

A1,

3.59%,

7/15/2031(a)(b)

2,000,000

1,962,826

Carlyle

Global

Market

Strategies

CLO

Ltd.

Series

2014-1A,

Class

A1R2,

3.71%,

4/17/2031(a)

(b)

1,450,590

1,426,233

Series

2014-3RA,

Class

A1A,

3.82%,

7/27/2031(a)

(b)

247,958

243,264

Series

2015-4A,

Class

A1R,

4.05%,

7/20/2032(a)(b)

1,100,000

1,077,037

Catskill

Park

CLO

Ltd.,

Series

2017-1A,

Class

A2,

4.41%,

4/20/2029(a)(b)

3,050,000

2,959,784

CBAM

Ltd.,

Series

2017-

1A,

Class

A1,

3.96%,

7/20/2030(a)(b)

1,050,000

1,040,530

Cerberus

Loan

Funding

XXVIII

LP,

Series

2020-1A,

Class

A,

4.36%,

10/15/2031(a)(b)

360,000

359,526

CIFC

Funding

Ltd.,

Series

2014-4RA,

Class

A1AR,

3.91%,

1/17/2035(a)(b)

2,490,000

2,417,377

CQS

U.S.

CLO

Ltd.,

Series

2021-1A,

Class

A,

3.93%,

1/20/2035(a)(b)

7,000,000

6,732,866

Diamond

Resorts

Owner

Trust,

Series

2019-

1A,

Class

A,

2.89%,

2/20/2032(a)

1,045,608

1,025,969

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Eaton

Vance

CLO

Ltd.,

Series

2020-2A,

Class

AR,

3.66%,

1/15/2035(a)(b)

4,260,000

4,140,541

Fortress

Credit

Bsl

X

Ltd.,

Series

2021-1A,

Class

A,

4.18%,

4/20/2033(a)(b)

6,960,000

6,823,264

Foundation

Finance

Trust,

Series

2021-1A,

Class

A,

1.27%,

5/15/2041(a)

1,274,955

1,176,108

Galaxy

XXVI

CLO

Ltd.,

Series

2018-26A,

Class

A,

2.70%,

11/22/2031(a)(b)

450,000

441,450

Golub

Capital

Partners

CLO

25M

Ltd.,

Series

2015-

25A,

Class

AR,

2.74%,

5/5/2030(a)(b)

1,000,000

981,844

Golub

Capital

Partners

CLO

57M

Ltd.,

Series

2021-

57A,

Class

A1,

4.27%,

10/25/2034(a)(b)

5,530,000

5,300,876

GoodLeap

Sustainable

Home

Solutions

Trust,

Series

2021-4GS,

Class

A,

1.93%,

7/20/2048(a)

1,805,171

1,560,348

Great

Lakes

Kcap

F3c

Senior

LLC,

Series

2017-1A,

Class

A,

4.00%,

12/20/2029(a)(b)

1,911,265

1,895,365

Greystone

CRE

Notes

Ltd.,

Series

2021-FL3,

Class

A,

3.02%,

7/15/2039(a)(b)

2,070,000

1,989,757

Greywolf

CLO

V

Ltd.,

Series

2015-1A,

Class

A1R,

3.94%,

1/27/2031(a)(b)

900,000

886,950

GREYWOLF

CLO

VI

Ltd.,

Series

2018-1A,

Class

A2,

4.40%,

4/26/2031(a)(b)

1,200,000

1,156,481

Grippen

Park

CLO

Ltd.,

Series

2017-1A,

Class

C,

5.01%,

1/20/2030(a)(b)

2,110,000

2,036,304

Halcyon

Loan

Advisors

Funding

Ltd.,

Series

2017-2A,

Class

A2,

4.44%,

1/17/2030(a)(b)

750,000

716,195

Hildene

Community

Funding

CDO

Ltd.,

Series

2015-

1A,

Class

ARR,

2.60%,

11/1/2035(a)

2,260,000

1,997,734

ICG

US

CLO

Ltd.,

Series

2015-2RA,

Class

A1,

4.11%,

1/16/2033(a)(b)

500,000

490,940

KKR

CLO

20

Ltd.,

Series

20,

Class

A,

3.87%,

10/16/2030(a)(b)

1,100,000

1,082,848

Lunar

Structured

Aircraft

Portfolio

Notes,

Series

2021-1,

Class

A,

2.64%,

10/15/2046(a)

2,106,868

1,944,179

Madison

Park

Funding

XXXV

Ltd.,

Series

2019-

35A,

Class

A1R,

3.70%,

4/20/2032(a)(b)

2,390,000

2,336,887

Nationwide

Multi-Cap

Portfolio

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

3

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Marathon

CLO

Ltd.,

Series

2020-15A,

Class

A2R,

3.21%,

11/15/2031(a)(b)

3,400,000

3,186,279

MF1

Ltd.

Series

2021-FL7,

Class

A,

3.24%,

10/16/2036(a)(b)

2,080,000

2,008,385

Series

2022-FL8,

Class

A,

2.82%,

2/19/2037(a)(b)

4,570,000

4,366,619

Midocean

Credit

CLO

VIII,

Series

2018-8A,

Class

A1R,

2.53%,

2/20/2031(a)(b)

2,860,000

2,810,611

MKS

CLO

Ltd.,

Series

2017-2A,

Class

A,

3.90%,

1/20/2031(a)(b)

5,000,000

4,919,470

Myers

Park

CLO

Ltd.,

Series

2018-1A,

Class

B1,

4.31%,

10/20/2030(a)(b)

510,000

487,253

Neuberger

Berman

Loan

Advisers

CLO

24

Ltd.,

Series

2017-24A,

Class

AR,

3.76%,

4/19/2030(a)(b)

500,000

492,939

Neuberger

Berman

Loan

Advisers

CLO

29

Ltd.,

Series

2018-29A,

Class

A1,

3.87%,

10/19/2031(a)(b)

283,333

278,839

Neuberger

Berman

Loan

Advisers

CLO

40

Ltd.,

Series

2021-40A,

Class

A,

3.80%,

4/16/2033(a)(b)

350,000

342,599

Newark

BSL

CLO

2

Ltd.,

Series

2017-1A,

Class

A1R,

3.75%,

7/25/2030(a)(b)

1,050,000

1,034,364

Octagon

Investment

Partners

XXI

Ltd.,

Series

2014-

1A,

Class

AAR3,

2.41%,

2/14/2031(a)(b)

1,170,000

1,144,568

OHA

Loan

Funding

Ltd.,

Series

2013-2A,

Class

AR,

2.54%,

5/23/2031(a)(b)

500,000

492,095

Owl

Rock

CLO

I

Ltd.,

Series

2019-1A,

Class

A,

3.28%,

5/20/2031(a)(b)

1,810,000

1,778,920

Palmer

Square

CLO

Ltd.,

Series

2019-1A,

Class

A1R,

2.56%,

11/14/2034(a)(b)

1,500,000

1,458,159

Parliament

Funding

II

Ltd.,

Series

2020-1A,

Class

AR,

3.96%,

10/20/2031(a)(b)

3,120,000

3,036,456

Rad

CLO

15

Ltd.,

Series

2021-15A,

Class

A,

3.80%,

1/20/2034(a)(b)

4,590,000

4,465,170

Sierra

Timeshare

Receivables

Funding

LLC,

Series

2020-2A,

Class

A,

1.33%,

7/20/2037(a)

648,878

616,170

Stonepeak

ABS,

Series

2021-1A,

Class

AA,

2.30%,

2/28/2033(a)

2,168,664

2,015,296

Stratus

CLO

Ltd.,

Series

2021-3A,

Class

A,

3.66%,

12/29/2029(a)(b)

6,114,622

6,011,174

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

STWD

Ltd.

Series

2019-FL1,

Class

A,

3.30%,

7/15/2038(a)(b)

878,618

872,856

Series

2022-FL3,

Class

E,

4.67%,

11/15/2038(a)(b)

1,880,000

1,723,732

Sunnova

Helios

II

Issuer

LLC,

Series

2018-1A,

Class

A,

4.87%,

7/20/2048(a)

2,135,315

2,070,668

Symphony

CLO

XIX

Ltd.,

Series

2018-19A,

Class

A,

3.70%,

4/16/2031(a)(b)

1,750,000

1,716,530

Symphony

CLO

XV

Ltd.,

Series

2014-15A,

Class

AR3,

3.82%,

1/17/2032(a)

(b)

350,000

342,110

TCI-Flatiron

CLO

Ltd.,

Series

2016-1A,

Class

AR3,

3.58%,

1/17/2032(a)(b)

3,560,000

3,443,841

Voya

CLO

Ltd.

Series

2018-2A,

Class

A1,

3.51%,

7/15/2031(a)(b)

435,000

426,650

Series

2018-3A,

Class

A1A,

3.66%,

10/15/2031(a)(b)

940,000

925,688

Series

2016-3A,

Class

A1R,

3.93%,

10/18/2031(a)(b)

6,560,000

6,452,009

Series

2018-4A,

Class

A1AR,

3.55%,

1/15/2032(a)

(b)

325,000

318,909

Wellman

Park

CLO

Ltd.,

Series

2021-1A,

Class

A,

3.61%,

7/15/2034(a)(b)

5,250,000

5,107,694

Whitebox

CLO

II

Ltd.,

Series

2020-2A,

Class

A1R,

4.00%,

10/24/2034(a)(b)

2,260,000

2,210,300

154,061,852

Student

Loan

0.8%

AccessLex

Institute,

Series

2007-A,

Class

A3,

1.82%,

5/25/2036(b)

2,239,236

2,164,229

Commonbond

Student

Loan

Trust,

Series

2021-

AGS,

Class

A,

1.20%,

3/25/2052(a)

1,458,443

1,323,479

ECMC

Group

Student

Loan

Trust,

Series

2020-

2A,

Class

A,

3.41%,

11/25/2069(a)(b)

1,473,353

1,439,393

Montana

Higher

Education

Student

Assistance

Corp.,

Series

2012-1,

Class

A2,

3.13%,

5/20/2030(b)

575,137

574,135

Navient

Private

Education

Refi

Loan

Trust

Series

2018-CA,

Class

B,

4.22%,

6/16/2042(a)

3,360,000

3,332,529

Series

2019-D,

Class

A2B,

3.05%,

12/15/2059(a)(b)

2,931,139

2,857,430

Series

2018-DA,

Class

A2A,

4.00%,

12/15/2059(a)

3,914,224

3,909,270

4

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Student

Loan

Series

2020-CA,

Class

A2A,

2.15%,

11/15/2068(a)

3,017,178

2,806,072

Series

2020-GA,

Class

A,

1.17%,

9/16/2069(a)

1,257,452

1,176,230

Navient

Student

Loan

Trust,

Series

2021-1A,

Class

A1B,

2.86%,

12/26/2069(a)(b)

2,264,265

2,188,738

SLM

Student

Loan

Trust,

Series

2005-7,

Class

A4,

2.93%,

10/25/2029(b)

217,831

215,653

SMB

Private

Education

Loan

Trust

Series

2017-A,

Class

B,

3.50%,

6/17/2041(a)

1,000,000

961,460

Series

2021-B,

Class

A,

1.31%,

7/17/2051(a)

1,218,425

1,129,381

Series

2021-A,

Class

APT2,

1.07%,

1/15/2053(a)

1,450,261

1,303,665

Series

2021-A,

Class

A2B,

1.59%,

1/15/2053(a)

2,065,320

1,880,268

Series

2021-A,

Class

A2A1,

2.73%,

1/15/2053(a)(b)

1,948,415

1,887,167

Series

2021-C,

Class

A2,

2.80%,

1/15/2053(a)(b)

7,960,000

7,666,328

SoFi

Professional

Loan

Program

LLC,

Series

2019-

C,

Class

A2FX,

2.37%,

11/16/2048(a)

1,332,686

1,284,548

SoFi

Professional

Loan

Program

Trust,

Series

2020-C,

Class

AFX,

1.95%,

2/15/2046(a)

1,163,388

1,109,428

39,209,403

Total

Asset-Backed

Securities

(cost

$265,746,030)

254,980,335

Collateralized

Mortgage

Obligations

2.1%

Angel

Oak

Mortgage

Trust,

Series

2021-7,

Class

A3,

2.34%,

10/25/2066(a)(b)

3,774,656

3,235,520

Connecticut

Avenue

Securities

Trust

Series

2019-R07,

Class

1M2,

4.36%,

10/25/2039(a)

(b)

75,244

75,183

Series

2021-R03,

Class

1M2,

3.16%,

12/25/2041(a)

(b)

4,650,000

4,336,738

Series

2022-R04,

Class

1M2,

4.61%,

3/25/2042(a)

(b)

2,980,000

2,891,692

Series

2022-R07,

Class

1M1,

4.47%,

6/25/2042(a)

(b)

3,483,711

3,522,586

CSMC

Trust

Series

2015-12R,

Class

2A1,

1.51%,

11/30/2037(a)

(b)

289,251

288,610

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

Series

2021-2R,

Class

1A1,

3.55%,

7/25/2047(a)(b)

21

21

Series

2021-AFC1,

Class

A1,

0.83%,

3/25/2056(a)(b)

348,137

297,919

Series

2021-AFC1,

Class

A3,

1.17%,

3/25/2056(a)(b)

348,137

299,587

Series

2020-RPL4,

Class

A1,

2.00%,

1/25/2060(a)(b)

3,552,090

3,296,629

Series

2021-RPL3,

Class

A1,

2.00%,

1/25/2060(a)(b)

1,297,412

1,220,766

Series

2021-NQM6,

Class

A3,

1.59%,

7/25/2066(a)(b)

1,643,421

1,362,648

Series

2022-7R,

Class

,

0.00%,

10/25/2066(b)

2,520,000

2,520,000

Series

2021-NQM8,

Class

A1,

1.84%,

10/25/2066(a)(b)

2,455,529

2,173,125

Deephaven

Residential

Mortgage

Trust,

Series

2020-2,

Class

A2,

2.59%,

5/25/2065(a)

2,456,566

2,438,410

DSLA

Mortgage

Loan

Trust,

Series

2007-AR1,

Class

1A1B,

2.26%,

4/19/2047(b)

932,804

782,878

Ellington

Financial

Mortgage

Trust,

Series

2021-2,

Class

A1,

0.93%,

6/25/2066(a)(b)

1,499,400

1,329,717

FHLMC

STACR

REMIC

Trust

Series

2021-DNA3,

Class

M2,

3.61%,

10/25/2033(a)

(b)

3,153,000

3,002,214

Series

2021-DNA6,

Class

M2,

3.01%,

10/25/2041(a)

(b)

2,090,000

1,949,878

Series

2021-DNA7,

Class

M2,

3.31%,

11/25/2041(a)

(b)

4,540,000

4,216,687

Series

2022-DNA2,

Class

M1A,

2.81%,

2/25/2042(a)

(b)

3,469,957

3,426,582

Series

2020-DNA4,

Class

M2,

6.01%,

8/25/2050(a)(b)

43,106

43,147

FNMA

Series

2014-C02,

Class

1M2,

4.86%,

5/25/2024(b)

818,847

827,014

Series

2014-C02,

Class

2M2,

4.86%,

5/25/2024(b)

358,153

359,273

Series

2014-C03,

Class

1M2,

5.26%,

7/25/2024(b)

482,595

489,049

Series

2016-C02,

Class

1M2,

8.26%,

9/25/2028(b)

423,813

441,721

FNMA

REMICS

Series

2015-65,

Class

CZ,

3.50%,

9/25/2045

891,416

878,952

Series

2020-56,

Class

AQ,

2.00%,

8/25/2050

2,900,000

2,458,906

GNMA

REMICS,

Series

2017-

H03,

Class

NA,

3.13%,

10/20/2066

17,280

17,063

GSMSC

Resecuritization

Trust,

Series

2015-

7R,

Class

A,

1.86%,

9/26/2037(a)(b)

634,367

628,809

Nationwide

Multi-Cap

Portfolio

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

5

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

Legacy

Mortgage

Asset

Trust

Series

2019-GS5,

Class

A1,

3.20%,

5/25/2059(a)(c)

1,113,102

1,113,629

Series

2020-RPL1,

Class

A1,

3.00%,

9/25/2059(a)(b)

1,506,635

1,455,905

Series

2020-GS2,

Class

A1,

2.75%,

3/25/2060(a)(c)

1,218,339

1,216,417

Series

2021-GS2,

Class

A1,

1.75%,

4/25/2061(a)(c)

459,459

431,534

Series

2021-GS5,

Class

A1,

2.25%,

7/25/2067(a)(c)

4,977,828

4,649,254

Mill

City

Mortgage

Loan

Trust,

Series

2019-GS2,

Class

A1,

2.75%,

8/25/2059(a)(b)

3,275,717

3,194,998

Morgan

Stanley

Mortgage

Loan

Trust,

Series

2005-

2AR,

Class

A,

2.52%,

4/25/2035(b)

835,670

797,845

New

Residential

Mortgage

Loan

Trust

Series

2017-3A,

Class

A1,

4.00%,

4/25/2057(a)(b)

2,500,617

2,469,628

Series

2018-RPL1,

Class

A1,

3.50%,

12/25/2057(a)(b)

2,961,856

2,896,531

Series

2019-RPL3,

Class

A1,

2.75%,

7/25/2059(a)(b)

2,310,130

2,223,523

Series

2019-6A,

Class

A1B,

3.50%,

9/25/2059(a)(b)

1,729,821

1,658,826

Series

2019-6A,

Class

B1,

4.00%,

9/25/2059(a)(b)

883,200

842,656

Series

2019-6A,

Class

B2,

4.25%,

9/25/2059(a)(b)

857,224

822,659

Series

2022-NQM2,

Class

A1,

3.08%,

3/27/2062(a)(b)

3,752,620

3,482,681

OBX

Trust

Series

2021-NQM2,

Class

A3,

1.56%,

5/25/2061(a)(b)

876,470

767,846

Series

2021-NQM1,

Class

A1,

1.07%,

2/25/2066(a)(b)

3,638,683

3,308,904

Onslow

Bay

Mortgage

Loan

Trust,

Series

2021-

NQM4,

Class

A1,

1.96%,

10/25/2061(a)(b)

4,902,315

4,288,111

PRKCM

Trust,

Series

2021-

AFC2,

Class

A1,

2.07%,

11/25/2056(a)(b)

4,161,535

3,562,197

Residential

Mortgage

Loan

Trust,

Series

2020-2,

Class

A1,

1.65%,

5/25/2060(a)(b)

705,030

695,713

Seasoned

Credit

Risk

Transfer

Trust

Series

2017-1,

Class

M1,

4.00%,

1/25/2056(a)(b)

1,656,118

1,636,935

Series

2019-1,

Class

M,

4.75%,

7/25/2058(a)(b)

1,850,000

1,703,400

Series

2019-4,

Class

M,

4.50%,

2/25/2059(a)(b)

2,107,000

1,877,413

Series

2020-1,

Class

M,

4.25%,

8/25/2059(a)(b)

3,130,000

2,811,222

SG

Residential

Mortgage

Trust,

Series

2022-1,

Class

A1,

3.17%,

3/27/2062(a)(b)

3,714,080

3,513,776

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

Towd

Point

Mortgage

Trust

Series

2019-HY1,

Class

B1,

4.41%,

10/25/2048(a)(b)

970,000

947,381

Series

2017-6,

Class

A1,

2.75%,

10/25/2057(a)(b)

3,228,585

3,172,397

Series

2019-HY2,

Class

A1,

3.26%,

5/25/2058(a)(b)

976,979

962,031

WaMu

Mortgage

Pass-

Through

Certificates

Trust

Series

2004-AR9,

Class

A7,

3.51%,

8/25/2034(b)

1,519,786

1,487,597

Series

2005-AR13,

Class

A1A1,

2.84%,

10/25/2045(b)

573,958

546,204

Total

Collateralized

Mortgage

Obligations

(cost

$114,777,493)

107,348,537

Commercial

Mortgage-Backed

Securities

2.8%

AOA

Mortgage

Trust,

Series

2021-1177,

Class

A,

2.87%,

10/15/2038(a)(b)

2,580,000

2,430,310

AREIT

Trust

Series

2022-CRE6,

Class

A,

2.72%,

1/16/2037(a)(b)

2,220,000

2,133,090

Series

2022-CRE6,

Class

E,

4.87%,

1/16/2037(a)(b)

2,050,000

1,909,234

BAMLL

Commercial

Mortgage

Securities

Trust,

Series

2018-DSNY,

Class

A,

2.85%,

9/15/2034(a)(b)

2,500,000

2,443,382

BANK

Series

2017-BNK8,

Class

A4,

3.49%,

11/15/2050

1,200,000

1,179,230

Series

2017-BNK9,

Class

A4,

3.54%,

11/15/2054

1,406,400

1,386,365

Series

2022-BNK39,

Class

XA,

IO,

0.43%,

2/15/2055(b)

186,047,536

5,872,144

Series

2017-BNK5,

Class

XA,

IO,

0.95%,

6/15/2060(b)

41,421,120

1,480,150

Series

2017-BNK5,

Class

A5,

3.39%,

6/15/2060

2,000,000

1,960,699

Series

2021-BN37,

Class

A5,

2.62%,

11/15/2064(b)

3,630,000

3,271,185

Series

2021-BN38,

Class

XA,

IO,

0.82%,

12/15/2064(b)

40,331,012

2,344,353

BBCMS

Mortgage

Trust,

Series

2017-DELC,

Class

A,

2.85%,

8/15/2036(a)(b)

2,610,000

2,575,531

Benchmark

Mortgage

Trust,

Series

2021-B31,

Class

A5,

2.67%,

12/15/2054

4,530,000

4,095,828

BHMS,

Series

2018-

ATLS,

Class

D,

4.25%,

7/15/2035(a)(b)

3,830,000

3,561,096

BIG

Commercial

Mortgage

Trust,

Series

2022-

BIG,

Class

B,

3.70%,

2/15/2039(a)(b)

4,000,000

3,858,488

6

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

BPR

Trust,

Series

2021-

TY,

Class

B,

3.15%,

9/15/2038(a)(b)

780,000

739,148

BX

Commercial

Mortgage

Trust

Series

2019-IMC,

Class

A,

3.00%,

4/15/2034(a)(b)

4,420,000

4,308,671

Series

2021-VOLT,

Class

A,

2.70%,

9/15/2036(a)(b)

5,570,000

5,356,623

Series

2021-XL2,

Class

D,

3.40%,

10/15/2038(a)(b)

2,333,655

2,204,612

Series

2021-ACNT,

Class

A,

2.85%,

11/15/2038(a)(b)

950,000

918,956

Series

2021-CIP,

Class

A,

2.92%,

12/15/2038(a)(b)

5,460,000

5,288,613

Series

2022-AHP,

Class

A,

2.95%,

1/17/2039(a)(b)

4,250,000

4,114,709

Series

2020-VIVA,

Class

E,

3.55%,

3/11/2044(a)(b)

2,140,000

1,705,463

BX

Trust

Series

2021-BXMF,

Class

A,

2.63%,

10/15/2026(a)(b)

1,310,000

1,254,677

Series

2019-MMP,

Class

A,

3.00%,

8/15/2036(a)(b)

2,009,942

1,979,568

Series

2021-ARIA,

Class

D,

3.89%,

10/15/2036(a)(b)

2,490,000

2,316,648

BXHPP

Trust,

Series

2021-

FILM,

Class

A,

2.65%,

8/15/2036(a)(b)

2,250,000

2,121,815

CFK

Trust

Series

2020-MF2,

Class

E,

3.46%,

3/15/2039(a)(b)

2,670,000

2,294,099

Series

2020-MF2,

Class

F,

3.46%,

3/15/2039(a)(b)

1,500,000

1,244,780

Credit

Suisse

Mortgage

Capital

Certificates,

Series

2019-ICE4,

Class

A,

2.98%,

5/15/2036(a)(b)

4,260,000

4,198,210

DBJPM

Mortgage

Trust,

Series

2016-C1,

Class

B,

4.20%,

5/10/2049(b)

1,530,000

1,464,523

ELP

Commercial

Mortgage

Trust,

Series

2021-

ELP,

Class

A,

2.70%,

11/15/2038(a)(b)

3,660,000

3,522,005

GNMA

REMICS

Series

2022-3,

Class

,

IO,

0.64%,

2/16/2061(b)

198,186

11,563

Series

2020-157,

Class

,

IO,

0.95%,

6/16/2062(b)

9,460,157

681,031

Series

2020-190,

Class

,

IO,

1.03%,

11/16/2062(b)

10,123,106

817,163

Series

2020-103,

Class

AD,

1.45%,

1/16/2063

2,669,845

2,268,742

GS

Mortgage

Securities

Corp.

Trust

Series

2021-IP,

Class

A,

2.95%,

10/15/2036(a)(b)

1,500,000

1,439,570

Series

2021-DM,

Class

A,

2.88%,

11/15/2036(a)(b)

4,660,000

4,474,292

Series

2020-DUNE,

Class

A,

3.10%,

12/15/2036(a)(b)

4,500,000

4,423,303

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GS

Mortgage

Securities

Trust

Series

2015-GS1,

Class

A3,

3.73%,

11/10/2048

2,000,000

1,980,577

Series

2017-GS8,

Class

A4,

3.47%,

11/10/2050

1,250,000

1,226,320

Hawaii

Hotel

Trust,

Series

2019-MAUI,

Class

F,

4.75%,

5/15/2038(a)(b)

2,040,000

1,906,888

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2020-NNN,

Class

GFX,

4.69%,

1/16/2037(a)

(b)

3,550,000

3,182,214

JPMCC

Commercial

Mortgage

Securities

Trust,

Series

2017-JP6,

Class

A5,

3.49%,

7/15/2050

2,000,000

1,965,239

JPMDB

Commercial

Mortgage

Securities

Trust,

Series

2017-C5,

Class

B,

4.01%,

3/15/2050(b)

1,610,000

1,436,376

Morgan

Stanley

Capital

I

Trust

Series

2019-BPR,

Class

A,

3.65%,

5/15/2036(a)(b)

1,560,680

1,514,824

Series

2018-H4,

Class

XA,

IO,

0.83%,

12/15/2051(b)

20,732,293

838,254

OPG

Trust,

Series

2021-

PORT,

Class

A,

2.48%,

10/15/2036(a)(b)

2,000,000

1,908,905

Ready

Capital

Mortgage

Financing

LLC,

Series

2021-FL7,

Class

A,

3.46%,

11/25/2036(a)(b)

2,566,394

2,495,968

SFO

Commercial

Mortgage

Trust,

Series

2021-

555,

Class

A,

3.15%,

5/15/2038(a)(b)

2,280,000

2,176,838

SMRT,

Series

2022-

MINI,

Class

A,

2.96%,

1/15/2039(a)(b)

4,110,000

3,976,125

SREIT

Trust

Series

2021-PALM,

Class

A,

2.59%,

10/15/2034(a)(b)

6,200,000

5,906,281

Series

2021-MFP2,

Class

A,

2.82%,

11/15/2036(a)(b)

5,720,000

5,489,797

Series

2021-MFP,

Class

A,

2.73%,

11/15/2038(a)(b)

2,650,000

2,549,780

TPGI

Trust,

Series

2021-

DGWD,

Class

A,

2.70%,

6/15/2026(a)(b)

1,370,000

1,316,550

UBS

Commercial

Mortgage

Trust,

Series

2018-

C11,

Class

B,

4.71%,

6/15/2051(b)

1,490,000

1,422,421

Total

Commercial

Mortgage-Backed

Securities

(cost

$148,683,673)

140,943,226

Nationwide

Multi-Cap

Portfolio

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

7

Common

Stocks

45.1%

Shares

Value

($)

Aerospace

&

Defense

0.7%

AAR

Corp.

*

3,512

156,389

Aerojet

Rocketdyne

Holdings,

Inc.

*

4,905

214,300

AeroVironment,

Inc.

*

1,298

112,459

AerSale

Corp.

*

3,669

64,244

Archer

Aviation,

Inc.,

Class A

*(d)

12,643

51,078

Astra

Space,

Inc.

*(d)

1,244

1,779

Astronics

Corp.

*

966

10,839

Axon

Enterprise,

Inc.

*(d)

3,544

390,513

Boeing

Co.

(The)

*(d)

28,581

4,553,239

BWX

Technologies,

Inc.

4,668

264,582

Cadre

Holdings,

Inc.

205

4,848

Curtiss-Wright

Corp.

1,720

246,717

Ducommun,

Inc.

*

445

21,066

General

Dynamics

Corp.

12,993

2,945,123

HEICO

Corp.

6,624

855,482

Hexcel

Corp.

(d)

4,381

265,094

Howmet

Aerospace,

Inc.

24,909

924,871

Huntington

Ingalls

Industries,

Inc.

1,913

414,815

Kaman

Corp.

2,662

81,936

Kratos

Defense

&

Security

Solutions,

Inc.

*

7,445

107,134

L3Harris

Technologies,

Inc.

9,920

2,380,502

Lockheed

Martin

Corp.

12,424

5,141,175

Maxar

Technologies,

Inc.

4,259

117,037

Mercury

Systems,

Inc.

*

3,132

184,819

Moog,

Inc.,

Class A

1,064

91,121

National

Presto

Industries,

Inc.

1,049

74,689

Northrop

Grumman

Corp.

7,728

3,700,939

Park

Aerospace

Corp.

(d)

705

8,601

Parsons

Corp.

*(d)

1,797

77,684

Raytheon

Technologies

Corp.

76,436

7,124,600

Rocket

Lab

USA,

Inc.

*

15,392

71,881

Spirit

AeroSystems

Holdings,

Inc.,

Class A

(d)

5,944

195,082

Terran

Orbital

Corp.

*(d)

819

3,473

Textron,

Inc.

(d)

10,261

673,532

TransDigm

Group,

Inc.

*

2,665

1,658,536

Triumph

Group,

Inc.

*

4,322

67,164

V2X,

Inc.

*

458

15,224

Virgin

Galactic

Holdings,

Inc.

*(d)

10,861

80,806

Virgin

Orbit

Holdings,

Inc.

*(d)

1,997

8,188

Woodward,

Inc.

3,098

324,361

33,685,922

Air

Freight

&

Logistics

0.3%

Air

Transport

Services

Group,

Inc.

*

3,533

110,724

Atlas

Air

Worldwide

Holdings,

Inc.

*

2,163

163,761

CH

Robinson

Worldwide,

Inc.

8,087

895,231

Expeditors

International

of

Washington,

Inc.

8,632

917,150

FedEx

Corp.

12,383

2,886,353

Forward

Air

Corp.

(d)

1,061

111,331

GXO

Logistics,

Inc.

*

5,200

249,600

Hub

Group,

Inc.,

Class A

*

1,301

99,396

Radiant

Logistics,

Inc.

*

1,574

11,411

Common

Stocks

Shares

Value

($)

Air

Freight

&

Logistics

United

Parcel

Service,

Inc.,

Class B

38,095

7,424,335

12,869,292

Airlines

0.1%

Alaska

Air

Group,

Inc.

*

7,053

312,660

Allegiant

Travel

Co.

*

900

103,779

American

Airlines

Group,

Inc.

*(d)

34,569

473,941

Blade

Air

Mobility,

Inc.

*(d)

422

2,344

Copa

Holdings

SA,

Class A

*

1,510

101,502

Delta

Air

Lines,

Inc.

*

35,854

1,140,157

Frontier

Group

Holdings,

Inc.

*(d)

3,193

46,235

Hawaiian

Holdings,

Inc.

*

3,381

50,580

JetBlue

Airways

Corp.

*

19,710

165,958

Joby

Aviation,

Inc.

*(d)

16,380

90,745

SkyWest,

Inc.

*

2,762

66,702

Southwest

Airlines

Co.

*

30,383

1,158,200

Spirit

Airlines,

Inc.

*

6,330

156,794

Sun

Country

Airlines

Holdings,

Inc.

*

2,484

50,102

United

Airlines

Holdings,

Inc.

*

16,840

618,870

Wheels

Up

Experience,

Inc.

*(d)

1,456

3,262

4,541,831

Auto

Components

0.1%

Adient

plc

*

5,171

174,677

American

Axle

&

Manufacturing

Holdings,

Inc.

*

4,516

40,238

Aptiv

plc

*(d)

12,497

1,310,810

BorgWarner,

Inc.

16,281

626,167

Dana,

Inc.

7,892

132,270

Dorman

Products,

Inc.

*

1,425

144,053

Fox

Factory

Holding

Corp.

*

2,207

208,915

Gentex

Corp.

12,341

348,263

Gentherm,

Inc.

*

1,778

114,788

Goodyear

Tire

&

Rubber

Co.

(The)

*

14,996

184,151

Holley,

Inc.

*(d)

703

5,617

LCI

Industries

1,423

192,233

Lear

Corp.

3,236

489,089

Luminar

Technologies,

Inc.

*(d)

14,776

99,886

Modine

Manufacturing

Co.

*

2,019

26,489

Motorcar

Parts

of

America,

Inc.

*

759

11,438

Patrick

Industries,

Inc.

(d)

1,426

86,587

QuantumScape

Corp.

*(d)

12,145

131,409

Solid

Power,

Inc.

*(d)

1,036

6,568

Standard

Motor

Products,

Inc.

791

36,180

Stoneridge,

Inc.

*

1,054

19,836

Tenneco,

Inc.,

Class A

*

5,255

99,162

Visteon

Corp.

*

1,292

164,833

XPEL,

Inc.

Reg.

S*

1,648

101,006

4,754,665

Automobiles

0.9%

Canoo,

Inc.

*(d)

4,817

16,667

8

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Automobiles

Faraday

Future

Intelligent

Electric,

Inc.

*(d)

11,614

25,667

Fisker,

Inc.

*(d)

9,511

91,115

Ford

Motor

Co.

215,505

3,165,768

General

Motors

Co.

*

73,596

2,668,591

Harley-Davidson,

Inc.

6,614

250,075

Lordstown

Motors

Corp.

*(d)

1,172

2,625

Lucid

Group,

Inc.

*(d)

34,427

628,293

Mullen

Automotive,

Inc.

*(d)

1,698

1,346

Polestar

Automotive

Holding

UK

plc

*(d)

475

4,223

Rivian

Automotive,

Inc.,

Class A

*(d)

14,139

484,968

Stellantis

NV

(d)

29,612

425,821

Tesla,

Inc.

*

44,899

40,025,213

Thor

Industries,

Inc.

(d)

2,813

237,220

Winnebago

Industries,

Inc.

(d)

1,880

113,496

Workhorse

Group,

Inc.

*(d)

2,556

8,358

48,149,446

Banks

1.7%

1st

Source

Corp.

6,227

300,266

ACNB

Corp.

(d)

51

1,677

Allegiance

Bancshares,

Inc.

121

5,329

Amalgamated

Financial

Corp.

442

10,201

Amerant

Bancorp,

Inc.

987

26,965

American

National

Bankshares,

Inc.

466

16,911

Ameris

Bancorp

2,267

107,206

Arrow

Financial

Corp.

684

22,948

Associated

Banc-Corp.

8,399

168,820

Atlantic

Union

Bankshares

Corp.

3,674

127,084

Banc

of

California,

Inc.

4,384

76,764

BancFirst

Corp.

(d)

1,526

163,877

Bancorp,

Inc.

(The)

*

858

21,107

Bank

First

Corp.

(d)

252

19,384

Bank

of

America

Corp.

372,269

12,586,415

Bank

of

Hawaii

Corp.

(d)

3,358

269,009

Bank

of

Marin

Bancorp

558

18,258

Bank

of

Nova

Scotia

(The)

2,578

157,129

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

3,080

104,381

Bank

OZK

(d)

5,889

236,149

BankUnited,

Inc.

505

19,619

Banner

Corp.

681

42,215

Bar

Harbor

Bankshares

631

18,280

BayCom

Corp.

81

1,587

BCB

Bancorp,

Inc.

101

1,945

Berkshire

Hills

Bancorp,

Inc.

(d)

706

19,888

BOK

Financial

Corp.

2,275

200,268

Brookline

Bancorp,

Inc.

1,088

15,047

Business

First

Bancshares,

Inc.

593

13,924

Byline

Bancorp,

Inc.

1,107

27,110

Cadence

Bank

1,148

29,963

Cambridge

Bancorp

256

21,322

Camden

National

Corp.

588

26,872

Canadian

Imperial

Bank

of

Commerce

3,114

157,537

Capital

Bancorp,

Inc.

(d)

299

7,472

Common

Stocks

Shares

Value

($)

Banks

Capital

City

Bank

Group,

Inc.

605

19,596

Capstar

Financial

Holdings,

Inc.

655

13,762

Carter

Bankshares,

Inc.

*

980

13,671

Cathay

General

Bancorp

3,554

148,202

CBTX,

Inc.

775

23,986

Central

Pacific

Financial

Corp.

164

3,884

Citigroup,

Inc.

102,118

5,299,924

Citizens

&

Northern

Corp.

593

14,487

Citizens

Financial

Group,

Inc.

(d)

26,650

1,011,900

City

Holding

Co.

(d)

89

7,724

Civista

Bancshares,

Inc.

689

14,924

CNB

Financial

Corp.

653

16,847

Coastal

Financial

Corp.

*

350

14,431

Colony

Bankcorp,

Inc.

104

1,510

Columbia

Banking

System,

Inc.

1,083

32,674

Comerica,

Inc.

7,004

544,701

Commerce

Bancshares,

Inc.

(d)

6,264

435,285

Community

Bank

System,

Inc.

(d)

321

21,613

Community

Trust

Bancorp,

Inc.

2,041

88,437

ConnectOne

Bancorp,

Inc.

3,436

90,848

CrossFirst

Bankshares,

Inc.

*

2,094

28,730

Cullen/Frost

Bankers,

Inc.

3,027

394,721

Customers

Bancorp,

Inc.

*(d)

575

21,959

CVB

Financial

Corp.

(d)

845

22,536

Dime

Community

Bancshares,

Inc.

2,848

97,060

Eagle

Bancorp,

Inc.

710

34,811

East

West

Bancorp,

Inc.

7,839

562,683

Eastern

Bankshares,

Inc.

(d)

10,121

206,468

Enterprise

Bancorp,

Inc.

426

13,547

Enterprise

Financial

Services

Corp.

1,706

80,233

Equity

Bancshares,

Inc.,

Class A

628

20,065

Farmers

&

Merchants

Bancorp,

Inc.

77

2,360

Farmers

National

Banc

Corp.

1,137

16,145

FB

Financial

Corp.

2,909

124,651

Fifth

Third

Bancorp

35,448

1,209,486

Financial

Institutions,

Inc.

527

13,971

First

Bancorp

503

19,054

First

Bancorp,

Inc.

(The)

472

14,257

First

Bancshares,

Inc.

(The)

861

24,969

First

Bank

579

8,720

First

Busey

Corp.

12,085

297,895

First

Citizens

BancShares,

Inc.,

Class A

639

483,519

First

Commonwealth

Financial

Corp.

857

12,701

First

Community

Bankshares,

Inc.

721

23,130

First

Financial

Bancorp

1,034

23,100

First

Financial

Bankshares,

Inc.

(d)

7,768

343,190

First

Financial

Corp.

1,549

72,369

Nationwide

Multi-Cap

Portfolio

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

9

Common

Stocks

Shares

Value

($)

Banks

First

Foundation,

Inc.

5,422

112,886

First

Hawaiian,

Inc.

(d)

9,349

238,306

First

Horizon

Corp.

28,622

639,988

First

Internet

Bancorp

360

12,762

First

Interstate

BancSystem,

Inc.,

Class A

(d)

5,645

230,203

First

Merchants

Corp.

3,652

151,668

First

Mid

Bancshares,

Inc.

641

24,082

First

of

Long

Island

Corp.

(The)

956

17,399

First

Republic

Bank

9,497

1,545,257

Five

Star

Bancorp

(d)

102

2,690

Flushing

Financial

Corp.

1,212

26,167

FNB

Corp.

(d)

19,242

230,134

Fulton

Financial

Corp.

14,050

234,494

German

American

Bancorp,

Inc.

2,607

98,649

Glacier

Bancorp,

Inc.

6,247

312,912

Great

Southern

Bancorp,

Inc.

502

31,094

Guaranty

Bancshares,

Inc.

402

15,023

Hancock

Whitney

Corp.

4,219

205,929

Hanmi

Financial

Corp.

986

24,916

HarborOne

Bancorp,

Inc.

7,158

103,791

HBT

Financial,

Inc.

317

5,909

Heartland

Financial

USA,

Inc.

2,829

127,022

Heritage

Commerce

Corp.

2,450

28,861

Heritage

Financial

Corp.

560

14,571

Hilltop

Holdings,

Inc.

(d)

4,524

130,517

Home

BancShares,

Inc.

10,136

239,210

HomeStreet,

Inc.

111

4,139

HomeTrust

Bancshares,

Inc.

663

16,005

Hope

Bancorp,

Inc.

717

10,784

Horizon

Bancorp,

Inc.

1,744

33,258

Huntington

Bancshares,

Inc.

(d)

89,263

1,186,305

Independent

Bank

Corp.

1,652

80,580

Independent

Bank

Group,

Inc.

1,859

131,468

International

Bancshares

Corp.

3,642

159,738

JPMorgan

Chase

&

Co.

151,562

17,484,192

KeyCorp

62,785

1,148,966

Lakeland

Bancorp,

Inc.

16,762

266,851

Lakeland

Financial

Corp.

(d)

992

77,178

Live

Oak

Bancshares,

Inc.

1,852

69,709

M&T

Bank

Corp.

9,462

1,679,032

Macatawa

Bank

Corp.

1,896

17,633

Mercantile

Bank

Corp.

581

20,591

Metrocity

Bankshares,

Inc.

746

15,450

Metropolitan

Bank

Holding

Corp.

*

1,060

73,543

Mid

Penn

Bancorp,

Inc.

306

8,776

Midland

States

Bancorp,

Inc.

943

24,707

MidWestOne

Financial

Group,

Inc.

599

18,695

MVB

Financial

Corp.

360

11,700

National

Bank

Holdings

Corp.,

Class A

289

12,028

NBT

Bancorp,

Inc.

801

32,473

Nicolet

Bankshares,

Inc.

*

1,067

85,339

Northwest

Bancshares,

Inc.

(d)

2,148

30,888

OceanFirst

Financial

Corp.

5,305

109,071

OFG

Bancorp

221

6,071

Common

Stocks

Shares

Value

($)

Banks

Old

National

Bancorp

13,284

231,274

Old

Second

Bancorp,

Inc.

1,237

17,380

Origin

Bancorp,

Inc.

877

37,772

Orrstown

Financial

Services,

Inc.

369

9,564

Pacific

Premier

Bancorp,

Inc.

1,772

59,610

PacWest

Bancorp

5,684

159,323

Park

National

Corp.

(d)

1,742

225,694

Pathward

Financial,

Inc.

(d)

384

12,948

PCSB

Financial

Corp.

675

13,156

Peapack-Gladstone

Financial

Corp.

829

27,075

Peoples

Bancorp,

Inc.

2,977

92,049

Peoples

Financial

Services

Corp.

298

15,866

Pinnacle

Financial

Partners,

Inc.

4,292

339,497

PNC

Financial

Services

Group,

Inc.

(The)

21,693

3,599,736

Popular,

Inc.

3,402

264,233

Preferred

Bank

88

6,398

Premier

Financial

Corp.

1,326

37,764

Primis

Financial

Corp.

888

12,032

Professional

Holding

Corp.,

Class A

*

80

1,796

Prosperity

Bancshares,

Inc.

4,216

312,363

QCR

Holdings,

Inc.

1,802

106,841

RBB

Bancorp

711

16,218

Red

River

Bancshares,

Inc.

159

8,721

Regions

Financial

Corp.

57,176

1,210,988

Renasant

Corp.

1,323

44,188

Republic

Bancorp,

Inc.,

Class A

444

19,909

Republic

First

Bancorp,

Inc.

*

1,341

4,854

Royal

Bank

of

Canada

1,445

140,902

S&T

Bancorp,

Inc.

477

14,758

Sandy

Spring

Bancorp,

Inc.

3,505

144,757

Seacoast

Banking

Corp.

of

Florida

546

19,536

ServisFirst

Bancshares,

Inc.

(d)

2,528

216,018

Shore

Bancshares,

Inc.

118

2,313

Sierra

Bancorp

552

12,392

Signature

Bank

3,222

597,907

Silvergate

Capital

Corp.,

Class A

*

2,127

198,428

Simmons

First

National

Corp.,

Class A

(d)

4,068

96,615

SmartFinancial,

Inc.

616

16,170

South

Plains

Financial,

Inc.

471

12,444

Southern

First

Bancshares,

Inc.

*

339

15,170

Southside

Bancshares,

Inc.

315

12,581

SouthState

Corp.

(d)

4,203

356,288

Stock

Yards

Bancorp,

Inc.

(d)

1,870

129,311

Summit

Financial

Group,

Inc.

526

16,048

SVB

Financial

Group

*(d)

2,969

1,198,140

Synovus

Financial

Corp.

7,231

291,988

Texas

Capital

Bancshares,

Inc.

*

2,959

173,457

Tompkins

Financial

Corp.

1,375

106,081

10

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Banks

Toronto-Dominion

Bank

(The)

3,531

229,409

Towne

Bank

5,262

157,176

TriCo

Bancshares

2,601

124,328

Triumph

Bancorp,

Inc.

*(d)

1,771

128,663

Truist

Financial

Corp.

72,939

3,681,231

Trustmark

Corp.

670

21,755

UMB

Financial

Corp.

2,727

246,794

Umpqua

Holdings

Corp.

13,903

244,832

United

Bankshares,

Inc.

8,101

313,833

United

Community

Banks,

Inc.

1,543

52,508

Univest

Financial

Corp.

1,153

28,756

US

Bancorp

(d)

71,360

3,368,192

Valley

National

Bancorp

26,367

308,230

Veritex

Holdings,

Inc.

(d)

729

22,555

Washington

Federal,

Inc.

6,848

233,722

Washington

Trust

Bancorp,

Inc.

1,826

100,211

Webster

Financial

Corp.

9,394

436,351

Wells

Fargo

&

Co.

196,961

8,640,679

WesBanco,

Inc.

4,401

150,162

West

Bancorp,

Inc.

684

17,791

Westamerica

Bancorp

(d)

377

22,624

Western

Alliance

Bancorp

5,720

436,894

Wintrust

Financial

Corp.

3,312

284,964

Zions

Bancorp

NA

7,997

436,236

84,999,724

Beverages

0.7%

Boston

Beer

Co.,

Inc.

(The),

Class A

*(d)

524

199,345

Brown-Forman

Corp.,

Class A

12,340

913,604

Celsius

Holdings,

Inc.

*

3,274

291,255

Coca-Cola

Co.

(The)

207,798

13,334,398

Coca-Cola

Consolidated,

Inc.

298

152,874

Constellation

Brands,

Inc.,

Class A

8,020

1,975,406

Duckhorn

Portfolio,

Inc.

(The)

*

3,132

57,441

Keurig

Dr

Pepper,

Inc.

52,679

2,040,785

MGP

Ingredients,

Inc.

(d)

573

60,268

Molson

Coors

Beverage

Co.,

Class B

11,028

658,923

Monster

Beverage

Corp.

*

20,079

2,000,270

National

Beverage

Corp.

(d)

1,311

71,030

PepsiCo,

Inc.

72,891

12,753,009

Primo

Water

Corp.

8,129

107,465

Vita

Coco

Co.,

Inc.

(The)

*(d)

5,378

64,805

34,680,878

Biotechnology

1.0%

2seventy

bio,

Inc.

*

937

13,483

4D

Molecular

Therapeutics,

Inc.

*(d)

1,166

10,960

AbbVie,

Inc.

92,060

13,211,531

ACADIA

Pharmaceuticals,

Inc.

*

5,826

85,584

Adagio

Therapeutics,

Inc.

*(d)

689

2,425

Adicet

Bio,

Inc.

*

237

4,003

ADMA

Biologics,

Inc.

*

1,168

2,500

Affimed

NV

*

1,865

5,278

Agenus,

Inc.

*

6,232

16,079

Agios

Pharmaceuticals,

Inc.

*

3,990

86,064

Akero

Therapeutics,

Inc.

*(d)

521

5,335

Common

Stocks

Shares

Value

($)

Biotechnology

Albireo

Pharma,

Inc.

*

572

11,892

Alector,

Inc.

*

2,016

20,604

Alkermes

plc

*(d)

9,594

245,606

Allogene

Therapeutics,

Inc.

*(d)

5,766

74,843

Allovir,

Inc.

*(d)

783

3,594

Alnylam

Pharmaceuticals,

Inc.

*(d)

6,304

895,420

ALX

Oncology

Holdings,

Inc.

*(d)

545

5,276

Amgen,

Inc.

27,672

6,847,990

Amicus

Therapeutics,

Inc.

*

16,529

164,629

AnaptysBio,

Inc.

*(d)

935

19,579

Anavex

Life

Sciences

Corp.

*

6,001

61,570

Anika

Therapeutics,

Inc.

*

564

13,175

Apellis

Pharmaceuticals,

Inc.

*(d)

5,324

299,635

Arcturus

Therapeutics

Holdings,

Inc.

*(d)

822

14,426

Arcus

Biosciences,

Inc.

*

3,861

102,664

Arcutis

Biotherapeutics,

Inc.

*(d)

3,521

85,419

Arrowhead

Pharmaceuticals,

Inc.

*

5,606

238,423

Atara

Biotherapeutics,

Inc.

*

9,008

27,294

Aurinia

Pharmaceuticals,

Inc.

*

8,079

66,086

Avid

Bioservices,

Inc.

*

3,876

76,163

Avidity

Biosciences,

Inc.

*

1,205

19,629

Beam

Therapeutics,

Inc.

*(d)

2,942

185,287

BioCryst

Pharmaceuticals,

Inc.

*

8,050

88,711

Biogen,

Inc.

*

7,636

1,642,198

Biohaven

Pharmaceutical

Holding

Co.

Ltd.

*

3,125

456,312

BioMarin

Pharmaceutical,

Inc.

*

9,296

799,921

Bioxcel

Therapeutics,

Inc.

*(d)

520

8,029

Bluebird

Bio,

Inc.

*

2,566

10,392

Blueprint

Medicines

Corp.

*

3,419

174,574

Bridgebio

Pharma,

Inc.

*(d)

6,526

56,515

C4

Therapeutics,

Inc.

*(d)

1,497

14,431

CareDx,

Inc.

*

3,114

74,082

Caribou

Biosciences,

Inc.

*

544

4,417

Catalyst

Pharmaceuticals,

Inc.

*

4,029

41,257

Celldex

Therapeutics,

Inc.

*

3,209

98,580

Celularity,

Inc.,

Class A

*(d)

821

2,471

Cerevel

Therapeutics

Holdings,

Inc.

*(d)

4,004

105,265

ChemoCentryx,

Inc.

*

3,565

84,205

Chimerix,

Inc.

*

1,788

3,916

Chinook

Therapeutics,

Inc.

*

1,176

21,768

Clovis

Oncology,

Inc.

*

858

1,433

Cogent

Biosciences,

Inc.

*

5,180

57,446

Coherus

Biosciences,

Inc.

*

1,233

10,444

Crinetics

Pharmaceuticals,

Inc.

*

1,697

32,599

CTI

BioPharma

Corp.

*(d)

8,101

52,981

Cullinan

Oncology,

Inc.

*

1,106

14,942

Cytokinetics,

Inc.

*(d)

4,680

198,104

Nationwide

Multi-Cap

Portfolio

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

11

Common

Stocks

Shares

Value

($)

Biotechnology

Day

One

Biopharmaceuticals,

Inc.

*(d)

369

6,321

Deciphera

Pharmaceuticals,

Inc.

*(d)

1,629

20,672

Denali

Therapeutics,

Inc.

*(d)

5,251

178,639

DermTech,

Inc.

*(d)

178

1,460

Design

Therapeutics,

Inc.

*

3,205

62,882

Dynavax

Technologies

Corp.

*(d)

7,177

103,205

Dyne

Therapeutics,

Inc.

*

308

3,231

Eagle

Pharmaceuticals,

Inc.

*

411

16,317

Editas

Medicine,

Inc.

*(d)

4,261

67,793

Eiger

BioPharmaceuticals,

Inc.

*

922

8,012

Emergent

BioSolutions,

Inc.

*

3,359

116,356

Enanta

Pharmaceuticals,

Inc.

*

751

41,418

EQRx,

Inc.

*(d)

13,160

71,722

Erasca,

Inc.

*(d)

10,878

82,020

Exact

Sciences

Corp.

*(d)

8,471

382,042

Exelixis,

Inc.

*

17,145

358,673

Fate

Therapeutics,

Inc.

*(d)

4,842

147,826

FibroGen,

Inc.

*

6,947

87,393

Foghorn

Therapeutics,

Inc.

*(d)

1,604

23,467

Forma

Therapeutics

Holdings,

Inc.

*

991

8,205

Gelesis

Holdings,

Inc.

*(d)

431

621

Generation

Bio

Co.

*(d)

1,392

8,881

Geron

Corp.

*(d)

9,158

17,400

Gilead

Sciences,

Inc.

67,914

4,057,861

Global

Blood

Therapeutics,

Inc.

*

2,379

77,841

Gossamer

Bio,

Inc.

*(d)

2,036

22,864

GreenLight

Biosciences

Holdings

PBC

*(d)

732

1,552

Halozyme

Therapeutics,

Inc.

*(d)

6,608

323,131

Heron

Therapeutics,

Inc.

*(d)

3,422

9,513

Horizon

Therapeutics

plc

*

11,492

953,491

Humacyte,

Inc.

*(d)

614

2,137

Ideaya

Biosciences,

Inc.

*

619

9,235

IGM

Biosciences,

Inc.

*

241

3,883

Imago

Biosciences,

Inc.

*(d)

3,535

56,913

ImmunityBio,

Inc.

*(d)

3,103

12,071

ImmunoGen,

Inc.

*

16,966

80,419

Immunovant,

Inc.

*

1,327

5,467

Incyte

Corp.

*

9,551

741,922

Inhibrx,

Inc.

*

2,091

36,258

Inovio

Pharmaceuticals,

Inc.

*(d)

5,815

11,514

Insmed,

Inc.

*

7,123

157,561

Instil

Bio,

Inc.

*

770

4,343

Intellia

Therapeutics,

Inc.

*

3,756

243,239

Intercept

Pharmaceuticals,

Inc.

*(d)

1,000

12,760

Ionis

Pharmaceuticals,

Inc.

*

6,892

258,864

Iovance

Biotherapeutics,

Inc.

*

8,963

104,419

Ironwood

Pharmaceuticals,

Inc.

*(d)

9,571

109,588

iTeos

Therapeutics,

Inc.

*

1,987

48,602

IVERIC

bio,

Inc.

*

4,683

50,061

Common

Stocks

Shares

Value

($)

Biotechnology

Jounce

Therapeutics,

Inc.

*

510

1,566

KalVista

Pharmaceuticals,

Inc.

*

615

7,595

Karuna

Therapeutics,

Inc.

*

1,426

185,736

Karyopharm

Therapeutics,

Inc.

*

3,385

14,386

Keros

Therapeutics,

Inc.

*

1,421

45,586

Kezar

Life

Sciences,

Inc.

*(d)

1,230

12,017

Kiniksa

Pharmaceuticals

Ltd.,

Class A

*

901

8,929

Kinnate

Biopharma,

Inc.

*

985

10,539

Kodiak

Sciences,

Inc.

*

1,773

17,641

Kronos

Bio,

Inc.

*

1,101

4,624

Krystal

Biotech,

Inc.

*

1,447

105,023

Kura

Oncology,

Inc.

*

2,049

31,370

Kymera

Therapeutics,

Inc.

*

1,161

25,577

Lexicon

Pharmaceuticals,

Inc.

*(d)

1,734

4,127

Ligand

Pharmaceuticals,

Inc.

*(d)

862

79,330

Lyell

Immunopharma,

Inc.

*(d)

14,587

81,250

MacroGenics,

Inc.

*

5,283

16,536

Madrigal

Pharmaceuticals,

Inc.

*

1,101

69,165

MannKind

Corp.

*(d)

10,180

35,121

MeiraGTx

Holdings

plc

*

968

8,015

Mersana

Therapeutics,

Inc.

*

1,908

9,674

MiMedx

Group,

Inc.

*

4,212

14,405

Mirati

Therapeutics,

Inc.

*

2,517

162,095

Mirum

Pharmaceuticals,

Inc.

*(d)

379

9,513

Moderna,

Inc.

*

18,058

2,963,137

Monte

Rosa

Therapeutics,

Inc.

*(d)

278

2,521

Morphic

Holding,

Inc.

*

579

15,326

Myovant

Sciences

Ltd.

*

560

7,325

Myriad

Genetics,

Inc.

*

2,837

74,840

Natera,

Inc.

*(d)

4,762

223,814

Neurocrine

Biosciences,

Inc.

*(d)

5,138

483,640

Nkarta,

Inc.

*

503

6,796

Novavax,

Inc.

*(d)

4,018

219,021

Nurix

Therapeutics,

Inc.

*

1,053

16,806

Ocugen,

Inc.

*(d)

6,022

15,537

Organogenesis

Holdings,

Inc.

*

1,523

8,742

PMV

Pharmaceuticals,

Inc.

*(d)

1,039

15,533

Point

Biopharma

Global,

Inc.

*(d)

6,990

51,307

Praxis

Precision

Medicines,

Inc.

*

384

1,356

Precigen,

Inc.

*

2,386

3,746

Prometheus

Biosciences,

Inc.

*

1,569

66,949

Protagonist

Therapeutics,

Inc.

*(d)

1,108

11,025

Prothena

Corp.

plc

*

1,095

34,011

PTC

Therapeutics,

Inc.

*(d)

3,392

147,722

Radius

Health,

Inc.

*

1,790

18,043

RAPT

Therapeutics,

Inc.

*

2,337

43,048

12

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Biotechnology

Recursion

Pharmaceuticals,

Inc.,

Class A

*

7,680

64,973

Regeneron

Pharmaceuticals,

Inc.

*

5,364

3,120,185

REGENXBIO,

Inc.

*

2,088

65,501

Relay

Therapeutics,

Inc.

*(d)

4,070

77,411

Replimune

Group,

Inc.

*

934

18,008

REVOLUTION

Medicines,

Inc.

*

2,494

56,339

Rhythm

Pharmaceuticals,

Inc.

*(d)

300

3,780

Rigel

Pharmaceuticals,

Inc.

*

6,806

8,099

Rocket

Pharmaceuticals,

Inc.

*(d)

1,677

24,316

Sage

Therapeutics,

Inc.

*

3,130

107,703

Sana

Biotechnology,

Inc.

*(d)

3,473

23,200

Sangamo

Therapeutics,

Inc.

*

4,790

20,549

Sarepta

Therapeutics,

Inc.

*(d)

4,751

441,605

Scholar

Rock

Holding

Corp.

*

210

1,441

Seagen,

Inc.

*

7,417

1,334,912

Seres

Therapeutics,

Inc.

*

1,712

7,036

Sorrento

Therapeutics,

Inc.

*(d)

18,292

47,559

SpringWorks

Therapeutics,

Inc.

*(d)

1,045

31,225

Stoke

Therapeutics,

Inc.

*

684

10,116

Sutro

Biopharma,

Inc.

*

768

4,493

Syndax

Pharmaceuticals,

Inc.

*

1,366

27,825

Tango

Therapeutics,

Inc.

*(d)

523

2,139

Tenaya

Therapeutics,

Inc.

*(d)

246

1,173

TG

Therapeutics,

Inc.

*

7,422

44,458

Travere

Therapeutics,

Inc.

*

3,914

92,136

Turning

Point

Therapeutics,

Inc.

*

2,441

183,026

Twist

Bioscience

Corp.

*(d)

2,843

124,353

Ultragenyx

Pharmaceutical,

Inc.

*

3,890

207,259

United

Therapeutics

Corp.

*

2,221

513,206

Vanda

Pharmaceuticals,

Inc.

*

2,049

22,088

Vaxart,

Inc.

*(d)

14,128

51,991

Vaxcyte,

Inc.

*

3,326

76,764

VBI

Vaccines,

Inc.

*

4,464

3,798

Vera

Therapeutics,

Inc.

*(d)

159

2,743

Veracyte,

Inc.

*

4,158

109,522

Verastem,

Inc.

*

1,111

1,189

Vericel

Corp.

*

1,679

54,635

Vertex

Pharmaceuticals,

Inc.

*

14,153

3,968,643

Verve

Therapeutics,

Inc.

*(d)

836

20,582

Vir

Biotechnology,

Inc.

*

3,980

110,684

Viridian

Therapeutics,

Inc.

*(d)

154

2,039

VistaGen

Therapeutics,

Inc.

*

1,249

179

Voyager

Therapeutics,

Inc.

*

227

1,521

Xencor,

Inc.

*

4,245

121,789

Y-mAbs

Therapeutics,

Inc.

*

1,229

19,160

Zentalis

Pharmaceuticals,

Inc.

*(d)

2,341

68,357

52,877,279

Building

Products

0.3%

A

O

Smith

Corp.

11,334

717,102

AAON,

Inc.

2,270

136,586

Common

Stocks

Shares

Value

($)

Building

Products

Advanced

Drainage

Systems,

Inc.

(d)

3,272

388,059

Allegion

plc

4,719

498,798

American

Woodmark

Corp.

*

1,118

56,146

Apogee

Enterprises,

Inc.

1,046

43,524

Armstrong

World

Industries,

Inc.

2,102

187,814

AZEK

Co.,

Inc.

(The)

*

6,646

137,439

Builders

FirstSource,

Inc.

*

8,439

573,852

Caesarstone

Ltd.

(d)

815

7,319

Carlisle

Cos.,

Inc.

2,466

730,183

Carrier

Global

Corp.

44,264

1,794,020

CSW

Industrials,

Inc.

1,104

131,895

Daikin

Industries

Ltd.

17,100

3,007,679

Fortune

Brands

Home

&

Security,

Inc.

6,359

443,095

Gibraltar

Industries,

Inc.

*

2,588

121,093

Griffon

Corp.

1,663

49,907

Hayward

Holdings,

Inc.

*(d)

2,743

32,011

Insteel

Industries,

Inc.

783

24,508

Janus

International

Group,

Inc.

*

6,747

68,617

JELD-WEN

Holding,

Inc.

*(d)

5,224

92,883

Johnson

Controls

International

plc

36,066

1,944,318

Lennox

International,

Inc.

1,663

398,338

Masco

Corp.

(d)

12,145

672,590

Masonite

International

Corp.

*

1,294

117,793

Owens

Corning

5,094

472,418

PGT

Innovations,

Inc.

*

3,978

87,118

Quanex

Building

Products

Corp.

(d)

1,322

32,534

Resideo

Technologies,

Inc.

*

7,627

171,684

Simpson

Manufacturing

Co.,

Inc.

1,851

191,171

Trane

Technologies

plc

11,980

1,760,940

Trex

Co.,

Inc.

*

5,952

384,023

UFP

Industries,

Inc.

2,952

272,204

View,

Inc.

*

3,903

8,626

Zurn

Elkay

Water

Solutions

Corp.

6,752

195,470

15,951,757

Capital

Markets

1.3%

10X

Capital

Venture

Acquisition

Corp.

III,

Class A

*

185

1,857

26

Capital

Acquisition

Corp.,

Class A

*

164

1,620

Accelerate

Acquisition

Corp.,

Class A

*

238

2,332

Advanced

Merger

Partners,

Inc.,

Class A

*

171

1,679

Affiliated

Managers

Group,

Inc.

2,113

267,041

African

Gold

Acquisition

Corp.,

Class A

*

246

2,421

Agile

Growth

Corp.,

Class A

*

184

1,809

Alpha

Partners

Technology

Merger

Corp.,

Class A

*

173

1,689

Nationwide

Multi-Cap

Portfolio

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

13

Common

Stocks

Shares

Value

($)

Capital

Markets

AltC

Acquisition

Corp.,

Class A

*

306

2,968

Altimeter

Growth

Corp.

2,

Class A

*

274

2,707

Altitude

Acquisition

Corp.,

Class A

*(d)

178

1,774

Ameriprise

Financial,

Inc.

5,684

1,534,225

Anzu

Special

Acquisition

Corp.

I,

Class A

*

253

2,485

Apollo

Strategic

Growth

Capital

II,

Class A

*

411

4,048

Arctos

NorthStar

Acquisition

Corp.,

Class A

*

188

1,854

Ares

Acquisition

Corp.,

Class A

*

596

5,883

Ares

Capital

Corp.

11,581

224,556

Ares

Management

Corp.

8,486

608,022

Argus

Capital

Corp.,

Class A

*

181

1,810

Arrowroot

Acquisition

Corp.,

Class A

*

171

1,681

Artisan

Partners

Asset

Management,

Inc.,

Class A

(d)

3,786

150,531

Ascendant

Digital

Acquisition

Corp.

III,

Class A

*

178

1,793

AssetMark

Financial

Holdings,

Inc.

*

4,194

79,644

Associated

Capital

Group,

Inc.,

Class A

184

7,526

Athlon

Acquisition

Corp.,

Class A

*

164

1,617

Atlantic

Coastal

Acquisition

Corp.,

Class A

*

205

2,011

Atlas

Crest

Investment

Corp.

II,

Class A

*

205

2,017

Austerlitz

Acquisition

Corp.

I,

Class A

*

411

4,044

Austerlitz

Acquisition

Corp.

II,

Class A

*

823

8,057

B.

Riley

Financial,

Inc.

(d)

835

43,036

Bank

of

New

York

Mellon

Corp.

(The)

39,718

1,726,144

Berenson

Acquisition

Corp.

I,

Class A

*

164

1,607

BGC

Partners,

Inc.,

Class A

26,766

97,696

Big

Sky

Growth

Partners,

Inc.,

Class A

*

178

1,739

Black

Mountain

Acquisition

Corp.,

Class A

*

164

1,638

BlackRock,

Inc.

905

605,608

Blackstone,

Inc.,

Class A

35,856

3,659,822

bleuacacia

Ltd.,

Class A

*

164

1,601

Blucora,

Inc.

*

2,362

47,240

Blue

Owl

Capital,

Inc.

(d)

23,188

264,575

Bluescape

Opportunities

Acquisition

Corp.,

Class A

*

362

3,602

Bridge

Investment

Group

Holdings,

Inc.,

Class A

167

2,844

Brightsphere

Investment

Group,

Inc.

2,707

51,189

Common

Stocks

Shares

Value

($)

Capital

Markets

Broadscale

Acquisition

Corp.,

Class A

*

205

2,025

BYTE

Acquisition

Corp.,

Class A

*

199

1,956

C5

Acquisition

Corp.,

Class A

*

171

1,710

Carlyle

Group,

Inc.

(The)

13,055

507,970

Carney

Technology

Acquisition

Corp.

II,

Class A

*

245

2,424

Cartesian

Growth

Corp.,

Class A

*

205

2,021

Catalyst

Partners

Acquisition

Corp.,

Class A

*

204

2,001

Cboe

Global

Markets,

Inc.

6,273

773,963

CC

Neuberger

Principal

Holdings

III,

Class A

*

240

2,376

CF

Acquisition

Corp.

IV,

Class A

*

304

3,001

CF

Acquisition

Corp.

VI,

Class A

*(d)

183

1,837

Charles

Schwab

Corp.

(The)

80,751

5,575,857

Churchill

Capital

Corp.

V,

Class A

*

298

2,944

Churchill

Capital

Corp.

VI,

Class A

*

329

3,237

Churchill

Capital

Corp.

VII,

Class A

*

823

8,074

CIIG

Capital

Partners

II,

Inc.,

Class A

*

171

1,705

Clarim

Acquisition

Corp.,

Class A

*

171

1,690

CME

Group,

Inc.

18,839

3,758,004

Cohen

&

Steers,

Inc.

2,615

192,699

Cohn

Robbins

Holdings

Corp.,

Class A

*

493

4,920

Coinbase

Global,

Inc.,

Class A

*(d)

8,085

509,032

Colicity,

Inc.,

Class A

*

205

2,017

Colonnade

Acquisition

Corp.

II,

Class A

*

196

1,925

Compute

Health

Acquisition

Corp.,

Class A

*

514

5,063

Concord

Acquisition

Corp.,

Class A

*

169

1,693

Concord

Acquisition

Corp.

II,

Class A

*

167

1,620

Concord

Acquisition

Corp.

III,

Class A

*

205

2,048

Constellation

Acquisition

Corp.

I,

Class A

*

184

1,814

Conx

Corp.,

Class A

*

447

4,443

Conyers

Park

III

Acquisition

Corp.,

Class A

*

212

2,056

Corner

Growth

Acquisition

Corp.,

Class A

*

238

2,357

COVA

Acquisition

Corp.,

Class A

*

178

1,753

Cowen,

Inc.,

Class A

(d)

3,451

121,027

Crown

PropTech

Acquisitions,

Class A

*

164

1,614

D

&

Z

Media

Acquisition

Corp.,

Class A

*

171

1,686

14

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Capital

Markets

Decarbonization

Plus

Acquisition

Corp.

IV,

Class A

*

188

1,871

DHB

Capital

Corp.,

Class A

*

171

1,680

DHC

Acquisition

Corp.,

Class A

*

184

1,811

Diamond

Hill

Investment

Group,

Inc.

405

77,424

DiamondHead

Holdings

Corp.,

Class A

*

205

2,019

Digital

Transformation

Opportunities

Corp.,

Class A

*

198

1,946

Digital

World

Acquisition

Corp.,

Class A

*(d)

179

5,400

Donnelley

Financial

Solutions,

Inc.

*

1,244

42,284

DPCM

Capital,

Inc.,

Class A

*

178

1,559

Dragoneer

Growth

Opportunities

Corp.

III,

Class A

*

256

2,509

E.Merge

Technology

Acquisition

Corp.,

Class A

*

365

3,668

East

Resources

Acquisition

Co.,

Class A

*

205

2,058

Elliott

Opportunity

II

Corp.,

Class A

*

363

3,550

Enphys

Acquisition

Corp.

*

205

1,986

Enterprise

4.0

Technology

Acquisition

Corp.

*

183

1,826

Epiphany

Technology

Acquisition

Corp.,

Class A

*

244

2,408

Equity

Distribution

Acquisition

Corp.,

Class A

*

246

2,448

ESGEN

Acquisition

Corp.,

Class A

*

164

1,656

ESM

Acquisition

Corp.,

Class A

*

183

1,801

Evercore,

Inc.,

Class A

2,042

204,139

Executive

Network

Partnering

Corp.,

Class A

*

250

2,485

FactSet

Research

Systems,

Inc.

2,186

939,281

Far

Peak

Acquisition

Corp.,

Class A

*

357

3,516

Federated

Hermes,

Inc.,

Class B

6,718

229,151

Fifth

Wall

Acquisition

Corp.

III,

Class A

*

169

1,651

Figure

Acquisition

Corp.

I,

Class A

*

171

1,683

FinServ

Acquisition

Corp.

II,

Class A

*

183

1,801

Fintech

Evolution

Acquisition

Group,

Class A

*

163

1,601

Flame

Acquisition

Corp.,

Class A

*

171

1,681

Focus

Financial

Partners,

Inc.,

Class A

*

3,727

150,683

Forest

Road

Acquisition

Corp.

II,

Class A

*

208

2,041

Common

Stocks

Shares

Value

($)

Capital

Markets

Forge

Global

Holdings,

Inc.

*(d)

1,124

6,002

Fortress

Capital

Acquisition

Corp.,

Class A

*

238

2,354

Fortress

Value

Acquisition

Corp.

IV,

Class A

*

387

3,800

Forum

Merger

IV

Corp.,

Class A

*

206

2,023

Founder

SPAC,

Class A

*

188

1,901

Franklin

Resources,

Inc.

(d)

23,896

655,945

Freedom

Acquisition

I

Corp.,

Class A

*

205

2,021

FS

KKR

Capital

Corp.

(d)

14,335

310,639

FTAC

Hera

Acquisition

Corp.,

Class A

*

519

5,102

FTAC

Zeus

Acquisition

Corp.,

Class A

*

250

2,478

Fusion

Acquisition

Corp.

II,

Class A

*

298

2,929

G

Squared

Ascend

I,

Inc.,

Class A

*

184

1,814

GAMCO

Investors,

Inc.,

Class A

215

4,459

GCM

Grosvenor,

Inc.,

Class A

3,597

28,452

Global

Partner

Acquisition

Corp.

II,

Class A

*

178

1,760

GO

Acquisition

Corp.,

Class A

*

343

3,433

Goal

Acquisitions

Corp.

*

197

1,939

GoGreen

Investments

Corp.

*

172

1,729

Golden

Arrow

Merger

Corp.,

Class A

*

171

1,681

Golden

Falcon

Acquisition

Corp.,

Class A

*

205

2,027

Goldman

Sachs

Group,

Inc.

(The)

17,482

5,828,324

Gores

Holdings

IX,

Inc.,

Class A

*

313

3,011

Gores

Holdings

VII,

Inc.,

Class A

*

328

3,224

Gores

Holdings

VIII,

Inc.,

Class A

*

205

2,017

Gores

Technology

Partners

II,

Inc.,

Class A

*

274

2,691

Gores

Technology

Partners,

Inc.,

Class A

*

164

1,611

GX

Acquisition

Corp.

II,

Class A

*

178

1,746

Hamilton

Lane

Alliance

Holdings

I,

Inc.,

Class A

*

164

1,619

Hamilton

Lane,

Inc.,

Class A

2,302

173,962

HCM

Acquisition

Corp.,

Class A

*

171

1,707

Health

Assurance

Acquisition

Corp.,

Class A

*

313

3,105

Healthcare

Services

Acquisition

Corp.,

Class A

*

197

1,944

Hennessy

Capital

Investment

Corp.

V,

Class A

*

205

2,023

Hennessy

Capital

Investment

Corp.

VI,

Class A

*

203

1,961

Nationwide

Multi-Cap

Portfolio

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

15

Common

Stocks

Shares

Value

($)

Capital

Markets

HIG

Acquisition

Corp.,

Class A

*

217

2,157

Highland

Transcend

Partners

I

Corp.,

Class A

*

178

1,766

Horizon

Acquisition

Corp.

II,

Class A

*

313

3,124

Houlihan

Lokey,

Inc.

2,713

229,411

Hudson

Executive

Investment

Corp.

III,

Class A

*

357

3,516

HumanCo

Acquisition

Corp.,

Class A

*

186

1,841

IG

Acquisition

Corp.,

Class A

*

178

1,769

Independence

Holdings

Corp.,

Class A

*

295

2,897

Infinite

Acquisition

Corp.,

Class A

*

164

1,622

Inflection

Point

Acquisition

Corp.,

Class A

*

196

1,911

Interactive

Brokers

Group,

Inc.,

Class A

4,934

289,577

Intercontinental

Exchange,

Inc.

29,185

2,976,578

InterPrivate

III

Financial

Partners,

Inc.,

Class A

*

159

1,564

InterPrivate

IV

InfraTech

Partners,

Inc.,

Class A

*

171

1,678

Invesco

Ltd.

(d)

20,183

358,046

Investcorp

Europe

Acquisition

Corp.

I,

Class A

*

205

2,058

Iris

Acquisition

Corp.,

Class A

*

164

1,609

Jack

Creek

Investment

Corp.,

Class A

*

205

2,023

Janus

Henderson

Group

plc

8,419

216,958

Jaws

Hurricane

Acquisition

Corp.,

Class A

*

188

1,837

Jaws

Juggernaut

Acquisition

Corp.,

Class A

*

164

1,605

Jaws

Mustang

Acquisition

Corp.,

Class A

*

617

6,102

Jefferies

Financial

Group,

Inc.

11,774

383,479

JOFF

Fintech

Acquisition

Corp.,

Class A

*

246

2,421

Juniper

II

Corp.,

Class A

*

178

1,771

Kensington

Capital

Acquisition

Corp.

V,

Class A

*

164

1,630

Kernel

Group

Holdings,

Inc.,

Class A

*

181

1,787

Khosla

Ventures

Acquisition

Co.

*

211

2,066

Khosla

Ventures

Acquisition

Co.

III,

Class A

*

336

3,296

KINS

Technology

Group,

Inc.,

Class A

*

164

1,637

Kismet

Acquisition

Three

Corp.,

Class A

*

171

1,684

KKR

&

Co.,

Inc.

28,442

1,577,393

KKR

Acquisition

Holdings

I

Corp.,

Class A

*

823

8,098

KL

Acquisition

Corp.,

Class A

*

171

1,686

Landcadia

Holdings

IV,

Inc.,

Class A

*

298

2,917

Common

Stocks

Shares

Value

($)

Capital

Markets

Lazard

Growth

Acquisition

Corp.

I

*

343

3,382

Lazard

Ltd.,

Class A

(d)

4,940

186,090

Lead

Edge

Growth

Opportunities

Ltd.,

Class A

*

205

2,013

Legato

Merger

Corp.

II

*

214

2,129

Leo

Holdings

Corp.

II,

Class A

*

223

2,206

Liberty

Media

Acquisition

Corp.,

Class A

*

343

3,385

Logistics

Innovation

Technologies

Corp.,

Class A

*

203

1,979

Longview

Acquisition

Corp.

II,

Class A

*

411

4,044

LPL

Financial

Holdings,

Inc.

4,202

882,084

M3-Brigade

Acquisition

II

Corp.,

Class A

*

238

2,337

Macondray

Capital

Acquisition

Corp.

I,

Class A

*

171

1,696

Manning

&

Napier,

Inc.

4,249

54,005

Marblegate

Acquisition

Corp.,

Class A

*

184

1,827

MarketAxess

Holdings,

Inc.

2,058

557,265

Marlin

Technology

Corp.,

Class A

*

246

2,435

Mason

Industrial

Technology,

Inc.,

Class A

*

298

2,920

MDH

Acquisition

Corp.,

Class A

*

164

1,614

MELI

Kaszek

Pioneer

Corp.,

Class A

*

177

1,756

Metals

Acquisition

Corp.,

Class A

*

158

1,545

Mission

Advancement

Corp.,

Class A

*

205

2,013

Moelis

&

Co.,

Class A

(d)

4,638

216,038

Moody's

Corp.

8,834

2,740,749

Morgan

Stanley

75,765

6,386,990

Morningstar,

Inc.

1,319

336,807

Motive

Capital

Corp.

II,

Class A

*

203

2,015

MSCI,

Inc.

4,664

2,244,970

MSD

Acquisition

Corp.,

Class A

*

343

3,372

Mudrick

Capital

Acquisition

Corp.

II,

Class A

*

188

1,901

Nabors

Energy

Transition

Corp.,

Class A

*

164

1,645

Nasdaq,

Inc.

7,832

1,416,809

New

Vista

Acquisition

Corp.,

Class A

*

164

1,619

NightDragon

Acquisition

Corp.,

Class A

*

211

2,070

North

Atlantic

Acquisition

Corp.,

Class A

*

226

2,228

Northern

Star

Investment

Corp.

II,

Class A

*

238

2,344

Northern

Star

Investment

Corp.

III,

Class A

*

238

2,343

16

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Capital

Markets

Northern

Star

Investment

Corp.

IV,

Class A

*

238

2,340

Northern

Trust

Corp.

12,906

1,287,761

One

Equity

Partners

Open

Water

I

Corp.,

Class A

*

205

2,021

Open

Lending

Corp.,

Class A

*

5,710

59,156

Oppenheimer

Holdings,

Inc.,

Class A

627

21,061

Orion

Acquisition

Corp.,

Class A

*

246

2,416

P10,

Inc.,

Class A

211

2,496

Papaya

Growth

Opportunity

Corp.

I,

Class A

*

179

1,795

Pathfinder

Acquisition

Corp.,

Class A

*

193

1,899

Perella

Weinberg

Partners

12,074

85,122

Peridot

Acquisition

Corp.

II,

Class A

*

243

2,391

Periphas

Capital

Partnering

Corp.,

Class A

*

100

2,465

Pine

Technology

Acquisition

Corp.,

Class A

*

205

2,011

Pioneer

Merger

Corp.,

Class A

*

240

2,371

Piper

Sandler

Cos.

1,231

155,352

Pivotal

Investment

Corp.

III,

Class A

*

164

1,615

PJT

Partners,

Inc.,

Class A

1,939

138,600

Plum

Acquisition

Corp.

I,

Class A

*

190

1,873

Pontem

Corp.,

Class A

*

411

4,073

Post

Holdings

Partnering

Corp.,

Class A

*

212

2,065

Power

&

Digital

Infrastructure

Acquisition

II

Corp.,

Class A

*

171

1,684

Powered

Brands,

Class A

*

164

1,620

Priveterra

Acquisition

Corp.,

Class A

*

164

1,615

PROOF

Acquisition

Corp.

I,

Class A

*

164

1,630

Prospector

Capital

Corp.,

Class A

*

193

1,908

Pzena

Investment

Management,

Inc.,

Class A

647

6,101

Raymond

James

Financial,

Inc.

11,104

1,093,362

RedBall

Acquisition

Corp.,

Class A

*

343

3,430

Revolution

Healthcare

Acquisition

Corp.,

Class A

*

328

3,221

Ribbit

LEAP

Ltd.,

Class A

*

246

2,450

Rice

Acquisition

Corp.

II,

Class A

*

205

2,010

RMG

Acquisition

Corp.

III,

Class A

*

288

2,837

Robinhood

Markets,

Inc.,

Class A

*(d)

30,205

273,355

Ross

Acquisition

Corp.

II,

Class A

*

205

2,013

Common

Stocks

Shares

Value

($)

Capital

Markets

RXR

Acquisition

Corp.,

Class A

*

205

2,013

S&P

Global,

Inc.

18,191

6,856,734

Science

Strategic

Acquisition

Corp.

Alpha,

Class A

*

185

1,824

Screaming

Eagle

Acquisition

Corp.,

Class A

*

447

4,296

Sculptor

Capital

Management,

Inc.

662

6,494

SEI

Investments

Co.

9,132

505,548

Semper

Paratus

Acquisition

Corp.,

Class A

*

214

2,153

Senior

Connect

Acquisition

Corp.

I,

Class A

*

246

2,431

ShoulderUp

Technology

Acquisition

Corp.,

Class A

*

187

1,863

Sierra

Lake

Acquisition

Corp.,

Class A

*

178

1,771

Silver

Spike

Acquisition

Corp.

II,

Class A

*

171

1,686

Silvercrest

Asset

Management

Group,

Inc.,

Class A

3,180

56,604

Simon

Property

Group

Acquisition

Holdings,

Inc.,

Class A

*

205

2,019

Slam

Corp.,

Class A

*

343

3,379

Social

Capital

Hedosophia

Holdings

Corp.

IV,

Class A

*

274

2,726

Social

Capital

Hedosophia

Holdings

Corp.

VI,

Class A

*

686

6,833

Social

Leverage

Acquisition

Corp.

I,

Class A

*

205

2,023

ST

Energy

Transition

I

Ltd.

*

171

1,701

State

Street

Corp.

19,593

1,391,887

StepStone

Group,

Inc.,

Class A

2,656

70,756

Stifel

Financial

Corp.

6,646

397,497

StoneX

Group,

Inc.

*

1,602

139,582

Supernova

Partners

Acquisition

Co.

III

Ltd.,

Class A

*

167

1,640

Sustainable

Development

Acquisition

I

Corp.,

Class A

*

188

1,852

SVF

Investment

Corp.,

Class A

*

291

2,881

T.

Rowe

Price

Group,

Inc.

(d)

12,194

1,505,593

Tailwind

Acquisition

Corp.,

Class A

*

199

1,984

Tailwind

International

Acquisition

Corp.,

Class A

*

205

2,017

Tastemaker

Acquisition

Corp.,

Class A

*

164

1,633

TCV

Acquisition

Corp.,

Class A

*

245

2,401

TCW

Special

Purpose

Acquisition

Corp.,

Class A

*

276

2,705

Tech

and

Energy

Transition

Corp.,

Class A

*

229

2,247

Thunder

Bridge

Capital

Partners

III,

Inc.,

Class A

*

252

2,480

Nationwide

Multi-Cap

Portfolio

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

17

Common

Stocks

Shares

Value

($)

Capital

Markets

Tishman

Speyer

Innovation

Corp.

II,

Class A

*

178

1,752

TLG

Acquisition

One

Corp.,

Class A

*

238

2,349

TortoiseEcofin

Acquisition

Corp.

III,

Class A

*

205

1,986

TPG

Pace

Beneficial

Finance

Corp.,

Class A

*

208

2,076

TPG

Pace

Beneficial

II

Corp.,

Class A

*

244

2,391

TPG,

Inc.

(d)

422

12,035

Tradeweb

Markets,

Inc.,

Class A

6,251

440,821

Trine

II

Acquisition

Corp.,

Class A

*

246

2,460

Twelve

Seas

Investment

Co.

II,

Class A

*

212

2,082

TZP

Strategies

Acquisition

Corp.,

Class A

*

170

1,678

USHG

Acquisition

Corp.,

Class A

*

171

1,681

Value

Line,

Inc.

36

3,124

VectoIQ

Acquisition

Corp.

II,

Class A

*

211

2,076

Vector

Acquisition

Corp.

II,

Class A

*

268

2,637

Victory

Capital

Holdings,

Inc.,

Class A

3,363

93,054

Virtu

Financial,

Inc.,

Class A

6,319

147,422

Virtus

Investment

Partners,

Inc.

678

139,885

Warburg

Pincus

Capital

Corp.

I-A,

Class A

*

169

1,663

Warburg

Pincus

Capital

Corp.

I-B,

Class B

*

327

3,211

Warrior

Technologies

Acquisition

Co.,

Class A

*

164

1,635

WisdomTree

Investments,

Inc.

(d)

1,597

8,304

Zimmer

Energy

Transition

Acquisition

Corp.,

Class A

*

205

1,997

65,939,484

Chemicals

0.8%

AdvanSix,

Inc.

1,114

43,769

Air

Products

&

Chemicals,

Inc.

11,326

2,811,453

Albemarle

Corp.

(d)

5,974

1,459,508

American

Vanguard

Corp.

1,220

28,560

Amyris,

Inc.

*(d)

6,303

11,219

Ashland

Global

Holdings,

Inc.

2,574

258,610

Aspen

Aerogels,

Inc.

*(d)

776

10,150

Avient

Corp.

5,048

217,821

Axalta

Coating

Systems

Ltd.

*(d)

11,268

284,179

Balchem

Corp.

1,709

232,014

Cabot

Corp.

2,594

192,631

Celanese

Corp.

5,310

623,978

CF

Industries

Holdings,

Inc.

10,310

984,502

Chase

Corp.

308

28,003

Chemours

Co.

(The)

8,394

298,743

Corteva,

Inc.

40,094

2,307,410

Common

Stocks

Shares

Value

($)

Chemicals

Danimer

Scientific,

Inc.

*(d)

2,498

11,541

Diversey

Holdings

Ltd.

*

10,507

78,697

Dow,

Inc.

40,321

2,145,480

DuPont

de

Nemours,

Inc.

26,492

1,622,105

Eastman

Chemical

Co.

6,647

637,647

Ecolab,

Inc.

13,197

2,179,749

Ecovyst,

Inc.

2,183

22,332

Element

Solutions,

Inc.

12,786

252,651

FMC

Corp.

8,108

900,799

FutureFuel

Corp.

939

6,751

GCP

Applied

Technologies,

Inc.

*

4,608

145,152

Ginkgo

Bioworks

Holdings,

Inc.

*(d)

48,788

139,534

Hawkins,

Inc.

787

31,283

HB

Fuller

Co.

1,919

123,200

Huntsman

Corp.

(d)

20,970

607,291

Ingevity

Corp.

*(d)

2,225

149,298

Innospec,

Inc.

1,663

169,626

International

Flavors

&

Fragrances,

Inc.

13,199

1,637,336

Intrepid

Potash,

Inc.

*

412

18,787

Koppers

Holdings,

Inc.

823

19,373

Kronos

Worldwide,

Inc.

1,495

26,267

Linde

plc

23,011

6,949,322

Livent

Corp.

*(d)

9,013

224,334

LSB

Industries,

Inc.

*

4,891

67,545

LyondellBasell

Industries

NV,

Class A

15,459

1,377,706

Mativ,

Inc.

3,211

70,160

Minerals

Technologies,

Inc.

2,002

133,754

Mosaic

Co.

(The)

(d)

18,846

992,430

NewMarket

Corp.

409

127,117

Olin

Corp.

6,815

356,220

Origin

Materials,

Inc.

*(d)

10,283

60,464

Orion

Engineered

Carbons

SA

3,376

58,371

Perimeter

Solutions

SA

*(d)

8,097

93,520

PPG

Industries,

Inc.

12,195

1,576,692

PureCycle

Technologies,

Inc.

*(d)

8,866

67,204

Quaker

Chemical

Corp.

(d)

742

120,360

Rayonier

Advanced

Materials,

Inc.

*

2,427

8,592

RPM

International,

Inc.

(d)

6,788

613,635

Scotts

Miracle-Gro

Co.

(The)

(d)

2,276

202,450

Sensient

Technologies

Corp.

(d)

1,738

149,433

Sherwin-Williams

Co.

(The)

13,046

3,156,349

Shin-Etsu

Chemical

Co.

Ltd.

29,500

3,783,207

Stepan

Co.

1,340

150,361

Tredegar

Corp.

1,099

11,518

Trinseo

plc

3,001

107,346

Tronox

Holdings

plc,

Class A

6,604

103,088

Valvoline,

Inc.

9,407

303,094

Westlake

Corp.

(d)

2,244

218,431

41,800,152

Commercial

Services

&

Supplies

0.2%

ABM

Industries,

Inc.

3,880

173,979

ACCO

Brands

Corp.

3,364

24,120

ACV

Auctions,

Inc.,

Class A

*

8,168

60,362

18

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Commercial

Services

&

Supplies

Aris

Water

Solution,

Inc.,

Class A

2,878

60,927

Aurora

Innovation,

Inc.

*

3,854

9,789

Brady

Corp.,

Class A

2,944

140,870

BrightView

Holdings,

Inc.

*

1,618

21,261

Brink's

Co.

(The)

(d)

2,112

120,257

Casella

Waste

Systems,

Inc.,

Class A

*(d)

2,621

212,170

Cimpress

plc

*

944

37,939

Cintas

Corp.

4,606

1,959,807

Clean

Harbors,

Inc.

*

2,306

225,043

CompX

International,

Inc.

68

1,547

Copart,

Inc.

*

11,055

1,416,146

CoreCivic,

Inc.

*

8,781

94,571

Deluxe

Corp.

2,702

67,928

Driven

Brands

Holdings,

Inc.

*

4,140

125,773

Ennis,

Inc.

1,009

22,047

GEO

Group,

Inc.

(The)

*(d)

4,253

27,900

Harsco

Corp.

*

2,961

14,242

Healthcare

Services

Group,

Inc.

(d)

5,230

74,998

Heritage-Crystal

Clean,

Inc.

*

695

23,324

HNI

Corp.

3,735

131,920

IAA,

Inc.

*

7,164

270,298

Interface,

Inc.

2,281

33,052

KAR

Auction

Services,

Inc.

*

8,378

143,264

Kimball

International,

Inc.,

Class B

1,443

11,818

Li-Cycle

Holdings

Corp.

*(d)

8,155

58,634

Matthews

International

Corp.,

Class A

1,211

33,848

MillerKnoll,

Inc.

4,248

127,907

Montrose

Environmental

Group,

Inc.

*

809

32,457

MSA

Safety,

Inc.

1,978

253,857

NL

Industries,

Inc.

307

2,864

Pitney

Bowes,

Inc.

2,124

6,946

Republic

Services,

Inc.

11,395

1,580,031

Rollins,

Inc.

13,639

526,056

SP

Plus

Corp.

*

922

31,588

Steelcase,

Inc.,

Class A

(d)

3,443

38,321

Stericycle,

Inc.

*(d)

4,731

221,742

Tetra

Tech,

Inc.

2,912

446,322

UniFirst

Corp.

906

177,476

Viad

Corp.

*

823

27,793

VSE

Corp.

75

3,146

Waste

Management,

Inc.

21,729

3,575,724

12,650,064

Communications

Equipment

0.3%

ADTRAN

Holdings,

Inc.

(d)

1,872

45,097

Arista

Networks,

Inc.

*

13,454

1,569,140

Aviat

Networks,

Inc.

*(d)

66

1,939

Calix,

Inc.

*

3,062

174,656

Cambium

Networks

Corp.

*

150

2,828

Casa

Systems,

Inc.

*(d)

982

4,340

Ciena

Corp.

*

7,593

391,799

Cisco

Systems,

Inc.

216,292

9,813,168

Clearfield,

Inc.

*(d)

381

37,548

CommScope

Holding

Co.,

Inc.

*

12,595

113,733

Common

Stocks

Shares

Value

($)

Communications

Equipment

Comtech

Telecommunications

Corp.

1,023

11,887

Digi

International,

Inc.

*

1,209

34,444

DZS,

Inc.

*

348

6,522

Extreme

Networks,

Inc.

*

4,924

64,406

F5,

Inc.

*

3,243

542,748

Harmonic,

Inc.

*(d)

3,599

39,301

Infinera

Corp.

*(d)

6,488

42,496

Inseego

Corp.

*(d)

2,792

6,226

Juniper

Networks,

Inc.

25,990

728,500

Lumentum

Holdings,

Inc.

*(d)

3,369

304,760

Motorola

Solutions,

Inc.

8,580

2,047,102

NETGEAR,

Inc.

*

1,186

30,575

NetScout

Systems,

Inc.

*

4,828

171,780

Plantronics,

Inc.

*

2,340

93,109

Ribbon

Communications,

Inc.

*

2,494

8,455

Ubiquiti,

Inc.

534

161,070

Viasat,

Inc.

*

3,812

125,529

Viavi

Solutions,

Inc.

*(d)

16,414

242,927

16,816,085

Construction

&

Engineering

0.1%

AECOM

(d)

6,672

480,384

Ameresco,

Inc.,

Class A

*

1,733

99,162

API

Group

Corp.

*

10,140

179,579

Arcosa,

Inc.

2,803

144,523

Argan,

Inc.

598

22,222

Comfort

Systems

USA,

Inc.

1,974

208,573

Concrete

Pumping

Holdings,

Inc.

*(d)

859

5,609

Construction

Partners,

Inc.,

Class A

*

3,373

80,210

Dycom

Industries,

Inc.

*(d)

1,716

177,022

EMCOR

Group,

Inc.

2,156

250,894

Fluor

Corp.

*(d)

8,166

207,498

Granite

Construction,

Inc.

(d)

3,288

98,311

Great

Lakes

Dredge

&

Dock

Corp.

*

2,545

32,907

IES

Holdings,

Inc.

*

342

11,286

Infrastructure

and

Energy

Alternatives,

Inc.

*

286

4,038

MasTec,

Inc.

*

3,125

246,656

MDU

Resources

Group,

Inc.

10,854

310,099

MYR

Group,

Inc.

*(d)

565

53,805

Northwest

Pipe

Co.

*

343

10,753

NV5

Global,

Inc.

*(d)

1,043

141,431

Primoris

Services

Corp.

4,133

96,547

Quanta

Services,

Inc.

(d)

7,221

1,001,769

Sterling

Infrastructure,

Inc.

*

1,160

29,824

Tutor

Perini

Corp.

*

1,655

15,027

Valmont

Industries,

Inc.

(d)

943

256,006

WillScot

Mobile

Mini

Holdings

Corp.

*

11,064

427,181

4,591,316

Construction

Materials

0.1%

Eagle

Materials,

Inc.

2,181

275,787

Martin

Marietta

Materials,

Inc.

3,221

1,134,050

Summit

Materials,

Inc.,

Class A

*

6,584

181,126

United

States

Lime

&

Minerals,

Inc.

69

7,098

Nationwide

Multi-Cap

Portfolio

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

19

Common

Stocks

Shares

Value

($)

Construction

Materials

Vulcan

Materials

Co.

6,924

1,144,745

2,742,806

Consumer

Finance

0.2%

Ally

Financial,

Inc.

18,508

612,060

American

Express

Co.

32,312

4,976,694

Atlanticus

Holdings

Corp.

*(d)

151

5,835

Bread

Financial

Holdings,

Inc.

2,581

102,233

Capital

One

Financial

Corp.

20,982

2,304,453

Credit

Acceptance

Corp.

*(d)

484

278,741

Curo

Group

Holdings

Corp.

863

6,179

Discover

Financial

Services

14,460

1,460,460

Encore

Capital

Group,

Inc.

*

2,251

163,040

Enova

International,

Inc.

*

2,793

96,386

EZCORP,

Inc.,

Class A

*(d)

2,373

19,079

FirstCash

Holdings,

Inc.

2,110

154,579

Green

Dot

Corp.,

Class A

*

540

15,174

LendingClub

Corp.

*

5,529

76,577

LendingTree,

Inc.

*

792

36,099

Navient

Corp.

9,119

150,190

Nelnet,

Inc.,

Class A

904

85,961

OneMain

Holdings,

Inc.

(d)

6,492

241,502

Oportun

Financial

Corp.

*

852

7,821

PRA

Group,

Inc.

*

3,929

156,531

PROG

Holdings,

Inc.

*

3,503

64,525

Regional

Management

Corp.

405

16,605

SLM

Corp.

16,931

264,124

SoFi

Technologies,

Inc.

*(d)

43,926

277,173

Synchrony

Financial

27,519

921,336

Upstart

Holdings,

Inc.

*(d)

4,182

101,748

World

Acceptance

Corp.

*(d)

220

24,371

12,619,476

Containers

&

Packaging

0.2%

Amcor

plc

71,106

920,823

AptarGroup,

Inc.

3,373

363,475

Ardagh

Group

SA

^∞(d)

742

9,928

Ardagh

Metal

Packaging

SA

12,033

81,343

Avery

Dennison

Corp.

4,401

838,215

Ball

Corp.

(d)

18,615

1,366,713

Berry

Global

Group,

Inc.

*

5,942

342,556

Crown

Holdings,

Inc.

7,566

769,311

Cryptyde,

Inc.

*(d)

112

124

Graphic

Packaging

Holding

Co.

16,171

359,805

Greif,

Inc.,

Class A

(d)

1,139

80,235

International

Paper

Co.

23,630

1,010,655

Myers

Industries,

Inc.

1,478

35,960

O-I

Glass,

Inc.

*

9,666

142,187

Packaging

Corp.

of

America

4,843

680,974

Pactiv

Evergreen,

Inc.

2,979

30,445

Ranpak

Holdings

Corp.

*

2,590

13,235

Sealed

Air

Corp.

6,962

425,517

Silgan

Holdings,

Inc.

(d)

4,494

199,983

Sonoco

Products

Co.

(d)

4,880

309,831

TriMas

Corp.

1,661

49,166

Westrock

Co.

12,637

535,303

8,565,784

Distributors

0.1%

Funko,

Inc.,

Class A

*

1,102

28,883

Genuine

Parts

Co.

7,992

1,221,737

Common

Stocks

Shares

Value

($)

Distributors

LKQ

Corp.

13,495

740,066

Pool

Corp.

2,003

716,473

2,707,159

Diversified

Consumer

Services

0.1%

2U,

Inc.

*(d)

4,251

41,617

ADT,

Inc.

16,018

116,931

Adtalem

Global

Education,

Inc.

*(d)

2,494

100,009

American

Public

Education,

Inc.

*

601

9,442

Bright

Horizons

Family

Solutions,

Inc.

*

3,145

294,592

Carriage

Services,

Inc.

709

25,722

Chegg,

Inc.

*(d)

7,774

165,586

Coursera,

Inc.

*(d)

4,522

62,811

Duolingo,

Inc.

*(d)

1,279

117,348

European

Wax

Center,

Inc.,

Class A

279

5,837

Frontdoor,

Inc.

*(d)

4,375

117,119

Graham

Holdings

Co.,

Class B

220

130,788

Grand

Canyon

Education,

Inc.

*

1,480

142,184

H&R

Block,

Inc.

9,125

364,635

Laureate

Education,

Inc.,

Class A

7,448

88,184

Mister

Car

Wash,

Inc.

*(d)

6,804

78,926

OneSpaWorld

Holdings

Ltd.

*(d)

1,489

10,736

Perdoceo

Education

Corp.

*

2,668

36,552

PowerSchool

Holdings,

Inc.,

Class A

*

2,071

29,843

Rover

Group,

Inc.

*

1,075

4,698

Service

Corp.

International

7,508

559,046

Strategic

Education,

Inc.

(d)

1,678

120,531

Stride,

Inc.

*(d)

2,451

109,511

Terminix

Global

Holdings,

Inc.

*

6,613

295,601

Udemy,

Inc.

*(d)

4,476

53,488

Universal

Technical

Institute,

Inc.

*

196

1,576

Vivint

Smart

Home,

Inc.

*

3,613

17,270

WW

International,

Inc.

*

1,724

11,447

3,112,030

Diversified

Financial

Services

0.7%

Alerus

Financial

Corp.

520

12,813

A-Mark

Precious

Metals,

Inc.

1,751

53,055

Apollo

Global

Management,

Inc.

(d)

24,966

1,425,559

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class E

11,664

161,546

Berkshire

Hathaway,

Inc.,

Class B

*(d)

91,065

27,374,139

Cannae

Holdings,

Inc.

*

5,301

111,904

Compass

Diversified

Holdings

2,680

64,668

Equitable

Holdings,

Inc.

25,135

714,588

Jackson

Financial,

Inc.,

Class A

4,051

111,443

ORIX

Corp.

279,100

4,949,056

20

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Diversified

Financial

Services

Pershing

Square

Holdings

Ltd.

*∞

1,191

0

Voya

Financial,

Inc.

3,780

227,405

35,206,176

Diversified

Telecommunication

Services

0.4%

Anterix,

Inc.

*

550

24,469

AST

SpaceMobile,

Inc.

*(d)

308

2,165

AT&T,

Inc.

379,741

7,131,536

ATN

International,

Inc.

470

21,639

Bandwidth,

Inc.,

Class A

*

777

12,922

Charge

Enterprises,

Inc.

*

10,175

30,932

Cogent

Communications

Holdings,

Inc.

2,823

180,136

Consolidated

Communications

Holdings,

Inc.

*

3,152

20,803

EchoStar

Corp.,

Class A

*

1,149

22,704

Frontier

Communications

Parent,

Inc.

*

12,220

316,620

Globalstar,

Inc.

*(d)

29,896

41,854

IDT

Corp.,

Class B

*

1,602

41,700

Iridium

Communications,

Inc.

*

6,804

304,207

Liberty

Latin

America

Ltd.,

Class A

*

8,815

64,896

Lumen

Technologies,

Inc.

52,009

566,378

Ooma,

Inc.

*

777

9,270

Radius

Global

Infrastructure,

Inc.

*(d)

2,537

38,765

Starry

Group

Holdings,

Inc.,

Class A

*(d)

936

2,995

Verizon

Communications,

Inc.

222,022

10,255,196

19,089,187

Electric

Utilities

0.8%

ALLETE,

Inc.

3,358

208,431

Alliant

Energy

Corp.

12,918

787,094

American

Electric

Power

Co.,

Inc.

26,697

2,631,256

Avangrid,

Inc.

5,155

251,203

Constellation

Energy

Corp.

17,372

1,148,289

Duke

Energy

Corp.

40,609

4,464,147

Edison

International

21,752

1,474,133

Entergy

Corp.

10,195

1,173,750

Evergy,

Inc.

10,985

749,836

Eversource

Energy

18,099

1,596,694

Exelon

Corp.

54,049

2,512,738

FirstEnergy

Corp.

36,449

1,498,054

Hawaiian

Electric

Industries,

Inc.

5,820

246,186

IDACORP,

Inc.

2,764

308,794

MGE

Energy,

Inc.

2,210

179,850

NextEra

Energy,

Inc.

101,717

8,594,069

NRG

Energy,

Inc.

16,476

621,969

OGE

Energy

Corp.

8,620

354,110

Otter

Tail

Corp.

1,945

136,675

PG&E

Corp.

*(d)

85,095

924,132

Pinnacle

West

Capital

Corp.

7,991

587,099

PNM

Resources,

Inc.

4,613

222,670

Portland

General

Electric

Co.

4,774

245,097

PPL

Corp.

47,168

1,371,645

Southern

Co.

(The)

59,640

4,585,720

Via

Renewables,

Inc.

425

3,451

Common

Stocks

Shares

Value

($)

Electric

Utilities

Xcel

Energy,

Inc.

31,289

2,289,729

39,166,821

Electrical

Equipment

0.5%

Acuity

Brands,

Inc.

1,863

339,811

Allied

Motion

Technologies,

Inc.

506

13,632

AMETEK,

Inc.

11,839

1,462,117

Array

Technologies,

Inc.

*

7,153

120,528

Atkore,

Inc.

*

2,409

239,141

AZZ,

Inc.

1,020

43,391

Babcock

&

Wilcox

Enterprises,

Inc.

*

515

4,099

Blink

Charging

Co.

*(d)

1,378

29,172

Bloom

Energy

Corp.,

Class A

*(d)

7,764

157,066

ChargePoint

Holdings,

Inc.

*(d)

13,531

204,453

Eaton

Corp.

plc

21,891

3,248,406

Emerson

Electric

Co.

(d)

32,390

2,917,367

Encore

Wire

Corp.

1,080

149,548

Energy

Vault

Holdings,

Inc.

*

797

3,547

EnerSys

(d)

2,581

170,114

Enovix

Corp.

*(d)

7,719

102,817

ESS

Tech,

Inc.

*(d)

910

3,458

Fluence

Energy,

Inc.

*(d)

5,511

75,721

FuelCell

Energy,

Inc.

*(d)

18,822

67,571

Fuji

Electric

Co.

Ltd.

74,700

3,376,523

Generac

Holdings,

Inc.

*(d)

3,229

866,341

GrafTech

International

Ltd.

12,015

92,516

Heliogen,

Inc.

*(d)

1,105

2,729

Hubbell,

Inc.

(d)

2,816

616,760

Nidec

Corp.

73,100

5,085,566

nVent

Electric

plc

9,158

323,369

Plug

Power,

Inc.

*

27,547

587,853

Powell

Industries,

Inc.

325

7,787

Preformed

Line

Products

Co.

99

5,920

Regal

Rexnord

Corp.

3,179

426,940

Rockwell

Automation,

Inc.

(d)

5,893

1,504,365

Sensata

Technologies

Holding

plc

8,045

357,761

Shoals

Technologies

Group,

Inc.,

Class A

*

5,480

129,492

SKYX

Platforms

Corp.

*(d)

471

2,821

Stem,

Inc.

*(d)

8,481

96,090

Sunrun,

Inc.

*(d)

10,598

346,449

Thermon

Group

Holdings,

Inc.

*

1,347

20,973

TPI

Composites,

Inc.

*

1,236

20,357

Vertiv

Holdings

Co.

16,309

186,249

Vicor

Corp.

*(d)

1,263

92,148

23,500,968

Electronic

Equipment,

Instruments

&

Components

0.5%

908

Devices,

Inc.

*(d)

3,484

78,390

Advanced

Energy

Industries,

Inc.

2,113

189,092

Aeva

Technologies,

Inc.

*(d)

4,897

17,286

AEye,

Inc.

*(d)

932

2,088

Akoustis

Technologies,

Inc.

*(d)

1,096

4,691

Amphenol

Corp.,

Class A

30,406

2,345,215

Nationwide

Multi-Cap

Portfolio

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

21

Common

Stocks

Shares

Value

($)

Electronic

Equipment,

Instruments

&

Components

Arlo

Technologies,

Inc.

*

3,037

21,350

Arrow

Electronics,

Inc.

*

3,438

440,648

Avnet,

Inc.

4,825

230,973

Badger

Meter,

Inc.

1,700

163,523

Belden,

Inc.

2,495

161,476

Benchmark

Electronics,

Inc.

2,558

65,434

CDW

Corp.

6,998

1,270,347

Cognex

Corp.

9,125

465,192

Corning,

Inc.

(d)

46,863

1,722,684

CTS

Corp.

1,605

65,291

ePlus,

Inc.

*

1,288

71,574

Fabrinet

*

1,880

180,593

FARO

Technologies,

Inc.

*

702

22,829

Flex

Ltd.

*

10,048

168,806

Hamamatsu

Photonics

KK

35,100

1,593,804

Ibiden

Co.

Ltd.

80,200

2,359,819

Identiv,

Inc.

*

133

1,801

II-VI,

Inc.

*(d)

6,924

364,463

Insight

Enterprises,

Inc.

*(d)

1,510

141,049

IPG

Photonics

Corp.

*

2,185

232,877

Itron,

Inc.

*

3,060

178,704

Jabil,

Inc.

(d)

6,594

391,288

Keyence

Corp.

4,600

1,825,489

Keysight

Technologies,

Inc.

*

9,095

1,478,847

Kimball

Electronics,

Inc.

*

985

21,670

Knowles

Corp.

*

4,775

94,306

Lightwave

Logic,

Inc.

*(d)

8,374

89,351

Littelfuse,

Inc.

1,224

341,337

Methode

Electronics,

Inc.

2,733

112,709

MicroVision,

Inc.

*(d)

5,456

28,098

Mirion

Technologies,

Inc.

*(d)

12,117

82,396

Napco

Security

Technologies,

Inc.

*

1,043

26,763

National

Instruments

Corp.

6,337

240,806

nLight,

Inc.

*

1,414

17,336

Novanta,

Inc.

*

1,704

262,757

OSI

Systems,

Inc.

*

394

38,088

Ouster,

Inc.

*(d)

1,030

1,813

PAR

Technology

Corp.

*(d)

700

29,134

PC

Connection,

Inc.

544

25,802

Plexus

Corp.

*

1,389

130,497

Rogers

Corp.

*

1,034

278,404

Sanmina

Corp.

*(d)

3,791

174,575

ScanSource,

Inc.

*

1,939

61,951

SmartRent,

Inc.

*(d)

11,307

63,998

Taiyo

Yuden

Co.

Ltd.

40,400

1,435,448

TD

SYNNEX

Corp.

2,564

257,477

Teledyne

Technologies,

Inc.

*

2,225

870,865

Trimble,

Inc.

*

13,211

917,240

TTM

Technologies,

Inc.

*

6,307

85,334

Velodyne

Lidar,

Inc.

*(d)

4,106

4,311

Vishay

Intertechnology,

Inc.

8,111

167,573

Vishay

Precision

Group,

Inc.

*

477

14,873

Vontier

Corp.

8,630

222,654

Zebra

Technologies

Corp.,

Class A

*

2,788

997,240

23,350,429

Energy

Equipment

&

Services

0.1%

Archrock,

Inc.

10,555

89,084

Baker

Hughes

Co.

(d)

48,112

1,235,997

Borr

Drilling

Ltd.

*(d)

9,322

35,797

Common

Stocks

Shares

Value

($)

Energy

Equipment

&

Services

Bristow

Group,

Inc.

*

384

9,907

Cactus,

Inc.,

Class A

2,296

95,491

ChampionX

Corp.

11,028

230,375

Core

Laboratories

NV

(d)

276

5,228

Diamond

Offshore

Drilling,

Inc.

*(d)

10,003

67,520

DMC

Global,

Inc.

*

614

13,975

Dril-Quip,

Inc.

*(d)

1,945

49,889

Expro

Group

Holdings

NV

*

5,518

67,209

Halliburton

Co.

46,827

1,372,031

Helix

Energy

Solutions

Group,

Inc.

*

5,857

23,662

Helmerich

&

Payne,

Inc.

(d)

5,604

259,465

Liberty

Energy,

Inc.,

Class A

*

6,718

95,396

Nabors

Industries

Ltd.

*

511

72,812

National

Energy

Services

Reunited

Corp.

*

1,245

8,777

Newpark

Resources,

Inc.

*

3,370

11,863

NexTier

Oilfield

Solutions,

Inc.

*

7,004

69,830

Noble

Corp.

*

2,591

77,730

NOV,

Inc.

19,420

361,406

Oceaneering

International,

Inc.

*

6,263

66,513

Oil

States

International,

Inc.

*(d)

2,270

11,577

Patterson-UTI

Energy,

Inc.

(d)

12,442

205,915

ProPetro

Holding

Corp.

*

3,619

38,072

RPC,

Inc.

*

3,361

27,426

Schlumberger

NV

73,543

2,723,297

Select

Energy

Services,

Inc.,

Class A

*

2,773

20,714

Solaris

Oilfield

Infrastructure,

Inc.,

Class A

1,191

13,208

TETRA

Technologies,

Inc.

*

14,206

62,222

Tidewater,

Inc.

*

3,194

70,364

Transocean

Ltd.

*

4,062

13,730

US

Silica

Holdings,

Inc.

*

2,886

39,913

Valaris

Ltd.

*

3,309

166,046

Weatherford

International

plc

*

420

9,715

7,722,156

Entertainment

0.6%

Activision

Blizzard,

Inc.

40,432

3,232,538

AMC

Entertainment

Holdings,

Inc.,

Class A

*(d)

26,768

389,742

Capcom

Co.

Ltd.

50,600

1,404,465

Cinemark

Holdings,

Inc.

*(d)

6,696

122,738

Electronic

Arts,

Inc.

14,651

1,922,651

Endeavor

Group

Holdings,

Inc.,

Class A

*

1,602

36,510

IMAX

Corp.

*

1,679

28,224

Liberty

Media

Corp.-Liberty

Braves,

Class A

*

1,502

41,933

Liberty

Media

Corp.-Liberty

Formula

One,

Class A

*(d)

9,273

627,501

Lions

Gate

Entertainment

Corp.,

Class A

*

8,189

68,910

Live

Nation

Entertainment,

Inc.

*(d)

8,637

811,792

Madison

Square

Garden

Entertainment

Corp.

*(d)

1,840

107,143

22

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Entertainment

Madison

Square

Garden

Sports

Corp.,

Class A

*

966

148,551

Marcus

Corp.

(The)

*(d)

868

14,261

Netflix,

Inc.

*

22,645

5,092,860

Playstudios,

Inc.

*(d)

12,436

49,993

Playtika

Holding

Corp.

*

4,768

58,503

ROBLOX

Corp.,

Class A

*(d)

23,417

1,005,292

Roku,

Inc.

*(d)

6,210

406,879

Sciplay

Corp.,

Class A

*

146

1,991

Skillz,

Inc.

*(d)

17,227

27,219

Spotify

Technology

SA

*

6,393

722,537

Take-Two

Interactive

Software,

Inc.

*

8,247

1,094,640

Walt

Disney

Co.

(The)

*

98,309

10,430,585

Warner

Bros

Discovery,

Inc.

*

120,689

1,810,335

Warner

Music

Group

Corp.,

Class A

818

24,540

World

Wrestling

Entertainment,

Inc.,

Class A

(d)

36,842

2,553,519

32,235,852

Equity

Real

Estate

Investment

Trusts

(REITs)

1.5%

Acadia

Realty

Trust

3,741

64,083

Agree

Realty

Corp.

3,066

244,023

Alexander

&

Baldwin,

Inc.

5,463

108,768

Alexander's,

Inc.

99

24,107

Alexandria

Real

Estate

Equities,

Inc.

8,139

1,349,283

American

Assets

Trust,

Inc.

3,727

112,667

American

Campus

Communities,

Inc.

6,831

446,201

American

Homes

4

Rent,

Class A

15,216

576,382

American

Tower

Corp.

23,993

6,498,024

Americold

Realty

Trust,

Inc.

18,674

611,573

Apartment

Income

REIT

Corp.

7,696

348,937

Apartment

Investment

and

Management

Co.,

Class A

*

12,428

103,401

Apple

Hospitality

REIT,

Inc.

13,443

224,229

Armada

Hoffler

Properties,

Inc.

9,848

139,645

Ashford

Hospitality

Trust,

Inc.

*

205

1,788

AvalonBay

Communities,

Inc.

8,112

1,735,481

Belpointe

Prep

LLC

*

20

1,986

Bluerock

Residential

Growth

REIT,

Inc.

2,166

56,901

Boston

Properties,

Inc.

8,111

739,399

Braemar

Hotels

&

Resorts,

Inc.

443

2,299

Brandywine

Realty

Trust

13,195

123,373

Brixmor

Property

Group,

Inc.

16,226

376,119

Broadstone

Net

Lease,

Inc.

7,731

175,262

BRT

Apartments

Corp.

391

8,989

Camden

Property

Trust

5,183

731,321

CareTrust

REIT,

Inc.

6,156

127,121

CatchMark

Timber

Trust,

Inc.,

Class A

1,915

21,525

CBL

&

Associates

Properties,

Inc.

2,595

79,900

Cedar

Realty

Trust,

Inc.

81

2,354

Centerspace

1,284

110,283

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Chatham

Lodging

Trust

*

1,914

23,274

City

Office

REIT,

Inc.

1,492

21,037

Clipper

Realty,

Inc.

525

4,730

Community

Healthcare

Trust,

Inc.

867

33,770

Corporate

Office

Properties

Trust

5,892

165,860

Cousins

Properties,

Inc.

5,956

183,743

Crown

Castle

International

Corp.

23,357

4,219,676

CTO

Realty

Growth,

Inc.

769

16,303

CubeSmart

10,912

500,533

DiamondRock

Hospitality

Co.

*

10,018

92,967

Digital

Realty

Trust,

Inc.

14,947

1,979,730

Diversified

Healthcare

Trust

9,023

15,610

Douglas

Emmett,

Inc.

9,237

218,363

Duke

Realty

Corp.

19,487

1,219,107

Easterly

Government

Properties,

Inc.

6,174

125,147

EastGroup

Properties,

Inc.

2,166

369,390

Empire

State

Realty

Trust,

Inc.,

Class A

5,230

44,612

EPR

Properties

7,049

379,307

Equinix,

Inc.

4,753

3,344,876

Equity

Commonwealth

*

5,322

149,282

Equity

LifeStyle

Properties,

Inc.

8,975

659,842

Equity

Residential

19,523

1,530,408

Essential

Properties

Realty

Trust,

Inc.

7,980

192,478

Essex

Property

Trust,

Inc.

3,323

952,139

Extra

Space

Storage,

Inc.

8,052

1,526,015

Farmland

Partners,

Inc.

1,148

17,036

Federal

Realty

OP

LP

4,131

436,275

First

Industrial

Realty

Trust,

Inc.

6,153

319,648

Four

Corners

Property

Trust,

Inc.

5,729

167,459

Franklin

Street

Properties

Corp.

4,213

15,967

Gaming

and

Leisure

Properties,

Inc.

11,374

591,334

Getty

Realty

Corp.

381

11,179

Gladstone

Commercial

Corp.

1,296

27,151

Gladstone

Land

Corp.

3,083

83,580

Global

Medical

REIT,

Inc.

1,644

20,024

Global

Net

Lease,

Inc.

8,206

123,829

Healthcare

Realty

Trust,

Inc.

19,102

501,428

Healthpeak

Properties,

Inc.

27,916

771,319

Hersha

Hospitality

Trust

*

1,332

13,427

Highwoods

Properties,

Inc.

5,590

198,836

Host

Hotels

&

Resorts,

Inc.

37,856

674,215

Hudson

Pacific

Properties,

Inc.

5,727

86,134

Independence

Realty

Trust,

Inc.

11,392

252,902

Indus

Realty

Trust,

Inc.

88

5,375

Industrial

Logistics

Properties

Trust

6,234

62,527

Innovative

Industrial

Properties,

Inc.

1,354

130,539

Nationwide

Multi-Cap

Portfolio

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

23

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

InvenTrust

Properties

Corp.

3,689

105,764

Invitation

Homes,

Inc.

39,371

1,536,650

Iron

Mountain,

Inc.

14,604

708,148

iStar,

Inc.

4,421

73,875

JBG

SMITH

Properties

5,904

150,198

Kilroy

Realty

Corp.

6,080

329,414

Kimco

Realty

Corp.

34,539

763,657

Kite

Realty

Group

Trust

9,345

185,872

Lamar

Advertising

Co.,

Class A

4,455

450,222

Life

Storage,

Inc.

3,964

499,028

LTC

Properties,

Inc.

1,583

66,328

LXP

Industrial

Trust

16,645

182,596

Macerich

Co.

(The)

11,038

117,113

Medical

Properties

Trust,

Inc.

29,920

515,821

Mid-America

Apartment

Communities,

Inc.

5,854

1,087,263

National

Health

Investors,

Inc.

2,652

171,956

National

Retail

Properties,

Inc.

16,572

788,993

National

Storage

Affiliates

Trust

4,192

229,889

Necessity

Retail

REIT,

Inc.

(The)

4,393

34,221

NETSTREIT

Corp.

3,278

67,199

NexPoint

Residential

Trust,

Inc.

1,250

83,175

Office

Properties

Income

Trust

1,753

36,427

Omega

Healthcare

Investors,

Inc.

17,905

555,055

One

Liberty

Properties,

Inc.

726

20,147

Orion

Office

REIT,

Inc.

1,720

18,817

Outfront

Media,

Inc.

6,507

120,119

Paramount

Group,

Inc.

6,670

52,360

Park

Hotels

&

Resorts,

Inc.

14,260

222,313

Pebblebrook

Hotel

Trust

8,024

156,949

Phillips

Edison

&

Co.,

Inc.

5,999

204,206

Physicians

Realty

Trust

11,990

213,062

Piedmont

Office

Realty

Trust,

Inc.,

Class A

7,498

103,172

Plymouth

Industrial

REIT,

Inc.

2,843

54,756

Postal

Realty

Trust,

Inc.,

Class A

111

1,874

PotlatchDeltic

Corp.

3,609

176,949

Prologis,

Inc.

38,144

5,056,369

Public

Storage

8,236

2,688,313

Rayonier,

Inc.

7,449

281,200

Realty

Income

Corp.

30,071

2,224,953

Regency

Centers

Corp.

8,974

578,195

Retail

Opportunity

Investments

Corp.

5,945

103,800

Rexford

Industrial

Realty,

Inc.

8,099

529,756

RLJ

Lodging

Trust

10,771

134,530

RPT

Realty

3,018

32,806

Ryman

Hospitality

Properties,

Inc.

*

3,020

267,391

Sabra

Health

Care

REIT,

Inc.

12,335

189,836

Safehold,

Inc.

907

38,674

Saul

Centers,

Inc.

544

28,440

SBA

Communications

Corp.

5,467

1,835,764

Service

Properties

Trust

4,990

32,635

Simon

Property

Group,

Inc.

16,775

1,822,436

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

SITE

Centers

Corp.

10,169

148,569

SL

Green

Realty

Corp.

3,743

185,840

Spirit

Realty

Capital,

Inc.

6,530

289,540

STAG

Industrial,

Inc.

13,812

452,757

STORE

Capital

Corp.

21,232

616,153

Summit

Hotel

Properties,

Inc.

*

3,345

26,258

Sun

Communities,

Inc.

5,897

966,872

Sunstone

Hotel

Investors,

Inc.

*

14,883

168,624

Tanger

Factory

Outlet

Centers,

Inc.

6,838

111,254

Terreno

Realty

Corp.

4,225

264,696

UDR,

Inc.

16,437

795,551

UMH

Properties,

Inc.

4,533

96,598

Uniti

Group,

Inc.

12,083

120,468

Universal

Health

Realty

Income

Trust

504

27,166

Urban

Edge

Properties

6,952

114,221

Urstadt

Biddle

Properties,

Inc.,

Class A

1,250

23,000

Ventas,

Inc.

20,467

1,100,715

Veris

Residential,

Inc.

*

6,463

90,159

VICI

Properties,

Inc.

53,232

1,820,002

Vornado

Realty

Trust

8,939

271,656

Washington

REIT

6,371

141,245

Welltower,

Inc.

23,657

2,042,545

Weyerhaeuser

Co.

45,119

1,638,722

Whitestone

REIT

1,620

18,193

WP

Carey,

Inc.

11,515

1,028,290

Xenia

Hotels

&

Resorts,

Inc.

*

4,237

69,572

76,181,159

Food

&

Staples

Retailing

0.6%

Albertsons

Cos.,

Inc.,

Class A

10,093

270,997

Andersons,

Inc.

(The)

1,256

45,430

BJ's

Wholesale

Club

Holdings,

Inc.

*

6,348

429,760

Casey's

General

Stores,

Inc.

(d)

1,974

400,031

Chefs'

Warehouse,

Inc.

(The)

*

1,640

56,760

Costco

Wholesale

Corp.

22,921

12,407,137

Grocery

Outlet

Holding

Corp.

*

4,788

204,543

HF

Foods

Group,

Inc.

*

1,277

6,717

Ingles

Markets,

Inc.,

Class A

(d)

571

54,508

Kroger

Co.

(The)

33,801

1,569,718

Natural

Grocers

by

Vitamin

Cottage,

Inc.

296

4,908

Performance

Food

Group

Co.

*

7,334

364,573

PriceSmart,

Inc.

(d)

1,691

112,249

Rite

Aid

Corp.

*(d)

2,144

17,645

SpartanNash

Co.

(d)

3,059

98,775

Sprouts

Farmers

Market,

Inc.

*

5,991

165,591

Sysco

Corp.

26,040

2,210,796

United

Natural

Foods,

Inc.

*

3,179

135,139

US

Foods

Holding

Corp.

*

12,477

393,026

Village

Super

Market,

Inc.,

Class A

257

5,801

Walgreens

Boots

Alliance,

Inc.

37,221

1,474,696

Walmart,

Inc.

82,668

10,916,309

24

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Food

&

Staples

Retailing

Weis

Markets,

Inc.

1,257

96,701

31,441,810

Food

Products

0.6%

Ajinomoto

Co.,

Inc.

202,900

5,337,926

AppHarvest,

Inc.

*(d)

2,632

10,107

Archer-Daniels-Midland

Co.

28,351

2,346,612

B&G

Foods,

Inc.

(d)

4,948

122,265

Benson

Hill,

Inc.

*(d)

17,201

55,903

Beyond

Meat,

Inc.

*(d)

3,178

101,664

BRC,

Inc.,

Class A

*(d)

266

2,498

Bunge

Ltd.

7,209

665,607

Calavo

Growers,

Inc.

661

26,638

Cal-Maine

Foods,

Inc.

2,324

118,780

Campbell

Soup

Co.

15,141

747,208

Conagra

Brands,

Inc.

31,022

1,061,263

Darling

Ingredients,

Inc.

*

8,558

592,898

Dole

plc

566

5,303

Flowers

Foods,

Inc.

(d)

10,480

297,737

Fresh

Del

Monte

Produce,

Inc.

(d)

1,276

37,910

Freshpet,

Inc.

*

2,256

120,561

General

Mills,

Inc.

32,252

2,412,127

Hain

Celestial

Group,

Inc.

(The)

*

5,131

116,730

Hershey

Co.

(The)

7,264

1,655,901

Hormel

Foods

Corp.

(d)

21,052

1,038,706

Hostess

Brands,

Inc.

*(d)

6,910

156,304

Ingredion,

Inc.

3,061

278,490

J

&

J

Snack

Foods

Corp.

1,001

135,646

J

M

Smucker

Co.

(The)

6,670

882,574

John

B

Sanfilippo

&

Son,

Inc.

351

26,290

Kellogg

Co.

(d)

16,388

1,211,401

Kraft

Heinz

Co.

(The)

(d)

43,130

1,588,478

Lamb

Weston

Holdings,

Inc.

9,468

754,221

Lancaster

Colony

Corp.

(d)

1,136

150,384

Landec

Corp.

*

976

10,228

McCormick

&

Co.,

Inc.

(Non-Voting)

(d)

14,682

1,282,473

Mission

Produce,

Inc.

*

2,004

28,417

Mondelez

International,

Inc.,

Class A

75,057

4,806,650

Pilgrim's

Pride

Corp.

*

4,185

131,283

Post

Holdings,

Inc.

*

2,816

244,823

Seaboard

Corp.

8

32,485

Seneca

Foods

Corp.,

Class A

*

245

13,945

Simply

Good

Foods

Co.

(The)

*

4,950

161,469

Sovos

Brands,

Inc.

*

601

8,510

SunOpta,

Inc.

*

6,610

58,300

Tattooed

Chef,

Inc.

*(d)

2,173

13,712

Tootsie

Roll

Industries,

Inc.

(d)

803

28,201

TreeHouse

Foods,

Inc.

*

3,726

161,783

Tyson

Foods,

Inc.,

Class A

14,751

1,298,236

Utz

Brands,

Inc.

2,184

36,735

Whole

Earth

Brands,

Inc.

*

247

1,329

30,376,711

Gas

Utilities

0.1%

Atmos

Energy

Corp.

6,921

840,140

Brookfield

Infrastructure

Corp.,

Class A

4,558

208,802

Common

Stocks

Shares

Value

($)

Gas

Utilities

Chesapeake

Utilities

Corp.

(d)

270

37,025

National

Fuel

Gas

Co.

(d)

4,665

337,466

New

Jersey

Resources

Corp.

(d)

5,285

244,114

Northwest

Natural

Holding

Co.

2,745

147,324

ONE

Gas,

Inc.

2,835

240,805

South

Jersey

Industries,

Inc.

(d)

7,075

242,531

Southwest

Gas

Holdings,

Inc.

3,447

299,751

Spire,

Inc.

(d)

2,818

212,027

Star

Group

LP

224

2,204

UGI

Corp.

10,833

467,552

3,279,741

Health

Care

Equipment

&

Supplies

1.4%

Abbott

Laboratories

90,938

9,897,692

ABIOMED,

Inc.

*

2,326

681,541

Accuray,

Inc.

*(d)

553

1,161

Alcon,

Inc.

1,930

150,714

Align

Technology,

Inc.

*

4,086

1,148,043

Alphatec

Holdings,

Inc.

*

1,850

13,949

AngioDynamics,

Inc.

*

1,471

33,377

Artivion,

Inc.

*(d)

1,438

28,185

Asahi

Intecc

Co.

Ltd.

77,600

1,434,604

AtriCure,

Inc.

*(d)

2,670

131,925

Atrion

Corp.

29

19,601

Avanos

Medical,

Inc.

*

3,501

99,323

Axogen,

Inc.

*

1,392

12,973

Axonics,

Inc.

*

2,808

182,155

Bausch

+

Lomb

Corp.

*

7,208

103,723

Baxter

International,

Inc.

25,773

1,511,844

Becton

Dickinson

and

Co.

14,611

3,569,613

BioLife

Solutions,

Inc.

*

1,160

22,353

Bioventus,

Inc.,

Class A

*

1,155

9,806

Boston

Scientific

Corp.

*

78,559

3,224,847

Butterfly

Network,

Inc.

*(d)

13,323

57,822

Cardiovascular

Systems,

Inc.

*

1,412

21,759

Cerus

Corp.

*

15,220

82,188

CONMED

Corp.

1,294

126,333

Cooper

Cos.,

Inc.

(The)

2,500

817,500

CryoPort,

Inc.

*(d)

2,343

87,160

Cue

Health,

Inc.

*(d)

874

2,954

Cutera,

Inc.

*(d)

672

31,194

Dentsply

Sirona,

Inc.

11,663

421,734

Dexcom,

Inc.

*

19,833

1,627,893

Edwards

Lifesciences

Corp.

*

31,690

3,186,113

Embecta

Corp.

*(d)

2,830

83,287

Enovis

Corp.

*

2,323

138,730

Envista

Holdings

Corp.

*(d)

8,550

347,557

Figs,

Inc.,

Class A

*

9,916

104,812

Glaukos

Corp.

*(d)

3,350

180,397

Globus

Medical,

Inc.,

Class A

*

4,365

256,182

Haemonetics

Corp.

*(d)

2,881

200,201

Heska

Corp.

*

665

60,841

Hologic,

Inc.

*

14,719

1,050,642

Hoya

Corp.

63,000

6,328,104

ICU

Medical,

Inc.

*

1,142

202,328

IDEXX

Laboratories,

Inc.

*

4,331

1,728,849

Inari

Medical,

Inc.

*(d)

2,558

198,450

Inogen,

Inc.

*

742

20,642

Inspire

Medical

Systems,

Inc.

*(d)

1,471

307,424

Nationwide

Multi-Cap

Portfolio

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

25

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

Insulet

Corp.

*

3,452

855,406

Integer

Holdings

Corp.

*

1,819

127,130

Integra

LifeSciences

Holdings

Corp.

*(d)

4,027

221,646

Intuitive

Surgical,

Inc.

*

18,538

4,266,891

iRadimed

Corp.

242

10,224

iRhythm

Technologies,

Inc.

*

1,320

204,112

Lantheus

Holdings,

Inc.

*

3,801

291,613

LeMaitre

Vascular,

Inc.

706

35,547

LivaNova

plc

*

3,042

193,684

Masimo

Corp.

*

2,682

387,764

Medtronic

plc

69,097

6,392,854

Meridian

Bioscience,

Inc.

*

1,669

52,841

Merit

Medical

Systems,

Inc.

*

2,969

170,658

Mesa

Laboratories,

Inc.

367

78,263

Nano-X

Imaging

Ltd.

*

4,287

51,615

Neogen

Corp.

*

6,206

143,545

Nevro

Corp.

*

2,034

88,174

Novocure

Ltd.

*(d)

4,758

323,496

NuVasive,

Inc.

*(d)

3,016

158,400

Olympus

Corp.

294,500

6,241,360

Omnicell,

Inc.

*

2,450

269,794

OraSure

Technologies,

Inc.

*(d)

2,533

7,751

Orthofix

Medical,

Inc.

*

723

18,545

OrthoPediatrics

Corp.

*

521

24,617

Outset

Medical,

Inc.

*

2,980

46,041

Owlet,

Inc.

*(d)

674

1,436

Paragon

28,

Inc.

*(d)

3,592

68,248

Penumbra,

Inc.

*

1,839

256,320

PROCEPT

BioRobotics

Corp.

*(d)

1,748

66,948

Pulmonx

Corp.

*(d)

1,092

18,608

QuidelOrtho

Corp.

*

3,215

328,059

ResMed,

Inc.

7,443

1,790,190

SeaSpine

Holdings

Corp.

*

945

5,613

Semler

Scientific,

Inc.

*

40

1,241

Senseonics

Holdings,

Inc.

*(d)

13,428

17,322

Shockwave

Medical,

Inc.

*(d)

1,899

400,556

SI-BONE,

Inc.

*

1,084

14,569

Silk

Road

Medical,

Inc.

*

2,600

118,326

SmileDirectClub,

Inc.

*(d)

717

825

STAAR

Surgical

Co.

*

2,582

208,367

STERIS

plc

4,489

1,012,943

Stryker

Corp.

(d)

19,103

4,102,369

Surmodics,

Inc.

*

540

18,792

Tactile

Systems

Technology,

Inc.

*

705

5,464

Tandem

Diabetes

Care,

Inc.

*

2,999

198,564

Teleflex,

Inc.

2,465

592,734

TransMedics

Group,

Inc.

*

884

35,696

Treace

Medical

Concepts,

Inc.

*

3,736

63,213

UFP

Technologies,

Inc.

*(d)

301

24,237

Utah

Medical

Products,

Inc.

152

13,884

Varex

Imaging

Corp.

*

1,504

33,524

ViewRay,

Inc.

*

4,674

14,256

Zimmer

Biomet

Holdings,

Inc.

10,900

1,203,251

Zimvie,

Inc.

*

155

3,010

Zynex,

Inc.

(d)

674

5,783

71,234,844

Common

Stocks

Shares

Value

($)

Health

Care

Providers

&

Services

1.3%

1Life

Healthcare,

Inc.

*(d)

8,032

136,062

23andMe

Holding

Co.

*(d)

1,259

3,500

Acadia

Healthcare

Co.,

Inc.

*

4,994

414,053

Accolade,

Inc.

*(d)

1,841

17,011

AdaptHealth

Corp.

*

5,446

120,411

Addus

HomeCare

Corp.

*

1,183

109,794

Agiliti,

Inc.

*

1,620

35,462

agilon

health,

Inc.

*(d)

9,907

247,972

Alignment

Healthcare,

Inc.

*

6,575

96,521

Amedisys,

Inc.

*

1,788

214,292

AmerisourceBergen

Corp.

9,005

1,314,100

AMN

Healthcare

Services,

Inc.

*(d)

2,476

278,401

Apollo

Medical

Holdings,

Inc.

*(d)

2,114

112,105

Brookdale

Senior

Living,

Inc.

*

7,585

36,560

Cano

Health,

Inc.

*

11,917

72,575

Cardinal

Health,

Inc.

18,460

1,099,478

CareMax,

Inc.

*(d)

521

3,725

Castle

Biosciences,

Inc.

*

886

24,773

Centene

Corp.

*

29,656

2,757,118

Chemed

Corp.

740

356,007

Cigna

Corp.

16,124

4,439,905

Clover

Health

Investments

Corp.

*(d)

28,087

78,644

Community

Health

Systems,

Inc.

*(d)

7,505

22,365

CorVel

Corp.

*

579

95,471

Covetrus,

Inc.

*

6,411

133,157

Cross

Country

Healthcare,

Inc.

*

1,542

40,647

CVS

Health

Corp.

67,471

6,455,625

DaVita,

Inc.

*(d)

3,321

279,495

DocGo,

Inc.

*(d)

7,454

57,619

Elevance

Health,

Inc.

12,352

5,893,139

Encompass

Health

Corp.

5,200

263,224

Enhabit,

Inc.

*(d)

3,818

66,853

Ensign

Group,

Inc.

(The)

(d)

2,709

215,880

Fulgent

Genetics,

Inc.

*

742

44,335

Guardant

Health,

Inc.

*

5,585

280,199

Hanger,

Inc.

*

1,544

28,672

HCA

Healthcare,

Inc.

11,864

2,520,151

HealthEquity,

Inc.

*

4,314

250,945

Henry

Schein,

Inc.

*

7,295

575,065

Hims

&

Hers

Health,

Inc.

*(d)

12,708

78,663

Humana,

Inc.

6,465

3,116,130

Invitae

Corp.

*(d)

11,874

22,561

Joint

Corp.

(The)

*

507

8,670

Laboratory

Corp.

of

America

Holdings

4,731

1,240,421

LHC

Group,

Inc.

*

1,465

238,883

LifeStance

Health

Group,

Inc.

*(d)

8,443

50,320

McKesson

Corp.

7,461

2,548,528

ModivCare,

Inc.

*

845

84,331

Molina

Healthcare,

Inc.

*

2,860

937,279

National

HealthCare

Corp.

504

35,799

National

Research

Corp.

597

22,626

Oak

Street

Health,

Inc.

*

7,236

209,482

Oncology

Institute,

Inc.

(The)

*(d)

436

2,817

OPKO

Health,

Inc.

*

32,202

75,997

26

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Health

Care

Providers

&

Services

Option

Care

Health,

Inc.

*

6,855

230,328

Owens

&

Minor,

Inc.

4,751

168,233

Patterson

Cos.,

Inc.

4,878

151,511

Pediatrix

Medical

Group,

Inc.

*

7,331

166,120

Pennant

Group,

Inc.

(The)

*

1,041

13,887

PetIQ,

Inc.

*

786

12,890

Premier,

Inc.,

Class A

6,685

257,105

Privia

Health

Group,

Inc.

*

3,095

113,834

Progyny,

Inc.

*

3,751

114,518

Quest

Diagnostics,

Inc.

6,921

945,201

R1

RCM,

Inc.

*

7,822

195,550

RadNet,

Inc.

*

1,776

36,532

Select

Medical

Holdings

Corp.

7,039

208,495

Sema4

Holdings

Corp.

*(d)

1,461

2,367

Signify

Health,

Inc.,

Class A

*(d)

3,166

54,170

Surgery

Partners,

Inc.

*

1,370

53,951

Tenet

Healthcare

Corp.

*

4,901

324,054

UnitedHealth

Group,

Inc.

48,965

26,555,678

Universal

Health

Services,

Inc.,

Class B

3,158

355,180

US

Physical

Therapy,

Inc.

(d)

1,041

135,101

67,958,523

Health

Care

Technology

0.1%

Allscripts

Healthcare

Solutions,

Inc.

*(d)

6,266

99,128

American

Well

Corp.,

Class A

*

16,308

63,601

Certara,

Inc.

*

5,121

117,732

Change

Healthcare,

Inc.

*

14,193

344,464

Computer

Programs

&

Systems,

Inc.

*

534

18,028

Definitive

Healthcare

Corp.

*

2,737

71,107

Doximity,

Inc.,

Class A

*(d)

5,085

215,197

Evolent

Health,

Inc.,

Class A

*(d)

4,749

161,419

GoodRx

Holdings,

Inc.,

Class A

*

514

3,202

Health

Catalyst,

Inc.

*

3,561

59,611

HealthStream,

Inc.

*

1,049

25,239

Multiplan

Corp.

*(d)

20,565

104,059

NextGen

Healthcare,

Inc.

*

2,204

37,732

Nutex

Health,

Inc.

*(d)

3,840

10,138

OptimizeRx

Corp.

*

470

10,561

Pear

Therapeutics,

Inc.

*

822

1,225

Phreesia,

Inc.

*

3,014

70,799

Schrodinger,

Inc.

*(d)

3,190

99,847

Sharecare,

Inc.

*(d)

2,081

2,976

Simulations

Plus,

Inc.

558

35,796

Teladoc

Health,

Inc.

*(d)

8,132

299,664

Veeva

Systems,

Inc.,

Class A

*

7,192

1,607,987

3,459,512

Hotels,

Restaurants

&

Leisure

0.9%

Accel

Entertainment,

Inc.

*

1,671

20,152

Airbnb,

Inc.,

Class A

*

19,328

2,145,021

Aramark

14,757

492,884

Bally's

Corp.

*(d)

954

20,959

Biglari

Holdings,

Inc.,

Class B

*

38

4,568

BJ's

Restaurants,

Inc.

*

706

16,570

Bloomin'

Brands,

Inc.

(d)

5,970

121,728

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Bluegreen

Vacations

Holding

Corp.

213

5,598

Booking

Holdings,

Inc.

*

2,110

4,084,306

Bowlero

Corp.

*(d)

5,252

60,083

Boyd

Gaming

Corp.

4,682

259,898

Brinker

International,

Inc.

*(d)

2,750

76,313

Caesars

Entertainment,

Inc.

*(d)

13,680

625,039

Carnival

Corp.

*(d)

49,721

450,472

Century

Casinos,

Inc.

*

1,482

12,493

Cheesecake

Factory,

Inc.

(The)

(d)

3,320

97,044

Chipotle

Mexican

Grill,

Inc.

*

1,436

2,246,220

Choice

Hotels

International,

Inc.

1,465

177,075

Churchill

Downs,

Inc.

1,925

403,865

Chuy's

Holdings,

Inc.

*

723

16,072

Cracker

Barrel

Old

Country

Store,

Inc.

(d)

1,460

138,802

Darden

Restaurants,

Inc.

6,650

827,858

Dave

&

Buster's

Entertainment,

Inc.

*(d)

2,756

102,964

Denny's

Corp.

*

2,176

21,129

Dine

Brands

Global,

Inc.

(d)

615

43,856

Domino's

Pizza,

Inc.

1,896

743,441

DraftKings,

Inc.,

Class A

*(d)

18,930

259,909

Dutch

Bros,

Inc.,

Class A

*

206

7,723

El

Pollo

Loco

Holdings,

Inc.

*

554

5,385

Everi

Holdings,

Inc.

*(d)

3,053

58,648

Expedia

Group,

Inc.

*

7,930

840,977

F45

Training

Holdings,

Inc.

*

565

1,113

Full

House

Resorts,

Inc.

*

204

1,267

Global

Business

Travel

Group

I

*(d)

487

3,385

Golden

Entertainment,

Inc.

*

684

30,007

Hilton

Grand

Vacations,

Inc.

*

4,570

186,319

Hilton

Worldwide

Holdings,

Inc.

14,078

1,802,969

Hyatt

Hotels

Corp.,

Class A

*

2,366

195,787

International

Game

Technology

plc

6,095

115,500

Jack

in

the

Box,

Inc.

(d)

1,194

82,553

Krispy

Kreme,

Inc.

(d)

4,935

70,472

Kura

Sushi

USA,

Inc.,

Class A

*

134

11,315

Las

Vegas

Sands

Corp.

*

20,678

779,354

Life

Time

Group

Holdings,

Inc.

*(d)

4,922

71,369

Light

&

Wonder,

Inc.

*

5,067

258,113

Lindblad

Expeditions

Holdings,

Inc.

*(d)

1,126

8,895

Marriott

International,

Inc.,

Class A

14,501

2,303,049

Marriott

Vacations

Worldwide

Corp.

1,944

266,172

McDonald's

Corp.

37,988

10,004,900

MGM

Resorts

International

41,962

1,373,416

Monarch

Casino

&

Resort,

Inc.

*

528

33,871

Noodles

&

Co.,

Class A

*

1,023

5,330

Nationwide

Multi-Cap

Portfolio

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

27

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Norwegian

Cruise

Line

Holdings

Ltd.

*(d)

21,044

255,685

ONE

Group

Hospitality,

Inc.

(The)

*

5,460

45,809

Papa

John's

International,

Inc.

(d)

1,691

162,150

Penn

National

Gaming,

Inc.

*(d)

8,680

299,894

Planet

Fitness,

Inc.,

Class A

*

3,820

301,054

Playa

Hotels

&

Resorts

NV

*

988

6,778

Portillo's,

Inc.,

Class A

*(d)

213

4,863

RCI

Hospitality

Holdings,

Inc.

418

23,809

Red

Rock

Resorts,

Inc.,

Class A

3,279

128,963

Royal

Caribbean

Cruises

Ltd.

*

12,033

465,797

Rush

Street

Interactive,

Inc.

*

4,099

22,708

Ruth's

Hospitality

Group,

Inc.

1,155

20,270

SeaWorld

Entertainment,

Inc.

*(d)

2,014

96,128

Shake

Shack,

Inc.,

Class A

*(d)

2,193

112,852

Six

Flags

Entertainment

Corp.

*

4,818

109,224

Sonder

Holdings,

Inc.

*(d)

1,294

2,006

Starbucks

Corp.

(d)

59,131

5,013,126

Sweetgreen,

Inc.,

Class A

*(d)

577

9,065

Target

Hospitality

Corp.

*(d)

1,611

22,151

Texas

Roadhouse,

Inc.

3,793

330,825

Travel

+

Leisure

Co.

4,742

204,428

Vacasa,

Inc.,

Class A

*(d)

1,281

3,343

Vail

Resorts,

Inc.

2,074

491,808

Wendy's

Co.

(The)

24,935

524,383

Wingstop,

Inc.

1,531

193,182

Wyndham

Hotels

&

Resorts,

Inc.

4,277

296,867

Wynn

Resorts

Ltd.

*(d)

5,944

377,325

Xponential

Fitness,

Inc.,

Class A

*

157

2,330

Yum!

Brands,

Inc.

14,571

1,785,530

43,304,561

Household

Durables

0.3%

Beazer

Homes

USA,

Inc.

*

1,001

14,765

Cavco

Industries,

Inc.

*

573

147,714

Century

Communities,

Inc.

(d)

1,724

88,217

Cricut,

Inc.,

Class A

*

239

1,611

DR

Horton,

Inc.

(d)

17,165

1,339,385

Dream

Finders

Homes,

Inc.,

Class A

*(d)

194

2,522

Ethan

Allen

Interiors,

Inc.

953

21,909

Garmin

Ltd.

(d)

9,495

926,902

GoPro,

Inc.,

Class A

*(d)

5,145

32,722

Green

Brick

Partners,

Inc.

*(d)

938

25,138

Helen

of

Troy

Ltd.

*(d)

1,274

170,448

Hovnanian

Enterprises,

Inc.,

Class A

*

2,313

112,204

Installed

Building

Products,

Inc.

1,417

143,712

iRobot

Corp.

*(d)

1,603

73,754

KB

Home

4,912

160,328

La-Z-Boy,

Inc.

(d)

3,559

99,189

Legacy

Housing

Corp.

*

282

3,830

Common

Stocks

Shares

Value

($)

Household

Durables

Leggett

&

Platt,

Inc.

(d)

9,792

388,155

Lennar

Corp.,

Class A

(d)

13,215

1,115,605

LGI

Homes,

Inc.

*(d)

1,161

130,961

Lifetime

Brands,

Inc.

325

3,497

Lovesac

Co.

(The)

*

325

10,127

M/I

Homes,

Inc.

*

1,103

50,749

MDC

Holdings,

Inc.

2,934

106,357

Meritage

Homes

Corp.

*

1,970

173,951

Mohawk

Industries,

Inc.

*

2,586

332,249

Newell

Brands,

Inc.

20,864

421,661

NVR,

Inc.

*

166

729,255

PulteGroup,

Inc.

11,484

500,932

Purple

Innovation,

Inc.

*(d)

2,124

7,413

Skyline

Champion

Corp.

*(d)

3,014

190,786

Sonos,

Inc.

*

6,807

150,503

Sony

Group

Corp.

80,300

6,873,669

Taylor

Morrison

Home

Corp.,

Class A

*

4,211

120,856

Tempur

Sealy

International,

Inc.

(d)

8,247

226,628

Toll

Brothers,

Inc.

6,116

300,785

TopBuild

Corp.

*(d)

1,782

377,285

Tri

Pointe

Homes,

Inc.

*

7,470

138,344

Tupperware

Brands

Corp.

*

3,633

27,102

Universal

Electronics,

Inc.

*

526

14,597

Vizio

Holding

Corp.,

Class A

*(d)

6,508

59,613

Vuzix

Corp.

*(d)

2,308

18,856

Whirlpool

Corp.

2,861

494,581

16,328,867

Household

Products

0.6%

Central

Garden

&

Pet

Co.

*

2,497

102,530

Church

&

Dwight

Co.,

Inc.

13,940

1,226,302

Clorox

Co.

(The)

(d)

6,347

900,259

Colgate-Palmolive

Co.

42,405

3,338,970

Energizer

Holdings,

Inc.

4,191

123,760

Kimberly-Clark

Corp.

17,240

2,272,060

Procter

&

Gamble

Co.

(The)

124,508

17,295,406

Reynolds

Consumer

Products,

Inc.

(d)

3,919

113,886

Spectrum

Brands

Holdings,

Inc.

2,330

162,028

Unicharm

Corp.

78,800

2,865,148

WD-40

Co.

(d)

867

153,780

28,554,129

Independent

Power

and

Renewable

Electricity

Producers

0.1%

AES

Corp.

(The)

48,164

1,070,204

Altus

Power,

Inc.

*(d)

8,677

68,028

Atlantica

Sustainable

Infrastructure

plc

6,318

225,300

Brookfield

Renewable

Corp.

(d)

5,438

212,735

Clearway

Energy,

Inc.,

Class A

4,494

165,195

Montauk

Renewables,

Inc.

*

5,257

62,926

NextEra

Energy

Partners

LP

(d)

500

41,370

Ormat

Technologies,

Inc.

(d)

2,575

222,840

Sunnova

Energy

International,

Inc.

*(d)

5,021

130,646

28

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Independent

Power

and

Renewable

Electricity

Producers

Vistra

Corp.

(d)

34,343

887,767

3,087,011

Industrial

Conglomerates

0.3%

3M

Co.

29,201

4,182,751

General

Electric

Co.

57,064

4,217,600

Honeywell

International,

Inc.

35,406

6,814,239

15,214,590

Insurance

1.0%

Aflac,

Inc.

36,847

2,111,333

Alleghany

Corp.

*

651

545,200

Allstate

Corp.

(The)

15,522

1,815,608

Ambac

Financial

Group,

Inc.

*

1,824

21,469

American

Equity

Investment

Life

Holding

Co.

4,988

187,349

American

Financial

Group,

Inc.

3,874

517,876

American

International

Group,

Inc.

40,721

2,108,126

AMERISAFE,

Inc.

1,782

81,188

Aon

plc,

Class A

11,078

3,224,141

Arch

Capital

Group

Ltd.

*

18,596

825,662

Argo

Group

International

Holdings

Ltd.

2,061

67,580

Arthur

J

Gallagher

&

Co.

10,895

1,950,096

Assurant,

Inc.

2,942

517,145

Assured

Guaranty

Ltd.

3,341

195,081

Axis

Capital

Holdings

Ltd.

4,276

215,895

Bright

Health

Group,

Inc.

*(d)

3,752

6,303

Brighthouse

Financial,

Inc.

*

3,604

156,486

Brown

&

Brown,

Inc.

13,028

848,123

BRP

Group,

Inc.,

Class A

*

2,698

74,384

Chubb

Ltd.

22,797

4,300,426

Cincinnati

Financial

Corp.

(d)

8,343

812,108

CNA

Financial

Corp.

2,745

116,443

CNO

Financial

Group,

Inc.

8,164

153,075

Crawford

&

Co.,

Class A

552

4,002

Donegal

Group,

Inc.,

Class A

359

5,083

eHealth,

Inc.

*

303

2,242

Employers

Holdings,

Inc.

165

6,552

Enstar

Group

Ltd.

*

633

125,283

Erie

Indemnity

Co.,

Class A

1,455

295,889

Everest

Re

Group

Ltd.

2,120

554,062

Fidelity

National

Financial,

Inc.

20,429

816,343

First

American

Financial

Corp.

5,833

338,314

Genworth

Financial,

Inc.,

Class A

*

10,191

43,312

Globe

Life,

Inc.

4,551

458,422

Goosehead

Insurance,

Inc.,

Class A

(d)

984

55,311

Greenlight

Capital

Re

Ltd.,

Class A

*

1,339

9,627

Hanover

Insurance

Group,

Inc.

(The)

1,551

211,665

Hartford

Financial

Services

Group,

Inc.

(The)

17,135

1,104,693

HCI

Group,

Inc.

(d)

301

20,609

Hippo

Holdings,

Inc.

*(d)

3,383

2,889

Horace

Mann

Educators

Corp.

775

26,544

Investors

Title

Co.

65

9,685

Common

Stocks

Shares

Value

($)

Insurance

James

River

Group

Holdings

Ltd.

258

6,130

Kemper

Corp.

3,207

150,088

Kinsale

Capital

Group,

Inc.

1,168

284,069

Lemonade,

Inc.

*

2,481

46,767

Lincoln

National

Corp.

8,842

453,948

Loews

Corp.

9,557

556,695

Manulife

Financial

Corp.

12,258

224,567

Markel

Corp.

*

699

906,701

Marsh

&

McLennan

Cos.,

Inc.

26,100

4,279,356

MBIA,

Inc.

*

2,815

35,413

Mercury

General

Corp.

(d)

2,146

89,982

MetLife,

Inc.

36,694

2,320,896

National

Western

Life

Group,

Inc.,

Class A

108

21,816

NI

Holdings,

Inc.

*

268

3,977

Old

Republic

International

Corp.

(d)

12,498

290,828

Oscar

Health,

Inc.,

Class A

*(d)

11,630

62,802

Palomar

Holdings,

Inc.

*

937

58,441

Primerica,

Inc.

2,161

278,099

Principal

Financial

Group,

Inc.

(d)

15,697

1,050,757

ProAssurance

Corp.

594

13,145

Progressive

Corp.

(The)

31,247

3,595,280

Prudential

Financial,

Inc.

19,710

1,970,803

Reinsurance

Group

of

America,

Inc.

3,652

422,829

RenaissanceRe

Holdings

Ltd.

1,990

257,327

RLI

Corp.

2,308

253,834

Ryan

Specialty

Holdings,

Inc.,

Class A

*

4,667

201,801

Safety

Insurance

Group,

Inc.

115

9,953

Selective

Insurance

Group,

Inc.

2,925

227,741

Selectquote,

Inc.

*

10,550

19,412

SiriusPoint

Ltd.

*

3,135

13,731

Stewart

Information

Services

Corp.

316

17,269

Tiptree,

Inc.

1,038

11,532

Tokio

Marine

Holdings,

Inc.

83,900

4,895,272

Travelers

Cos.,

Inc.

(The)

13,635

2,163,875

Trean

Insurance

Group,

Inc.

*

152

784

Trupanion,

Inc.

*(d)

2,082

131,228

United

Fire

Group,

Inc.

891

29,252

Universal

Insurance

Holdings,

Inc.

968

12,245

Unum

Group

9,511

306,159

W

R

Berkley

Corp.

11,431

714,780

White

Mountains

Insurance

Group

Ltd.

150

185,915

Willis

Towers

Watson

plc

6,473

1,339,523

52,856,646

Interactive

Media

&

Services

1.9%

Alphabet,

Inc.,

Class A

*

600,761

69,974,042

Angi,

Inc.

*

474

2,465

Bumble,

Inc.,

Class A

*(d)

4,761

180,537

BuzzFeed,

Inc.

*(d)

696

1,308

Cargurus,

Inc.

*

5,038

122,373

Cars.com,

Inc.

*

2,780

32,693

Nationwide

Multi-Cap

Portfolio

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

29

Common

Stocks

Shares

Value

($)

Interactive

Media

&

Services

Eventbrite,

Inc.,

Class A

*

7,063

66,110

EverQuote,

Inc.,

Class A

*

468

4,891

fuboTV,

Inc.

*(d)

7,518

18,870

IAC/InterActiveCorp

*

4,077

279,274

Leafly

Holdings,

Inc.

*(d)

256

1,413

Match

Group,

Inc.

*

14,863

1,089,607

MediaAlpha,

Inc.,

Class A

*

560

6,899

Meta

Platforms,

Inc.,

Class A

*

121,385

19,312,354

Nextdoor

Holdings,

Inc.

*

471

1,578

Pinterest,

Inc.,

Class A

*

29,195

568,719

QuinStreet,

Inc.

*

1,881

20,221

Shutterstock,

Inc.

(d)

1,361

76,897

Snap,

Inc.,

Class A

*

8,172

80,739

System1,

Inc.

*(d)

507

4,168

TripAdvisor,

Inc.

*(d)

6,067

115,334

TrueCar,

Inc.

*

3,913

10,056

Twitter,

Inc.

*

38,350

1,595,743

Vimeo,

Inc.

*

8,248

45,859

Vinco

Ventures,

Inc.

*(d)

1,121

852

Yelp,

Inc.

*(d)

4,081

125,123

Ziff

Davis,

Inc.

*

2,342

191,786

ZipRecruiter,

Inc.,

Class A

*

5,780

101,323

ZoomInfo

Technologies,

Inc.,

Class A

*(d)

15,001

568,388

94,599,622

Internet

&

Direct

Marketing

Retail

1.3%

1-800-Flowers.com,

Inc.,

Class A

*(d)

1,317

13,131

Amazon.com,

Inc.

*

466,838

62,999,788

BARK,

Inc.

*

1,035

1,480

Boxed,

Inc.

*(d)

410

771

CarParts.com,

Inc.

*

995

7,940

Chewy,

Inc.,

Class A

*(d)

651

25,265

ContextLogic,

Inc.,

Class A

*(d)

40,359

60,539

DoorDash,

Inc.,

Class A

*

13,467

939,323

Duluth

Holdings,

Inc.,

Class B

*

409

3,943

eBay,

Inc.

28,294

1,375,937

Etsy,

Inc.

*(d)

6,733

698,347

Getty

Images

Holdings,

Inc.

*(d)

493

12,892

Groupon,

Inc.

*

1,049

11,119

Grove

Collaborative

Holdings

*(d)

240

1,018

Lands'

End,

Inc.

*

360

4,590

Liquidity

Services,

Inc.

*

998

20,090

Overstock.com,

Inc.

*(d)

2,328

67,512

PetMed

Express,

Inc.

(d)

957

20,882

Porch

Group,

Inc.

*(d)

2,611

5,039

Poshmark,

Inc.,

Class A

*

4,965

53,572

Quotient

Technology,

Inc.

*(d)

3,338

9,246

Qurate

Retail,

Inc. Series

A,

20,165

55,051

RealReal,

Inc.

(The)

*(d)

2,770

6,454

Revolve

Group,

Inc.

*(d)

2,134

60,435

Stitch

Fix,

Inc.,

Class A

*

2,264

13,516

ThredUp,

Inc.,

Class A

*(d)

349

785

Wayfair,

Inc.,

Class A

*(d)

3,964

213,699

Xometry,

Inc.,

Class A

*(d)

1,818

69,084

66,751,448

Common

Stocks

Shares

Value

($)

IT

Services

2.1%

Accenture

plc,

Class A

33,047

10,120,974

Affirm

Holdings,

Inc.

*(d)

9,608

257,879

Akamai

Technologies,

Inc.

*(d)

8,217

790,640

Amdocs

Ltd.

6,533

568,763

Automatic

Data

Processing,

Inc.

21,635

5,216,631

AvidXchange

Holdings,

Inc.

*(d)

10,167

73,406

BigCommerce

Holdings,

Inc. Series

1,*

2,929

45,839

Block,

Inc.,

Class A

*

26,708

2,031,410

Brightcove,

Inc.

*

1,592

9,472

Broadridge

Financial

Solutions,

Inc.

6,585

1,057,222

Cantaloupe,

Inc.

*

3,131

19,005

Cass

Information

Systems,

Inc.

567

20,673

Cloudflare,

Inc.,

Class A

*

14,612

735,276

Cognizant

Technology

Solutions

Corp.,

Class A

26,926

1,829,891

Concentrix

Corp.

2,380

318,349

Conduent,

Inc.

*

6,922

32,257

Core

Scientific,

Inc.

*(d)

1,886

4,734

CSG

Systems

International,

Inc.

(d)

1,718

112,099

Cyxtera

Technologies,

Inc.

*(d)

1,065

12,982

DigitalOcean

Holdings,

Inc.

*(d)

4,158

170,395

DXC

Technology

Co.

*

13,429

424,356

Edgio,

Inc.

*(d)

4,254

10,763

EPAM

Systems,

Inc.

*

2,936

1,025,398

Euronet

Worldwide,

Inc.

*(d)

2,344

230,345

EVERTEC,

Inc.

2,744

106,989

Evo

Payments,

Inc.,

Class A

*

1,592

43,525

ExlService

Holdings,

Inc.

*

1,731

291,448

Fastly,

Inc.,

Class A

*

5,929

67,413

Fidelity

National

Information

Services,

Inc.

31,261

3,193,624

Fiserv,

Inc.

*

31,162

3,293,200

FleetCor

Technologies,

Inc.

*

3,738

822,696

Flywire

Corp.

*

3,085

72,374

Gartner,

Inc.

*

3,898

1,034,841

Genpact

Ltd.

9,940

477,915

Global

Payments,

Inc.

14,245

1,742,448

Globant

SA

*(d)

1,903

379,154

GoDaddy,

Inc.,

Class A

*(d)

8,040

596,407

Grid

Dynamics

Holdings,

Inc.

*

3,871

73,046

Hackett

Group,

Inc.

(The)

1,032

21,641

I3

Verticals,

Inc.,

Class A

*(d)

636

17,255

International

Business

Machines

Corp.

46,547

6,087,882

International

Money

Express,

Inc.

*

3,456

83,082

Jack

Henry

&

Associates,

Inc.

3,602

748,388

Kyndryl

Holdings,

Inc.

*

9,813

102,742

Marqeta,

Inc.,

Class A

*(d)

23,050

221,049

Mastercard,

Inc.,

Class A

45,196

15,989,893

Maximus,

Inc.

3,186

212,984

MoneyGram

International,

Inc.

*

3,801

38,618

MongoDB,

Inc.

*

3,303

1,032,088

30

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

IT

Services

Nomura

Research

Institute

Ltd.

106,100

3,195,602

NTT

Data

Corp.

283,900

4,298,041

Obic

Co.

Ltd.

8,200

1,308,261

Okta,

Inc.

*

6,794

668,869

Paya

Holdings,

Inc.

*

3,939

27,534

Paychex,

Inc.

17,134

2,197,950

Paymentus

Holdings,

Inc.,

Class A

*(d)

105

1,528

Payoneer

Global,

Inc.

*

17,729

94,673

PayPal

Holdings,

Inc.

*

59,677

5,163,851

Paysafe

Ltd.

*(d)

31,695

63,707

Perficient,

Inc.

*

1,826

192,680

Priority

Technology

Holdings,

Inc.

*(d)

431

1,935

Rackspace

Technology,

Inc.

*

3,344

22,539

Remitly

Global,

Inc.

*(d)

6,604

62,936

Repay

Holdings

Corp.

*

3,336

44,702

Sabre

Corp.

*

18,779

115,491

SHIFT,

Inc.

*

17,200

2,705,066

Shift4

Payments,

Inc.,

Class A

*(d)

2,738

99,745

Snowflake,

Inc.,

Class A

*

10,753

1,611,982

SolarWinds

Corp.

1,726

18,485

Squarespace,

Inc.,

Class A

*(d)

2,902

61,726

SS&C

Technologies

Holdings,

Inc.

11,815

699,094

StoneCo

Ltd.,

Class A

*

10,910

104,518

Switch,

Inc.,

Class A

6,647

224,735

Thoughtworks

Holding,

Inc.

*(d)

6,175

96,700

Toast,

Inc.,

Class A

*

12,568

200,837

TTEC

Holdings,

Inc.

861

62,999

Tucows,

Inc.,

Class A

*

271

12,539

Twilio,

Inc.,

Class A

*

9,210

781,008

Unisys

Corp.

*

2,526

34,657

VeriSign,

Inc.

*

5,057

956,582

Verra

Mobility

Corp.

*(d)

7,050

116,254

Visa,

Inc.,

Class A

(d)

85,374

18,108,679

Western

Union

Co.

(The)

(d)

20,597

350,561

WEX,

Inc.

*

2,314

384,610

Wix.com

Ltd.

*

2,481

147,198

106,107,735

Leisure

Products

0.0%

†

Acushnet

Holdings

Corp.

1,582

77,091

AMMO,

Inc.

*(d)

934

4,558

Brunswick

Corp.

(d)

3,551

284,506

Callaway

Golf

Co.

*(d)

7,034

161,430

Clarus

Corp.

(d)

816

16,826

Hasbro,

Inc.

6,328

498,140

Johnson

Outdoors,

Inc.,

Class A

235

15,818

Latham

Group,

Inc.

*

713

3,915

Malibu

Boats,

Inc.,

Class A

*(d)

794

49,585

Marine

Products

Corp.

219

2,378

MasterCraft

Boat

Holdings,

Inc.

*

780

18,478

Mattel,

Inc.

*(d)

18,801

436,183

Peloton

Interactive,

Inc.,

Class A

*(d)

14,275

135,470

Common

Stocks

Shares

Value

($)

Leisure

Products

Polaris,

Inc.

(d)

2,715

318,415

Smith

&

Wesson

Brands,

Inc.

934

13,590

Sturm

Ruger

&

Co.,

Inc.

(d)

617

40,802

Vista

Outdoor,

Inc.

*

3,217

96,832

YETI

Holdings,

Inc.

*

4,913

249,433

2,423,450

Life

Sciences

Tools

&

Services

0.8%

10X

Genomics,

Inc.,

Class A

*

5,031

201,995

AbCellera

Biologics,

Inc.

*(d)

10,741

107,840

Absci

Corp.

*

553

1,819

Adaptive

Biotechnologies

Corp.

*

7,501

68,709

Agilent

Technologies,

Inc.

16,788

2,251,271

Avantor,

Inc.

*

30,471

884,268

Azenta,

Inc.

(d)

3,982

271,811

Berkeley

Lights,

Inc.

*

1,666

7,480

Bionano

Genomics,

Inc.

*(d)

8,949

16,645

Bio-Rad

Laboratories,

Inc.,

Class A

*

1,054

593,676

Bio-Techne

Corp.

1,940

747,443

Bruker

Corp.

5,767

395,328

Charles

River

Laboratories

International,

Inc.

*

2,488

623,344

Codexis,

Inc.

*

4,007

27,488

Cytek

Biosciences,

Inc.

*(d)

5,381

68,877

Danaher

Corp.

34,343

10,009,954

Illumina,

Inc.

*

8,208

1,778,509

Inotiv,

Inc.

*(d)

1,342

25,069

IQVIA

Holdings,

Inc.

*

9,711

2,333,262

Maravai

LifeSciences

Holdings,

Inc.,

Class A

*

5,838

152,313

Medpace

Holdings,

Inc.

*

1,722

291,931

Mettler-Toledo

International,

Inc.

*

1,141

1,540,042

NanoString

Technologies,

Inc.

*

1,509

19,315

NeoGenomics,

Inc.

*

6,532

66,104

Pacific

Biosciences

of

California,

Inc.

*(d)

10,917

47,707

PerkinElmer,

Inc.

6,696

1,025,626

Personalis,

Inc.

*

269

993

QIAGEN

NV

*

11,304

561,131

Quanterix

Corp.

*

807

12,904

Quantum-Si,

Inc.

*

708

2,301

Repligen

Corp.

*

2,957

630,906

Science

37

Holdings,

Inc.

*(d)

688

1,369

Seer,

Inc.

*

3,106

27,954

SomaLogic,

Inc.

*(d)

17,468

88,213

Sotera

Health

Co.

*

6,953

133,498

Syneos

Health,

Inc.

*

5,774

456,954

Thermo

Fisher

Scientific,

Inc.

20,175

12,072,922

Waters

Corp.

*

3,118

1,135,046

West

Pharmaceutical

Services,

Inc.

3,811

1,309,307

39,991,324

Machinery

0.9%

AGCO

Corp.

3,363

366,298

Alamo

Group,

Inc.

701

90,716

Albany

International

Corp.,

Class A

1,734

158,262

Nationwide

Multi-Cap

Portfolio

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

31

Common

Stocks

Shares

Value

($)

Machinery

Allison

Transmission

Holdings,

Inc.

4,985

208,722

Altra

Industrial

Motion

Corp.

3,368

140,547

Astec

Industries,

Inc.

681

33,457

Barnes

Group,

Inc.

2,885

97,571

Blue

Bird

Corp.

*(d)

757

8,448

Caterpillar,

Inc.

27,636

5,478,837

Chart

Industries,

Inc.

*

1,896

369,891

CIRCOR

International,

Inc.

*

785

13,667

Columbus

McKinnon

Corp.

933

30,882

Crane

Holdings

Co.

2,199

217,547

Cummins,

Inc.

7,360

1,628,842

Deere

&

Co.

14,735

5,056,757

Desktop

Metal,

Inc.,

Class A

*(d)

12,847

27,364

Donaldson

Co.,

Inc.

6,933

377,224

Douglas

Dynamics,

Inc.

2,353

74,967

Dover

Corp.

7,403

989,633

Energy

Recovery,

Inc.

*

1,664

36,991

Enerpac

Tool

Group

Corp.

(d)

2,198

44,619

EnPro

Industries,

Inc.

821

76,747

Esab

Corp.

2,361

97,320

ESCO

Technologies,

Inc.

1,778

137,884

Evoqua

Water

Technologies

Corp.

*

6,381

243,180

Federal

Signal

Corp.

3,175

131,826

Flowserve

Corp.

7,248

245,272

Fortive

Corp.

23,554

1,518,055

Franklin

Electric

Co.,

Inc.

2,573

233,680

Gates

Industrial

Corp.

plc

*

7,080

87,084

Gorman-Rupp

Co.

(The)

753

23,117

Graco,

Inc.

8,924

599,336

Greenbrier

Cos.,

Inc.

(The)

1,914

60,903

Helios

Technologies,

Inc.

1,638

112,727

Hillenbrand,

Inc.

3,030

139,986

Hillman

Solutions

Corp.

*

8,322

86,133

Hydrofarm

Holdings

Group,

Inc.

*(d)

1,248

4,031

Hyliion

Holdings

Corp.

*

4,021

15,803

Hyster-Yale

Materials

Handling,

Inc.

410

14,182

Hyzon

Motors,

Inc.

*(d)

1,478

5,942

Ideanomics,

Inc.

*

2,968

2,023

IDEX

Corp.

3,980

830,825

Illinois

Tool

Works,

Inc.

16,553

3,439,051

Ingersoll

Rand,

Inc.

24,088

1,199,582

ITT,

Inc.

4,276

320,828

John

Bean

Technologies

Corp.

(d)

1,868

209,795

Kadant,

Inc.

585

119,252

Kennametal,

Inc.

5,003

134,331

Kurita

Water

Industries

Ltd.

69,000

2,797,560

Lincoln

Electric

Holdings,

Inc.

2,988

422,623

Lindsay

Corp.

829

127,633

Luxfer

Holdings

plc

(d)

987

16,128

Manitowoc

Co.,

Inc.

(The)

*

1,399

15,991

Markforged

Holding

Corp.

*(d)

1,116

2,444

Meritor,

Inc.

*(d)

4,540

165,347

Microvast

Holdings,

Inc.

*

23,884

63,293

Middleby

Corp.

(The)

*(d)

2,907

420,614

Miller

Industries,

Inc.

458

11,006

Mueller

Industries,

Inc.

3,171

213,503

Common

Stocks

Shares

Value

($)

Machinery

Mueller

Water

Products,

Inc.,

Class A

10,705

139,379

Nikola

Corp.

*(d)

14,265

88,728

Nordson

Corp.

2,863

661,324

Omega

Flex,

Inc.

141

16,214

Oshkosh

Corp.

(d)

3,423

294,720

Otis

Worldwide

Corp.

21,840

1,707,233

PACCAR,

Inc.

19,292

1,765,604

Parker-Hannifin

Corp.

7,131

2,061,501

Pentair

plc

8,571

419,036

Proterra,

Inc.

*(d)

16,590

89,420

Proto

Labs,

Inc.

*

1,899

92,842

RBC

Bearings,

Inc.

*(d)

1,521

358,956

REV

Group,

Inc.

(d)

1,276

14,853

Shyft

Group,

Inc.

(The)

1,411

36,601

SMC

Corp.

6,400

3,167,365

Snap-on,

Inc.

2,517

563,934

SPX

Corp.

*

2,437

144,100

Standex

International

Corp.

1,136

110,283

Stanley

Black

&

Decker,

Inc.

7,684

747,884

Symbotic,

Inc.

*(d)

199

3,562

Tennant

Co.

1,590

106,578

Terex

Corp.

(d)

4,002

134,107

Timken

Co.

(The)

2,371

155,016

Titan

International,

Inc.

*

3,913

65,582

Toro

Co.

(The)

4,969

427,284

Trinity

Industries,

Inc.

(d)

4,355

113,012

Velo3D,

Inc.

*

1,095

3,515

Wabash

National

Corp.

(d)

2,096

37,854

Watts

Water

Technologies,

Inc.,

Class A

1,507

208,162

Westinghouse

Air

Brake

Technologies

Corp.

9,154

855,624

Xylem,

Inc.

9,349

860,388

45,246,940

Marine

0.0%

†

Costamare,

Inc.

1,370

16,070

Eagle

Bulk

Shipping,

Inc.

1,474

78,019

Genco

Shipping

&

Trading

Ltd.

4,021

77,525

Golden

Ocean

Group

Ltd.

(d)

4,916

53,682

Kirby

Corp.

*(d)

3,634

230,541

Matson,

Inc.

2,121

194,432

Safe

Bulkers,

Inc.

1,586

6,122

656,391

Media

0.4%

AdTheorent

Holding

Co.,

Inc.

*

511

1,436

Advantage

Solutions,

Inc.

*

4,815

21,379

Altice

USA,

Inc.,

Class A

*

12,391

130,229

AMC

Networks,

Inc.,

Class A

*

2,018

61,589

Audacy,

Inc.

*

4,925

3,137

Boston

Omaha

Corp.,

Class A

*

487

11,883

Cable

One,

Inc.

(d)

295

406,121

Cardlytics,

Inc.

*

1,871

25,820

Charter

Communications,

Inc.,

Class A

*

6,315

2,728,712

Clear

Channel

Outdoor

Holdings,

Inc.

*

14,967

23,199

Comcast

Corp.,

Class A

228,776

8,583,676

Daily

Journal

Corp.

*

44

11,893

32

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Media

DISH

Network

Corp.,

Class A

*(d)

13,330

231,542

Entravision

Communications

Corp.,

Class A

2,463

13,202

EW

Scripps

Co.

(The),

Class A

*

2,336

33,311

Fox

Corp.,

Class A

27,417

860,481

Gannett

Co.,

Inc.

*

5,528

16,639

Gray

Television,

Inc.

5,532

102,729

iHeartMedia,

Inc.,

Class A

*

3,545

26,517

Integral

Ad

Science

Holding

Corp.

*

924

8,750

Interpublic

Group

of

Cos.,

Inc.

(The)

21,022

627,927

John

Wiley

&

Sons,

Inc.,

Class A

2,635

137,600

Liberty

Broadband

Corp.,

Class A

*

7,563

822,761

Liberty

Media

Corp.-Liberty

SiriusXM,

Class A

*

13,295

529,558

Loyalty

Ventures,

Inc.

*

625

1,844

Magnite,

Inc.

*

7,261

55,474

New

York

Times

Co.

(The),

Class A

8,712

278,348

News

Corp.,

Class A

(d)

26,672

457,943

Nexstar

Media

Group,

Inc.,

Class A

1,758

331,154

Omnicom

Group,

Inc.

10,525

735,066

Paramount

Global,

Class A

(d)

30,918

732,038

PubMatic,

Inc.,

Class A

*(d)

3,090

51,263

Scholastic

Corp.

1,007

47,399

Sinclair

Broadcast

Group,

Inc.,

Class A

3,302

72,116

Sirius

XM

Holdings,

Inc.

(d)

90,343

603,491

Stagwell,

Inc.

*(d)

8,039

53,138

TechTarget,

Inc.

*

1,567

102,153

TEGNA,

Inc.

11,593

242,757

Thryv

Holdings,

Inc.

*

2,406

58,562

WideOpenWest,

Inc.

*

4,890

89,878

19,332,715

Metals

&

Mining

0.2%

5E

Advanced

Materials,

Inc.

*(d)

4,144

67,464

Alcoa

Corp.

8,955

455,720

Alpha

Metallurgical

Resources,

Inc.

881

120,486

Arconic

Corp.

*

6,326

191,108

ATI,

Inc.

*(d)

7,786

193,794

Carpenter

Technology

Corp.

(d)

3,187

102,430

Century

Aluminum

Co.

*(d)

2,414

19,046

Cleveland-Cliffs,

Inc.

*(d)

27,929

494,623

Coeur

Mining,

Inc.

*

16,563

53,167

Commercial

Metals

Co.

(d)

6,350

251,587

Compass

Minerals

International,

Inc.

2,292

85,331

Constellium

SE

*

6,100

89,243

Ferroglobe

plc

*

1,116

6,863

Franco-Nevada

Corp.

1,098

140,522

Freeport-McMoRan,

Inc.

73,612

2,322,459

Haynes

International,

Inc.

516

19,949

Common

Stocks

Shares

Value

($)

Metals

&

Mining

Hecla

Mining

Co.

(d)

30,994

140,403

Kaiser

Aluminum

Corp.

(d)

1,411

106,911

Kinross

Gold

Corp.

43,176

147,230

Materion

Corp.

776

63,585

MP

Materials

Corp.

*(d)

4,926

165,366

Newmont

Corp.

41,139

1,862,774

Novagold

Resources,

Inc.

*

11,238

54,841

Nucor

Corp.

(d)

13,827

1,877,707

Olympic

Steel,

Inc.

(d)

346

10,287

Piedmont

Lithium,

Inc.

*

1,331

60,174

Ramaco

Resources,

Inc.

264

3,099

Reliance

Steel

&

Aluminum

Co.

3,033

577,028

Royal

Gold,

Inc.

(d)

3,441

360,514

Ryerson

Holding

Corp.

770

21,098

Schnitzer

Steel

Industries,

Inc.,

Class A

1,045

37,160

Southern

Copper

Corp.

3,920

195,216

SSR

Mining,

Inc.

(d)

8,088

133,128

Steel

Dynamics,

Inc.

9,225

718,443

SunCoke

Energy,

Inc.

3,348

24,775

TimkenSteel

Corp.

*(d)

1,978

40,134

United

States

Steel

Corp.

(d)

14,001

331,124

Warrior

Met

Coal,

Inc.

3,875

123,729

Worthington

Industries,

Inc.

2,098

107,439

11,775,957

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.1%

AFC

Gamma,

Inc.

117

1,919

AGNC

Investment

Corp.

25,694

324,001

Annaly

Capital

Management,

Inc.

123,321

848,448

Apollo

Commercial

Real

Estate

Finance,

Inc.

8,901

113,755

Arbor

Realty

Trust,

Inc.

8,064

134,024

Ares

Commercial

Real

Estate

Corp.

5,726

78,446

ARMOUR

Residential

REIT,

Inc.

6,865

54,028

Blackstone

Mortgage

Trust,

Inc.,

Class A

15,669

485,269

BrightSpire

Capital,

Inc.

3,267

28,880

Broadmark

Realty

Capital,

Inc.

13,261

100,651

Chimera

Investment

Corp.

12,118

126,875

Claros

Mortgage

Trust,

Inc.

(d)

3,671

70,336

Dynex

Capital,

Inc.

1,702

28,594

Ellington

Financial,

Inc.

4,027

64,633

Franklin

BSP

Realty

Trust,

Inc.

262

4,022

Granite

Point

Mortgage

Trust,

Inc.

321

3,406

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

4,108

148,258

Invesco

Mortgage

Capital,

Inc.

802

14,195

KKR

Real

Estate

Finance

Trust,

Inc.

4,103

79,967

Ladder

Capital

Corp.

9,378

111,411

MFA

Financial,

Inc.

6,303

81,687

New

Residential

Investment

Corp.

22,873

249,544

New

York

Mortgage

Trust,

Inc.

45,834

143,919

Orchid

Island

Capital,

Inc.

3,707

11,937

Nationwide

Multi-Cap

Portfolio

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

33

Common

Stocks

Shares

Value

($)

Mortgage

Real

Estate

Investment

Trusts

(REITs)

PennyMac

Mortgage

Investment

Trust

3,652

56,095

Ready

Capital

Corp.

1,936

26,930

Redwood

Trust,

Inc.

10,336

89,510

Starwood

Property

Trust,

Inc.

21,260

502,161

TPG

RE

Finance

Trust,

Inc.

2,449

26,572

Two

Harbors

Investment

Corp.

21,993

118,322

4,127,795

Multiline

Retail

0.2%

Big

Lots,

Inc.

(d)

1,199

24,208

Dillard's,

Inc.,

Class A

(d)

423

96,169

Dollar

General

Corp.

11,747

2,918,307

Dollar

Tree,

Inc.

*

10,997

1,818,464

Franchise

Group,

Inc.

2,413

79,460

Kohl's

Corp.

7,187

209,429

Macy's,

Inc.

(d)

15,635

275,958

Nordstrom,

Inc.

6,832

160,620

Ollie's

Bargain

Outlet

Holdings,

Inc.

*(d)

3,689

217,467

Target

Corp.

23,752

3,880,602

9,680,684

Multi-Utilities

0.4%

Ameren

Corp.

(d)

13,257

1,234,492

Avista

Corp.

(d)

915

38,668

Black

Hills

Corp.

(d)

2,405

185,666

CenterPoint

Energy,

Inc.

39,203

1,242,343

CMS

Energy

Corp.

14,637

1,006,001

Consolidated

Edison,

Inc.

(d)

20,250

2,010,217

Dominion

Energy,

Inc.

46,009

3,771,818

DTE

Energy

Co.

10,192

1,328,018

NiSource,

Inc.

19,290

586,416

NorthWestern

Corp.

3,018

167,348

Public

Service

Enterprise

Group,

Inc.

30,093

1,976,207

Sempra

Energy

17,602

2,918,412

Unitil

Corp.

532

29,138

WEC

Energy

Group,

Inc.

17,341

1,800,169

18,294,913

Oil,

Gas

&

Consumable

Fuels

1.7%

Aemetis,

Inc.

*(d)

5,383

39,565

Alto

Ingredients,

Inc.

*(d)

439

1,888

Antero

Midstream

Corp.

(d)

18,736

188,484

Antero

Resources

Corp.

*(d)

15,244

604,272

APA

Corp.

17,361

645,308

Arch

Resources,

Inc.

(d)

800

103,312

Archaea

Energy,

Inc.

*

4,971

81,425

Berry

Corp.

2,758

23,553

Brigham

Minerals,

Inc.,

Class A

4,025

106,864

California

Resources

Corp.

4,216

189,130

Callon

Petroleum

Co.

*

2,399

110,450

Camber

Energy,

Inc.

*

1,806

712

Centennial

Resource

Development,

Inc.,

Class A

*(d)

7,580

50,483

Centrus

Energy

Corp.,

Class A

*

81

2,685

Cheniere

Energy,

Inc.

12,954

1,937,659

Chesapeake

Energy

Corp.

6,340

597,038

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

Chevron

Corp.

101,534

16,629,239

Chord

Energy

Corp.

2,286

293,094

Civitas

Resources,

Inc.

(d)

3,802

224,166

Clean

Energy

Fuels

Corp.

*(d)

11,371

73,684

CNX

Resources

Corp.

*

11,572

199,848

Comstock

Resources,

Inc.

*

4,656

74,170

ConocoPhillips

66,995

6,527,323

CONSOL

Energy,

Inc.

*

2,227

136,560

Continental

Resources,

Inc.

3,897

268,464

Coterra

Energy,

Inc.

(d)

41,117

1,257,769

Crescent

Energy

Co.,

Class A

(d)

764

11,154

CVR

Energy,

Inc.

1,595

53,496

Delek

US

Holdings,

Inc.

4,625

123,303

Denbury,

Inc.

*(d)

2,758

198,328

Devon

Energy

Corp.

33,510

2,106,104

DHT

Holdings,

Inc.

4,654

30,577

Diamondback

Energy,

Inc.

9,041

1,157,429

Dorian

LPG

Ltd.

769

12,396

DT

Midstream,

Inc.

4,488

246,975

Earthstone

Energy,

Inc.,

Class A

*(d)

1,561

22,151

Enbridge,

Inc.

5,103

229,278

Energy

Fuels,

Inc.

*

5,199

34,885

Enviva,

Inc.

1,467

102,147

EOG

Resources,

Inc.

30,194

3,358,177

EQT

Corp.

19,076

839,916

Equitrans

Midstream

Corp.

21,702

170,361

Exxon

Mobil

Corp.

218,126

21,142,953

FLEX

LNG

Ltd.

(d)

1,867

59,483

Frontline

Ltd.

*

8,173

78,379

Gevo,

Inc.

*(d)

15,787

46,414

Golar

LNG

Ltd.

*

3,487

78,004

Green

Plains,

Inc.

*(d)

524

18,874

Gulfport

Energy

Corp.

*

798

73,448

Hess

Corp.

14,956

1,682,101

Hess

Midstream

LP,

Class A

254

7,727

HF

Sinclair

Corp.

8,735

417,708

International

Seaways,

Inc.

4,141

97,935

Kinder

Morgan,

Inc.

107,659

1,936,785

Kinetik

Holdings,

Inc.

(d)

225

9,153

Kosmos

Energy

Ltd.

*

21,200

134,408

Laredo

Petroleum,

Inc.

*(d)

706

62,601

Magnolia

Oil

&

Gas

Corp.,

Class A

(d)

8,456

204,043

Marathon

Oil

Corp.

36,569

906,911

Marathon

Petroleum

Corp.

28,060

2,571,980

Matador

Resources

Co.

5,845

337,724

Murphy

Oil

Corp.

8,256

290,116

Navigator

Holdings

Ltd.

*

460

5,359

New

Fortress

Energy,

Inc.

(d)

3,447

168,800

NextDecade

Corp.

*(d)

735

5,196

Nordic

American

Tankers

Ltd.

(d)

4,474

10,738

Northern

Oil

and

Gas,

Inc.

(d)

2,178

62,792

Occidental

Petroleum

Corp.

(d)

42,661

2,804,961

ONEOK,

Inc.

(d)

22,450

1,341,163

OPAL

Fuels,

Inc.

*

185

1,822

Ovintiv,

Inc.

13,809

705,502

Par

Pacific

Holdings,

Inc.

*

1,712

28,248

PBF

Energy,

Inc.,

Class A

*(d)

4,531

151,109

34

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

PDC

Energy,

Inc.

5,376

353,149

Peabody

Energy

Corp.

*(d)

5,618

117,922

Phillips

66

25,332

2,254,548

Pioneer

Natural

Resources

Co.

(d)

12,399

2,937,943

Plains

GP

Holdings

LP,

Class A

*(d)

1,158

12,958

Range

Resources

Corp.

*

12,729

420,948

Ranger

Oil

Corp.

758

28,849

REX

American

Resources

Corp.

*

227

21,669

Ring

Energy,

Inc.

*(d)

597

1,678

SandRidge

Energy,

Inc.

*(d)

218

4,083

Scorpio

Tankers,

Inc.

1,715

66,216

SFL

Corp.

Ltd.

8,155

81,305

SilverBow

Resources,

Inc.

*(d)

100

4,519

Sitio

Royalties

Corp.

533

15,721

SM

Energy

Co.

6,431

265,472

Southwestern

Energy

Co.

*

62,190

439,061

Talos

Energy,

Inc.

*

4,556

86,336

Targa

Resources

Corp.

12,465

861,456

TC

Energy

Corp.

(d)

4,157

221,651

Teekay

Tankers

Ltd.,

Class A

*

31

647

Tellurian,

Inc.

*(d)

26,202

97,471

Texas

Pacific

Land

Corp.

(d)

312

572,161

Uranium

Energy

Corp.

*(d)

16,483

69,229

VAALCO

Energy,

Inc.

349

2,070

Valero

Energy

Corp.

(d)

20,924

2,317,751

Vertex

Energy,

Inc.

*(d)

4,839

65,714

Viper

Energy

Partners

LP

459

14,110

W&T

Offshore,

Inc.

*

4,284

21,291

Williams

Cos.,

Inc.

(The)

(d)

68,004

2,318,256

World

Fuel

Services

Corp.

4,825

133,749

88,314,192

Paper

&

Forest

Products

0.0%

†

Clearwater

Paper

Corp.

*

667

23,812

Glatfelter

Corp.

1,766

10,843

Louisiana-Pacific

Corp.

3,843

244,530

Resolute

Forest

Products,

Inc.

*

2,675

54,249

Sylvamo

Corp.

2,951

115,797

449,231

Personal

Products

0.1%

Beauty

Health

Co.

(The)

*(d)

5,328

70,969

BellRing

Brands,

Inc.

*

5,173

124,875

Coty,

Inc.,

Class A

*

21,858

160,001

Edgewell

Personal

Care

Co.

3,093

123,039

elf

Beauty,

Inc.

*

3,321

111,353

Estee

Lauder

Cos.,

Inc.

(The),

Class A

11,989

3,274,196

Herbalife

Nutrition

Ltd.

*(d)

4,432

108,185

Inter

Parfums,

Inc.

1,455

121,449

Medifast,

Inc.

632

106,296

Nature's

Sunshine

Products,

Inc.

*

337

3,522

Nu

Skin

Enterprises,

Inc.,

Class A

(d)

3,009

130,922

Olaplex

Holdings,

Inc.

*(d)

10,720

184,384

USANA

Health

Sciences,

Inc.

*

460

32,025

Veru,

Inc.

*(d)

2,823

34,158

Common

Stocks

Shares

Value

($)

Personal

Products

Waldencast

plc

*

205

1,771

4,587,145

Pharmaceuticals

1.8%

Aclaris

Therapeutics,

Inc.

*

4,137

63,751

Aerie

Pharmaceuticals,

Inc.

*

1,504

10,543

Amneal

Pharmaceuticals,

Inc.

*

4,033

14,277

Amphastar

Pharmaceuticals,

Inc.

*

1,482

55,412

ANI

Pharmaceuticals,

Inc.

*(d)

443

15,173

Arvinas,

Inc.

*

2,613

138,776

Atea

Pharmaceuticals,

Inc.

*

2,279

18,688

Athira

Pharma,

Inc.

*

1,442

5,018

Axsome

Therapeutics,

Inc.

*

1,030

39,748

Biote

Corp.,

Class A

*

189

680

Bristol-Myers

Squibb

Co.

112,479

8,298,701

Cara

Therapeutics,

Inc.

*(d)

1,643

14,360

Cassava

Sciences,

Inc.

*

3,357

54,820

Catalent,

Inc.

*

8,659

979,333

Collegium

Pharmaceutical,

Inc.

*

1,370

23,550

Corcept

Therapeutics,

Inc.

*(d)

6,280

179,985

Cymabay

Therapeutics,

Inc.

*

505

1,581

Daiichi

Sankyo

Co.

Ltd.

58,100

1,538,862

DICE

Therapeutics,

Inc.

*(d)

3,316

57,168

Elanco

Animal

Health,

Inc.

*

23,844

483,079

Eli

Lilly

&

Co.

44,176

14,564,385

Endo

International

plc

*(d)

8,818

4,675

Esperion

Therapeutics,

Inc.

*(d)

1,235

7,126

Evolus,

Inc.

*

1,084

13,366

EyePoint

Pharmaceuticals,

Inc.

*

203

1,853

Fulcrum

Therapeutics,

Inc.

*(d)

646

3,798

Harmony

Biosciences

Holdings,

Inc.

*

1,971

99,989

Innoviva,

Inc.

*(d)

4,319

61,934

Intra-Cellular

Therapies,

Inc.

*

5,241

283,643

Jazz

Pharmaceuticals

plc

*

3,142

490,341

Johnson

&

Johnson

137,751

24,040,305

Kyowa

Kirin

Co.

Ltd.

128,400

3,028,891

Liquidia

Corp.

*(d)

383

1,879

Marinus

Pharmaceuticals,

Inc.

*

220

1,225

Merck

&

Co.,

Inc.

132,337

11,822,988

Nektar

Therapeutics

*(d)

11,689

46,288

NGM

Biopharmaceuticals,

Inc.

*

1,317

19,070

Nuvation

Bio,

Inc.

*(d)

10,497

28,972

Ocular

Therapeutix,

Inc.

*(d)

2,416

10,824

Omeros

Corp.

*(d)

374

1,863

Organon

&

Co.

12,245

388,411

Pacira

BioSciences,

Inc.

*(d)

2,012

113,799

Perrigo

Co.

plc

7,497

313,899

Pfizer,

Inc.

292,018

14,749,829

Phathom

Pharmaceuticals,

Inc.

*

600

5,526

Phibro

Animal

Health

Corp.,

Class A

828

16,204

Prestige

Consumer

Healthcare,

Inc.

*

2,405

145,046

Nationwide

Multi-Cap

Portfolio

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

35

Common

Stocks

Shares

Value

($)

Pharmaceuticals

Provention

Bio,

Inc.

*(d)

1,534

5,860

Reata

Pharmaceuticals,

Inc.,

Class A

*

1,684

51,665

Relmada

Therapeutics,

Inc.

*

559

14,310

Revance

Therapeutics,

Inc.

*

5,691

88,324

Roivant

Sciences

Ltd.

*

4,128

16,429

Royalty

Pharma

plc,

Class A

19,524

849,099

SIGA

Technologies,

Inc.

(d)

2,403

41,308

Supernus

Pharmaceuticals,

Inc.

*

1,961

62,262

Tarsus

Pharmaceuticals,

Inc.

*(d)

37

556

Theravance

Biopharma,

Inc.

*

1,948

17,123

Tricida,

Inc.

*(d)

330

3,023

Ventyx

Biosciences,

Inc.

*(d)

302

4,563

Viatris,

Inc.

65,417

633,891

Xeris

Biopharma

Holdings,

Inc.

*(d)

808

1,147

Zoetis,

Inc.

25,184

4,597,339

88,646,533

Professional

Services

0.4%

Alight,

Inc.,

Class A

*

16,942

127,743

ASGN,

Inc.

*

7,235

750,704

Atlas

Technical

Consultants,

Inc.

*(d)

209

1,467

Barrett

Business

Services,

Inc.

298

24,314

BayCurrent

Consulting,

Inc.

6,300

1,970,519

Booz

Allen

Hamilton

Holding

Corp.

6,758

648,633

CACI

International,

Inc.,

Class A

*(d)

1,173

354,586

CBIZ,

Inc.

*

3,627

165,464

Clarivate

plc

*

20,791

301,262

CoStar

Group,

Inc.

*

20,331

1,475,827

CRA

International,

Inc.

247

24,455

Dun

&

Bradstreet

Holdings,

Inc.

*

16,474

259,630

Equifax,

Inc.

7,169

1,497,676

Exponent,

Inc.

2,802

281,573

First

Advantage

Corp.

*

4,767

66,881

Forrester

Research,

Inc.

*

494

22,966

Franklin

Covey

Co.

*

519

27,159

FTI

Consulting,

Inc.

*

1,475

241,251

Heidrick

&

Struggles

International,

Inc.

765

23,822

HireRight

Holdings

Corp.

*

473

7,029

Huron

Consulting

Group,

Inc.

*

868

58,243

ICF

International,

Inc.

(d)

730

68,876

Insperity,

Inc.

2,052

225,186

Jacobs

Engineering

Group,

Inc.

6,715

921,969

KBR,

Inc.

7,512

399,864

Kelly

Services,

Inc.,

Class A

1,380

29,918

Kforce,

Inc.

823

54,195

Korn

Ferry

(d)

2,341

153,359

Legalzoom.com,

Inc.

*(d)

5,363

56,204

Leidos

Holdings,

Inc.

9,228

987,396

ManpowerGroup,

Inc.

3,050

239,151

ManTech

International

Corp.,

Class A

1,543

147,850

Nielsen

Holdings

plc

19,425

465,229

Common

Stocks

Shares

Value

($)

Professional

Services

Planet

Labs

PBC

*

11,805

62,921

Recruit

Holdings

Co.

Ltd.

132,000

4,957,808

Red

Violet,

Inc.

*(d)

80

1,888

Resources

Connection,

Inc.

(d)

1,269

27,233

Robert

Half

International,

Inc.

5,391

426,644

Science

Applications

International

Corp.

3,004

290,997

Skillsoft

Corp.

*(d)

971

3,729

Sterling

Check

Corp.

*(d)

574

11,279

TransUnion

9,886

783,268

TriNet

Group,

Inc.

*

1,747

144,127

TrueBlue,

Inc.

*

1,388

30,036

Upwork,

Inc.

*(d)

6,331

117,503

Verisk

Analytics,

Inc.

7,895

1,502,024

Willdan

Group,

Inc.

*

438

11,918

20,451,776

Real

Estate

Management

&

Development

0.1%

Anywhere

Real

Estate,

Inc.

*(d)

6,236

61,924

CBRE

Group,

Inc.,

Class A

*(d)

19,273

1,650,154

Compass,

Inc.,

Class A

*

17,887

68,328

Cushman

&

Wakefield

plc

*(d)

8,828

148,310

DigitalBridge

Group,

Inc.

*

112,799

618,139

Doma

Holdings,

Inc.

*(d)

1,940

1,439

Douglas

Elliman,

Inc.

2,401

14,406

eXp

World

Holdings,

Inc.

(d)

3,998

59,410

Five

Point

Holdings

LLC,

Class A

*(d)

413

1,743

Forestar

Group,

Inc.

*

731

10,117

FRP

Holdings,

Inc.

*

308

18,172

Howard

Hughes

Corp.

(The)

*

1,719

121,860

Jones

Lang

LaSalle,

Inc.

*

2,613

498,221

Kennedy-Wilson

Holdings,

Inc.

5,898

121,853

Marcus

&

Millichap,

Inc.

1,042

42,639

Newmark

Group,

Inc.,

Class A

(d)

8,631

98,393

Offerpad

Solutions,

Inc.

*(d)

1,462

3,085

Opendoor

Technologies,

Inc.

*

24,854

122,033

RE/MAX

Holdings,

Inc.,

Class A

112

2,838

Redfin

Corp.

*(d)

5,641

49,077

RMR

Group,

Inc.

(The),

Class A

584

16,883

Seritage

Growth

Properties,

Class A

*

1,393

16,744

St

Joe

Co.

(The)

(d)

1,362

57,231

Stratus

Properties,

Inc.

*(d)

49

1,552

Tejon

Ranch

Co.

*

913

15,083

WeWork,

Inc.

*(d)

12,391

59,105

Zillow

Group,

Inc.,

Class A

*(d)

10,647

371,727

4,250,466

Road

&

Rail

0.4%

AMERCO

(d)

516

277,133

ArcBest

Corp.

1,382

122,445

Avis

Budget

Group,

Inc.

*(d)

1,643

299,075

Bird

Global,

Inc.,

Class A

*(d)

1,435

772

Canadian

National

Railway

Co.

1,225

155,183

36

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Road

&

Rail

Covenant

Logistics

Group,

Inc.

377

12,618

CSX

Corp.

113,798

3,679,089

Daseke,

Inc.

*

1,673

14,020

Heartland

Express,

Inc.

2,110

33,507

Hertz

Global

Holdings,

Inc.

*(d)

12,913

276,596

JB

Hunt

Transport

Services,

Inc.

4,481

821,233

Knight-Swift

Transportation

Holdings,

Inc.

7,497

411,960

Landstar

System,

Inc.

(d)

1,915

299,851

Lyft,

Inc.,

Class A

*(d)

16,042

222,342

Marten

Transport

Ltd.

(d)

2,458

52,995

Norfolk

Southern

Corp.

12,613

3,168,007

Old

Dominion

Freight

Line,

Inc.

5,322

1,615,280

Ryder

System,

Inc.

2,009

157,345

Saia,

Inc.

*(d)

1,392

331,087

Schneider

National,

Inc.,

Class B

3,695

93,594

TuSimple

Holdings,

Inc.,

Class A

*(d)

7,738

77,071

Uber

Technologies,

Inc.

*

98,676

2,313,952

Union

Pacific

Corp.

32,635

7,417,936

Universal

Logistics

Holdings,

Inc.

236

7,092

Werner

Enterprises,

Inc.

3,038

133,551

XPO

Logistics,

Inc.

*

5,349

319,549

22,313,283

Semiconductors

&

Semiconductor

Equipment

2.2%

ACM

Research,

Inc.,

Class A

*

3,653

61,663

Advanced

Micro

Devices,

Inc.

*

83,626

7,900,148

Advantest

Corp.

73,400

4,345,263

Allegro

MicroSystems,

Inc.

*

1,347

33,446

Alpha

&

Omega

Semiconductor

Ltd.

*(d)

703

29,533

Ambarella,

Inc.

*

1,919

166,090

Amkor

Technology,

Inc.

(d)

6,987

140,928

Analog

Devices,

Inc.

26,924

4,629,851

Applied

Materials,

Inc.

45,753

4,848,903

Atomera,

Inc.

*(d)

393

4,590

Axcelis

Technologies,

Inc.

*(d)

2,229

156,766

AXT,

Inc.

*

1,318

11,559

Broadcom,

Inc.

20,641

11,052,843

CEVA,

Inc.

*(d)

1,031

38,384

Cirrus

Logic,

Inc.

*(d)

2,422

206,984

Cohu,

Inc.

*

3,562

101,802

Credo

Technology

Group

Holding

Ltd.

*

863

13,851

CyberOptics

Corp.

*

44

1,790

Diodes,

Inc.

*

2,420

196,915

Enphase

Energy,

Inc.

*

6,819

1,937,823

Entegris,

Inc.

7,642

839,834

First

Solar,

Inc.

*

5,550

550,394

FormFactor,

Inc.

*

4,406

156,677

GLOBALFOUNDRIES,

Inc.

*(d)

6,707

345,276

Ichor

Holdings

Ltd.

*

2,283

71,367

Impinj,

Inc.

*

710

60,364

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

indie

Semiconductor,

Inc.,

Class A

*

9,497

68,378

Intel

Corp.

211,304

7,672,448

KLA

Corp.

7,741

2,968,983

Kulicke

&

Soffa

Industries,

Inc.

3,064

147,440

Lam

Research

Corp.

7,216

3,611,680

Lattice

Semiconductor

Corp.

*

7,274

447,351

MACOM

Technology

Solutions

Holdings,

Inc.

*

2,976

172,429

Marvell

Technology,

Inc.

43,218

2,406,378

MaxLinear,

Inc.

*

3,917

158,286

Microchip

Technology,

Inc.

27,776

1,912,655

Micron

Technology,

Inc.

57,636

3,565,363

MKS

Instruments,

Inc.

2,646

312,757

Monolithic

Power

Systems,

Inc.

2,328

1,081,868

Navitas

Semiconductor

Corp.

*(d)

732

3,821

NeoPhotonics

Corp.

*

2,080

33,259

NVIDIA

Corp.

126,190

22,919,890

ON

Semiconductor

Corp.

*(d)

22,008

1,469,694

Onto

Innovation,

Inc.

*

2,176

181,152

PDF

Solutions,

Inc.

*

1,199

32,349

Photronics,

Inc.

*(d)

2,549

60,692

Power

Integrations,

Inc.

3,169

269,397

Qorvo,

Inc.

*

5,753

598,715

QUALCOMM,

Inc.

57,880

8,396,073

Rambus,

Inc.

*

6,423

162,373

Rigetti

Computing,

Inc.

*(d)

678

3,004

Rockley

Photonics

Holdings

Ltd.

*(d)

768

1,966

Semtech

Corp.

*

3,499

218,093

Silicon

Laboratories,

Inc.

*

1,716

253,076

SiTime

Corp.

*

844

156,967

Skyworks

Solutions,

Inc.

8,471

922,323

SMART

Global

Holdings,

Inc.

*

3,374

66,198

SunPower

Corp.

*(d)

4,987

101,585

Synaptics,

Inc.

*

1,888

273,666

Teradyne,

Inc.

(d)

8,164

823,666

Texas

Instruments,

Inc.

48,705

8,712,837

Ultra

Clean

Holdings,

Inc.

*

1,674

56,246

Universal

Display

Corp.

2,099

242,351

Veeco

Instruments,

Inc.

*

1,984

43,251

Wolfspeed,

Inc.

*(d)

6,104

508,463

108,940,167

Software

3.9%

8x8,

Inc.

*

6,911

33,795

A10

Networks,

Inc.

(d)

2,624

39,124

ACI

Worldwide,

Inc.

*

6,457

184,218

Adobe,

Inc.

*

24,391

10,003,237

Agilysys,

Inc.

*(d)

757

36,563

Alarm.com

Holdings,

Inc.

*(d)

2,576

182,303

Alkami

Technology,

Inc.

*(d)

539

7,503

Altair

Engineering,

Inc.,

Class A

*(d)

2,911

171,487

Alteryx,

Inc.,

Class A

*

2,704

130,955

American

Software,

Inc.,

Class A

1,184

21,170

Amplitude,

Inc.,

Class A

*(d)

3,798

56,134

ANSYS,

Inc.

*

4,560

1,272,194

Appfolio,

Inc.,

Class A

*

1,154

117,489

Nationwide

Multi-Cap

Portfolio

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

37

Common

Stocks

Shares

Value

($)

Software

Appian

Corp.

*

2,206

107,057

AppLovin

Corp.,

Class A

*(d)

12,069

428,932

Asana,

Inc.,

Class A

*(d)

4,893

94,533

Aspen

Technology,

Inc.

*

1,347

274,909

Atlassian

Corp.

plc,

Class A

*

6,256

1,309,506

Autodesk,

Inc.

*

11,184

2,419,323

Avalara,

Inc.

*

4,594

401,607

Avaya

Holdings

Corp.

*(d)

2,185

1,963

AvePoint,

Inc.

*

13,785

69,339

Benefitfocus,

Inc.

*(d)

1,185

10,037

Bentley

Systems,

Inc.,

Class B

(d)

8,443

334,343

Bill.com

Holdings,

Inc.

*(d)

4,875

658,515

Black

Knight,

Inc.

*

7,881

517,624

Blackbaud,

Inc.

*

2,536

155,507

Blackline,

Inc.

*(d)

3,035

191,873

Blend

Labs,

Inc.,

Class A

*

19,359

51,108

Box,

Inc.,

Class A

*

5,734

163,075

Braze,

Inc.,

Class A

*(d)

157

6,825

BTRS

Holdings,

Inc.,

Class 1

*

3,414

22,020

C3.ai,

Inc.,

Class A

*(d)

2,699

49,689

Cadence

Design

Systems,

Inc.

*

14,027

2,610,144

CCC

Intelligent

Solutions

Holdings,

Inc.

*

11,475

114,635

Cerence,

Inc.

*(d)

2,075

58,453

Ceridian

HCM

Holding,

Inc.

*

7,034

385,252

ChannelAdvisor

Corp.

*

932

13,738

Citrix

Systems,

Inc.

6,446

653,689

Cleanspark,

Inc.

*(d)

247

985

Clear

Secure,

Inc.,

Class A

*(d)

3,419

86,569

Clearwater

Analytics

Holdings,

Inc.,

Class A

*

288

3,681

CommVault

Systems,

Inc.

*(d)

2,731

153,182

Confluent,

Inc.,

Class A

*(d)

6,680

170,006

Consensus

Cloud

Solutions,

Inc.

*

500

27,015

Couchbase,

Inc.

*(d)

1,444

21,992

Coupa

Software,

Inc.

*

3,892

254,615

Crowdstrike

Holdings,

Inc.,

Class A

*

10,867

1,995,181

CS

Disco,

Inc.

*(d)

2,474

60,712

Cvent

Holding

Corp.

*(d)

12,162

75,891

Datadog,

Inc.,

Class A

*

13,535

1,380,705

Dave,

Inc.

*(d)

1,930

1,332

Digimarc

Corp.

*(d)

505

7,732

Digital

Turbine,

Inc.

*

4,851

97,360

DocuSign,

Inc.

*

10,114

647,094

Dolby

Laboratories,

Inc.,

Class A

3,029

234,445

Domo,

Inc.,

Class B

*

962

26,946

DoubleVerify

Holdings,

Inc.

*

4,704

107,863

Dropbox,

Inc.,

Class A

*

13,851

314,972

Duck

Creek

Technologies,

Inc.

*(d)

5,626

77,639

Dynatrace,

Inc.

*

11,219

422,171

E2open

Parent

Holdings,

Inc.

*

11,254

75,964

Ebix,

Inc.

(d)

1,033

24,441

eGain

Corp.

*

674

5,972

Elastic

NV

*

3,999

319,480

Common

Stocks

Shares

Value

($)

Software

Embark

Technology,

Inc.

*

2,164

987

EngageSmart,

Inc.

*

968

18,266

Envestnet,

Inc.

*(d)

377

21,968

Everbridge,

Inc.

*

2,108

52,995

EverCommerce,

Inc.

*(d)

1,165

13,374

Fair

Isaac

Corp.

*

1,270

586,778

Five9,

Inc.

*(d)

3,708

400,909

ForgeRock,

Inc.,

Class A

*(d)

2,449

49,641

Fortinet,

Inc.

*

34,222

2,041,342

Freshworks,

Inc.,

Class A

*(d)

586

7,682

Gitlab,

Inc.,

Class A

*

312

17,909

Guidewire

Software,

Inc.

*

4,660

362,175

HashiCorp,

Inc.,

Class A

*(d)

189

6,849

HubSpot,

Inc.

*(d)

2,372

730,576

Informatica,

Inc.,

Class A

*(d)

4,125

94,462

Instructure

Holdings,

Inc.

*(d)

843

20,603

Intapp,

Inc.

*(d)

366

5,552

InterDigital,

Inc.

(d)

2,084

127,937

Intuit,

Inc.

14,199

6,477,158

Jamf

Holding

Corp.

*(d)

3,747

91,577

KnowBe4,

Inc.,

Class A

*(d)

4,019

57,431

Latch,

Inc.

*(d)

852

1,022

LivePerson,

Inc.

*(d)

3,604

49,159

LiveRamp

Holdings,

Inc.

*

4,014

106,812

Mandiant

Corp.

*

12,973

295,525

Manhattan

Associates,

Inc.

*

3,383

475,887

Marathon

Digital

Holdings,

Inc.

*(d)

5,615

72,939

Matterport,

Inc.

*

16,279

69,186

MeridianLink,

Inc.

*

480

8,184

Microsoft

Corp.

388,621

109,101,459

MicroStrategy,

Inc.,

Class A

*(d)

427

122,148

Mitek

Systems,

Inc.

*(d)

4,499

48,949

Model

N,

Inc.

*

1,327

33,334

Momentive

Global,

Inc.

*

7,341

63,500

N-able,

Inc.

*

1,841

18,079

nCino,

Inc.

*(d)

3,736

120,635

NCR

Corp.

*(d)

5,560

180,422

New

Relic,

Inc.

*

2,864

173,759

NextNav,

Inc.

*(d)

575

1,587

NortonLifeLock,

Inc.

38,243

938,101

Nutanix,

Inc.,

Class A

*

10,980

166,127

Olo,

Inc.,

Class A

*(d)

6,756

72,357

ON24,

Inc.

*

970

9,322

OneSpan,

Inc.

*

1,331

14,734

Oracle

Corp.

85,006

6,616,867

Pagaya

Technologies

Ltd.,

Class A

*

171

4,244

PagerDuty,

Inc.

*(d)

5,199

134,810

Palantir

Technologies,

Inc.,

Class A

*(d)

96,427

998,019

Palo

Alto

Networks,

Inc.

*(d)

4,959

2,475,037

Paycom

Software,

Inc.

*

2,724

900,255

Paycor

HCM,

Inc.

*

3,155

84,207

Paylocity

Holding

Corp.

*(d)

2,088

429,982

Pegasystems,

Inc.

(d)

2,460

98,769

Ping

Identity

Holding

Corp.

*

5,164

88,563

Procore

Technologies,

Inc.

*(d)

3,789

195,891

Progress

Software

Corp.

(d)

1,635

76,780

PROS

Holdings,

Inc.

*(d)

2,682

65,360

PTC,

Inc.

*(d)

5,680

700,798

38

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Software

Q2

Holdings,

Inc.

*

3,205

140,699

Qualtrics

International,

Inc.,

Class A

*

947

12,074

Qualys,

Inc.

*

1,892

231,429

Rapid7,

Inc.

*(d)

3,064

196,004

Rimini

Street,

Inc.

*

1,148

8,059

RingCentral,

Inc.,

Class A

*

4,257

210,679

Riot

Blockchain,

Inc.

*(d)

4,545

33,269

Roper

Technologies,

Inc.

5,442

2,376,358

Sailpoint

Technologies

Holdings,

Inc.

*

5,105

325,546

Salesforce,

Inc.

*

49,665

9,139,353

Samsara,

Inc.,

Class A

*

478

6,912

Sapiens

International

Corp.

NV

(d)

895

23,547

SecureWorks

Corp.,

Class A

*

263

2,612

SEMrush

Holdings,

Inc.,

Class A

*(d)

256

3,113

SentinelOne,

Inc.,

Class A

*(d)

9,213

228,943

ServiceNow,

Inc.

*

10,377

4,634,991

ShotSpotter,

Inc.

*

342

11,488

Smartsheet,

Inc.,

Class A

*

6,858

206,151

Splunk,

Inc.

*(d)

8,102

841,879

Sprinklr,

Inc.,

Class A

*

638

7,235

Sprout

Social,

Inc.,

Class A

*

2,460

128,166

SPS

Commerce,

Inc.

*

1,854

222,035

Sumo

Logic,

Inc.

*

2,875

19,464

Synopsys,

Inc.

*

7,950

2,921,625

Telos

Corp.

*

1,504

11,942

Tenable

Holdings,

Inc.

*

5,224

201,908

Teradata

Corp.

*

5,977

228,859

Terawulf,

Inc.

*(d)

622

896

Trade

Desk,

Inc.

(The),

Class A

*(d)

22,502

1,012,590

Tyler

Technologies,

Inc.

*

2,130

849,870

UiPath,

Inc.,

Class A

*(d)

20,416

374,225

Unity

Software,

Inc.

*(d)

11,440

427,742

Upland

Software,

Inc.

*

1,058

11,977

Varonis

Systems,

Inc.

*

5,845

148,638

Verint

Systems,

Inc.

*

3,847

175,692

Veritone,

Inc.

*(d)

1,095

7,698

Vertex,

Inc.,

Class A

*

252

2,835

Viant

Technology,

Inc.,

Class A

*

763

3,792

VMware,

Inc.,

Class A

12,410

1,442,042

WM

Technology,

Inc.

*(d)

419

1,425

Workday,

Inc.,

Class A

*

9,973

1,546,812

Workiva,

Inc.

*(d)

2,574

168,597

Xperi

Holding

Corp.

3,266

54,738

Yext,

Inc.

*

3,916

17,152

Zendesk,

Inc.

*

6,352

479,068

Zeta

Global

Holdings

Corp.,

Class A

*

962

5,147

Zoom

Video

Communications,

Inc.,

Class A

*

13,066

1,357,035

Zscaler,

Inc.

*(d)

4,511

699,476

Zuora,

Inc.,

Class A

*

7,255

61,740

197,376,320

Specialty

Retail

1.0%

Aaron's

Co.,

Inc.

(The)

(d)

1,275

16,601

Common

Stocks

Shares

Value

($)

Specialty

Retail

Abercrombie

&

Fitch

Co.,

Class A

*(d)

3,611

64,312

Academy

Sports

&

Outdoors,

Inc.

4,366

187,869

Advance

Auto

Parts,

Inc.

3,006

582,022

American

Eagle

Outfitters,

Inc.

(d)

8,707

104,832

America's

Car-Mart,

Inc.

*(d)

244

25,271

Arko

Corp.

4,093

37,369

Asbury

Automotive

Group,

Inc.

*(d)

1,304

223,819

AutoNation,

Inc.

*

2,030

241,042

AutoZone,

Inc.

*

1,007

2,152,352

Bath

&

Body

Works,

Inc.

11,445

406,755

Bed

Bath

&

Beyond,

Inc.

*

10,276

51,688

Best

Buy

Co.,

Inc.

10,396

800,388

Big

5

Sporting

Goods

Corp.

(d)

1,627

20,923

Boot

Barn

Holdings,

Inc.

*

1,623

101,113

Buckle,

Inc.

(The)

1,969

59,464

Burlington

Stores,

Inc.

*(d)

3,262

460,366

Caleres,

Inc.

1,516

37,627

Camping

World

Holdings,

Inc.,

Class A

2,967

80,228

CarMax,

Inc.

*(d)

7,985

794,827

Carvana

Co.

*(d)

4,743

138,258

Cato

Corp.

(The),

Class A

935

11,547

Chico's

FAS,

Inc.

*(d)

4,825

24,222

Children's

Place,

Inc.

(The)

*(d)

298

12,915

Citi

Trends,

Inc.

*

347

8,529

Conn's,

Inc.

*(d)

599

5,643

Container

Store

Group,

Inc.

(The)

*

964

7,191

Designer

Brands,

Inc.,

Class A

(d)

4,281

61,775

Destination

XL

Group,

Inc.

*(d)

383

1,586

Dick's

Sporting

Goods,

Inc.

(d)

2,669

249,792

EVgo,

Inc.

*(d)

8,729

78,299

Five

Below,

Inc.

*

2,933

372,696

Floor

&

Decor

Holdings,

Inc.,

Class A

*

5,382

433,628

Foot

Locker,

Inc.

(d)

3,465

98,302

GameStop

Corp.,

Class A

*(d)

13,941

474,133

Gap,

Inc.

(The)

12,457

119,836

Genesco,

Inc.

*

491

27,521

Group

1

Automotive,

Inc.

(d)

1,056

186,828

GrowGeneration

Corp.

*(d)

1,950

9,458

Guess?,

Inc.

(d)

1,892

35,778

Haverty

Furniture

Cos.,

Inc.

718

19,623

Hibbett,

Inc.

(d)

925

43,401

Home

Depot,

Inc.

(The)

53,434

16,080,428

Leslie's,

Inc.

*(d)

7,732

117,217

Lithia

Motors,

Inc.,

Class A

1,530

405,878

LL

Flooring

Holdings,

Inc.

*

1,175

11,797

Lowe's

Cos.,

Inc.

34,075

6,526,385

MarineMax,

Inc.

*(d)

827

33,775

Monro,

Inc.

2,189

109,778

Murphy

USA,

Inc.

1,182

336,114

National

Vision

Holdings,

Inc.

*

4,294

125,127

Nitori

Holdings

Co.

Ltd.

41,500

4,380,362

ODP

Corp.

(The)

*

2,843

103,201

Nationwide

Multi-Cap

Portfolio

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

39

Common

Stocks

Shares

Value

($)

Specialty

Retail

OneWater

Marine,

Inc.,

Class A

*(d)

252

9,133

O'Reilly

Automotive,

Inc.

*(d)

3,398

2,390,799

Party

City

Holdco,

Inc.

*(d)

4,110

4,685

Penske

Automotive

Group,

Inc.

(d)

1,468

168,071

Petco

Health

&

Wellness

Co.,

Inc.

*(d)

5,234

72,857

Rent-A-Center,

Inc.

3,569

83,979

RH

*(d)

940

262,664

Ross

Stores,

Inc.

18,217

1,480,313

Sally

Beauty

Holdings,

Inc.

*(d)

6,138

78,444

Shoe

Carnival,

Inc.

920

20,065

Signet

Jewelers

Ltd.

(d)

2,772

168,981

Sleep

Number

Corp.

*(d)

708

31,902

Sonic

Automotive,

Inc.,

Class A

(d)

1,681

70,350

Sportsman's

Warehouse

Holdings,

Inc.

*(d)

1,671

16,476

Tilly's,

Inc.,

Class A

725

5,488

TJX

Cos.,

Inc.

(The)

60,511

3,700,853

Tractor

Supply

Co.

6,364

1,218,579

TravelCenters

of

America,

Inc.

*

1,377

57,448

Ulta

Beauty,

Inc.

*

2,739

1,065,225

Urban

Outfitters,

Inc.

*(d)

4,352

89,129

Victoria's

Secret

&

Co.

*

5,215

192,746

Volta,

Inc.

*(d)

997

1,834

Warby

Parker,

Inc.,

Class A

*(d)

5,657

70,090

Williams-Sonoma,

Inc.

(d)

3,502

505,759

Winmark

Corp.

117

25,992

Zumiez,

Inc.

*(d)

1,498

38,948

48,930,701

Technology

Hardware,

Storage

&

Peripherals

2.7%

3D

Systems

Corp.

*(d)

6,965

79,680

Apple,

Inc.

805,199

130,852,889

Avid

Technology,

Inc.

*

1,359

38,134

Corsair

Gaming,

Inc.

*(d)

1,668

23,519

Dell

Technologies,

Inc.,

Class C

17,569

791,659

Diebold

Nixdorf,

Inc.

*(d)

2,377

7,678

Eastman

Kodak

Co.

*(d)

883

4,865

Hewlett

Packard

Enterprise

Co.

(d)

66,513

947,145

HP,

Inc.

(d)

59,369

1,982,331

IonQ,

Inc.

*(d)

11,211

60,539

NetApp,

Inc.

11,037

787,269

Pure

Storage,

Inc.,

Class A

*

14,895

422,273

Seagate

Technology

Holdings

plc

1,305

104,374

Super

Micro

Computer,

Inc.

*

2,377

128,382

Turtle

Beach

Corp.

*(d)

474

6,162

Western

Digital

Corp.

*

16,117

791,345

Xerox

Holdings

Corp.

8,152

139,644

137,167,888

Textiles,

Apparel

&

Luxury

Goods

0.3%

Allbirds,

Inc.,

Class A

*(d)

11,930

61,320

Asics

Corp.

211,300

4,012,701

Common

Stocks

Shares

Value

($)

Textiles,

Apparel

&

Luxury

Goods

Capri

Holdings

Ltd.

*

7,857

382,479

Carter's,

Inc.

2,335

190,256

Columbia

Sportswear

Co.

2,206

163,266

Crocs,

Inc.

*

2,527

181,034

Deckers

Outdoor

Corp.

*

1,455

455,721

Fossil

Group,

Inc.

*

1,954

11,783

G-III

Apparel

Group

Ltd.

*

1,791

39,563

Hanesbrands,

Inc.

(d)

18,346

205,108

Kontoor

Brands,

Inc.

2,860

104,390

Levi

Strauss

&

Co.,

Class A

(d)

577

10,917

Lululemon

Athletica,

Inc.

*

5,125

1,591,364

Movado

Group,

Inc.

680

23,106

NIKE,

Inc.,

Class B

63,751

7,326,265

Oxford

Industries,

Inc.

1,290

123,066

PLBY

Group,

Inc.

*(d)

254

1,631

PVH

Corp.

3,841

237,835

Ralph

Lauren

Corp.

(d)

2,139

210,970

Rocky

Brands,

Inc.

248

8,154

Skechers

USA,

Inc.,

Class A

*

6,076

230,645

Steven

Madden

Ltd.

4,592

145,566

Superior

Group

of

Cos.,

Inc.

333

6,147

Tapestry,

Inc.

13,101

440,587

Under

Armour,

Inc.,

Class A

*

19,270

170,786

Unifi,

Inc.

*

623

8,491

VF

Corp.

18,150

810,942

Wolverine

World

Wide,

Inc.

4,511

101,362

17,255,455

Thrifts

&

Mortgage

Finance

0.1%

Axos

Financial,

Inc.

*

4,133

172,594

Blue

Foundry

Bancorp

*

170

1,994

Bridgewater

Bancshares,

Inc.

*

1,042

18,214

Capitol

Federal

Financial,

Inc.

(d)

4,005

38,408

Columbia

Financial,

Inc.

*(d)

2,721

55,345

Enact

Holdings,

Inc.

(d)

971

22,372

Essent

Group

Ltd.

5,073

211,848

Federal

Agricultural

Mortgage

Corp.,

Class C

935

103,121

Finance

of

America

Cos.,

Inc.,

Class A

*(d)

4,182

7,402

Flagstar

Bancorp,

Inc.

1,484

61,141

Hingham

Institution

for

Savings

67

19,431

Home

Bancorp,

Inc.

333

12,544

Kearny

Financial

Corp.

9,747

114,137

Luther

Burbank

Corp.

1,038

13,691

Merchants

Bancorp

687

18,178

MGIC

Investment

Corp.

15,780

223,129

Mr.

Cooper

Group,

Inc.

*

4,758

214,348

New

York

Community

Bancorp,

Inc.

(d)

40,066

425,501

NMI

Holdings,

Inc.,

Class A

*

3,169

60,021

Northfield

Bancorp,

Inc.

12,646

186,149

PennyMac

Financial

Services,

Inc.

1,221

66,899

Pioneer

Bancorp,

Inc.

*

330

3,204

Provident

Bancorp,

Inc.

253

3,830

Provident

Financial

Services,

Inc.

1,344

32,740

Radian

Group,

Inc.

7,978

178,468

Rocket

Cos.,

Inc.,

Class A

(d)

7,809

74,342

40

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Thrifts

&

Mortgage

Finance

Southern

Missouri

Bancorp,

Inc.

(d)

356

19,203

TFS

Financial

Corp.

6,646

97,364

TrustCo

Bank

Corp.

NY

114

3,826

UWM

Holdings

Corp.

(d)

5,353

20,181

Walker

&

Dunlop,

Inc.

(d)

1,674

188,559

Waterstone

Financial,

Inc.

3,956

73,779

WSFS

Financial

Corp.

1,405

67,047

2,809,010

Tobacco

0.2%

22nd

Century

Group,

Inc.

*(d)

8,442

14,183

Altria

Group,

Inc.

97,057

4,256,920

Philip

Morris

International,

Inc.

82,419

8,007,006

Turning

Point

Brands,

Inc.

(d)

405

9,720

Universal

Corp.

1,371

76,653

Vector

Group

Ltd.

9,961

110,965

12,475,447

Trading

Companies

&

Distributors

0.2%

Air

Lease

Corp.

5,816

215,832

Alta

Equipment

Group,

Inc.

*

570

6,407

Applied

Industrial

Technologies,

Inc.

2,092

210,434

Beacon

Roofing

Supply,

Inc.

*(d)

2,343

140,627

BlueLinx

Holdings,

Inc.

*

326

26,080

Boise

Cascade

Co.

2,552

180,452

Core

&

Main,

Inc.,

Class A

*(d)

3,332

80,434

Custom

Truck

One

Source,

Inc.

*(d)

1,904

11,786

Distribution

Solutions

Group,

Inc.

*

152

7,539

DXP

Enterprises,

Inc.

*

652

22,168

Fastenal

Co.

35,329

1,814,497

GATX

Corp.

1,868

187,267

Global

Industrial

Co.

694

24,811

GMS,

Inc.

*

2,741

145,465

H&E

Equipment

Services,

Inc.

1,259

45,009

Herc

Holdings,

Inc.

1,370

169,907

Hudson

Technologies,

Inc.

*(d)

267

2,379

McGrath

RentCorp

1,669

140,797

MRC

Global,

Inc.

*

3,189

37,056

MSC

Industrial

Direct

Co.,

Inc.,

Class A

2,589

214,007

NOW,

Inc.

*

4,387

48,520

Rush

Enterprises,

Inc.,

Class A

1,838

89,943

SiteOne

Landscape

Supply,

Inc.

*(d)

2,431

338,711

Textainer

Group

Holdings

Ltd.

2,376

80,713

Titan

Machinery,

Inc.

*

777

21,857

Transcat,

Inc.

*

255

15,892

Triton

International

Ltd.

(d)

1,994

127,776

United

Rentals,

Inc.

*(d)

3,764

1,214,530

Univar

Solutions,

Inc.

*

9,349

252,797

Veritiv

Corp.

*

1,278

158,498

Watsco,

Inc.

(d)

1,652

452,565

WESCO

International,

Inc.

*

2,411

308,222

WW

Grainger,

Inc.

2,440

1,326,213

8,119,191

Common

Stocks

Shares

Value

($)

Water

Utilities

0.0%

†

American

States

Water

Co.

2,287

199,358

American

Water

Works

Co.,

Inc.

9,263

1,439,841

Artesian

Resources

Corp.,

Class A

300

15,468

California

Water

Service

Group

3,305

198,564

Essential

Utilities,

Inc.

11,843

615,125

Global

Water

Resources,

Inc.

376

4,975

Middlesex

Water

Co.

106

10,082

Pure

Cycle

Corp.

*

646

6,822

SJW

Group

1,940

127,380

York

Water

Co.

(The)

498

21,409

2,639,024

Wireless

Telecommunication

Services

0.1%

Gogo,

Inc.

*

2,332

40,484

Shenandoah

Telecommunications

Co.

3,686

82,198

SoftBank

Group

Corp.

47,200

2,007,777

Telephone

&

Data

Systems,

Inc.

5,225

82,607

T-Mobile

US,

Inc.

*

34,729

4,968,331

United

States

Cellular

Corp.

*

819

23,988

7,205,385

Total

Common

Stocks

(cost

$2,054,548,532)

2,278,525,031

Corporate

Bonds

16.8%

Principal

Amount

($)

Aerospace

&

Defense

0.4%

Boeing

Co.

(The)

,

1.43%,

2/4/2024

4,120,000

3,967,888

4.88%,

5/1/2025

5,710,000

5,794,862

2.75%,

2/1/2026

1,980,000

1,894,107

Northrop

Grumman

Corp.

,

2.93%,

1/15/2025

8,570,000

8,480,627

Raytheon

Technologies

Corp.

,

3.15%,

12/15/2024

150,000

148,596

20,286,080

Automobiles

0.4%

Ford

Motor

Co.

,

3.25%,

2/12/2032

10,300,000

8,600,500

General

Motors

Co.

,

5.40%,

10/2/2023

1,810,000

1,842,333

6.13%,

10/1/2025

2,770,000

2,911,952

Nissan

Motor

Acceptance

Co.

LLC

,

1.05%,

3/8/2024(a)

470,000

442,834

2.00%,

3/9/2026(a)

530,000

467,486

Nissan

Motor

Co.

Ltd.

,

3.04%,

9/15/2023(a)

4,960,000

4,888,546

19,153,651

Banks

4.4%

Banco

Santander

SA

,

2.75%,

5/28/2025

4,400,000

4,199,336

Nationwide

Multi-Cap

Portfolio

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

41

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Banco

Santander

SA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.00%),

4.17%,

3/24/2028(e)

3,400,000

3,270,241

Bank

of

America

Corp.

,

(ICE

LIBOR

USD

3

Month

+

0.79%),

2.40%,

3/5/2024(e)

2,000,000

1,985,640

3.86%,

7/23/2024

2,570,000

2,563,660

(SOFR

+

1.11%),

3.84%,

4/25/2025(d)(e)

2,050,000

2,045,244

(SOFR

+

1.15%),

1.32%,

6/19/2026(e)

6,070,000

5,599,398

(SOFR

+

0.96%),

1.73%,

7/22/2027(e)

6,000,000

5,442,960

Bank

of

Montreal

,

2.50%,

6/28/2024(d)

2,920,000

2,863,144

1.85%,

5/1/2025(d)

8,420,000

8,050,862

Bank

of

Nova

Scotia

(The)

,

3.45%,

4/11/2025

1,470,000

1,460,034

1.30%,

6/11/2025

4,970,000

4,643,101

BNP

Paribas

SA

,

(ICE

LIBOR

USD

3

Month

+

1.11%),

2.82%,

11/19/2025(a)(e)

5,550,000

5,312,563

(SOFR

+

2.07%),

2.22%,

6/9/2026(a)(e)

6,170,000

5,763,878

Citigroup,

Inc.

,

(SOFR

+

1.67%),

1.68%,

5/15/2024(e)

1,500,000

1,476,156

(SOFR

+

2.84%),

3.11%,

4/8/2026(e)

6,910,000

6,716,607

(SOFR

+

0.77%),

1.12%,

1/28/2027(e)

2,940,000

2,640,013

(SOFR

+

0.77%),

1.46%,

6/9/2027(e)

5,300,000

4,771,534

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

3,812,596

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.22%),

3.65%,

4/6/2028(a)(e)

6,180,000

5,951,059

Credit

Agricole

SA

,

(SOFR

+

1.68%),

1.91%,

6/16/2026(a)(e)

9,290,000

8,586,931

Danske

Bank

A/S

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.45%),

3.77%,

3/28/2025(a)(e)

5,430,000

5,326,297

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

5,647,091

HSBC

Holdings

plc

,

3.60%,

5/25/2023

5,380,000

5,388,652

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

HSBC

Holdings

plc,

(ICE

LIBOR

USD

3

Month

+

1.00%),

2.45%,

5/18/2024(e)

6,160,000

6,123,102

(SOFR

+

0.71%),

0.98%,

5/24/2025(e)

2,400,000

2,245,922

Intesa

Sanpaolo

SpA

,

3.38%,

1/12/2023(a)

4,290,000

4,267,628

JPMorgan

Chase

&

Co.

,

(SOFR

+

1.46%),

1.51%,

6/1/2024(e)

5,520,000

5,411,340

(ICE

LIBOR

USD

3

Month

+

1.00%),

4.02%,

12/5/2024(e)

1,440,000

1,441,677

(SOFR

+

1.85%),

2.08%,

4/22/2026(e)

14,710,000

13,925,948

(SOFR

+

0.89%),

1.58%,

4/22/2027(e)

2,270,000

2,061,951

Lloyds

Banking

Group

plc

,

3.90%,

3/12/2024

600,000

601,012

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.50%),

3.87%,

7/9/2025(e)

2,490,000

2,464,887

Mitsubishi

UFJ

Financial

Group,

Inc.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.13%),

3.84%,

4/17/2026(e)

650,000

644,194

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.30%),

4.08%,

4/19/2028(e)

670,000

661,380

Nordea

Bank

Abp

,

0.63%,

5/24/2024(a)

5,150,000

4,863,219

Royal

Bank

of

Canada

,

3.38%,

4/14/2025

3,900,000

3,872,438

1.15%,

6/10/2025

2,100,000

1,960,196

1.15%,

7/14/2026

4,560,000

4,131,624

Santander

UK

Group

Holdings

plc

,

(SOFR

+

0.99%),

1.67%,

6/14/2027(e)

1,960,000

1,734,538

Standard

Chartered

plc

,

3.95%,

1/11/2023(a)

8,580,000

8,550,139

Sumitomo

Mitsui

Financial

Group,

Inc.

,

(ICE

LIBOR

USD

3

Month

+

0.80%),

3.54%,

10/16/2023(e)

5,360,000

5,360,819

Swedbank

AB

,

3.36%,

4/4/2025(a)

5,000,000

4,938,710

Toronto-Dominion

Bank

(The)

,

0.75%,

6/12/2023

4,060,000

3,971,604

1.15%,

6/12/2025

1,460,000

1,361,271

1.20%,

6/3/2026(d)

5,060,000

4,606,185

Truist

Financial

Corp.

,

(SOFR

+

0.86%),

1.89%,

6/7/2029(e)

2,620,000

2,315,375

42

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

US

Bancorp

,

1.45%,

5/12/2025

5,690,000

5,429,815

Wells

Fargo

&

Co.

,

(ICE

LIBOR

USD

3

Month

+

1.23%),

4.04%,

10/31/2023(e)

7,910,000

7,916,239

1.65%,

6/2/2024

4,530,000

4,445,317

(SOFR

+

1.32%),

3.91%,

4/25/2026(e)

4,200,000

4,173,355

2.19%,

4/30/2026

7,490,000

7,104,267

Westpac

Banking

Corp.

,

1.15%,

6/3/2026

2,680,000

2,442,264

222,543,413

Beverages

0.0%

†

Constellation

Brands,

Inc.

,

3.60%,

5/9/2024

960,000

960,141

PepsiCo,

Inc.

,

0.75%,

5/1/2023

740,000

729,123

1,689,264

Biotechnology

0.3%

AbbVie,

Inc.

,

2.60%,

11/21/2024

1,030,000

1,008,545

3.80%,

3/15/2025

3,690,000

3,699,512

2.95%,

11/21/2026

10,180,000

9,932,030

Gilead

Sciences,

Inc.

,

3.70%,

4/1/2024

2,150,000

2,166,916

16,807,003

Building

Products

0.0%

†

Carrier

Global

Corp.

,

2.24%,

2/15/2025

583,000

563,012

Capital

Markets

1.5%

Bank

of

New

York

Mellon

Corp.

(The)

,

1.60%,

4/24/2025

5,140,000

4,883,119

Charles

Schwab

Corp.

(The)

,

1.15%,

5/13/2026

3,870,000

3,558,049

Credit

Suisse

AG

,

3.63%,

9/9/2024

6,080,000

6,004,296

2.95%,

4/9/2025

5,350,000

5,163,279

Goldman

Sachs

Group,

Inc.

(The)

,

3.50%,

4/1/2025

3,120,000

3,103,193

3.75%,

5/22/2025

18,210,000

18,200,170

Morgan

Stanley

,

(SOFR

+

0.46%),

0.53%,

1/25/2024(e)

5,540,000

5,450,368

(SOFR

+

1.16%),

3.62%,

4/17/2025(e)

8,200,000

8,125,052

(SOFR

+

1.99%),

2.19%,

4/28/2026(e)

4,450,000

4,237,472

(SOFR

+

0.86%),

1.51%,

7/20/2027(e)

4,550,000

4,108,798

UBS

Group

AG

,

(ICE

LIBOR

USD

3

Month

+

0.95%),

2.36%,

8/15/2023(a)(e)

5,730,000

5,728,660

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

UBS

Group

AG,

(ICE

LIBOR

USD

3

Month

+

0.95%),

2.86%,

8/15/2023(a)(e)

4,310,000

4,308,818

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.55%),

4.49%,

5/12/2026(a)(e)

1,250,000

1,257,319

74,128,593

Chemicals

0.3%

Equate

Petrochemical

BV

,

2.63%,

4/28/2028(a)

2,750,000

2,464,484

OCP

SA

,

Reg.

S,

4.50%,

10/22/2025

4,700,000

4,608,350

Orbia

Advance

Corp.

SAB

de

CV

,

1.88%,

5/11/2026(a)

2,590,000

2,349,052

4.00%,

10/4/2027(a)

2,910,000

2,808,150

2.88%,

5/11/2031(a)

750,000

618,750

12,848,786

Consumer

Finance

0.2%

AerCap

Ireland

Capital

DAC

,

2.45%,

10/29/2026

4,020,000

3,576,195

American

Express

Co.

,

3.38%,

5/3/2024(d)

2,220,000

2,216,377

4.05%,

5/3/2029

390,000

393,788

Ford

Motor

Credit

Co.

LLC

,

(ICE

LIBOR

USD

3

Month

+

1.08%),

2.37%,

8/3/2022(e)

1,620,000

1,619,743

PACCAR

Financial

Corp.

,

1.10%,

5/11/2026

1,790,000

1,648,715

SLM

Student

Loan

Trust

2003-10

,

5.15%,

12/15/2039(a)

1,371,195

1,319,373

10,774,191

Diversified

Financial

Services

0.2%

NTT

Finance

Corp.

,

1.16%,

4/3/2026(a)

6,430,000

5,880,720

Shell

International

Finance

BV

,

(ICE

LIBOR

USD

3

Month

+

0.40%),

1.82%,

11/13/2023(e)

1,210,000

1,207,294

2.88%,

5/10/2026

1,880,000

1,848,247

8,936,261

Diversified

Telecommunication

Services

0.5%

CCO

Holdings

LLC

,

4.50%,

8/15/2030(a)

2,570,000

2,284,524

4.25%,

2/1/2031(a)

3,200,000

2,776,000

Verizon

Communications,

Inc.

,

2.63%,

8/15/2026

2,760,000

2,671,321

2.10%,

3/22/2028

8,220,000

7,519,235

2.36%,

3/15/2032

9,601,000

8,292,216

23,543,296

Nationwide

Multi-Cap

Portfolio

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

43

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

0.3%

Comision

Federal

de

Electricidad

,

4.75%,

2/23/2027(a)

4,850,000

4,704,500

Duke

Energy

Carolinas

LLC

,

2.50%,

3/15/2023

2,150,000

2,139,978

Duke

Energy

Corp.

,

2.40%,

8/15/2022

1,820,000

1,819,090

FirstEnergy

Corp.

,

Series

A,

1.60%,

1/15/2026

940,000

863,118

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara

,

5.45%,

5/21/2028(a)

3,920,000

3,993,108

13,519,794

Entertainment

0.1%

Magallanes,

Inc.

,

3.64%,

3/15/2025(a)

1,350,000

1,321,639

3.76%,

3/15/2027(a)

2,020,000

1,941,949

3,263,588

Food

Products

0.1%

Cargill,

Inc.

,

3.25%,

3/1/2023(a)

1,520,000

1,518,764

Mondelez

International

Holdings

Netherlands

BV

,

2.13%,

9/19/2022(a)

210,000

209,705

Mondelez

International,

Inc.

,

1.50%,

5/4/2025

2,290,000

2,176,416

3,904,885

Health

Care

Equipment

&

Supplies

0.0%

†

Becton

Dickinson

and

Co.

,

3.36%,

6/6/2024

1,524,000

1,513,221

3.73%,

12/15/2024

566,000

566,631

2,079,852

Health

Care

Providers

&

Services

0.9%

Aetna,

Inc.

,

2.75%,

11/15/2022

930,000

929,855

Cigna

Corp.

,

(ICE

LIBOR

USD

3

Month

+

0.89%),

3.40%,

7/15/2023(d)(e)

10,410,000

10,435,933

3.75%,

7/15/2023

12,000

12,021

3.25%,

4/15/2025

1,010,000

1,000,336

4.13%,

11/15/2025

10,740,000

10,897,358

CVS

Health

Corp.

,

3.88%,

7/20/2025

13,960,000

14,138,089

Humana,

Inc.

,

3.15%,

12/1/2022

1,500,000

1,499,942

4.50%,

4/1/2025

260,000

264,620

UnitedHealth

Group,

Inc.

,

2.38%,

10/15/2022

50,000

49,972

3.50%,

6/15/2023

120,000

120,661

1.15%,

5/15/2026(d)

2,480,000

2,306,362

3.70%,

5/15/2027(d)

2,800,000

2,859,468

44,514,617

Hotels,

Restaurants

&

Leisure

0.3%

Las

Vegas

Sands

Corp.

,

2.90%,

6/25/2025

3,230,000

3,027,045

Corporate

Bonds

Principal

Amount

($)

Value

($)

Hotels,

Restaurants

&

Leisure

Las

Vegas

Sands

Corp.,

3.50%,

8/18/2026

2,255,000

2,107,857

McDonald's

Corp.

,

3.30%,

7/1/2025

4,210,000

4,206,706

1.45%,

9/1/2025

240,000

227,118

3.70%,

1/30/2026

5,300,000

5,375,844

14,944,570

Industrial

Conglomerates

0.2%

3M

Co.

,

(ICE

LIBOR

USD

3

Month

+

0.30%),

1.71%,

2/14/2024(e)

7,060,000

6,999,321

Honeywell

International,

Inc.

,

1.10%,

3/1/2027

2,290,000

2,090,740

9,090,061

Insurance

0.1%

American

International

Group,

Inc.

,

2.50%,

6/30/2025(d)

200,000

192,601

Guardian

Life

Global

Funding

,

1.10%,

6/23/2025(a)

150,000

139,116

MassMutual

Global

Funding

II

,

0.85%,

6/9/2023(a)

4,980,000

4,871,552

New

York

Life

Global

Funding

,

0.95%,

6/24/2025(a)

300,000

278,499

Principal

Life

Global

Funding

II

,

1.25%,

6/23/2025(a)

830,000

769,176

6,250,944

Interactive

Media

&

Services

0.0%

†

Tencent

Holdings

Ltd.

,

Reg.

S,

2.99%,

1/19/2023(d)

270,000

269,417

3.68%,

4/22/2041(a)

610,000

480,448

3.84%,

4/22/2051(a)

1,320,000

1,002,619

1,752,484

Internet

&

Direct

Marketing

Retail

0.3%

Amazon.com,

Inc.

,

3.30%,

4/13/2027

980,000

986,588

1.20%,

6/3/2027

6,760,000

6,168,548

eBay,

Inc.

,

1.40%,

5/10/2026

4,230,000

3,891,763

Prosus

NV

,

3.06%,

7/13/2031(a)

4,300,000

3,359,223

14,406,122

IT

Services

0.2%

Automatic

Data

Processing,

Inc.

,

1.70%,

5/15/2028

2,450,000

2,271,177

PayPal

Holdings,

Inc.

,

1.65%,

6/1/2025

10,710,000

10,289,640

12,560,817

Media

0.8%

Charter

Communications

Operating

LLC

,

(ICE

LIBOR

USD

3

Month

+

1.65%),

2.94%,

2/1/2024(e)

13,130,000

13,172,307

44

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Corporate

Bonds

Principal

Amount

($)

Value

($)

Media

Charter

Communications

Operating

LLC,

4.91%,

7/23/2025

3,780,000

3,830,696

Comcast

Corp.

,

(ICE

LIBOR

USD

3

Month

+

0.63%),

3.14%,

4/15/2024(e)

9,200,000

9,201,252

3.95%,

10/15/2025

4,010,000

4,077,369

4.15%,

10/15/2028

2,410,000

2,470,782

DISH

DBS

Corp.

,

5.25%,

12/1/2026(a)

150,000

129,750

5.75%,

12/1/2028(a)

2,130,000

1,727,963

Fox

Corp.

,

3.05%,

4/7/2025

7,080,000

6,920,236

3.50%,

4/8/2030

430,000

405,521

41,935,876

Metals

&

Mining

0.2%

Glencore

Finance

Canada

Ltd.

,

4.25%,

10/25/2022(a)(c)

420,000

419,992

Glencore

Funding

LLC

,

3.00%,

10/27/2022(a)

1,240,000

1,234,712

4.13%,

5/30/2023(a)

440,000

438,319

4.13%,

3/12/2024(a)

4,140,000

4,124,827

Southern

Copper

Corp.

,

3.88%,

4/23/2025

3,990,000

3,950,100

Vale

Overseas

Ltd.

,

6.88%,

11/21/2036

520,000

561,600

10,729,550

Multiline

Retail

0.0%

†

Dollar

General

Corp.

,

3.25%,

4/15/2023

40,000

39,915

Oil,

Gas

&

Consumable

Fuels

2.4%

BP

Capital

Markets

America,

Inc.

,

(ICE

LIBOR

USD

3

Month

+

0.65%),

2.75%,

9/19/2022(e)

1,000,000

999,354

3.19%,

4/6/2025

2,090,000

2,087,875

Continental

Resources,

Inc.

,

4.50%,

4/15/2023

8,550,000

8,559,405

3.80%,

6/1/2024

3,860,000

3,816,488

2.27%,

11/15/2026(a)

1,310,000

1,183,946

Coterra

Energy,

Inc.

,

4.38%,

6/1/2024(a)

8,700,000

8,701,339

3.90%,

5/15/2027(a)

1,640,000

1,598,676

Devon

Energy

Corp.

,

5.25%,

9/15/2024

1,680,000

1,716,674

5.85%,

12/15/2025

4,760,000

4,978,200

Ecopetrol

SA

,

5.88%,

9/18/2023

2,250,000

2,272,590

5.38%,

6/26/2026

2,140,000

2,071,520

Energy

Transfer

LP

,

4.50%,

11/1/2023

1,160,000

1,165,417

4.50%,

4/15/2024

3,090,000

3,100,211

2.90%,

5/15/2025

6,120,000

5,879,589

Enterprise

Products

Operating

LLC

,

3.90%,

2/15/2024

1,570,000

1,573,766

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Enterprise

Products

Operating

LLC,

3.75%,

2/15/2025

1,930,000

1,940,215

4.15%,

10/16/2028

3,980,000

4,008,430

EQM

Midstream

Partners

LP

,

6.50%,

7/1/2027(a)

3,000,000

3,006,210

EQT

Corp.

,

3.13%,

5/15/2026(a)

1,120,000

1,075,450

3.90%,

10/1/2027

3,230,000

3,142,273

5.00%,

1/15/2029

70,000

69,196

KazMunayGas

National

Co.

JSC

,

4.75%,

4/24/2025(a)

1,070,000

1,029,574

Kinder

Morgan

Energy

Partners

LP

,

4.30%,

5/1/2024

5,320,000

5,353,203

Kinder

Morgan,

Inc.

,

(ICE

LIBOR

USD

3

Month

+

1.28%),

3.79%,

1/15/2023(e)

500,000

500,196

4.30%,

6/1/2025

4,060,000

4,096,529

Lukoil

Capital

DAC

,

2.80%,

4/26/2027(a)

2,600,000

1,586,000

Lukoil

International

Finance

BV

,

4.75%,

11/2/2026(a)

1,860,000

1,209,000

MPLX

LP

,

4.00%,

2/15/2025

250,000

248,343

4.88%,

6/1/2025

2,890,000

2,948,626

1.75%,

3/1/2026

4,000,000

3,677,953

Occidental

Petroleum

Corp.

,

3.20%,

8/15/2026

2,763,000

2,595,265

3.00%,

2/15/2027

264,000

243,087

Petrobras

Global

Finance

BV

,

5.30%,

1/27/2025

550,000

562,754

5.75%,

2/1/2029

800,000

805,072

Petroleos

del

Peru

SA

,

4.75%,

6/19/2032(a)

4,270,000

3,418,178

Pioneer

Natural

Resources

Co.

,

0.55%,

5/15/2023

2,440,000

2,390,639

1.13%,

1/15/2026

10,630,000

9,654,729

Sinopec

Group

Overseas

Development

2014

Ltd.

,

4.38%,

4/10/2024(a)

4,120,000

4,187,447

Transcontinental

Gas

Pipe

Line

Co.

LLC

,

7.85%,

2/1/2026

4,710,000

5,249,691

Western

Midstream

Operating

LP

,

(ICE

LIBOR

USD

3

Month

+

1.10%),

3.56%,

1/13/2023(e)

1,620,000

1,604,381

3.95%,

6/1/2025

1,980,000

1,959,666

Williams

Cos.,

Inc.

(The)

,

4.30%,

3/4/2024

4,020,000

4,039,368

4.55%,

6/24/2024

2,110,000

2,131,152

122,437,677

Nationwide

Multi-Cap

Portfolio

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

45

Corporate

Bonds

Principal

Amount

($)

Value

($)

Paper

&

Forest

Products

0.1%

Suzano

Austria

GmbH

,

5.75%,

7/14/2026(a)

4,310,000

4,396,297

Personal

Products

0.1%

GSK

Consumer

Healthcare

Capital

UK

plc

,

3.13%,

3/24/2025(a)

2,810,000

2,772,667

Pharmaceuticals

0.4%

Astrazeneca

Finance

LLC

,

1.20%,

5/28/2026(d)

3,730,000

3,445,505

AstraZeneca

plc

,

(ICE

LIBOR

USD

3

Month

+

0.67%),

2.11%,

8/17/2023(e)

4,696,000

4,696,104

Merck

&

Co.,

Inc.

,

1.45%,

6/24/2030

260,000

223,617

Pfizer,

Inc.

,

0.80%,

5/28/2025

5,300,000

5,011,039

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

2.80%,

7/21/2023

4,680,000

4,586,400

4.75%,

5/9/2027(d)

2,500,000

2,396,875

5.13%,

5/9/2029(d)

2,300,000

2,110,066

22,469,606

Road

&

Rail

0.1%

Canadian

Pacific

Railway

Co.

,

1.75%,

12/2/2026

7,840,000

7,284,992

Semiconductors

&

Semiconductor

Equipment

0.7%

Broadcom,

Inc.

,

3.15%,

11/15/2025

4,340,000

4,250,833

3.14%,

11/15/2035(a)

4,390,000

3,529,964

Intel

Corp.

,

1.60%,

8/12/2028

5,500,000

4,996,703

Microchip

Technology,

Inc.

,

0.98%,

9/1/2024

2,600,000

2,438,074

NXP

BV

,

2.70%,

5/1/2025

8,700,000

8,380,086

QUALCOMM,

Inc.

,

(ICE

LIBOR

USD

3

Month

+

0.73%),

3.54%,

1/30/2023(e)

5,300,000

5,312,752

Texas

Instruments,

Inc.

,

1.75%,

5/4/2030

1,280,000

1,135,141

TSMC

Arizona

Corp.

,

1.75%,

10/25/2026

3,170,000

2,936,846

32,980,399

Software

0.2%

Oracle

Corp.

,

2.50%,

4/1/2025(d)

4,480,000

4,331,398

Workday,

Inc.

,

3.50%,

4/1/2027

3,960,000

3,888,436

8,219,834

Specialty

Retail

0.1%

Home

Depot,

Inc.

(The)

,

2.50%,

4/15/2027

20,000

19,424

2.88%,

4/15/2027

800,000

792,498

Lowe's

Cos.,

Inc.

,

2.50%,

4/15/2026

2,190,000

2,119,935

Corporate

Bonds

Principal

Amount

($)

Value

($)

Specialty

Retail

Lowe’s

Cos.,

Inc.,

1.70%,

9/15/2028

2,820,000

2,506,021

5,437,878

Thrifts

&

Mortgage

Finance

0.1%

Nationwide

Building

Society

,

0.55%,

1/22/2024(a)

6,220,000

5,933,734

Tobacco

0.4%

Altria

Group,

Inc.

,

2.35%,

5/6/2025

4,490,000

4,307,706

4.40%,

2/14/2026

436,000

440,591

2.63%,

9/16/2026(d)

5,340,000

5,052,417

BAT

Capital

Corp.

,

(ICE

LIBOR

USD

3

Month

+

0.88%),

2.29%,

8/15/2022(e)

40,000

39,988

BAT

International

Finance

plc

,

1.67%,

3/25/2026(d)

5,600,000

5,062,225

Philip

Morris

International,

Inc.

,

1.13%,

5/1/2023

2,420,000

2,381,314

1.50%,

5/1/2025

260,000

246,030

0.88%,

5/1/2026

4,200,000

3,777,613

21,307,884

Trading

Companies

&

Distributors

0.2%

Air

Lease

Corp.

,

0.70%,

2/15/2024

5,290,000

5,014,242

3.38%,

7/1/2025

260,000

250,687

1.88%,

8/15/2026

1,480,000

1,318,766

International

Lease

Finance

Corp.

,

5.88%,

8/15/2022

2,600,000

2,601,984

9,185,679

Transportation

Infrastructure

0.1%

DP

World

Crescent

Ltd.

,

4.85%,

9/26/2028(a)

4,810,000

4,862,679

Wireless

Telecommunication

Services

0.2%

T-Mobile

USA,

Inc.

,

3.50%,

4/15/2025

7,890,000

7,797,961

3.50%,

4/15/2031

2,570,000

2,376,479

10,174,440

Total

Corporate

Bonds

(cost

$898,031,787)

847,730,391

Exchange

Traded

Funds

2.0%

Shares

Debt

Funds

0.0%

†

iShares

iBoxx

High

Yield

Corporate

Bond

ETF(d)

24,081

1,882,893

Equity

Funds

2.0%

Consumer

Discretionary

Select

Sector

SPDR

Fund(d)

7,630

1,242,393

Energy

Select

Sector

SPDR

Fund

36,693

2,877,465

46

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Exchange

Traded

Funds

Shares

Value

($)

Equity

Funds

Financial

Select

Sector

SPDR

Fund(d)

40,824

1,376,177

Industrial

Select

Sector

SPDR

Fund(d)

31,657

3,027,676

Invesco

Nasdaq

100

ETF

65,467

8,496,962

Invesco

QQQ

Trust(d)

21,013

6,628,761

iShares

China

Large-Cap

ETF(d)

13,372

406,241

iShares

Russell

1000

ETF(d)

97,412

22,114,472

Materials

Select

Sector

SPDR

Fund(d)

76,722

5,994,290

SPDR

S&P

Homebuilders

ETF(d)

9,171

586,944

Vanguard

FTSE

Pacific

ETF

25,444

1,701,440

Vanguard

Health

Care

ETF(d)

6,621

1,620,755

Vanguard

High

Dividend

Yield

ETF

156,256

16,622,513

Vanguard

Industrials

ETF(d)

6,006

1,084,684

Vanguard

Mid-Cap

ETF(d)

5,089

1,098,155

Vanguard

Russell

1000(d)

114,876

21,580,605

WisdomTree

Japan

Hedged

Equity

Fund(d)

28,725

1,861,955

Xtrackers

Harvest

CSI

300

China

A-Shares

ETF(d)

25,200

789,264

99,110,752

Total

Exchange

Traded

Funds

(cost

$107,578,032)

100,993,645

Foreign

Government

Securities

0.6%

Principal

Amount

($)

ARGENTINA

0.0%

†

Argentine

Republic,

1.00%,

7/9/2029

103,130

24,064

0.50%,

7/9/2030(c)

2,968,200

698,444

Provincia

de

Buenos

Aires,

3.90%,

9/1/2037(a)(c)

1,301,247

403,043

1,125,551

COLOMBIA

0.0%

†

Republic

of

Colombia,

3.25%,

4/22/2032

2,340,000

1,819,491

MEXICO

0.3%

Mex

Bonos

Desarr

Fix

Rt,

5.75%,

3/5/2026

MXN

70,000,000

3,109,524

8.00%,

11/7/2047

53,130,000

2,397,815

United

Mexican

States,

3.50%,

2/12/2034

9,340,000

8,106,437

13,613,776

PANAMA

0.1%

Republic

of

Panama,

3.88%,

3/17/2028

5,060,000

4,902,604

RUSSIA

0.0%

†

Russian

Federation,

6.90%,

5/23/2029^∞

RUB

540,665,000

0

7.65%,

4/10/2030^∞

144,850,000

0

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

7.25%,

5/10/2034^∞

RUB

2,250,000

0

0

SENEGAL

0.1%

Republic

of

Senegal,

Reg.

S,

6.25%,

7/30/2024

1,100,000

990,726

6.25%,

5/23/2033(a)

1,260,000

1,006,488

1,997,214

UNITED

ARAB

EMIRATES

0.0%

†

United

Arab

Emirates

Government

Bond,

2.50%,

10/11/2022(a)

1,400,000

1,398,600

URUGUAY

0.1%

Oriental

Republic

of

Uruguay,

4.38%,

1/23/2031

6,430,000

6,739,425

Total

Foreign

Government

Securities

(cost

$45,945,504)

31,596,661

Master

Limited

Partnership

0.0%

†

Shares

Oil,

Gas

&

Consumable

Fuels

0.0%

†

Magellan

Midstream

Partners

LP

3,115

160,423

Total

Master

Limited

Partnership

(cost

$149,298)

160,423

Mortgage-Backed

Securities

2.2%

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

SD1143

4.50%,

9/1/2050

15,815,826

16,305,996

Pool#

RA3913

2.50%,

11/1/2050

241,513

228,071

Pool#

RA4349

2.50%,

1/1/2051

505,401

474,456

Pool#

SD7534

2.50%,

2/1/2051

4,742,385

4,485,976

Pool#

RA4532

2.50%,

2/1/2051

473,177

444,345

Pool#

RA5921

2.50%,

9/1/2051

274,343

256,513

Pool#

QC7411

2.50%,

9/1/2051

94,699

88,900

Pool#

QD1954

3.00%,

11/1/2051

190,976

184,398

Pool#

QD2260

3.00%,

12/1/2051

92,068

88,897

Pool#

SD1035

4.00%,

5/1/2052

1,061,593

1,071,495

Pool#

QE4043

3.00%,

6/1/2052

698,887

674,075

Pool#

SD1132

4.00%,

6/1/2052

6,188,989

6,222,245

Nationwide

Multi-Cap

Portfolio

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

47

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

Pool

Pool#

AN4927

3.45%,

3/1/2029

19,288

19,561

Pool#

AN5386

3.25%,

5/1/2029

19,640

19,677

Pool#

AM8700

2.93%,

6/1/2030

19,209

18,759

Pool#

BM6898

2.15%,

2/1/2032(b)

59,833

54,110

Pool#

BL5547

2.68%,

1/1/2035

300,000

276,976

Pool#

BM6224

2.79%,

1/1/2035(b)

731,222

689,710

Pool#

BL5767

2.68%,

2/1/2035

200,000

184,313

Pool#

BF0301

4.50%,

8/1/2058

340,288

356,485

Pool#

BF0546

2.50%,

7/1/2061

14,411,411

13,312,925

FNMA

UMBS

Pool

Pool#

FS1248

3.00%,

2/1/2047

1,228,269

1,208,840

Pool#

BK2620

2.50%,

6/1/2050

68,805

64,470

Pool#

CA7257

2.50%,

10/1/2050

166,480

157,095

Pool#

FM5313

2.50%,

10/1/2050

88,153

82,412

Pool#

CA8955

2.50%,

2/1/2051

458,793

430,740

Pool#

FM9195

2.50%,

10/1/2051

375,930

351,088

Pool#

BU3608

3.00%,

11/1/2051

176,769

170,681

Pool#

FS1107

2.50%,

12/1/2051

285,602

268,095

Pool#

CB2442

3.50%,

12/1/2051

722,735

720,359

Pool#

FS1938

2.50%,

2/1/2052

5,118,470

4,790,924

Pool#

FS0551

2.50%,

2/1/2052

96,749

90,758

Pool#

FS0736

2.50%,

3/1/2052

96,477

90,376

Pool#

BV5395

3.50%,

4/1/2052

1,082,446

1,077,628

Pool#

BV9499

4.00%,

4/1/2052

2,695,202

2,720,344

Pool#

FS1877

3.00%,

5/1/2052

2,376,428

2,290,593

Pool#

FS1950

4.00%,

5/1/2052

7,113,797

7,166,951

Pool#

CB3530

4.00%,

5/1/2052

5,875,159

5,919,058

Pool#

CB3833

3.00%,

6/1/2052

697,627

673,348

Pool#

FS2061

4.00%,

6/1/2052

7,828,653

7,935,545

Pool#

FS2066

4.00%,

6/1/2052

7,616,205

7,702,230

Pool#

CB3918

4.50%,

6/1/2052

4,077,023

4,168,108

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

FS2172

4.50%,

6/1/2052

1,192,665

1,214,920

Pool#

BW3446

4.50%,

6/1/2052

672,689

685,553

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

2.00%,

8/25/2052

900,000

809,297

2.50%,

8/25/2052

4,000,000

3,726,915

3.00%,

8/25/2052

3,100,000

2,985,112

2.50%,

9/25/2052

1,400,000

1,303,272

3.50%,

9/25/2052

5,700,000

5,624,633

GNMA

I

Pool

Pool#

783669

,

3.00%,

9/15/2042

56,855

56,390

GNMA

II

Pool

Pool#

784106

3.50%,

1/20/2046

89,391

90,511

Pool#

784985

3.50%,

9/20/2048

56,056

56,405

Pool#

BS1728

4.00%,

1/20/2050

49,141

51,207

Pool#

BM7534

3.50%,

2/20/2050

64,083

64,090

Pool#

BS1742

4.00%,

2/20/2050

43,040

44,654

Pool#

BS1757

4.00%,

3/20/2050

30,345

31,737

Pool#

BS8420

4.00%,

4/20/2050

159,390

165,152

Pool#

785221

2.00%,

12/20/2050

255,017

233,312

Pool#

785218

2.00%,

12/20/2050

251,674

229,159

Pool#

785219

2.00%,

12/20/2050

249,122

226,829

Pool#

785220

2.00%,

12/20/2050

174,367

159,627

Pool#

BT1888

2.50%,

12/20/2050

259,381

245,917

Pool#

BS8546

2.50%,

12/20/2050

160,393

149,304

Pool#

CD8312

2.50%,

5/20/2051

172,361

162,152

Pool#

MA7590

3.00%,

9/20/2051

619,744

604,813

Pool#

786082

3.00%,

11/20/2051

98,465

95,890

Pool#

BZ4383

3.00%,

1/20/2052

139,370

138,947

Pool#

785944

3.00%,

2/20/2052

492,156

478,826

Pool#

786107

3.00%,

3/20/2052

98,765

96,136

Pool#

786077

3.00%,

3/20/2052

96,217

93,188

Total

Mortgage-Backed

Securities

(cost

$111,151,987)

113,361,474

48

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Purchased

Options

0.0%

†

Number

of

Contracts

Value

($)

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

47,500

3

Month

Eurodollar

12/19/2022

at

USD

99.00,

American

Style,

Notional

Amount:

USD

85,500,000

Exchange

Traded

342

6,412

3

Month

Eurodollar

12/19/2022

at

USD

98.75,

American

Style,

Notional

Amount:

USD

18,500,000

Exchange

Traded

74

1,388

3

Month

Eurodollar

12/19/2022

at

USD

98.00,

American

Style,

Notional

Amount:

USD

6,750,000

Exchange

Traded

27

1,350

3

Month

Eurodollar

9/19/2022

at

USD

98.25,

American

Style,

Notional

Amount:

USD

7,000,000

Exchange

Traded

28

350

3

Month

Eurodollar

9/19/2022

at

USD

99.00,

American

Style,

Notional

Amount:

USD

86,000,000

Exchange

Traded

344

2,150

3

Month

Eurodollar

9/18/2023

at

USD

95.88,

American

Style,

Notional

Amount:

USD

9,250,000

Exchange

Traded

37

121,869

3

Month

Eurodollar

6/17/2024

at

USD

97.50,

American

Style,

Notional

Amount:

USD

32,000,000

Exchange

Traded

128

220,000

3

Month

Eurodollar

3/18/2024

at

USD

97.50,

American

Style,

Notional

Amount:

USD

36,250,000

Exchange

Traded

145

217,500

3

Month

Eurodollar

12/18/2023

at

USD

97.25,

American

Style,

Notional

Amount:

USD

14,000,000

Exchange

Traded

56

84,350

3

Month

Eurodollar

6/19/2023

at

USD

95.88,

American

Style,

Notional

Amount:

USD

9,750,000

Exchange

Traded

39

106,519

Purchased

Options

Number

of

Contracts

Value

($)

Call

Options

Future

Interest

Rate

Options

3

Month

Eurodollar

3/13/2023

at

USD

95.88,

American

Style,

Notional

Amount:

USD

6,250,000

Exchange

Traded

25

52,656

0

Total

Purchased

Options

(cost

$2,122,801)

862,044

Rights

0.0%

†

Number

of

Rights

Biotechnology

0.0%

†

Achillion

Pharmaceuticals,

Inc.,

CVR*∞

5,788

2,662

Aduro

Biotech,

Inc.,

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*^∞

1,208

0

Pharmaceuticals

0.0%

†

Dova

Pharmaceuticals,

Inc.,

CVR*^∞

375

0

Zogenix,

Inc.,

CVR*^∞

4,060

0

0

Total

Rights

(cost

$13,414)

2,694

U.S.

Treasury

Obligations

3.6%

Principal

Amount

($)

U.S.

Treasury

Bonds

1.13%,

8/15/2040

5,230,000

3,712,891

1.38%,

11/15/2040

4,960,000

3,664,006

1.88%,

2/15/2041

520,000

418,376

2.25%,

5/15/2041

980,000

838,934

3.63%,

8/15/2043

230,000

241,743

0.00%,

5/15/2049

4,350,000

1,887,816

2.00%,

2/15/2050

5,500,000

4,370,352

1.25%,

5/15/2050

15,630,000

10,201,628

1.38%,

8/15/2050

12,930,000

8,723,709

1.63%,

11/15/2050

7,830,000

5,643,717

1.88%,

11/15/2051

46,366,700

35,680,625

2.25%,

2/15/2052

(d)

40,811,000

34,415,151

2.88%,

5/15/2052

15,370,000

14,865,672

U.S.

Treasury

Notes

0.25%,

7/31/2025

140,000

129,637

2.75%,

4/30/2027

3,270,000

3,274,854

1.25%,

3/31/2028

130,000

119,788

1.00%,

7/31/2028

230,000

207,889

1.50%,

11/30/2028

290,000

269,179

2.75%,

5/31/2029

28,460,000

28,513,363

3.25%,

6/30/2029

14,260,000

14,745,731

Nationwide

Multi-Cap

Portfolio

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

49

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Notes

2.63%,

7/31/2029

7,330,000

7,294,495

Total

U.S.

Treasury

Obligations

(cost

$206,005,143)

179,219,556

Short-Term

Investments

7.0%

Commercial

Paper

6.7%

Becton

Dickinson

and

Co.,

2.30%,

8/17/2022

20,600,000

20,571,710

Brookfield

Infrastructure

Holdings

Canada,

Inc.,

2.81%,

9/13/2022

30,000,000

29,882,010

Conagra

Brands,

Inc.,

2.90%,

8/18/2022

14,850,000

14,826,974

Enbridge

US,

Inc.,

2.82%,

10/12/2022

23,650,000

23,503,419

Entergy

Corp.,

1.71%,

8/22/2022(a)

17,400,000

17,370,977

FMC

Corp.,

2.76%,

8/16/2022(a)

25,900,000

25,862,471

Fortune

Brands

Home

&

Security,

Inc.

2.65%,

8/1/2022(a)

20,000,000

19,995,732

2.96%,

8/22/2022(a)

10,000,000

9,982,633

General

Motors

Financial

Co.,

Inc.,

2.66%,

8/29/2022

10,000,000

9,976,036

Harley-Davidson

Financial

Services,

Inc.,

2.33%,

8/1/2022(a)

10,150,000

10,147,783

Healthpeak

Properties,

Inc.,

1.54%,

8/16/2022

15,800,000

15,779,239

Jabil,

Inc.,

3.15%,

8/8/2022(a)

25,000,000

24,979,563

Leidos,

Inc.,

2.56%,

8/8/2022(a)

13,900,000

13,890,520

Mitsubishi

HC

Finance

America

LLC,

2.65%,

9/6/2022

7,150,000

7,129,241

Motorola

Solutions,

Inc.,

2.60%,

8/2/2022

5,000,000

4,998,595

Newell

Brands,

Inc.,

3.00%,

8/1/2022

14,700,000

14,696,615

ONEOK,

Inc.,

2.73%,

8/15/2022

22,450,000

22,422,447

Rogers

Communications,

Inc.,

2.64%,

8/23/2022

12,650,000

12,626,914

TransCanada

PipeLines

Ltd.

1.71%,

9/1/2022

12,550,000

12,518,436

2.57%,

10/4/2022(a)

20,000,000

19,895,889

Viatris,

Inc.,

3.00%,

8/4/2022

11,150,000

11,144,841

342,202,045

U.S.

Government

Agency

Security

0.3%

FHLB,

2.54%,

10/28/2022(f)

13,220,000

13,142,639

Total

Short-Term

Investments

(cost

$355,472,160)

355,344,684

Repurchase

Agreements

2.6%

Principal

Amount

($)

Value

($)

CF

Secured,

LLC

2.24%,

dated

7/29/2022,

due

8/1/2022,

repurchase

price

$47,459,513,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.50%,

maturing

9/30/2022

-

5/15/2052;

total

market

value

$48,408,703.

(g)

47,450,655

47,450,655

CF

Secured,

LLC

2.24%,

dated

7/29/2022,

due

8/1/2022,

repurchase

price

$50,009,334,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

3.25%,

maturing

1/5/2023

-

11/15/2051;

total

market

value

$51,009,529.

(g)

50,000,000

50,000,000

Goldman

Sachs

&

Co.,

Goldman

Sachs

&

Co.,

2.22%,

dated

7/29/2022,

due

8/1/2022,

repurchase

price

$33,506,198,

collateralized

by

U.S.

Government

Treasury

Securities,

2.25%,

maturing

11/15/2024;

total

market

value

$34,485,000.

33,500,000

33,500,000

Total

Repurchase

Agreements

(cost

$130,950,655)

130,950,655

Total

Investments

(cost

$4,441,176,509)

—

89.9%

4,542,019,356

Other

assets

in

excess

of

liabilities

—

10.1%

508,850,526

NET

ASSETS

—

100.0%

$

5,050,869,882

50

-

Statement

of

Investments

-

July

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

July

31,

2022

was

$756,055,427

which

represents

14.97%

of

net

assets.

(b)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

July

31,

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

July

31,

2022.

(d)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

July

31,

2022.

The

total

value

of

securities

on

loan

as

of

July

31,

2022

was

$194,226,018,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$97,450,655

and

by

$99,743,767

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

9/1/2022

–

5/15/2052,

a

total

value

of

$197,194,422.

(e)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

July

31,

2022.

(f)

Zero

Coupon

Security.

Debt

security

that

pays

no

cash

income

but

is

sold

at

substantial

discount

from

its

value

at

maturity.

(g)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

July

31,

2022

was

$97,450,655.

CDO

Collateralized

Debt

Obligations

CLO

Collateralized

Loan

Obligations

CVR

Contingent

Value

Rights

ETF

Exchange

Traded

Fund

FHLB

Federal

Home

Loan

Bank

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

FTSE

Financial

Times

Stock

Exchange

GNMA

Government

National

Mortgage

Association

GO

General

Obligation

GP

General

Partnership

ICE

Intercontinental

Exchange

IO

Interest

only

LIBOR

London

Interbank

Offered

Rate

PO

Principal

only

security—This

security

entitles

the

holder

to

receive

principal

payments

from

an

underlying

pool

of

assets

or

on

the

security

itself.

In

the

case

of

asset-backed

securities,

high

prepayments

return

principal

faster

than

expected

and

cause

the

yield

to

increase.

Low

prepayments

return

principal

slower

than

expected

and

cause

the

yield

to

decrease.

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

REMICS

Real

Estate

Mortgage

Investment

Conduits

SOFR

Secured

Overnight

Financing

Rate

TBA

To

Be

Announced;

Security

is

subject

to

delayed

delivery

UMBS

Uniform

Mortgage-Backed

Securities

Currency:

MXN

Mexican

Peso

RUB

Russia

Ruble

USD

United

States

Dollar

Centrally

Cleared

Credit

default

swap

contracts

outstanding

-

sell

protection

as

of

July

31,

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

38-V1

5.00

Quarterly

6/20/2027

4.69

USD

23,515,000

1,128,004

(716,350)

411,654

Markit

CDX

North

American

Investment

Grade

Index

Series

38-V1

1.00

Quarterly

6/20/2027

0.80

USD

43,130,000

188,344

246,886

435,230

Total

unrealized

depreciation

1,316,348

(469,464)

846,884

Nationwide

Multi-Cap

Portfolio

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

51

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

July

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

56,450

1,045,528

1,101,978

1

Day

SOFR

annually

1.22%

annually

Rec

8/15/2028

USD

11,888,000

(4,148)

750,348

746,200

1

Day

SOFR

annually

2.00%

annually

Rec

3/18/2032

USD

10,148,000

79,194

241,665

320,859

1

Day

SOFR

annually

2.77%

annually

Pay

10/14/2024

USD

49,121,000

(330,891)

263,813

(67,078)

3

Month

LIBOR

quarterly

0.45%

semi-annually

Rec

5/15/2027

USD

18,803,000

(66,469)

2,022,182

1,955,713

3

Month

LIBOR

quarterly

1.25%

semi-annually

Rec

2/15/2028

USD

13,082,000

10,750

927,266

938,016

Total

unrealized

appreciation

(255,114)

5,250,802

4,995,688

1

Day

SOFR

annually

1.55%

annually

Pay

3/4/2027

USD

19,792,000

(28,206)

(696,534)

(724,740)

1

Day

SOFR

annually

2.60%

annually

Rec

10/14/2027

USD

20,372,000

357,902

(520,941)

(163,039)

1

Day

SOFR

annually

2.65%

annually

Rec

8/15/2047

USD

40,070,000

412,228

(1,653,150)

(1,240,922)

1

Day

SOFR

annually

2.85%

annually

Rec

2/15/2029

USD

69,160,000

(80,054)

(1,889,312)

(1,969,366)

3

Month

LIBOR

quarterly

0.82%

semi-annually

Pay

6/4/2024

USD

100,448,000

–

(2,142,009)

(2,142,009)

Total

unrealized

depreciation

661,870

(6,901,946)

(6,240,076)

Net

unrealized

depreciation

406,756

(1,651,144)

(1,244,388)

–

–

–

Abbreviation

:

LIBOR

London

Interbank

Offered

Rate

SOFR

Secured

Overnight

Financing Rate

Currency:

USD

United

States

dollar

52

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

OTC

Total

return

swap

contracts

outstanding

as

of

July

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

($)

Activision

Blizzard,

Inc.

1

Day

USD

SOFR

+

0.20%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/19/2023

USD

464,019

—

17,630

17,630

Alleghany

Corp.

1

Day

USD

SOFR

+

0.18%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/19/2023

USD

1,828,793

—

263

263

Biohaven

Pharmaceutical

Holding

Co.,

Ltd.

1

Day

USD

SOFR

+

0.20%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/19/2023

USD

893,770

—

1,804

1,804

First

Horizon

Corp.

1

Day

USD

SOFR

+

0.20%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/19/2023

USD

619,637

—

12,416

12,416

Mandiant

Corp.

1

Day

USD

SOFR

+

0.20%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/19/2023

USD

1,363,087

—

35,560

35,560

Meritor,

Inc.

1

Day

USD

SOFR

+

0.20%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/19/2023

USD

1,181,888

—

2,336

2,336

MoneyGram

International,

Inc.

1

Day

USD

SOFR

+

0.25%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/19/2023

USD

1,454,324

—

3,631

3,631

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.

4/19/2023

USD

1,117,839

—

17,164

17,164

Rogers

Corp.

1

Day

USD

SOFR

+

0.40%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Citigroup

Global

Markets

Ltd.

4/19/2023

USD

462,759

—

9,812

9,812

Nationwide

Multi-Cap

Portfolio

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

53

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Notional

Amount

Upfront

Payments

(Receipts)

($)*

Unrealized

Appreciation    

(Depreciation)

($)

Value

($)

Rogers

Corp.

1

Day

USD

SOFR

+

0.20%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/19/2023

USD

407,880

—

7,907

7,907

Russell

1000

Index

1

Day

USD

Federal

Fund

+

0.07%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/4/2022

USD

421,337,915

—

35,475,421

35,475,421

Russell

3000

Index

1

Day

USD

SOFR

+

0.25%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/25/2022

USD

101,239,470

—

4,098,164

4,098,164

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

974,818,022

—

57,172,531

57,172,531

Russell

3000

Index

1

Day

USD

SOFR

+

0.27%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Bank

of

America

NA

11/10/2022

USD

40,492,055

—

2,378,376

2,378,376

Russell

3000

Index

1

Day

USD

SOFR

+

0.30%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Bank

of

America

NA

11/10/2022

USD

27,203,641

—

1,597,471

1,597,471

Russell

3000

Index

1

Day

USD

SOFR

+

0.30%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Bank

of

America

NA

11/10/2022

USD

23,568,131

—

1,383,984

1,383,984

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

14,542,038

—

852,882

852,882

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

330,079,199

—

19,353,500

19,353,500

54

-

Statement

of

Investments

-

July

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

Day

USD

SOFR

+

0.32%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Goldman

Sachs

1/23/2023

USD

369,999,699

—

18,057,136

18,057,136

Russell

3000

Index

1

Day

USD

SOFR

+

0.35%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Bank

of

America

NA

6/12/2023

USD

391,469,166

—

22,978,873

22,978,873

South

Jersey

Industries,

Inc.

1

Day

USD

SOFR

+

0.20%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/19/2023

USD

959,325

—

8,844

8,844

Switch,

Inc.

1

Day

USD

SOFR

+

0.20%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/19/2023

USD

1,399,662

—

3,935

3,935

TEGNA,

Inc.

1

Day

USD

SOFR

+

0.20%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/19/2023

USD

1,115,505

—

40,306

40,306

Zendesk,

Inc.

1

Day

USD

SOFR

+

0.20%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/19/2023

USD

1,199,199

—

13,615

13,615

Total

unrealized

appreciation

—

163,523,561

163,523,561

Citrix

Systems,

Inc.

1

Day

USD

SOFR

+

0.20%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/19/2023

USD

1,138,787

—

(8,986)

(8,986)

GCP

Applied

Technologies,

Inc.

1

Day

USD

SOFR

+

0.20%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/19/2023

USD

960,262

—

(7,696)

(7,696)

Meridian

Bioscience,

Inc.

1

Day

USD

SOFR

+

0.20%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/19/2023

USD

512,711

—

(10,976)

(10,976)

Nationwide

Multi-Cap

Portfolio

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

55

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

($)

Plantronics,

Inc.

1

Day

USD

SOFR

+

0.20%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/19/2023

USD

995,113

—

(1,498)

(1,498)

S&P

Global,

Inc.

Decreases

in

total

return

of

reference

entity

1

Day

USD

SOFR

+

0.25%

and

increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/23/2022

USD

104,006,777

—

(4,302,154)

(4,302,154)

Sailpoint

Technologies

Holdings,

Inc.

1

Day

USD

SOFR

+

0.18%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/19/2023

USD

643,486

—

(1,258)

(1,258)

Tenneco,

Inc.

1

Day

USD

SOFR

+

0.20%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/19/2023

USD

585,762

—

(11,558)

(11,558)

Total

unrealized

depreciation

—

(4,344,126)

(4,344,126)

Net

unrealized

appreciation

—

159,179,435

159,179,435

*

There

are

no

upfront

payments

(receipts)

on

the

swap

contracts

listed

above.

As

of

July

31,

2022,

the

Fund

had

$11,979,200

segregated

as

collateral

for

swap

contracts.

Abbreviation

:

LIBOR

London

Interbank

Offered

Rate

SOFR

Secured

Overnight

Financing Rate

Currency:

USD

United

States

dollar

Forward

Foreign

Currency

Contracts

outstanding

as

of

July

31,

2022:

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

($)

JPY

624,000,000

USD

4,615,555

Bank

of

New

York

9/21/2022

82,473

USD

110,691,886

JPY

14,308,000,000

Royal

Bank

of

Canada

9/21/2022

2,968,500

CAD

6,019,293

USD

4,645,743

Citibank

NA

10/18/2022

53,529

JPY

1,042,809,809

USD

7,726,234

Goldman

Sachs

Bank

USA

10/18/2022

143,791

Total

unrealized

appreciation

3,248,293

USD

547,409

EUR

540,000

Citibank

NA

10/18/2022

(7,600)

Total

unrealized

depreciation

(7,600)

Net

unrealized

appreciation

3,240,693

Currency:

CAD

Canadian

dollar

56

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

EUR

Euro

JPY

Japanese

yen

USD

United

States

dollar

Futures

contracts

outstanding

as

of

July

31,

2022:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

Euro-Bobl

62

9/2022

EUR

8,102,751

161,870

MSCI

Emerging

Markets

E-Mini

Index

18

9/2022

USD

898,650

(5,275)

NASDAQ

100

E-Mini

Index

26

9/2022

USD

6,745,180

340,876

NASDAQ

100

Micro

E-Mini

Index

36

9/2022

USD

933,948

118,418

Russell

2000

E-Mini

Index

36

9/2022

USD

3,393,540

254,487

Russell

2000

E-Mini

Index

41

9/2022

USD

3,864,865

234,634

Russell

2000

E-Mini

Index

327

9/2022

USD

30,824,655

569,657

Russell

2000

Micro

E-Mini

Index

35

9/2022

USD

329,928

29,629

Russell

2000

Micro

E-Mini

Index

415

9/2022

USD

3,911,998

352,321

S&P

500

E-Mini

Index

107

9/2022

USD

22,114,225

1,656,112

S&P

500

Micro

E-Mini

Index

374

9/2022

USD

7,729,645

710,059

S&P

500

Micro

E-Mini

Index

1,321

9/2022

USD

27,301,767

2,222,265

TOPIX

Index

65

9/2022

JPY

9,444,132

(84,361)

U.S.

Treasury

10

Year

Note

51

9/2022

USD

6,178,172

17,443

U.S.

Treasury

Ultra

Bond

143

9/2022

USD

22,638,688

(33,172)

3

Month

Eurodollar

1,699

12/2022

USD

409,267,862

(4,015,730)

3

Month

Eurodollar

422

6/2023

USD

102,060,700

29,622

3

Month

SOFR

25

9/2023

USD

6,064,687

29,322

Total

long

contracts

2,588,177

Short

Contracts

EURO

STOXX

50

Index

(24)

9/2022

EUR

(908,071)

(56,246)

TOPIX

Index

(677)

9/2022

JPY

(98,364,267)

(407,891)

U.S.

Treasury

2

Year

Note

(2,033)

9/2022

USD

(427,867,087)

282,372

U.S.

Treasury

5

Year

Note

(4,718)

9/2022

USD

(536,561,924)

(3,524,441)

U.S.

Treasury

5

Year

Note

(169)

9/2022

USD

(19,219,789)

(58,263)

U.S.

Treasury

10

Year

Ultra

Note

(398)

9/2022

USD

(52,237,500)

(1,208,466)

U.S.

Treasury

Long

Bond

(523)

9/2022

USD

(75,312,000)

(2,244,090)

U.S.

Treasury

Ultra

Bond

(108)

9/2022

USD

(17,097,750)

(304,499)

Total

short

contracts

(7,521,524)

Net

contracts

(4,933,347)

As

of

July

31,

2022,

the

Fund

had

$11,018,703

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

July

31,

2022

:

D

escription

Counterparty

Number

of

Contracts

Notional

Amount

Exercise

  Price  

Expiration

Date

Value

($)  

3

Month

Eurodollar

Exchange

Traded

352

USD

88,000,000

USD

96.25

12/19/2022

(301,400)

3

Month

Eurodollar

Exchange

Traded

358

USD

89,500,000

USD

96.50

12/19/2022

(203,612)

3

Month

Eurodollar

Exchange

Traded

1,397

USD

349,250,000

USD

97.00

12/19/2022

(331,787)

U.S.

Treasury

10

Year

Note

Exchange

Traded

263

USD

26,300,000

USD

120.00

8/26/2022

(439,703)

U.S.

Treasury

10

Year

Note

Exchange

Traded

125

USD

12,500,000

USD

120.50

8/26/2022

(167,969)

U.S.

Treasury

5

Year

Note

Exchange

Traded

196

USD

19,600,000

USD

113.00

8/26/2022

(214,375)

U.S.

Treasury

5

Year

Note

Exchange

Traded

75

USD

7,500,000

USD

113.50

8/26/2022

(58,594)

Nationwide

Multi-Cap

Portfolio

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

57

Description

Counterparty

Number

of

Contracts

Notional

Amount

Exercise

  Price  

Expiration

Date

Value

($)  

U.S.

Treasury

5

Year

Note

Exchange

Traded

75

USD

7,500,000

USD

113.75

8/26/2022

(48,633)

U.S.

Treasury

5

Year

Note

Exchange

Traded

75

USD

7,500,000

USD

114.00

8/26/2022

(39,844)

U.S.

Treasury

5

Year

Note

Exchange

Traded

75

USD

7,500,000

USD

114.25

8/26/2022

(32,227)

Total

written

call

options

contracts

(1,838,144)

Written

Put

Options

Contracts

as

of

July

31,

2022

:

D

escription

Counterparty

Number

of

Contracts

Notional

Amount

Exercise

  Price  

Expiration

Date

Value

($)  

U.S.

Treasury

10

Year

Note

Exchange

Traded

125

USD

12,500,000

USD

117.00

8/26/2022

(7,813)

U.S.

Treasury

5

Year

Note

Exchange

Traded

196

USD

19,600,000

USD

110.75

8/26/2022

(7,656)

Total

written

put

options

contracts

(15,469)

Total

Written

Options

Contracts

(Premiums

Received

($2,254,258))

(1,853,613)

Currency:

USD

United

States

dollar

58

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

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

Multi-Cap

Portfolio

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

59

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

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

$

–

$

254,980,335

$

–

$

254,980,335

Collateralized

Mortgage

Obligations

–

107,348,537

–

107,348,537

Commercial

Mortgage-Backed

Securities

–

140,943,226

–

140,943,226

  Common

Stocks

Aerospace

&

Defense

33,685,922

–

–

33,685,922

Air

Freight

&

Logistics

12,869,292

–

–

12,869,292

Airlines

4,541,831

–

–

4,541,831

Auto

Components

4,754,665

–

–

4,754,665

Automobiles

48,149,446

–

–

48,149,446

Banks

84,999,724

–

–

84,999,724

Beverages

34,680,878

–

–

34,680,878

Biotechnology

52,877,279

–

–

52,877,279

Building

Products

12,944,078

3,007,679

–

15,951,757

Capital

Markets

65,939,484

–

–

65,939,484

Chemicals

38,016,945

3,783,207

–

41,800,152

Commercial

Services

&

Supplies

12,650,064

–

–

12,650,064

Communications

Equipment

16,816,085

–

–

16,816,085

Construction

&

Engineering

4,591,316

–

–

4,591,316

Construction

Materials

2,742,806

–

–

2,742,806

Consumer

Finance

12,619,476

–

–

12,619,476

Containers

&

Packaging

8,555,856

–

9,928

8,565,784

Distributors

2,707,159

–

–

2,707,159

Diversified

Consumer

Services

3,112,030

–

–

3,112,030

Diversified

Financial

Services

30,257,120

4,949,056

–

35,206,176

Diversified

Telecommunication

Services

19,089,187

–

–

19,089,187

Electric

Utilities

39,166,821

–

–

39,166,821

Electrical

Equipment

15,038,879

8,462,089

–

23,500,968

Electronic

Equipment,

Instruments

&

Components

16,135,869

7,214,560

–

23,350,429

Energy

Equipment

&

Services

7,722,156

–

–

7,722,156

Entertainment

30,831,387

1,404,465

–

32,235,852

Equity

Real

Estate

Investment

Trusts

(REITs)

76,181,159

–

–

76,181,159

Food

&

Staples

Retailing

31,441,810

–

–

31,441,810

Food

Products

25,038,785

5,337,926

–

30,376,711

Gas

Utilities

3,279,741

–

–

3,279,741

Health

Care

Equipment

&

Supplies

57,230,776

14,004,068

–

71,234,844

Health

Care

Providers

&

Services

67,958,523

–

–

67,958,523

Health

Care

Technology

3,459,512

–

–

3,459,512

Hotels,

Restaurants

&

Leisure

43,304,561

–

–

43,304,561

Household

Durables

9,455,198

6,873,669

–

16,328,867

Household

Products

25,688,981

2,865,148

–

28,554,129

Independent

Power

and

Renewable

Electricity

Producers

3,087,011

–

–

3,087,011

Industrial

Conglomerates

15,214,590

–

–

15,214,590

Insurance

47,961,374

4,895,272

–

52,856,646

Interactive

Media

&

Services

94,599,622

–

–

94,599,622

Internet

&

Direct

Marketing

Retail

66,751,448

–

–

66,751,448

IT

Services

94,600,765

11,506,970

–

106,107,735

Leisure

Products

2,423,450

–

–

2,423,450

Life

Sciences

Tools

&

Services

39,991,324

–

–

39,991,324

Machinery

39,282,015

5,964,925

–

45,246,940

Marine

656,391

–

–

656,391

Media

19,332,715

–

–

19,332,715

Metals

&

Mining

11,775,957

–

–

11,775,957

Mortgage

Real

Estate

Investment

Trusts

(REITs)

4,127,795

–

–

4,127,795

Multiline

Retail

9,680,684

–

–

9,680,684

Multi-Utilities

18,294,913

–

–

18,294,913

Oil,

Gas

&

Consumable

Fuels

88,314,192

–

–

88,314,192

Paper

&

Forest

Products

449,231

–

–

449,231

60

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Level

1

Level

2

Level

3

Total

Assets:

Personal

Products

$

4,587,145

$

–

$

–

$

4,587,145

Pharmaceuticals

84,078,780

4,567,753

–

88,646,533

Professional

Services

13,523,449

6,928,327

–

20,451,776

Real

Estate

Management

&

Development

4,250,466

–

–

4,250,466

Road

&

Rail

22,313,283

–

–

22,313,283

Semiconductors

&

Semiconductor

Equipment

104,594,904

4,345,263

–

108,940,167

Software

197,376,320

–

–

197,376,320

Specialty

Retail

44,550,339

4,380,362

–

48,930,701

Technology

Hardware,

Storage

&

Peripherals

137,167,888

–

–

137,167,888

Textiles,

Apparel

&

Luxury

Goods

13,242,754

4,012,701

–

17,255,455

Thrifts

&

Mortgage

Finance

2,809,010

–

–

2,809,010

Tobacco

12,475,447

–

–

12,475,447

Trading

Companies

&

Distributors

8,119,191

–

–

8,119,191

Water

Utilities

2,639,024

–

–

2,639,024

Wireless

Telecommunication

Services

5,197,608

2,007,777

–

7,205,385

Total

Common

Stocks

$

2,172,003,886

$

106,511,217

$

9,928

$

2,278,525,031

Corporate

Bonds

–

847,730,391

–

847,730,391

Credit

Default

Swaps†

–

246,886

–

246,886

Exchange

Traded

Funds

100,993,645

–

–

100,993,645

Foreign

Government

Securities  

–

31,596,661

–

31,596,661

Forward

Foreign

Currency

Contracts

–

3,248,293

–

3,248,293

Futures

Contracts

7,009,087

–

–

7,009,087

Interest

Rate

Swaps†

–

5,250,802

–

5,250,802

Master

Limited

Partnership

160,423

–

–

160,423

Mortgage-Backed

Securities

–

113,361,474

–

113,361,474

Purchased

Option

862,044

–

–

862,044

Repurchase

Agreements

–

130,950,655

–

130,950,655

Rights  

–

2,694

–

2,694

Short-Term

Investments

–

355,344,684

–

355,344,684

Total

Return

Swaps†

–

163,523,561

–

163,523,561

U.S.

Treasury

Obligations

–

179,219,556

–

179,219,556

Total

Assets

$

2,281,029,085

$

2,440,258,972

$

9,928

$

4,721,297,985

$

–

$

–

$

–

$

–

Liabilities:

Credit

Default

Swaps†

$

–

$

(716,350)

$

–

$

(716,350)

Forward

Foreign

Currency

Contracts

–

(7,600)

–

(7,600)

Futures

Contracts

(11,942,434)

–

–

(11,942,434)

Interest

Rate

Swaps†

–

(6,901,946)

–

(6,901,946)

Total

Return

Swaps†

–

(4,344,126)

–

(4,344,126)

Written

Options

(1,853,613)

–

–

(1,853,613)

Total

Liabilities

$

(13,796,047)

$

(11,970,022)

$

–

$

(25,766,069)

Total

$

2,267,233,038

$

2,428,288,950

$

9,928

$

4,695,531,916

†

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).

As

of

July

31,

2022,

the

Fund

held

three

Foreign

Government

Security

and

six

rights

investments

that

were

categorized

as

Level

3

investments

which

were

each

valued

at

$0.

Nationwide

Multi-Cap

Portfolio

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

61

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

July

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.

(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.

Common

Stocks

Rights

Total

Balance

as

of

10/31/2021

$

—

$

—

$

—

Accrued

Accretion/(Amortization)

—

—

—

Realized

Gains

(Losses)

—

6,574

6,574

Purchases

*

—

749

749

Sales

—

(6,772)

(6,772)

Change

in

Unrealized

Appreciation/Depreciation

(8,437)

(551)

(8,988)

Transfers

into

Level

3

18,365

—

18,365

Transfers

out

of

Level

3

—

—

—

Balance

as

of

7/31/2022

$

9,928

$

—

$

9,928

Change

in

Unrealized

Appreciation/Depreciation

for

Investments

Still

Held

as

of

7/31/2022

$

(8,437)

$

(551)

$

(8,988)

*

Purchases

include

all

purchases

of

securities

and

securities

received

in

corporate

actions.

62

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

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.

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.

Nationwide

Multi-Cap

Portfolio

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

63

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

July

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).

Total

Return

Swap

Contracts

—

Certain

Funds

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

each

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.

Each

Fund

has

segregated

liquid

assets

to

cover

its

obligations

under

the

total

return

swap

contract.

Certain

Funds

entered

into

total

return

swap

contracts

on

a

net

basis,

which

means

that

the

two

payment

streams

are

netted

out,

with

a

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

a

Fund

is

contractually

obligated

to

make.

If

the

counterparty

to

a

total

return

swap

defaults,

a

Fund’s

risk

of

loss

consists

of

the

net

amount

of

payments

that

a

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.

64

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

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.

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

managing

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.

Nationwide

Multi-Cap

Portfolio

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

65

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

July

31,

2022:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

July

31,

2022:        

Assets:

Fair

Value

Purchased

Options

Interest

rate

risk

Investment

securities,

at

value

$

862,044

Swap

Contracts†

Credit

risk

Receivable/payable

for

variation

margin

on

centrally

cleared

swap

contracts

246,886

Equity

risk

Investment

contract,

at

value

163,523,561

Interest

rate

risk

Receivable/payable

for

variation

margin

on

centrally

cleared

swap

contracts

5,250,802

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

appreciation

on

forward

foreign

currency

contracts

3,248,293

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

6,488,458

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

520,629

Total

$

180,140,673

Liabilities:

Fair

Value

Written

Options

Interest

rate

risk

Written

options,

at

value

$

(1,853,613

)

Swap

Contracts†

Credit

risk

Unrealized

depreciation

on

centrally

cleared

swap

contracts

(716,350

)

Equity

risk

Investment

contract,

at

value

(4,344,126

)

Interest

rate

risk

Receivable/payable

for

variation

margin

on

centrally

cleared

swap

contracts

(6,901,946

)

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

depreciation

on

forward

foreign

currency

contracts

(7,600

)

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

(553,773

)

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

(11,388,661

)

Total

$

(25,766,069

)

†

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.

66

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Bond

Portfolio

Asset-Backed

Securities

0.3%

Principal

Amount

($)

Value

($)

UNITED

STATES

0.3%

Automobiles

0.3%

Santander

Drive

Auto

Receivables

Trust

Series

2021-1,

Class

D,

1.13%,

11/16/2026

500,000

477,563

Series

2020-3,

Class

D,

1.64%,

11/16/2026

710,000

688,751

Series

2021-3,

Class

D,

1.33%,

9/15/2027

1,000,000

940,495

Total

Asset-Backed

Securities

(cost  $2,198,006)

2,106,809

Commercial

Mortgage-Backed

Securities

1.9%

UNITED

STATES

1.9%

BANK

Series

2019-BN17,

Class

A4,

3.71%,

4/15/2052

1,000,000

990,070

Series

2017-BNK6,

Class

ASB,

3.29%,

7/15/2060

1,029,723

1,018,105

Series

2020-BN27,

Class

A5,

2.14%,

4/15/2063

796,000

704,677

Bank

of

America

Merrill

Lynch

Commercial

Mortgage

Trust

,

Series

2016-UB10,

Class

A4,

3.17%,

7/15/2049

735,000

714,266

Benchmark

Mortgage

Trust

Series

2018-B5,

Class

A4,

4.21%,

7/15/2051

400,000

406,368

Series

2018-B8,

Class

AS,

4.53%,

1/15/2052(a)

500,000

496,591

Series

2020-B16,

Class

A5,

2.73%,

2/15/2053

750,000

692,737

Series

2020-B21,

Class

A4,

1.70%,

12/17/2053

300,000

255,923

Citigroup

Commercial

Mortgage

Trust

Series

2013-GC11,

Class

A4,

3.09%,

4/10/2046

414,000

411,259

Series

2019-GC41,

Class

A4,

2.62%,

8/10/2056

500,000

460,070

FHLMC

Multifamily

Structured

Pass-

Through

Certificates

REMICS

Series

K077,

Class

A2,

3.85%,

5/25/2028(a)

2,000,000

2,067,413

Series

K086,

Class

A2,

3.86%,

11/25/2028(a)

1,000,000

1,037,218

Series

K126,

Class

A2,

2.07%,

1/25/2031

1,000,000

910,792

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

UNITED

STATES

FNMA

ACES

REMICS,

Series

2022-M1,

Class

A2,

1.67%,

10/25/2031(a)

1,000,000

869,944

JPMBB

Commercial

Mortgage

Securities

Trust

Series

2014-C21,

Class

A5,

3.77%,

8/15/2047

752,000

746,917

Series

2015-C30,

Class

AS,

4.23%,

7/15/2048(a)

500,000

490,914

JPMDB

Commercial

Mortgage

Securities

Trust

,

Series

2017-

C7,

Class

A5,

3.41%,

10/15/2050

500,000

489,130

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

Series

2015-

C25,

Class

A4,

3.37%,

10/15/2048

535,000

526,294

Morgan

Stanley

Capital

I

Trust

,

Series

2017-

H1,

Class

AS,

3.77%,

6/15/2050

500,000

477,091

Wells

Fargo

Commercial

Mortgage

Trust

Series

2019-C52,

Class

A5,

2.89%,

8/15/2052

530,000

494,784

Series

2016-C33,

Class

A4,

3.43%,

3/15/2059

1,225,000

1,204,416

Total

Commercial

Mortgage-Backed

Securities

(cost

$16,750,428)

15,464,979

Corporate

Bonds

32.2%

AUSTRALIA

0.2%

Banks

0.1%

Westpac

Banking

Corp.,

3.74%,

8/26/2025

385,000

387,175

Metals

&

Mining

0.1%

Rio

Tinto

Finance

USA

Ltd.,

7.13%,

7/15/2028

611,000

714,118

1,101,293

CANADA

1.2%

Aerospace

&

Defense

0.0%

†

Bombardier,

Inc.,

7.50%,

3/15/2025(b)

500,000

487,500

Banks

0.6%

Bank

of

Montreal,

3.70%,

6/7/2025

1,320,000

1,321,710

Bank

of

Nova

Scotia

(The),

2.20%,

2/3/2025

1,000,000

964,003

Canadian

Imperial

Bank

of

Commerce,

1.25%,

6/22/2026

850,000

775,064

Royal

Bank

of

Canada

3.97%,

7/26/2024

380,000

382,298

Nationwide

Bond

Portfolio

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

67

Corporate

Bonds

Principal

Amount

($)

Value

($)

CANADA

Banks

2.05%,

1/21/2027

500,000

465,312

3.63%,

5/4/2027

150,000

148,328

Toronto-Dominion

Bank

(The),

0.75%,

1/6/2026

1,200,000

1,090,417

5,147,132

Capital

Markets

0.0%

†

Brookfield

Finance

I

UK

plc,

2.34%,

1/30/2032

95,000

79,251

Brookfield

Finance,

Inc.,

4.85%,

3/29/2029

300,000

302,711

381,962

Hotels,

Restaurants

&

Leisure

0.2%

1011778

BC

ULC

4.38%,

1/15/2028(b)

400,000

370,724

4.00%,

10/15/2030(b)

1,403,000

1,220,610

1,591,334

Oil,

Gas

&

Consumable

Fuels

0.3%

Canadian

Natural

Resources

Ltd.,

3.85%,

6/1/2027

580,000

566,770

Cenovus

Energy,

Inc.,

4.25%,

4/15/2027

650,000

647,265

Enbridge,

Inc.

1.60%,

10/4/2026

400,000

365,165

4.25%,

12/1/2026

500,000

503,099

2,082,299

Professional

Services

0.0%

†

Thomson

Reuters

Corp.,

3.35%,

5/15/2026

100,000

98,493

Wireless

Telecommunication

Services

0.1%

Rogers

Communications,

Inc.

3.20%,

3/15/2027(b)

425,000

415,367

3.80%,

3/15/2032(b)

400,000

387,235

802,602

10,591,322

CHINA

0.1%

Semiconductors

&

Semiconductor

Equipment

0.1%

NXP

BV,

3.15%,

5/1/2027

265,000

252,086

FRANCE

0.1%

Energy

Equipment

&

Services

0.0%

†

CGG

SA,

8.75%,

4/1/2027(b)

500,000

458,140

Insurance

0.1%

AXA

SA,

8.60%,

12/15/2030

390,000

475,198

933,338

Corporate

Bonds

Principal

Amount

($)

Value

($)

GERMANY

0.1%

Capital

Markets

0.1%

Deutsche

Bank

AG

(SOFR

+

1.13%),

1.45%,

4/1/2025(c)

1,000,000

938,188

(SOFR

+

1.22%),

2.31%,

11/16/2027(c)

150,000

130,356

1,068,544

JAPAN

0.8%

Automobiles

0.0%

†

Honda

Motor

Co.

Ltd.,

2.53%,

3/10/2027

420,000

401,882

Banks

0.8%

Mitsubishi

UFJ

Financial

Group,

Inc.

1.41%,

7/17/2025

1,000,000

928,586

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.55%),

0.95%,

7/19/2025(c)

880,000

824,461

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.67%),

1.64%,

10/13/2027(c)

850,000

759,591

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.95%),

2.31%,

7/20/2032(c)

500,000

414,898

Mizuho

Financial

Group,

Inc.,

(SOFR

+

1.24%),

2.84%,

7/16/2025(c)

400,000

387,457

Sumitomo

Mitsui

Financial

Group,

Inc.

0.95%,

1/12/2026

2,250,000

2,029,550

1.40%,

9/17/2026

260,000

234,193

5,578,736

Capital

Markets

0.0%

†

Nomura

Holdings,

Inc.,

5.10%,

7/3/2025

320,000

327,276

6,307,894

MEXICO

0.4%

Beverages

0.4%

Coca-Cola

Femsa

SAB

de

CV,

2.75%,

1/22/2030

3,490,000

3,196,386

Wireless

Telecommunication

Services

0.0%

†

America

Movil

SAB

de

CV,

2.88%,

5/7/2030

460,000

424,217

3,620,603

NETHERLANDS

0.0%

†

Banks

0.0%

†

Cooperatieve

Rabobank

UA,

4.38%,

8/4/2025

250,000

250,761

68

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Bond

Portfolio

Corporate

Bonds

Principal

Amount

($)

Value

($)

NETHERLANDS

Banks

ING

Groep

NV,

3.95%,

3/29/2027

200,000

196,493

447,254

PERU

0.0%

†

Metals

&

Mining

0.0%

†

Southern

Copper

Corp.,

3.88%,

4/23/2025

185,000

183,150

SPAIN

0.3%

Banks

0.3%

Banco

Santander

SA

2.75%,

5/28/2025

400,000

381,758

1.85%,

3/25/2026

2,000,000

1,819,014

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.90%),

1.72%,

9/14/2027(c)

400,000

353,135

2,553,907

UNITED

KINGDOM

1.3%

Automobiles

0.1%

Jaguar

Land

Rover

Automotive

plc,

5.50%,

7/15/2029(b)

600,000

462,798

Banks

0.6%

Barclays

plc,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.05%),

2.28%,

11/24/2027(c)

740,000

662,670

HSBC

Holdings

plc

(SOFR

+

1.51%),

4.18%,

12/9/2025(c)

585,000

581,188

(SOFR

+

1.93%),

2.10%,

6/4/2026(c)

1,350,000

1,258,070

(SOFR

+

1.10%),

2.25%,

11/22/2027(c)

1,000,000

902,762

Lloyds

Banking

Group

plc

4.45%,

5/8/2025

200,000

200,993

(ICE

LIBOR

USD

3

Month

+

1.21%),

3.57%,

11/7/2028(c)

235,000

223,100

NatWest

Group

plc,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.27%),

5.52%,

9/30/2028(c)

200,000

205,021

4,033,804

Beverages

0.0%

†

Diageo

Capital

plc,

2.00%,

4/29/2030

400,000

355,647

Diversified

Telecommunication

Services

0.1%

Virgin

Media

Finance

plc,

5.00%,

7/15/2030(b)

1,000,000

847,155

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

KINGDOM

Food

Products

0.1%

Unilever

Capital

Corp.,

2.90%,

5/5/2027

450,000

441,267

Tobacco

0.4%

BAT

Capital

Corp.

3.56%,

8/15/2027

300,000

280,665

2.26%,

3/25/2028

1,170,000

1,002,772

BAT

International

Finance

plc

1.67%,

3/25/2026

1,500,000

1,355,953

4.45%,

3/16/2028

325,000

311,206

2,950,596

9,091,267

UNITED

STATES

27.7%

Aerospace

&

Defense

0.4%

Boeing

Co.

(The)

5.04%,

5/1/2027

200,000

203,955

3.25%,

3/1/2028

750,000

697,269

Lockheed

Martin

Corp.,

3.90%,

6/15/2032

540,000

556,652

Raytheon

Technologies

Corp.,

3.95%,

8/16/2025

800,000

812,538

TransDigm

UK

Holdings

plc,

6.88%,

5/15/2026

800,000

798,344

3,068,758

Air

Freight

&

Logistics

0.1%

United

Parcel

Service,

Inc.,

3.90%,

4/1/2025

500,000

508,174

Airlines

0.5%

American

Airlines,

Inc.,

5.75%,

4/20/2029(b)

2,125,000

2,034,687

United

Airlines,

Inc.,

4.63%,

4/15/2029(b)

2,000,000

1,842,500

3,877,187

Auto

Components

0.2%

Icahn

Enterprises

LP

5.25%,

5/15/2027

1,000,000

959,920

4.38%,

2/1/2029

600,000

539,943

1,499,863

Automobiles

0.1%

General

Motors

Co.,

4.20%,

10/1/2027

800,000

780,753

Banks

3.4%

Bank

of

America

Corp.,

Series

L,

3.95%,

4/21/2025

1,000,000

1,000,552

Bank

of

America

Corp.

(SOFR

+

0.65%),

1.53%,

12/6/2025(c)

1,300,000

1,218,441

(SOFR

+

1.15%),

1.32%,

6/19/2026(c)

550,000

507,359

(SOFR

+

1.75%),

4.83%,

7/22/2026(c)

635,000

645,171

Nationwide

Bond

Portfolio

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

69

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Banks

(SOFR

+

1.01%),

1.20%,

10/24/2026(c)

1,000,000

906,283

(SOFR

+

0.96%),

1.73%,

7/22/2027(c)

2,000,000

1,814,320

(ICE

LIBOR

USD

3

Month

+

1.58%),

3.82%,

1/20/2028(c)

500,000

490,725

(SOFR

+

2.04%),

4.95%,

7/22/2028(c)

660,000

679,091

(SOFR

+

1.06%),

2.09%,

6/14/2029(c)

1,350,000

1,192,398

Bank

of

America

Corp.,

Series

N,

(SOFR

+

0.91%),

1.66%,

3/11/2027(c)

200,000

182,785

Citigroup,

Inc.

(SOFR

+

1.37%),

4.14%,

5/24/2025(c)

580,000

580,608

4.40%,

6/10/2025

200,000

201,982

3.20%,

10/21/2026

1,000,000

977,521

(SOFR

+

0.77%),

1.46%,

6/9/2027(c)

4,150,000

3,736,201

4.45%,

9/29/2027

400,000

400,873

Fifth

Third

Bancorp,

(SOFR

+

0.69%),

1.71%,

11/1/2027(c)

65,000

59,194

HSBC

USA,

Inc.,

3.75%,

5/24/2024

970,000

970,640

JPMorgan

Chase

&

Co.

3.90%,

7/15/2025

1,000,000

1,012,542

2.95%,

10/1/2026

1,000,000

973,589

(SOFR

+

0.80%),

1.05%,

11/19/2026(c)

1,000,000

901,840

(SOFR

+

0.89%),

1.58%,

4/22/2027(c)

218,000

198,020

1.47%,

9/22/2027

1,000,000

894,057

(SOFR

+

1.89%),

2.18%,

6/1/2028(c)

1,850,000

1,686,530

(SOFR

+

1.99%),

4.85%,

7/25/2028(c)

1,665,000

1,708,749

Santander

Holdings

USA,

Inc.

3.45%,

6/2/2025

100,000

96,907

(SOFR

+

1.25%),

2.49%,

1/6/2028(c)

35,000

31,131

SVB

Financial

Group

1.80%,

10/28/2026

243,000

220,332

2.10%,

5/15/2028

400,000

348,037

Truist

Financial

Corp.,

3.70%,

6/5/2025

1,000,000

1,003,479

US

Bancorp,

(SOFR

+

1.66%),

4.55%,

7/22/2028(c)

170,000

174,443

Wells

Fargo

&

Co.

(SOFR

+

1.32%),

3.91%,

4/25/2026(c)

1,605,000

1,594,818

(SOFR

+

1.51%),

3.53%,

3/24/2028(c)

705,000

681,385

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Banks

(SOFR

+

2.10%),

2.39%,

6/2/2028(c)

1,500,000

1,375,508

28,465,511

Beverages

0.4%

Constellation

Brands,

Inc.

4.40%,

11/15/2025

800,000

814,719

4.75%,

12/1/2025

500,000

511,252

Keurig

Dr

Pepper,

Inc.,

3.40%,

11/15/2025

500,000

496,507

PepsiCo,

Inc.,

3.60%,

2/18/2028

760,000

774,142

2,596,620

Biotechnology

0.1%

Regeneron

Pharmaceuticals,

Inc.,

1.75%,

9/15/2030

766,000

640,673

Building

Products

0.1%

Carrier

Global

Corp.,

2.49%,

2/15/2027

378,000

353,551

James

Hardie

International

Finance

DAC,

5.00%,

1/15/2028(b)

500,000

462,574

816,125

Capital

Markets

3.4%

Ares

Capital

Corp.

3.88%,

1/15/2026

500,000

470,619

2.15%,

7/15/2026

2,350,000

2,031,953

2.88%,

6/15/2028

500,000

412,125

Barings

BDC,

Inc.,

3.30%,

11/23/2026(b)

25,000

21,776

Blackstone

Private

Credit

Fund,

2.70%,

1/15/2025(b)

130,000

120,251

Charles

Schwab

Corp.

(The)

3.63%,

4/1/2025

1,000,000

1,004,708

2.45%,

3/3/2027

205,000

196,349

CME

Group,

Inc.,

2.65%,

3/15/2032

60,000

55,341

Compass

Group

Diversified

Holdings

LLC,

5.25%,

4/15/2029(b)

1,300,000

1,147,276

FactSet

Research

Systems,

Inc.,

2.90%,

3/1/2027

925,000

889,672

FS

KKR

Capital

Corp.

3.40%,

1/15/2026

200,000

182,150

2.63%,

1/15/2027

500,000

425,307

3.25%,

7/15/2027

1,350,000

1,181,951

Goldman

Sachs

Group,

Inc.

(The)

3.75%,

2/25/2026

300,000

300,428

3.50%,

11/16/2026

1,000,000

979,129

70

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Bond

Portfolio

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Capital

Markets

(SOFR

+

0.82%),

1.54%,

9/10/2027(c)

3,700,000

3,311,768

(SOFR

+

0.91%),

1.95%,

10/21/2027(c)

1,000,000

912,600

(ICE

LIBOR

USD

3

Month

+

1.51%),

3.69%,

6/5/2028(c)

200,000

195,100

(ICE

LIBOR

USD

3

Month

+

1.30%),

4.22%,

5/1/2029(c)

400,000

395,556

Golub

Capital

BDC,

Inc.,

2.50%,

8/24/2026

220,000

191,138

Intercontinental

Exchange,

Inc.,

3.65%,

5/23/2025

335,000

337,241

LPL

Holdings,

Inc.,

4.00%,

3/15/2029(b)(d)

1,740,000

1,618,200

Morgan

Stanley

4.00%,

7/23/2025

200,000

201,640

5.00%,

11/24/2025

300,000

309,090

(SOFR

+

0.72%),

0.98%,

12/10/2026(c)

1,750,000

1,570,861

3.63%,

1/20/2027

1,000,000

994,849

(SOFR

+

0.88%),

1.59%,

5/4/2027(c)

2,450,000

2,231,313

(SOFR

+

0.86%),

1.51%,

7/20/2027(c)

3,000,000

2,709,098

Morgan

Stanley

Direct

Lending

Fund,

4.50%,

2/11/2027

335,000

305,602

Nasdaq,

Inc.,

3.85%,

6/30/2026

200,000

202,000

Prospect

Capital

Corp.

3.71%,

1/22/2026

400,000

360,178

3.44%,

10/15/2028

150,000

118,078

S&P

Global,

Inc.

2.45%,

3/1/2027(b)

870,000

832,239

1.25%,

8/15/2030

500,000

412,770

26,628,356

Chemicals

0.9%

Celanese

US

Holdings

LLC

5.90%,

7/5/2024

2,375,000

2,391,873

6.05%,

3/15/2025

2,375,000

2,393,939

1.40%,

8/5/2026

230,000

195,772

CVR

Partners

LP,

6.13%,

6/15/2028(b)

700,000

637,000

DuPont

de

Nemours,

Inc.,

4.49%,

11/15/2025

150,000

153,681

Huntsman

International

LLC,

4.50%,

5/1/2029

20,000

19,020

Minerals

Technologies,

Inc.,

5.00%,

7/1/2028(b)

400,000

366,534

PPG

Industries,

Inc.,

2.55%,

6/15/2030

450,000

406,428

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Chemicals

Sherwin-Williams

Co.

(The),

3.45%,

6/1/2027

1,000,000

986,617

7,550,864

Commercial

Services

&

Supplies

0.2%

Cintas

Corp.

No.

2

3.45%,

5/1/2025

565,000

566,296

3.70%,

4/1/2027

4,000

4,037

CoreCivic

,

Inc.,

8.25%,

4/15/2026

600,000

596,076

Republic

Services,

Inc.,

1.45%,

2/15/2031

690,000

569,695

Waste

Connections,

Inc.,

3.20%,

6/1/2032

145,000

134,800

1,870,904

Communications

Equipment

0.2%

Motorola

Solutions,

Inc.

4.60%,

2/23/2028

500,000

500,391

4.60%,

5/23/2029

888,000

869,611

1,370,002

Construction

&

Engineering

0.1%

AECOM,

5.13%,

3/15/2027

400,000

405,596

Quanta

Services,

Inc.

2.90%,

10/1/2030

100,000

86,279

2.35%,

1/15/2032

5,000

4,037

495,912

Construction

Materials

0.0%

†

Martin

Marietta

Materials,

Inc.,

3.50%,

12/15/2027

300,000

290,351

Consumer

Finance

0.8%

American

Express

Co.

3.38%,

5/3/2024

220,000

219,641

3.95%,

8/1/2025

200,000

201,418

American

Honda

Finance

Corp.,

1.20%,

7/8/2025

1,000,000

939,735

Capital

One

Financial

Corp.,

3.75%,

7/28/2026

1,000,000

981,274

Curo

Group

Holdings

Corp.,

7.50%,

8/1/2028(b)

151,000

102,712

FirstCash

,

Inc.,

5.63%,

1/1/2030(b)

900,000

845,010

General

Motors

Financial

Co.,

Inc.

3.80%,

4/7/2025

70,000

69,060

4.35%,

1/17/2027

600,000

590,022

John

Deere

Capital

Corp.,

3.40%,

6/6/2025

1,015,000

1,021,207

Toyota

Motor

Credit

Corp.,

3.95%,

6/30/2025

1,375,000

1,394,995

6,365,074

Nationwide

Bond

Portfolio

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

71

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Containers

&

Packaging

0.2%

Berry

Global,

Inc.,

5.63%,

7/15/2027(b)

1,000,000

1,009,175

Crown

Cork

&

Seal

Co.,

Inc.,

7.38%,

12/15/2026

350,000

377,916

Sealed

Air

Corp.,

6.88%,

7/15/2033(b)

500,000

535,000

1,922,091

Distributors

0.2%

Genuine

Parts

Co.

1.75%,

2/1/2025

1,000,000

953,464

1.88%,

11/1/2030

400,000

327,013

1,280,477

Diversified

Consumer

Services

0.1%

Service

Corp.

International,

4.00%,

5/15/2031

600,000

552,027

Diversified

Financial

Services

0.0%

†

Block

Financial

LLC,

2.50%,

7/15/2028

275,000

243,842

National

Rural

Utilities

Cooperative

Finance

Corp.

1.00%,

6/15/2026

100,000

91,789

1.35%,

3/15/2031

100,000

80,850

416,481

Diversified

Telecommunication

Services

1.1%

AT&T,

Inc.

1.70%,

3/25/2026

1,000,000

933,279

2.30%,

6/1/2027

2,505,000

2,336,698

Frontier

Communications

Holdings

LLC,

8.75%,

5/15/2030(b)

1,100,000

1,168,079

Level

3

Financing,

Inc.,

4.63%,

9/15/2027(b)

850,000

776,934

Lumen

Technologies,

Inc.,

5.13%,

12/15/2026(b)

1,282,000

1,167,761

Verizon

Communications,

Inc.

0.85%,

11/20/2025

1,500,000

1,380,909

2.10%,

3/22/2028

1,000,000

914,749

8,678,409

Electric

Utilities

1.1%

American

Electric

Power

Co.,

Inc.,

2.30%,

3/1/2030

100,000

86,846

Appalachian

Power

Co.,

Series

BB,

4.50%,

8/1/2032

690,000

694,430

Arizona

Public

Service

Co.,

2.20%,

12/15/2031

210,000

176,158

CenterPoint

Energy

Houston

Electric

LLC,

Series

AG,

3.00%,

3/1/2032

185,000

174,715

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Electric

Utilities

Commonwealth

Edison

Co.,

2.20%,

3/1/2030

149,000

134,329

Duke

Energy

Corp.

3.15%,

8/15/2027(d)

600,000

579,691

2.45%,

6/1/2030

600,000

528,114

Duke

Energy

Florida

Project

Finance

LLC,

Series

2026,

2.54%,

9/1/2029

200,000

191,740

Entergy

Corp.,

0.90%,

9/15/2025

100,000

91,066

Entergy

Texas,

Inc.,

4.00%,

3/30/2029

100,000

100,070

Eversource

Energy,

4.20%,

6/27/2024

665,000

667,367

Georgia

Power

Co.,

4.70%,

5/15/2032

390,000

405,322

Indiana

Michigan

Power

Co.,

3.85%,

5/15/2028

200,000

198,975

Interstate

Power

and

Light

Co.,

4.10%,

9/26/2028

100,000

100,968

Nevada

Power

Co.,

Series

DD,

2.40%,

5/1/2030

500,000

448,812

NextEra

Energy

Capital

Holdings,

Inc.,

1.90%,

6/15/2028

745,000

667,692

NSTAR

Electric

Co.,

3.20%,

5/15/2027

100,000

98,610

Oncor

Electric

Delivery

Co.

LLC,

4.15%,

6/1/2032(b)

125,000

130,340

Pacific

Gas

and

Electric

Co.

2.10%,

8/1/2027

300,000

256,519

3.00%,

6/15/2028

460,000

405,095

2.50%,

2/1/2031

100,000

79,870

PacifiCorp,

2.70%,

9/15/2030

100,000

91,550

PPL

Capital

Funding,

Inc.,

3.10%,

5/15/2026

50,000

48,398

Southern

Co.

(The),

Series

21-B,

1.75%,

3/15/2028

550,000

483,087

Southwestern

Electric

Power

Co.,

Series

N,

1.65%,

3/15/2026

250,000

231,307

Tucson

Electric

Power

Co.,

1.50%,

8/1/2030

100,000

82,706

Union

Electric

Co.,

2.95%,

3/15/2030

100,000

93,901

Virginia

Electric

and

Power

Co.,

Series

B,

3.75%,

5/15/2027

185,000

187,490

Vistra

Operations

Co.

LLC,

5.00%,

7/31/2027(b)

500,000

492,275

Wisconsin

Power

and

Light

Co.,

1.95%,

9/16/2031

35,000

29,946

72

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Bond

Portfolio

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Electric

Utilities

Xcel

Energy,

Inc.,

1.75%,

3/15/2027

850,000

777,805

8,735,194

Electrical

Equipment

0.1%

Atkore

,

Inc.,

4.25%,

6/1/2031(b)

500,000

435,000

Emerson

Electric

Co.,

2.00%,

12/21/2028

210,000

191,665

626,665

Electronic

Equipment,

Instruments

&

Components

0.2%

Allegion

US

Holding

Co.,

Inc.,

3.55%,

10/1/2027

500,000

472,603

CDW

LLC,

3.25%,

2/15/2029

125,000

107,498

Teledyne

Technologies,

Inc.,

2.25%,

4/1/2028

850,000

752,860

1,332,961

Energy

Equipment

&

Services

0.2%

Schlumberger

Finance

Canada

Ltd.,

1.40%,

9/17/2025

1,500,000

1,416,097

Entertainment

0.1%

Activision

Blizzard,

Inc.,

3.40%,

9/15/2026

410,000

411,493

Take-Two

Interactive

Software,

Inc.,

3.30%,

3/28/2024

410,000

407,568

819,061

Equity

Real

Estate

Investment

Trusts

(REITs)

1.9%

American

Tower

Corp.

1.45%,

9/15/2026

210,000

187,790

2.75%,

1/15/2027

300,000

281,052

3.65%,

3/15/2027

580,000

565,853

1.50%,

1/31/2028

1,150,000

998,287

Camden

Property

Trust,

3.15%,

7/1/2029

100,000

94,198

Crown

Castle

International

Corp.

1.35%,

7/15/2025

1,000,000

925,140

4.45%,

2/15/2026

200,000

202,258

2.90%,

3/15/2027

100,000

94,889

3.65%,

9/1/2027

728,000

708,015

3.80%,

2/15/2028

593,000

576,888

Digital

Realty

Trust

LP,

3.70%,

8/15/2027

200,000

195,326

ERP

Operating

LP,

2.85%,

11/1/2026

100,000

95,833

Essex

Portfolio

LP,

1.70%,

3/1/2028

165,000

144,323

GLP

Capital

LP,

5.75%,

6/1/2028

1,150,000

1,147,855

Iron

Mountain,

Inc.,

5.63%,

7/15/2032(b)

1,300,000

1,219,465

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Equity

Real

Estate

Investment

Trusts

(REITs)

Life

Storage

LP,

3.88%,

12/15/2027

300,000

290,524

LifeStorage

LP,

3.50%,

7/1/2026

2,400,000

2,318,383

Office

Properties

Income

Trust,

3.45%,

10/15/2031

178,000

126,750

Public

Storage

3.09%,

9/15/2027

150,000

145,337

1.85%,

5/1/2028

1,000,000

897,120

1.95%,

11/9/2028

600,000

533,229

3.39%,

5/1/2029

550,000

530,583

2.30%,

5/1/2031

950,000

832,564

Rayonier

LP,

2.75%,

5/17/2031

100,000

86,097

Simon

Property

Group

LP,

1.38%,

1/15/2027

475,000

424,407

Uniti

Group

LP,

6.50%,

2/15/2029(b)

1,000,000

769,810

VICI

Properties

LP

4.38%,

5/15/2025

90,000

88,977

4.50%,

1/15/2028(b)

250,000

233,081

Welltower

,

Inc.,

3.85%,

6/15/2032

80,000

75,414

Weyerhaeuser

Co.,

4.00%,

4/15/2030

515,000

500,547

15,289,995

Food

&

Staples

Retailing

0.1%

Albertsons

Cos.,

Inc.,

4.63%,

1/15/2027(b)

850,000

802,987

Walmart,

Inc.,

1.50%,

9/22/2028

310,000

280,308

1,083,295

Food

Products

0.3%

Bunge

Ltd.

Finance

Corp.,

1.63%,

8/17/2025

1,300,000

1,216,326

General

Mills,

Inc.,

4.20%,

4/17/2028

250,000

255,880

Kraft

Heinz

Foods

Co.,

3.88%,

5/15/2027

940,000

934,699

McCormick

&

Co.,

Inc.,

0.90%,

2/15/2026

250,000

226,303

Post

Holdings,

Inc.,

5.50%,

12/15/2029(b)

500,000

472,630

3,105,838

Gas

Utilities

0.1%

Atmos

Energy

Corp.

3.00%,

6/15/2027

50,000

49,008

1.50%,

1/15/2031

100,000

83,287

National

Fuel

Gas

Co.,

2.95%,

3/1/2031

200,000

167,810

Piedmont

Natural

Gas

Co.,

Inc.,

3.50%,

6/1/2029

100,000

96,171

Nationwide

Bond

Portfolio

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

73

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Gas

Utilities

Southwest

Gas

Corp.,

4.05%,

3/15/2032

195,000

183,728

580,004

Health

Care

Equipment

&

Supplies

0.1%

DH

Europe

Finance

II

Sarl

,

2.60%,

11/15/2029

270,000

250,221

Edwards

Lifesciences

Corp.,

4.30%,

6/15/2028

850,000

859,023

1,109,244

Health

Care

Providers

&

Services

1.1%

Acadia

Healthcare

Co.,

Inc.,

5.00%,

4/15/2029(b)

1,649,000

1,597,963

AmerisourceBergen

Corp.,

2.80%,

5/15/2030

100,000

90,130

Cardinal

Health,

Inc.,

3.75%,

9/15/2025

500,000

499,562

CVS

Health

Corp.

3.88%,

7/20/2025

500,000

506,379

1.30%,

8/21/2027(d)

1,300,000

1,160,526

HCA,

Inc.

5.88%,

2/15/2026

85,000

87,813

5.25%,

6/15/2026

500,000

507,344

4.13%,

6/15/2029

270,000

259,838

Humana,

Inc.,

3.70%,

3/23/2029

255,000

250,166

Laboratory

Corp.

of

America

Holdings,

1.55%,

6/1/2026

1,750,000

1,608,276

Tenet

Healthcare

Corp.,

6.25%,

2/1/2027(b)

500,000

505,835

UnitedHealth

Group,

Inc.

3.70%,

5/15/2027

140,000

142,973

2.30%,

5/15/2031

1,970,000

1,786,113

9,002,918

Hotels,

Restaurants

&

Leisure

0.2%

Choice

Hotels

International,

Inc.,

3.70%,

12/1/2029

465,000

420,592

Expedia

Group,

Inc.,

4.63%,

8/1/2027

90,000

88,439

McDonald's

Corp.,

3.50%,

7/1/2027

750,000

749,888

1,258,919

Household

Durables

0.0%

†

NVR,

Inc.,

3.00%,

5/15/2030

300,000

270,112

Household

Products

0.0%

†

Procter

&

Gamble

Co.

(The),

3.00%,

3/25/2030

185,000

181,460

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

Southern

Power

Co.,

4.15%,

12/1/2025

150,000

151,354

Insurance

0.8%

Aflac,

Inc.,

3.60%,

4/1/2030

167,000

163,269

Aon

Corp.,

2.80%,

5/15/2030

200,000

180,851

Athene

Holding

Ltd.,

4.13%,

1/12/2028

825,000

790,442

Brown

&

Brown,

Inc.,

4.20%,

3/17/2032

280,000

263,809

Enstar

Group

Ltd.,

3.10%,

9/1/2031

745,000

601,174

Marsh

&

McLennan

Cos.,

Inc.

4.38%,

3/15/2029

1,000,000

1,018,938

2.25%,

11/15/2030

2,700,000

2,358,025

Progressive

Corp.

(The)

2.50%,

3/15/2027

860,000

827,264

3.00%,

3/15/2032

230,000

214,978

Trinity

Acquisition

plc,

4.40%,

3/15/2026

250,000

251,064

Willis

North

America,

Inc.

4.50%,

9/15/2028

250,000

249,219

2.95%,

9/15/2029

200,000

177,700

7,096,733

Interactive

Media

&

Services

0.1%

Ziff

Davis,

Inc.,

4.63%,

10/15/2030(b)

1,185,000

1,086,763

IT

Services

0.7%

Fidelity

National

Information

Services,

Inc.,

4.50%,

7/15/2025(d)

45,000

45,688

International

Business

Machines

Corp.

4.00%,

7/27/2025

4,080,000

4,138,042

4.15%,

7/27/2027

1,580,000

1,616,255

Kyndryl

Holdings,

Inc.

2.05%,

10/15/2026(b)

5,000

4,223

2.70%,

10/15/2028(b)

40,000

32,113

5,836,321

Life

Sciences

Tools

&

Services

0.1%

Agilent

Technologies,

Inc.,

2.75%,

9/15/2029

250,000

225,841

PerkinElmer,

Inc.,

1.90%,

9/15/2028

280,000

241,404

467,245

Machinery

0.3%

IDEX

Corp.,

2.63%,

6/15/2031

300,000

258,051

Parker-Hannifin

Corp.,

3.65%,

6/15/2024

170,000

169,886

74

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Bond

Portfolio

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Machinery

Westinghouse

Air

Brake

Technologies

Corp.,

3.20%,

6/15/2025

2,000,000

1,928,789

2,356,726

Media

0.6%

Charter

Communications

Operating

LLC

4.91%,

7/23/2025

1,500,000

1,520,118

3.75%,

2/15/2028

300,000

283,554

Comcast

Corp.,

3.15%,

3/1/2026

1,000,000

994,150

Directv

Financing

LLC,

5.88%,

8/15/2027(b)

1,400,000

1,304,226

Sirius

XM

Radio,

Inc.,

5.50%,

7/1/2029(b)

815,000

800,737

4,902,785

Metals

&

Mining

0.4%

Freeport-McMoRan,

Inc.,

4.13%,

3/1/2028

415,000

391,839

Nucor

Corp.,

3.13%,

4/1/2032

415,000

375,213

Reliance

Steel

&

Aluminum

Co.

1.30%,

8/15/2025

2,100,000

1,925,678

2.15%,

8/15/2030

250,000

206,968

Warrior

Met

Coal,

Inc.,

7.88%,

12/1/2028(b)

500,000

462,665

3,362,363

Multi-Utilities

0.2%

Ameren

Corp.,

3.50%,

1/15/2031

200,000

189,752

Berkshire

Hathaway

Energy

Co.,

3.25%,

4/15/2028

50,000

48,880

CenterPoint

Energy,

Inc.,

2.95%,

3/1/2030

100,000

91,990

Consolidated

Edison

Co.

of

New

York,

Inc.,

2.40%,

6/15/2031

500,000

447,171

Consumers

Energy

Co.,

3.80%,

11/15/2028

100,000

100,161

Dominion

Energy,

Inc.,

3.90%,

10/1/2025

100,000

100,443

Dominion

Energy,

Inc.,

Series

C,

3.38%,

4/1/2030

100,000

95,034

Sempra

Energy

3.25%,

6/15/2027

100,000

96,786

3.70%,

4/1/2029

200,000

194,240

Southern

Co.

Gas

Capital

Corp.,

Series

20-A,

1.75%,

1/15/2031

100,000

82,201

1,446,658

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Oil,

Gas

&

Consumable

Fuels

2.7%

California

Resources

Corp.,

7.13%,

2/1/2026(b)

800,000

797,728

Cheniere

Corpus

Christi

Holdings

LLC,

5.13%,

6/30/2027

3,900,000

3,966,292

Conoco

Funding

Co.,

7.25%,

10/15/2031

134,000

163,977

ConocoPhillips

Co.,

6.95%,

4/15/2029

171,000

201,150

Crestwood

Midstream

Partners

LP,

8.00%,

4/1/2029(b)

1,498,000

1,480,893

Delek

Logistics

Partners

LP,

7.13%,

6/1/2028(b)

400,000

365,000

Devon

Energy

Corp.

5.88%,

6/15/2028

1,450,000

1,483,053

4.50%,

1/15/2030

389,000

377,024

Energy

Transfer

LP,

2.90%,

5/15/2025

800,000

768,574

EQT

Corp.

3.90%,

10/1/2027

160,000

155,654

7.50%,

2/1/2030(e)

100,000

109,487

Global

Partners

LP,

6.88%,

1/15/2029

900,000

821,196

Kinder

Morgan,

Inc.,

1.75%,

11/15/2026

1,400,000

1,266,953

Magnolia

Oil

&

Gas

Operating

LLC,

6.00%,

8/1/2026(b)

400,000

381,184

MPLX

LP

1.75%,

3/1/2026

900,000

827,539

4.25%,

12/1/2027

1,000,000

991,630

4.80%,

2/15/2029

1,308,000

1,317,675

2.65%,

8/15/2030

600,000

519,387

Northern

Oil

and

Gas,

Inc.,

8.13%,

3/1/2028(b)

1,000,000

967,500

Northwest

Pipeline

LLC,

4.00%,

4/1/2027

2,000,000

1,981,715

ONEOK,

Inc.

2.20%,

9/15/2025

1,000,000

937,917

4.55%,

7/15/2028

550,000

543,236

Ovintiv

Exploration,

Inc.,

5.38%,

1/1/2026

40,000

40,794

PDC

Energy,

Inc.,

5.75%,

5/15/2026(d)

600,000

586,500

Pioneer

Natural

Resources

Co.,

1.13%,

1/15/2026

500,000

454,126

Targa

Resources

Corp.,

4.20%,

2/1/2033

220,000

206,640

Targa

Resources

Partners

LP

6.50%,

7/15/2027

106,000

108,910

6.88%,

1/15/2029

500,000

515,980

22,337,714

Nationwide

Bond

Portfolio

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

75

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Paper

&

Forest

Products

0.0%

†

Louisiana-Pacific

Corp.,

3.63%,

3/15/2029(b)

300,000

260,178

Pharmaceuticals

0.5%

Merck

&

Co.,

Inc.,

1.90%,

12/10/2028

3,000,000

2,749,313

Utah

Acquisition

Sub,

Inc.,

3.95%,

6/15/2026

200,000

189,291

Zoetis,

Inc.

3.00%,

9/12/2027

450,000

433,837

3.90%,

8/20/2028

900,000

901,004

4,273,445

Professional

Services

0.1%

ASGN,

Inc.,

4.63%,

5/15/2028(b)

500,000

463,750

Real

Estate

Management

&

Development

0.1%

CBRE

Services,

Inc.,

4.88%,

3/1/2026

800,000

817,924

Semiconductors

&

Semiconductor

Equipment

0.5%

Analog

Devices,

Inc.

1.70%,

10/1/2028

130,000

117,777

2.10%,

10/1/2031

105,000

93,127

Broadcom

Corp.,

3.88%,

1/15/2027

1,000,000

989,571

Broadcom,

Inc.

3.15%,

11/15/2025

1,650,000

1,616,100

1.95%,

2/15/2028(b)

2,000,000

1,758,681

Xilinx,

Inc.,

2.38%,

6/1/2030

250,000

227,370

4,802,626

Software

0.8%

Adobe,

Inc.,

2.30%,

2/1/2030

250,000

228,741

Fortinet,

Inc.,

1.00%,

3/15/2026

2,100,000

1,882,873

Intuit,

Inc.,

1.65%,

7/15/2030

479,000

406,193

Oracle

Corp.

2.50%,

4/1/2025(d)

1,700,000

1,643,611

1.65%,

3/25/2026

1,250,000

1,149,112

2.30%,

3/25/2028

600,000

538,648

ServiceNow

,

Inc.,

1.40%,

9/1/2030

575,000

468,519

VMware,

Inc.,

4.70%,

5/15/2030

35,000

34,345

6,352,042

Specialty

Retail

0.1%

Home

Depot,

Inc.

(The)

2.70%,

4/15/2025

200,000

197,531

2.88%,

4/15/2027

90,000

89,156

Lowe's

Cos.,

Inc.,

3.35%,

4/1/2027

245,000

243,227

529,914

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Technology

Hardware,

Storage

&

Peripherals

0.5%

Apple,

Inc.,

1.40%,

8/5/2028

160,000

144,418

Dell

International

LLC,

6.10%,

7/15/2027

650,000

696,292

HP,

Inc.

1.45%,

6/17/2026

2,000,000

1,826,368

3.00%,

6/17/2027

1,000,000

950,535

4.00%,

4/15/2029

626,000

604,040

NetApp,

Inc.,

1.88%,

6/22/2025

75,000

71,136

4,292,789

Thrifts

&

Mortgage

Finance

0.2%

Nationstar

Mortgage

Holdings,

Inc.,

5.75%,

11/15/2031(b)

1,711,000

1,430,824

Tobacco

0.6%

Altria

Group,

Inc.

2.35%,

5/6/2025

300,000

287,820

4.80%,

2/14/2029

927,000

921,082

Philip

Morris

International,

Inc.

1.50%,

5/1/2025

2,000,000

1,892,538

0.88%,

5/1/2026

2,050,000

1,843,835

4,945,275

Trading

Companies

&

Distributors

0.2%

Air

Lease

Corp.,

2.20%,

1/15/2027

165,000

146,753

Aircastle

Ltd.,

4.25%,

6/15/2026

75,000

70,357

Boise

Cascade

Co.,

4.88%,

7/1/2030(b)

1,275,000

1,157,012

1,374,122

Water

Utilities

0.0%

†

American

Water

Capital

Corp.

2.95%,

9/1/2027

100,000

95,889

4.45%,

6/1/2032

235,000

242,869

Essential

Utilities,

Inc.,

2.70%,

4/15/2030

50,000

44,695

383,453

Wireless

Telecommunication

Services

0.2%

T-Mobile

USA,

Inc.,

3.50%,

4/15/2025

1,500,000

1,482,502

224,939,881

Total

Corporate

Bonds

(cost

$276,992,831)

261,090,539

76

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Bond

Portfolio

Municipal

Bonds

0.1%

Principal

Amount

($)

Value

($)

CALIFORNIA

0.1%

Los

Angeles

Community

College

District,

GO,

1.81%,

8/1/2030

200,000

176,994

University

of

California,

RB,

1.61%,

5/15/2030

200,000

170,666

347,660

FLORIDA

0.0%

†

State

Board

of

Administration

Finance

Corp.,

RB,

Series

A,2.15%,

7/1/2030

75,000

66,412

MASSACHUSETTS

0.0%

†

Commonwealth

of

Massachusetts,

GO,

4.91%,

5/1/2029

100,000

107,536

Total

Municipal

Bonds

(cost

$585,499)

521,608

Mortgage-Backed

Securities

28.4%

FHLMC

UMBS

Pool

Pool#

QB2929

2.00%,

9/1/2050

182,120

164,231

Pool#

QB3891

2.00%,

10/1/2050

129,740

116,993

Pool#

RA3986

2.50%,

11/1/2050

1,584,202

1,479,864

Pool#

SD8129

2.50%,

2/1/2051

3,959,559

3,697,538

Pool#

SD7536

2.50%,

2/1/2051

1,638,974

1,541,176

Pool#

SD8145

1.50%,

5/1/2051

4,850,935

4,181,428

FNMA

UMBS

Pool

Pool#

BM5108

3.00%,

2/1/2033

1,239,537

1,242,114

Pool#

MA4106

1.50%,

7/1/2035

932,829

865,820

Pool#

CA9152

2.50%,

2/1/2036

2,577,869

2,511,026

Pool#

BT2234

2.00%,

4/1/2037

4,947,736

4,708,853

Pool#

MA4685

1.50%,

6/1/2037

3,169,642

2,941,749

Pool#

FS0146

3.50%,

9/1/2043

1,767,714

1,785,357

Pool#

BE3774

4.00%,

7/1/2047

1,034,997

1,058,571

Pool#

CA2471

4.00%,

10/1/2048

968,010

986,473

Pool#

MA3692

3.50%,

7/1/2049

3,345,439

3,342,196

Pool#

FM2363

3.00%,

1/1/2050

919,066

895,302

Pool#

CA6020

3.00%,

6/1/2050

2,000,724

1,934,182

Pool#

MA4158

2.00%,

10/1/2050

239,943

216,927

Pool#

CA7404

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

(continued)

4.00%,

10/1/2050

4,724,744

4,780,365

Pool#

CA9190

2.00%,

2/1/2051

3,065,663

2,764,123

Pool#

FM6554

2.00%,

3/1/2051

1,320,445

1,190,902

Pool#

FM6834

2.00%,

4/1/2051

611,050

551,119

Pool#

BR7647

2.00%,

4/1/2051

79,558

71,727

Pool#

FM8057

3.00%,

7/1/2051

4,441,648

4,320,371

Pool#

MA4398

2.00%,

8/1/2051

7,392,996

6,664,907

Pool#

MA4400

3.00%,

8/1/2051

4,088,473

3,949,198

Pool#

MA4437

2.00%,

10/1/2051

1,090,773

983,192

Pool#

FM8997

2.50%,

10/1/2051

9,289,833

8,678,406

Pool#

FM9450

2.00%,

11/1/2051

171,410

154,851

Pool#

FM9578

2.00%,

12/1/2051

32,684

29,457

Pool#

CB3156

2.00%,

3/1/2052

9,799,846

8,826,622

Pool#

CB3159

2.50%,

3/1/2052

8,533,607

7,963,416

Pool#

CB3368

3.00%,

4/1/2052

1,947,326

1,878,419

Pool#

CB3915

4.50%,

6/1/2052

2,069,744

2,109,963

FNMA/FHLMC

UMBS,

15

Year,

Single

Family

TBA

1.50%,

8/25/2037

1,200,000

1,113,000

2.00%,

8/25/2037

11,175,000

10,628,473

2.50%,

8/25/2037

4,675,000

4,548,994

3.00%,

8/25/2037

4,900,000

4,864,877

4.00%,

8/25/2037

275,000

279,565

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

1.50%,

8/25/2052

1,025,000

882,581

2.00%,

8/25/2052

24,786,143

22,288,164

2.50%,

8/25/2052

4,900,000

4,565,471

3.00%,

8/25/2052

9,950,000

9,581,247

3.50%,

8/25/2052

5,400,000

5,343,680

4.00%,

8/25/2052

1,000,000

1,004,961

4.50%,

8/25/2052

6,525,000

6,638,423

3.50%,

9/25/2052

1,350,000

1,332,150

GNMA

II

Pool

Pool#

MA0317

3.00%,

8/20/2042

486,066

481,019

Pool#

AC0071

3.50%,

10/20/2042

688,266

683,574

Pool#

MA2600

3.00%,

2/20/2045

530,655

525,155

Pool#

MA2825

3.00%,

5/20/2045

386,096

382,093

Nationwide

Bond

Portfolio

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

77

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

(continued)

Pool#

MA4509

3.00%,

6/20/2047

494,661

489,539

Pool#

MA4718

3.00%,

9/20/2047

460,347

453,818

Pool#

MA4719

3.50%,

9/20/2047

1,815,903

1,836,473

Pool#

MA6409

3.00%,

1/20/2050

193,345

188,977

Pool#

MA6710

3.00%,

6/20/2050

1,064,009

1,039,944

Pool#

MA7705

2.50%,

11/20/2051

4,182,088

3,975,838

Pool#

MA7707

3.50%,

11/20/2051

2,923,965

2,913,576

Pool#

MA7766

2.00%,

12/20/2051

22,350,327

20,594,414

Pool#

MA7767

2.50%,

12/20/2051

11,774,597

11,188,923

Pool#

MA7768

3.00%,

12/20/2051

2,958,251

2,883,886

Pool#

MA7881

2.50%,

2/20/2052

6,446,639

6,122,854

Pool#

MA8150

4.00%,

7/20/2052

510,000

516,008

GNMA

TBA

1.50%,

8/15/2052

500,000

443,711

2.50%,

8/15/2052

1,507,000

1,427,191

3.00%,

8/15/2052

2,650,000

2,580,567

3.50%,

8/15/2052

5,150,000

5,126,664

4.00%,

8/15/2052

4,815,000

4,864,467

Total

Mortgage-Backed

Securities

(cost

$235,252,595)

230,377,115

Foreign

Government

Securities

0.1%

CANADA

0.1%

Province

of

Alberta,

1.30%,

7/22/2030

60,000

52,122

Province

of

British

Columbia,

1.30%,

1/29/2031

25,000

21,653

Province

of

Ontario

0.63%,

1/21/2026

50,000

45,885

2.30%,

6/15/2026

45,000

43,550

1.05%,

5/21/2027

25,000

22,729

2.00%,

10/2/2029

25,000

23,162

1.13%,

10/7/2030

40,000

34,146

Province

of

Quebec

0.60%,

7/23/2025

50,000

46,535

2.50%,

4/20/2026

50,000

48,956

2.75%,

4/12/2027

25,000

24,702

363,440

Total

Foreign

Government

Securities

(cost

$394,021)

363,440

Supranational

0.2%

Principal

Amount

($)

Value

($)

Asian

Development

Bank,

0.63%,

4/29/2025

1,000,000

939,620

European

Investment

Bank,

1.63%,

3/14/2025

1,000,000

967,993

Total

Supranational

(cost

$2,023,981)

1,907,613

U.S.

Treasury

Obligations

35.6%

U.S.

Treasury

Bonds

5.00%,

5/15/2037

1,000,000

1,277,226

1.88%,

2/15/2041

24,900,000

20,033,801

2.00%,

11/15/2041

40,000,000

32,656,250

2.75%,

11/15/2042

6,500,000

5,971,621

3.00%,

5/15/2045

11,000,000

10,421,641

3.00%,

2/15/2047

2,934,700

2,795,531

3.00%,

2/15/2049

8,300,000

8,092,176

1.63%,

11/15/2050

7,000,000

5,045,469

2.25%,

2/15/2052(d)

4,500,000

3,794,765

U.S.

Treasury

Notes

0.50%,

11/30/2023

21,000,000

20,326,523

2.75%,

5/15/2025

20,000,000

19,943,750

0.63%,

8/15/2030

34,000,000

29,016,875

1.63%,

5/15/2031

31,000,000

28,526,055

1.25%,

8/15/2031

72,000,000

63,919,688

1.38%,

11/15/2031

30,000,000

26,840,625

2.88%,

5/15/2032

9,800,000

9,976,094

Total

U.S.

Treasury

Obligations

(cost

$314,736,808)

288,638,090

Repurchase

Agreement

0.3%

CF

Secured,

LLC

2.24%,

dated

7/29/2022,

due

8/1/2022,

repurchase

price

$2,662,981,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.50%,

maturing

9/30/2022

-

5/15/2052;

total

market

value

$2,716,240.

(f)

2,662,484

2,662,484

Total

Repurchase

Agreement

(cost

$2,662,484)

2,662,484

Total

Investments

Before

TBA

Sale

Commitments

(cost

$851,596,653)

—

99.1%

803,132,677

78

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Bond

Portfolio

TBA

Sale

Commitment

  (0.9)%

Principal

Amount

($)

Value

($)

Mortgage-Backed

Security

GNMA

TBA

2.00%,

8/15/2052

(8,200,000)

(7,531,188)

Total

TBA

Sale

Commitment

(cost

$(7,349,570))

(7,531,188)

Total

Investments

(cost

$844,247,083)

—

98.2%

795,601,489

Other

assets

in

excess

of

liabilities

—

1.8%

14,422,326

NET

ASSETS

—

100.0%

$

810,023,815

†

Amount

rounds

to

less

than

0.1%.

(a)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

July

31,

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

July

31,

2022

was

$38,750,100

which

represents

4.78%

of

net

assets.

(c)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

July

31,

2022.

(d)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

July

31,

2022.

The

total

value

of

securities

on

loan

as

of

July

31,

2022

was

$2,591,057,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$2,662,484.

(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

July

31,

2022.

(f)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

July

31,

2022

was

$2,662,484.

ACES

Alternative

Credit

Enhancement

Services

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

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

79

Centrally

Cleared

Credit

default

swap

contracts

outstanding

-

buy

protection

as

of

July

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

38-V1

1.00

Quarterly

6/20/2027

0.80

USD

78,000,000

(299,786)

(487,322)

(787,108)

(299,786)

(487,322)

(787,108)

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).

Centrally

Cleared

Interest

rate

swap

contracts

outstanding

as

of

July

31,

2022

:

Floating

Rate

Index

Fixed

Rate

Pay/

Receive

Floating

Rate

Maturity

Date

Notional

Amount

Upfront

Payment

(Receipts)

($)

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

1

Day

SONIA

annually

2.38%

annually

Pay

9/21/2027

GBP

420,000

–

4,313

4,313

1

Day

SONIA

annually

2.48%

annually

Pay

9/21/2027

GBP

380,000

2,713

3,468

6,181

1

Day

SONIA

annually

2.49%

annually

Pay

9/21/2027

GBP

410,000

–

6,793

6,793

1

Day

SONIA

annually

2.51%

annually

Pay

9/21/2027

GBP

350,000

–

6,137

6,137

1

Day

SONIA

annually

2.53%

annually

Pay

9/21/2027

GBP

560,000

–

10,662

10,662

1

Day

SONIA

annually

2.58%

annually

Pay

9/21/2027

GBP

580,000

–

12,458

12,458

1

Day

SONIA

annually

2.61%

annually

Pay

9/21/2027

GBP

470,000

–

11,056

11,056

1

Day

SONIA

annually

2.78%

annually

Pay

9/21/2027

GBP

590,000

–

19,606

19,606

1

Day

SONIA

annually

2.87%

annually

Pay

9/21/2027

GBP

610,000

–

23,439

23,439

3

Month

HIBOR

quarterly

2.86%

quarterly

Pay

9/21/2027

HKD

2,915,000

–

1,573

1,573

3

Month

HIBOR

quarterly

2.89%

quarterly

Pay

9/21/2027

HKD

4,030,000

–

3,062

3,062

3

Month

HIBOR

quarterly

2.97%

quarterly

Pay

9/21/2027

HKD

1,656,000

–

1,978

1,978

3

Month

HIBOR

quarterly

2.99%

quarterly

Pay

9/21/2027

HKD

2,024,000

–

2,718

2,718

3

Month

HIBOR

quarterly

3.02%

quarterly

Pay

9/21/2027

HKD

4,425,000

–

6,732

6,732

3

Month

HIBOR

quarterly

3.04%

quarterly

Pay

9/21/2027

HKD

4,425,000

–

7,259

7,259

3

Month

HIBOR

quarterly

3.08%

quarterly

Pay

9/21/2027

HKD

3,065,000

–

5,730

5,730

80

-

Statement

of

Investments

-

July

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

HIBOR

quarterly

3.09%

quarterly

Pay

9/21/2027

HKD

2,590,000

–

5,081

5,081

3

Month

HIBOR

quarterly

3.1%

quarterly

Pay

9/21/2027

HKD

2,590,000

–

5,174

5,174

3

Month

HIBOR

quarterly

3.1%

quarterly

Pay

9/21/2027

HKD

3,065,000

–

6,031

6,031

3

Month

HIBOR

quarterly

3.13%

quarterly

Pay

9/21/2027

HKD

3,940,000

–

8,574

8,574

3

Month

JIBAR

quarterly

8.08%

quarterly

Pay

9/21/2027

ZAR

8,600,000

–

1,341

1,341

3

Month

JIBAR

quarterly

8.32%

quarterly

Pay

9/21/2027

ZAR

6,090,000

–

4,564

4,564

3

Month

JIBAR

quarterly

8.34%

quarterly

Pay

9/21/2027

ZAR

9,110,000

–

7,222

7,222

3

Month

JIBAR

quarterly

8.39%

quarterly

Pay

9/21/2027

ZAR

8,310,000

–

7,666

7,666

3

Month

JIBAR

quarterly

8.43%

quarterly

Pay

9/21/2027

ZAR

11,670,000

–

11,776

11,776

3

Month

JIBAR

quarterly

8.46%

quarterly

Pay

9/21/2027

ZAR

6,420,000

–

7,034

7,034

3

Month

JIBAR

quarterly

8.5%

quarterly

Pay

9/21/2027

ZAR

11,340,000

–

13,546

13,546

3

Month

JIBAR

quarterly

8.6%

quarterly

Pay

9/21/2027

ZAR

9,450,000

–

13,684

13,684

6

Month

BBR

semi-annually

3.8%

semi-annually

Pay

9/21/2027

AUD

565,000

–

9,716

9,716

6

Month

BBR

semi-annually

3.85%

semi-annually

Pay

9/21/2027

AUD

455,000

–

8,690

8,690

6

Month

BBR

semi-annually

3.98%

semi-annually

Pay

9/21/2027

AUD

760,000

–

17,505

17,505

6

Month

EURIBOR

semi-annually

1.51%

annually

Pay

9/21/2027

EUR

640,000

–

4,733

4,733

6

Month

EURIBOR

semi-annually

1.51%

annually

Pay

9/21/2027

EUR

250,000

621

1,155

1,776

6

Month

EURIBOR

semi-annually

1.52%

annually

Pay

9/21/2027

EUR

470,000

–

3,569

3,569

6

Month

EURIBOR

semi-annually

1.54%

annually

Pay

9/21/2027

EUR

680,000

–

5,889

5,889

6

Month

EURIBOR

semi-annually

1.61%

annually

Pay

9/21/2027

EUR

520,000

–

6,347

6,347

6

Month

EURIBOR

semi-annually

1.76%

annually

Pay

9/21/2027

EUR

700,000

2,673

11,194

13,867

6

Month

EURIBOR

semi-annually

1.78%

annually

Pay

9/21/2027

EUR

190,000

–

3,911

3,911

6

Month

EURIBOR

semi-annually

1.8%

annually

Pay

9/21/2027

EUR

660,000

–

14,437

14,437

6

Month

EURIBOR

semi-annually

2.34%

annually

Pay

9/21/2027

EUR

350,000

–

16,871

16,871

6

Month

EURIBOR

semi-annually

2.37%

annually

Pay

9/21/2027

EUR

480,000

–

24,018

24,018

Total

unrealized

appreciation

6,007

346,712

352,719

1

Day

SOFR

annually

2.63%

annually

Rec

9/21/2027

USD

560,000

–

(5,117)

(5,117)

1

Day

SOFR

annually

2.96%

annually

Rec

9/21/2027

USD

680,000

–

(16,745)

(16,745)

1

Day

SOFR

annually

3.16%

annually

Rec

9/21/2027

USD

690,000

–

(23,577)

(23,577)

1

Day

SOFR

annually

3.21%

annually

Rec

9/21/2027

USD

910,000

–

(32,989)

(32,989)

1

Day

SORA

semi-annually

2.62%

semi-annually

Rec

9/21/2027

SGD

735,000

–

(4,123)

(4,123)

Nationwide

Bond

Portfolio

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

81

Floating

Rate

Index

Fixed

Rate

Pay/

Receive

Floating

Rate

Maturity

Date

Notional

Amount

Upfront

Payment

(Receipts)

($)

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

1

Day

SORA

semi-annually

2.63%

semi-annually

Rec

9/21/2027

SGD

819,500

–

(5,080)

(5,080)

1

Day

SORA

semi-annually

2.63%

semi-annually

Rec

9/21/2027

SGD

670,500

–

(3,987)

(3,987)

1

Day

SORA

semi-annually

2.64%

semi-annually

Rec

9/21/2027

SGD

510,000

–

(3,291)

(3,291)

1

Day

SORA

semi-annually

2.65%

semi-annually

Rec

9/21/2027

SGD

735,000

–

(5,015)

(5,015)

1

Day

SORA

semi-annually

2.67%

semi-annually

Rec

9/21/2027

SGD

1,210,000

–

(9,031)

(9,031)

1

Day

SORA

semi-annually

3.13%

semi-annually

Rec

9/21/2027

SGD

465,000

–

(10,635)

(10,635)

1

Day

SORA

semi-annually

3.14%

semi-annually

Rec

9/21/2027

SGD

465,000

–

(10,760)

(10,760)

1

Month

HICPXT

2.73%

quarterly

Rec

5/15/2032

EUR

1,640,000

–

(6,302)

(6,302)

1

Month

HICPXT

2.74%

quarterly

Rec

6/15/2032

EUR

1,750,000

–

(39,215)

(39,215)

1

Month

TIIE

monthly

8.97%

monthly

Rec

9/15/2027

MXN

14,200,000

–

(22,077)

(22,077)

1

Month

TIIE

monthly

9.07%

monthly

Rec

9/15/2027

MXN

11,730,000

–

(20,583)

(20,583)

1

Month

TIIE

monthly

9.08%

monthly

Rec

9/15/2027

MXN

14,330,000

–

(25,432)

(25,432)

1

Month

TIIE

monthly

9.18%

monthly

Rec

9/15/2027

MXN

12,300,000

–

(24,289)

(24,289)

1

Month

TIIE

monthly

9.51%

monthly

Rec

9/15/2027

MXN

11,610,000

–

(30,589)

(30,589)

3

Month

BA

semi-annually

3.19%

semi-annually

Rec

9/21/2027

CAD

350,000

–

(2,846)

(2,846)

3

Month

BA

semi-annually

3.21%

semi-annually

Rec

9/21/2027

CAD

580,000

–

(5,283)

(5,283)

3

Month

BA

semi-annually

3.26%

semi-annually

Rec

9/21/2027

CAD

860,000

–

(9,371)

(9,371)

3

Month

BA

semi-annually

3.27%

semi-annually

Rec

9/21/2027

CAD

770,000

–

(8,641)

(8,641)

3

Month

BA

semi-annually

3.37%

semi-annually

Rec

9/21/2027

CAD

1,120,000

–

(16,454)

(16,454)

3

Month

BA

semi-annually

3.6%

semi-annually

Rec

9/21/2027

CAD

1,130,000

–

(26,196)

(26,196)

3

Month

BA

semi-annually

3.93%

semi-annually

Rec

9/21/2027

CAD

650,000

–

(22,819)

(22,819)

3

Month

JIBAR

quarterly

7.84%

quarterly

Pay

9/21/2027

ZAR

7,160,000

–

(3,134)

(3,134)

3

Month

JIBAR

quarterly

8%

quarterly

Pay

9/21/2027

ZAR

10,600,000

–

(445)

(445)

3

Month

STIBOR

quarterly

2.51%

annually

Rec

9/21/2027

SEK

6,330,000

–

(5,187)

(5,187)

3

Month

STIBOR

quarterly

2.54%

annually

Rec

9/21/2027

SEK

4,700,000

–

(4,340)

(4,340)

3

Month

STIBOR

quarterly

2.8%

annually

Rec

9/21/2027

SEK

4,860,000

–

(10,373)

(10,373)

6

Month

EURIBOR

semi-annually

0.88%

annually

Pay

9/21/2027

EUR

170,000

–

(4,074)

(4,074)

6

Month

EURIBOR

semi-annually

0.91%

annually

Pay

9/21/2027

EUR

560,000

–

(12,685)

(12,685)

6

Month

EURIBOR

semi-annually

0.98%

annually

Pay

9/21/2027

EUR

540,000

(1,595)

(8,654)

(10,249)

6

Month

EURIBOR

semi-annually

1.02%

annually

Pay

9/21/2027

EUR

810,000

1,287

(15,258)

(13,971)

6

Month

EURIBOR

semi-annually

1.05%

annually

Pay

9/21/2027

EUR

1,010,000

(2,301)

(13,525)

(15,826)

6

Month

EURIBOR

semi-annually

1.26%

annually

Pay

9/21/2027

EUR

530,000

(1,394)

(1,197)

(2,591)

6

Month

EURIBOR

semi-annually

1.3%

annually

Pay

9/21/2027

EUR

400,000

–

(1,177)

(1,177)

82

-

Statement

of

Investments

-

July

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

6%

annually

Rec

9/21/2027

PLN

1,940,000

–

(7,365)

(7,365)

6

Month

WIBOR

semi-annually

6.23%

annually

Rec

9/21/2027

PLN

1,960,000

–

(11,523)

(11,523)

6

Month

WIBOR

semi-annually

6.3%

annually

Rec

9/21/2027

PLN

1,920,000

–

(12,393)

(12,393)

6

Month

WIBOR

semi-annually

6.32%

annually

Rec

9/21/2027

PLN

2,020,000

–

(13,486)

(13,486)

6

Month

WIBOR

semi-annually

6.44%

annually

Rec

9/21/2027

PLN

3,090,000

–

(23,985)

(23,985)

6

Month

WIBOR

semi-annually

6.46%

annually

Rec

9/21/2027

PLN

2,610,000

–

(20,664)

(20,664)

6

Month

WIBOR

semi-annually

6.53%

annually

Rec

9/21/2027

PLN

2,620,000

–

(22,368)

(22,368)

6

Month

WIBOR

semi-annually

6.67%

annually

Rec

9/21/2027

PLN

2,330,000

–

(22,680)

(22,680)

6

Month

WIBOR

semi-annually

6.72%

annually

Rec

9/21/2027

PLN

1,330,000

–

(13,535)

(13,535)

6

Month

WIBOR

semi-annually

6.94%

annually

Rec

9/21/2027

PLN

2,260,000

–

(27,406)

(27,406)

6

Month

WIBOR

semi-annually

7.01%

annually

Rec

9/21/2027

PLN

2,660,000

–

(34,024)

(34,024)

Total

unrealized

depreciation

(4,003)

(679,925)

(683,928)

Net

unrealized

depreciation

2,004

(333,213)

(331,209)

–

–

–

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

July

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

3.13%

quarterly

Pay

Goldman

Sachs

9/21/2027

KRW

1,410,340,000

–

9,659

9,659

3

Month

CD_KSDA

quarterly

3.24%

quarterly

Pay

Bank

of

America

NA

9/21/2027

KRW

862,250,000

–

9,348

9,348

3

Month

CD_KSDA

quarterly

3.62%

quarterly

Pay

JPM

Chase

9/21/2027

KRW

391,312,000

–

9,597

9,597

Total

unrealized

appreciation

–

28,604

28,604

Net

unrealized

appreciation

–

28,604

28,604

Nationwide

Bond

Portfolio

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

83

As

of

July

31,

2022,

the

Fund

had

$1,731,457

segregated

as

collateral

for

swap

contracts.

Abbreviation

:

KSDA

Certificate

of

Deposit

91-day

Korean

Bond

Rate

Currency:

KRW

South

Korean

won

Forward

Foreign

Currency

Contracts

outstanding

as

of

July

31,

2022:

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

($)

USD

790,451

GBP

640,000

Bank

of

America

NA

9/21/2022

10,138

Total

unrealized

appreciation

10,138

Net

unrealized

appreciation

10,138

Currency:

GBP

British

pound

USD

United

States

dollar

Futures

contracts

outstanding

as

of

July

31,

2022:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

Euro-Bund

37

9/2022

EUR

5,961,291

260,477

U.S.

Treasury

2

Year

Note

188

9/2022

USD

39,566,656

117,011

U.S.

Treasury

10

Year

Note

293

9/2022

USD

35,494,203

681,583

U.S.

Treasury

Ultra

Bond

198

9/2022

USD

31,345,875

1,368,494

Total

long

contracts

2,427,565

Short

Contracts

Australia

10

Year

Bond

(143)

9/2022

AUD

(12,486,031)

(413,570)

Canada

10

Year

Bond

(36)

9/2022

CAD

(3,667,330)

(12,573)

Long

Gilt

(41)

9/2022

GBP

(5,900,704)

(121,591)

U.S.

Treasury

5

Year

Note

(266)

9/2022

USD

(30,251,266)

(213,841)

U.S.

Treasury

10

Year

Ultra

Note

(100)

9/2022

USD

(13,125,000)

(151,725)

U.S.

Treasury

Long

Bond

(278)

9/2022

USD

(40,032,000)

(748,578)

Total

short

contracts

(1,661,878)

Net

contracts

765,687

As

of

July

31,

2022,

the

Fund

had

$1,591,000

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

84

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Bond

Portfolio

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

Bond

Portfolio

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

85

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

July

31,

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.

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

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

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

$

–

$

2,106,809

$

–

$

2,106,809

Commercial

Mortgage-Backed

Securities

–

15,464,979

–

15,464,979

Corporate

Bonds

–

261,090,539

–

261,090,539

Foreign

Government

Securities

–

363,440

–

363,440

Forward

Foreign

Currency

Contracts

–

10,138

–

10,138

Futures

Contracts

2,427,565

–

–

2,427,565

Interest

Rate

Swaps†

–

375,316

–

375,316

Mortgage-Backed

Securities

–

230,377,115

–

230,377,115

Municipal

Bonds

–

521,608

–

521,608

Repurchase

Agreement

–

2,662,484

–

2,662,484

Supranational

–

1,907,613

–

1,907,613

U.S.

Treasury

Obligations

–

288,638,090

–

288,638,090

Total

Assets

$

2,427,565

$

803,518,131

$

–

$

805,945,696

$

–

$

–

$

–

$

–

Liabilities:

Credit

Default

Swaps†

$

–

$

(487,322)

$

–

$

(487,322)

Futures

Contracts

(1,661,878)

–

–

(1,661,878)

Interest

Rate

Swaps†

–

(679,925)

–

(679,925)

TBA

Sale

Commitment

–

(7,531,188)

$

–

(7,531,188)

Total

Liabilities

$

(1,661,878)

$

(8,698,435)

$

–

$

(10,360,313)

Total

$

765,687

$

794,819,696

$

–

$

795,585,383

†

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).

86

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Bond

Portfolio

default

swap

contract,

the

Fund’s

investment

would

generate

income

only

in

the

event

of

an

actual

default

(or

similar

event)

by

the

issuer

of

the

underlying

obligation. 

Credit

default

swap

contracts

are

marked-to-market

daily

based

on

valuations

from

independent

pricing

services.

Credit

default

swap

contracts

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

Implied

credit

spreads

are

utilized

in

determining

the

market

value

of

credit

default

swap

agreements

on

credit

indices

and

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

or

risk

of

default

for

the

credit

derivative.

Implied

credit

spreads

utilized

in

valuing

the

Fund’s

investments

as

of

July

31,

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).

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.

(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.

Nationwide

Bond

Portfolio

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

87

(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

managing

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.

88

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Bond

Portfolio

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

July

31,

2022:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

July

31,

2022:        

Assets:

Fair

Value

Swap

Contracts†

Interest

rate

risk

Investment

contract,

at

value

$

28,604

Interest

rate

risk

Receivable/payable

for

variation

margin

on

centrally

cleared

swap

contracts

346,712

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

appreciation

on

forward

foreign

currency

contracts

10,138

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

2,427,565

Total

$

2,813,019

Liabilities:

Fair

Value

Swap

Contracts†

Credit

risk

Unrealized

depreciation

on

centrally

cleared

swap

contracts

$

(487,322)

Interest

rate

risk

Receivable/payable

for

variation

margin

on

centrally

cleared

swap

contracts

(679,925)

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

(1,661,878)

Total

$

(2,829,125)

†

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

Cognitive

Value

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

1

Common

Stocks

99.3%

Shares

Value

($)

Air

Freight

&

Logistics

0.4%

Atlas

Air

Worldwide

Holdings,

Inc.*

2,939

222,512

Hub

Group,

Inc.,

Class

A*

2,500

191,000

413,512

Airlines

0.3%

Alaska

Air

Group,

Inc.*

6,339

281,008

Auto

Components

1.3%

American

Axle

&

Manufacturing

Holdings,

Inc.*

53,100

473,121

Standard

Motor

Products,

Inc.

13,800

631,212

Superior

Industries

International,

Inc.*

30,893

143,035

1,247,368

Automobiles

0.1%

Volcon,

Inc.*

81,842

137,495

Banks

16.5%

1st

Source

Corp.

4,200

202,524

American

National

Bankshares,

Inc.

6,671

242,091

Bancorp,

Inc.

(The)*

15,139

372,419

Banner

Corp.

11,700

725,283

Camden

National

Corp.

600

27,420

Capital

City

Bank

Group,

Inc.

11,095

359,367

Capstar

Financial

Holdings,

Inc.

13,900

292,039

Civista

Bancshares,

Inc.

26,066

564,590

Community

Trust

Bancorp,

Inc.

13,200

571,956

Financial

Institutions,

Inc.

25,000

662,750

First

Busey

Corp.

27,041

666,561

First

Financial

Bancorp

25,200

562,968

First

Financial

Corp.

5,500

256,960

First

Horizon

Corp.

6,200

138,632

First

Interstate

BancSystem,

Inc.,

Class

A(a)

3,467

141,384

FNB

Corp.

39,800

476,008

Hancock

Whitney

Corp.

15,700

766,317

Hanmi

Financial

Corp.

35,623

900,193

Heartland

Financial

USA,

Inc.

16,725

750,953

Heritage

Financial

Corp.

23,264

605,329

Horizon

Bancorp,

Inc.

30,000

572,100

Independent

Bank

Corp.

18,587

389,955

Mercantile

Bank

Corp.

9,600

340,224

NBT

Bancorp,

Inc.

11,400

462,156

Northrim

Bancorp,

Inc.

10,847

451,778

OceanFirst

Financial

Corp.

22,000

452,320

PCB

Bancorp

9,800

188,846

Popular,

Inc.

10,000

776,700

QCR

Holdings,

Inc.

5,300

314,237

SmartFinancial,

Inc.

22,126

580,807

South

Plains

Financial,

Inc.

3,800

100,396

Southern

First

Bancshares,

Inc.*

6,600

295,350

Towne

Bank

21,422

639,875

UMB

Financial

Corp.

3,200

289,600

Washington

Federal,

Inc.

6,000

204,780

WesBanco,

Inc.

8,300

283,196

Common

Stocks

Shares

Value

($)

Banks

Wintrust

Financial

Corp.

4,300

369,972

15,998,036

Biotechnology

5.3%

89bio,

Inc.*

25,992

92,272

Adicet

Bio,

Inc.*(a)

1,900

32,091

Agenus,

Inc.*

33,800

87,204

Akero

Therapeutics,

Inc.*(a)

9,127

93,460

Alkermes

plc*

5,862

150,067

Allogene

Therapeutics,

Inc.*

8,300

107,734

Allovir,

Inc.*(a)

21,900

100,521

Alpine

Immune

Sciences,

Inc.*

10,700

85,065

ALX

Oncology

Holdings,

Inc.*(a)

9,710

93,993

Annexon,

Inc.*

29,086

145,721

Arbutus

Biopharma

Corp.*

12,700

29,337

ARCA

biopharma,

Inc.*

20,800

50,960

Arcus

Biosciences,

Inc.*

3,600

95,724

Avidity

Biosciences,

Inc.*

5,000

81,450

Black

Diamond

Therapeutics,

Inc.*(a)

29,968

104,888

Capricor

Therapeutics,

Inc.*

29,801

137,383

Caribou

Biosciences,

Inc.*

19,700

159,964

Celcuity,

Inc.*

9,600

87,168

Chimerix,

Inc.*

68,100

149,139

Chinook

Therapeutics,

Inc.*

5,100

94,401

Crinetics

Pharmaceuticals,

Inc.*

4,600

88,366

Cullinan

Oncology,

Inc.*

9,900

133,749

Cyteir

Therapeutics,

Inc.*

22,834

66,447

Editas

Medicine,

Inc.*

6,400

101,824

Emergent

BioSolutions,

Inc.*

4,700

162,808

Homology

Medicines,

Inc.*

45,950

98,792

Iovance

Biotherapeutics,

Inc.*

8,000

93,200

Ironwood

Pharmaceuticals,

Inc.*

13,500

154,575

Kezar

Life

Sciences,

Inc.*(a)

4,200

41,034

Kiniksa

Pharmaceuticals

Ltd.,

Class

A*

8,700

86,217

Krystal

Biotech,

Inc.*

1,900

137,902

Kymera

Therapeutics,

Inc.*

2,600

57,278

LianBio,

ADR-KY*

25,534

58,473

Mersana

Therapeutics,

Inc.*

16,200

82,134

Neoleukin

Therapeutics,

Inc.*

90,100

91,001

Nuvalent,

Inc.,

Class

A*(a)

9,582

142,389

Olema

Pharmaceuticals,

Inc.*(a)

22,400

112,448

Organogenesis

Holdings,

Inc.*

27,900

160,146

Puma

Biotechnology,

Inc.*

53,500

156,755

REGENXBIO,

Inc.*

6,000

188,220

Relay

Therapeutics,

Inc.*

4,900

93,198

Rhythm

Pharmaceuticals,

Inc.*(a)

12,100

152,460

Selecta

Biosciences,

Inc.*

44,000

69,960

SpringWorks

Therapeutics,

Inc.*

3,200

95,616

Spruce

Biosciences,

Inc.*

24,568

45,451

Veracyte,

Inc.*

3,900

102,726

Vir

Biotechnology,

Inc.*

4,500

125,145

2

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Bailard

Cognitive

Value

Fund

Common

Stocks

Shares

Value

($)

Biotechnology

Werewolf

Therapeutics,

Inc.*(a)

20,200

92,112

Xencor,

Inc.*(a)

3,100

88,939

Xilio

Therapeutics,

Inc.*(a)

36,632

104,767

5,162,674

Building

Products

2.5%

Apogee

Enterprises,

Inc.

15,200

632,472

Griffon

Corp.(a)

21,317

639,723

Resideo

Technologies,

Inc.*

29,200

657,292

UFP

Industries,

Inc.

5,330

491,479

2,420,966

Capital

Markets

1.0%

Blucora,

Inc.*

12,000

240,000

Jefferies

Financial

Group,

Inc.

7,700

250,789

Trinity

Capital,

Inc.

139

2,047

Victory

Capital

Holdings,

Inc.,

Class

A

9,600

265,632

Virtu

Financial,

Inc.,

Class

A

10,493

244,802

1,003,270

Chemicals

1.8%

AdvanSix,

Inc.

8,900

349,681

Hawkins,

Inc.

4,800

190,800

Livent

Corp.*(a)

7,400

184,186

Minerals

Technologies,

Inc.

1,500

100,215

Orion

Engineered

Carbons

SA

16,551

286,167

Trinseo

plc

6,900

246,813

Tronox

Holdings

plc,

Class

A

25,700

401,177

1,759,039

Commercial

Services

&

Supplies

2.2%

CECO

Environmental

Corp.*

46,733

362,181

Deluxe

Corp.

12,300

309,222

Ennis,

Inc.

11,000

240,350

KAR

Auction

Services,

Inc.*

11,700

200,070

Matthews

International

Corp.,

Class

A

21,000

586,950

MillerKnoll,

Inc.

3,100

93,341

SP

Plus

Corp.*

8,400

287,784

2,079,898

Communications

Equipment

0.7%

Aviat

Networks,

Inc.*(a)

9,105

267,505

CommScope

Holding

Co.,

Inc.*

21,700

195,951

DZS,

Inc.*

5,563

104,251

Lantronix,

Inc.*

12,000

86,520

PCTEL,

Inc.*

13,999

64,535

718,762

Construction

&

Engineering

1

.7%

EMCOR

Group,

Inc.(a)

3,800

442,206

MDU

Resources

Group,

Inc.

16,600

474,262

Northwest

Pipe

Co.*

7,700

241,395

Sterling

Infrastructure,

Inc.*

10,200

262,242

Valmont

Industries,

Inc.

800

217,184

1,637,289

Consumer

Finance

1.5%

Bread

Financial

Holdings,

Inc.

4,200

166,362

LendingClub

Corp.*

26,400

365,640

Navient

Corp.

33,400

550,098

Common

Stocks

Shares

Value

($)

Consumer

Finance

OneMain

Holdings,

Inc.(a)

10,200

379,440

1,461,540

Containers

&

Packaging

1.4%

Graphic

Packaging

Holding

Co.

13,187

293,411

Greif,

Inc.,

Class

A

11,200

790,944

Pactiv

Evergreen,

Inc.

22,000

224,840

1,309,195

Diversified

Consumer

Services

1.3%

Carriage

Services,

Inc.

5,591

202,841

Graham

Holdings

Co.,

Class

B

1,100

653,939

Lincoln

Educational

Services

Corp.*

34,900

252,676

Universal

Technical

Institute,

Inc.*

21,241

170,778

1,280,234

Diversified

Financial

Services

0.3%

A-Mark

Precious

Metals,

Inc.

7,994

242,218

Electric

Utilities

1.5%

IDACORP,

Inc.

2,700

301,644

OGE

Energy

Corp.

2,300

94,484

Otter

Tail

Corp.

5,800

407,566

Portland

General

Electric

Co.

13,100

672,554

1,476,248

Electrical

Equipment

1.2%

Atkore,

Inc.*

8,900

883,503

LSI

Industries,

Inc.

10,000

60,500

Preformed

Line

Products

Co.

3,781

226,104

1,170,107

Electronic

Equipment,

Instruments

&

Components

2.8%

Avnet,

Inc.

11,200

536,144

Bel

Fuse,

Inc.,

Class

B

13,775

340,656

Belden,

Inc.

5,300

343,016

Benchmark

Electronics,

Inc.

5,800

148,364

ePlus,

Inc.*

8,300

461,231

Flex

Ltd.*

34,400

577,920

Knowles

Corp.*

9,927

196,058

Richardson

Electronics

Ltd.

9,000

140,670

2,744,059

Energy

Equipment

&

Services

0.9%

Energy

Services

of

America

Corp.*(a)

23,300

49,629

Helix

Energy

Solutions

Group,

Inc.*

21,300

86,052

Nabors

Industries

Ltd.*

1,300

185,237

Profire

Energy,

Inc.*

10,900

12,753

Select

Energy

Services,

Inc.,

Class

A*

34,600

258,462

TETRA

Technologies,

Inc.*

68,771

301,217

893,350

Equity

Real

Estate

Investment

Trusts

(REITs)

11.1%

Braemar

Hotels

&

Resorts,

Inc.

54,500

282,855

Brixmor

Property

Group,

Inc.

32,510

753,582

Camden

Property

Trust

1,660

234,226

CareTrust

REIT,

Inc.

10,000

206,500

DiamondRock

Hospitality

Co.*

62,400

579,072

Nationwide

Bailard

Cognitive

Value

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

3

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

EastGroup

Properties,

Inc.

3,100

528,674

Essential

Properties

Realty

Trust,

Inc.

20,900

504,108

Farmland

Partners,

Inc.

48,909

725,809

Hersha

Hospitality

Trust*

9,500

95,760

Independence

Realty

Trust,

Inc.

31,800

705,960

iStar,

Inc.

37,800

631,638

Kite

Realty

Group

Trust

24,700

491,283

LXP

Industrial

Trust

16,000

175,520

National

Storage

Affiliates

Trust

13,400

734,856

NexPoint

Residential

Trust,

Inc.

11,442

761,351

Omega

Healthcare

Investors,

Inc.

16,700

517,700

Physicians

Realty

Trust

13,100

232,787

PotlatchDeltic

Corp.

13,800

676,614

Ryman

Hospitality

Properties,

Inc.*

3,298

292,005

Safehold,

Inc.

13,500

575,640

Tanger

Factory

Outlet

Centers,

Inc.

12,000

195,240

Uniti

Group,

Inc.

70,800

705,876

Xenia

Hotels

&

Resorts,

Inc.*

5,900

96,878

10,703,934

Food

&

Staples

Retailing

0.7%

Chefs'

Warehouse,

Inc.

(The)*

3,600

124,596

Grocery

Outlet

Holding

Corp.*

5,354

228,723

SpartanNash

Co.(a)

7,180

231,842

United

Natural

Foods,

Inc.*

2,000

85,020

670,181

Food

Products

1.3%

Ingredion,

Inc.

8,100

736,938

Seneca

Foods

Corp.,

Class

A*

5,501

313,117

Utz

Brands,

Inc.

11,400

191,748

1,241,803

Gas

Utilities

0.8%

South

Jersey

Industries,

Inc.

(a)

4,900

167,972

Southwest

Gas

Holdings,

Inc.

3,700

321,752

UGI

Corp.

6,100

263,276

753,000

Health

Care

Equipment

&

Supplies

0.7%

Co-Diagnostics,

Inc.*

28,200

184,992

Figs,

Inc.,

Class

A*(a)

10,100

106,757

Sensus

Healthcare,

Inc.*

34,600

389,596

681,345

Health

Care

Providers

&

Services

2.2%

Acadia

Healthcare

Co.,

Inc.*

2,600

215,566

AMN

Healthcare

Services,

Inc.*(a)

4,400

494,736

Cross

Country

Healthcare,

Inc.*

12,640

333,190

Encompass

Health

Corp.

4,700

237,914

Option

Care

Health,

Inc.*

6,600

221,760

Common

Stocks

Shares

Value

($)

Health

Care

Providers

&

Services

Premier,

Inc.,

Class

A

15,800

607,668

2,110,834

Health

Care

Technology

0.8%

Health

Catalyst,

Inc.*

6,000

100,440

NextGen

Healthcare,

Inc.*

32,500

556,400

Simulations

Plus,

Inc.

1,600

102,640

759,480

Hotels,

Restaurants

&

Leisure

0.8%

Ark

Restaurants

Corp.(a)

4,949

98,683

Bloomin'

Brands,

Inc.

20,200

411,878

Bluegreen

Vacations

Holding

Corp.

8,800

231,264

741,825

Household

Durables

1.7%

Bassett

Furniture

Industries,

Inc.

4,114

94,416

M/I

Homes,

Inc.*

4,000

184,040

Skyline

Champion

Corp.*(a)

3,631

229,842

Taylor

Morrison

Home

Corp.,

Class

A*

15,153

434,891

Toll

Brothers,

Inc.(a)

9,064

445,768

Tri

Pointe

Homes,

Inc.*

15,333

283,967

1,672,924

Independent

Power

and

Renewable

Electricity

Producers

1.5%

Atlantica

Sustainable

Infrastructure

plc

16,900

602,654

Clearway

Energy,

Inc.,

Class

A

18,150

626,719

Ormat

Technologies,

Inc.(a)

2,300

199,042

1,428,415

Insurance

2.9%

Assured

Guaranty

Ltd.

12,800

747,392

Donegal

Group,

Inc.,

Class

A

4,700

66,552

Investors

Title

Co.

1,961

292,189

James

River

Group

Holdings

Ltd.

15,600

370,656

Lemonade,

Inc.*

7,000

131,950

Reinsurance

Group

of

America,

Inc.

2,000

231,560

RenaissanceRe

Holdings

Ltd.

1,700

219,827

Stewart

Information

Services

Corp.

11,600

633,940

Unum

Group

3,200

103,008

2,797,074

Interactive

Media

&

Services

0.6%

Bumble,

Inc.,

Class

A*

6,800

257,856

Zedge,

Inc.,

Class

B*

7,050

19,458

Ziff

Davis,

Inc.*

3,428

280,719

558,033

Internet

&

Direct

Marketing

Retail

0.6%

Liquidity

Services,

Inc.*

12,000

241,560

Overstock.com,

Inc.*

3,400

98,600

ThredUp,

Inc.,

Class

A*

39,720

89,370

Vivid

Seats,

Inc.,

Class

A(a)

12,300

102,828

532,358

4

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Bailard

Cognitive

Value

Fund

Common

Stocks

Shares

Value

($)

IT

Services

1.2%

ExlService

Holdings,

Inc.*

1,400

235,718

Information

Services

Group,

Inc.(a)

53,888

402,004

International

Money

Express,

Inc.*

8,600

206,744

Paysafe

Ltd.*(a)

48,100

96,681

Perficient,

Inc.*

1,900

200,488

1,141,635

Leisure

Products

0.3%

JAKKS

Pacific,

Inc.*

14,431

323,110

Life

Sciences

Tools

&

Services

0.3%

Harvard

Bioscience,

Inc.*

13,254

49,835

Inotiv,

Inc.*(a)

9,100

169,988

SomaLogic,

Inc.*

17,700

89,385

309,208

Machinery

1.7%

Crane

Holdings

Co.

3,000

296,790

EnPro

Industries,

Inc.

2,500

233,700

Hillenbrand,

Inc.

7,600

351,120

Luxfer

Holdings

plc(a)

6,000

98,040

Park-Ohio

Holdings

Corp.

2,404

42,671

Shyft

Group,

Inc.

(The)

6,843

177,507

Terex

Corp.(a)

6,200

207,762

Wabash

National

Corp.

15,500

279,930

1,687,520

Marine

1.1%

Eagle

Bulk

Shipping,

Inc.

4,500

238,185

Genco

Shipping

&

Trading

Ltd.

17,000

327,760

Matson,

Inc.

3,020

276,843

Pangaea

Logistics

Solutions

Ltd.

46,160

234,493

1,077,281

Media

1.2%

Gray

Television,

Inc.

10,000

185,700

Nexstar

Media

Group,

Inc.,

Class

A

1,100

207,207

TEGNA,

Inc.

38,314

802,295

1,195,202

Metals

&

Mining

0.8%

Constellium

SE*

6,400

93,632

Haynes

International,

Inc.

7,300

282,218

Olympic

Steel,

Inc.(a)

11,900

353,787

729,637

Mortgage

Real

Estate

Investment

Trusts

(REITs)

1.7%

Arbor

Realty

Trust,

Inc.

34,100

566,742

Ares

Commercial

Real

Estate

Corp.

13,000

178,100

Granite

Point

Mortgage

Trust,

Inc.

43,800

464,718

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

6,000

216,540

Ready

Capital

Corp.

13,800

191,958

1,618,058

Multiline

Retail

0.3%

Macy's,

Inc.(a)

17,700

312,405

Common

Stocks

Shares

Value

($)

Multi-Utilities

0.5%

Avista

Corp.

5,300

223,978

NorthWestern

Corp.(a)

4,500

249,525

473,503

Oil,

Gas

&

Consumable

Fuels

4.8%

Adams

Resources

&

Energy,

Inc.

4,512

153,408

California

Resources

Corp.

9,436

423,299

CNX

Resources

Corp.*

34,276

591,946

Dorian

LPG

Ltd.

19,200

309,504

Earthstone

Energy,

Inc.,

Class

A*(a)

14,700

208,593

Golar

LNG

Ltd.*

10,100

225,937

Par

Pacific

Holdings,

Inc.*

8,500

140,250

PDC

Energy,

Inc.

2,446

160,678

Range

Resources

Corp.*

7,000

231,490

REX

American

Resources

Corp.*

1,600

152,736

Riley

Exploration

Permian,

Inc.

7,810

206,809

Scorpio

Tankers,

Inc.

5,900

227,799

SilverBow

Resources,

Inc.*(a)

9,415

425,464

SM

Energy

Co.

15,400

635,712

Talos

Energy,

Inc.*

26,300

498,385

Teekay

Tankers

Ltd.,

Class

A*(a)

2,700

56,349

4,648,359

Pharmaceuticals

1.3%

Amneal

Pharmaceuticals,

Inc.*

27,700

98,058

ANI

Pharmaceuticals,

Inc.*(a)

2,800

95,900

Assertio

Holdings,

Inc.*

31,700

123,630

Atea

Pharmaceuticals,

Inc.*(a)

6,000

49,200

Collegium

Pharmaceutical,

Inc.*

9,600

165,024

Harrow

Health,

Inc.*(a)

14,837

99,705

Lannett

Co.,

Inc.*

7,628

4,423

Lipocine,

Inc.*(a)

79,883

60,192

Prestige

Consumer

Healthcare,

Inc.*

3,500

211,085

SIGA

Technologies,

Inc.(a)

13,100

225,189

Taro

Pharmaceutical

Industries

Ltd.*

3,500

124,915

Tarsus

Pharmaceuticals,

Inc.*

2,200

33,044

1,290,365

Professional

Services

0.8%

Barrett

Business

Services,

Inc.

2,900

236,611

DLH

Holdings

Corp.*

11,671

207,160

FTI

Consulting,

Inc.*

1,000

163,560

ICF

International,

Inc.

1,900

179,265

786,596

Real

Estate

Management

&

Development

0.9%

DigitalBridge

Group,

Inc.*

51,813

283,935

Newmark

Group,

Inc.,

Class

A

48,424

552,034

835,969

Road

&

Rail

0.4%

TuSimple

Holdings,

Inc.,

Class

A*(a)

14,500

144,420

Nationwide

Bailard

Cognitive

Value

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

5

Common

Stocks

Shares

Value

($)

Road

&

Rail

Universal

Logistics

Holdings,

Inc.

7,000

210,350

354,770

Semiconductors

&

Semiconductor

Equipment

0.9%

Axcelis

Technologies,

Inc.*(a)

3,500

246,155

Diodes,

Inc.*

2,721

221,408

Photronics,

Inc.*

6,800

161,908

Power

Integrations,

Inc.

2,600

221,026

850,497

Software

2.3%

A10

Networks,

Inc.

16,913

252,173

CoreCard

Corp.*(a)

6,343

151,090

Dropbox,

Inc.,

Class

A*

27,700

629,898

NCR

Corp.*

10,500

340,725

Progress

Software

Corp.

3,800

178,448

Sprout

Social,

Inc.,

Class

A*

3,700

192,770

Xperi

Holding

Corp.

29,300

491,068

2,236,172

Specialty

Retail

2.0%

Asbury

Automotive

Group,

Inc.*(a)

1,100

188,804

Caleres,

Inc.

10,700

265,574

Cato

Corp.

(The),

Class

A

6,100

75,335

Container

Store

Group,

Inc.

(The)*

19,400

144,724

Designer

Brands,

Inc.,

Class

A(a)

13,500

194,805

Envela

Corp.*

18,900

125,685

Group

1

Automotive,

Inc.(a)

1,100

194,612

Hibbett,

Inc.(a)

3,100

145,452

J

Jill,

Inc.*

600

9,612

MarineMax,

Inc.*(a)

6,100

249,124

Petco

Health

&

Wellness

Co.,

Inc.*(a)

10,500

146,160

Signet

Jewelers

Ltd.(a)

2,500

152,400

1,892,287

Technology

Hardware,

Storage

&

Peripherals

0.2%

Immersion

Corp.*

32,760

185,094

Textiles,

Apparel

&

Luxury

Goods

0.3%

Crown

Crafts,

Inc.

19,469

127,327

Movado

Group,

Inc.

4,053

137,721

Vera

Bradley,

Inc.*

16,637

69,709

334,757

Thrifts

&

Mortgage

Finance

2.6%

Essent

Group

Ltd.

7,827

326,856

Flagstar

Bancorp,

Inc.

20,401

840,521

Home

Bancorp,

Inc.

6,500

244,855

Radian

Group,

Inc.

18,400

411,608

Timberland

Bancorp,

Inc.

1,900

48,735

TrustCo

Bank

Corp.

NY

18,300

614,148

2,486,723

Trading

Companies

&

Distributors

2.9%

Air

Lease

Corp.

5,224

193,863

Applied

Industrial

Technologies,

Inc.

3,900

392,301

Beacon

Roofing

Supply,

Inc.*

4,900

294,098

Hudson

Technologies,

Inc.*(a)

29,032

258,675

Common

Stocks

Shares

Value

($)

Trading

Companies

&

Distributors

Rush

Enterprises,

Inc.,

Class

A

10,800

520,452

Veritiv

Corp.*

2,100

260,442

WESCO

International,

Inc.*

7,235

924,922

2,844,753

Wireless

Telecommunication

Services

0.4%

United

States

Cellular

Corp.*

13,900

407,131

Total

Common

Stocks

(cost

$79,486,329)

96,108,506

Exchange

Traded

Funds

0.3%

Equity

Funds  0.3%

iShares

Micro-Cap

ETF(a)

1,079

123,481

Vanguard

Small-Cap

Value

ETF

1,178

193,828

317,309

Total

Exchange

Traded

Funds

(cost

$332,351)

317,309

Repurchase

Agreement

5.1%

Principal

Amount

($)

CF

Secured,

LLC,

2.24%,

dated

7/29/2022,

due

8/1/2022,

repurchase

price

$4,977,140,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.50%,

maturing

9/30/2022

-

5/15/2052;

total

market

value

$5,076,683.(b)

4,976,211

4,976,211

Total

Repurchase

Agreement

(cost

$4,976,211)

4,976,211

Total

Investments

(cost

$84,794,891)

—

104.7%

101,402,026

Liabilities

in

excess

of

other

assets

—

(4.7)%

(4,571,550)

NET

ASSETS

—

100.0%

$

96,830,476

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

July

31,

2022.

The

total

value

of

securities

on

loan

as

of

July

31,

2022

was

$7,675,240,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$4,976,211

and

by

$3,017,206

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

9/1/2022

–

5/15/2052,

a

total

value

of

$7,993,417.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

July

31,

2022

was

$4,976,211.

ADR

American

Depositary

Receipt

ETF

Exchange

Traded

Fund

KY

Cayman

Islands

REIT

Real

Estate

Investment

Trust

6

-

Statement

of

Investments

-

July

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

-

July

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

July

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

$

96,108,506

$

–

$

–

$

96,108,506

Exchange

Traded

Funds

317,309

–

–

317,309

Repurchase

Agreement

–

4,976,211

–

4,976,211

Total

$

96,425,815

$

4,976,211

$

–

$

101,402,026

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

8

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Bailard

Technology

&

Science

Fund

Common

Stocks

99

.5

%

Shares

Value

($)

Biotechnology

0

.8

%

Horizon

Therapeutics

plc*

13,510

1,120,925

Electronic

Equipment,

Instruments

&

Components

5

.0

%

Insight

Enterprises,

Inc.*(a)

40,933

3,823,551

TE

Connectivity

Ltd.

20,915

2,796,963

6,620,514

Entertainment

0

.6

%

Sea

Ltd.,

ADR-SG*(a)

10,440

796,781

Health

Care

Equipment

&

Supplies

0

.9

%

Hologic,

Inc.*

16,150

1,152,787

Hotels,

Restaurants

&

Leisure

0

.9

%

Airbnb,

Inc.,

Class

A*

10,135

1,124,782

Household

Durables

2

.6

%

Sony

Group

Corp.,

ADR-JP

39,700

3,389,983

Interactive

Media

&

Services

9

.3

%

Alphabet,

Inc.,

Class

A*

72,160

8,393,651

Meta

Platforms,

Inc.,

Class

A*

24,560

3,907,496

12,301,147

Internet

&

Direct

Marketing

Retail

3

.8

%

Amazon.com,

Inc.*

36,740

4,958,063

IT

Services

9

.2

%

Block,

Inc.,

Class

A*(a)

15,595

1,186,156

Fiserv,

Inc.*

16,580

1,752,175

Paychex,

Inc.

12,055

1,546,415

PayPal

Holdings,

Inc.*

7,693

665,675

Snowflake,

Inc.,

Class

A*

4,360

653,608

Twilio,

Inc.,

Class

A*

13,963

1,184,062

Visa,

Inc.,

Class

A(a)

24,580

5,213,664

12,201,755

Life

Sciences

Tools

&

Services

2

.3

%

Danaher

Corp.

10,200

2,972,994

Pharmaceuticals

1

.3

%

Intra-Cellular

Therapies,

Inc.*(a)

32,180

1,741,582

Professional

Services

2

.3

%

Booz

Allen

Hamilton

Holding

Corp.

31,250

2,999,375

Road

&

Rail

0

.8

%

Uber

Technologies,

Inc.*

46,050

1,079,873

Semiconductors

&

Semiconductor

Equipment

22

.4

%

KLA

Corp.

14,940

5,730,087

Lam

Research

Corp.

7,725

3,866,440

NVIDIA

Corp.

34,165

6,205,389

NXP

Semiconductors

NV

23,175

4,261,419

QUALCOMM,

Inc.

40,595

5,888,711

Texas

Instruments,

Inc.

20,060

3,588,533

29,540,579

Software

32

.1

%

Adobe,

Inc.*

12,694

5,206,063

Cadence

Design

Systems,

Inc.*

19,640

3,654,611

Crowdstrike

Holdings,

Inc.,

Class

A*

13,065

2,398,734

Dropbox,

Inc.,

Class

A*(a)

172,715

3,927,539

Elastic

NV*

7,210

576,007

Common

Stocks

Shares

Value

($)

Software

HubSpot,

Inc.*

4,350

1,339,800

Intuit,

Inc.

7,000

3,193,190

Microsoft

Corp.

53,060

14,896,064

Palo

Alto

Networks,

Inc.*(a)

3,240

1,617,084

Paycom

Software,

Inc.*

6,160

2,035,818

RingCentral,

Inc.,

Class

A*

13,605

673,312

ServiceNow,

Inc.*

4,450

1,987,637

Sprout

Social,

Inc.,

Class

A*

5,785

301,399

Varonis

Systems,

Inc.*

21,140

537,590

42,344,848

Technology

Hardware,

Storage

&

Peripherals

5

.2

%

Apple,

Inc.

41,963

6,819,407

Total

Common

Stocks

(cost

$56,519,861)

131,165,395

Repurchase

Agreement

0

.3

%

Principal

Amount

($)

CF

Secured,

LLC,

2.24%,

dated

7/29/2022,

due

8/1/2022,

repurchase

price

$425,707,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.50%,

maturing

9/30/2022

-

5/15/2052;

total

market

value

$434,221.(b)

425,628

425,628

Total

Repurchase

Agreement

(cost

$425,628)

425,628

Total

Investments

(cost

$56,945,489)

—

99.8%

131,591,023

Other

assets

in

excess

of

liabilities

—

0.2%

280,587

NET

ASSETS

—

100.0%

$

131,871,610

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

July

31,

2022.

The

total

value

of

securities

on

loan

as

of

July

31,

2022

was

$16,992,922,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$425,628

and

by

$16,906,960

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.00%,

and

maturity

dates

ranging

from

9/6/2022

–

2/15/2052,

a

total

value

of

$17,332,588.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

July

31,

2022

was

$425,628.

ADR

American

Depositary

Receipt

JP

Japan

SG

Singapore

Nationwide

Bailard

Technology

&

Science

Fund

-

July

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

-

July

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

July

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

$

131,165,395

$

–

$

–

$

131,165,395

Repurchase

Agreement

–

425,628

–

425,628

Total

$

131,165,395

$

425,628

$

–

$

131,591,023

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Diamond

Hill

Large

Cap

Concentrated

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

11

Common

Stocks

97

.4

%

Shares

Value

($)

Automobiles

4

.5

%

General

Motors

Co.*

28,876

1,047,044

Banks

9

.8

%

Bank

of

America

Corp.

30,816

1,041,889

Truist

Financial

Corp.

24,620

1,242,571

2,284,460

Beverages

5

.4

%

PepsiCo,

Inc.

7,224

1,263,911

Capital

Markets

4

.8

%

KKR

&

Co.,

Inc.

20,092

1,114,302

Health

Care

Equipment

&

Supplies

6

.5

%

Abbott

Laboratories

13,855

1,507,978

Health

Care

Providers

&

Services

3

.7

%

Humana,

Inc.

1,787

861,334

Household

Durables

4

.5

%

NVR,

Inc.*

241

1,058,737

Insurance

8

.2

%

American

International

Group,

Inc.

37,045

1,917,820

Interactive

Media

&

Services

4

.8

%

Alphabet,

Inc.,

Class

A*

9,540

1,109,693

Internet

&

Direct

Marketing

Retail

4

.6

%

Amazon.com,

Inc.*

7,880

1,063,406

Common

Stocks

Shares

Value

($)

Machinery

8

.0

%

Caterpillar,

Inc.

4,226

837,804

Parker-Hannifin

Corp.

3,573

1,032,919

1,870,723

Metals

&

Mining

3

.7

%

Freeport-McMoRan,

Inc.

27,324

862,072

Oil,

Gas

&

Consumable

Fuels

6

.9

%

ConocoPhillips

16,634

1,620,651

Pharmaceuticals

4

.3

%

Pfizer,

Inc.

19,972

1,008,786

Road

&

Rail

4

.0

%

Union

Pacific

Corp.

4,123

937,158

Semiconductors

&

Semiconductor

Equipment

5

.4

%

Texas

Instruments,

Inc.

7,096

1,269,404

Software

4

.3

%

Microsoft

Corp.

3,541

994,100

Specialty

Retail

4

.0

%

Home

Depot,

Inc.

(The)

3,060

920,876

Total

Investments

(cost

$18,895,589)

—

97.4%

22,712,455

Other

assets

in

excess

of

liabilities

—

2.6%

615,948

NET

ASSETS

—

100.0%

$

23,328,403

*

Denotes

a

non-income

producing

security.

12

-

Statement

of

Investments

-

July

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

-

July

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

July

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

$

22,712,455

$

–

$

–

$

22,712,455

Total

$

22,712,455

$

–

$

–

$

22,712,455

The

Statement

of

Investments

should

be

read

in

conjunction

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

-

July

31,

2022

(Unaudited)

-

Nationwide

Fund

Common

Stocks

98.6%

Shares

Value

($)

Aerospace

&

Defense

2.0%

Boeing

Co.

(The)*

24,046

3,830,768

General

Dynamics

Corp.

25,537

5,788,472

Lockheed

Martin

Corp.

13,839

5,726,717

Raytheon

Technologies

Corp.

79,777

7,436,014

22,781,971

Air

Freight

&

Logistics

0.6%

Expeditors

International

of

Washington,

Inc.

8,641

918,106

FedEx

Corp.

23,261

5,421,907

6,340,013

Airlines

0.4%

Southwest

Airlines

Co.*

124,383

4,741,480

Automobiles

1.3%

Ford

Motor

Co.

303,254

4,454,801

Tesla,

Inc.*

12,055

10,746,430

15,201,231

Banks

0.6%

PNC

Financial

Services

Group,

Inc.

(The)

39,598

6,570,892

Beverages

1.8%

Constellation

Brands,

Inc.,

Class

A

47,029

11,583,713

Monster

Beverage

Corp.*

85,558

8,523,288

20,107,001

Biotechnology

1.3%

Biogen,

Inc.*

7,016

1,508,861

Horizon

Therapeutics

plc*

12,756

1,058,365

Incyte

Corp.*

15,156

1,177,318

Moderna,

Inc.*(a)

6,191

1,015,881

Regeneron

Pharmaceuticals,

Inc.*

4,097

2,383,184

Seagen,

Inc.*

14,264

2,567,235

Vertex

Pharmaceuticals,

Inc.*

17,499

4,906,895

14,617,739

Building

Products

0.6%

Johnson

Controls

International

plc

121,259

6,537,073

Capital

Markets

6.6%

Ares

Management

Corp.

196,779

14,099,215

Charles

Schwab

Corp.

(The)

147,202

10,164,298

CME

Group,

Inc.

45,616

9,099,480

Goldman

Sachs

Group,

Inc.

(The)

29,983

9,996,032

Morgan

Stanley

187,775

15,829,433

S&P

Global,

Inc.

42,818

16,139,389

75,327,847

Chemicals

2.1%

Celanese

Corp.

45,770

5,378,433

FMC

Corp.

56,589

6,287,038

Linde

plc

25,110

7,583,220

PPG

Industries,

Inc.

36,059

4,662,068

23,910,759

Commercial

Services

&

Supplies

0.2%

Waste

Connections,

Inc.

15,223

2,030,291

Common

Stocks

Shares

Value

($)

Containers

&

Packaging

0.5%

Ball

Corp.(a)

35,137

2,579,758

Crown

Holdings,

Inc.

26,985

2,743,835

5,323,593

Diversified

Financial

Services

1.4%

Berkshire

Hathaway,

Inc.,

Class

B*

23,033

6,923,720

Equitable

Holdings,

Inc.

306,697

8,719,395

15,643,115

Diversified

Telecommunication

Services

0.5%

AT&T,

Inc.

274,893

5,162,491

Electric

Utilities

3.6%

Constellation

Energy

Corp.

55,008

3,636,029

Duke

Energy

Corp.

107,426

11,809,340

Edison

International

103,836

7,036,966

Exelon

Corp.

176,943

8,226,080

FirstEnergy

Corp.

234,590

9,641,649

40,350,064

Electrical

Equipment

0.2%

Emerson

Electric

Co.(a)

30,561

2,752,629

Energy

Equipment

&

Services

0.2%

Schlumberger

NV

74,634

2,763,697

Entertainment

0.4%

Electronic

Arts,

Inc.

11,263

1,478,043

Roku,

Inc.*(a)

49,978

3,274,559

4,752,602

Equity

Real

Estate

Investment

Trusts

(REITs)

3.1%

American

Tower

Corp.

28,600

7,745,738

AvalonBay

Communities,

Inc.

20,210

4,323,727

Host

Hotels

&

Resorts,

Inc.

279,021

4,969,364

Prologis,

Inc.

65,742

8,714,760

Welltower,

Inc.

105,054

9,070,362

34,823,951

Food

&

Staples

Retailing

2.4%

Sysco

Corp.

326,051

27,681,730

Food

Products

1.7%

Hershey

Co.

(The)

33,584

7,655,808

Mondelez

International,

Inc.,

Class

A

187,294

11,994,308

19,650,116

Health

Care

Equipment

&

Supplies

2.7%

Align

Technology,

Inc.*

9,381

2,635,779

Baxter

International,

Inc.

70,997

4,164,684

Boston

Scientific

Corp.*

154,042

6,323,424

Dexcom,

Inc.*(a)

21,477

1,762,832

Edwards

Lifesciences

Corp.*

42,868

4,309,949

Insulet

Corp.*(a)

8,501

2,106,548

Stryker

Corp.

27,444

5,893,599

Teleflex,

Inc.

12,243

2,943,952

30,140,767

Health

Care

Providers

&

Services

3.7%

Centene

Corp.*

58,250

5,415,502

Elevance

Health,

Inc.

13,269

6,330,640

HCA

Healthcare,

Inc.

22,703

4,822,571

Humana,

Inc.

23,149

11,157,818

Nationwide

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

15

Common

Stocks

Shares

Value

($)

Health

Care

Providers

&

Services

Laboratory

Corp.

of

America

Holdings

9,862

2,585,718

McKesson

Corp.

11,096

3,790,172

UnitedHealth

Group,

Inc.

14,703

7,974,025

42,076,446

Hotels,

Restaurants

&

Leisure

1.9%

Airbnb,

Inc.,

Class

A*(a)

103,803

11,520,057

Starbucks

Corp.

115,233

9,769,454

21,289,511

Independent

Power

and

Renewable

Electricity

Producers

0.1%

AES

Corp.

(The)

38,307

851,181

Industrial

Conglomerates

0.6%

Honeywell

International,

Inc.

33,078

6,366,192

Insurance

2.8%

American

International

Group,

Inc.

179,323

9,283,552

Chubb

Ltd.

44,137

8,326,004

Hartford

Financial

Services

Group,

Inc.

(The)

66,699

4,300,085

Marsh

&

McLennan

Cos.,

Inc.

44,312

7,265,395

MetLife,

Inc.

46,106

2,916,204

32,091,240

Interactive

Media

&

Services

6.1%

Alphabet,

Inc.,

Class

A*

380,071

44,209,859

Match

Group,

Inc.*

69,399

5,087,640

Meta

Platforms,

Inc.,

Class

A*

124,299

19,775,971

69,073,470

Internet

&

Direct

Marketing

Retail

5.9%

Amazon.com,

Inc.*

403,639

54,471,083

Etsy,

Inc.*(a)

119,221

12,365,602

66,836,685

IT

Services

3.3%

Block,

Inc.,

Class

A*

62,177

4,729,183

FleetCor

Technologies,

Inc.*

31,130

6,851,402

Global

Payments,

Inc.

88,933

10,878,284

GoDaddy,

Inc.,

Class

A*

43,426

3,221,341

Okta,

Inc.*

4,246

418,019

PayPal

Holdings,

Inc.*

16,125

1,395,296

Snowflake,

Inc.,

Class

A*(a)

3,129

469,068

Visa,

Inc.,

Class

A

44,922

9,528,405

37,490,998

Life

Sciences

Tools

&

Services

2.1%

Agilent

Technologies,

Inc.

41,361

5,546,510

Danaher

Corp.

44,441

12,953,218

Illumina,

Inc.*

10,867

2,354,662

Waters

Corp.*

7,033

2,560,223

23,414,613

Machinery

2.9%

Caterpillar,

Inc.

22,177

4,396,590

Fortive

Corp.

72,981

4,703,626

Ingersoll

Rand,

Inc.

129,554

6,451,789

PACCAR,

Inc.

79,156

7,244,357

Common

Stocks

Shares

Value

($)

Machinery

Westinghouse

Air

Brake

Technologies

Corp.

105,378

9,849,682

32,646,044

Media

1.8%

Charter

Communications,

Inc.,

Class

A*(a)

20,783

8,980,334

Omnicom

Group,

Inc.

161,879

11,305,630

20,285,964

Oil,

Gas

&

Consumable

Fuels

4.4%

ConocoPhillips

116,653

11,365,502

Marathon

Petroleum

Corp.

61,392

5,627,190

Pioneer

Natural

Resources

Co.(a)

15,562

3,687,416

Shell

plc,

ADR-NL

553,826

29,563,232

50,243,340

Pharmaceuticals

6.4%

AstraZeneca

plc,

ADR-UK

134,682

8,919,989

Bristol-Myers

Squibb

Co.

166,433

12,279,427

Eli

Lilly

&

Co.

58,924

19,426,654

Novartis

AG,

ADR-CH

40,551

3,480,492

Pfizer,

Inc.

375,422

18,962,565

Zoetis,

Inc.

53,259

9,722,430

72,791,557

Professional

Services

0.2%

Equifax,

Inc.

13,605

2,842,221

Road

&

Rail

0.1%

Canadian

Pacific

Railway

Ltd.

15,288

1,205,765

Semiconductors

&

Semiconductor

Equipment

4.6%

Advanced

Micro

Devices,

Inc.*

99,080

9,360,088

Intel

Corp.

37,448

1,359,737

KLA

Corp.

15,988

6,132,037

Marvell

Technology,

Inc.

92,527

5,151,903

Micron

Technology,

Inc.

115,691

7,156,645

NVIDIA

Corp.

21,192

3,849,103

ON

Semiconductor

Corp.*(a)

34,165

2,281,539

Teradyne,

Inc.

50,011

5,045,610

Texas

Instruments,

Inc.

66,823

11,953,966

52,290,628

Software

8.6%

Adobe,

Inc.*

7,540

3,092,305

Ceridian

HCM

Holding,

Inc.*(a)

71,133

3,895,955

HashiCorp,

Inc.,

Class

A*

54,416

1,972,036

Microsoft

Corp.

251,654

70,649,344

Palo

Alto

Networks,

Inc.*(a)

2,805

1,399,976

Qualtrics

International,

Inc.,

Class

A*(a)

48,939

623,972

Salesforce,

Inc.*

43,417

7,989,596

SentinelOne,

Inc.,

Class

A*(a)

12,885

320,192

ServiceNow,

Inc.*

9,676

4,321,882

UiPath,

Inc.,

Class

A*

40,755

747,039

Workday,

Inc.,

Class

A*

15,953

2,474,310

97,486,607

Specialty

Retail

1.9%

TJX

Cos.,

Inc.

(The)

194,082

11,870,055

Ulta

Beauty,

Inc.*

25,492

9,914,094

21,784,149

16

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Fund

Common

Stocks

Shares

Value

($)

Technology

Hardware,

Storage

&

Peripherals

4.4%

Apple,

Inc.

309,511

50,298,633

Textiles,

Apparel

&

Luxury

Goods

0.1%

NIKE,

Inc.,

Class

B

9,900

1,137,708

Tobacco

1.1%

Philip

Morris

International,

Inc.

123,854

12,032,416

Trading

Companies

&

Distributors

0.1%

United

Rentals,

Inc.*(a)

3,840

1,239,053

Wireless

Telecommunication

Services

1.3%

T-Mobile

US,

Inc.*

101,189

14,476,098

Total

Common

Stocks

(cost

$823,610,679)

1,117,461,571

Repurchase

Agreement

2.0%

Principal

Amount

($)

CF

Secured,

LLC,

2.24%,

dated

7/29/2022,

due

8/1/2022,

repurchase

price

$22,200,806,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.50%,

maturing

9/30/2022

-

5/15/2052;

total

market

value

$22,644,822.(b)

22,196,662

22,196,662

Total

Repurchase

Agreement

(cost

$22,196,662)

22,196,662

Total

Investments

(cost

$845,807,341)

—

100.6%

1,139,658,233

Liabilities

in

excess

of

other

assets

—

(0.6)%

(6,418,547)

NET

ASSETS

—

100.0%

$

1,133,239,686

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

July

31,

2022.

The

total

value

of

securities

on

loan

as

of

July

31,

2022

was

$33,504,904,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$22,196,662

and

by

$12,118,176

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

9/1/2022

–

5/15/2052,

a

total

value

of

$34,314,838.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

July

31,

2022

was

$22,196,662.

ADR

American

Depositary

Receipt

CH

Switzerland

NL

Netherlands

REIT

Real

Estate

Investment

Trust

UK

United

Kingdom

Nationwide

Fund

-

July

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

-

July

31,

2022

(Unaudited)

-

Nationwide

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

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

$

1,117,461,571

$

–

$

–

$

1,117,461,571

Repurchase

Agreement

–

22,196,662

–

22,196,662

Total

$

1,117,461,571

$

22,196,662

$

–

$

1,139,658,233

The

Statement

of

Investments

should

be

read

in

conjunction

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

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

19

Common

Stocks

85.4%

Shares

Value

($)

Aerospace

&

Defense

1.4%

Boeing

Co.

(The)*

16,768

2,671,310

General

Dynamics

Corp.

6,860

1,554,956

Howmet

Aerospace,

Inc.

11,496

426,847

Huntington

Ingalls

Industries,

Inc.

1,240

268,882

L3Harris

Technologies,

Inc.

5,889

1,413,183

Lockheed

Martin

Corp.

7,148

2,957,914

Northrop

Grumman

Corp.

4,386

2,100,455

Raytheon

Technologies

Corp.

44,892

4,184,383

Textron,

Inc.

6,645

436,178

TransDigm

Group,

Inc.*(a)

1,515

942,845

16,956,953

Air

Freight

&

Logistics

0.6%

CH

Robinson

Worldwide,

Inc.

3,900

431,730

Expeditors

International

of

Washington,

Inc.

5,150

547,188

FedEx

Corp.

7,081

1,650,510

United

Parcel

Service,

Inc.,

Class

B

22,172

4,321,101

6,950,529

Airlines

0.2%

Alaska

Air

Group,

Inc.*

4,033

178,783

American

Airlines

Group,

Inc.*(a)

19,487

267,167

Delta

Air

Lines,

Inc.*

19,769

628,654

Southwest

Airlines

Co.*

18,217

694,432

United

Airlines

Holdings,

Inc.*

9,893

363,568

2,132,604

Auto

Components

0.1%

Aptiv

plc*

8,197

859,783

BorgWarner,

Inc.

6,403

246,260

1,106,043

Automobiles

2.1%

Ford

Motor

Co.

120,360

1,768,089

General

Motors

Co.*

44,623

1,618,030

Tesla,

Inc.*

25,334

22,583,994

25,970,113

Banks

3.1%

Bank

of

America

Corp.

214,041

7,236,726

Citigroup,

Inc.

58,624

3,042,586

Citizens

Financial

Group,

Inc.

14,388

546,312

Comerica,

Inc.

4,162

323,679

Fifth

Third

Bancorp

20,162

687,927

First

Republic

Bank

5,519

897,996

Huntington

Bancshares,

Inc.

(a)

42,642

566,712

JPMorgan

Chase

&

Co.

88,666

10,228,510

KeyCorp

27,305

499,682

M&T

Bank

Corp.(a)

5,513

978,282

PNC

Financial

Services

Group,

Inc.

(The)

12,446

2,065,289

Regions

Financial

Corp.(a)

27,884

590,583

Signature

Bank

1,866

346,274

SVB

Financial

Group*(a)

1,798

725,583

Truist

Financial

Corp.

40,484

2,043,227

US

Bancorp

41,262

1,947,566

Wells

Fargo

&

Co.

114,427

5,019,913

Common

Stocks

Shares

Value

($)

Banks

Zions

Bancorp

NA

4,591

250,439

37,997,286

Beverages

1.5%

Brown-Forman

Corp.,

Class

B

5,531

410,511

Coca-Cola

Co.

(The)

117,783

7,558,135

Constellation

Brands,

Inc.,

Class

A

4,807

1,184,012

Keurig

Dr

Pepper,

Inc.

22,232

861,268

Molson

Coors

Beverage

Co.,

Class

B

5,279

315,420

Monster

Beverage

Corp.*

11,458

1,141,446

PepsiCo,

Inc.

41,742

7,303,180

18,773,972

Biotechnology

1.7%

AbbVie,

Inc.

53,347

7,655,828

Amgen,

Inc.

16,127

3,990,949

Biogen,

Inc.*

4,476

962,608

Gilead

Sciences,

Inc.

38,389

2,293,743

Incyte

Corp.*

5,720

444,330

Moderna

,

Inc.*(a)

10,289

1,688,322

Regeneron

Pharmaceuticals,

Inc.*

3,218

1,871,878

Vertex

Pharmaceuticals,

Inc.*

7,683

2,154,390

21,062,048

Building

Products

0.3%

A

O

Smith

Corp.

3,973

251,372

Allegion

plc

2,718

287,292

Carrier

Global

Corp.

25,100

1,017,303

Fortune

Brands

Home

&

Security,

Inc.

3,987

277,814

Johnson

Controls

International

plc

20,409

1,100,249

Masco

Corp.

7,236

400,730

Trane

Technologies

plc

7,120

1,046,569

4,381,329

Capital

Markets

2.5%

Ameriprise

Financial,

Inc.

3,214

867,523

Bank

of

New

York

Mellon

Corp.

(The)

22,150

962,639

BlackRock,

Inc.(a)

4,299

2,876,805

Cboe

Global

Markets,

Inc.

3,036

374,582

Charles

Schwab

Corp.

(The)

45,530

3,143,847

CME

Group,

Inc.

10,776

2,149,596

FactSet

Research

Systems,

Inc.

1,154

495,851

Franklin

Resources,

Inc.(a)

8,409

230,827

Goldman

Sachs

Group,

Inc.

(The)

10,324

3,441,918

Intercontinental

Exchange,

Inc.

17,129

1,746,987

Invesco

Ltd.

10,252

181,870

MarketAxess

Holdings,

Inc.

1,192

322,770

Moody's

Corp.

4,760

1,476,790

Morgan

Stanley

42,247

3,561,422

MSCI,

Inc.(a)

2,476

1,191,798

Nasdaq,

Inc.

3,477

628,989

Northern

Trust

Corp.

6,453

643,880

Raymond

James

Financial,

Inc.

5,852

576,246

20

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

BNY

Mellon

Dynamic

U.S.

Core

Fund

Common

Stocks

Shares

Value

($)

Capital

Markets

S&P

Global,

Inc.

10,479

3,949,849

State

Street

Corp.

11,246

798,916

T.

Rowe

Price

Group,

Inc.

6,980

861,821

30,484,926

Chemicals

1.5%

Air

Products

&

Chemicals,

Inc.

6,684

1,659,169

Albemarle

Corp.(a)

3,599

879,272

Celanese

Corp.

3,447

405,057

CF

Industries

Holdings,

Inc.

6,418

612,855

Corteva

,

Inc.

21,359

1,229,210

Dow,

Inc.

22,157

1,178,974

DuPont

de

Nemours,

Inc.

15,000

918,450

Eastman

Chemical

Co.

3,747

359,450

Ecolab,

Inc.

7,398

1,221,928

FMC

Corp.

3,535

392,739

International

Flavors

&

Fragrances,

Inc.

7,786

965,853

Linde

plc(a)

15,194

4,588,588

LyondellBasell

Industries

NV,

Class

A

7,767

692,195

Mosaic

Co.

(The)

11,093

584,157

PPG

Industries,

Inc.

6,962

900,117

Sherwin-Williams

Co.

(The)(a)

7,297

1,765,436

18,353,450

Commercial

Services

&

Supplies

0.4%

Cintas

Corp.

2,660

1,131,803

Copart

,

Inc.*

6,565

840,977

Republic

Services,

Inc.

6,092

844,717

Rollins,

Inc.(a)

6,796

262,122

Waste

Management,

Inc.

11,683

1,922,554

5,002,173

Communications

Equipment

0.7%

Arista

Networks,

Inc.*

6,931

808,362

Cisco

Systems,

Inc.

125,410

5,689,852

F5,

Inc.*

1,641

274,638

Juniper

Networks,

Inc.

9,082

254,568

Motorola

Solutions,

Inc.

4,979

1,187,940

8,215,360

Construction

&

Engineering

0.0%

†

Quanta

Services,

Inc.(a)

4,379

607,499

Construction

Materials

0.1%

Martin

Marietta

Materials,

Inc.

(a)

1,930

679,514

Vulcan

Materials

Co.

3,800

628,254

1,307,768

Consumer

Finance

0.4%

American

Express

Co.

18,415

2,836,278

Capital

One

Financial

Corp.

12,033

1,321,585

Discover

Financial

Services

8,441

852,541

Synchrony

Financial(a)

15,346

513,784

5,524,188

Containers

&

Packaging

0.3%

Amcor

plc

43,310

560,865

Avery

Dennison

Corp.

2,514

478,816

Ball

Corp.(a)

9,695

711,807

International

Paper

Co.

11,237

480,607

Packaging

Corp.

of

America

2,900

407,769

Common

Stocks

Shares

Value

($)

Containers

&

Packaging

Sealed

Air

Corp.

4,228

258,415

Westrock

Co.

7,959

337,143

3,235,422

Distributors

0.1%

Genuine

Parts

Co.

4,365

667,278

LKQ

Corp.

8,116

445,081

Pool

Corp.

1,136

406,347

1,518,706

Diversified

Financial

Services

1.3%

Berkshire

Hathaway,

Inc.,

Class

B*

54,617

16,417,870

Diversified

Telecommunication

Services

0.8%

AT&T,

Inc.

216,122

4,058,771

Lumen

Technologies,

Inc.

29,735

323,814

Verizon

Communications,

Inc.

126,783

5,856,107

10,238,692

Electric

Utilities

1.6%

Alliant

Energy

Corp.

7,672

467,455

American

Electric

Power

Co.,

Inc.

15,715

1,548,870

Constellation

Energy

Corp.

9,933

656,571

Duke

Energy

Corp.

23,493

2,582,585

Edison

International

11,022

746,961

Entergy

Corp.

6,240

718,411

Evergy

,

Inc.

7,179

490,039

Eversource

Energy

10,420

919,252

Exelon

Corp.

29,097

1,352,720

FirstEnergy

Corp.

17,683

726,771

NextEra

Energy,

Inc.(a)

59,306

5,010,764

NRG

Energy,

Inc.(a)

7,397

279,237

Pinnacle

West

Capital

Corp.

3,353

246,345

PPL

Corp.

21,294

619,230

Southern

Co.

(The)

31,847

2,448,716

Xcel

Energy,

Inc.

16,520

1,208,934

20,022,861

Electrical

Equipment

0.5%

AMETEK,

Inc.

7,071

873,269

Eaton

Corp.

plc

11,990

1,779,196

Emerson

Electric

Co.

18,130

1,632,969

Generac

Holdings,

Inc.*(a)

1,813

486,428

Rockwell

Automation,

Inc.(a)

3,523

899,351

5,671,213

Electronic

Equipment,

Instruments

&

Components

0.6%

Amphenol

Corp.,

Class

A

17,691

1,364,507

CDW

Corp.

4,153

753,894

Corning,

Inc.(a)

23,237

854,192

Keysight

Technologies,

Inc.*

5,562

904,381

TE

Connectivity

Ltd.

9,856

1,318,043

Teledyne

Technologies,

Inc.*

1,405

549,917

Trimble,

Inc.*

7,681

533,292

Zebra

Technologies

Corp.,

Class

A*

1,614

577,312

6,855,538

Energy

Equipment

&

Services

0.2%

Baker

Hughes

Co.(a)

28,799

739,846

Halliburton

Co.

27,493

805,545

Nationwide

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

21

Common

Stocks

Shares

Value

($)

Energy

Equipment

&

Services

Schlumberger

NV

43,161

1,598,252

3,143,643

Entertainment

1.1%

Activision

Blizzard,

Inc.

23,856

1,907,287

Electronic

Arts,

Inc.

8,603

1,128,972

Live

Nation

Entertainment,

Inc.*(a)

4,134

388,555

Netflix,

Inc.*

13,408

3,015,459

Take-Two

Interactive

Software,

Inc.*

4,828

640,820

Walt

Disney

Co.

(The)*

54,989

5,834,333

Warner

Bros

Discovery,

Inc.*

64,976

974,640

13,890,066

Equity

Real

Estate

Investment

Trusts

(REITs)

2.4%

Alexandria

Real

Estate

Equities,

Inc.

4,534

751,647

American

Tower

Corp.

14,029

3,799,474

AvalonBay

Communities,

Inc.

4,088

874,587

Boston

Properties,

Inc.

4,407

401,742

Camden

Property

Trust

3,214

453,495

Crown

Castle

International

Corp.

13,073

2,361,768

Digital

Realty

Trust,

Inc.

8,721

1,155,097

Duke

Realty

Corp.

11,822

739,584

Equinix

,

Inc.

2,723

1,916,284

Equity

Residential

10,029

786,173

Essex

Property

Trust,

Inc.

2,019

578,504

Extra

Space

Storage,

Inc.

4,053

768,125

Federal

Realty

OP

LP

2,257

238,362

Healthpeak

Properties,

Inc.

16,737

462,443

Host

Hotels

&

Resorts,

Inc.

21,740

387,189

Iron

Mountain,

Inc.

8,860

429,621

Kimco

Realty

Corp.

18,848

416,729

Mid-America

Apartment

Communities,

Inc.

3,427

636,497

Prologis,

Inc.

22,348

2,962,451

Public

Storage

4,678

1,526,946

Realty

Income

Corp.

18,423

1,363,118

Regency

Centers

Corp.

4,666

300,630

SBA

Communications

Corp.

3,192

1,071,842

Simon

Property

Group,

Inc.

9,608

1,043,813

UDR,

Inc.

9,280

449,152

Ventas,

Inc.

12,205

656,385

VICI

Properties,

Inc.

29,315

1,002,280

Vornado

Realty

Trust

4,796

145,750

Welltower

,

Inc.

13,906

1,200,644

Weyerhaeuser

Co.

22,864

830,421

29,710,753

Food

&

Staples

Retailing

1.3%

Costco

Wholesale

Corp.

13,380

7,242,594

Kroger

Co.

(The)

20,068

931,958

Sysco

Corp.

15,566

1,321,553

Walgreens

Boots

Alliance,

Inc.

21,775

862,726

Walmart,

Inc.

42,383

5,596,675

15,955,506

Food

Products

0.9%

Archer-Daniels-Midland

Co.

16,698

1,382,093

Campbell

Soup

Co.

6,550

323,243

Common

Stocks

Shares

Value

($)

Food

Products

Conagra

Brands,

Inc.

15,063

515,305

General

Mills,

Inc.(a)

18,458

1,380,474

Hershey

Co.

(The)

4,268

972,933

Hormel

Foods

Corp.(a)

7,973

393,388

J

M

Smucker

Co.

(The)

3,414

451,740

Kellogg

Co.(a)

7,734

571,697

Kraft

Heinz

Co.

(The)

21,489

791,440

Lamb

Weston

Holdings,

Inc.

4,422

352,257

McCormick

&

Co.,

Inc.

(Non-

Voting)(a)

7,519

656,785

Mondelez

International,

Inc.,

Class

A

41,662

2,668,034

Tyson

Foods,

Inc.,

Class

A

8,985

790,770

11,250,159

Gas

Utilities

0.0%

†

Atmos

Energy

Corp.

4,149

503,647

Health

Care

Equipment

&

Supplies

2.3%

Abbott

Laboratories

52,859

5,753,174

ABIOMED,

Inc.*

1,378

403,768

Align

Technology,

Inc.*

2,172

610,267

Baxter

International,

Inc.

15,434

905,358

Becton

Dickinson

and

Co.

8,535

2,085,186

Boston

Scientific

Corp.*

43,130

1,770,487

Cooper

Cos.,

Inc.

(The)

1,408

460,416

Dentsply

Sirona,

Inc.

6,564

237,354

Dexcom

,

Inc.*(a)

12,016

986,273

Edwards

Lifesciences

Corp.*

18,543

1,864,313

Hologic

,

Inc.*(a)

7,746

552,909

IDEXX

Laboratories,

Inc.*

2,485

991,962

Intuitive

Surgical,

Inc.*

10,778

2,480,772

Medtronic

plc

40,500

3,747,060

ResMed

,

Inc.

4,439

1,067,668

STERIS

plc

2,967

669,504

Stryker

Corp.

10,233

2,197,537

Teleflex,

Inc.

1,405

337,846

Zimmer

Biomet

Holdings,

Inc.

6,389

705,282

27,827,136

Health

Care

Providers

&

Services

2.9%

AmerisourceBergen

Corp.

4,522

659,895

Cardinal

Health,

Inc.(a)

8,064

480,292

Centene

Corp.*

17,584

1,634,784

Cigna

Corp.

9,720

2,676,499

CVS

Health

Corp.

39,587

3,787,684

DaVita,

Inc.*

2,051

172,612

Elevance

Health,

Inc.

7,278

3,472,334

HCA

Healthcare,

Inc.

6,962

1,478,868

Henry

Schein,

Inc.*

4,203

331,323

Humana,

Inc.

3,778

1,820,996

Laboratory

Corp.

of

America

Holdings

2,844

745,668

McKesson

Corp.

4,388

1,498,853

Molina

Healthcare,

Inc.*

1,736

568,922

Quest

Diagnostics,

Inc.

3,630

495,749

UnitedHealth

Group,

Inc.

28,322

15,360,154

Universal

Health

Services,

Inc.,

Class

B

2,023

227,527

35,412,160

22

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

BNY

Mellon

Dynamic

U.S.

Core

Fund

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

1.6%

Booking

Holdings,

Inc.*

1,226

2,373,156

Caesars

Entertainment,

Inc.*(a)

6,619

302,422

Carnival

Corp.*(a)

25,948

235,089

Chipotle

Mexican

Grill,

Inc.*

833

1,302,995

Darden

Restaurants,

Inc.(a)

3,801

473,186

Domino's

Pizza,

Inc.

1,041

408,187

Expedia

Group,

Inc.*

4,542

481,679

Hilton

Worldwide

Holdings,

Inc.

8,359

1,070,537

Las

Vegas

Sands

Corp.*

10,450

393,860

Marriott

International,

Inc.,

Class

A

8,386

1,331,865

McDonald's

Corp.

22,326

5,879,999

MGM

Resorts

International(a)

11,050

361,667

Norwegian

Cruise

Line

Holdings

Ltd.*(a)

12,287

149,287

Penn

National

Gaming,

Inc.*(a)

5,030

173,786

Royal

Caribbean

Cruises

Ltd.*(a)

7,095

274,647

Starbucks

Corp.

34,488

2,923,893

Wynn

Resorts

Ltd.*(a)

3,064

194,503

Yum!

Brands,

Inc.

8,680

1,063,647

19,394,405

Household

Durables

0.3%

DR

Horton,

Inc.(a)

9,525

743,236

Garmin

Ltd.

4,644

453,347

Lennar

Corp.,

Class

A(a)

7,766

660,110

Mohawk

Industries,

Inc.*(a)

1,568

201,457

Newell

Brands,

Inc.

11,161

225,564

NVR,

Inc.*

93

408,558

PulteGroup,

Inc.

7,113

310,269

Whirlpool

Corp.

1,785

308,573

3,311,114

Household

Products

1.2%

Church

&

Dwight

Co.,

Inc.

7,083

623,092

Clorox

Co.

(The)(a)

3,817

541,403

Colgate-Palmolive

Co.

25,591

2,015,035

Kimberly-Clark

Corp.

10,306

1,358,228

Procter

&

Gamble

Co.

(The)

72,432

10,061,529

14,599,287

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

AES

Corp.

(The)

20,411

453,532

Industrial

Conglomerates

0.7%

3M

Co.

17,072

2,445,393

General

Electric

Co.

33,116

2,447,604

Honeywell

International,

Inc.

20,551

3,955,245

8,848,242

Insurance

1.7%

Aflac,

Inc.

17,770

1,018,221

Allstate

Corp.

(The)

8,402

982,782

American

International

Group,

Inc.

24,229

1,254,335

Aon

plc,

Class

A

6,355

1,849,559

Arthur

J

Gallagher

&

Co.(a)

6,449

1,154,307

Assurant,

Inc.(a)

1,698

298,474

Common

Stocks

Shares

Value

($)

Insurance

Brown

&

Brown,

Inc.

7,139

464,749

Chubb

Ltd.

12,982

2,448,924

Cincinnati

Financial

Corp.(a)

4,554

443,286

Everest

Re

Group

Ltd.

1,227

320,676

Globe

Life,

Inc.

2,745

276,504

Hartford

Financial

Services

Group,

Inc.

(The)

10,116

652,179

Lincoln

National

Corp.

4,453

228,617

Loews

Corp.

5,429

316,239

Marsh

&

McLennan

Cos.,

Inc.

15,075

2,471,697

MetLife,

Inc.

20,867

1,319,838

Principal

Financial

Group,

Inc.

(a)

7,133

477,483

Progressive

Corp.

(The)

17,469

2,009,983

Prudential

Financial,

Inc.

11,303

1,130,187

Travelers

Cos.,

Inc.

(The)(a)

7,068

1,121,692

W

R

Berkley

Corp.

6,051

378,369

Willis

Towers

Watson

plc(a)

3,440

711,874

21,329,975

Interactive

Media

&

Services

4.3%

Alphabet,

Inc.,

Class

A*

181,595

21,123,130

Alphabet,

Inc.,

Class

C*

166,504

19,421,027

Match

Group,

Inc.*

8,610

631,199

Meta

Platforms,

Inc.,

Class

A*

69,239

11,015,925

Twitter,

Inc.*

22,180

922,910

53,114,191

Internet

&

Direct

Marketing

Retail

3.0%

Amazon.com,

Inc.*

264,152

35,647,312

eBay,

Inc.

17,187

835,804

Etsy,

Inc.*(a)

3,560

369,243

36,852,359

IT

Services

3.8%

Accenture

plc,

Class

A

19,122

5,856,304

Akamai

Technologies,

Inc.*(a)

4,801

461,952

Automatic

Data

Processing,

Inc.

12,611

3,040,764

Broadridge

Financial

Solutions,

Inc.

3,537

567,865

Cognizant

Technology

Solutions

Corp.,

Class

A

15,251

1,036,458

DXC

Technology

Co.*

7,434

234,915

EPAM

Systems,

Inc.*

1,753

612,235

Fidelity

National

Information

Services,

Inc.

18,633

1,903,547

Fiserv,

Inc.*

17,330

1,831,435

FleetCor

Technologies,

Inc.*

2,396

527,336

Gartner,

Inc.*

2,433

645,913

Global

Payments,

Inc.

8,651

1,058,190

International

Business

Machines

Corp.

27,153

3,551,341

Jack

Henry

&

Associates,

Inc.

2,244

466,236

Mastercard

,

Inc.,

Class

A

25,926

9,172,360

Paychex,

Inc.

9,519

1,221,097

PayPal

Holdings,

Inc.*

34,742

3,006,225

VeriSign,

Inc.*

2,933

554,806

Visa,

Inc.,

Class

A(a)

49,682

10,538,049

46,287,028

Nationwide

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

23

Common

Stocks

Shares

Value

($)

Leisure

Products

0.0%

†

Hasbro,

Inc.

4,209

331,333

Life

Sciences

Tools

&

Services

1.7%

Agilent

Technologies,

Inc.

8,867

1,189,065

Bio-Rad

Laboratories,

Inc.,

Class

A*

646

363,866

Bio-

Techne

Corp.

1,198

461,565

Charles

River

Laboratories

International,

Inc.*

1,435

359,525

Danaher

Corp.

19,535

5,693,866

Illumina,

Inc.*

4,815

1,043,314

IQVIA

Holdings,

Inc.*

5,628

1,352,240

Mettler

-Toledo

International,

Inc.*

692

934,013

PerkinElmer,

Inc.

3,798

581,740

Thermo

Fisher

Scientific,

Inc.

11,818

7,072,009

Waters

Corp.*

1,837

668,723

West

Pharmaceutical

Services,

Inc.(a)

2,260

776,446

20,496,372

Machinery

1.4%

Caterpillar,

Inc.

16,102

3,192,221

Cummins,

Inc.

4,260

942,781

Deere

&

Co.

8,425

2,891,291

Dover

Corp.

4,450

594,876

Fortive

Corp.

10,945

705,405

IDEX

Corp.

2,295

479,081

Illinois

Tool

Works,

Inc.

8,647

1,796,501

Ingersoll

Rand,

Inc.

12,346

614,831

Nordson

Corp.

1,532

353,877

Otis

Worldwide

Corp.

12,927

1,010,504

PACCAR,

Inc.

10,611

971,119

Parker-Hannifin

Corp.

3,770

1,089,869

Pentair

plc

5,042

246,503

Snap-on,

Inc.

1,611

360,944

Stanley

Black

&

Decker,

Inc.

4,639

451,514

Westinghouse

Air

Brake

Technologies

Corp.

5,563

519,974

Xylem,

Inc.

5,493

505,521

16,726,812

Media

0.7%

Charter

Communications,

Inc.,

Class

A*(a)

3,549

1,533,523

Comcast

Corp.,

Class

A(a)

134,962

5,063,774

DISH

Network

Corp.,

Class

A*(a)

8,148

141,531

Fox

Corp.,

Class

A

8,551

283,124

Fox

Corp.,

Class

B

3,745

115,720

Interpublic

Group

of

Cos.,

Inc.

(The)

11,877

354,766

News

Corp.,

Class

A

11,435

195,996

News

Corp.,

Class

B(a)

2,975

51,408

Omnicom

Group,

Inc.

6,359

444,112

Paramount

Global,

Class

B(a)

18,832

445,377

8,629,331

Metals

&

Mining

0.3%

Freeport-McMoRan,

Inc.

44,354

1,399,369

Newmont

Corp.

24,380

1,103,926

Common

Stocks

Shares

Value

($)

Metals

&

Mining

Nucor

Corp.(a)

8,135

1,104,733

3,608,028

Multiline

Retail

0.4%

Dollar

General

Corp.

6,907

1,715,906

Dollar

Tree,

Inc.*

6,916

1,143,630

Target

Corp.

13,863

2,264,937

5,124,473

Multi-Utilities

0.8%

Ameren

Corp.

7,982

743,284

CenterPoint

Energy,

Inc.

18,175

575,966

CMS

Energy

Corp.

8,271

568,466

Consolidated

Edison,

Inc.

10,767

1,068,840

Dominion

Energy,

Inc.

24,491

2,007,772

DTE

Energy

Co.

5,802

756,001

NiSource,

Inc.

12,280

373,312

Public

Service

Enterprise

Group,

Inc.

14,850

975,199

Sempra

Energy

9,619

1,594,830

WEC

Energy

Group,

Inc.

9,689

1,005,815

9,669,485

Oil,

Gas

&

Consumable

Fuels

3.5%

APA

Corp.

9,836

365,604

Chevron

Corp.

59,316

9,714,774

ConocoPhillips

39,048

3,804,447

Coterra

Energy,

Inc.(a)

24,525

750,220

Devon

Energy

Corp.

18,696

1,175,044

Diamondback

Energy,

Inc.

5,007

640,996

EOG

Resources,

Inc.

17,435

1,939,121

Exxon

Mobil

Corp.

127,172

12,326,782

Hess

Corp.

8,448

950,147

Kinder

Morgan,

Inc.(a)

59,358

1,067,850

Marathon

Oil

Corp.

21,063

522,362

Marathon

Petroleum

Corp.

16,533

1,515,415

Occidental

Petroleum

Corp.(a)

27,104

1,782,088

ONEOK,

Inc.(a)

13,661

816,108

Phillips

66

14,124

1,257,036

Pioneer

Natural

Resources

Co.(a)

6,873

1,628,557

Valero

Energy

Corp.

12,036

1,333,228

Williams

Cos.,

Inc.

(The)(a)

37,235

1,269,341

42,859,120

Personal

Products

0.1%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

6,907

1,886,302

Pharmaceuticals

3.7%

Bristol-Myers

Squibb

Co.

64,274

4,742,136

Catalent

,

Inc.*

5,469

618,544

Eli

Lilly

&

Co.

23,808

7,849,260

Johnson

&

Johnson

79,439

13,863,694

Merck

&

Co.,

Inc.

76,342

6,820,394

Organon

&

Co.

8,181

259,501

Pfizer,

Inc.

169,387

8,555,737

Viatris

,

Inc.

38,008

368,298

Zoetis,

Inc.

14,134

2,580,162

45,657,726

Professional

Services

0.3%

Equifax,

Inc.

3,754

784,248

24

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

BNY

Mellon

Dynamic

U.S.

Core

Fund

Common

Stocks

Shares

Value

($)

Professional

Services

Jacobs

Engineering

Group,

Inc.

3,928

539,315

Leidos

Holdings,

Inc.

4,172

446,404

Nielsen

Holdings

plc

10,677

255,714

Robert

Half

International,

Inc.

3,387

268,047

Verisk

Analytics,

Inc.

4,860

924,615

3,218,343

Real

Estate

Management

&

Development

0.1%

CBRE

Group,

Inc.,

Class

A*

9,518

814,931

Road

&

Rail

0.8%

CSX

Corp.

65,085

2,104,198

JB

Hunt

Transport

Services,

Inc.

2,530

463,673

Norfolk

Southern

Corp.

7,137

1,792,600

Old

Dominion

Freight

Line,

Inc.(a)

2,694

817,656

Union

Pacific

Corp.

18,959

4,309,381

9,487,508

Semiconductors

&

Semiconductor

Equipment

4.7%

Advanced

Micro

Devices,

Inc.*

48,921

4,621,567

Analog

Devices,

Inc.

15,723

2,703,727

Applied

Materials,

Inc.

26,669

2,826,381

Broadcom,

Inc.

12,326

6,600,326

Enphase

Energy,

Inc.*

4,133

1,174,516

Intel

Corp.

123,442

4,482,179

KLA

Corp.

4,451

1,707,136

Lam

Research

Corp.

4,231

2,117,658

Microchip

Technology,

Inc.

17,007

1,171,102

Micron

Technology,

Inc.

34,090

2,108,807

Monolithic

Power

Systems,

Inc.

1,333

619,472

NVIDIA

Corp.

75,593

13,729,957

NXP

Semiconductors

NV

8,011

1,473,063

ON

Semiconductor

Corp.*(a)

13,126

876,554

Qorvo

,

Inc.*

3,318

345,304

QUALCOMM,

Inc.

33,812

4,904,769

Skyworks

Solutions,

Inc.

4,938

537,649

SolarEdge

Technologies,

Inc.*

1,691

608,980

Teradyne,

Inc.(a)

4,910

495,370

Texas

Instruments,

Inc.

27,838

4,979,940

58,084,457

Software

7.7%

Adobe,

Inc.*

14,264

5,849,952

ANSYS,

Inc.*

2,540

708,635

Autodesk,

Inc.*

6,432

1,391,370

Cadence

Design

Systems,

Inc.*

8,221

1,529,764

Ceridian

HCM

Holding,

Inc.*

4,324

236,826

Citrix

Systems,

Inc.

3,479

352,805

Fortinet,

Inc.*

20,380

1,215,667

Intuit,

Inc.

8,538

3,894,779

Microsoft

Corp.

225,784

63,386,600

NortonLifeLock

,

Inc.

17,877

438,523

Oracle

Corp.

47,524

3,699,268

Paycom

Software,

Inc.*

1,460

482,515

PTC,

Inc.*

3,228

398,271

Roper

Technologies,

Inc.

3,158

1,379,004

Salesforce,

Inc.*

29,993

5,519,312

Common

Stocks

Shares

Value

($)

Software

ServiceNow

,

Inc.*

6,032

2,694,253

Synopsys,

Inc.*

4,586

1,685,355

Tyler

Technologies,

Inc.*

1,264

504,336

95,367,235

Specialty

Retail

1.8%

Advance

Auto

Parts,

Inc.

1,779

344,450

AutoZone,

Inc.*

599

1,280,297

Bath

&

Body

Works,

Inc.

7,296

259,300

Best

Buy

Co.,

Inc.

6,180

475,798

CarMax,

Inc.*(a)

4,900

487,746

Home

Depot,

Inc.

(The)

31,196

9,388,124

Lowe's

Cos.,

Inc.

19,959

3,822,747

O'Reilly

Automotive,

Inc.*

2,007

1,412,105

Ross

Stores,

Inc.

10,658

866,069

TJX

Cos.,

Inc.

(The)

35,973

2,200,109

Tractor

Supply

Co.

3,223

617,140

Ulta

Beauty,

Inc.*

1,581

614,867

21,768,752

Technology

Hardware,

Storage

&

Peripherals

6.4%

Apple,

Inc.

464,182

75,434,217

Hewlett

Packard

Enterprise

Co.(a)

36,913

525,641

HP,

Inc.(a)

32,157

1,073,722

NetApp,

Inc.

6,818

486,328

Seagate

Technology

Holdings

plc

6,110

488,678

Western

Digital

Corp.*

9,626

472,637

78,481,223

Textiles,

Apparel

&

Luxury

Goods

0.4%

NIKE,

Inc.,

Class

B

38,302

4,401,666

PVH

Corp.

1,983

122,787

Ralph

Lauren

Corp.(a)

1,349

133,052

Tapestry,

Inc.

7,406

249,064

VF

Corp.

9,952

444,655

5,351,224

Tobacco

0.6%

Altria

Group,

Inc.

54,610

2,395,195

Philip

Morris

International,

Inc.

46,796

4,546,231

6,941,426

Trading

Companies

&

Distributors

0.2%

Fastenal

Co.

17,417

894,537

United

Rentals,

Inc.*(a)

2,171

700,517

WW

Grainger,

Inc.

1,326

720,721

2,315,775

Water

Utilities

0.1%

American

Water

Works

Co.,

Inc.

5,460

848,702

Wireless

Telecommunication

Services

0.2%

T-Mobile

US,

Inc.*

17,673

2,528,299

Total

Common

Stocks

(cost

$656,778,790)

1,050,866,603

Nationwide

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

25

Purchased

Option

0.2%

Number

of

Contracts

Value

($)

Call

Option

0.2%

Future

Equity

Index

Options:

0.2%

S&P

500

E-Mini

Index

9/16/2022

at

USD

4,175.00,

American

Style

Notional

Amount:

USD

124,734,758

Exchange

Traded

*

604

2,838,800

Total

Purchased

Option

(cost

$2,483,565)

2,838,800

Short-Term

Investments

7.9%

Shares

U.S.

Treasury

Obligation

7.9%

U.S.

Treasury

Bills

1.37%

12/1/2022

88,155,000

87,382,738

1.30%

9/15/2022(b)

10,496,000

10,468,333

Total

U.S.

Treasury

Obligation

(cost

$98,226,239)

97,851,071

Total

Short-Term

Investment

(cost

$98,226,239)

97,851,071

Repurchase

Agreement

2.4%

Principal

Amount

($)

CF

Secured,

LLC,

2.24%,

dated

7/29/2022,

due

8/1/2022,

repurchase

price

$29,191,385,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.50%,

maturing

9/30/2022

-

5/15/2052;

total

market

value

$29,775,212.(c)

29,185,936

29,185,936

Total

Repurchase

Agreement

(cost

$29,185,936)

29,185,936

Total

Investments

(cost

$786,674,530)

—

95.9%

1,180,742,410

Other

assets

in

excess

of

liabilities

—

4.1%

50,030,210

NET

ASSETS

—

100.0%

$

1,230,772,620

*

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

July

31,

2022.

The

total

value

of

securities

on

loan

as

of

July

31,

2022

was

$57,833,399,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$29,185,936

and

by

$29,594,609

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.00%,

and

maturity

dates

ranging

from

9/6/2022

–

2/15/2052,

a

total

value

of

$58,780,545.

(b)

Security

or

a

portion

of

the

security

was

used

to

cover

the

margin

requirement

for

futures

contracts.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

July

31,

2022

was

$29,185,936.

REIT

Real

Estate

Investment

Trust

Currency:

USD

United

States

Dollar

26

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

BNY

Mellon

Dynamic

U.S.

Core

Fund

Futures

contracts

outstanding

as

of

July

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

635

9/2022

USD

131,238,625

7,333,055

U.S.

Treasury

Long

Bond

724

9/2022

USD

104,256,000

2,339,077

Net

contracts

9,672,132

Currency:

USD

United

States

Dollar

Nationwide

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

July

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

-

July

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

July

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.

(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

managing

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

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

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

$

1,050,866,603

$

–

$

–

$

1,050,866,603

Futures

Contracts

9,672,132

–

–

9,672,132

Purchased

Option

2,838,800

–

–

2,838,800

Repurchase

Agreement

–

29,185,936

–

29,185,936

Short-Term

Investments

–

97,851,071

–

97,851,071

Total

$

1,063,377,535

$

127,037,007

$

–

$

1,190,414,542

Nationwide

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

29

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

July

31,

2022:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

July

31,

2022:        

Assets:

Fair

Value

Purchased

Options

Equity

risk

Investment

securities,

at

value

$

2,838,800

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

7,333,055

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

2,339,077

Total

$

12,510,932

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

30

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Geneva

Mid

Cap

Growth

Fund

Common

Stocks

98

.3

%

Shares

Value

($)

Aerospace

&

Defense

4

.4

%

Axon

Enterprise,

Inc.*

56,803

6,259,122

HEICO

Corp.,

Class

A

45,073

5,754,921

12,014,043

Banks

1

.9

%

Signature

Bank

28,394

5,269,075

Building

Products

4

.3

%

Advanced

Drainage

Systems,

Inc.

85,001

10,081,118

Fortune

Brands

Home

&

Security,

Inc.

25,176

1,754,264

11,835,382

Capital

Markets

3

.7

%

Intercontinental

Exchange,

Inc.

55,026

5,612,102

Raymond

James

Financial,

Inc.

45,016

4,432,725

10,044,827

Commercial

Services

&

Supplies

3

.8

%

Copart,

Inc.*

81,660

10,460,646

Distributors

3

.4

%

Pool

Corp.

25,860

9,250,122

Electrical

Equipment

2

.5

%

Generac

Holdings,

Inc.*(a)

25,448

6,827,698

Electronic

Equipment,

Instruments

&

Components

9

.1

%

Amphenol

Corp.,

Class

A

114,697

8,846,580

Cognex

Corp.

35,786

1,824,370

Keysight

Technologies,

Inc.*

63,429

10,313,555

Trimble,

Inc.*

56,439

3,918,560

24,903,065

Food

Products

0

.4

%

Freshpet,

Inc.*(a)

19,688

1,052,127

Health

Care

Equipment

&

Supplies

8

.9

%

ABIOMED,

Inc.*

18,239

5,344,209

Align

Technology,

Inc.*

9,412

2,644,490

Cooper

Cos.,

Inc.

(The)

7,066

2,310,582

IDEXX

Laboratories,

Inc.*

16,783

6,699,438

STERIS

plc

32,847

7,411,926

24,410,645

Health

Care

Providers

&

Services

0

.3

%

HealthEquity,

Inc.*

16,908

983,538

Household

Products

1

.6

%

Church

&

Dwight

Co.,

Inc.

48,686

4,282,907

Internet

&

Direct

Marketing

Retail

0

.8

%

Etsy,

Inc.*(a)

21,689

2,249,583

IT

Services

12

.3

%

Broadridge

Financial

Solutions,

Inc.

37,149

5,964,272

EPAM

Systems,

Inc.*

18,044

6,301,867

Fiserv,

Inc.*

61,499

6,499,214

Gartner,

Inc.*

25,879

6,870,357

Global

Payments,

Inc.

42,437

5,190,894

SS&C

Technologies

Holdings,

Inc.

32,177

1,903,913

Twilio,

Inc.,

Class

A*

9,708

823,239

33,553,756

Common

Stocks

Shares

Value

($)

Life

Sciences

Tools

&

Services

2

.9

%

Charles

River

Laboratories

International,

Inc.*(a)

4,972

1,245,685

Repligen

Corp.*

31,417

6,703,131

7,948,816

Machinery

2

.6

%

IDEX

Corp.

33,720

7,039,050

Pharmaceuticals

2

.6

%

Catalent,

Inc.*

63,111

7,137,854

Professional

Services

5

.0

%

CoStar

Group,

Inc.*

103,029

7,478,875

Verisk

Analytics,

Inc.

32,145

6,115,586

13,594,461

Road

&

Rail

0

.6

%

JB

Hunt

Transport

Services,

Inc.(a)

9,086

1,665,191

Semiconductors

&

Semiconductor

Equipment

0

.5

%

Monolithic

Power

Systems,

Inc.

2,991

1,389,978

Software

16

.2

%

ANSYS,

Inc.*

24,392

6,805,124

Blackline,

Inc.*(a)

61,968

3,917,617

Cadence

Design

Systems,

Inc.*

17,202

3,200,948

HubSpot,

Inc.*

16,688

5,139,904

Intuit,

Inc.

24,762

11,295,682

Roper

Technologies,

Inc.

13,727

5,994,169

Tyler

Technologies,

Inc.*(a)

19,659

7,843,941

44,197,385

Specialty

Retail

7

.5

%

Burlington

Stores,

Inc.*(a)

31,784

4,485,676

O'Reilly

Automotive,

Inc.*

15,790

11,109,686

Ulta

Beauty,

Inc.*

12,440

4,838,040

20,433,402

Textiles,

Apparel

&

Luxury

Goods

1

.4

%

Lululemon

Athletica,

Inc.*

12,317

3,824,552

Trading

Companies

&

Distributors

1

.6

%

Watsco,

Inc.(a)

16,311

4,468,399

Total

Common

Stocks

(cost

$128,953,693)

268,836,502

Nationwide

Geneva

Mid

Cap

Growth

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

31

Repurchase

Agreement

1

.5

%

Principal

Amount

($)

Value

($)

CF

Secured,

LLC,

2.24%,

dated

7/29/2022,

due

8/1/2022,

repurchase

price

$4,206,766,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.50%,

maturing

9/30/2022

-

5/15/2052;

total

market

value

$4,290,901.(b)

4,205,981

4,205,981

Total

Repurchase

Agreement

(cost

$4,205,981)

4,205,981

Total

Investments

(cost

$133,159,674)

—

99.8%

273,042,483

Other

assets

in

excess

of

liabilities

—

0.2%

427,157

NET

ASSETS

—

100.0%

$

273,469,640

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

July

31,

2022.

The

total

value

of

securities

on

loan

as

of

July

31,

2022

was

$15,494,497,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$4,205,981

and

by

$11,326,696

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

4.75%,

and

maturity

dates

ranging

from

10/31/2022

–

11/15/2051,

a

total

value

of

$15,532,677.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

July

31,

2022

was

$4,205,981.

32

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Geneva

Mid

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

Geneva

Mid

Cap

Growth

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

33

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

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

$

268,836,502

$

–

$

–

$

268,836,502

Repurchase

Agreement

–

4,205,981

–

4,205,981

Total

$

268,836,502

$

4,205,981

$

–

$

273,042,483

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

34

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Loomis

All

Cap

Growth

Fund

Common

Stocks

99.6%

Shares

Value

($)

Aerospace

&

Defense

4.3%

Boeing

Co.

(The)*

96,865

15,431,563

Air

Freight

&

Logistics

1.5%

Expeditors

International

of

Washington,

Inc.

49,243

5,232,069

Automobiles

3.3%

Tesla,

Inc.*

13,328

11,881,246

Beverages

6.2%

Boston

Beer

Co.,

Inc.

(The),

Class

A*(a)

12,266

4,666,355

Monster

Beverage

Corp.*

175,131

17,446,550

22,112,905

Biotechnology

7.0%

Alnylam

Pharmaceuticals,

Inc.*

56,243

7,988,756

BioMarin

Pharmaceutical,

Inc.*

44,324

3,814,080

CRISPR

Therapeutics

AG*(a)

64,364

4,827,300

Regeneron

Pharmaceuticals,

Inc.*

14,928

8,683,468

25,313,604

Capital

Markets

5.1%

FactSet

Research

Systems,

Inc.

15,548

6,680,665

MSCI,

Inc.

12,862

6,190,995

SEI

Investments

Co.

97,042

5,372,245

18,243,905

Entertainment

5.4%

Netflix,

Inc.*

45,353

10,199,890

Walt

Disney

Co.

(The)*

87,404

9,273,564

19,473,454

Health

Care

Equipment

&

Supplies

0.9%

Intuitive

Surgical,

Inc.*

14,467

3,329,869

Health

Care

Technology

4.3%

Doximity,

Inc.,

Class

A*(a)

198,806

8,413,470

Veeva

Systems,

Inc.,

Class

A*

31,320

7,002,525

15,415,995

Hotels,

Restaurants

&

Leisure

4.5%

Starbucks

Corp.

83,170

7,051,152

Yum

China

Holdings,

Inc.

104,794

5,104,516

Yum!

Brands,

Inc.

33,070

4,052,398

16,208,066

Interactive

Media

&

Services

9.7%

Alphabet,

Inc.,

Class

A*

117,238

13,637,124

Alphabet,

Inc.,

Class

C*

58,840

6,863,098

Meta

Platforms,

Inc.,

Class

A*

89,160

14,185,356

34,685,578

Internet

&

Direct

Marketing

Retail

7.7%

Alibaba

Group

Holding

Ltd.,

ADR-CN*

51,046

4,561,981

Amazon.com,

Inc.*

172,030

23,215,449

27,777,430

IT

Services

8.1%

Block,

Inc.,

Class

A*

57,055

4,339,603

PayPal

Holdings,

Inc.*

58,629

5,073,168

Shopify,

Inc.,

Class

A*(a)

103,522

3,605,671

Common

Stocks

Shares

Value

($)

IT

Services

Visa,

Inc.,

Class

A(a)

76,210

16,164,903

29,183,345

Life

Sciences

Tools

&

Services

1.8%

Illumina,

Inc.*

29,761

6,448,613

Machinery

1.2%

Deere

&

Co.

12,681

4,351,866

Pharmaceuticals

5.7%

Novartis

AG,

ADR-CH

108,272

9,292,986

Novo

Nordisk

A/S,

ADR-DK

40,048

4,647,971

Roche

Holding

AG,

ADR

159,499

6,614,423

20,555,380

Semiconductors

&

Semiconductor

Equipment

7.4%

NVIDIA

Corp.

98,507

17,891,827

QUALCOMM,

Inc.

59,419

8,619,320

26,511,147

Software

14.5%

Autodesk,

Inc.*

61,011

13,197,899

Microsoft

Corp.

40,651

11,412,362

Oracle

Corp.

174,305

13,567,901

Salesforce,

Inc.*

41,833

7,698,109

Workday,

Inc.,

Class

A*

39,254

6,088,295

51,964,566

Textiles,

Apparel

&

Luxury

Goods

1.0%

Under

Armour,

Inc.,

Class

A*

395,214

3,659,682

Total

Common

Stocks

(cost

$282,598,645)

357,780,283

Repurchase

Agreement

1.6%

Principal

Amount

($)

CF

Secured,

LLC,

2.24%,

dated

7/29/2022,

due

8/1/2022,

repurchase

price

$5,575,461,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.50%,

maturing

9/30/2022

-

5/15/2052;

total

market

value

$5,686,970.(b)

5,574,420

5,574,420

Total

Repurchase

Agreement

(cost

$5,574,420)

5,574,420

Total

Investments

(cost

$288,173,065)

—

101.2%

363,354,703

Liabilities

in

excess

of

other

assets

—

(1.2)%

(4,269,881)

NET

ASSETS

—

100.0%

$

359,084,822

Nationwide

Loomis

All

Cap

Growth

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

35

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

July

31,

2022.

The

total

value

of

securities

on

loan

as

of

July

31,

2022

was

$28,267,599,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$5,574,420

and

by

$23,175,210

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.00%,

and

maturity

dates

ranging

from

9/6/2022

–

2/15/2052,

a

total

value

of

$28,749,630.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

July

31,

2022

was

$5,574,420.

ADR

American

Depositary

Receipt

CH

Switzerland

CN

China

DK

Denmark

36

-

Statement

of

Investments

-

July

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

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

37

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

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

$

357,780,283

$

–

$

–

$

357,780,283

Repurchase

Agreement

–

5,574,420

–

5,574,420

Total

$

357,780,283

$

5,574,420

$

–

$

363,354,703

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

38

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Small

Company

Growth

Fund

Common

Stocks

96.6%

Shares

Value

($)

Biotechnology

3.9%

Ironwood

Pharmaceuticals,

Inc.*

135,336

1,549,597

Vericel

Corp.*

146,907

4,780,354

6,329,951

Chemicals

0.3%

Balchem

Corp.

4,068

552,272

Electronic

Equipment,

Instruments

&

Components

4.4%

Cognex

Corp.

141,781

7,227,995

Energy

Equipment

&

Services

0.4%

DMC

Global,

Inc.*(a)

24,862

565,859

Health

Care

Equipment

&

Supplies

18.8%

ABIOMED,

Inc.*

25,814

7,563,760

Cardiovascular

Systems,

Inc.*

156,966

2,418,846

CryoPort,

Inc.*(a)

93,873

3,492,076

Glaukos

Corp.*(a)

54,684

2,944,733

Inogen,

Inc.*

88,677

2,466,994

Neogen

Corp.*

170,849

3,951,737

OrthoPediatrics

Corp.*(a)

65,150

3,078,338

QuidelOrtho

Corp.*

23,801

2,428,654

Tandem

Diabetes

Care,

Inc.*

33,439

2,213,996

30,559,134

Health

Care

Technology

5.2%

NextGen

Healthcare,

Inc.*

30,992

530,583

Veeva

Systems,

Inc.,

Class

A*

35,405

7,915,850

8,446,433

Internet

&

Direct

Marketing

Retail

1.1%

Xometry,

Inc.,

Class

A*(a)

45,033

1,711,254

Life

Sciences

Tools

&

Services

10.1%

10X

Genomics,

Inc.,

Class

A*

47,312

1,899,576

Bio-Techne

Corp.

16,535

6,370,605

Cytek

Biosciences,

Inc.*

36,211

463,501

Repligen

Corp.*

35,644

7,605,004

16,338,686

Machinery

3.5%

Helios

Technologies,

Inc.

62,693

4,314,532

Proto

Labs,

Inc.*(a)

29,592

1,446,753

5,761,285

Software

48.9%

Alarm.com

Holdings,

Inc.*(a)

110,030

7,786,823

Alteryx,

Inc.,

Class

A*(a)

17,596

852,174

American

Software,

Inc.,

Class

A

21,745

388,801

ANSYS,

Inc.*

27,333

7,625,634

Appfolio,

Inc.,

Class

A*

68,435

6,967,367

Blackbaud,

Inc.*

7,772

476,579

Datadog,

Inc.,

Class

A*

68,142

6,951,165

Duck

Creek

Technologies,

Inc.*(a)

168,981

2,331,938

Enfusion,

Inc.,

Class

A*(a)

62,192

715,208

Guidewire

Software,

Inc.*

64,200

4,989,624

Manhattan

Associates,

Inc.*

57,468

8,084,024

nCino,

Inc.*(a)

60,867

1,965,395

Olo,

Inc.,

Class

A*(a)

262,342

2,809,683

Paycom

Software,

Inc.*

22,950

7,584,745

PROS

Holdings,

Inc.*(a)

115,411

2,812,566

Q2

Holdings,

Inc.*

111,633

4,900,689

Common

Stocks

Shares

Value

($)

Software

Smartsheet,

Inc.,

Class

A*

145,992

4,388,520

Tyler

Technologies,

Inc.*

19,757

7,883,043

79,513,978

Total

Common

Stocks

(cost

$114,772,868)

157,006,847

Repurchase

Agreement

1.9%

Principal

Amount

($)

CF

Secured,

LLC,

2.24%,

dated

7/29/2022,

due

8/1/2022,

repurchase

price

$3,144,528,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.50%,

maturing

9/30/2022

-

5/15/2052;

total

market

value

$3,207,418.(b)

3,143,941

3,143,941

Total

Repurchase

Agreement

(cost

$3,143,941)

3,143,941

Total

Investments

(cost

$117,916,809)

—

98.5%

160,150,788

Other

assets

in

excess

of

liabilities

—

1.5%

2,429,288

NET

ASSETS

—

100.0%

$

162,580,076

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

July

31,

2022.

The

total

value

of

securities

on

loan

as

of

July

31,

2022

was

$13,398,465,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$3,143,941

and

by

$10,877,854

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

9/1/2022

–

5/15/2052,

a

total

value

of

$14,021,795.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

July

31,

2022

was

$3,143,941.

Nationwide

Small

Company

Growth

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

39

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

40

-

Statement

of

Investments

-

July

31,

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

July

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

$

157,006,847

$

–

$

–

$

157,006,847

Repurchase

Agreement

–

3,143,941

–

3,143,941

Total

$

157,006,847

$

3,143,941

$

–

$

160,150,788

The

Statement

of

Investments

should

be

read

in

conjunction

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

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

41

Common

Stocks

92

.5

%

Shares

Value

($)

Aerospace

&

Defense

0

.8

%

V2X,

Inc.*

47,580

1,581,559

Auto

Components

3

.7

%

Dorman

Products,

Inc.*

72,464

7,325,386

Building

Products

5

.9

%

American

Woodmark

Corp.*

113,342

5,692,035

AZEK

Co.,

Inc.

(The)*

150,510

3,112,547

CSW

Industrials,

Inc.

26,098

3,117,928

11,922,510

Capital

Markets

7

.7

%

Focus

Financial

Partners,

Inc.,

Class

A*

220,858

8,929,289

Virtus

Investment

Partners,

Inc.

31,191

6,435,327

15,364,616

Chemicals

4

.5

%

Element

Solutions,

Inc.

453,163

8,954,501

Commercial

Services

&

Supplies

4

.8

%

SP

Plus

Corp.*

119,903

4,107,877

UniFirst

Corp.

28,036

5,491,972

9,599,849

Construction

&

Engineering

4

.3

%

API

Group

Corp.*

105,377

1,866,227

EMCOR

Group,

Inc.(a)

57,680

6,712,221

8,578,448

Electronic

Equipment,

Instruments

&

Components

5

.4

%

ePlus,

Inc.*

193,490

10,752,239

Food

&

Staples

Retailing

4

.6

%

Grocery

Outlet

Holding

Corp.*

214,600

9,167,712

Food

Products

1

.5

%

Lancaster

Colony

Corp.

22,250

2,945,455

Health

Care

Equipment

&

Supplies

2

.4

%

ICU

Medical,

Inc.*

27,523

4,876,250

Health

Care

Providers

&

Services

6

.3

%

Addus

HomeCare

Corp.*

127,426

11,826,407

DocGo,

Inc.*(a)

93,987

726,519

12,552,926

Hotels,

Restaurants

&

Leisure

2

.5

%

Wyndham

Hotels

&

Resorts,

Inc.

73,699

5,115,448

Insurance

3

.1

%

Enstar

Group

Ltd.*

31,636

6,261,397

IT

Services

4

.1

%

Verra

Mobility

Corp.*(a)

497,771

8,208,244

Machinery

3

.9

%

Crane

Holdings

Co.

55,838

5,524,053

Hillman

Solutions

Corp.*(a)

214,000

2,214,900

7,738,953

Multiline

Retail

2

.7

%

Ollie's

Bargain

Outlet

Holdings,

Inc.*(a)

93,500

5,511,825

Personal

Products

3

.8

%

Inter

Parfums,

Inc.

90,800

7,579,076

Common

Stocks

Shares

Value

($)

Real

Estate

Management

&

Development

3

.6

%

Cushman

&

Wakefield

plc*

431,824

7,254,643

Road

&

Rail

3

.0

%

Landstar

System,

Inc.

38,181

5,978,381

Software

3

.0

%

E2open

Parent

Holdings,

Inc.*

605,700

4,088,475

MeridianLink,

Inc.*(a)

113,612

1,937,085

6,025,560

Specialty

Retail

6

.4

%

America's

Car-Mart,

Inc.*

70,117

7,262,018

Leslie's,

Inc.*(a)

369,900

5,607,684

12,869,702

Trading

Companies

&

Distributors

4

.5

%

Beacon

Roofing

Supply,

Inc.*

149,489

8,972,330

Total

Common

Stocks

(cost

$160,897,605)

185,137,010

Repurchase

Agreement

0

.6

%

Principal

Amount

($)

CF

Secured,

LLC,

2.24%,

dated

7/29/2022,

due

8/1/2022,

repurchase

price

$1,138,896,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.50%,

maturing

9/30/2022

-

5/15/2052;

total

market

value

$1,161,673.(b)

1,138,683

1,138,683

Total

Repurchase

Agreement

(cost

$1,138,683)

1,138,683

Total

Investments

(cost

$162,036,288)

—

93.1%

186,275,693

Other

assets

in

excess

of

liabilities

—

6.9%

13,739,238

NET

ASSETS

—

100.0%

$

200,014,931

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

July

31,

2022.

The

total

value

of

securities

on

loan

as

of

July

31,

2022

was

$4,329,988,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$1,138,683

and

by

$3,339,378

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

9/1/2022

–

5/15/2052,

a

total

value

of

$4,478,061.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

July

31,

2022

was

$1,138,683.

42

-

Statement

of

Investments

-

July

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

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

43

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

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

$

185,137,010

$

–

$

–

$

185,137,010

Repurchase

Agreement

–

1,138,683

–

1,138,683

Total

$

185,137,010

$

1,138,683

$

–

$

186,275,693

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

44

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

American

Century

Small

Cap

Income

Fund

Common

Stocks

91.6%

Shares

Value

($)

Aerospace

&

Defense

2.4%

Cadre

Holdings,

Inc.(a)

18,146

429,153

Park

Aerospace

Corp.(a)

40,308

491,758

920,911

Banks

21.4%

Financial

Institutions,

Inc.

14,726

390,386

First

Hawaiian,

Inc.

6,337

161,530

First

Interstate

BancSystem,

Inc.,

Class

A(a)

7,344

299,488

First

Merchants

Corp.

3,024

125,587

FNB

Corp.

36,203

432,988

HBT

Financial,

Inc.

23,756

442,812

Home

BancShares,

Inc.

35,559

839,193

Pacific

Premier

Bancorp,

Inc.

22,438

754,814

PacWest

Bancorp

27,543

772,030

Popular,

Inc.

10,566

820,661

Premier

Financial

Corp.

8,306

236,555

Towne

Bank

10,854

324,209

Umpqua

Holdings

Corp.

41,181

725,198

United

Bankshares,

Inc.

25,060

970,824

Valley

National

Bancorp

42,583

497,795

Webster

Financial

Corp.

8,564

397,798

8,191,868

Building

Products

2.7%

Fortune

Brands

Home

&

Security,

Inc.

5,304

369,583

Tecnoglass,

Inc.

29,915

670,395

1,039,978

Capital

Markets

3.6%

Carlyle

Group,

Inc.

(The)

12,433

483,768

Patria

Investments

Ltd.,

Class

A

34,102

491,410

Sculptor

Capital

Management,

Inc.

39,899

391,409

1,366,587

Chemicals

3.3%

Chase

Corp.

2,189

199,024

Mativ,

Inc.

6,526

142,593

RPM

International,

Inc.(a)

4,130

373,352

Valvoline,

Inc.

17,036

548,900

1,263,869

Commercial

Services

&

Supplies

3.6%

Brink's

Co.

(The)

13,440

765,274

Deluxe

Corp.

19,794

497,621

Healthcare

Services

Group,

Inc.(a)

9,059

129,906

1,392,801

Containers

&

Packaging

2.9%

Graphic

Packaging

Holding

Co.

33,847

753,096

Sonoco

Products

Co.

5,596

355,290

1,108,386

Diversified

Consumer

Services

0.9%

H&R

Block,

Inc.

8,603

343,776

Diversified

Financial

Services

1.7%

Compass

Diversified

Holdings

26,855

648,011

Common

Stocks

Shares

Value

($)

Electric

Utilities

0.9%

ALLETE,

Inc.

3,298

204,707

PNM

Resources,

Inc.

2,798

135,059

339,766

Electronic

Equipment,

Instruments

&

Components

3.1%

Avnet,

Inc.

15,558

744,761

Vishay

Intertechnology,

Inc.

21,695

448,219

1,192,980

Energy

Equipment

&

Services

1.5%

ChampionX

Corp.

26,591

555,486

Equity

Real

Estate

Investment

Trusts

(REITs)

5.7%

Brandywine

Realty

Trust

21,013

196,471

CareTrust

REIT,

Inc.

20,724

427,951

Easterly

Government

Properties,

Inc.

11,489

232,882

Four

Corners

Property

Trust,

Inc.

18,656

545,315

Healthcare

Realty

Trust,

Inc.

2,838

74,497

Highwoods

Properties,

Inc.

11,416

406,067

LTC

Properties,

Inc.

4,239

177,614

Urstadt

Biddle

Properties,

Inc.,

Class

A

6,839

125,838

2,186,635

Food

Products

0.0%

†

Sanderson

Farms,

Inc.*^∞

200

0

Gas

Utilities

0.6%

Northwest

Natural

Holding

Co.

989

53,079

Southwest

Gas

Holdings,

Inc.

1,808

157,224

210,303

Health

Care

Equipment

&

Supplies

1.4%

Embecta

Corp.*(a)

17,821

524,472

Health

Care

Providers

&

Services

2.0%

National

HealthCare

Corp.

1,583

112,440

Patterson

Cos.,

Inc.

20,477

636,016

748,456

Household

Durables

2.0%

Leggett

&

Platt,

Inc.

19,060

755,538

Orleans

Homebuilders,

Inc.*^∞

1,500

0

755,538

Household

Products

2.3%

Spectrum

Brands

Holdings,

Inc.

12,547

872,518

Insurance

3.8%

AMERISAFE,

Inc.

5,119

233,222

Axis

Capital

Holdings

Ltd.

12,514

631,832

ProAssurance

Corp.

8,083

178,877

RenaissanceRe

Holdings

Ltd.

3,078

398,016

1,441,947

IT

Services

2.0%

EVERTEC,

Inc.

20,018

780,502

Machinery

5.2%

Hurco

Cos.,

Inc.

5,190

131,463

IMI

plc

15,846

258,764

Luxfer

Holdings

plc

38,390

627,293

Nationwide

American

Century

Small

Cap

Income

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

45

Common

Stocks

Shares

Value

($)

Machinery

Timken

Co.

(The)(a)

15,075

985,603

2,003,123

Media

2.9%

Entravision

Communications

Corp.,

Class

A

110,322

591,326

John

Wiley

&

Sons,

Inc.,

Class

A

9,821

512,853

1,104,179

Multi-Utilities

0.9%

NorthWestern

Corp.(a)

6,505

360,702

Oil,

Gas

&

Consumable

Fuels

3.5%

Enviva,

Inc.

7,045

490,544

Hess

Midstream

LP,

Class

A

27,472

835,698

1,326,242

Professional

Services

1.3%

Public

Policy

Holding

Co.,

Inc.

Reg.

S

271,663

491,284

Semiconductors

&

Semiconductor

Equipment

2.6%

Kulicke

&

Soffa

Industries,

Inc.

14,522

698,798

MKS

Instruments,

Inc.

2,574

304,247

1,003,045

Specialty

Retail

1.8%

Penske

Automotive

Group,

Inc.(a)

6,007

687,741

Textiles,

Apparel

&

Luxury

Goods

3.4%

Ralph

Lauren

Corp.(a)

5,520

544,438

Tapestry,

Inc.

22,873

769,219

1,313,657

Thrifts

&

Mortgage

Finance

0.6%

Enact

Holdings,

Inc.(a)

2,412

55,572

First

Place

Financial

Corp.*^∞

367

0

Provident

Financial

Services,

Inc.

7,768

189,229

244,801

Trading

Companies

&

Distributors

1.6%

Applied

Industrial

Technologies,

Inc.(a)

6,095

613,096

Total

Common

Stocks

(cost

$30,075,737)

35,032,660

Convertible

Bond

0.4%

Principal

Amount

($)

Building

Products

0.4%

DIRTT

Environmental

Solutions,

6.00%,

01/31/26

339,000

171,807

Total

Convertible

Bond

(cost  $266,206)

171,807

Convertible

Preferred

Stock

2.4%

Principal

Amount

($)

Value

($)

Electronic

Equipment,

Instruments

&

Components

2.4%

II-VI,

Inc.,

6.00%,

07/01/23

4,046

909,258

Total

Convertible

Preferred

Stock

(cost  $1,036,315)

909,258

Preferred

Stocks

4.0%

Shares

Banks

2.3%

FNB

Corp.(ICE

LIBOR

USD

3

Month

+

4.60%),

(b)

5,679

148,052

PacWest

Bancorp, Series

A

+

0.00%),

*(a)(b)

15,920

412,328

Valley

National

Bancorp, Series

A(ICE

LIBOR

USD

3

Month

+

3.85%),

(a)(b)

11,910

310,255

870,635

Diversified

Financial

Services

1.7%

Compass

Diversified

Holdings, Series

B(ICE

LIBOR

USD

3

Month

+

4.99%),

(b)

25,097

675,863

Total

Preferred

Stocks

(cost

$1,527,093)

1,546,498

Rights

0.0%

†

Number

of

Rights

Biotechnology

0.0%

†

Achillion

Pharmaceuticals,

Inc.,

CVR*∞

12,733

5,857

Total

Rights

(cost

$25,466)

5,857

Repurchase

Agreement

6.1%

Principal

Amount

($)

CF

Secured,

LLC,

2.24%,

dated

7/29/2022,

due

8/1/2022,

repurchase

price

$2,315,235,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.50%,

maturing

9/30/2022

-

5/15/2052;

total

market

value

$2,361,540.(c)

2,314,803

2,314,803

Total

Repurchase

Agreement

(cost

$2,314,803)

2,314,803

Total

Investments

(cost

$35,245,620)

—

104.5%

39,980,883

Liabilities

in

excess

of

other

assets

—

(4.5)%

(1,728,737)

NET

ASSETS

—

100.0%

$

38,252,146

46

-

Statement

of

Investments

-

July

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

July

31,

2022.

The

total

value

of

securities

on

loan

as

of

July

31,

2022

was

$2,546,055,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$2,314,803

and

by

$250,125

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.00%,

and

maturity

dates

ranging

from

9/6/2022

–

2/15/2052,

a

total

value

of

$2,564,928.

(b)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

July

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

July

31,

2022

was

$2,314,803.

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

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

47

Forward

Foreign

Currency

Contracts

outstanding

as

of

July

31,

2022:

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

($)

CAD

611,363

USD

474,452

Goldman

Sachs

International

9/29/2022

2,863

GBP

12,212

USD

14,575

Bank

of

America

NA

9/30/2022

317

USD

1,463,295

GBP

1,191,085

Bank

of

America

NA

9/30/2022

10,765

Total

unrealized

appreciation

13,945

USD

638,213

CAD

827,475

Goldman

Sachs

International

9/29/2022

(7,830)

GBP

670,950

USD

824,504

Bank

of

America

NA

9/30/2022

(6,279)

Total

unrealized

depreciation

(14,109)

Net

unrealized

depreciation

(164)

Currency:

CAD

Canadian

dollar

GBP

British

pound

USD

United

States

dollar

48

-

Statement

of

Investments

-

July

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

July

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

$

920,911

$

–

$

–

$

920,911

Banks

8,191,868

–

–

8,191,868

Building

Products

1,039,978

–

–

1,039,978

Capital

Markets

1,366,587

–

–

1,366,587

Chemicals

1,263,869

–

–

1,263,869

Commercial

Services

&

Supplies

1,392,801

–

–

1,392,801

Containers

&

Packaging

1,108,386

–

–

1,108,386

Nationwide

American

Century

Small

Cap

Income

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

49

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

Level

1

Level

2

Level

3

Total

Assets:

Diversified

Consumer

Services

$

343,776

$

–

$

–

$

343,776

Diversified

Financial

Services

648,011

–

–

648,011

Electric

Utilities

339,766

–

–

339,766

Electronic

Equipment,

Instruments

&

Components

1,192,980

–

–

1,192,980

Energy

Equipment

&

Services

555,486

–

–

555,486

Equity

Real

Estate

Investment

Trusts

(REITs)

2,186,635

–

–

2,186,635

Food

Products

–

–

–

–

Gas

Utilities

210,303

–

–

210,303

Health

Care

Equipment

&

Supplies

524,472

–

–

524,472

Health

Care

Providers

&

Services

748,456

–

–

748,456

Household

Durables

755,538

–

–

755,538

Household

Products

872,518

–

–

872,518

Insurance

1,441,947

–

–

1,441,947

IT

Services

780,502

–

–

780,502

Machinery

1,744,359

258,764

–

2,003,123

Media

1,104,179

–

–

1,104,179

Multi-Utilities

360,702

–

–

360,702

Oil,

Gas

&

Consumable

Fuels

1,326,242

–

–

1,326,242

Professional

Services

491,284

–

–

491,284

Semiconductors

&

Semiconductor

Equipment

1,003,045

–

–

1,003,045

Specialty

Retail

687,741

–

–

687,741

Textiles,

Apparel

&

Luxury

Goods

1,313,657

–

–

1,313,657

Thrifts

&

Mortgage

Finance

244,801

–

–

244,801

Trading

Companies

&

Distributors

613,096

–

–

613,096

Total

Common

Stocks

$

34,773,896

$

258,764

$

–

$

35,032,660

Convertible

Bond

–

171,807

–

171,807

Convertible

Preferred

Stock

909,258

–

–

909,258

Forward

Foreign

Currency

Contracts

–

13,945

–

13,945

Preferred

Stocks

1,546,498

–

–

1,546,498

Repurchase

Agreement

–

2,314,803

–

2,314,803

Rights

–

5,857

–

5,857

Total

Assets

$

37,229,652

$

2,765,176

$

–

$

39,994,828

Liabilities:

Forward

Foreign

Currency

Contracts

$

–

$

(14,109)

$

–

$

(14,109)

Total

Liabilities

$

–

$

(14,109)

$

–

$

(14,109)

Total

$

37,229,652

$

2,751,067

$

–

$

39,980,719

As

of

July

31,

2022,

the

Fund

held

three

common

stock

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)

—

(7,741)

(7,741)

Purchases

—

—

—

Sales

—

(1,498)

(1,498)

Change

in

Unrealized

Appreciation/Depreciation

—

9,239

9,239

Transfers

into

Level

3

—

—

—

Transfers

out

of

Level

3

—

—

—

Balance

as

of

7/31/2022

$

—

$

—

$

—

Change

in

Unrealized

Appreciation/Depreciation

for

Investments

Still

Held

as

of

7/31/2022

$

—

$

—

$

—

50

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

American

Century

Small

Cap

Income

Fund

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

July

31,

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

July

31,

2022:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

July

31,

2022:        

Assets:

Fair

Value

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

appreciation

on

forward

foreign

currency

contracts

$

13,945

Total

$

13,945

Liabilities:

Fair

Value

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

depreciation

on

forward

foreign

currency

contracts

$

(14,109)

Total

$

(14,109)

The

Statement

of

Investments

should

be

read

in

conjunction

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

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

51

Common

Stocks

96.7%

Shares

Value

($)

Aerospace

&

Defense

3.6%

Lockheed

Martin

Corp.

6,930

2,867,703

Automobiles

1.0%

Ford

Motor

Co.

53,154

780,832

Banks

5.2%

Bank

of

America

Corp.

66,016

2,232,001

Citigroup,

Inc.

34,058

1,767,610

Wells

Fargo

&

Co.

1,322

57,996

4,057,607

Capital

Markets

0.2%

Goldman

Sachs

Group,

Inc.

(The)(a)

314

104,685

Nasdaq,

Inc.

378

68,380

173,065

Electric

Utilities

6.7%

Exelon

Corp.

53,098

2,468,526

FirstEnergy

Corp.

67,063

2,756,289

5,224,815

Food

&

Staples

Retailing

4.4%

Walmart,

Inc.

26,103

3,446,901

Gas

Utilities

2.1%

Atmos

Energy

Corp.

13,350

1,620,557

Health

Care

Equipment

&

Supplies

2.0%

Stryker

Corp.

7,322

1,572,399

Health

Care

Providers

&

Services

5.5%

UnitedHealth

Group,

Inc.

7,900

4,284,486

Household

Products

3.6%

Colgate-Palmolive

Co.

432

34,016

Procter

&

Gamble

Co.

(The)

19,943

2,770,282

2,804,298

Insurance

2.1%

American

International

Group,

Inc.

29,060

1,504,436

Chubb

Ltd.

190

35,842

Progressive

Corp.

(The)

931

107,121

1,647,399

Interactive

Media

&

Services

1.5%

Alphabet,

Inc.,

Class

C*

10,396

1,212,589

IT

Services

5.6%

Visa,

Inc.,

Class

A(a)

20,750

4,401,283

Life

Sciences

Tools

&

Services

0.0%

†

Syneos

Health,

Inc.*

448

35,455

Metals

&

Mining

1.5%

Nucor

Corp.

8,696

1,180,917

Multiline

Retail

1.6%

Target

Corp.

7,659

1,251,327

Oil,

Gas

&

Consumable

Fuels

18.6%

Devon

Energy

Corp.

54,519

3,426,519

Exxon

Mobil

Corp.

62,444

6,052,697

Occidental

Petroleum

Corp.(a)

77,797

5,115,153

14,594,369

Pharmaceuticals

9.0%

AstraZeneca

plc,

ADR-UK

42,238

2,797,422

Eli

Lilly

&

Co.

5,810

1,915,499

Common

Stocks

Shares

Value

($)

Pharmaceuticals

Johnson

&

Johnson

13,267

2,315,357

7,028,278

Semiconductors

&

Semiconductor

Equipment

8.2%

Advanced

Micro

Devices,

Inc.*

23,095

2,181,785

Analog

Devices,

Inc.

10,379

1,784,773

ASML

Holding

NV

(Registered),

NYRS-NL

2,777

1,595,220

Lam

Research

Corp.

1,705

853,369

6,415,147

Software

7.4%

Autodesk,

Inc.*

5,750

1,243,840

Microsoft

Corp.

16,281

4,570,728

5,814,568

Tobacco

6.9%

British

American

Tobacco

plc,

ADR-UK

34,707

1,359,473

Philip

Morris

International,

Inc.

41,564

4,037,943

5,397,416

Total

Common

Stocks

(cost

$65,060,527)

75,811,411

Repurchase

Agreement

0.1%

Principal

Amount

($)

CF

Secured,

LLC,

2.24%,

dated

7/29/2022,

due

8/1/2022,

repurchase

price

$94,364,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.50%,

maturing

9/30/2022

-

5/15/2052;

total

market

value

$96,251.(b)

94,346

94,346

Total

Repurchase

Agreement

(cost

$94,346)

94,346

Total

Investments

(cost

$65,154,873)

—

96.8%

75,905,757

Other

assets

in

excess

of

liabilities

—

3.2%

2,505,096

NET

ASSETS

—

100.0%

$

78,410,853

52

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

GQG

US

Quality

Equity

Fund

*

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

July

31,

2022.

The

total

value

of

securities

on

loan

as

of

July

31,

2022

was

$9,501,352,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$94,346

and

by

$9,343,375

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.00%,

and

maturity

dates

ranging

from

9/6/2022

–

2/15/2052,

a

total

value

of

$9,437,721.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

July

31,

2022

was

$94,346.

ADR

American

Depositary

Receipt

NL

Netherlands

NYRS

New

York

Registry

Shares

UK

United

Kingdom

Nationwide

GQG

US

Quality

Equity

Fund

-

July

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.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

54

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

GQG

US

Quality

Equity

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

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

$

75,811,411

$

–

$

–

$

75,811,411

Repurchase

Agreement

–

94,346

–

94,346

Total

$

75,811,411

$

94,346

$

–

$

75,905,757

The

Statement

of

Investments

should

be

read

in

conjunction

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

Disciplined

Value

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

55

Common

Stocks

89.6%

Shares

Value

($)

Aerospace

&

Defense

5.9%

Howmet

Aerospace,

Inc.

227,719

8,455,206

L3Harris

Technologies,

Inc.

26,947

6,466,472

Northrop

Grumman

Corp.

10,051

4,813,424

Raytheon

Technologies

Corp.

151,418

14,113,672

33,848,774

Automobiles

0.7%

General

Motors

Co.*

117,498

4,260,477

Banks

6.7%

Bank

of

America

Corp.

205,222

6,938,556

Comerica,

Inc.

178,278

13,864,680

JPMorgan

Chase

&

Co.

87,300

10,070,928

US

Bancorp(a)

168,496

7,953,011

38,827,175

Beverages

0.7%

PepsiCo,

Inc.

23,876

4,177,345

Biotechnology

1.5%

AbbVie,

Inc.

59,711

8,569,126

Capital

Markets

6.4%

Ameriprise

Financial,

Inc.

21,391

5,773,859

CME

Group,

Inc.

27,817

5,548,935

Goldman

Sachs

Group,

Inc.

(The)

23,348

7,783,990

LPL

Financial

Holdings,

Inc.

27,607

5,795,261

Morgan

Stanley

144,922

12,216,925

37,118,970

Communications

Equipment

2.3%

Cisco

Systems,

Inc.

294,595

13,365,775

Construction

&

Engineering

1.1%

Quanta

Services,

Inc.(a)

45,981

6,378,944

Diversified

Financial

Services

4.6%

Berkshire

Hathaway,

Inc.,

Class

B*

67,879

20,404,428

Voya

Financial,

Inc.

97,064

5,839,370

26,243,798

Electric

Utilities

4.6%

Constellation

Energy

Corp.

237,716

15,713,027

Exelon

Corp.

228,487

10,622,361

26,335,388

Electrical

Equipment

3.4%

Eaton

Corp.

plc

61,338

9,101,946

Hubbell,

Inc.(a)

47,764

10,461,271

19,563,217

Electronic

Equipment,

Instruments

&

Components

0.9%

Corning,

Inc.

146,640

5,390,486

Energy

Equipment

&

Services

0.5%

Halliburton

Co.

91,739

2,687,953

Health

Care

Equipment

&

Supplies

4.7%

Becton

Dickinson

and

Co.

60,895

14,877,257

Medtronic

plc

129,436

11,975,419

26,852,676

Health

Care

Providers

&

Services

4.5%

Humana,

Inc.

6,842

3,297,844

Laboratory

Corp.

of

America

Holdings

18,196

4,770,809

Common

Stocks

Shares

Value

($)

Health

Care

Providers

&

Services

McKesson

Corp.

21,737

7,424,925

UnitedHealth

Group,

Inc.(a)

19,265

10,448,180

25,941,758

Hotels,

Restaurants

&

Leisure

1.2%

International

Game

Technology

plc

379,917

7,199,427

Independent

Power

and

Renewable

Electricity

Producers

0.6%

NextEra

Energy

Partners

LP(a)

39,079

3,233,396

Insurance

8.3%

Allstate

Corp.

(The)

25,318

2,961,447

Aon

plc,

Class

A

15,568

4,530,911

Assurant,

Inc.(a)

68,330

12,011,047

Chubb

Ltd.

62,176

11,728,881

Hartford

Financial

Services

Group,

Inc.

(The)

77,569

5,000,873

MetLife,

Inc.

144,820

9,159,865

Progressive

Corp.

(The)

20,835

2,397,275

47,790,299

Interactive

Media

&

Services

0.9%

Alphabet,

Inc.,

Class

A*

46,700

5,432,144

Life

Sciences

Tools

&

Services

1.5%

Danaher

Corp.

29,003

8,453,504

Machinery

2.4%

Caterpillar,

Inc.

30,226

5,992,305

Ingersoll

Rand,

Inc.

157,040

7,820,592

13,812,897

Media

2.8%

Comcast

Corp.,

Class

A

286,051

10,732,634

Interpublic

Group

of

Cos.,

Inc.

(The)

174,222

5,204,011

15,936,645

Metals

&

Mining

1.1%

Freeport-McMoRan,

Inc.

206,328

6,509,648

Oil,

Gas

&

Consumable

Fuels

10.3%

ConocoPhillips

49,907

4,862,439

Devon

Energy

Corp.

106,268

6,678,944

EQT

Corp.

85,104

3,747,129

Exxon

Mobil

Corp.

233,719

22,654,383

Hess

Corp.

59,784

6,723,906

Marathon

Petroleum

Corp.

91,612

8,397,156

Valero

Energy

Corp.

57,630

6,383,675

59,447,632

Pharmaceuticals

5.5%

Eli

Lilly

&

Co.

23,191

7,645,841

Merck

&

Co.,

Inc.

110,888

9,906,734

Organon

&

Co.

116,225

3,686,657

Sanofi,

ADR-FR(a)

210,871

10,480,288

31,719,520

Road

&

Rail

1.0%

Norfolk

Southern

Corp.

22,287

5,597,826

Semiconductors

&

Semiconductor

Equipment

1.8%

Applied

Materials,

Inc.(a)

38,161

4,044,303

56

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

BNY

Mellon

Disciplined

Value

Fund

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

QUALCOMM,

Inc.

42,464

6,159,828

10,204,131

Software

1.0%

Dolby

Laboratories,

Inc.,

Class

A

70,823

5,481,700

Technology

Hardware,

Storage

&

Peripherals

1.2%

Hewlett

Packard

Enterprise

Co.

495,891

7,061,488

Tobacco

1.0%

British

American

Tobacco

plc,

ADR-UK

142,544

5,583,448

Wireless

Telecommunication

Services

0.5%

Vodafone

Group

plc,

ADR-UK

180,631

2,666,114

Total

Common

Stocks

(cost

$425,852,607)

515,691,681

Purchased

Option

0.3%

Number

of

Contracts

Call

Option

0.3%

Future

Equity

Index

Options:

0.3%

S&P

500

E-Mini

Index

9/16/2022

at

USD

4,175.00,

American

Style

Notional

Amount:

USD

60,715,263

Exchange

Traded

*

294

1,381,800

Total

Purchased

Option

(cost

$1,208,887)

1,381,800

Short-Term

Investments

2.0%

Shares

U.S.

Treasury

Obligation

2.0%

U.S.

Treasury

Bills

1.37%

12/1/2022

8,000,000

7,929,918

1.53%

9/15/2022(b)

3,647,000

3,637,386

Total

U.S.

Treasury

Obligation

(cost

$11,603,061)

11,567,304

Total

Short-Term

Investment

(cost

$11,603,061)

11,567,304

Repurchase

Agreement

1.2%

Principal

Amount

($)

Value

($)

CF

Secured,

LLC,

2.24%,

dated

7/29/2022,

due

8/1/2022,

repurchase

price

$6,830,729,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.50%,

maturing

9/30/2022

-

5/15/2052;

total

market

value

$6,967,343.(c)

6,829,454

6,829,454

Total

Repurchase

Agreement

(cost

$6,829,454)

6,829,454

Total

Investments

(cost

$445,494,009)

—

93.1%

535,470,239

Other

assets

in

excess

of

liabilities

—

6.9%

39,926,359

NET

ASSETS

—

100.0%

$

575,396,598

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

July

31,

2022.

The

total

value

of

securities

on

loan

as

of

July

31,

2022

was

$22,520,063,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$6,829,454

and

by

$16,431,720

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.00%,

and

maturity

dates

ranging

from

9/6/2022

–

2/15/2052,

a

total

value

of

$23,261,174.

(b)

Security

or

a

portion

of

the

security

was

used

to

cover

the

margin

requirement

for

futures

contracts.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

July

31,

2022

was

$6,829,454.

ADR

American

Depositary

Receipt

FR

France

UK

United

Kingdom

Currency:

USD

United

States

Dollar

Nationwide

BNY

Mellon

Disciplined

Value

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

57

Futures

contracts

outstanding

as

of

July

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

9/2022

USD

58,193,020

1,488,236

U.S.

Treasury

Long

Bond

329

9/2022

USD

47,376,000

1,062,923

Total

long

contracts

2,551,159

Short

Contracts

S&P

500

E-Mini

Index

(143)

9/2022

USD

(29,554,525)

(1,509,849)

Total

short

contracts

(1,509,849)

Net

contracts

1,041,310

Currency:

USD

United

States

Dollar

58

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

BNY

Mellon

Disciplined

Value

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

Nationwide

BNY

Mellon

Disciplined

Value

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

59

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

July

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

July

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

$

515,691,681

$

–

$

–

$

515,691,681

Futures

Contracts

2,551,159

–

–

2,551,159

Purchased

Option

1,381,800

–

–

1,381,800

Repurchase

Agreement

–

6,829,454

–

6,829,454

Short-Term

Investments

–

11,567,304

–

11,567,304

Total

Assets

$

519,624,640

$

18,396,758

$

–

$

538,021,398

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(1,509,849)

$

–

$

–

$

(1,509,849)

Total

Liabilities

$

(1,509,849)

$

–

$

–

$

(1,509,849)

Total

$

518,114,791

$

18,396,758

$

–

$

536,511,549

60

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

BNY

Mellon

Disciplined

Value

Fund

(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

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

July

31,

2022:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

July

31,

2022:        

Assets:

Fair

Value

Purchased

Options

Equity

risk

Investment

securities,

at

value

$

1,381,800

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

1,488,236

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

1,062,923

Total

$

3,932,959

Liabilities:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(1,509,849)

Total

$

(1,509,849)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Geneva

Small

Cap

Growth

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

1

Common

Stocks

95.5%

Shares

Value

($)

Airlines

1.1%

Allegiant

Travel

Co.*

131,023

15,108,262

Auto

Components

4.1%

Dorman

Products,

Inc.*

185,686

18,770,998

Fox

Factory

Holding

Corp.*

405,195

38,355,758

57,126,756

Banks

1.0%

Pacific

Premier

Bancorp,

Inc.

416,199

14,000,934

Biotechnology

0.7%

Avid

Bioservices,

Inc.*

517,426

10,167,421

Building

Products

3.6%

AAON,

Inc.

390,348

23,487,239

Trex

Co.,

Inc.*

414,294

26,730,249

50,217,488

Chemicals

2.5%

Balchem

Corp.

257,665

34,980,600

Construction

&

Engineering

2.8%

Construction

Partners,

Inc.,

Class

A*

879,817

20,922,049

NV5

Global,

Inc.*

127,057

17,228,929

38,150,978

Diversified

Consumer

Services

1.4%

Bright

Horizons

Family

Solutions,

Inc.*

209,936

19,664,705

Electronic

Equipment,

Instruments

&

Components

4.6%

ePlus,

Inc.*

497,407

27,640,907

Novanta,

Inc.*

233,474

36,001,691

63,642,598

Food

Products

1.5%

J

&

J

Snack

Foods

Corp.

154,743

20,969,224

Health

Care

Equipment

&

Supplies

10.6%

BioLife

Solutions,

Inc.*

554,569

10,686,544

Globus

Medical,

Inc.,

Class

A*(a)

507,843

29,805,306

LeMaitre

Vascular,

Inc.

320,279

16,126,048

Masimo

Corp.*

108,438

15,677,966

Neogen

Corp.*

587,183

13,581,543

Omnicell,

Inc.*

310,483

34,190,388

STAAR

Surgical

Co.*

336,333

27,142,073

147,209,868

Health

Care

Providers

&

Services

3.5%

HealthEquity,

Inc.*

291,811

16,974,646

LHC

Group,

Inc.*(a)

147,822

24,103,855

PetIQ,

Inc.*

469,555

7,700,702

48,779,203

Hotels,

Restaurants

&

Leisure

1.8%

Texas

Roadhouse,

Inc.

291,127

25,392,097

Household

Products

0.8%

WD-40

Co.(a)

64,219

11,390,524

Insurance

4.8%

Kinsale

Capital

Group,

Inc.

241,502

58,735,701

Palomar

Holdings,

Inc.*

123,812

7,722,155

66,457,856

IT

Services

8.6%

Evo

Payments,

Inc.,

Class

A*

695,116

19,004,471

Common

Stocks

Shares

Value

($)

IT

Services

ExlService

Holdings,

Inc.*

294,559

49,594,899

I3

Verticals,

Inc.,

Class

A*(a)

661,646

17,950,456

Perficient,

Inc.*

310,335

32,746,549

119,296,375

Life

Sciences

Tools

&

Services

3.9%

Azenta,

Inc.(a)

269,938

18,425,968

Bio-Techne

Corp.

90,925

35,031,584

53,457,552

Machinery

8.5%

Barnes

Group,

Inc.

236,627

8,002,725

Donaldson

Co.,

Inc.

257,556

14,013,622

ESCO

Technologies,

Inc.

310,211

24,056,863

Evoqua

Water

Technologies

Corp.*

625,787

23,848,743

RBC

Bearings,

Inc.*(a)

204,375

48,232,500

118,154,453

Media

1.2%

TechTarget,

Inc.*(a)

247,508

16,135,047

Multiline

Retail

1.2%

Ollie's

Bargain

Outlet

Holdings,

Inc.*(a)

267,761

15,784,511

Professional

Services

3.6%

Exponent,

Inc.(a)

492,390

49,480,271

Road

&

Rail

1.9%

Marten

Transport

Ltd.(a)

1,181,113

25,464,796

Semiconductors

&

Semiconductor

Equipment

3.7%

Onto

Innovation,

Inc.*

441,234

36,732,731

Semtech

Corp.*

225,991

14,086,019

50,818,750

Software

15.3%

Alarm.com

Holdings,

Inc.*(a)

457,833

32,400,842

Blackbaud,

Inc.*

255,788

15,684,920

Blackline,

Inc.*(a)

304,683

19,262,059

Cerence,

Inc.*(a)

127,214

3,583,618

Descartes

Systems

Group,

Inc.

(The)*

513,973

35,484,696

Envestnet,

Inc.*(a)

385,314

22,452,247

Fair

Isaac

Corp.*

93,879

43,374,914

Q2

Holdings,

Inc.*(a)

277,013

12,160,871

SPS

Commerce,

Inc.*

115,377

13,817,550

Tyler

Technologies,

Inc.*

34,422

13,734,378

211,956,095

Thrifts

&

Mortgage

Finance

1.0%

Axos

Financial,

Inc.*

342,184

14,289,604

Trading

Companies

&

Distributors

1.8%

SiteOne

Landscape

Supply,

Inc.*(a)

181,364

25,269,446

Total

Common

Stocks

(cost

$877,876,981)

1,323,365,414

2

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Geneva

Small

Cap

Growth

Fund

Repurchase

Agreement

0.2%

Principal

Amount

($)

Value

($)

CF

Secured,

LLC,

2.24%,

dated

7/29/2022,

due

8/1/2022,

repurchase

price

$2,640,414,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.50%,

maturing

9/30/2022

-

5/15/2052;

total

market

value

$2,693,222.(b)

2,639,921

2,639,921

Total

Repurchase

Agreement

(cost

$2,639,921)

2,639,921

Total

Investments

(cost

$880,516,902)

—

95.7%

1,326,005,335

Other

assets

in

excess

of

liabilities

—

4.3%

59,922,479

NET

ASSETS

—

100.0%

$

1,385,927,814

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

July

31,

2022.

The

total

value

of

securities

on

loan

as

of

July

31,

2022

was

$116,097,483,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$2,639,921

and

by

$115,374,666

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

9/1/2022

–

5/15/2052,

a

total

value

of

$118,014,587.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

July

31,

2022

was

$2,639,921.

Nationwide

Geneva

Small

Cap

Growth

Fund

-

July

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

July

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

$

1,323,365,414

$

–

$

–

$

1,323,365,414

Repurchase

Agreement

–

2,639,921

–

2,639,921

Total

$

1,323,365,414

$

2,639,921

$

–

$

1,326,005,335

The

Statement

of

Investments

should

be

read

in

conjunction

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

Janus

Henderson

Overseas

Fund

(Formerly,

Nationwide

AllianzGI

International

Growth

Fund)

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

1

Common

Stocks

99.2%

Shares

Value

($)

AUSTRIA

2.0%

Banks

2.0%

Erste

Group

Bank

AG

174,521

4,419,227

CANADA

6.7%

Metals

&

Mining

3.3%

Teck

Resources

Ltd.

,

Class

B

248,090

7,294,201

Oil,

Gas

&

Consumable

Fuels

3.4%

Canadian

Natural

Resources

Ltd.

138,762

7,659,662

14,953,863

CHINA

9.8%

Banks

2.3%

China

Construction

Bank

Corp.

,

Class

H

8,125,000

5,194,977

Hotels,

Restaurants

&

Leisure

2.8%

Yum

China

Holdings,

Inc.

131,350

6,170,101

Internet

&

Direct

Marketing

Retail

3.5%

JD.com,

Inc.

,

Class

A

263,000

7,831,405

Road

&

Rail

1.2%

Full

Truck

Alliance

Co.

Ltd.,

ADR

*

327,288

2,778,675

21,975,158

DENMARK

0.7%

Biotechnology

0.7%

Ascendis

Pharma

A/S,

ADR

*

18,923

1,618,484

FRANCE

16.1%

Aerospace

&

Defense

3.0%

Airbus

SE

61,388

6,638,365

Banks

3.7%

BNP

Paribas

SA

179,452

8,506,069

Machinery

2.1%

Alstom

SA

198,847

4,737,895

Oil,

Gas

&

Consumable

Fuels

2.2%

TotalEnergies

SE

98,596

5,029,440

Pharmaceuticals

3.0%

Sanofi

66,839

6,650,668

Textiles,

Apparel

&

Luxury

Goods

2.1%

LVMH

Moet

Hennessy

Louis

Vuitton

SE

6,837

4,755,865

36,318,302

GERMANY

0.5%

Pharmaceuticals

0.5%

Bayer

AG

(Registered)

18,454

1,075,441

HONG

KONG

4.7%

Insurance

4.7%

AIA

Group

Ltd.

675,400

6,816,682

Prudential

plc

301,085

3,711,980

10,528,662

INDIA

1.6%

Metals

&

Mining

1.6%

Hindustan

Zinc

Ltd.

1,043,398

3,558,968

Common

Stocks

Shares

Value

($)

JAPAN

8.1%

Electronic

Equipment,

Instruments

&

Components

2.9%

Keyence

Corp.

16,200

6,428,895

Entertainment

2.1%

Nintendo

Co.

Ltd.

10,500

4,721,241

Interactive

Media

&

Services

1.0%

Z

Holdings

Corp.

637,600

2,264,594

Pharmaceuticals

0.6%

Takeda

Pharmaceutical

Co.

Ltd.

43,700

1,285,831

Road

&

Rail

1.5%

Central

Japan

Railway

Co.

28,600

3,355,176

18,055,737

NETHERLANDS

10.2%

Beverages

3.6%

Heineken

NV

82,328

8,110,279

Insurance

3.7%

NN

Group

NV

174,415

8,176,432

Semiconductors

&

Semiconductor

Equipment

2.9%

ASML

Holding

NV

11,259

6,464,477

22,751,188

SINGAPORE

0.4%

Entertainment

0.4%

Sea

Ltd.,

ADR

*

10,312

787,012

SPAIN

1.0%

Specialty

Retail

1.0%

Industria

de

Diseno

Textil

SA

92,875

2,255,890

SWEDEN

1.5%

Electronic

Equipment,

Instruments

&

Components

1.5%

Hexagon

AB

,

Class

B

288,894

3,416,440

SWITZERLAND

2.5%

Pharmaceuticals

2.5%

Novartis

AG

(Registered)

64,081

5,507,474

TAIWAN

4.6%

Semiconductors

&

Semiconductor

Equipment

4.6%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

598,000

10,241,035

UNITED

KINGDOM

17.9%

Banks

2.6%

NatWest

Group

plc

1,908,597

5,793,322

Beverages

4.0%

Diageo

plc

188,832

8,975,274

Hotels,

Restaurants

&

Leisure

2.7%

Entain

plc

*

404,959

5,954,249

Insurance

2.1%

Beazley

plc

713,374

4,725,385

Personal

Products

1.7%

Unilever

plc

79,209

3,858,210

Pharmaceuticals

4.8%

AstraZeneca

plc

83,840

11,020,765

40,327,205

2

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Janus

Henderson

Overseas

Fund

(Formerly,

Nationwide

AllianzGI

International

Growth

Fund)

Common

Stocks

Shares

Value

($)

UNITED

STATES

10.9%

Entertainment

2.5%

Liberty

Media

Corp.-Liberty

Formula

One

,

Class

C

*

83,931

5,688,004

Metals

&

Mining

1.2%

Freeport-McMoRan,

Inc.

87,323

2,755,041

Textiles,

Apparel

&

Luxury

Goods

2.3%

Samsonite

International

SA

Reg.

S

*(a)

2,471,100

5,196,361

Trading

Companies

&

Distributors

4.9%

Ferguson

plc

85,577

10,776,500

24,415,906

Total

Investments

(cost

$209,096,020)

—

99.2%

222,205,992

Other

assets

in

excess

of

liabilities

—

0.8%

1,701,325

NET

ASSETS

—

100.0%

$

223,907,317

*

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

July

31,

2022

was

$5,196,361

which

represents

2.32%

of

net

assets.

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

Janus

Henderson

Overseas

Fund

(Formerly,

Nationwide

AllianzGI

International

Growth

Fund)

-

July

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

-

July

31,

2022

(Unaudited)

-

Nationwide

Janus

Henderson

Overseas

Fund

(Formerly,

Nationwide

AllianzGI

International

Growth

Fund)

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

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

$

–

$

6,638,365

$

–

$

6,638,365

Banks

–

23,913,595

–

23,913,595

Beverages

–

17,085,553

–

17,085,553

Biotechnology

1,618,484

–

–

1,618,484

Electronic

Equipment,

Instruments

&

Components

–

9,845,335

–

9,845,335

Entertainment

6,475,016

4,721,241

–

11,196,257

Hotels,

Restaurants

&

Leisure

–

12,124,350

–

12,124,350

Insurance

–

23,430,479

–

23,430,479

Interactive

Media

&

Services

–

2,264,594

–

2,264,594

Internet

&

Direct

Marketing

Retail

–

7,831,405

–

7,831,405

Machinery

–

4,737,895

–

4,737,895

Metals

&

Mining

10,049,242

3,558,968

–

13,608,210

Oil,

Gas

&

Consumable

Fuels

7,659,662

5,029,440

–

12,689,102

Personal

Products

–

3,858,210

–

3,858,210

Pharmaceuticals

–

25,540,179

–

25,540,179

Road

&

Rail

2,778,675

3,355,176

–

6,133,851

Semiconductors

&

Semiconductor

Equipment

–

16,705,512

–

16,705,512

Specialty

Retail

–

2,255,890

–

2,255,890

Textiles,

Apparel

&

Luxury

Goods

–

9,952,226

–

9,952,226

Trading

Companies

&

Distributors

–

10,776,500

–

10,776,500

Total

$

28,581,079

$

193,624,913

$

–

$

222,205,992

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Amundi

Global

High

Yield

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

5

6

Asset-Backed

Security

0.2%

Principal

Amount

($)

Value

($)

UNITED

STATES

0.2%

Airlines

0.2%

American

Airlines

Pass-

Through

Trust,

Series

2021-1,

Class

B,

3.95%,

7/11/2030

115,000

94,762

Total

Asset-Backed

Securities

(cost  $115,000)

94,762

Corporate

Bonds

89.3%

AUSTRALIA

0.8%

Metals

&

Mining

0.8%

Mineral

Resources

Ltd.

8.00%,

11/1/2027(a)

240,000

243,846

8.50%,

5/1/2030(a)

255,000

258,188

502,034

BRAZIL

6.3%

Airlines

1.2%

Gol

Finance

SA

7.00%,

1/31/2025(a)

700,000

374,500

8.00%,

6/30/2026(a)

540,000

356,875

731,375

Capital

Markets

0.7%

B3

SA

-

Brasil

Bolsa

Balcao,

4.13%,

9/20/2031(a)

477,000

400,804

Commercial

Services

&

Supplies

0.8%

Atento

Luxco

1

SA,

8.00%,

2/10/2026(a)

811,000

503,135

Marine

0.3%

Hidrovias

International

Finance

SARL,

4.95%,

2/8/2031(a)

245,000

193,930

Oil,

Gas

&

Consumable

Fuels

1.6%

Acu

Petroleo

Luxembourg

Sarl,

7.50%,

1/13/2032(a)

500,000

417,500

MC

Brazil

Downstream

Trading

SARL,

7.25%,

6/30/2031(a)

650,000

520,657

938,157

Road

&

Rail

0.8%

Simpar

Europe

SA,

5.20%,

1/26/2031(a)

570,000

478,800

Water

Utilities

0.9%

Aegea

Finance

Sarl,

6.75%,

5/20/2029(a)

540,000

523,800

3,770,001

BURKINA

FASO

0.3%

Metals

&

Mining

0.3%

Endeavour

Mining

plc,

5.00%,

10/14/2026(a)

200,000

162,856

Corporate

Bonds

Principal

Amount

($)

Value

($)

CAMEROON

0.6%

Oil,

Gas

&

Consumable

Fuels

0.6%

Golar

LNG

Ltd.,

7.00%,

10/20/2025(a)

400,000

370,000

CANADA

4.6%

Aerospace

&

Defense

0.7%

Bombardier,

Inc.,

7.88%,

4/15/2027(a)(b)

485,000

448,625

Commercial

Services

&

Supplies

1.0%

Garda

World

Security

Corp.

9.50%,

11/1/2027(a)

216,000

203,393

6.00%,

6/1/2029(a)

480,000

377,940

581,333

Oil,

Gas

&

Consumable

Fuels

2.9%

Baytex

Energy

Corp.,

8.75%,

4/1/2027(a)(b)

367,000

373,881

International

Petroleum

Corp.,

Reg.

S,

7.25%,

2/1/2027(a)

467,000

438,980

Parkland

Corp.,

4.63%,

5/1/2030(a)

295,000

263,966

Strathcona

Resources

Ltd.,

6.88%,

8/1/2026(a)

289,000

265,302

Vermilion

Energy,

Inc.,

6.88%,

5/1/2030(a)

525,000

506,562

1,848,691

2,878,649

CAYMAN

ISLANDS

0.8%

Consumer

Finance

0.8%

Global

Aircraft

Leasing

Co.

Ltd.,

6.50%,

9/15/2024(a)(c)

585,228

450,625

CYPRUS

1.3%

Consumer

Finance

1.3%

ASG

Finance

Designated

Activity

Co.,

7.88%,

12/3/2024(a)

860,000

795,500

EGYPT

1.1%

Oil,

Gas

&

Consumable

Fuels

1.1%

Energean

plc,

6.50%,

4/30/2027(a)

725,000

638,151

FRANCE

1.6%

Chemicals

0.4%

Lune

Holdings

Sarl,

5.63%,

11/15/2028(a)

EUR

250,000

222,071

Diversified

Telecommunication

Services

0.5%

Altice

France

SA,

5.13%,

7/15/2029(a)

375,000

320,944

Health

Care

Providers

&

Services

0.7%

Chrome

Bidco

SASU,

3.50%,

5/31/2028(a)

EUR

455,000

412,444

955,459

6

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Amundi

Global

High

Yield

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

GERMANY

1.8%

Pharmaceuticals

0.8%

Nidda

BondCo

GmbH,

5.00%,

9/30/2025(a)

EUR

300,000

257,949

Nidda

Healthcare

Holding

GmbH,

3.50%,

9/30/2024(a)

EUR

249,000

236,057

494,006

Real

Estate

Management

&

Development

1.0%

ADLER

Real

Estate

AG,

Reg.

S,

3.00%,

4/27/2026

EUR

800,000

589,682

1,083,688

GHANA

0.7%

Oil,

Gas

&

Consumable

Fuels

0.7%

Tullow

Oil

plc,

10.25%,

5/15/2026(a)

470,000

440,037

HONG

KONG

1.2%

Marine

1.2%

Seaspan

Corp.

Reg.

S,

6.50%,

4/29/2026(a)

300,000

286,500

5.50%,

8/1/2029(a)

520,000

406,900

693,400

ISRAEL

0.8%

Pharmaceuticals

0.8%

Teva

Pharmaceutical

Finance

Netherlands

II

BV,

4.38%,

5/9/2030

EUR

300,000

269,821

Teva

Pharmaceutical

Finance

Netherlands

III

BV,

4.75%,

5/9/2027(b)

260,000

249,275

519,096

ITALY

2.0%

Containers

&

Packaging

0.7%

Guala

Closures

SpA,

3.25%,

6/15/2028(a)

EUR

515,000

433,059

Hotels,

Restaurants

&

Leisure

0.6%

Gamma

Bidco

SpA,

5.13%,

7/15/2025(a)

EUR

400,000

375,092

Specialty

Retail

0.7%

Shiba

Bidco

SpA,

4.50%,

10/31/2028(a)

EUR

500,000

434,371

1,242,522

LUXEMBOURG

0.9%

Biotechnology

0.2%

Cidron

Aida

Finco

Sarl,

6.25%,

4/1/2028(a)

GBP

110,000

115,874

Diversified

Financial

Services

0.7%

Garfunkelux

Holdco

3

SA

6.75%,

11/1/2025(a)

EUR

160,000

140,413

Corporate

Bonds

Principal

Amount

($)

Value

($)

LUXEMBOURG

Diversified

Financial

Services

7.75%,

11/1/2025(a)

GBP

270,000

285,075

425,488

541,362

MEXICO

3.3%

Airlines

1.5%

Grupo

Aeromexico

SAB

de

CV,

8.50%,

3/17/2027(a)

925,000

879,675

Consumer

Finance

0.7%

Credito

Real

SAB

de

CV

SOFOM

ER,

8.00%,

1/21/2028(a)

350,000

11,375

Unifin

Financiera

SAB

de

CV,

8.38%,

1/27/2028(a)

830,000

423,234

434,609

Diversified

Telecommunication

Services

0.8%

Total

Play

Telecomunicaciones

SA

de

CV,

7.50%,

11/12/2025(a)

520,000

454,038

Hotels,

Restaurants

&

Leisure

0.3%

Grupo

Posadas

SAB

de

CV,

4.00%,

12/30/2027(a)(c)(d)

249,744

150,429

1,918,751

MOLDOVA,

REPUBLIC

OF

0.4%

Food

Products

0.4%

Aragvi

Finance

International

DAC,

8.45%,

4/29/2026(a)

360,000

258,516

NETHERLANDS

0.6%

Construction

&

Engineering

0.6%

Promontoria

Holding

264

BV

6.38%,

3/1/2027(a)

EUR

220,000

190,651

7.88%,

3/1/2027(a)

205,000

187,445

378,096

NIGERIA

0.5%

Diversified

Telecommunication

Services

0.5%

IHS

Holding

Ltd.

5.63%,

11/29/2026(a)

200,000

165,928

6.25%,

11/29/2028(a)

200,000

163,936

329,864

PARAGUAY

1.0%

Food

Products

1.0%

Frigorifico

Concepcion

SA,

7.70%,

7/21/2028(a)

745,000

599,725

PERU

0.5%

Metals

&

Mining

0.5%

Minsur

SA,

4.50%,

10/28/2031(a)

345,000

291,083

Nationwide

Amundi

Global

High

Yield

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

7

Corporate

Bonds

Principal

Amount

($)

Value

($)

PORTUGAL

2.2%

Airlines

2.2%

Transportes

Aereos

Portugueses

SA,

5.63%,

12/2/2024(a)

EUR

1,500,000

1,348,007

RUSSIA

0.0%

†

Banks

0.0%

†

Sovcombank

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

6.38%),

7.75%,

5/06/2025^∞(a)(e)(f)

325,000

0

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

6.36%),

7.60%,

2/17/2027^∞(a)(e)(f)

530,000

0

0

SINGAPORE

1.3%

Consumer

Finance

1.3%

Avation

Capital

SA,

8.25%,

10/31/2026(a)(c)

989,341

738,980

SOUTH

AFRICA

0.6%

Chemicals

0.6%

Sasol

Financing

USA

LLC,

5.50%,

3/18/2031

445,000

362,898

SPAIN

1.7%

Electric

Utilities

0.6%

ContourGlobal

Power

Holdings

SA

2.75%,

1/1/2026(a)

EUR

290,000

256,159

3.13%,

1/1/2028(a)

EUR

150,000

121,343

377,502

Hotels,

Restaurants

&

Leisure

1.1%

eDreams

ODIGEO

SA,

5.50%,

7/15/2027(a)

EUR

415,000

360,528

Food

Service

Project

SA,

5.50%,

1/21/2027(a)

EUR

330,000

287,882

648,410

1,025,912

SWITZERLAND

0.7%

Consumer

Finance

0.7%

VistaJet

Malta

Finance

plc

7.88%,

5/1/2027(a)

280,000

257,446

6.38%,

2/1/2030(a)(b)

205,000

178,457

435,903

TURKEY

2.1%

Airlines

0.8%

Pegasus

Hava

Tasimaciligi

A/S,

9.25%,

4/30/2026(a)

540,000

489,650

Corporate

Bonds

Principal

Amount

($)

Value

($)

TURKEY

Metals

&

Mining

1.3%

Eldorado

Gold

Corp.,

6.25%,

9/1/2029(a)(b)

1,010,000

805,637

1,295,287

UKRAINE

0.6%

Metals

&

Mining

0.6%

Metinvest

BV,

7.75%,

10/17/2029(a)

865,000

337,350

UNITED

ARAB

EMIRATES

0.5%

Energy

Equipment

&

Services

0.5%

Shelf

Drilling

Holdings

Ltd.,

8.25%,

2/15/2025(a)(b)

371,000

289,380

UNITED

KINGDOM

3.3%

Capital

Markets

0.8%

Sherwood

Financing

plc,

6.00%,

11/15/2026(a)

GBP

495,000

482,249

Insurance

0.2%

Galaxy

Bidco

Ltd.,

6.50%,

7/31/2026(a)

GBP

125,000

135,709

Oil,

Gas

&

Consumable

Fuels

2.3%

Harbour

Energy

plc,

5.50%,

10/15/2026(a)

620,000

564,919

Neptune

Energy

Bondco

plc,

6.63%,

5/15/2025(a)

555,000

536,352

SCC

Power

plc

8.00%,

12/31/2028(a)(c)

700,602

276,582

4.00%,

5/17/2032(a)(c)

379,492

34,745

1,412,598

2,030,556

UNITED

STATES

44.7%

Air

Freight

&

Logistics

1.3%

Western

Global

Airlines

LLC,

10.38%,

8/15/2025(a)

820,000

766,487

Auto

Components

1.2%

Dealer

Tire

LLC,

8.00%,

2/1/2028(a)

388,000

348,191

JB

Poindexter

&

Co.,

Inc.,

7.13%,

4/15/2026(a)

380,000

370,778

718,969

Building

Products

0.3%

Oscar

AcquisitionCo

LLC,

9.50%,

4/15/2030(a)

245,000

199,778

Chemicals

2.8%

Koppers,

Inc.,

6.00%,

2/15/2025(a)

499,000

475,412

Mativ,

Inc.,

6.88%,

10/1/2026(a)(b)

576,000

506,822

Rain

CII

Carbon

LLC,

7.25%,

4/1/2025(a)

331,000

312,795

SCIL

IV

LLC

4.38%,

11/1/2026(a)

EUR

230,000

194,522

8

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Amundi

Global

High

Yield

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Chemicals

5.38%,

11/1/2026(a)(b)

265,000

221,690

1,711,241

Commercial

Services

&

Supplies

2.3%

Allied

Universal

Holdco

LLC,

9.75%,

7/15/2027(a)(b)

585,000

535,603

APX

Group,

Inc.,

5.75%,

7/15/2029(a)

500,000

417,039

Prime

Security

Services

Borrower

LLC,

6.25%,

1/15/2028(a)

460,000

421,673

1,374,315

Communications

Equipment

1.1%

CommScope,

Inc.,

6.00%,

3/1/2026(a)

263,000

255,662

Plantronics,

Inc.,

4.75%,

3/1/2029(a)

400,000

403,000

658,662

Construction

&

Engineering

1.0%

Artera

Services

LLC,

9.03%,

12/4/2025(a)

710,000

576,875

Consumer

Finance

0.8%

Ford

Motor

Credit

Co.

LLC,

4.13%,

8/17/2027

520,000

493,324

Diversified

Consumer

Services

0.6%

Sotheby's,

7.38%,

10/15/2027(a)(b)

375,000

360,839

Diversified

Telecommunication

Services

2.0%

CCO

Holdings

LLC,

4.75%,

2/1/2032(a)

555,000

490,134

Lumen

Technologies,

Inc.,

4.50%,

1/15/2029(a)(b)

420,000

332,850

Windstream

Escrow

LLC,

7.75%,

8/15/2028(a)

400,000

358,160

1,181,144

Electric

Utilities

0.7%

NRG

Energy,

Inc.,

3.88%,

2/15/2032(a)

495,000

423,091

Electrical

Equipment

0.4%

Energizer

Gamma

Acquisition

BV,

3.50%,

6/30/2029(a)

EUR

340,000

262,251

Energy

Equipment

&

Services

2.4%

Exterran

Energy

Solutions

LP,

8.13%,

5/1/2025(b)

633,000

604,410

Nabors

Industries

Ltd.,

7.50%,

1/15/2028(a)

570,000

495,843

Nabors

Industries,

Inc.,

7.38%,

5/15/2027(a)

85,000

84,150

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Energy

Equipment

&

Services

Transocean

Sentry

Ltd.,

5.38%,

5/15/2023(a)

256,340

244,163

1,428,566

Equity

Real

Estate

Investment

Trusts

(REITs)

0.9%

Uniti

Group

LP,

6.00%,

1/15/2030(a)

735,000

524,845

Food

&

Staples

Retailing

0.8%

US

Foods,

Inc.

4.75%,

2/15/2029(a)

345,000

322,035

4.63%,

6/1/2030(a)(b)

160,000

146,600

468,635

Health

Care

Providers

&

Services

1.3%

LifePoint

Health,

Inc.,

5.38%,

1/15/2029(a)

100,000

77,160

Surgery

Center

Holdings,

Inc.,

10.00%,

4/15/2027(a)(b)

273,000

277,813

US

Acute

Care

Solutions

LLC,

6.38%,

3/1/2026(a)

265,000

246,450

US

Renal

Care,

Inc.,

10.63%,

7/15/2027(a)

456,000

209,760

811,183

Hotels,

Restaurants

&

Leisure

3.3%

Carnival

plc,

1.00%,

10/28/2029

EUR

303,000

175,435

Hilton

Grand

Vacations

Borrower

Escrow

LLC,

5.00%,

6/1/2029(a)(b)

330,000

291,992

Mohegan

Gaming

&

Entertainment,

8.00%,

2/1/2026(a)(b)

480,000

429,600

NCL

Corp.

Ltd.

5.88%,

3/15/2026(a)

395,000

322,150

7.75%,

2/15/2029(a)(b)

180,000

144,288

NCL

Finance

Ltd.,

6.13%,

3/15/2028(a)

110,000

85,033

Viking

Cruises

Ltd.,

5.88%,

9/15/2027(a)

398,000

323,897

VOC

Escrow

Ltd.,

5.00%,

2/15/2028(a)

285,000

252,878

2,025,273

Household

Durables

0.6%

Beazer

Homes

USA,

Inc.,

7.25%,

10/15/2029(b)

375,000

341,959

Household

Products

0.3%

Energizer

Holdings,

Inc.,

6.50%,

12/31/2027(a)(b)

195,000

180,618

Independent

Power

and

Renewable

Electricity

Producers

0.5%

Clearway

Energy

Operating

LLC,

3.75%,

2/15/2031(a)

310,000

271,443

Nationwide

Amundi

Global

High

Yield

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

9

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Machinery

0.3%

Park-Ohio

Industries,

Inc.,

6.63%,

4/15/2027

255,000

203,362

Media

3.0%

Clear

Channel

Outdoor

Holdings,

Inc.

7.75%,

4/15/2028(a)(b)

175,000

140,756

7.50%,

6/1/2029(a)(b)

440,000

354,200

CSC

Holdings

LLC,

4.63%,

12/1/2030(a)

400,000

304,000

McGraw-Hill

Education,

Inc.,

8.00%,

8/1/2029(a)

653,000

548,520

Stagwell

Global

LLC,

5.63%,

8/15/2029(a)

581,000

486,576

1,834,052

Metals

&

Mining

1.7%

Coeur

Mining,

Inc.,

5.13%,

2/15/2029(a)

380,000

255,075

Constellium

SE,

3.13%,

7/15/2029(a)

EUR

503,000

404,076

TMS

International

Corp.,

6.25%,

4/15/2029(a)

560,000

373,296

1,032,447

Oil,

Gas

&

Consumable

Fuels

4.8%

Aethon

United

BR

LP,

8.25%,

2/15/2026(a)

275,000

284,226

Ascent

Resources

Utica

Holdings

LLC,

5.88%,

6/30/2029(a)

325,000

285,500

Delek

Logistics

Partners

LP,

7.13%,

6/1/2028(a)

425,000

387,812

Energy

Transfer

LP,

Series

G,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.31%),

7.13%,

5/15/2030(e)(f)

400,000

360,000

EnLink

Midstream

Partners

LP,

5.45%,

6/1/2047

377,000

287,306

Harvest

Midstream

I

LP,

7.50%,

9/1/2028(a)

364,000

347,736

Occidental

Petroleum

Corp.,

4.40%,

4/15/2046

515,000

437,695

Tap

Rock

Resources

LLC,

7.00%,

10/1/2026(a)(b)

440,000

415,800

2,806,075

Pharmaceuticals

1.2%

P&L

Development

LLC,

7.75%,

11/15/2025(a)

315,000

211,050

Par

Pharmaceutical,

Inc.,

7.50%,

4/1/2027(a)

585,000

471,410

682,460

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Road

&

Rail

1.6%

Carriage

Purchaser,

Inc.,

7.88%,

10/15/2029(a)

765,000

532,932

PECF

USS

Intermediate

Holding

III

Corp.,

8.00%,

11/15/2029(a)

505,000

405,263

938,195

Software

1.5%

GoTo

Group,

Inc.,

5.50%,

9/1/2027(a)

570,000

415,975

Minerva

Merger

Sub,

Inc.,

6.50%,

2/15/2030(a)

563,000

509,515

925,490

Specialty

Retail

1.7%

Party

City

Holdings,

Inc.,

8.75%,

2/15/2026(a)(b)

547,000

331,240

Staples,

Inc.,

7.50%,

4/15/2026(a)

246,000

217,710

White

Cap

Buyer

LLC,

6.88%,

10/15/2028(a)

550,000

464,739

1,013,689

Technology

Hardware,

Storage

&

Peripherals

0.5%

Diebold

Nixdorf,

Inc.

8.50%,

4/15/2024

555,000

266,555

9.38%,

7/15/2025(a)

55,000

42,763

309,318

Thrifts

&

Mortgage

Finance

2.9%

Freedom

Mortgage

Corp.

8.13%,

11/15/2024(a)(b)

354,000

316,830

6.63%,

1/15/2027(a)

265,000

203,298

Provident

Funding

Associates

LP,

6.38%,

6/15/2025(a)

565,000

509,206

United

Wholesale

Mortgage

LLC

5.75%,

6/15/2027(a)

530,000

461,195

5.50%,

4/15/2029(a)

321,000

275,450

1,765,979

Trading

Companies

&

Distributors

0.9%

Beacon

Roofing

Supply,

Inc.,

4.13%,

5/15/2029(a)(b)

345,000

305,325

Fortress

Transportation

and

Infrastructure

Investors

LLC,

9.75%,

8/1/2027(a)

225,000

227,162

532,487

26,823,052

10

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Amundi

Global

High

Yield

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

ZAMBIA

0.5%

Metals

&

Mining

0.5%

First

Quantum

Minerals

Ltd.,

6.88%,

10/15/2027(a)

300,000

285,750

Total

Corporate

Bonds

(cost

$66,580,391)

53,792,490

Common

Stock

0.4%

Shares

MEXICO

0.4%

Airlines

0.4%

Grupo

Aeromexico

SAB

de

CV

*

27,837

270,375

Total

Common

Stock

(cost

$455,000)

270,375

Warrants

0.0%

†

Number

of

Warrants

SINGAPORE

0.0%

Trading

Companies

&

Distributors

0.0%

†

Avation

plc,

expiring

10/31/2026*∞

24,413

0

Total

Warrants

0

Loan

Participations

3.7%

Principal

Amount

($)

UNITED

STATES

3.7%

Airlines

0.5%

LATAM

Airlines

Group

SA

Tranch

A,

(SOFR

+

7.50%),

9.67%,

8/8/2022

(f)

320,000

318,000

Auto

Components

1.4%

First

Brands

Group,

LLC,

1st

Lien

Term

Loan

B,

(SOFR

+

5.00%),

8.37%,

3/30/2027

(f)

867,612

823,798

Metal

Fabrication/Hardware

0.5%

Grinding

Media

Inc.

(Molycop

Ltd.),

1st

Lien

Term

Loan,

(ICE

LIBOR

USD

3

Month

+

4.00%),

4.80%,

10/12/2028

(f)

327,525

305,417

Oil

&

Gas

Services

1.3%

ProFrac

Holdings

II,

LLC,

1st

Lien

Term

Loan,,

(SOFR

+

8.50%),

10.01%,

3/4/2025

(f)

804,333

788,246

Total

Loan

Participations

(cost

$2,297,954)

2,235,461

Convertible

Bonds

1.6%

Principal

Amount

($)

Value

($)

Airlines

0.9%

GOL

Equity

Finance

SA,

3.75%,

7/15/2024

(a)

428,000

230,131

Spirit

Airlines,

Inc.,

1.00%,

5/15/2026

321,000

288,740

518,871

Hotels,

Restaurants

&

Leisure

0.3%

DraftKings

Holdings,

Inc.,

0.00%,

3/15/2028

(g)

315,000

189,315

Semiconductors

&

Semiconductor

Equipment

0.4%

Enphase

Energy,

Inc.,

0.00%,

3/1/2028

(g)

194,000

239,396

Total

Convertible

Bond

(cost  $1,226,282)

947,582

Repurchase

Agreement

8.1%

CF

Secured,

LLC

2.24%,

dated

7/29/2022,

due

8/1/2022,

repurchase

price

$4,876,983,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.50%,

maturing

9/30/2022

-

5/15/2052;

total

market

value

$4,974,522.

(h)

4,876,072

4,876,072

Total

Repurchase

Agreement

(cost

$4,876,072)

4,876,072

Total

Investments

(cost

$75,550,699)

—

103.3%

62,216,742

Liabilities

in

excess

of

other

assets

—

(3.3)%

(2,003,314)

NET

ASSETS

—

100.0%

$

60,213,428

Nationwide

Amundi

Global

High

Yield

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

11

*

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

July

31,

2022

was

$49,380,899

which

represents

82.01%

of

net

assets.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

July

31,

2022.

The

total

value

of

securities

on

loan

as

of

July

31,

2022

was

$4,725,879,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$4,876,072.

(c)

PIK-Payment-in-kind

security.

Income

may

be

in

cash

or

additional

notes,

at

the

discretion

of

the

issuer.

The

rate

disclosed

is

the

cash

rate.

(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

July

31,

2022.

(e)

Perpetual

Bond

Security.

The

rate

reflected

in

the

Statement

of

Investments

is

the

rate

in

effect

on

July

31,

2022.

The

maturity

date

reflects

the

next

call

date.

(f)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

July

31,

2022.

(g)

Zero

Coupon

Security.

Debt

security

that

pays

no

cash

income

but

is

sold

at

substantial

discount

from

its

value

at

maturity.

(h)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

July

31,

2022

was

$4,876,072.

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

MXN

Mexican

Peso

USD

United

States

Dollar

12

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Amundi

Global

High

Yield

Fund

Centrally

Cleared

Credit

default

swap

contracts

outstanding

-

buy

protection

as

of

July

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

38-V2

5.00

Quarterly

6/20/2027

4.69

USD

24,850,000

(55,219)

(379,806)

(435,025)

(55,219)

(379,806)

(435,025)

As

of

July

31,

2022,

the

Fund

had

$1,388,635

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

July

31,

2022:

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

($)

EUR

460,000

USD

469,335

Brown

Brothers

Harriman

Co.

8/25/2022

1,575

Total

unrealized

appreciation

1,575

USD

7,397,719

EUR

7,250,000

Brown

Brothers

Harriman

Co.

8/25/2022

(24,228)

USD

1,013,205

GBP

845,000

Brown

Brothers

Harriman

Co.

8/25/2022

(16,392)

Total

unrealized

depreciation

(40,620)

Net

unrealized

depreciation

(39,045)

Currency:

EUR

Euro

GBP

British

pound

USD

United

States

dollar

Nationwide

Amundi

Global

High

Yield

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

13

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

14

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Amundi

Global

High

Yield

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

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

$

–

$

94,762

$

–

$

94,762

Common

Stock

270,375

–

–

270,375

Convertible

Bonds

–

947,582

–

947,582

  Corporate

Bonds

Aerospace

&

Defense

–

448,625

–

448,625

Air

Freight

&

Logistics

–

766,487

–

766,487

Airlines

–

3,448,707

–

3,448,707

Auto

Components

–

718,969

–

718,969

Banks

–

–

–

–

Biotechnology

–

115,874

–

115,874

Building

Products

–

199,778

–

199,778

Capital

Markets

–

883,053

–

883,053

Chemicals

–

2,296,210

–

2,296,210

Commercial

Services

&

Supplies

–

2,458,783

–

2,458,783

Communications

Equipment

–

658,662

–

658,662

Construction

&

Engineering

–

954,971

–

954,971

Consumer

Finance

–

3,348,941

–

3,348,941

Containers

&

Packaging

–

433,059

–

433,059

Diversified

Consumer

Services

–

360,839

–

360,839

Diversified

Financial

Services

–

425,488

–

425,488

Diversified

Telecommunication

Services

–

2,285,990

–

2,285,990

Electric

Utilities

–

800,593

–

800,593

Electrical

Equipment

–

262,251

–

262,251

Energy

Equipment

&

Services

–

1,717,946

–

1,717,946

Equity

Real

Estate

Investment

Trusts

(REITs)

–

524,845

–

524,845

Food

&

Staples

Retailing

–

468,635

–

468,635

Food

Products

–

858,241

–

858,241

Health

Care

Providers

&

Services

–

1,223,627

–

1,223,627

Hotels,

Restaurants

&

Leisure

–

3,199,204

–

3,199,204

Household

Durables

–

341,959

–

341,959

Household

Products

–

180,618

–

180,618

Independent

Power

and

Renewable

Electricity

Producers

–

271,443

–

271,443

Insurance

–

135,709

–

135,709

Machinery

–

203,362

–

203,362

Marine

–

887,330

–

887,330

Media

–

1,834,052

–

1,834,052

Metals

&

Mining

–

3,417,157

–

3,417,157

Oil,

Gas

&

Consumable

Fuels

–

8,453,709

–

8,453,709

Pharmaceuticals

–

1,695,562

–

1,695,562

Real

Estate

Management

&

Development

–

589,682

–

589,682

Road

&

Rail

–

1,416,995

–

1,416,995

Software

–

925,490

–

925,490

Specialty

Retail

–

1,448,060

–

1,448,060

Technology

Hardware,

Storage

&

Peripherals

–

309,318

–

309,318

Thrifts

&

Mortgage

Finance

–

1,765,979

–

1,765,979

Trading

Companies

&

Distributors

–

532,487

–

532,487

Water

Utilities

–

523,800

–

523,800

Total

Corporate

Bonds

$

–

$

53,792,490

$

–

$

53,792,490

Forward

Foreign

Currency

Contracts

–

1,575

–

1,575

Loan

Participations  

–

2,235,461

–

2,235,461

Repurchase

Agreement

–

4,876,072

–

4,876,072

Warrants

–

–

–

–

Total

Assets

$

270,375

$

61,947,942

$

–

$

62,218,317

$

–

$

–

$

–

$

–

Liabilities:

Credit

Default

Swaps†

$

–

$

(379,806)

$

–

$

(379,806)

Nationwide

Amundi

Global

High

Yield

Fund

-

July

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

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

July

31,

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)

Level

1

Level

2

Level

3

Total

Liabilities:

Forward

Foreign

Currency

Contracts

$

–

$

(40,620)

$

–

$

(40,620)

Total

Liabilities

$

–

$

(420,426)

$

–

$

(420,426)

Total

$

270,375

$

61,527,516

$

–

$

61,797,891

†

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).

As

of

July

31,

2022,

the

Fund

held

two

Corporate

Bonds

investments

that

were

categorized

as

Level

3

investments

which

were

each

valued

at

$0.

Corporate

Bonds

Total

Balance

as

of

10/31/2021

$

—

$

—

Accrued

Accretion/(Amortization)

—

—

Realized

Gains

(Losses)

—

—

Purchases

*

855,000

855,000

Sales

—

—

Change

in

Unrealized

Appreciation/Depreciation

(855,000)

(855,000)

Transfers

into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

7/31/2022

$

—

$

—

Change

in

Unrealized

Appreciation/Depreciation

for

Investments

Still

Held

as

of

7/31/2022

$

(855,000)

$

(855,000)

*

Purchases

include

all

purchases

of

securities

and

securities

received

in

corporate

actions.

16

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Amundi

Global

High

Yield

Fund

receives

from

the

counterparty

a

net

settlement

amount

in

the

form

of

cash

or

securities

to

the

notional

amount

of

the

swap

and

the

recovery

value

of

the

referenced

obligation

or

underlying

securities

comprising

the

referenced

index.

As

the

purchaser

in

a

credit

default

swap

contract,

the

Fund’s

investment

would

generate

income

only

in

the

event

of

an

actual

default

(or

similar

event)

by

the

issuer

of

the

underlying

obligation. 

Credit

default

swap

contracts

are

marked-to-market

daily

based

on

valuations

from

independent

pricing

services.

Credit

default

swap

contracts

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

Implied

credit

spreads

are

utilized

in

determining

the

market

value

of

credit

default

swap

agreements

on

credit

indices

and

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

or

risk

of

default

for

the

credit

derivative.

Implied

credit

spreads

utilized

in

valuing

the

Fund’s

investments

as

of

July

31,

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.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

July

31,

2022:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

July

31,

2022:        

Assets:

Fair

Value

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

appreciation

on

forward

foreign

currency

contracts

$

1,575

Total

$

1,575

Nationwide

Amundi

Global

High

Yield

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

17

Liabilities:

Fair

Value

Swap

Contracts†

Credit

risk

Unrealized

depreciation

on

centrally

cleared

swap

contracts

$

(379,806)

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

depreciation

on

forward

foreign

currency

contracts

(40,620)

Total

$

(420,426)

†

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

-

July

31,

2022

(Unaudited)

-

Nationwide

Amundi

Strategic

Income

Fund

Asset-Backed

Securities

6.8%

Principal

Amount

($)

Value

($)

CAYMAN

ISLANDS

0.9%

Other

0.9%

MF1

Ltd.,

Series

2021-

FL7,

Class

D,

4.71%,

10/16/2036(a)(b)

800,000

751,644

Race

Point

VIII

CLO

Ltd.,

Series

2013-8A,

Class

CR2,

3.53%,

2/20/2030(a)(b)

350,000

330,774

1,082,418

UNITED

STATES

5.9%

Airlines

0.2%

American

Airlines

Pass-

Through

Trust,

Series

2021-1,

Class

B,

3.95%,

7/11/2030

150,000

123,602

United

Airlines

Pass-

Through

Trust,

Series

2020-1,

Class

B,

4.88%,

1/15/2026

158,404

150,369

273,971

Automobiles

1.8%

Foursight

Capital

Automobile

Receivables

Trust

Series

2021-2,

Class

E,

3.35%,

10/15/2027(b)

290,000

268,933

Series

2021-2,

Class

F,

4.19%,

2/15/2029(b)

240,000

222,868

JPMorgan

Chase

Bank

NA-CACLN

Series

2021-2,

Class

F,

4.39%,

12/26/2028(b)

770,000

726,627

Series

2021-3,

Class

F,

3.69%,

2/26/2029(b)

550,000

510,664

Santander

Bank

Auto

Credit-Linked

Notes,

Series

2022-A,

Class

D,

9.97%,

5/15/2032(b)

625,000

622,620

2,351,712

Credit

Card

0.6%

Continental

Credit

Card

ABS

LLC,

Series

2019-

1A,

Class

C,

6.16%,

8/15/2026(b)

725,000

708,491

Other

3.3%

Arbor

Realty

Commercial

Real

Estate

Notes

Ltd.,

Series

2021-FL4,

Class

E,

5.40%,

11/15/2036(a)

(b)

775,000

715,396

Blackbird

Capital

Aircraft,

Series

2021-1A,

Class

B,

3.45%,

7/15/2046(b)

1,126,299

919,478

Progress

Residential

Trust

Series

2021-SFR8,

Class

G,

4.01%,

10/17/2038(b)

1,020,000

892,396

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Series

2021-SFR7,

Class

F,

3.83%,

8/17/2040(b)

840,000

711,149

Series

2021-SFR9,

Class

F,

4.05%,

11/17/2040(b)

390,000

327,617

Tricon

American

Homes,

Series

2020-SFR1,

Class

F,

4.88%,

7/17/2038(b)

570,000

559,028

Tricon

American

Homes

Trust,

Series

2017-

SFR2,

Class

F,

5.10%,

1/17/2036(b)

140,000

138,006

4,263,070

7,597,244

Total

Asset-Backed

Securities

(cost  $9,518,839)

8,679,662

Collateralized

Mortgage

Obligations

19.1%

BERMUDA

5.4%

Bellemeade

RE

Ltd.,

Series

2021-3A,

Class

B1,

5.36%,

9/25/2031(a)(b)

1,030,000

916,853

Eagle

RE

Ltd.

Series

2020-2,

Class

B1,

9.26%,

10/25/2030(a)(b)

760,000

766,463

Series

2021-2,

Class

M2,

5.76%,

4/25/2034(a)

(b)

1,370,000

1,263,087

Home

RE

Ltd.,

Series

2020-1,

Class

B1,

9.26%,

10/25/2030(a)(b)

160,000

160,836

Oaktown

Re

III

Ltd.,

Series

2019-1A,

Class

B1B,

6.61%,

7/25/2029(a)(b)

1,520,000

1,487,450

Oaktown

Re

VII

Ltd.,

Series

2021-2,

Class

B1,

5.91%,

4/25/2034(a)(b)

700,000

641,462

Radnor

RE

Ltd.,

Series

2021-1,

Class

M2,

4.66%,

12/27/2033(a)(b)

1,230,000

1,115,431

Traingle

Re

Ltd.,

Series

2020-1,

Class

B1,

10.01%,

10/25/2030(a)

(b)

150,000

151,116

Triangle

Re

Ltd.,

Series

2021-3,

Class

B1,

6.46%,

2/25/2034(a)(b)

440,000

397,707

6,900,405

0

Nationwide

Amundi

Strategic

Income

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

19

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

UNITED

STATES

13.7%

Connecticut

Avenue

Securities

Trust

Series

2021-R01,

Class

1B2,

7.51%,

10/25/2041(a)(b)

890,000

785,329

Series

2022-R01,

Class

1B2,

7.51%,

12/25/2041(a)(b)

880,000

771,426

Series

2022-R02,

Class

2M2,

4.51%,

1/25/2042(a)(b)

2,330,000

2,212,293

Series

2022-R04,

Class

1B2,

11.01%,

3/25/2042(a)(b)

420,000

405,536

FARM

Mortgage

Trust,

Series

2021-1,

Class

B,

3.24%,

7/25/2051(a)(b)

329,914

235,358

FHLMC

REMICS

Series

4395,

Class

TI,

IO,

4.00%,

5/15/2026

37,343

1,264

Series

3927,

Class

AI,

IO,

4.50%,

8/15/2026

60,988

1,132

Series

4097,

Class

CI,

IO,

3.00%,

8/15/2027

217,974

10,924

Series

4123,

Class

DI,

IO,

3.00%,

10/15/2027

568,258

29,946

Series

4244,

Class

AI,

IO,

4.50%,

8/15/2028

68,688

2,403

FHLMC

STACR

REMIC

Trust

Series

2021-HQA1,

Class

B2,

6.51%,

8/25/2033(a)(b)

955,000

756,862

Series

2021-HQA3,

Class

B2,

7.76%,

9/25/2041(a)(b)

830,000

695,922

Series

2021-DNA7,

Class

B2,

9.31%,

11/25/2041(a)(b)

1,230,000

1,040,661

Series

2021-HQA4,

Class

B2,

8.51%,

12/25/2041(a)(b)

300,000

251,426

Series

2022-DNA1,

Class

B2,

8.61%,

1/25/2042(a)(b)

950,000

796,312

Series

2022-DNA2,

Class

B2,

10.01%,

2/25/2042(a)(b)

690,000

614,832

Series

2020-DNA5,

Class

B2,

13.01%,

10/25/2050(a)(b)

145,000

171,910

Series

2020-DNA6,

Class

B2,

7.16%,

12/25/2050(a)(b)

790,000

685,668

FHLMC

STACR

Trust

Series

2018-HQA2,

Class

B2,

13.26%,

10/25/2048(a)(b)

1,090,000

1,181,520

Series

2019-HRP1,

Class

B1,

6.31%,

2/25/2049(a)(b)

1,100,000

1,090,755

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

UNITED

STATES

FHLMC

Structured

Agency

Credit

Risk

Debt

Notes

Series

2015-HQ1,

Class

B,

13.01%,

3/25/2025(a)

209,199

210,847

Series

2022-HQA2,

Class

M2,

7.52%,

7/25/2042(a)(b)

330,000

332,888

Series

2020-HQA5,

Class

B2,

8.91%,

11/25/2050(a)(b)

630,000

606,726

Flagstar

Mortgage

Trust,

Series

2021-4,

Class

AX1,

IO,

0.21%,

6/1/2051(a)(b)

45,610,434

429,149

FNMA,

Series

2021-R02,

Class

2B2,

7.71%,

11/25/2041(a)(b)

300,000

256,697

FNMA

REMICS

Series

2012-130,

Class

UI,

IO,

3.00%,

12/25/2027

267,217

13,475

Series

2012-150,

Class

BI,

IO,

3.00%,

1/25/2028

268,956

13,815

Series

2013-5,

Class

YI,

IO,

3.00%,

2/25/2028

276,303

13,086

Series

2009-31,

Class

PI,

IO,

5.00%,

11/25/2038

59,608

4,756

GNMA

REMICS

Series

2013-84,

Class

SC,

IO,

4.44%,

3/16/2040(a)

60,293

4,562

Series

2011-135,

Class

QI,

IO,

4.50%,

6/16/2041

80,080

8,881

Series

2012-140,

Class

IC,

IO,

3.50%,

11/20/2042

113,304

16,895

Series

2016-5,

Class

CS,

IO,

4.02%,

1/20/2046(a)

115,913

13,620

Series

2016-20,

Class

SB,

IO,

3.97%,

2/20/2046(a)

113,890

13,332

Series

2016-17,

Class

JS,

IO,

3.97%,

2/20/2046(a)

90,323

11,154

Series

2016-81,

Class

,

IO,

4.00%,

6/20/2046

68,319

12,382

Series

2016-88,

Class

SM,

IO,

3.97%,

7/20/2046(a)

124,429

18,679

Series

2016-108,

Class

QI,

IO,

4.00%,

8/20/2046

105,241

22,721

Series

2016-118,

Class

DS,

IO,

3.97%,

9/20/2046(a)

144,341

25,823

Series

2016-145,

Class

UI,

IO,

3.50%,

10/20/2046

71,998

12,827

20

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Amundi

Strategic

Income

Fund

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

UNITED

STATES

GNMA

REMICS

Series

2019-159,

Class

HI,

IO,

3.50%,

12/20/2049

1,295,469

236,068

Series

2019-159,

Class

CI,

IO,

3.50%,

12/20/2049

457,992

78,980

Hundred

Acre

Wood

Trust,

Series

2021-INV1,

Class

AX1,

IO,

0.23%,

7/25/2051(a)(b)

17,120,008

177,875

JP

Morgan

Mortgage

Trust

Series

2021-10,

Class

AX1,

IO,

0.12%,

12/25/2051(a)(b)

32,108,009

178,704

Series

2021-8,

Class

AX1,

IO,

0.13%,

12/25/2051(a)(b)

28,632,084

159,343

STACR

Trust

Series

2018-HRP2,

Class

B1,

6.46%,

2/25/2047(a)(b)

1,310,000

1,325,647

Series

2018-HRP2,

Class

B2,

12.76%,

2/25/2047(a)(b)

1,380,000

1,507,897

Verus

Securitization

Trust

Series

2020-INV1,

Class

B1,

5.75%,

3/25/2060(a)

(b)

100,000

97,480

Series

2020-INV1,

Class

B2,

6.00%,

3/25/2060(a)

(b)

100,000

96,734

17,642,522

0

Total

Collateralized

Mortgage

Obligations

(cost

$25,765,344)

24,542,927

Commercial

Mortgage-Backed

Securities

8.2%

UNITED

STATES

8.2%

BX

Commercial

Mortgage

Trust

,

Series

2021-

VOLT,

Class

F,

4.40%,

9/15/2036(a)(b)

500,000

470,797

BX

Trust

,

Series

2021-

ARIA,

Class

D,

3.89%,

10/15/2036(a)(b)

1,500,000

1,395,571

Commercial

Mortgage

Trust

,

Series

2015-

CR26,

Class

D,

3.47%,

10/10/2048(a)

1,350,000

1,152,710

CSAIL

Commercial

Mortgage

Trust

,

Series

2015-C4,

Class

D,

3.56%,

11/15/2048(a)

250,000

222,014

FHLMC

Multifamily

Structured

Credit

Risk

REMICS

Series

2021-MN1,

Class

M2,

5.26%,

1/25/2051(a)

(b)

700,000

611,627

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

UNITED

STATES

Series

2021-MN3,

Class

M2,

5.51%,

11/25/2051(a)(b)

815,000

713,759

GS

Mortgage

Securities

Corp.

Trust

Series

2021-IP,

Class

D,

4.10%,

10/15/2036(a)(b)

350,000

323,737

Series

2021-IP,

Class

E,

5.55%,

10/15/2036(a)(b)

150,000

142,633

GS

Mortgage

Securities

Trust

,

Series

2016-

GS4,

Class

D,

3.23%,

11/10/2049(a)(b)

1,340,000

1,048,394

Med

Trust

,

Series

2021-

MDLN,

Class

F,

6.00%,

11/15/2038(a)(b)

935,000

873,415

Morgan

Stanley

Capital

I

Trust

,

Series

2016-

UBS9,

Class

D,

3.00%,

3/15/2049(b)

820,000

682,624

Multifamily

Connecticut

Avenue

Securities

Trust

,

Series

2019-

01,

Class

M10,

5.51%,

10/15/2049(a)(b)

499,345

466,892

SLG

Office

Trust

,

Series

2021-OVA,

Class

E,

2.85%,

7/15/2041(b)

1,975,000

1,565,646

UBS

Commercial

Mortgage

Trust

,

Series

2017-C4,

Class

C,

4.43%,

10/15/2050(a)

810,000

735,736

Wells

Fargo

Commercial

Mortgage

Trust

,

Series

2016-NXS5,

Class

D,

4.98%,

1/15/2059(a)

125,000

113,987

Total

Commercial

Mortgage-Backed

Securities

(cost

$11,466,684)

10,519,542

Corporate

Bonds

50.9%

AUSTRALIA

0.7%

Metals

&

Mining

0.7%

FMG

Resources

August

2006

Pty.

Ltd.

4.38%,

4/1/2031(b)

403,000

349,850

6.13%,

4/15/2032(b)

510,000

484,755

834,605

BRAZIL

3.6%

Airlines

0.9%

Gol

Finance

SA,

8.00%,

6/30/2026(b)

1,825,000

1,206,104

Auto

Components

0.5%

Iochpe-Maxion

Austria

GmbH,

5.00%,

5/7/2028(b)

735,000

636,341

Nationwide

Amundi

Strategic

Income

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

21

Corporate

Bonds

Principal

Amount

($)

Value

($)

BRAZIL

Electric

Utilities

0.7%

Light

Servicos

de

Eletricidade

SA,

4.38%,

6/18/2026(b)

995,000

866,005

Food

Products

0.8%

Minerva

Luxembourg

SA,

4.38%,

3/18/2031(b)

1,210,000

998,250

Oil,

Gas

&

Consumable

Fuels

0.7%

MC

Brazil

Downstream

Trading

SARL,

7.25%,

6/30/2031(b)

1,080,000

865,091

4,571,791

CAMEROON

0.3%

Oil,

Gas

&

Consumable

Fuels

0.3%

Golar

LNG

Ltd.,

7.00%,

10/20/2025(b)

346,055

320,101

CANADA

3.1%

Banks

1.1%

Bank

of

Nova

Scotia

(The),

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.05%),

4.59%,

5/4/2037(c)

1,455,000

1,358,604

Chemicals

0.5%

NOVA

Chemicals

Corp.,

5.25%,

6/1/2027(b)(d)

635,000

608,965

Multi-Utilities

0.5%

Algonquin

Power

&

Utilities

Corp.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.25%),

4.75%,

1/18/2082(c)

705,000

622,586

Oil,

Gas

&

Consumable

Fuels

1.0%

International

Petroleum

Corp.,

Reg.

S,

7.25%,

2/1/2027(b)

616,000

579,040

Vermilion

Energy,

Inc.,

6.88%,

5/1/2030(b)

680,000

656,118

1,235,158

3,825,313

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(b)(c)(e)

455,000

351,398

Corporate

Bonds

Principal

Amount

($)

Value

($)

FRANCE

2.0%

Banks

1.4%

Societe

Generale

SA

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.20%),

6.22%,

6/15/2033(b)(c)

1,400,000

1,374,087

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.90%),

4.03%,

1/21/2043(b)(c)

670,000

475,165

1,849,252

Diversified

Telecommunication

Services

0.6%

Altice

France

SA,

5.13%,

7/15/2029(b)(d)

930,000

795,941

2,645,193

GERMANY

0.9%

Pharmaceuticals

0.9%

Gruenenthal

GmbH,

4.13%,

5/15/2028(b)

EUR

1,190,000

1,097,612

GHANA

0.6%

Oil,

Gas

&

Consumable

Fuels

0.6%

Tullow

Oil

plc,

10.25%,

5/15/2026(b)

855,000

800,494

HONG

KONG

0.8%

Marine

0.8%

Seaspan

Corp.

Reg.

S,

6.50%,

4/29/2026(b)

900,000

859,500

5.50%,

8/1/2029(b)(d)

185,000

144,763

1,004,263

IRELAND

0.4%

Consumer

Finance

0.4%

AerCap

Ireland

Capital

DAC,

3.30%,

1/30/2032

545,000

457,724

ISRAEL

0.3%

Pharmaceuticals

0.3%

Teva

Pharmaceutical

Finance

Netherlands

II

BV

6.00%,

1/31/2025

EUR

300,000

314,629

3.75%,

5/9/2027

EUR

120,000

113,738

428,367

ITALY

3.4%

Banks

0.9%

UniCredit

SpA,

(USD

ICE

Swap

Rate

5

Year

+

3.70%),

5.86%,

6/19/2032(b)(c)

1,260,000

1,127,172

Electric

Utilities

1.5%

Enel

Finance

International

NV,

5.00%,

6/15/2032(b)

1,915,000

1,874,683

22

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Amundi

Strategic

Income

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

ITALY

Household

Durables

0.4%

International

Design

Group

SpA,

6.50%,

11/15/2025(b)

EUR

585,000

547,078

Specialty

Retail

0.6%

Shiba

Bidco

SpA,

4.50%,

10/31/2028(b)

EUR

855,000

742,775

4,291,708

JAPAN

1.6%

Capital

Markets

1.6%

Nomura

Holdings,

Inc.,

5.61%,

7/6/2029

2,000,000

2,062,595

LUXEMBOURG

0.7%

Biotechnology

0.7%

Cidron

Aida

Finco

Sarl,

5.00%,

4/1/2028(b)

EUR

1,027,000

923,478

MEXICO

2.2%

Airlines

0.9%

Grupo

Aeromexico

SAB

de

CV,

8.50%,

3/17/2027(b)

1,210,000

1,150,710

Diversified

Telecommunication

Services

0.4%

Total

Play

Telecomunicaciones

SA

de

CV,

6.38%,

9/20/2028(b)

665,000

520,881

Hotels,

Restaurants

&

Leisure

0.2%

Grupo

Posadas

SAB

de

CV,

4.00%,

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

440,606

265,391

Oil,

Gas

&

Consumable

Fuels

0.7%

Petroleos

Mexicanos,

6.70%,

2/16/2032

1,076,000

861,876

2,798,858

NETHERLANDS

1.9%

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(c)(e)

1,510,000

1,115,614

Construction

&

Engineering

1.0%

Promontoria

Holding

264

BV

6.38%,

3/1/2027(b)

EUR

745,000

645,614

7.88%,

3/1/2027(b)

690,000

630,911

1,276,525

2,392,139

SINGAPORE

0.7%

Consumer

Finance

0.7%

Avation

Capital

SA,

8.25%,

10/31/2026(b)(f)

1,224,298

914,479

Corporate

Bonds

Principal

Amount

($)

Value

($)

SOUTH

AFRICA

0.4%

Metals

&

Mining

0.4%

Anglo

American

Capital

plc,

4.75%,

3/16/2052(b)

580,000

504,636

SPAIN

0.2%

Biotechnology

0.2%

Grifols

Escrow

Issuer

SA,

4.75%,

10/15/2028(b)(d)

290,000

257,018

SWITZERLAND

0.8%

Consumer

Finance

0.8%

VistaJet

Malta

Finance

plc

7.88%,

5/1/2027(b)(d)

445,000

409,155

6.38%,

2/1/2030(b)(d)

655,000

570,191

979,346

UNITED

ARAB

EMIRATES

0.3%

Energy

Equipment

&

Services

0.3%

Shelf

Drilling

Holdings

Ltd.,

8.25%,

2/15/2025(b)(d)

490,000

382,200

UNITED

KINGDOM

1.8%

Banks

0.6%

NatWest

Group

plc,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.35%),

3.03%,

11/28/2035(c)

1,030,000

838,528

Hotels,

Restaurants

&

Leisure

0.3%

Deuce

Finco

plc,

5.50%,

6/15/2027(b)

GBP

370,000

380,745

Oil,

Gas

&

Consumable

Fuels

0.9%

Harbour

Energy

plc,

5.50%,

10/15/2026(b)

1,000,000

911,160

SCC

Power

plc

8.00%,

12/31/2028(b)(f)

703,759

277,829

4.00%,

5/17/2032(b)(f)

381,203

34,901

1,223,890

2,443,163

UNITED

STATES

23.9%

Aerospace

&

Defense

0.5%

Boeing

Co.

(The),

5.81%,

5/1/2050

590,000

586,126

Air

Freight

&

Logistics

0.6%

Western

Global

Airlines

LLC,

10.38%,

8/15/2025(b)

880,000

822,571

Airlines

0.2%

American

Airlines,

Inc.,

5.75%,

4/20/2029(b)

190,000

181,925

Auto

Components

0.5%

Dealer

Tire

LLC,

8.00%,

2/1/2028(b)

757,000

679,332

Banks

2.9%

JPMorgan

Chase

&

Co.,

(SOFR

+

2.08%),

4.91%,

7/25/2033(c)

1,010,000

1,053,135

Nationwide

Amundi

Strategic

Income

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

23

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Banks

Truist

Financial

Corp.,

(SOFR

+

2.24%),

4.92%,

7/28/2033(c)

1,255,000

1,266,024

US

Bancorp,

(SOFR

+

2.11%),

4.97%,

7/22/2033(c)

700,000

726,421

Wells

Fargo

&

Co.,

(SOFR

+

1.50%),

3.35%,

3/2/2033(c)

745,000

684,126

3,729,706

Building

Products

0.9%

Fortune

Brands

Home

&

Security,

Inc.,

4.50%,

3/25/2052

185,000

148,434

MIWD

Holdco

II

LLC,

5.50%,

2/1/2030(b)

65,000

55,007

Standard

Industries,

Inc.,

4.38%,

7/15/2030(b)

1,035,000

904,052

1,107,493

Capital

Markets

0.6%

Morgan

Stanley,

(SOFR

+

2.62%),

5.30%,

4/20/2037(c)

715,000

720,268

Chemicals

1.3%

Albemarle

Corp.,

5.65%,

6/1/2052

960,000

965,341

Celanese

US

Holdings

LLC,

6.38%,

7/15/2032

400,000

410,832

Trinseo

Materials

Operating

SCA,

5.13%,

4/1/2029(b)(d)

505,000

352,237

1,728,410

Commercial

Services

&

Supplies

0.6%

Allied

Universal

Holdco

LLC

3.63%,

6/1/2028(b)

EUR

480,000

406,571

4.63%,

6/1/2028(b)

225,000

196,312

6.00%,

6/1/2029(b)

310,000

238,313

841,196

Communications

Equipment

1.2%

Motorola

Solutions,

Inc.,

5.60%,

6/1/2032

1,475,000

1,529,961

Construction

&

Engineering

0.4%

Artera

Services

LLC,

9.03%,

12/4/2025(b)

585,000

475,312

Consumer

Finance

1.8%

Ford

Motor

Credit

Co.

LLC

2.33%,

11/25/2025

EUR

1,110,000

1,076,279

3.63%,

6/17/2031

1,500,000

1,272,240

2,348,519

Diversified

Telecommunication

Services

0.5%

Windstream

Escrow

LLC,

7.75%,

8/15/2028(b)

650,000

582,010

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Electric

Utilities

0.5%

NRG

Energy,

Inc.,

3.88%,

2/15/2032(b)

815,000

696,605

Electrical

Equipment

0.4%

Energizer

Gamma

Acquisition

BV,

3.50%,

6/30/2029(b)

EUR

610,000

470,509

Electronic

Equipment,

Instruments

&

Components

0.6%

Belden,

Inc.,

3.38%,

7/15/2031(b)

EUR

950,000

793,750

Energy

Equipment

&

Services

0.4%

Transocean

Sentry

Ltd.,

5.38%,

5/15/2023(b)

586,666

558,800

Equity

Real

Estate

Investment

Trusts

(REITs)

1.3%

HAT

Holdings

I

LLC,

3.38%,

6/15/2026(b)

586,000

516,234

Uniti

Group

LP,

6.00%,

1/15/2030(b)(d)

1,550,000

1,106,816

1,623,050

Health

Care

Providers

&

Services

0.3%

US

Acute

Care

Solutions

LLC,

6.38%,

3/1/2026(b)

485,000

451,050

Hotels,

Restaurants

&

Leisure

0.6%

Genting

New

York

LLC,

3.30%,

2/15/2026(b)

340,000

309,182

Viking

Ocean

Cruises

Ship

VII

Ltd.,

5.63%,

2/15/2029(b)

505,000

436,146

745,328

Household

Durables

0.3%

TopBuild

Corp.,

4.13%,

2/15/2032(b)

340,000

295,833

Insurance

1.2%

Farmers

Exchange

Capital

III,

(ICE

LIBOR

USD

3

Month

+

3.45%),

5.45%,

10/15/2054(b)(c)

1,070,000

1,072,701

Liberty

Mutual

Insurance

Co.,

7.70%,

10/15/2097(b)

420,000

515,416

1,588,117

Machinery

0.4%

Hillenbrand,

Inc.,

3.75%,

3/1/2031

375,000

313,154

Park-Ohio

Industries,

Inc.,

6.63%,

4/15/2027(d)

320,000

255,200

568,354

Media

1.1%

CSC

Holdings

LLC,

4.63%,

12/1/2030(b)

800,000

608,000

Diamond

Sports

Group

LLC,

6.63%,

8/15/2027(b)

322,000

29,785

24

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Amundi

Strategic

Income

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Media

Stagwell

Global

LLC,

5.63%,

8/15/2029(b)(d)

897,000

751,220

1,389,005

Metals

&

Mining

0.4%

Coeur

Mining,

Inc.,

5.13%,

2/15/2029(b)

460,000

308,775

Novelis

Corp.,

3.88%,

8/15/2031(b)(d)

205,000

175,275

TMS

International

Corp.,

6.25%,

4/15/2029(b)

194,000

129,321

613,371

Oil,

Gas

&

Consumable

Fuels

2.3%

Boardwalk

Pipelines

LP,

3.60%,

9/1/2032

185,000

162,394

Energy

Transfer

LP,

Series

G,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.31%),

7.13%,

5/15/2030(c)(e)

1,698,000

1,528,200

EnLink

Midstream

LLC,

5.38%,

6/1/2029

871,000

827,084

Midwest

Connector

Capital

Co.

LLC,

4.63%,

4/1/2029(b)

587,000

564,003

3,081,681

Pharmaceuticals

0.2%

Organon

&

Co.,

2.88%,

4/30/2028(b)

EUR

315,000

292,971

Professional

Services

0.6%

CoreLogic,

Inc.,

4.50%,

5/1/2028(b)

945,000

728,831

Real

Estate

Management

&

Development

0.4%

Kennedy-Wilson,

Inc.,

4.75%,

2/1/2030

565,000

485,572

Specialty

Retail

0.3%

AutoNation,

Inc.,

3.85%,

3/1/2032

495,000

441,113

Thrifts

&

Mortgage

Finance

0.3%

United

Wholesale

Mortgage

LLC,

5.50%,

4/15/2029(b)

485,000

416,179

Trading

Companies

&

Distributors

0.3%

Beacon

Roofing

Supply,

Inc.,

4.13%,

5/15/2029(b)

455,000

402,675

30,975,623

Total

Corporate

Bonds

(cost

$75,292,708)

65,262,104

Municipal

Bonds

0.7%

Principal

Amount

($)

Value

($)

ARIZONA

0.5%

Arizona

Industrial

Development

Authority,

RB,

Series

A,3.00%,

2/1/2045

800,000

649,856

FLORIDA

0.2%

South

Broward

Hospital

District,

RB,

Series

A,2.38%,

5/1/2045

320,000

227,661

Total

Municipal

Bonds

(cost

$910,400)

877,517

Foreign

Government

Securities

0.9%

MEXICO

0.6%

United

Mexican

States,

4.28%,

8/14/2041

910,000

753,185

SERBIA

0.3%

Republic

of

Serbia,

2.05%,

9/23/2036

(b)

EUR

600,000

379,908

Total

Foreign

Government

Securities

(cost

$1,594,004)

1,133,093

Common

Stock

0.2%

Shares

MEXICO

0.2%

Airlines

0.2%

Grupo

Aeromexico

SAB

de

CV

*

21,107

205,008

Total

Common

Stock

(cost

$345,000)

205,008

Warrants

0.0%

†

Number

of

Warrants

SINGAPORE

0.0%

†

Trading

Companies

&

Distributors

0.0%

†

Avation

plc,

expiring

10/31/2026*∞

21,088

0

Total

Warrants

(cost

$0)

0

Loan

Participations

3.8%

Principal

Amount

($)

UNITED

STATES

3.8%

Aerospace

&

Defense

0.3%

Propulsion

(BC)

Finco,

Term

Loan,,

(SOFR

+

4.00%),

–%,

2/10/2029

(c)

420,000

403,200

Auto

Components

0.2%

Autokiniton

US

Holdings,

Inc.,

1st

Lien

Team

Loan

B,

(ICE

LIBOR

USD

1

Month

+

4.50%),

6.30%,

4/6/2028

(c)

235,620

227,962

Nationwide

Amundi

Strategic

Income

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

25

Loan

Participations

Principal

Amount

($)

Value

($)

Homefurnishing

Retail

0.4%

Osmosis

Buyer

Ltd.,

Term

Loan,

(ICE

LIBOR

USD

3

Month

+

0.00%),

–%,

7/31/2028

(c)

598,889

564,950

Industrial

Services

0.2%

ASP

LS

Acquisition

Corp.

1st

Lien

Team

Loan,

(ICE

LIBOR

USD

3

Month

+

4.50%),

7.38%,

5/7/2028

(c)

337,450

282,783

Media

0.6%

Radiate

Holdco,

LLC,

1st

Lien

Term

Loan

B,

(ICE

LIBOR

USD

1

Month

+

3.25%),

5.62%,

9/25/2026

(c)

830,825

784,556

Metal

Fabrication/Hardware

0.5%

Grinding

Media

Inc.

(Molycop

Ltd.),

1st

Lien

Term

Loan,

(ICE

LIBOR

USD

3

Month

+

4.00%),

4.80%,

10/12/2028

(c)

684,825

638,599

Oil

&

Gas

Services

1.4%

ProFrac

Holdings

II,

LLC,

1st

Lien

Term

Loan,,

(SOFR

+

8.50%),

10.01%,

3/4/2025

(c)

1,803,598

1,767,526

Professional

Services

0.2%

PECF

USS

Intermediate

Holding

III

Corp.,

Term

Loan,

(ICE

LIBOR

USD

1

Month

+

4.25%),

6.62%,

12/15/2028

(c)

276,610

252,407

Total

Loan

Participations

(cost

$5,162,572)

4,921,983

Convertible

Bonds

1.5%

Airlines

0.7%

Air

Canada,

4.00%,

7/1/2025

(d)

803,000

911,232

Hotels,

Restaurants

&

Leisure

0.5%

DraftKings

Holdings,

Inc.,

0.00%,

3/15/2028

(h)

1,019,000

612,419

Pharmaceuticals

0.3%

Tricida,

Inc.,

3.50%,

5/15/2027

715,000

369,199

Total

Convertible

Bond

(cost  $2,550,916)

1,892,850

Convertible

Preferred

Stock

1.0%

Principal

Amount

($)

Value

($)

Banks

1.0%

Wells

Fargo

&

Co.,

7.50%,

1,068

1,355,292

Total

Convertible

Preferred

Stock

(cost  $1,533,999)

1,355,292

Repurchase

Agreement

2.6%

CF

Secured,

LLC

2.24%,

dated

7/29/2022,

due

8/1/2022,

repurchase

price

$3,398,724,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.50%,

maturing

9/30/2022

-

5/15/2052;

total

market

value

$3,466,698.

(i)

3,398,090

3,398,090

Total

Repurchase

Agreement

(cost

$3,398,090)

3,398,090

Total

Investments

(cost

$137,538,556)

—

95.7%

122,788,068

Other

assets

in

excess

of

liabilities

—

4.3%

5,493,528

NET

ASSETS

—

100.0%

$

128,281,596

*

Denotes

a

non-income

producing

security.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

July

31,

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

July

31,

2022

was

$83,910,355

which

represents

65.41%

of

net

assets.

(c)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

July

31,

2022.

(d)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

July

31,

2022.

The

total

value

of

securities

on

loan

as

of

July

31,

2022

was

$4,219,804,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$3,398,090

and

by

$960,409

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

1.13%

–

2.00%,

and

maturity

dates

ranging

from

8/15/2025

–

8/15/2040,

a

total

value

of

$4,358,499.

(e)

Perpetual

Bond

Security.

The

rate

reflected

in

the

Statement

of

Investments

is

the

rate

in

effect

on

July

31,

2022.

The

maturity

date

reflects

the

next

call

date.

26

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Amundi

Strategic

Income

Fund

(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

cash

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

July

31,

2022.

(h)

Zero

Coupon

Security.

Debt

security

that

pays

no

cash

income

but

is

sold

at

substantial

discount

from

its

value

at

maturity.

(i)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

July

31,

2022

was

$3,398,090.

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

RB

Revenue

Bond

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

Currency:

EUR

Euro

GBP

British

Pound

MXN

Mexican

Peso

USD

United

States

Dollar

Centrally

Cleared

Credit

default

swap

contracts

outstanding

-

buy

protection

as

of

July

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

38-V1

5.00

Quarterly

6/20/2027

4.69

USD

39,000,000

(352,709)

(330,026)

(682,735)

Markit

CDX

North

American

Investment

Grade

Index

Series

38-V1

1.00

Quarterly

6/20/2027

0.80

USD

30,000,000

(446,000)

143,267

(302,733)

(798,709)

(186,759)

(985,468)

As

of

July

31,

2022,

the

Fund

had

$2,576,920

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

Nationwide

Amundi

Strategic

Income

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

27

Forward

Foreign

Currency

Contracts

outstanding

as

of

July

31,

2022:

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

($)

USD

389,927

GBP

318,000

Brown

Brothers

Harriman

&

Co.

9/23/2022

2,190

Total

unrealized

appreciation

2,190

USD

7,754,850

EUR

7,600,000

Brown

Brothers

Harriman

&

Co.

8/25/2022

(25,398)

USD

187,121

MXN

3,857,135

Morgan

Stanley

Co.,

Inc.

9/23/2022

(224)

Total

unrealized

depreciation

(25,622)

Net

unrealized

depreciation

(23,432)

Currency:

EUR

Euro

GBP

British

pound

MXN

Mexican

peso

USD

United

States

dollar

Futures

contracts

outstanding

as

of

July

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

62

9/2022

USD

13,048,578

65,235

U.S.

Treasury

5

Year

Note

17

9/2022

USD

1,933,351

33,418

U.S.

Treasury

Long

Bond

12

9/2022

USD

1,728,000

34,566

Total

long

contracts

133,219

Short

Contracts

Euro-Bobl

(10)

9/2022

EUR

(1,306,895)

(27,753)

Euro-Bund

(23)

9/2022

EUR

(3,705,667)

(129,993)

U.S.

Treasury

10

Year

Note

(66)

9/2022

USD

(7,995,281)

(118,183)

U.S.

Treasury

10

Year

Ultra

Note

(164)

9/2022

USD

(21,525,000)

(395,769)

U.S.

Treasury

Ultra

Bond

(27)

9/2022

USD

(4,274,438)

(16,038)

USD

10

Year

Interest

Rate

Swap

(27)

9/2022

USD

(2,585,250)

(102,584)

Total

short

contracts

(790,320)

Net

contracts

(657,101)

As

of

July

31,

2022,

the

Fund

had

$927,363

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

EUR

Euro

USD

United

States

Dollar

28

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Amundi

Strategic

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

July

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

$

–

$

8,679,662

$

–

$

8,679,662

Collateralized

Mortgage

Obligations

–

24,542,927

–

24,542,927

Commercial

Mortgage-Backed

Securities

–

10,519,542

–

10,519,542

Common

Stock

205,008

–

–

205,008

Convertible

Bonds

–

1,892,850

–

1,892,850

Convertible

Preferred

Stock

1,355,292

–

–

1,355,292

Corporate

Bonds

–

65,262,104

–

65,262,104

Credit

Default

Swaps†

–

143,267

–

143,267

Foreign

Government

Securities

–

1,133,093

–

1,133,093

Forward

Foreign

Currency

Contracts

–

2,190

–

2,190

Nationwide

Amundi

Strategic

Income

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

29

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

July

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.

As

the

protection

purchaser

in

a

credit

default

swap

contract,

the

Fund

pays

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract,

provided

that

no

credit

event

or

default

(or

similar

event)

occurs.

However,

the

Fund

is

required

to

receive

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

from

the

counterparty

in

the

event

of

a

default

(or

similar

event)

by

a

third

party,

such

as

a

U.S.

or

foreign

issuer,

on

the

debt

obligation.

If

a

credit

event

or

default

(or

similar

event)

occurs,

the

Fund

either

(i)

receives

from

the

counterparty

an

amount

equal

to

the

notional

amount

of

the

swap

and

the

counterparty

takes

delivery

of

the

referenced

obligation,

other

deliverable

obligations

or

underlying

securities

comprising

the

referenced

index,

or

(ii)

receives

from

the

counterparty

a

net

settlement

amount

in

the

form

of

cash

or

securities

to

the

notional

amount

of

the

swap

and

the

recovery

value

of

the

referenced

obligation

or

underlying

securities

comprising

the

referenced

index.

As

the

purchaser

in

a

credit

default

swap

contract,

the

Fund’s

investment

would

generate

income

only

in

the

event

of

an

actual

default

(or

similar

event)

by

the

issuer

of

the

underlying

obligation. 

Credit

default

swap

contracts

are

marked-to-market

daily

based

on

valuations

from

independent

pricing

services.

Credit

default

swap

contracts

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

Implied

credit

spreads

are

utilized

in

determining

the

market

value

of

credit

default

swap

agreements

on

credit

indices

and

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

or

risk

of

default

for

the

credit

derivative.

Implied

credit

spreads

utilized

in

valuing

the

Fund’s

investments

as

of

July

31,

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.

Level

1

Level

2

Level

3

Total

Assets:

Futures

Contracts

$

133,219

$

–

$

–

$

133,219

Loan

Participations

–

4,921,983

–

4,921,983

Municipal

Bonds

–

877,517

–

877,517

Repurchase

Agreement

–

3,398,090

–

3,398,090

Warrants

–

–

–

–

Total

Assets

$

1,693,519

$

121,373,225

$

–

$

123,066,744

$

–

$

–

$

–

$

–

Liabilities:

Credit

Default

Swaps†

$

–

$

(330,026)

$

–

$

(330,026)

Forward

Foreign

Currency

Contracts

–

(25,622)

–

(25,622)

Futures

Contracts

(790,320)

–

–

(790,320)

Total

Liabilities

$

(790,320)

$

(355,648)

$

–

$

(1,145,968)

Total

$

903,199

$

121,017,577

$

–

$

121,920,776

†

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).

30

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Amundi

Strategic

Income

Fund

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.

(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

managing

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.

Nationwide

Amundi

Strategic

Income

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

31

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

July

31,

2022:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

July

31,

2022:        

Assets:

Fair

Value

Swap

Contracts†

Credit

risk

Receivable/payable

for

variation

margin

on

centrally

cleared

swap

contracts

$

143,267

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

appreciation

on

forward

foreign

currency

contracts

2,190

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

133,219

Total

$

278,676

Liabilities:

Fair

Value

Swap

Contracts†

Credit

risk

Unrealized

depreciation

on

centrally

cleared

swap

contracts

$

(330,026)

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

depreciation

on

forward

foreign

currency

contracts

(25,622)

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

(790,320)

Total

$

(1,145,968)

†

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.

32

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Bailard

International

Equities

Fund

Common

Stocks

98.6%

Shares

Value

($)

AUSTRALIA

8.5%

Banks

0.8%

National

Australia

Bank

Ltd.

60,000

1,285,471

Biotechnology

0.5%

CSL

Ltd.

(a)

4,000

812,343

Capital

Markets

0.8%

Macquarie

Group

Ltd.

10,000

1,267,699

Equity

Real

Estate

Investment

Trusts

(REITs)

0.7%

Goodman

Group

75,000

1,089,781

Food

&

Staples

Retailing

0.6%

Woolworths

Group

Ltd.

40,000

1,050,342

Health

Care

Providers

&

Services

0.7%

Sonic

Healthcare

Ltd.

45,000

1,079,550

Metals

&

Mining

3.7%

BHP

Group

Ltd.

115,000

3,164,044

Glencore

plc

*

225,000

1,271,568

Rio

Tinto

plc

27,000

1,625,097

6,060,709

Multiline

Retail

0.6%

Wesfarmers

Ltd.

30,000

978,608

Oil,

Gas

&

Consumable

Fuels

0.1%

Woodside

Energy

Group

Ltd.

9,035

204,654

13,829,157

BRAZIL

1.1%

Chemicals

0.3%

Yara

International

ASA

12,000

511,068

Internet

&

Direct

Marketing

Retail

0.2%

MercadoLibre,

Inc.

*

500

406,855

Oil,

Gas

&

Consumable

Fuels

0.6%

Petroleo

Brasileiro

SA,

ADR

65,000

928,200

1,846,123

CANADA

4.8%

Banks

0.9%

Canadian

Imperial

Bank

of

Commerce

(a)

30,000

1,517,629

Chemicals

0.9%

Nutrien

Ltd.

18,000

1,540,869

Diversified

Telecommunication

Services

0.9%

BCE,

Inc.

30,000

1,515,755

Insurance

1.0%

Sun

Life

Financial,

Inc.

35,000

1,625,161

Oil,

Gas

&

Consumable

Fuels

1.1%

Suncor

Energy,

Inc.

50,000

1,696,927

7,896,341

CHINA

1.6%

Automobiles

0.5%

BYD

Co.

Ltd.

,

Class

H

23,000

842,940

Banks

0.4%

China

Construction

Bank

Corp.

,

Class

H

1,100,000

703,320

Interactive

Media

&

Services

0.4%

Tencent

Holdings

Ltd.

15,000

590,067

Common

Stocks

Shares

Value

($)

CHINA

Internet

&

Direct

Marketing

Retail

0.3%

Alibaba

Group

Holding

Ltd.,

ADR

*

5,000

446,850

2,583,177

COLOMBIA

0.3%

Oil,

Gas

&

Consumable

Fuels

0.3%

Ecopetrol

SA,

ADR

50,000

537,000

DENMARK

2.7%

Electric

Utilities

0.4%

Orsted

A/S

Reg.

S

(b)

6,000

697,897

Marine

1.0%

AP

Moller

-

Maersk

A/S

,

Class

B

600

1,637,667

Pharmaceuticals

1.3%

Novo

Nordisk

A/S

,

Class

B

17,000

1,999,334

4,334,898

FRANCE

12.8%

Banks

0.4%

BNP

Paribas

SA

15,000

711,004

Beverages

0.8%

Pernod

Ricard

SA

7,000

1,377,673

Building

Products

0.6%

Cie

de

Saint-Gobain

20,000

932,956

Chemicals

1.4%

Air

Liquide

SA

16,500

2,274,053

Construction

&

Engineering

0.6%

Bouygues

SA

35,000

1,057,044

Food

&

Staples

Retailing

0.4%

Carrefour

SA

38,000

648,161

Insurance

0.7%

AXA

SA

50,000

1,154,277

IT

Services

0.6%

Capgemini

SE

5,000

954,155

Oil,

Gas

&

Consumable

Fuels

1.2%

TotalEnergies

SE

40,000

2,040,424

Personal

Products

1.4%

L'Oreal

SA

6,000

2,266,320

Pharmaceuticals

1.2%

Sanofi

20,000

1,990,056

Software

0.7%

Dassault

Systemes

SE

25,000

1,071,792

Textiles,

Apparel

&

Luxury

Goods

2.8%

Hermes

International

900

1,232,185

LVMH

Moet

Hennessy

Louis

Vuitton

SE

4,500

3,130,231

4,362,416

20,840,331

GERMANY

3.9%

Air

Freight

&

Logistics

0.8%

Deutsche

Post

AG

(Registered)

33,000

1,313,324

Nationwide

Bailard

International

Equities

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

33

Common

Stocks

Shares

Value

($)

GERMANY

Automobiles

0.4%

Mercedes-Benz

Group

AG

12,000

702,092

Diversified

Telecommunication

Services

0.6%

Deutsche

Telekom

AG

(Registered)

50,000

945,864

Insurance

0.7%

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

5,000

1,130,675

Pharmaceuticals

1.4%

Bayer

AG

(Registered)

20,000

1,165,537

Merck

KGaA

6,000

1,139,605

2,305,142

6,397,097

HONG

KONG

2.4%

Capital

Markets

0.4%

Hong

Kong

Exchanges

&

Clearing

Ltd.

14,000

643,014

Industrial

Conglomerates

0.5%

Jardine

Matheson

Holdings

Ltd.

15,000

793,370

Insurance

0.9%

AIA

Group

Ltd.

150,000

1,513,921

Real

Estate

Management

&

Development

0.6%

CK

Asset

Holdings

Ltd.

140,000

991,171

3,941,476

HUNGARY

0.3%

Pharmaceuticals

0.3%

Richter

Gedeon

Nyrt.

26,000

530,868

INDIA

0.6%

IT

Services

0.6%

Infosys

Ltd.,

ADR

50,000

974,500

ITALY

1.1%

Electric

Utilities

0.5%

Enel

SpA

150,000

757,944

Electrical

Equipment

0.6%

Prysmian

SpA

35,000

1,114,936

1,872,880

JAPAN

20.0%

Auto

Components

0.5%

Bridgestone

Corp.

20,900

818,607

Automobiles

2.0%

Honda

Motor

Co.

Ltd.

35,000

896,354

Suzuki

Motor

Corp.

20,000

653,598

Toyota

Motor

Corp.

60,000

971,224

Yamaha

Motor

Co.

Ltd.

45,000

868,432

3,389,608

Banks

1.2%

Mitsubishi

UFJ

Financial

Group,

Inc.

200,000

1,127,324

Sumitomo

Mitsui

Financial

Group,

Inc.

25,000

783,504

1,910,828

Common

Stocks

Shares

Value

($)

JAPAN

Beverages

0.7%

Kirin

Holdings

Co.

Ltd.

65,000

1,066,652

Chemicals

1.2%

Mitsui

Chemicals,

Inc.

35,000

737,752

Shin-Etsu

Chemical

Co.

Ltd.

10,000

1,282,443

2,020,195

Diversified

Telecommunication

Services

0.4%

Nippon

Telegraph

&

Telephone

Corp.

24,000

685,694

Electrical

Equipment

0.8%

Mitsubishi

Electric

Corp.

130,000

1,379,287

Electronic

Equipment,

Instruments

&

Components

0.6%

Murata

Manufacturing

Co.

Ltd.

17,000

995,020

Entertainment

0.6%

Nintendo

Co.

Ltd.

2,000

899,284

Health

Care

Equipment

&

Supplies

1.4%

Hoya

Corp.

12,000

1,205,352

Olympus

Corp.

55,000

1,165,619

2,370,971

Household

Durables

1.4%

Panasonic

Holdings

Corp.

100,000

826,647

Sekisui

Chemical

Co.

Ltd.

40,000

562,386

Sony

Group

Corp.

10,000

855,999

2,245,032

Industrial

Conglomerates

0.6%

Hitachi

Ltd.

20,000

1,014,876

IT

Services

1.1%

Fujitsu

Ltd.

7,000

979,909

NEC

Corp.

22,000

812,951

1,792,860

Personal

Products

0.5%

Kao

Corp.

20,000

871,978

Pharmaceuticals

1.3%

Astellas

Pharma,

Inc.

90,000

1,411,396

Takeda

Pharmaceutical

Co.

Ltd.

25,000

735,601

2,146,997

Professional

Services

1.0%

Recruit

Holdings

Co.

Ltd.

43,000

1,615,044

Semiconductors

&

Semiconductor

Equipment

1.1%

Advantest

Corp.

15,000

887,997

Tokyo

Electron

Ltd.

2,500

866,775

1,754,772

Technology

Hardware,

Storage

&

Peripherals

0.6%

Canon,

Inc.

40,000

946,439

Tobacco

0.3%

Japan

Tobacco,

Inc.

25,000

448,263

Trading

Companies

&

Distributors

1.3%

ITOCHU

Corp.

40,000

1,167,522

Marubeni

Corp.

100,000

931,552

2,099,074

Wireless

Telecommunication

Services

1.4%

KDDI

Corp.

37,000

1,192,491

34

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Bailard

International

Equities

Fund

Common

Stocks

Shares

Value

($)

JAPAN

Wireless

Telecommunication

Services

SoftBank

Corp.

90,000

1,041,129

2,233,620

32,705,101

LUXEMBOURG

0.5%

Metals

&

Mining

0.5%

ArcelorMittal

SA

30,000

737,108

NETHERLANDS

5.2%

Food

&

Staples

Retailing

0.8%

Koninklijke

Ahold

Delhaize

NV

50,000

1,377,607

Oil,

Gas

&

Consumable

Fuels

0.7%

Shell

plc

40,000

1,068,790

Professional

Services

1.5%

Randstad

NV

22,000

1,113,849

Wolters

Kluwer

NV

13,000

1,412,536

2,526,385

Semiconductors

&

Semiconductor

Equipment

2.2%

ASML

Holding

NV

(Registered),

NYRS

6,000

3,446,640

8,419,422

NORWAY

2.0%

Banks

0.8%

DNB

Bank

ASA

70,000

1,375,192

Diversified

Telecommunication

Services

0.4%

Telenor

ASA

50,000

605,497

Metals

&

Mining

0.8%

Norsk

Hydro

ASA

200,000

1,350,966

3,331,655

PORTUGAL

0.6%

Food

&

Staples

Retailing

0.6%

Jeronimo

Martins

SGPS

SA

40,000

926,186

SINGAPORE

1.7%

Banks

0.9%

DBS

Group

Holdings

Ltd.

65,000

1,484,644

Semiconductors

&

Semiconductor

Equipment

0.8%

STMicroelectronics

NV

35,000

1,331,653

2,816,297

SOUTH

AFRICA

1.0%

Metals

&

Mining

1.0%

Anglo

American

plc

45,000

1,625,437

SOUTH

KOREA

1.2%

Banks

0.5%

KB

Financial

Group,

Inc.

20,000

744,749

Technology

Hardware,

Storage

&

Peripherals

0.7%

Samsung

Electronics

Co.

Ltd.

25,000

1,185,600

1,930,349

SPAIN

2.7%

Banks

0.6%

Banco

Bilbao

Vizcaya

Argentaria

SA

200,000

910,139

Common

Stocks

Shares

Value

($)

SPAIN

Diversified

Telecommunication

Services

0.9%

Telefonica

SA

309,519

1,382,122

Electric

Utilities

0.8%

Iberdrola

SA

125,000

1,331,761

Gas

Utilities

0.4%

Naturgy

Energy

Group

SA

(a)

25,000

734,069

4,358,091

SWITZERLAND

3.0%

Capital

Markets

1.0%

UBS

Group

AG

(Registered)

100,000

1,637,787

Chemicals

0.4%

Sika

AG

(Registered)

2,500

618,706

Insurance

0.5%

Zurich

Insurance

Group

AG

2,000

873,024

Pharmaceuticals

1.1%

Novartis

AG

(Registered)

20,000

1,718,910

4,848,427

TAIWAN

0.8%

Semiconductors

&

Semiconductor

Equipment

0.8%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

15,000

1,327,200

UNITED

KINGDOM

13.4%

Aerospace

&

Defense

1.2%

BAE

Systems

plc

200,000

1,880,701

Banks

1.2%

Barclays

plc

570,000

1,096,470

HSBC

Holdings

plc

150,000

940,700

2,037,170

Beverages

1.5%

Diageo

plc

50,000

2,376,524

Capital

Markets

0.6%

3i

Group

plc

60,000

930,374

Electric

Utilities

0.8%

SSE

plc

(a)

60,000

1,290,885

Household

Durables

0.3%

Persimmon

plc

20,000

460,103

Household

Products

0.7%

Reckitt

Benckiser

Group

plc

15,000

1,217,709

Industrial

Conglomerates

0.8%

CK

Hutchison

Holdings

Ltd.

200,000

1,328,881

Insurance

0.3%

Phoenix

Group

Holdings

plc

70,000

551,352

Oil,

Gas

&

Consumable

Fuels

1.5%

BP

plc

500,000

2,449,105

Personal

Products

1.5%

Haleon

plc

*

120,000

426,425

Unilever

plc

40,000

1,948,369

2,374,794

Pharmaceuticals

0.6%

AstraZeneca

plc,

ADR

16,000

1,059,680

Nationwide

Bailard

International

Equities

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

35

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Professional

Services

1.6%

Intertek

Group

plc

12,000

641,076

RELX

plc

68,000

2,012,224

2,653,300

Textiles,

Apparel

&

Luxury

Goods

0.8%

Burberry

Group

plc

60,000

1,317,489

21,928,067

UNITED

STATES

6.4%

Automobiles

0.6%

Stellantis

NV

65,000

933,733

Electrical

Equipment

0.8%

Schneider

Electric

SE

10,000

1,387,033

Food

Products

1.4%

Nestle

SA

(Registered)

18,000

2,210,782

Pharmaceuticals

2.8%

GSK

plc

96,000

2,022,441

Roche

Holding

AG

8,000

2,656,647

4,679,088

Trading

Companies

&

Distributors

0.8%

Ferguson

plc

10,000

1,259,275

10,469,911

Total

Common

Stocks

(cost

$148,983,414)

161,007,099

Exchange

Traded

Fund

0.3%

UNITED

STATES

0.3%

VanEck

Vietnam

ETF

(a)

35,000

515,550

Total

Exchange

Traded

Fund

(cost

$622,056)

515,550

Repurchase

Agreement

1.0%

Principal

Amount

($)

CF

Secured,

LLC,

2.24%,

dated

7/29/2022,

due

8/1/2022,

repurchase

price

$1,588,264,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.50%,

maturing

9/30/2022

-

5/15/2052;

total

market

value

$1,620,029.(c)

1,587,967

1,587,967

Total

Repurchase

Agreement

(cost

$1,587,967)

1,587,967

Total

Investments

(cost

$151,193,437)

—

99.9%

163,110,616

Other

assets

in

excess

of

liabilities

—

0.1%

219,590

NET

ASSETS

—

100.0%

$

163,330,206

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

July

31,

2022.

The

total

value

of

securities

on

loan

as

of

July

31,

2022

was

$3,647,664,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$1,587,967

and

by

$2,294,785

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

9/1/2022

–

5/15/2052,

a

total

value

of

$3,882,752.

(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

July

31,

2022

was

$697,897

which

represents

0.43%

of

net

assets.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

July

31,

2022

was

$1,587,967.

ADR

American

Depositary

Receipt

ETF

Exchange

Traded

Fund

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.

REIT

Real

Estate

Investment

Trust

36

-

Statement

of

Investments

-

July

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.

Nationwide

Bailard

International

Equities

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

37

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

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

$

–

$

1,880,701

$

–

$

1,880,701

Air

Freight

&

Logistics

–

1,313,324

–

1,313,324

Auto

Components

–

818,607

–

818,607

Automobiles

–

5,868,373

–

5,868,373

Banks

1,517,629

11,162,517

–

12,680,146

Beverages

–

4,820,849

–

4,820,849

Biotechnology

–

812,343

–

812,343

Building

Products

–

932,956

–

932,956

Capital

Markets

–

4,478,874

–

4,478,874

Chemicals

1,540,869

5,424,022

–

6,964,891

Construction

&

Engineering

–

1,057,044

–

1,057,044

Diversified

Telecommunication

Services

1,515,755

3,619,177

–

5,134,932

Electric

Utilities

–

4,078,487

–

4,078,487

Electrical

Equipment

–

3,881,256

–

3,881,256

Electronic

Equipment,

Instruments

&

Components

–

995,020

–

995,020

Entertainment

–

899,284

–

899,284

Equity

Real

Estate

Investment

Trusts

(REITs)

–

1,089,781

–

1,089,781

Food

&

Staples

Retailing

–

4,002,296

–

4,002,296

Food

Products

–

2,210,782

–

2,210,782

Gas

Utilities

–

734,069

–

734,069

Health

Care

Equipment

&

Supplies

–

2,370,971

–

2,370,971

Health

Care

Providers

&

Services

–

1,079,550

–

1,079,550

Household

Durables

–

2,705,135

–

2,705,135

Household

Products

–

1,217,709

–

1,217,709

Industrial

Conglomerates

–

3,137,127

–

3,137,127

Insurance

1,625,161

5,223,249

–

6,848,410

Interactive

Media

&

Services

–

590,067

–

590,067

Internet

&

Direct

Marketing

Retail

853,705

–

–

853,705

IT

Services

974,500

2,747,015

–

3,721,515

Marine

–

1,637,667

–

1,637,667

Metals

&

Mining

–

9,774,220

–

9,774,220

Multiline

Retail

–

978,608

–

978,608

Oil,

Gas

&

Consumable

Fuels

3,366,781

5,558,319

–

8,925,100

Personal

Products

426,425

5,086,667

–

5,513,092

Pharmaceuticals

1,059,680

15,370,395

–

16,430,075

Professional

Services

–

6,794,729

–

6,794,729

Real

Estate

Management

&

Development

–

991,171

–

991,171

Semiconductors

&

Semiconductor

Equipment

4,773,840

3,086,425

–

7,860,265

Software

–

1,071,792

–

1,071,792

Technology

Hardware,

Storage

&

Peripherals

–

2,132,039

–

2,132,039

Textiles,

Apparel

&

Luxury

Goods

–

5,679,905

–

5,679,905

Tobacco

–

448,263

–

448,263

Trading

Companies

&

Distributors

–

3,358,349

–

3,358,349

Wireless

Telecommunication

Services

–

2,233,620

–

2,233,620

Total

Common

Stocks

$

17,654,345

$

143,352,754

$

–

$

161,007,099

Exchange

Traded

Fund

515,550

–

–

515,550

Repurchase

Agreement

–

1,587,967

–

1,587,967

Total

$

18,169,895

$

144,940,721

$

–

$

163,110,616

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

38

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Emerging

Markets

Debt

Fund

Corporate

Bonds

3.8%

Principal

Amount

($)

Value

($)

CHINA

0.0%

†

Real

Estate

Management

&

Development

0.0%

†

Zhenro

Properties

Group

Ltd.,

Reg.

S,

7.10%,

9/10/2024(a)

254,000

16,390

KAZAKHSTAN

0.6%

Banks

0.6%

Development

Bank

of

Kazakhstan

JSC,

10.95%,

5/6/2026(b)

KZT

223,000,000

364,129

MEXICO

1.5%

Oil,

Gas

&

Consumable

Fuels

1.5%

Petroleos

Mexicanos,

Reg.

S,

7.19%,

9/12/2024

MXN

11,891,200

534,026

Petroleos

Mexicanos,

Series

14-2,

7.47%,

11/12/2026

MXN

9,600,000

410,645

944,671

NIGERIA

0.6%

Banks

0.6%

First

Bank

of

Nigeria

Ltd.,

8.63%,

10/27/2025(b)

400,000

380,400

PANAMA

0.3%

Oil,

Gas

&

Consumable

Fuels

0.3%

UEP

Penonome

II

SA,

6.50%,

10/1/2038(b)

189,725

172,270

RUSSIA

0.0%

†

Banks

0.0%

†

Sovcombank,

Reg.

S,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

6.38%),

7.75%,

5/06/2025^∞(c)(d)

200,000

0

SOUTH

AFRICA

0.8%

Diversified

Telecommunication

Services

0.8%

Liquid

Telecommunications

Financing

plc,

5.50%,

9/4/2026(b)

565,000

489,652

Total

Corporate

Bonds

(cost

$3,076,790)

2,367,512

Foreign

Government

Securities

18.5%

BAHAMAS

0.7%

Commonwealth

of

the

Bahamas,

6.00%,

11/21/2028

(b)

680,000

442,754

BRAZIL

5.4%

Notas

do

Tesouro

Nacional

10.00%,

1/1/2029

BRL

13,981,000

2,380,461

10.00%,

1/1/2031

6,431,000

1,064,959

3,445,420

INDONESIA

3.2%

Republic

of

Indonesia

6.13%,

5/15/2028

IDR

6,096,000,000

398,249

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

INDONESIA

Republic

of

Indonesia

7.00%,

9/15/2030

IDR

12,516,000,000

837,916

6.50%,

2/15/2031

12,205,000,000

794,055

2,030,220

MALAYSIA

1.8%

Malaysia

Government

Bond

3.91%,

7/15/2026

MYR

2,314,000

523,868

3.90%,

11/30/2026

2,743,000

620,958

1,144,826

MEXICO

1.6%

Mex

Bonos

Desarr

Fix

Rt

5.75%,

3/5/2026

MXN

2,472,200

109,819

7.75%,

5/29/2031

7,523,800

348,279

7.75%,

11/13/2042

13,141,200

579,958

1,038,056

PERU

0.9%

Republic

of

Peru,

Reg.

S,

6.90%,

8/12/2037

PEN

2,542,000

567,260

THAILAND

2.0%

Kingdom

of

Thailand,

Reg.

S,

1.25%,

3/12/2028

(e)

THB

44,519,441

1,244,268

URUGUAY

2.9%

Oriental

Republic

of

Uruguay

Reg.

S,

8.50%,

3/15/2028

UYU

14,175,000

309,829

4.38%,

12/15/2028

(e)

57,968,419

1,507,477

1,817,306

Total

Foreign

Government

Securities

(cost

$12,880,606)

11,730,110

Total

Investments

(cost

$15,957,396)

—

22.3%

14,097,622

Other

assets

in

excess

of

liabilities

—

77.7%

49,184,857

NET

ASSETS

—

100.0%

$

63,282,479

Nationwide

Emerging

Markets

Debt

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

39

^

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

July

31,

2022

was

$1,849,205

which

represents

2.92%

of

net

assets.

(c)

Perpetual

Bond

Security.

The

rate

reflected

in

the

Statement

of

Investments

is

the

rate

in

effect

on

July

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

July

31,

2022.

(e)

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.

Currency:

BRL

Brazilian

Real

IDR

Indonesian

Rupiah

KZT

Kazakhstan

Tenge

MXN

Mexican

Peso

MYR

Malaysia

Ringgit

PEN

Peru

Nuevo

Sol

THB

Thailand

Baht

UYU

Uruguay

Peso

Uruguayo

40

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Emerging

Markets

Debt

Fund

Forward

Foreign

Currency

Contracts

outstanding

as

of

July

31,

2022:

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

($)

BRL

8,238,000

USD

1,495,890

JPMorgan

Chase

Bank

**

9/15/2022

75,796

CLP

763,373,000

USD

826,752

Deutsche

Bank

Securities,

Inc.

**

9/15/2022

13,578

COP

7,645,603,000

USD

1,762,572

Royal

Bank

of

Canada

**

9/15/2022

6,597

USD

1,465,944

BRL

7,390,000

Deutsche

Bank

Securities,

Inc.

**

9/15/2022

56,044

USD

169,316

BRL

848,000

JPMorgan

Chase

Bank

**

9/15/2022

7,531

USD

904,470

CLP

763,373,000

Deutsche

Bank

Securities,

Inc.

**

9/15/2022

64,141

USD

1,791,330

COP

6,923,794,000

Barclays

Bank

plc

**

9/15/2022

189,185

USD

186,399

COP

721,809,000

Royal

Bank

of

Canada

**

9/15/2022

19,375

USD

1,497,128

CZK

35,981,057

Barclays

Bank

plc

9/15/2022

11,956

USD

69,278

EUR

64,611

Barclays

Bank

plc

9/15/2022

3,034

USD

4,974,670

EUR

4,630,766

Royal

Bank

of

Canada

9/15/2022

226,781

USD

1,272,605

HUF

494,304,000

Barclays

Bank

plc

9/15/2022

36,717

USD

311,135

HUF

115,000,000

Credit

Agricole

Securities

USA,

Inc.

9/15/2022

23,605

USD

557,037

MXN

11,400,000

Barclays

Bank

plc

9/15/2022

2,463

USD

1,573,738

PEN

5,978,000

JPMorgan

Chase

Bank

**

9/15/2022

59,417

USD

632,891

PLN

2,808,000

Barclays

Bank

plc

9/15/2022

32,237

USD

649,901

RON

3,053,000

Deutsche

Bank

Securities,

Inc.

9/15/2022

21,376

USD

294,159

THB

10,114,000

Credit

Agricole

Securities

USA,

Inc.

9/15/2022

18,531

USD

238,231

THB

8,720,000

Deutsche

Bank

Securities,

Inc.

9/15/2022

593

USD

196,202

ZAR

3,051,912

JPMorgan

Chase

Bank

9/15/2022

13,507

ZAR

3,051,912

USD

177,388

Royal

Bank

of

Canada

9/15/2022

5,304

Total

unrealized

appreciation

887,768

CNY

6,817,000

USD

1,018,764

Credit

Agricole

Securities

USA,

Inc.

**

9/15/2022

(5,581)

CZK

35,981,057

USD

1,532,593

JPMorgan

Chase

Bank

9/15/2022

(47,420)

EUR

4,400,377

USD

4,536,259

Barclays

Bank

plc

9/15/2022

(24,586)

EUR

195,000

USD

206,421

Credit

Agricole

Securities

USA,

Inc.

9/15/2022

(6,490)

EUR

100,000

USD

104,955

Royal

Bank

of

Canada

9/15/2022

(2,426)

HUF

609,304,000

USD

1,645,587

Credit

Agricole

Securities

USA,

Inc.

9/15/2022

(122,171)

IDR

1,657,915,000

USD

114,169

Barclays

Bank

plc

**

9/15/2022

(2,520)

INR

52,637,000

USD

670,270

Barclays

Bank

plc

**

9/15/2022

(8,865)

MXN

16,124,000

USD

807,956

Royal

Bank

of

Canada

9/15/2022

(23,575)

MYR

2,058,000

USD

467,695

Credit

Agricole

Securities

USA,

Inc.

**

9/15/2022

(5,018)

PEN

5,978,000

USD

1,533,411

Royal

Bank

of

Canada

**

9/15/2022

(19,090)

PLN

2,808,000

USD

626,020

Credit

Agricole

Securities

USA,

Inc.

9/15/2022

(25,366)

RON

3,053,000

USD

629,032

Barclays

Bank

plc

9/15/2022

(507)

THB

18,834,000

USD

546,628

Deutsche

Bank

Securities,

Inc.

9/15/2022

(33,360)

USD

1,010,164

CNY

6,817,000

Deutsche

Bank

Securities,

Inc.

**

9/15/2022

(3,019)

USD

110,089

IDR

1,657,915,000

Barclays

Bank

plc

**

9/15/2022

(1,560)

USD

654,689

INR

52,637,000

Barclays

Bank

plc

**

9/15/2022

(6,716)

USD

227,743

MXN

4,724,000

Barclays

Bank

plc

9/15/2022

(2,064)

USD

460,856

MYR

2,058,000

Barclays

Bank

plc

**

9/15/2022

(1,822)

Total

unrealized

depreciation

(342,156)

Net

unrealized

appreciation

545,612

**

Non-deliverable

forward.

Nationwide

Emerging

Markets

Debt

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

41

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

MYR

Malaysian

ringgit

PEN

Peruvian

nuevo

sol

PLN

Polish

zloty

RON

Romanian

Leu

THB

Thai

baht

USD

United

States

dollar

ZAR

South

African

rand

42

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Emerging

Markets

Debt

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

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

Banks

$

–

$

744,529

$

–

$

744,529

Diversified

Telecommunication

Services

–

489,652

–

489,652

Oil,

Gas

&

Consumable

Fuels

–

1,116,941

–

1,116,941

Real

Estate

Management

&

Development

–

16,390

–

16,390

Total

Corporate

Bonds

$

–

$

2,367,512

$

–

$

2,367,512

Foreign

Government

Securities

–

11,730,110

–

11,730,110

Nationwide

Emerging

Markets

Debt

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

43

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

July

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

July

31,

2022:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

July

31,

2022:        

Level

1

Level

2

Level

3

Total

Assets:

Forward

Foreign

Currency

Contracts

$

–

$

887,768

$

–

$

887,768

Total

Assets

$

–

$

14,985,390

$

–

$

14,985,390

$

–

$

–

$

–

$

–

Liabilities:

Forward

Foreign

Currency

Contracts

$

–

$

(342,156)

$

–

$

(342,156)

Total

Liabilities

$

–

$

(342,156)

$

–

$

(342,156)

Total

$

–

$

14,643,234

$

–

$

14,643,234

Assets:

Fair

Value

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

appreciation

on

forward

foreign

currency

contracts

$

887,768

Total

$

887,768

Liabilities:

Fair

Value

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

depreciation

on

forward

foreign

currency

contracts

$

(342,156)

Total

$

(342,156)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

44

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Global

Sustainable

Equity

Fund

Common

Stocks

97.7%

Shares

Value

($)

AUSTRIA

0.5%

Banks

0.5%

Erste

Group

Bank

AG

9,810

248,409

CANADA

2.3%

Road

&

Rail

2.3%

Canadian

Pacific

Railway

Ltd.

14,830

1,169,642

CHINA

2.4%

Automobiles

0.7%

Li

Auto,

Inc.,

ADR

*

10,124

332,473

Chemicals

0.0%

†

Tianhe

Chemicals

Group

Ltd.

*^∞

2,702,000

0

Insurance

0.6%

Ping

An

Insurance

Group

Co.

of

China

Ltd.

,

Class

H

51,000

301,314

Interactive

Media

&

Services

0.6%

Tencent

Holdings

Ltd.

7,900

310,768

Semiconductors

&

Semiconductor

Equipment

0.5%

NXP

Semiconductors

NV

1,482

272,510

1,217,065

DENMARK

1.1%

Biotechnology

1.1%

Genmab

A/S

*

1,617

575,762

FINLAND

1.2%

Machinery

1.2%

Metso

Outotec

OYJ

75,225

620,519

FRANCE

5.6%

Auto

Components

1.1%

Cie

Generale

des

Etablissements

Michelin

SCA

19,444

543,621

Banks

0.9%

Societe

Generale

SA

21,246

476,439

Entertainment

1.1%

Ubisoft

Entertainment

SA

*

12,908

548,919

Food

Products

0.8%

Danone

SA

7,687

423,839

Insurance

1.7%

AXA

SA

38,683

893,018

2,885,836

GERMANY

0.9%

Machinery

0.9%

Knorr-Bremse

AG

7,990

474,938

INDIA

1.2%

Banks

1.2%

Axis

Bank

Ltd.,

GDR

Reg.

S

13,537

622,130

INDONESIA

1.1%

Banks

1.1%

Bank

Mandiri

Persero

Tbk.

PT

1,001,800

561,195

ITALY

1.0%

Electrical

Equipment

1.0%

Prysmian

SpA

16,059

511,564

Common

Stocks

Shares

Value

($)

JAPAN

4.4%

Diversified

Telecommunication

Services

0.7%

Nippon

Telegraph

&

Telephone

Corp.

12,400

354,275

Household

Durables

1.6%

Sony

Group

Corp.

9,500

813,199

Professional

Services

0.8%

TechnoPro

Holdings,

Inc.

17,414

405,648

Wireless

Telecommunication

Services

1.3%

SoftBank

Group

Corp.

15,500

659,333

2,232,455

NETHERLANDS

0.9%

Health

Care

Equipment

&

Supplies

0.9%

Koninklijke

Philips

NV

21,570

447,472

NORWAY

3.1%

Metals

&

Mining

0.1%

Norsk

Hydro

ASA

8,800

59,442

Oil,

Gas

&

Consumable

Fuels

3.0%

Equinor

ASA

39,923

1,535,434

1,594,876

SWITZERLAND

1.0%

Health

Care

Equipment

&

Supplies

1.0%

Alcon,

Inc.

6,320

496,976

UNITED

KINGDOM

11.1%

Capital

Markets

2.2%

London

Stock

Exchange

Group

plc

11,548

1,126,994

Chemicals

2.3%

Linde

plc

4,060

1,226,119

Electronic

Equipment,

Instruments

&

Components

1.2%

Spectris

plc

15,920

604,905

Personal

Products

1.5%

Unilever

plc

15,328

747,874

Pharmaceuticals

1.6%

AstraZeneca

plc

6,135

806,446

Software

1.2%

Sage

Group

plc

(The)

69,817

601,572

Trading

Companies

&

Distributors

1.1%

Ashtead

Group

plc

9,850

555,401

5,669,311

UNITED

STATES

59.9%

Auto

Components

1.6%

Aptiv

plc

*

7,730

810,800

Automobiles

0.3%

Rivian

Automotive,

Inc.

,

Class

A

*

4,800

164,640

Banks

1.5%

Wells

Fargo

&

Co.

17,658

774,656

Biotechnology

3.2%

AbbVie,

Inc.

5,941

852,593

Vertex

Pharmaceuticals,

Inc.

*

2,713

760,752

1,613,345

Nationwide

Global

Sustainable

Equity

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

45

Common

Stocks

Shares

Value

($)

UNITED

STATES

Capital

Markets

1.9%

Ameriprise

Financial,

Inc.

3,677

992,496

Chemicals

1.5%

Ecolab,

Inc.

4,550

751,524

Commercial

Services

&

Supplies

2.0%

Montrose

Environmental

Group,

Inc.

*

13,779

552,813

MSA

Safety,

Inc.

3,532

453,297

1,006,110

Consumer

Finance

0.7%

SLM

Corp.

22,122

345,103

Electrical

Equipment

1.4%

Regal

Rexnord

Corp.

3,008

403,975

Shoals

Technologies

Group,

Inc.

,

Class

A

*

12,442

294,004

697,979

Entertainment

1.3%

Electronic

Arts,

Inc.

5,139

674,391

Food

&

Staples

Retailing

1.5%

Costco

Wholesale

Corp.

1,458

789,215

Health

Care

Equipment

&

Supplies

0.5%

Medtronic

plc

2,900

268,308

Health

Care

Providers

&

Services

3.8%

Laboratory

Corp.

of

America

Holdings

2,333

611,689

UnitedHealth

Group,

Inc.

2,453

1,330,360

1,942,049

Hotels,

Restaurants

&

Leisure

1.7%

Starbucks

Corp.

5,317

450,775

Sweetgreen,

Inc.

,

Class

A

*(a)

25,928

407,329

858,104

Insurance

1.6%

Marsh

&

McLennan

Cos.,

Inc.

4,981

816,685

Internet

&

Direct

Marketing

Retail

2.4%

Amazon.com,

Inc.

*

8,962

1,209,422

IT

Services

7.3%

Akamai

Technologies,

Inc.

*(a)

13,632

1,311,670

Fidelity

National

Information

Services,

Inc.

5,979

610,815

Okta,

Inc.

*

2,817

277,334

Snowflake,

Inc.

,

Class

A

*

2,235

335,049

Visa,

Inc.

,

Class

A

(a)

5,671

1,202,876

3,737,744

Leisure

Products

0.8%

Brunswick

Corp.

4,848

388,422

Life

Sciences

Tools

&

Services

1.4%

Bio-Rad

Laboratories,

Inc.

,

Class

A

*

1,282

722,099

Machinery

1.8%

Ingersoll

Rand,

Inc.

18,087

900,733

Oil,

Gas

&

Consumable

Fuels

2.0%

Hess

Corp.

9,287

1,044,509

Pharmaceuticals

1.8%

Eli

Lilly

&

Co.

2,808

925,770

Common

Stocks

Shares

Value

($)

UNITED

STATES

Semiconductors

&

Semiconductor

Equipment

4.0%

Advanced

Micro

Devices,

Inc.

*

5,981

565,026

Micron

Technology,

Inc.

8,490

525,191

ON

Semiconductor

Corp.

*(a)

5,894

393,601

Universal

Display

Corp.

4,877

563,098

2,046,916

Software

11.3%

Adobe,

Inc.

*

2,229

914,157

Cadence

Design

Systems,

Inc.

*

4,000

744,320

Microsoft

Corp.

7,639

2,144,574

Salesforce,

Inc.

*

2,712

499,062

Splunk,

Inc.

*

4,377

454,814

VMware,

Inc.

,

Class

A

8,709

1,011,986

5,768,913

Specialty

Retail

2.0%

TJX

Cos.,

Inc.

(The)

16,527

1,010,791

Technology

Hardware,

Storage

&

Peripherals

0.6%

Western

Digital

Corp.

*

6,745

331,180

30,591,904

Total

Common

Stocks

(cost

$40,366,799)

49,920,054

Repurchase

Agreement

1.4%

Principal

Amount

($)

CF

Secured,

LLC,

2.24%,

dated

7/29/2022,

due

8/1/2022,

repurchase

price

$738,201,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.50%,

maturing

9/30/2022

-

5/15/2052;

total

market

value

$752,964.(b)

738,063

738,063

Total

Repurchase

Agreement

(cost

$738,063)

738,063

Total

Investments

(cost

$41,104,862)

—

99.1%

50,658,117

Other

assets

in

excess

of

liabilities

—

0.9%

436,055

NET

ASSETS

—

100.0%

$

51,094,172

46

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Global

Sustainable

Equity

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

July

31,

2022.

The

total

value

of

securities

on

loan

as

of

July

31,

2022

was

$2,009,944,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$738,063

and

by

$1,279,128

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.00%,

and

maturity

dates

ranging

from

9/6/2022

–

2/15/2052,

a

total

value

of

$2,017,191.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

July

31,

2022

was

$738,063.

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.

Nationwide

Global

Sustainable

Equity

Fund

-

July

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.

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.

48

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Global

Sustainable

Equity

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

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

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

$

810,800

$

543,621

$

–

$

1,354,421

Automobiles

497,113

–

–

497,113

Banks

774,656

1,908,173

–

2,682,829

Biotechnology

1,613,345

575,762

–

2,189,107

Capital

Markets

992,496

1,126,994

–

2,119,490

Chemicals

1,977,643

–

–

1,977,643

Commercial

Services

&

Supplies

1,006,110

–

–

1,006,110

Consumer

Finance

345,103

–

–

345,103

Diversified

Telecommunication

Services

–

354,275

–

354,275

Electrical

Equipment

697,979

511,564

–

1,209,543

Electronic

Equipment,

Instruments

&

Components

–

604,905

–

604,905

Entertainment

674,391

548,919

–

1,223,310

Food

&

Staples

Retailing

789,215

–

–

789,215

Food

Products

–

423,839

–

423,839

Health

Care

Equipment

&

Supplies

268,308

944,448

–

1,212,756

Health

Care

Providers

&

Services

1,942,049

–

–

1,942,049

Hotels,

Restaurants

&

Leisure

858,104

–

–

858,104

Household

Durables

–

813,199

–

813,199

Insurance

816,685

1,194,332

–

2,011,017

Interactive

Media

&

Services

–

310,768

–

310,768

Internet

&

Direct

Marketing

Retail

1,209,422

–

–

1,209,422

IT

Services

3,737,744

–

–

3,737,744

Leisure

Products

388,422

–

–

388,422

Life

Sciences

Tools

&

Services

722,099

–

–

722,099

Machinery

900,733

1,095,457

–

1,996,190

Metals

&

Mining

–

59,442

–

59,442

Oil,

Gas

&

Consumable

Fuels

1,044,509

1,535,434

–

2,579,943

Personal

Products

–

747,874

–

747,874

Pharmaceuticals

925,770

806,446

–

1,732,216

Professional

Services

–

405,648

–

405,648

Road

&

Rail

1,169,642

–

–

1,169,642

Semiconductors

&

Semiconductor

Equipment

2,319,426

–

–

2,319,426

Software

5,768,913

601,572

–

6,370,485

Specialty

Retail

1,010,791

–

–

1,010,791

Technology

Hardware,

Storage

&

Peripherals

331,180

–

–

331,180

Trading

Companies

&

Distributors

–

555,401

–

555,401

Wireless

Telecommunication

Services

–

659,333

–

659,333

Total

Common

Stocks

$

33,592,648

$

16,327,406

$

–

$

49,920,054

Repurchase

Agreement

–

738,063

–

738,063

Total

$

33,592,648

$

17,065,469

$

–

$

50,658,117

As

of

July

31,

2022,

the

Fund

held

one

common

stock

investment

that

was

categorized

as

a

Level

3

investment

which

was

valued

at

$0.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

International

Small

Cap

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

49

Common

Stocks

96.2%

Shares

Value

($)

AUSTRALIA

6.1%

Chemicals

0.2%

Nufarm

Ltd.

408,345

1,479,300

Construction

Materials

0.1%

CSR

Ltd.

143,457

457,958

Consumer

Finance

0.3%

Credit

Corp.

Group

Ltd.

97,913

1,653,968

Containers

&

Packaging

0.5%

Orora

Ltd.

1,240,226

3,089,807

Distributors

0.2%

Bapcor

Ltd.

209,477

978,305

Diversified

Financial

Services

0.2%

Omni

Bridgeway

Ltd.

*

385,741

1,118,794

Equity

Real

Estate

Investment

Trusts

(REITs)

0.9%

Vicinity

Centres

3,532,010

5,129,435

Food

&

Staples

Retailing

0.3%

GrainCorp

Ltd.

,

Class

A

76,202

454,301

Metcash

Ltd.

(a)

509,123

1,477,405

1,931,706

Food

Products

0.3%

Elders

Ltd.

150,174

1,187,491

Tassal

Group

Ltd.

(a)

191,822

660,868

1,848,359

Hotels,

Restaurants

&

Leisure

0.1%

Flight

Centre

Travel

Group

Ltd.

*

52,415

634,290

Internet

&

Direct

Marketing

Retail

0.3%

Temple

&

Webster

Group

Ltd.

*(a)

425,097

1,581,691

IT

Services

0.2%

Tyro

Payments

Ltd.

*

1,972,508

1,147,446

Metals

&

Mining

1.2%

Bellevue

Gold

Ltd.

*(a)

1,979,381

1,179,490

IGO

Ltd.

285,271

2,213,232

Mineral

Resources

Ltd.

55,605

2,095,126

Pilbara

Minerals

Ltd.

*

1,186,889

2,327,393

7,815,241

Oil,

Gas

&

Consumable

Fuels

0.4%

Whitehaven

Coal

Ltd.

503,906

2,211,398

Software

0.1%

SiteMinder

Ltd.

*

255,009

758,957

Specialty

Retail

0.3%

Lovisa

Holdings

Ltd.

68,832

861,121

Nick

Scali

Ltd.

(a)

113,600

765,277

1,626,398

Thrifts

&

Mortgage

Finance

0.3%

Liberty

Financial

Group

Ltd.

Reg.

S

560,160

1,585,283

Trading

Companies

&

Distributors

0.2%

Seven

Group

Holdings

Ltd.

85,141

1,050,093

36,098,429

AUSTRIA

2.5%

Banks

1.2%

Addiko

Bank

AG

189,940

1,999,874

Common

Stocks

Shares

Value

($)

AUSTRIA

Banks

BAWAG

Group

AG

Reg.

S

*(b)

108,706

5,032,062

7,031,936

Construction

Materials

0.1%

Wienerberger

AG

36,115

830,228

Electronic

Equipment,

Instruments

&

Components

0.5%

AT&S

Austria

Technologie

&

Systemtechnik

AG

54,545

2,724,528

Machinery

0.7%

ANDRITZ

AG

86,991

4,072,556

14,659,248

BELGIUM

0.4%

Banks

0.4%

KBC

Ancora

66,535

2,330,541

BRAZIL

2.9%

IT

Services

0.4%

Locaweb

Servicos

de

Internet

SA

Reg.

S

*(b)

1,686,000

2,206,030

Road

&

Rail

0.7%

Rumo

SA

1,161,900

3,938,796

Software

0.7%

TOTVS

SA

*

979,200

4,990,531

Water

Utilities

0.4%

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

*

247,900

2,140,216

Wireless

Telecommunication

Services

0.7%

TIM

SA

*

1,744,000

4,243,629

17,519,202

BURKINA

FASO

0.4%

Metals

&

Mining

0.4%

Endeavour

Mining

plc

(a)

107,895

2,128,326

CANADA

4.3%

Chemicals

0.3%

EcoSynthetix,

Inc.

*(a)

593,107

1,848,032

Entertainment

0.2%

Boat

Rocker

Media,

Inc.

*

626,178

1,354,506

Equity

Real

Estate

Investment

Trusts

(REITs)

0.9%

Boardwalk

REIT

141,548

5,398,621

IT

Services

0.6%

Nuvei

Corp.

Reg.

S

*

107,527

3,750,542

Metals

&

Mining

0.3%

Stelco

Holdings,

Inc.

(a)

62,198

1,755,367

Oil,

Gas

&

Consumable

Fuels

0.3%

Parex

Resources,

Inc.

100,314

1,867,546

Real

Estate

Management

&

Development

0.7%

Colliers

International

Group,

Inc.

(a)

35,268

4,404,403

Software

1.0%

Lightspeed

Commerce,

Inc.

*

254,035

5,450,088

25,829,105

50

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

International

Small

Cap

Fund

Common

Stocks

Shares

Value

($)

CHINA

1.6%

Auto

Components

0.2%

Minth

Group

Ltd.

379,677

1,018,218

Automobiles

0.1%

Niu

Technologies,

ADR

*

56,869

368,511

Gas

Utilities

0.4%

Beijing

Enterprises

Holdings

Ltd.

847,500

2,720,715

Independent

Power

and

Renewable

Electricity

Producers

0.2%

China

Datang

Corp.

Renewable

Power

Co.

Ltd.

,

Class

H

3,971,000

1,081,103

IT

Services

0.2%

Vnet

Group,

Inc.,

ADR

*

237,770

1,226,893

Machinery

0.2%

Airtac

International

Group

*

60,432

1,658,740

Real

Estate

Management

&

Development

0.2%

CIFI

Holdings

Group

Co.

Ltd.

3,580,240

976,579

Software

0.1%

Kingdee

International

Software

Group

Co.

Ltd.

*

274,700

596,406

9,647,165

DENMARK

1.0%

Beverages

0.3%

Royal

Unibrew

A/S

19,897

1,699,548

Biotechnology

0.5%

Ascendis

Pharma

A/S,

ADR

*

23,183

1,982,842

Zealand

Pharma

A/S

*

55,838

1,006,320

2,989,162

Software

0.2%

Netcompany

Group

A/S

Reg.

S

*(b)

23,782

1,331,781

6,020,491

EGYPT

0.3%

Oil,

Gas

&

Consumable

Fuels

0.3%

Energean

plc

*

134,381

1,887,956

FINLAND

0.8%

Chemicals

0.4%

Kemira

OYJ

166,509

2,112,030

Machinery

0.4%

Cargotec

OYJ

,

Class

B

(a)

36,526

1,291,207

Wartsila

OYJ

Abp

(a)

164,797

1,445,229

2,736,436

4,848,466

FRANCE

2.9%

Capital

Markets

0.4%

Rothschild

&

Co.

68,559

2,520,116

Construction

Materials

0.2%

Imerys

SA

15,472

523,250

Vicat

SA

29,892

779,653

1,302,903

Gas

Utilities

0.3%

Rubis

SCA

70,850

1,733,793

Common

Stocks

Shares

Value

($)

FRANCE

Household

Durables

0.3%

Kaufman

&

Broad

SA

(a)

63,546

1,762,459

Media

0.7%

JCDecaux

SA

*

285,562

4,608,616

Oil,

Gas

&

Consumable

Fuels

0.2%

Gaztransport

Et

Technigaz

SA

6,631

914,386

Road

&

Rail

0.4%

ALD

SA

Reg.

S

(a)(b)

176,194

2,088,869

Semiconductors

&

Semiconductor

Equipment

0.4%

SOITEC

*

13,922

2,235,130

17,166,272

GERMANY

3.3%

Aerospace

&

Defense

1.2%

Hensoldt

AG

212,818

5,439,032

Rheinmetall

AG

11,275

2,064,121

7,503,153

Chemicals

0.3%

Wacker

Chemie

AG

12,401

1,860,553

Electronic

Equipment,

Instruments

&

Components

0.8%

Jenoptik

AG

185,471

4,481,997

Life

Sciences

Tools

&

Services

0.3%

Evotec

SE

*(a)

63,766

1,649,417

Machinery

0.2%

KION

Group

AG

21,734

985,384

Metals

&

Mining

0.3%

Aurubis

AG

24,716

1,774,866

Professional

Services

0.2%

Bertrandt

AG

35,334

1,317,601

19,572,971

GREECE

0.3%

Diversified

Telecommunication

Services

0.3%

Hellenic

Telecommunications

Organization

SA

102,137

1,758,209

HONG

KONG

2.1%

Banks

0.8%

Dah

Sing

Financial

Holdings

Ltd.

1,831,600

4,818,281

Food

Products

0.1%

Vitasoy

International

Holdings

Ltd.

(a)

526,000

793,872

Hotels,

Restaurants

&

Leisure

0.9%

Mandarin

Oriental

International

Ltd.

*

1,246,800

2,440,339

Melco

Resorts

&

Entertainment

Ltd.,

ADR

*

581,089

2,992,607

5,432,946

Multiline

Retail

0.0%

†

Lifestyle

International

Holdings

Ltd.

*

386,500

132,894

Specialty

Retail

0.2%

Luk

Fook

Holdings

International

Ltd.

79,000

193,101

Nationwide

International

Small

Cap

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

51

Common

Stocks

Shares

Value

($)

HONG

KONG

Specialty

Retail

Pou

Sheng

International

Holdings

Ltd.

8,498,000

933,019

1,126,120

Textiles,

Apparel

&

Luxury

Goods

0.1%

Chow

Sang

Sang

Holdings

International

Ltd.

360,000

372,705

12,676,818

HUNGARY

0.1%

Oil,

Gas

&

Consumable

Fuels

0.1%

MOL

Hungarian

Oil

&

Gas

plc

44,866

329,711

IRELAND

0.8%

Banks

0.8%

AIB

Group

plc

1,967,033

4,479,695

ISRAEL

0.3%

Real

Estate

Management

&

Development

0.3%

Melisron

Ltd.

*

25,820

1,942,381

ITALY

2.6%

Capital

Markets

0.1%

Anima

Holding

SpA

Reg.

S

(b)

134,448

473,987

Construction

Materials

0.2%

Buzzi

Unicem

SpA

55,050

1,006,406

Diversified

Financial

Services

0.6%

BFF

Bank

SpA

Reg.

S

(b)

508,087

3,568,204

Gas

Utilities

0.4%

Italgas

SpA

456,285

2,615,212

Life

Sciences

Tools

&

Services

0.6%

Stevanato

Group

SpA

(a)

207,762

3,554,808

Textiles,

Apparel

&

Luxury

Goods

0.7%

OVS

SpA

Reg.

S

(b)

1,544,578

2,487,819

Salvatore

Ferragamo

SpA

110,758

1,971,243

4,459,062

15,677,679

JAPAN

25.2%

Auto

Components

0.2%

Ichikoh

Industries

Ltd.

36,100

99,727

Musashi

Seimitsu

Industry

Co.

Ltd.

117,400

1,262,633

1,362,360

Automobiles

0.3%

Yamaha

Motor

Co.

Ltd.

104,030

2,007,621

Banks

1.2%

Bank

of

Kyoto

Ltd.

(The)

79,216

3,360,362

Fukuoka

Financial

Group,

Inc.

199,300

3,523,104

6,883,466

Beverages

0.2%

Coca-Cola

Bottlers

Japan

Holdings,

Inc.

81,500

928,680

Building

Products

0.2%

Sekisui

Jushi

Corp.

38,400

502,059

Sinko

Industries

Ltd.

32,900

416,774

918,833

Common

Stocks

Shares

Value

($)

JAPAN

Capital

Markets

0.3%

Ichiyoshi

Securities

Co.

Ltd.

(a)

359,570

1,690,686

Chemicals

1.5%

Air

Water,

Inc.

94,800

1,277,470

Denka

Co.

Ltd.

22,400

580,315

JSR

Corp.

40,182

1,113,798

Lintec

Corp.

32,100

563,864

MEC

Co.

Ltd.

50,400

910,372

Nippon

Shokubai

Co.

Ltd.

14,400

563,400

NOF

Corp.

29,700

1,175,403

Shin-Etsu

Polymer

Co.

Ltd.

80,400

834,096

Showa

Denko

KK

60,100

1,007,822

Teijin

Ltd.

56,500

598,463

8,625,003

Construction

&

Engineering

1.4%

COMSYS

Holdings

Corp.

58,600

1,181,325

EXEO

Group,

Inc.

62,300

1,047,799

JGC

Holdings

Corp.

80,800

995,015

JTOWER,

Inc.

*(a)

40,100

1,994,394

Kumagai

Gumi

Co.

Ltd.

30,700

653,100

Kyudenko

Corp.

31,800

692,330

MIRAIT

ONE

Corp.

55,800

699,095

Toyo

Construction

Co.

Ltd.

69,200

450,702

Yokogawa

Bridge

Holdings

Corp.

35,600

514,549

8,228,309

Consumer

Finance

0.2%

Marui

Group

Co.

Ltd.

76,000

1,387,427

Containers

&

Packaging

0.3%

FP

Corp.

75,400

1,698,814

Diversified

Financial

Services

0.6%

Tokyo

Century

Corp.

99,200

3,503,421

Electric

Utilities

0.2%

Kyushu

Electric

Power

Co.,

Inc.

185,900

1,214,605

Electrical

Equipment

0.3%

Ushio,

Inc.

133,700

1,847,711

Electronic

Equipment,

Instruments

&

Components

0.1%

Ibiden

Co.

Ltd.

25,600

753,259

Entertainment

0.2%

Square

Enix

Holdings

Co.

Ltd.

21,700

1,006,092

Equity

Real

Estate

Investment

Trusts

(REITs)

1.2%

Comforia

Residential

REIT,

Inc.

1,299

3,282,016

Frontier

Real

Estate

Investment

Corp.

935

3,810,837

7,092,853

Food

Products

1.1%

Calbee,

Inc.

295,200

6,328,100

Health

Care

Equipment

&

Supplies

1.1%

Asahi

Intecc

Co.

Ltd.

180,300

3,333,236

Jeol

Ltd.

28,800

1,310,862

Mani,

Inc.

153,800

1,819,765

6,463,863

52

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

International

Small

Cap

Fund

Common

Stocks

Shares

Value

($)

JAPAN

Hotels,

Restaurants

&

Leisure

2.7%

Food

&

Life

Cos.

Ltd.

623,900

12,163,543

Kyoritsu

Maintenance

Co.

Ltd.

(a)

116,300

4,475,669

16,639,212

Household

Durables

0.7%

Nikon

Corp.

186,800

2,145,100

Open

House

Group

Co.

Ltd.

43,800

1,904,006

4,049,106

Household

Products

0.2%

Pigeon

Corp.

64,700

947,518

IT

Services

0.4%

Comture

Corp.

33,812

762,802

GMO

Financial

Gate,

Inc.

(a)

3,630

386,730

NET

One

Systems

Co.

Ltd.

46,340

1,078,298

Simplex

Holdings,

Inc.

9,700

145,003

2,372,833

Leisure

Products

0.7%

Sega

Sammy

Holdings,

Inc.

110,200

1,892,713

Universal

Entertainment

Corp.

*

198,000

2,154,239

4,046,952

Machinery

2.2%

Amada

Co.

Ltd.

236,700

1,907,934

Ebara

Corp.

37,900

1,488,957

Fuji

Corp.

70,900

1,098,371

Giken

Ltd.

16,200

402,583

IHI

Corp.

58,700

1,551,559

Japan

Steel

Works

Ltd.

(The)

21,500

500,111

Kawasaki

Heavy

Industries

Ltd.

71,300

1,404,065

Max

Co.

Ltd.

43,600

557,908

Nabtesco

Corp.

60,500

1,450,077

NSK

Ltd.

104,400

585,713

Shibaura

Machine

Co.

Ltd.

19,000

408,159

Sumitomo

Heavy

Industries

Ltd.

56,600

1,292,574

THK

Co.

Ltd.

59,600

1,264,745

13,912,756

Media

1.1%

Hakuhodo

DY

Holdings,

Inc.

535,554

5,512,076

Kadokawa

Corp.

42,700

1,034,958

6,547,034

Personal

Products

0.5%

Mandom

Corp.

232,700

2,839,612

Professional

Services

1.1%

BayCurrent

Consulting,

Inc.

3,355

1,049,380

dip

Corp.

87,300

2,321,241

Nihon

M&A

Center

Holdings,

Inc.

236,900

3,164,582

6,535,203

Real

Estate

Management

&

Development

1.5%

Heiwa

Real

Estate

Co.

Ltd.

156,300

4,711,401

Tokyo

Tatemono

Co.

Ltd.

265,400

3,908,730

8,620,131

Road

&

Rail

0.9%

Fukuyama

Transporting

Co.

Ltd.

67,300

1,571,018

Nikkon

Holdings

Co.

Ltd.

39,800

731,504

Common

Stocks

Shares

Value

($)

JAPAN

Road

&

Rail

Seino

Holdings

Co.

Ltd.

339,900

2,816,193

5,118,715

Semiconductors

&

Semiconductor

Equipment

0.2%

Shinko

Electric

Industries

Co.

Ltd.

45,840

1,181,080

Software

0.5%

Freee

KK

*(a)

54,700

1,328,144

Money

Forward,

Inc.

*

20,699

534,104

Sansan,

Inc.

*(a)

122,908

1,235,501

3,097,749

Specialty

Retail

0.1%

JINS

Holdings,

Inc.

(a)

30,300

863,534

Textiles,

Apparel

&

Luxury

Goods

0.9%

Asics

Corp.

150,700

2,861,874

Descente

Ltd.

128,100

2,732,364

5,594,238

Trading

Companies

&

Distributors

0.5%

Inaba

Denki

Sangyo

Co.

Ltd.

48,500

1,015,768

Sojitz

Corp.

104,680

1,591,880

Yamazen

Corp.

77,600

587,070

3,194,718

Transportation

Infrastructure

0.4%

Japan

Airport

Terminal

Co.

Ltd.

*

44,700

1,758,680

Kamigumi

Co.

Ltd.

26,800

545,758

Sumitomo

Warehouse

Co.

Ltd.

(The)

2,400

37,833

2,342,271

149,843,765

LUXEMBOURG

0.3%

Automobiles

0.1%

Arrival

SA

*(a)

202,945

318,624

Personal

Products

0.2%

L'Occitane

International

SA

443,750

1,510,024

1,828,648

MEXICO

0.4%

Real

Estate

Management

&

Development

0.4%

Corp.

Inmobiliaria

Vesta

SAB

de

CV

1,186,500

2,336,856

NETHERLANDS

1.6%

Biotechnology

0.3%

Merus

NV

*(a)

82,634

1,998,090

Chemicals

0.2%

Corbion

NV

(a)

30,605

1,065,831

Hotels,

Restaurants

&

Leisure

0.3%

DP

Eurasia

NV

Reg.

S

*(b)

2,157,390

1,500,127

Semiconductors

&

Semiconductor

Equipment

0.4%

BE

Semiconductor

Industries

NV

39,822

2,134,165

Trading

Companies

&

Distributors

0.4%

IMCD

NV

17,578

2,814,129

9,512,342

Nationwide

International

Small

Cap

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

53

Common

Stocks

Shares

Value

($)

NEW

ZEALAND

0.2%

Building

Products

0.2%

Fletcher

Building

Ltd.

343,946

1,119,959

NORWAY

0.3%

Industrial

Conglomerates

0.3%

Aker

ASA

,

Class

A

21,131

1,635,988

SINGAPORE

2.0%

Equity

Real

Estate

Investment

Trusts

(REITs)

1.3%

Ascott

Residence

Trust

5,529,300

4,690,299

Suntec

REIT

2,858,300

3,336,857

8,027,156

Hotels,

Restaurants

&

Leisure

0.2%

Genting

Singapore

Ltd.

1,683,000

983,169

Transportation

Infrastructure

0.5%

SATS

Ltd.

*

935,000

2,691,725

11,702,050

SOUTH

AFRICA

0.6%

Oil,

Gas

&

Consumable

Fuels

0.6%

Thungela

Resources

Ltd.

210,003

3,700,637

SOUTH

KOREA

0.3%

Auto

Components

0.1%

SNT

Motiv

Co.

Ltd.

21,687

736,226

Semiconductors

&

Semiconductor

Equipment

0.2%

Eugene

Technology

Co.

Ltd.

33,813

811,239

1,547,465

SPAIN

2.5%

Banks

0.4%

Bankinter

SA

508,134

2,503,407

Electric

Utilities

1.4%

Acciona

SA

(a)

38,043

7,813,940

Equity

Real

Estate

Investment

Trusts

(REITs)

0.1%

Arima

Real

Estate

SOCIMI

SA

*

71,868

570,749

Hotels,

Restaurants

&

Leisure

0.2%

Melia

Hotels

International

SA

*

210,987

1,328,323

Pharmaceuticals

0.4%

Almirall

SA

264,384

2,548,270

14,764,689

SWEDEN

5.0%

Containers

&

Packaging

0.6%

BillerudKorsnas

AB

(a)

266,517

3,451,448

Health

Care

Equipment

&

Supplies

0.7%

Cellavision

AB

59,080

2,136,881

Surgical

Science

Sweden

AB

*(a)

122,664

1,925,322

4,062,203

Machinery

1.6%

Trelleborg

AB

,

Class

B

394,826

9,687,668

Metals

&

Mining

0.3%

SSAB

AB

,

Class

A

419,516

2,025,443

Real

Estate

Management

&

Development

1.8%

Castellum

AB

(a)

76,207

1,229,844

Catena

AB

103,440

4,748,018

Common

Stocks

Shares

Value

($)

SWEDEN

Real

Estate

Management

&

Development

Cibus

Nordic

Real

Estate

AB

91,136

1,632,178

Nyfosa

AB

310,138

2,887,914

10,497,954

29,724,716

SWITZERLAND

2.8%

Airlines

0.3%

Wizz

Air

Holdings

plc

Reg.

S

*(b)

55,586

1,509,219

Consumer

Finance

0.3%

Cembra

Money

Bank

AG

23,626

1,716,962

Life

Sciences

Tools

&

Services

1.7%

Siegfried

Holding

AG

(Registered)

*

6,565

4,855,139

Tecan

Group

AG

(Registered)

16,160

5,747,315

10,602,454

Specialty

Retail

0.5%

Dufry

AG

(Registered)

*

75,534

2,847,855

16,676,490

TAIWAN

1.0%

Electronic

Equipment,

Instruments

&

Components

0.2%

Chroma

ATE,

Inc.

203,209

1,173,177

Semiconductors

&

Semiconductor

Equipment

0.8%

ASPEED

Technology,

Inc.

37,300

2,415,742

Realtek

Semiconductor

Corp.

186,229

2,139,853

4,555,595

5,728,772

UNITED

ARAB

EMIRATES

0.8%

IT

Services

0.8%

Network

International

Holdings

plc

Reg.

S

*(b)

1,908,714

4,677,121

UNITED

KINGDOM

19.9%

Biotechnology

1.0%

Abcam

plc

*

311,527

4,638,243

Immunocore

Holdings

plc,

ADR

*(a)

26,856

1,239,136

5,877,379

Capital

Markets

0.7%

Allfunds

Group

plc

159,869

1,348,593

Impax

Asset

Management

Group

plc

122,505

1,070,387

Intermediate

Capital

Group

plc

91,995

1,711,111

4,130,091

Chemicals

0.2%

Synthomer

plc

415,928

1,184,494

Commercial

Services

&

Supplies

0.6%

Smart

Metering

Systems

plc

334,722

3,847,659

Construction

Materials

0.1%

Marshalls

plc

73,645

444,709

Electronic

Equipment,

Instruments

&

Components

0.9%

Spectris

plc

142,465

5,413,176

Energy

Equipment

&

Services

0.3%

Subsea

7

SA

202,010

1,818,903

54

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

International

Small

Cap

Fund

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Equity

Real

Estate

Investment

Trusts

(REITs)

2.3%

Derwent

London

plc

39,224

1,372,788

LondonMetric

Property

plc

855,650

2,609,148

Safestore

Holdings

plc

332,425

4,627,107

UNITE

Group

plc

(The)

374,632

5,330,312

13,939,355

Food

Products

0.3%

Cranswick

plc

44,997

1,833,072

Health

Care

Equipment

&

Supplies

0.7%

ConvaTec

Group

plc

Reg.

S

(b)

1,555,386

4,337,629

Hotels,

Restaurants

&

Leisure

2.2%

Greggs

plc

78,471

1,958,600

Restaurant

Group

plc

(The)

*

3,413,880

2,120,669

SSP

Group

plc

*

1,078,089

3,356,529

Trainline

plc

Reg.

S

*(b)

1,139,466

5,526,314

12,962,112

Industrial

Conglomerates

0.4%

Smiths

Group

plc

114,849

2,167,466

Insurance

2.0%

Beazley

plc

1,596,175

10,573,053

Sabre

Insurance

Group

plc

Reg.

S

(b)

1,026,111

1,368,727

11,941,780

IT

Services

0.9%

Softcat

plc

318,350

5,450,786

Machinery

2.7%

IMI

plc

549,939

8,980,455

Rotork

plc

2,389,295

7,586,738

16,567,193

Media

0.3%

Hyve

Group

plc

*

2,243,805

1,914,248

Multiline

Retail

0.4%

B&M

European

Value

Retail

SA

496,327

2,573,875

Oil,

Gas

&

Consumable

Fuels

0.9%

EnQuest

plc

*

1,839,812

649,054

Harbour

Energy

plc

495,428

2,223,949

Serica

Energy

plc

571,872

2,646,107

5,519,110

Pharmaceuticals

0.3%

Verona

Pharma

plc,

ADR

*

276,702

1,488,657

Real

Estate

Management

&

Development

0.2%

Savills

plc

70,569

1,027,995

Road

&

Rail

0.5%

National

Express

Group

plc

*

1,222,487

2,745,980

Specialty

Retail

0.5%

WH

Smith

plc

*

151,703

2,679,744

Trading

Companies

&

Distributors

0.9%

RS

GROUP

plc

401,948

5,074,279

Water

Utilities

0.6%

Pennon

Group

plc

274,221

3,360,761

118,300,453

Common

Stocks

Shares

Value

($)

UNITED

STATES

0.6%

Building

Products

0.2%

Reliance

Worldwide

Corp.

Ltd.

475,241

1,474,147

Semiconductors

&

Semiconductor

Equipment

0.4%

Parade

Technologies

Ltd.

52,000

1,971,021

3,445,168

Total

Common

Stocks

(cost

$624,231,351)

571,117,784

Exchange

Traded

Fund

1.8%

UNITED

STATES

1.8%

iShares

MSCI

EAFE

Small-

Cap

ETF

(a)

185,358

10,789,689

Total

Exchange

Traded

Fund

(cost

$10,102,839)

10,789,689

Rights

0.0%

†

Number

of

Rights

FRANCE

0.0%

†

Biotechnology

0.0%

†

Clementia

Pharmaceuticals,

Inc.,

CVR*^∞

16,268

0

Total

Rights

(cost

$0)

0

Repurchase

Agreement

1.2%

Principal

Amount

($)

CF

Secured,

LLC,

2.24%,

dated

7/29/2022,

due

8/1/2022,

repurchase

price

$6,980,567,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.50%,

maturing

9/30/2022

-

5/15/2052;

total

market

value

$7,120,178.(c)

6,979,264

6,979,264

Total

Repurchase

Agreement

(cost

$6,979,264)

6,979,264

Total

Investments

(cost

$641,313,454)

—

99.2%

588,886,737

Other

assets

in

excess

of

liabilities

—

0.8%

5,045,813

NET

ASSETS

—

100.0%

$

593,932,550

Nationwide

International

Small

Cap

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

55

*

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

July

31,

2022.

The

total

value

of

securities

on

loan

as

of

July

31,

2022

was

$30,161,774,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$6,979,264

and

by

$24,742,201

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

9/1/2022

–

5/15/2052,

a

total

value

of

$31,721,465.

(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

July

31,

2022

was

$36,107,889

which

represents

6.08%

of

net

assets.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

July

31,

2022

was

$6,979,264.

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

56

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

International

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

International

Small

Cap

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

57

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

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

$

–

$

7,503,153

$

–

$

7,503,153

Airlines

–

1,509,219

–

1,509,219

Auto

Components

–

3,116,804

–

3,116,804

Automobiles

687,135

2,007,621

–

2,694,756

Banks

–

28,047,326

–

28,047,326

Beverages

–

2,628,228

–

2,628,228

Biotechnology

5,220,068

5,644,563

–

10,864,631

Building

Products

–

3,512,939

–

3,512,939

Capital

Markets

–

8,814,880

–

8,814,880

Chemicals

1,848,032

16,327,211

–

18,175,243

Commercial

Services

&

Supplies

–

3,847,659

–

3,847,659

Construction

&

Engineering

–

8,228,309

–

8,228,309

Construction

Materials

–

4,042,204

–

4,042,204

Consumer

Finance

–

4,758,357

–

4,758,357

Containers

&

Packaging

–

8,240,069

–

8,240,069

Distributors

–

978,305

–

978,305

Diversified

Financial

Services

–

8,190,419

–

8,190,419

Diversified

Telecommunication

Services

–

1,758,209

–

1,758,209

Electric

Utilities

–

9,028,545

–

9,028,545

Electrical

Equipment

–

1,847,711

–

1,847,711

Electronic

Equipment,

Instruments

&

Components

–

14,546,137

–

14,546,137

Energy

Equipment

&

Services

–

1,818,903

–

1,818,903

Entertainment

1,354,506

1,006,092

–

2,360,598

Equity

Real

Estate

Investment

Trusts

(REITs)

5,398,621

34,759,548

–

40,158,169

Food

&

Staples

Retailing

–

1,931,706

–

1,931,706

Food

Products

–

10,803,403

–

10,803,403

Gas

Utilities

–

7,069,720

–

7,069,720

Health

Care

Equipment

&

Supplies

–

14,863,695

–

14,863,695

Hotels,

Restaurants

&

Leisure

2,992,607

36,487,572

–

39,480,179

Household

Durables

–

5,811,565

–

5,811,565

Household

Products

–

947,518

–

947,518

Independent

Power

and

Renewable

Electricity

Producers

–

1,081,103

–

1,081,103

Industrial

Conglomerates

–

3,803,454

–

3,803,454

Insurance

–

11,941,780

–

11,941,780

Internet

&

Direct

Marketing

Retail

–

1,581,691

–

1,581,691

IT

Services

7,183,465

13,648,186

–

20,831,651

Leisure

Products

–

4,046,952

–

4,046,952

Life

Sciences

Tools

&

Services

3,554,808

12,251,871

–

15,806,679

Machinery

–

49,620,733

–

49,620,733

Media

–

13,069,898

–

13,069,898

Metals

&

Mining

3,883,693

11,615,550

–

15,499,243

Multiline

Retail

–

2,706,769

–

2,706,769

Oil,

Gas

&

Consumable

Fuels

1,867,546

14,563,198

–

16,430,744

Personal

Products

–

4,349,636

–

4,349,636

Pharmaceuticals

1,488,657

2,548,270

–

4,036,927

Professional

Services

–

7,852,804

–

7,852,804

Real

Estate

Management

&

Development

6,741,259

23,065,040

–

29,806,299

Road

&

Rail

3,938,796

9,953,564

–

13,892,360

Semiconductors

&

Semiconductor

Equipment

–

12,888,230

–

12,888,230

Software

10,440,619

5,784,893

–

16,225,512

Specialty

Retail

–

9,143,651

–

9,143,651

Textiles,

Apparel

&

Luxury

Goods

–

10,426,005

–

10,426,005

Thrifts

&

Mortgage

Finance

–

1,585,283

–

1,585,283

Trading

Companies

&

Distributors

–

12,133,219

–

12,133,219

58

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

International

Small

Cap

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. 

Level

1

Level

2

Level

3

Total

Assets:

Transportation

Infrastructure

$

–

$

5,033,996

$

–

$

5,033,996

Water

Utilities

2,140,216

3,360,761

–

5,500,977

Wireless

Telecommunication

Services

4,243,629

–

–

4,243,629

Total

Common

Stocks

$

62,983,657

$

508,134,127

$

–

$

571,117,784

Exchange

Traded

Fund

10,789,689

–

–

10,789,689

Repurchase

Agreement

–

6,979,264

–

6,979,264

Rights

–

–

–

–

Total

$

73,773,346

$

515,113,391

$

–

$

588,886,737

As

of

July

31,

2022,

the

Fund

held

one

rights

investment

that

was

categorized

as

a

Level

3

investment

which

was

valued

at

$0.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Bond

Index

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

1

Asset-Backed

Securities

0

.2

%

Principal

Amount

($)

Value

($)

Airlines

0

.0

%

†

United

Airlines

Pass-Through

Trust,

Series

2013-1,

Class

A,

4.30%,

8/15/2025

157,008

152,966

Automobiles

0

.2

%

World

Omni

Select

Auto

Trust,

Series

2020-A,

Class

A3,

0.55%,

7/15/2025

421,883

418,159

Credit

Card

0

.0

%

†

BA

Credit

Card

Trust,

Series

2021-A1,

Class

A1,

0.44%,

9/15/2026

50,000

47,675

Total

Asset-Backed

Securities

(cost

$627,761)

618,800

Commercial

Mortgage-Backed

Securities

2

.0

%

BBCMS

Mortgage

Trust,

Series

2017-C1,

Class

A4,

3.67%,

2/15/2050

450,000

445,229

Citigroup

Commercial

Mortgage

Trust

Series

2013-GC17,

Class

A4,

4.13%,

11/10/2046

650,000

648,568

Series

2014-GC25,

Class

A4,

3.64%,

10/10/2047

500,000

494,686

FHLMC

Multifamily

Structured

Pass-Through

Certificates

REMICS

Series

K037,

Class

A2,

3.49%,

1/25/2024

200,000

200,091

Series

K066,

Class

A2,

3.12%,

6/25/2027

250,000

249,659

Series

K739,

Class

A2,

1.34%,

9/25/2027

620,000

568,119

Series

K-1510,

Class

A3,

3.79%,

1/25/2034

200,000

203,044

FNMA

ACES

REMICS,

Series

2020-M5,

Class

A2,

2.21%,

1/25/2030

1,179,441

1,103,204

JPMCC

Commercial

Mortgage

Securities

Trust,

Series

2017-JP7,

Class

A5,

3.45%,

9/15/2050

750,000

736,025

Morgan

Stanley

Capital

I

Trust

Series

2016-UBS9,

Class

A4,

3.59%,

3/15/2049

450,000

442,397

Series

2019-H6,

Class

A4,

3.42%,

6/15/2052

150,000

144,400

Total

Commercial

Mortgage-Backed

Securities

(cost

$5,556,499)

5,235,422

Corporate

Bonds

24

.4

%

Principal

Amount

($)

Value

($)

Aerospace

&

Defense

0

.7

%

Boeing

Co.

(The)

,

1.43%,

2/4/2024

250,000

240,770

3.10%,

5/1/2026

200,000

191,740

3.20%,

3/1/2029(a)

100,000

90,430

5.15%,

5/1/2030

50,000

50,471

5.71%,

5/1/2040

200,000

199,014

General

Dynamics

Corp.

,

4.25%,

4/1/2040

50,000

50,185

L3Harris

Technologies,

Inc.

,

4.85%,

4/27/2035

55,000

56,204

Leidos,

Inc.

,

2.30%,

2/15/2031

50,000

41,317

Lockheed

Martin

Corp.

,

4.09%,

9/15/2052

100,000

96,941

4.15%,

6/15/2053

10,000

9,804

4.30%,

6/15/2062

10,000

9,853

Northrop

Grumman

Corp.

,

4.75%,

6/1/2043

100,000

101,519

Raytheon

Technologies

Corp.

,

4.13%,

11/16/2028

200,000

202,919

4.50%,

6/1/2042

100,000

100,005

Textron,

Inc.

,

4.30%,

3/1/2024

250,000

252,169

1,693,341

Air

Freight

&

Logistics

0

.2

%

FedEx

Corp.

,

4.25%,

5/15/2030(a)

100,000

100,515

4.55%,

4/1/2046

100,000

93,837

United

Parcel

Service,

Inc.

,

2.20%,

9/1/2024

250,000

246,269

5.30%,

4/1/2050(a)

100,000

116,532

557,153

Airlines

0

.0

%

†

Southwest

Airlines

Co.

,

2.63%,

2/10/2030

100,000

86,854

Auto

Components

0

.1

%

Aptiv

plc

,

5.40%,

3/15/2049

50,000

46,311

BorgWarner,

Inc.

,

3.38%,

3/15/2025

70,000

68,796

2.65%,

7/1/2027(a)

25,000

23,178

Lear

Corp.

,

3.80%,

9/15/2027

123,000

119,113

257,398

Automobiles

0

.1

%

General

Motors

Co.

,

6.25%,

10/2/2043

150,000

147,574

Honda

Motor

Co.

Ltd.

,

2.97%,

3/10/2032

20,000

18,714

Mercedes-Benz

Finance

North

America

LLC

,

8.50%,

1/18/2031

50,000

65,090

231,378

Banks

4

.4

%

Banco

Santander

SA

,

2.71%,

6/27/2024

200,000

195,495

2

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Banco

Santander

SA,

4.25%,

4/11/2027

200,000

195,581

Bank

of

America

Corp.

,

(SOFR

+

0.67%),

1.84%,

2/4/2025(b)

60,000

58,120

4.25%,

10/22/2026

145,000

145,940

(SOFR

+

1.05%),

2.55%,

2/4/2028(b)

200,000

185,817

(ICE

LIBOR

USD

3

Month

+

1.04%),

3.42%,

12/20/2028(b)

281,000

268,866

(ICE

LIBOR

USD

3

Month

+

1.07%),

3.97%,

3/5/2029(b)

250,000

244,715

(SOFR

+

2.15%),

2.59%,

4/29/2031(b)

100,000

87,435

(SOFR

+

1.32%),

2.69%,

4/22/2032(b)

200,000

173,993

(SOFR

+

1.33%),

2.97%,

2/4/2033(b)

95,000

84,158

(SOFR

+

1.83%),

4.57%,

4/27/2033(b)

40,000

40,271

(SOFR

+

2.16%),

5.02%,

7/22/2033(b)

45,000

46,927

(SOFR

+

1.93%),

2.68%,

6/19/2041(b)

170,000

128,494

5.88%,

2/7/2042

25,000

28,095

(ICE

LIBOR

USD

3

Month

+

1.99%),

4.44%,

1/20/2048(b)

100,000

96,141

(SOFR

+

1.56%),

2.97%,

7/21/2052(b)

30,000

22,372

Bank

of

Nova

Scotia

(The)

,

2.70%,

8/3/2026(a)

250,000

239,494

Barclays

plc

,

(ICE

LIBOR

USD

3

Month

+

1.90%),

4.97%,

5/16/2029(b)

250,000

247,885

BNP

Paribas

SA

,

4.25%,

10/15/2024

250,000

250,407

Citigroup,

Inc.

,

3.75%,

6/16/2024

300,000

302,533

3.70%,

1/12/2026

250,000

250,208

3.40%,

5/1/2026

200,000

196,888

(SOFR

+

1.28%),

3.07%,

2/24/2028(b)

10,000

9,496

(ICE

LIBOR

USD

3

Month

+

1.15%),

3.52%,

10/27/2028(b)

100,000

95,583

(ICE

LIBOR

USD

3

Month

+

1.34%),

3.98%,

3/20/2030(b)

100,000

96,820

(SOFR

+

1.17%),

2.56%,

5/1/2032(b)

80,000

68,728

6.63%,

6/15/2032

182,000

205,504

4.65%,

7/23/2048

100,000

98,508

Citizens

Financial

Group,

Inc.

,

2.85%,

7/27/2026

250,000

239,817

Comerica,

Inc.

,

4.00%,

2/1/2029

100,000

99,044

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Fifth

Third

Bancorp

,

3.95%,

3/14/2028

150,000

148,594

(SOFR

+

1.66%),

4.34%,

4/25/2033(b)

20,000

19,662

HSBC

Holdings

plc

,

(ICE

LIBOR

USD

3

Month

+

1.53%),

4.58%,

6/19/2029(b)

200,000

195,357

4.95%,

3/31/2030

200,000

201,741

6.50%,

9/15/2037

100,000

110,929

JPMorgan

Chase

&

Co.

,

3.63%,

5/13/2024(a)

350,000

352,689

(ICE

LIBOR

USD

3

Month

+

1.00%),

4.02%,

12/5/2024(b)

200,000

200,233

3.13%,

1/23/2025(a)

250,000

249,564

(SOFR

+

0.49%),

0.77%,

8/9/2025(b)

100,000

93,347

(SOFR

+

1.16%),

2.30%,

10/15/2025(b)

250,000

239,838

3.30%,

4/1/2026

250,000

247,074

(SOFR

+

1.32%),

4.08%,

4/26/2026(b)

100,000

99,920

(SOFR

+

1.56%),

4.32%,

4/26/2028(b)

190,000

190,784

(ICE

LIBOR

USD

3

Month

+

1.33%),

4.45%,

12/5/2029(b)

25,000

25,002

(SOFR

+

1.51%),

2.74%,

10/15/2030(b)

100,000

89,659

2.52%,

4/22/2031

125,000

109,683

(SOFR

+

1.25%),

2.58%,

4/22/2032(b)

100,000

86,791

(SOFR

+

1.26%),

2.96%,

1/25/2033(b)

35,000

31,135

6.40%,

5/15/2038

120,000

142,264

(ICE

LIBOR

USD

3

Month

+

1.38%),

3.96%,

11/15/2048(b)

50,000

44,767

(SOFR

+

2.44%),

3.11%,

4/22/2051(b)

115,000

87,848

Kreditanstalt

fuer

Wiederaufbau

,

0.63%,

1/22/2026

100,000

92,469

2.88%,

4/3/2028

200,000

200,122

1.75%,

9/14/2029

100,000

93,197

Lloyds

Banking

Group

plc

,

4.50%,

11/4/2024

250,000

250,550

(ICE

LIBOR

USD

3

Month

+

1.21%),

3.57%,

11/7/2028(b)

200,000

189,872

Mitsubishi

UFJ

Financial

Group,

Inc.

,

3.75%,

7/18/2039

200,000

176,637

Mizuho

Financial

Group,

Inc.

,

3.17%,

9/11/2027

250,000

235,282

National

Australia

Bank

Ltd.

,

3.38%,

1/14/2026

250,000

248,232

Nationwide

Bond

Index

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

3

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

PNC

Financial

Services

Group,

Inc.

(The)

,

2.55%,

1/22/2030

100,000

89,456

Royal

Bank

of

Canada

,

2.25%,

11/1/2024(a)

250,000

243,722

2.05%,

1/21/2027(a)

100,000

93,062

Santander

Holdings

USA,

Inc.

,

4.40%,

7/13/2027

100,000

97,646

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

225,912

Sumitomo

Mitsui

Financial

Group,

Inc.

,

3.20%,

9/17/2029

250,000

226,246

Toronto-Dominion

Bank

(The)

,

2.65%,

6/12/2024

200,000

196,861

1.25%,

12/13/2024

100,000

94,653

Truist

Financial

Corp.

,

(SOFR

+

1.46%),

4.26%,

7/28/2026(a)(b)

10,000

10,065

(SOFR

+

2.24%),

4.92%,

7/28/2033(b)

10,000

10,088

US

Bancorp

,

2.40%,

7/30/2024

250,000

246,022

Series

X,

3.15%,

4/27/2027(a)

250,000

246,482

Wells

Fargo

&

Co.

,

(SOFR

+

1.26%),

2.57%,

2/11/2031(b)

250,000

220,488

(SOFR

+

1.50%),

3.35%,

3/2/2033(b)

50,000

45,915

5.61%,

1/15/2044

283,000

297,113

(SOFR

+

4.50%),

5.01%,

4/4/2051(b)

60,000

62,263

Westpac

Banking

Corp.

,

3.30%,

2/26/2024

150,000

150,115

3.13%,

11/18/2041

65,000

49,801

11,462,487

Beverages

0

.4

%

Anheuser-Busch

Cos.

LLC

,

4.90%,

2/1/2046

285,000

287,025

Anheuser-Busch

InBev

Worldwide,

Inc.

,

5.45%,

1/23/2039

80,000

85,754

4.75%,

4/15/2058

100,000

96,491

Coca-Cola

Co.

(The)

,

2.90%,

5/25/2027(a)

100,000

99,106

2.60%,

6/1/2050

100,000

78,202

Constellation

Brands,

Inc.

,

5.25%,

11/15/2048

50,000

51,309

Diageo

Capital

plc

,

2.38%,

10/24/2029

200,000

183,710

Keurig

Dr

Pepper,

Inc.

,

4.50%,

4/15/2052

10,000

9,364

Molson

Coors

Beverage

Co.

,

4.20%,

7/15/2046(a)

50,000

43,888

Corporate

Bonds

Principal

Amount

($)

Value

($)

Beverages

PepsiCo,

Inc.

,

2.25%,

3/19/2025

100,000

98,167

3.45%,

10/6/2046(a)

75,000

68,478

2.75%,

10/21/2051

50,000

40,683

1,142,177

Biotechnology

0

.3

%

AbbVie,

Inc.

,

4.30%,

5/14/2036

100,000

99,358

4.70%,

5/14/2045

50,000

49,947

4.25%,

11/21/2049

175,000

164,343

Amgen,

Inc.

,

4.66%,

6/15/2051

170,000

168,472

Biogen,

Inc.

,

4.05%,

9/15/2025

95,000

95,628

Gilead

Sciences,

Inc.

,

4.75%,

3/1/2046

150,000

150,181

727,929

Building

Products

0

.0

%

†

Carrier

Global

Corp.

,

2.49%,

2/15/2027

23,000

21,512

Fortune

Brands

Home

&

Security,

Inc.

,

3.25%,

9/15/2029

50,000

44,907

Masco

Corp.

,

3.13%,

2/15/2051

30,000

21,115

Owens

Corning

,

4.30%,

7/15/2047

10,000

8,402

95,936

Capital

Markets

1

.2

%

Ares

Capital

Corp.

,

3.88%,

1/15/2026(a)

200,000

188,248

Bank

of

New

York

Mellon

Corp.

(The)

,

2.05%,

1/26/2027(a)

100,000

93,683

Series

J,

1.90%,

1/25/2029

100,000

88,504

Blackstone

Private

Credit

Fund

,

4.00%,

1/15/2029(c)

50,000

41,856

Brookfield

Finance

I

UK

plc

,

2.34%,

1/30/2032

100,000

83,422

Brookfield

Finance,

Inc.

,

4.85%,

3/29/2029

60,000

60,542

Charles

Schwab

Corp.

(The)

,

0.90%,

3/11/2026

100,000

91,769

1.95%,

12/1/2031

50,000

42,389

CME

Group,

Inc.

,

5.30%,

9/15/2043

50,000

55,680

Deutsche

Bank

AG

,

(SOFR

+

1.32%),

2.55%,

1/7/2028(b)

200,000

175,617

Goldman

Sachs

Group,

Inc.

(The)

,

(SOFR

+

0.73%),

1.76%,

1/24/2025(b)

50,000

48,223

3.50%,

4/1/2025

300,000

298,384

2.64%,

2/24/2028

25,000

23,297

4

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Goldman

Sachs

Group,

Inc.

(The),

(ICE

LIBOR

USD

3

Month

+

1.43%),

4.41%,

4/23/2039(b)

250,000

237,763

6.25%,

2/1/2041

250,000

290,277

Intercontinental

Exchange,

Inc.

,

4.35%,

6/15/2029

20,000

20,404

4.60%,

3/15/2033

20,000

20,642

4.95%,

6/15/2052

20,000

20,599

3.00%,

9/15/2060

50,000

35,967

5.20%,

6/15/2062

20,000

20,828

Jefferies

Group

LLC

,

4.15%,

1/23/2030

50,000

46,297

Moody's

Corp.

,

2.55%,

8/18/2060

25,000

16,428

Morgan

Stanley

,

4.35%,

9/8/2026

250,000

252,047

(SOFR

+

1.00%),

2.48%,

1/21/2028(b)

130,000

121,073

(ICE

LIBOR

USD

3

Month

+

1.63%),

4.43%,

1/23/2030(b)

50,000

50,097

7.25%,

4/1/2032(a)

100,000

122,727

(SOFR

+

1.29%),

2.94%,

1/21/2033(a)(b)

50,000

44,661

4.38%,

1/22/2047

250,000

239,133

Northern

Trust

Corp.

,

3.65%,

8/3/2028

50,000

50,149

Raymond

James

Financial,

Inc.

,

4.65%,

4/1/2030

100,000

102,258

S&P

Global,

Inc.

,

2.70%,

3/1/2029(c)

10,000

9,405

State

Street

Corp.

,

3.30%,

12/16/2024

155,000

155,732

3,148,101

Chemicals

0

.3

%

Cabot

Corp.

,

4.00%,

7/1/2029

100,000

94,878

CF

Industries,

Inc.

,

5.15%,

3/15/2034

60,000

60,128

Dow

Chemical

Co.

(The)

,

4.25%,

10/1/2034

86,000

84,168

DuPont

de

Nemours,

Inc.

,

5.32%,

11/15/2038

30,000

30,678

Eastman

Chemical

Co.

,

4.65%,

10/15/2044

50,000

44,679

Ecolab,

Inc.

,

2.13%,

2/1/2032(a)

100,000

87,944

International

Flavors

&

Fragrances,

Inc.

,

5.00%,

9/26/2048

50,000

47,865

Lubrizol

Corp.

(The)

,

6.50%,

10/1/2034

13,000

15,910

LyondellBasell

Industries

NV

,

4.63%,

2/26/2055

60,000

52,245

Corporate

Bonds

Principal

Amount

($)

Value

($)

Chemicals

Mosaic

Co.

(The)

,

5.45%,

11/15/2033

50,000

52,867

PPG

Industries,

Inc.

,

2.80%,

8/15/2029

100,000

92,675

Sherwin-Williams

Co.

(The)

,

4.50%,

6/1/2047

50,000

46,271

Westlake

Corp.

,

4.38%,

11/15/2047

40,000

35,060

745,368

Commercial

Services

&

Supplies

0

.1

%

Republic

Services,

Inc.

,

1.45%,

2/15/2031

55,000

45,410

3.05%,

3/1/2050

50,000

38,555

Waste

Management,

Inc.

,

4.15%,

7/15/2049

50,000

47,414

131,379

Communications

Equipment

0

.1

%

Cisco

Systems,

Inc.

,

2.50%,

9/20/2026(a)

150,000

147,733

5.90%,

2/15/2039

40,000

47,223

Juniper

Networks,

Inc.

,

3.75%,

8/15/2029(a)

50,000

47,105

Motorola

Solutions,

Inc.

,

4.00%,

9/1/2024

16,000

15,970

2.30%,

11/15/2030

35,000

28,596

286,627

Construction

&

Engineering

0

.0

%

†

Quanta

Services,

Inc.

,

2.90%,

10/1/2030(a)

50,000

43,140

Construction

Materials

0

.1

%

Martin

Marietta

Materials,

Inc.

,

4.25%,

12/15/2047

50,000

43,105

Vulcan

Materials

Co.

,

3.90%,

4/1/2027

100,000

100,081

143,186

Consumer

Finance

0

.7

%

AerCap

Ireland

Capital

DAC

,

3.00%,

10/29/2028

200,000

175,505

Ally

Financial,

Inc.

,

8.00%,

11/1/2031

30,000

33,935

American

Express

Co.

,

3.63%,

12/5/2024(a)

150,000

149,053

3.13%,

5/20/2026

300,000

295,112

American

Honda

Finance

Corp.

,

1.50%,

1/13/2025

50,000

47,794

2.25%,

1/12/2029

50,000

45,638

Capital

One

Financial

Corp.

,

3.75%,

4/24/2024

100,000

99,677

3.75%,

3/9/2027

250,000

245,904

Discover

Financial

Services

,

4.50%,

1/30/2026(a)

100,000

99,839

General

Motors

Financial

Co.,

Inc.

,

2.35%,

2/26/2027

50,000

45,082

Nationwide

Bond

Index

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

5

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Finance

John

Deere

Capital

Corp.

,

0.70%,

1/15/2026(a)

100,000

92,012

PACCAR

Financial

Corp.

,

1.80%,

2/6/2025

100,000

96,345

Synchrony

Financial

,

4.50%,

7/23/2025

190,000

188,046

Toyota

Motor

Credit

Corp.

,

3.95%,

6/30/2025

45,000

45,654

3.65%,

1/8/2029

100,000

99,653

4.45%,

6/29/2029

50,000

52,065

1,811,314

Containers

&

Packaging

0

.1

%

International

Paper

Co.

,

4.40%,

8/15/2047

25,000

23,016

Sonoco

Products

Co.

,

1.80%,

2/1/2025

50,000

47,398

2.25%,

2/1/2027

45,000

41,392

2.85%,

2/1/2032

50,000

43,307

WRKCo,

Inc.

,

4.20%,

6/1/2032

100,000

97,901

253,014

Diversified

Consumer

Services

0

.1

%

Massachusetts

Institute

of

Technology

,

Series

G,

2.29%,

7/1/2051

100,000

71,635

Northwestern

University

,

Series

2017,

3.66%,

12/1/2057

12,000

10,999

President

and

Fellows

of

Harvard

College

,

3.15%,

7/15/2046

50,000

43,647

University

of

Notre

Dame

du

Lac

,

Series

2017,

3.39%,

2/15/2048

30,000

27,364

Yale

University

,

Series

2020,

2.40%,

4/15/2050

26,000

19,234

172,879

Diversified

Financial

Services

0

.2

%

Equitable

Holdings,

Inc.

,

7.00%,

4/1/2028(a)

92,000

103,653

National

Rural

Utilities

Cooperative

Finance

Corp.

,

3.40%,

2/7/2028

50,000

48,885

Shell

International

Finance

BV

,

6.38%,

12/15/2038

150,000

180,581

Voya

Financial,

Inc.

,

3.65%,

6/15/2026

100,000

98,379

431,498

Diversified

Telecommunication

Services

0

.6

%

AT&T,

Inc.

,

4.30%,

2/15/2030

50,000

50,078

2.55%,

12/1/2033

207,000

175,249

3.50%,

6/1/2041

100,000

83,858

Corporate

Bonds

Principal

Amount

($)

Value

($)

Diversified

Telecommunication

Services

AT&T,

Inc.,

3.65%,

9/15/2059

398,000

310,121

Bell

Telephone

Co.

of

Canada

(The)

,

4.30%,

7/29/2049

50,000

46,153

Deutsche

Telekom

International

Finance

BV

,

8.75%,

6/15/2030(d)

106,000

135,723

Orange

SA

,

5.50%,

2/6/2044

50,000

54,637

Telefonica

Emisiones

SA

,

7.05%,

6/20/2036

100,000

115,438

Verizon

Communications,

Inc.

,

4.33%,

9/21/2028(a)

100,000

102,565

2.55%,

3/21/2031

250,000

222,143

3.85%,

11/1/2042

175,000

156,031

2.99%,

10/30/2056

260,000

189,860

1,641,856

Electric

Utilities

1

.6

%

American

Electric

Power

Co.,

Inc.

,

2.03%,

3/15/2024

80,000

77,830

Appalachian

Power

Co.

,

Series

Y,

4.50%,

3/1/2049

90,000

82,755

Arizona

Public

Service

Co.

,

2.20%,

12/15/2031

100,000

83,885

CenterPoint

Energy

Houston

Electric

LLC

,

3.95%,

3/1/2048

100,000

93,451

Cleveland

Electric

Illuminating

Co.

(The)

,

5.50%,

8/15/2024

200,000

205,338

DTE

Electric

Co.

,

Series

A,

3.00%,

3/1/2032

10,000

9,398

3.70%,

3/15/2045

80,000

71,408

Series

B,

3.65%,

3/1/2052

10,000

8,999

Duke

Energy

Corp.

,

3.95%,

10/15/2023

100,000

100,478

3.75%,

4/15/2024

150,000

150,618

4.20%,

6/15/2049

150,000

132,544

Duke

Energy

Ohio,

Inc.

,

3.70%,

6/15/2046

100,000

86,549

Emera

US

Finance

LP

,

3.55%,

6/15/2026

150,000

145,600

Entergy

Arkansas

LLC

,

3.50%,

4/1/2026

100,000

101,013

4.20%,

4/1/2049

50,000

47,971

Evergy

Metro,

Inc.

,

Series

2019,

4.13%,

4/1/2049

50,000

46,080

Eversource

Energy

,

Series

H,

3.15%,

1/15/2025

75,000

73,866

3.45%,

1/15/2050

100,000

81,355

Exelon

Corp.

,

4.05%,

4/15/2030

200,000

198,311

5.63%,

6/15/2035

100,000

109,404

Florida

Power

&

Light

Co.

,

4.13%,

6/1/2048

150,000

146,496

6

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Fortis,

Inc.

,

3.06%,

10/4/2026

100,000

95,454

Iberdrola

International

BV

,

5.81%,

3/15/2025

82,000

86,632

Kentucky

Utilities

Co.

,

5.13%,

11/1/2040

100,000

103,952

NextEra

Energy

Capital

Holdings,

Inc.

,

4.20%,

6/20/2024(a)

25,000

25,374

4.45%,

6/20/2025

25,000

25,777

1.88%,

1/15/2027

45,000

41,618

4.63%,

7/15/2027

25,000

25,939

2.75%,

11/1/2029

100,000

91,601

2.44%,

1/15/2032(a)

25,000

21,862

Ohio

Power

Co.

,

4.15%,

4/1/2048

50,000

45,076

Oncor

Electric

Delivery

Co.

LLC

,

5.30%,

6/1/2042

50,000

54,621

4.60%,

6/1/2052(c)

25,000

25,983

Pacific

Gas

and

Electric

Co.

,

2.50%,

2/1/2031

250,000

199,675

4.50%,

7/1/2040

100,000

81,652

Public

Service

Electric

and

Gas

Co.

,

3.95%,

5/1/2042

100,000

93,807

Southern

California

Edison

Co.

,

4.00%,

4/1/2047

100,000

84,210

Series

B,

4.88%,

3/1/2049

50,000

47,237

Southern

Co.

(The)

,

3.25%,

7/1/2026

210,000

206,546

4.40%,

7/1/2046

150,000

139,505

Tampa

Electric

Co.

,

3.63%,

6/15/2050

40,000

33,920

Union

Electric

Co.

,

2.63%,

3/15/2051

100,000

72,516

Virginia

Electric

and

Power

Co.

,

2.30%,

11/15/2031

50,000

44,238

4.45%,

2/15/2044

150,000

145,931

Wisconsin

Power

and

Light

Co.

,

3.00%,

7/1/2029

100,000

94,822

Xcel

Energy,

Inc.

,

6.50%,

7/1/2036

123,000

146,548

4,087,845

Electrical

Equipment

0

.0

%

†

Eaton

Corp.

,

4.00%,

11/2/2032

100,000

100,204

Rockwell

Automation,

Inc.

,

2.80%,

8/15/2061

5,000

3,425

103,629

Electronic

Equipment,

Instruments

&

Components

0

.1

%

Amphenol

Corp.

,

2.80%,

2/15/2030

100,000

90,667

Corning,

Inc.

,

5.35%,

11/15/2048

70,000

72,095

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electronic

Equipment,

Instruments

&

Components

Flex

Ltd.

,

3.75%,

2/1/2026

200,000

193,427

356,189

Energy

Equipment

&

Services

0

.1

%

Baker

Hughes

Holdings

LLC

,

2.06%,

12/15/2026(a)

35,000

32,555

4.08%,

12/15/2047

50,000

43,913

Halliburton

Co.

,

5.00%,

11/15/2045(a)

90,000

86,923

NOV,

Inc.

,

3.95%,

12/1/2042

50,000

36,754

200,145

Entertainment

0

.2

%

Activision

Blizzard,

Inc.

,

2.50%,

9/15/2050

50,000

36,265

Magallanes,

Inc.

,

3.76%,

3/15/2027(c)

50,000

48,068

4.28%,

3/15/2032(c)

25,000

23,332

5.14%,

3/15/2052(c)

170,000

149,671

Take-Two

Interactive

Software,

Inc.

,

4.00%,

4/14/2032

10,000

9,755

TWDC

Enterprises

18

Corp.

,

3.00%,

7/30/2046

60,000

47,616

Walt

Disney

Co.

(The)

,

2.00%,

9/1/2029

100,000

89,077

3.50%,

5/13/2040(a)

60,000

53,514

2.75%,

9/1/2049

100,000

75,785

533,083

Equity

Real

Estate

Investment

Trusts

(REITs)

1

.0

%

Alexandria

Real

Estate

Equities,

Inc.

,

4.00%,

2/1/2050

50,000

42,519

American

Tower

Corp.

,

3.70%,

10/15/2049

100,000

79,178

AvalonBay

Communities,

Inc.

,

3.45%,

6/1/2025

100,000

99,406

Boston

Properties

LP

,

2.75%,

10/1/2026

150,000

142,277

Brixmor

Operating

Partnership

LP

,

4.13%,

5/15/2029

100,000

94,489

Camden

Property

Trust

,

3.35%,

11/1/2049

50,000

39,964

Crown

Castle

International

Corp.

,

2.25%,

1/15/2031

100,000

84,790

4.00%,

11/15/2049

60,000

50,736

CubeSmart

LP

,

2.25%,

12/15/2028

40,000

34,695

2.50%,

2/15/2032

45,000

37,872

Digital

Realty

Trust

LP

,

4.45%,

7/15/2028(a)

100,000

99,323

Duke

Realty

LP

,

2.88%,

11/15/2029

40,000

36,870

Equinix,

Inc.

,

2.63%,

11/18/2024

30,000

29,066

Nationwide

Bond

Index

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

7

Corporate

Bonds

Principal

Amount

($)

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Equinix,

Inc.,

3.20%,

11/18/2029

35,000

32,257

2.15%,

7/15/2030

100,000

84,571

ERP

Operating

LP

,

2.85%,

11/1/2026

250,000

239,583

Essex

Portfolio

LP

,

3.00%,

1/15/2030

50,000

45,155

Federal

Realty

OP

LP

,

3.20%,

6/15/2029

100,000

92,158

GLP

Capital

LP

,

5.38%,

4/15/2026

200,000

198,488

Healthcare

Realty

Holdings

LP

,

3.10%,

2/15/2030

50,000

44,151

Healthpeak

Properties,

Inc.

,

3.40%,

2/1/2025

19,000

18,713

2.88%,

1/15/2031

50,000

44,629

Host

Hotels

&

Resorts

LP

,

Series

H,

3.38%,

12/15/2029

50,000

43,460

Kilroy

Realty

LP

,

3.05%,

2/15/2030

50,000

44,026

Kimco

Realty

Corp.

,

4.45%,

9/1/2047

50,000

44,667

Omega

Healthcare

Investors,

Inc.

,

4.50%,

4/1/2027(a)

100,000

96,435

Prologis

LP

,

1.25%,

10/15/2030

100,000

82,307

Public

Storage

,

1.50%,

11/9/2026

55,000

50,776

2.25%,

11/9/2031

50,000

43,450

Realty

Income

Corp.

,

3.25%,

6/15/2029(a)

150,000

143,395

Simon

Property

Group

LP

,

4.75%,

3/15/2042

100,000

94,812

Spirit

Realty

LP

,

4.00%,

7/15/2029

85,000

79,425

STORE

Capital

Corp.

,

2.70%,

12/1/2031

50,000

41,222

UDR,

Inc.

,

3.20%,

1/15/2030

50,000

45,494

VICI

Properties

LP

,

4.75%,

2/15/2028

10,000

9,823

5.13%,

5/15/2032

10,000

9,938

WP

Carey,

Inc.

,

3.85%,

7/15/2029

50,000

47,686

2,547,806

Food

&

Staples

Retailing

0

.2

%

Costco

Wholesale

Corp.

,

2.75%,

5/18/2024

200,000

198,786

Kroger

Co.

(The)

,

7.50%,

4/1/2031

178,000

218,648

Sysco

Corp.

,

6.60%,

4/1/2050

50,000

60,709

Walgreens

Boots

Alliance,

Inc.

,

3.20%,

4/15/2030

70,000

64,144

Corporate

Bonds

Principal

Amount

($)

Value

($)

Food

&

Staples

Retailing

Walmart,

Inc.

,

2.65%,

9/22/2051

100,000

79,533

621,820

Food

Products

0

.3

%

Archer-Daniels-Midland

Co.

,

2.50%,

8/11/2026(a)

100,000

97,632

2.90%,

3/1/2032

25,000

23,547

Campbell

Soup

Co.

,

4.15%,

3/15/2028

50,000

50,394

4.80%,

3/15/2048

10,000

9,720

Conagra

Brands,

Inc.

,

5.40%,

11/1/2048

50,000

48,374

General

Mills,

Inc.

,

2.88%,

4/15/2030(a)

100,000

92,271

Hershey

Co.

(The)

,

3.13%,

11/15/2049

50,000

41,462

J

M

Smucker

Co.

(The)

,

4.25%,

3/15/2035

40,000

38,696

Kellogg

Co.

,

3.25%,

4/1/2026

40,000

39,600

Kraft

Heinz

Foods

Co.

,

4.88%,

10/1/2049

120,000

112,222

Mead

Johnson

Nutrition

Co.

,

4.13%,

11/15/2025

110,000

111,664

Mondelez

International,

Inc.

,

2.63%,

9/4/2050

50,000

35,805

Tyson

Foods,

Inc.

,

5.10%,

9/28/2048

50,000

52,720

Unilever

Capital

Corp.

,

2.13%,

9/6/2029

100,000

90,800

5.90%,

11/15/2032

50,000

59,461

904,368

Gas

Utilities

0

.1

%

Atmos

Energy

Corp.

,

4.13%,

10/15/2044

50,000

46,373

ONE

Gas,

Inc.

,

2.00%,

5/15/2030

100,000

85,522

Piedmont

Natural

Gas

Co.,

Inc.

,

3.50%,

6/1/2029(a)

50,000

48,086

Southwest

Gas

Corp.

,

3.18%,

8/15/2051

25,000

17,823

Washington

Gas

Light

Co.

,

3.65%,

9/15/2049

10,000

8,517

206,321

Health

Care

Equipment

&

Supplies

0

.3

%

Abbott

Laboratories

,

3.88%,

9/15/2025

45,000

45,923

4.90%,

11/30/2046

100,000

111,477

Baxter

International,

Inc.

,

2.60%,

8/15/2026

100,000

95,463

1.92%,

2/1/2027

70,000

64,592

2.27%,

12/1/2028

50,000

45,202

Becton

Dickinson

and

Co.

,

4.69%,

12/15/2044

50,000

50,094

Boston

Scientific

Corp.

,

4.70%,

3/1/2049

34,000

33,956

8

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Equipment

&

Supplies

DH

Europe

Finance

II

Sarl

,

2.60%,

11/15/2029

45,000

41,703

Koninklijke

Philips

NV

,

5.00%,

3/15/2042

50,000

48,880

Medtronic,

Inc.

,

4.63%,

3/15/2045

50,000

52,715

Stryker

Corp.

,

2.90%,

6/15/2050(a)

100,000

75,245

665,250

Health

Care

Providers

&

Services

1

.1

%

Advocate

Health

&

Hospitals

Corp.

,

4.27%,

8/15/2048

21,000

20,156

Aetna,

Inc.

,

3.88%,

8/15/2047

50,000

42,986

AmerisourceBergen

Corp.

,

4.25%,

3/1/2045

50,000

45,360

Cardinal

Health,

Inc.

,

4.37%,

6/15/2047

50,000

44,328

Cigna

Corp.

,

4.13%,

11/15/2025

200,000

202,930

3.40%,

3/15/2050

125,000

102,239

CommonSpirit

Health

,

2.78%,

10/1/2030

62,000

54,398

4.19%,

10/1/2049

25,000

21,399

CVS

Health

Corp.

,

4.30%,

3/25/2028

59,000

59,973

3.75%,

4/1/2030

100,000

97,392

2.13%,

9/15/2031

90,000

76,316

5.05%,

3/25/2048

200,000

203,148

Elevance

Health,

Inc.

,

4.65%,

8/15/2044

150,000

148,786

HCA,

Inc.

,

5.00%,

3/15/2024(a)

200,000

202,895

4.50%,

2/15/2027

250,000

248,502

4.63%,

3/15/2052(c)

70,000

61,031

Humana,

Inc.

,

3.95%,

8/15/2049

50,000

44,015

Kaiser

Foundation

Hospitals

,

4.15%,

5/1/2047

50,000

47,511

Laboratory

Corp.

of

America

Holdings

,

2.95%,

12/1/2029

50,000

46,112

McKesson

Corp.

,

1.30%,

8/15/2026(a)

100,000

90,812

3.95%,

2/16/2028

100,000

99,493

Memorial

Sloan-Kettering

Cancer

Center

,

Series

2020,

2.96%,

1/1/2050

29,000

22,098

Northwell

Healthcare,

Inc.

,

4.26%,

11/1/2047

20,000

18,075

Providence

St

Joseph

Health

Obligated

Group

,

Series

A,

3.93%,

10/1/2048

15,000

13,705

Quest

Diagnostics,

Inc.

,

4.20%,

6/30/2029

50,000

50,139

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Providers

&

Services

Stanford

Health

Care

,

Series

2018,

3.80%,

11/15/2048

12,000

10,814

Sutter

Health

,

Series

2018,

4.09%,

8/15/2048

36,000

32,663

UnitedHealth

Group,

Inc.

,

3.38%,

4/15/2027(a)

250,000

251,901

3.88%,

12/15/2028

200,000

204,874

3.05%,

5/15/2041

50,000

42,496

3.25%,

5/15/2051

100,000

84,156

3.13%,

5/15/2060

50,000

39,156

2,729,859

Hotels,

Restaurants

&

Leisure

0

.3

%

Booking

Holdings,

Inc.

,

4.63%,

4/13/2030

50,000

51,444

Expedia

Group,

Inc.

,

3.80%,

2/15/2028

50,000

46,636

3.25%,

2/15/2030

65,000

56,136

Marriott

International,

Inc.

,

Series

EE,

5.75%,

5/1/2025

56,000

58,424

Series

R,

3.13%,

6/15/2026

200,000

192,973

McDonald's

Corp.

,

3.50%,

7/1/2027

100,000

99,985

4.88%,

12/9/2045

50,000

52,343

Starbucks

Corp.

,

3.80%,

8/15/2025

100,000

101,090

3.50%,

11/15/2050(a)

100,000

82,446

741,477

Household

Durables

0

.2

%

DR

Horton,

Inc.

,

2.50%,

10/15/2024

85,000

82,231

Lennar

Corp.

,

5.88%,

11/15/2024

300,000

309,296

MDC

Holdings,

Inc.

,

2.50%,

1/15/2031

50,000

37,206

PulteGroup,

Inc.

,

5.00%,

1/15/2027

100,000

101,824

Whirlpool

Corp.

,

3.70%,

5/1/2025(a)

100,000

99,910

630,467

Household

Products

0

.1

%

Church

&

Dwight

Co.,

Inc.

,

5.00%,

6/15/2052

10,000

10,733

Colgate-Palmolive

Co.

,

3.70%,

8/1/2047

50,000

46,669

Kimberly-Clark

Corp.

,

2.88%,

2/7/2050

50,000

39,507

Procter

&

Gamble

Co.

(The)

,

3.00%,

3/25/2030

100,000

98,086

194,995

Independent

Power

and

Renewable

Electricity

Producers

0

.0

%

†

Constellation

Energy

Generation

LLC

,

5.60%,

6/15/2042

50,000

49,223

Nationwide

Bond

Index

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

9

Corporate

Bonds

Principal

Amount

($)

Value

($)

Independent

Power

and

Renewable

Electricity

Producers

Oglethorpe

Power

Corp.

,

5.05%,

10/1/2048

25,000

23,672

72,895

Industrial

Conglomerates

0

.1

%

General

Electric

Co.

,

Series

A,

6.75%,

3/15/2032

108,000

125,671

Honeywell

International,

Inc.

,

3.81%,

11/21/2047

50,000

46,787

Pentair

Finance

Sarl

,

5.90%,

7/15/2032

30,000

31,198

Trane

Technologies

Global

Holding

Co.

Ltd.

,

5.75%,

6/15/2043

50,000

52,728

256,384

Insurance

0

.7

%

Allstate

Corp.

(The)

,

4.20%,

12/15/2046

50,000

46,779

American

International

Group,

Inc.

,

4.75%,

4/1/2048

100,000

97,301

Aon

Global

Ltd.

,

4.75%,

5/15/2045(a)

50,000

47,464

Arch

Capital

Finance

LLC

,

4.01%,

12/15/2026

250,000

249,996

Athene

Holding

Ltd.

,

4.13%,

1/12/2028

100,000

95,811

Berkshire

Hathaway

Finance

Corp.

,

4.40%,

5/15/2042

150,000

149,117

Chubb

INA

Holdings,

Inc.

,

4.35%,

11/3/2045

100,000

97,698

CNA

Financial

Corp.

,

3.90%,

5/1/2029

50,000

48,102

Enstar

Group

Ltd.

,

3.10%,

9/1/2031

40,000

32,278

Everest

Reinsurance

Holdings,

Inc.

,

3.50%,

10/15/2050

50,000

39,077

Globe

Life,

Inc.

,

2.15%,

8/15/2030

50,000

41,594

Hartford

Financial

Services

Group,

Inc.

(The)

,

6.10%,

10/1/2041

50,000

55,819

Lincoln

National

Corp.

,

4.35%,

3/1/2048

50,000

43,350

Manulife

Financial

Corp.

,

4.15%,

3/4/2026(a)

100,000

100,680

Markel

Corp.

,

5.00%,

5/20/2049

50,000

48,765

Marsh

&

McLennan

Cos.,

Inc.

,

4.90%,

3/15/2049

50,000

51,925

MetLife,

Inc.

,

5.70%,

6/15/2035

86,000

97,437

4.13%,

8/13/2042

50,000

46,335

Principal

Financial

Group,

Inc.

,

3.70%,

5/15/2029(a)

50,000

48,125

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

Prudential

Financial,

Inc.

,

6.63%,

6/21/2040

100,000

117,766

Travelers

Cos.,

Inc.

(The)

,

4.00%,

5/30/2047

50,000

46,023

Travelers

Property

Casualty

Corp.

,

6.38%,

3/15/2033

80,000

97,473

Willis

North

America,

Inc.

,

4.65%,

6/15/2027

50,000

50,409

2.95%,

9/15/2029

30,000

26,655

1,775,979

Interactive

Media

&

Services

0

.1

%

Alphabet,

Inc.

,

2.05%,

8/15/2050

100,000

71,264

Baidu,

Inc.

,

4.38%,

5/14/2024

200,000

201,843

273,107

Internet

&

Direct

Marketing

Retail

0

.1

%

Amazon.com,

Inc.

,

3.60%,

4/13/2032

25,000

25,310

2.50%,

6/3/2050(a)

50,000

37,533

3.95%,

4/13/2052

25,000

24,304

4.25%,

8/22/2057

150,000

148,898

4.10%,

4/13/2062

25,000

24,250

eBay,

Inc.

,

4.00%,

7/15/2042

50,000

43,789

304,084

IT

Services

0

.3

%

Automatic

Data

Processing,

Inc.

,

1.25%,

9/1/2030

100,000

85,009

Broadridge

Financial

Solutions,

Inc.

,

3.40%,

6/27/2026(a)

80,000

78,986

Fiserv,

Inc.

,

2.75%,

7/1/2024

200,000

197,040

3.50%,

7/1/2029

50,000

47,394

Global

Payments,

Inc.

,

4.15%,

8/15/2049

50,000

39,705

International

Business

Machines

Corp.

,

4.25%,

5/15/2049

100,000

92,411

Mastercard,

Inc.

,

2.00%,

11/18/2031(a)

50,000

44,156

3.95%,

2/26/2048

50,000

48,338

PayPal

Holdings,

Inc.

,

2.40%,

10/1/2024(a)

35,000

34,400

Visa,

Inc.

,

4.30%,

12/14/2045

100,000

103,685

771,124

Leisure

Products

0

.1

%

Hasbro,

Inc.

,

3.55%,

11/19/2026

100,000

97,289

3.90%,

11/19/2029

50,000

47,397

144,686

10

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Life

Sciences

Tools

&

Services

0

.1

%

Agilent

Technologies,

Inc.

,

2.75%,

9/15/2029

100,000

90,336

Danaher

Corp.

,

2.60%,

10/1/2050

75,000

54,913

PerkinElmer,

Inc.

,

3.30%,

9/15/2029

50,000

46,120

Thermo

Fisher

Scientific,

Inc.

,

1.75%,

10/15/2028

40,000

36,636

2.60%,

10/1/2029(a)

65,000

61,333

289,338

Machinery

0

.3

%

Caterpillar,

Inc.

,

3.25%,

9/19/2049

75,000

64,761

CNH

Industrial

Capital

LLC

,

3.95%,

5/23/2025

200,000

199,059

Deere

&

Co.

,

3.90%,

6/9/2042(a)

100,000

98,065

Illinois

Tool

Works,

Inc.

,

4.88%,

9/15/2041

50,000

52,091

Otis

Worldwide

Corp.

,

3.11%,

2/15/2040

50,000

40,139

Parker-Hannifin

Corp.

,

3.25%,

6/14/2029

100,000

94,812

Snap-on,

Inc.

,

3.10%,

5/1/2050

50,000

40,800

Stanley

Black

&

Decker,

Inc.

,

3.00%,

5/15/2032

10,000

9,180

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.66%),

4.00%,

3/15/2060(b)

50,000

44,621

Westinghouse

Air

Brake

Technologies

Corp.

,

4.95%,

9/15/2028(d)

100,000

99,297

742,825

Media

0

.8

%

Charter

Communications

Operating

LLC

,

4.50%,

2/1/2024

100,000

100,652

3.75%,

2/15/2028

250,000

236,295

2.25%,

1/15/2029

25,000

21,327

2.80%,

4/1/2031

200,000

169,209

3.50%,

3/1/2042

50,000

36,446

3.70%,

4/1/2051

100,000

70,294

5.25%,

4/1/2053

50,000

43,765

Comcast

Corp.

,

3.70%,

4/15/2024(a)

100,000

100,807

3.40%,

4/1/2030

100,000

97,343

3.97%,

11/1/2047

146,000

131,960

4.70%,

10/15/2048

225,000

228,121

2.89%,

11/1/2051

100,000

75,020

4.95%,

10/15/2058

12,000

12,505

2.99%,

11/1/2063

19,000

13,619

Discovery

Communications

LLC

,

5.20%,

9/20/2047

50,000

44,110

Fox

Corp.

,

5.48%,

1/25/2039

50,000

51,173

Corporate

Bonds

Principal

Amount

($)

Value

($)

Media

Omnicom

Group,

Inc.

,

3.60%,

4/15/2026

250,000

249,678

Paramount

Global

,

5.50%,

5/15/2033

82,000

81,892

4.38%,

3/15/2043

50,000

39,824

Time

Warner

Cable

LLC

,

6.75%,

6/15/2039

90,000

91,556

WPP

Finance

2010

,

3.75%,

9/19/2024

250,000

245,687

2,141,283

Metals

&

Mining

0

.2

%

BHP

Billiton

Finance

USA

Ltd.

,

5.00%,

9/30/2043

50,000

53,582

Newmont

Corp.

,

2.60%,

7/15/2032

60,000

51,216

5.88%,

4/1/2035

64,000

69,375

Rio

Tinto

Alcan,

Inc.

,

5.75%,

6/1/2035

80,000

91,512

Southern

Copper

Corp.

,

6.75%,

4/16/2040

50,000

57,188

Teck

Resources

Ltd.

,

5.20%,

3/1/2042

50,000

45,208

Vale

Overseas

Ltd.

,

8.25%,

1/17/2034

80,000

94,000

462,081

Multiline

Retail

0

.1

%

Dollar

General

Corp.

,

4.13%,

4/3/2050

50,000

44,094

Dollar

Tree,

Inc.

,

2.65%,

12/1/2031

25,000

21,618

3.38%,

12/1/2051

25,000

18,595

Target

Corp.

,

2.50%,

4/15/2026

250,000

244,995

3.90%,

11/15/2047

50,000

46,778

376,080

Multi-Utilities

0

.4

%

Berkshire

Hathaway

Energy

Co.

,

3.50%,

2/1/2025

250,000

251,706

4.45%,

1/15/2049

50,000

48,987

4.25%,

10/15/2050

100,000

96,271

4.60%,

5/1/2053(c)

20,000

20,134

Black

Hills

Corp.

,

3.05%,

10/15/2029

125,000

111,556

CMS

Energy

Corp.

,

3.00%,

5/15/2026

50,000

48,405

Consolidated

Edison

Co.

of

New

York,

Inc.

,

3.70%,

11/15/2059

100,000

82,249

Consumers

Energy

Co.

,

3.75%,

2/15/2050

50,000

44,837

NiSource,

Inc.

,

4.38%,

5/15/2047

100,000

92,477

Puget

Sound

Energy,

Inc.

,

3.25%,

9/15/2049

100,000

77,957

Sempra

Energy

,

4.00%,

2/1/2048

50,000

43,938

Nationwide

Bond

Index

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

11

Corporate

Bonds

Principal

Amount

($)

Value

($)

Multi-Utilities

Southern

Co.

Gas

Capital

Corp.

,

Series

20-A,

1.75%,

1/15/2031

50,000

41,100

WEC

Energy

Group,

Inc.

,

1.80%,

10/15/2030

100,000

84,026

1,043,643

Oil,

Gas

&

Consumable

Fuels

1

.7

%

BP

Capital

Markets

America,

Inc.

,

4.23%,

11/6/2028

150,000

154,388

1.75%,

8/10/2030

200,000

171,487

2.72%,

1/12/2032(a)

100,000

91,257

Canadian

Natural

Resources

Ltd.

,

6.25%,

3/15/2038

35,000

38,016

Cenovus

Energy,

Inc.

,

4.40%,

4/15/2029

120,000

118,742

Cheniere

Corpus

Christi

Holdings

LLC

,

5.13%,

6/30/2027

100,000

101,700

2.74%,

12/31/2039

25,000

20,127

Chevron

Corp.

,

2.95%,

5/16/2026

250,000

248,403

Chevron

USA,

Inc.

,

3.90%,

11/15/2024

250,000

253,385

CNOOC

Finance

2014

ULC

,

4.25%,

4/30/2024

200,000

202,655

CNOOC

Petroleum

North

America

ULC

,

6.40%,

5/15/2037

50,000

55,631

ConocoPhillips

Co.

,

4.03%,

3/15/2062(a)(c)

100,000

89,033

Devon

Energy

Corp.

,

5.00%,

6/15/2045

50,000

48,237

Enbridge

Energy

Partners

LP

,

7.38%,

10/15/2045

50,000

62,019

Energy

Transfer

LP

,

4.75%,

1/15/2026

100,000

100,629

5.25%,

4/15/2029

100,000

101,302

3.75%,

5/15/2030

150,000

139,312

5.00%,

5/15/2050

100,000

88,142

Enterprise

Products

Operating

LLC

,

4.95%,

10/15/2054

150,000

141,692

Equinor

ASA

,

3.70%,

4/6/2050

100,000

90,889

Exxon

Mobil

Corp.

,

2.71%,

3/6/2025

250,000

247,384

2.99%,

3/19/2025

200,000

199,211

4.11%,

3/1/2046

100,000

95,958

Hess

Corp.

,

4.30%,

4/1/2027

100,000

99,282

Kinder

Morgan

Energy

Partners

LP

,

5.80%,

3/15/2035

80,000

84,086

Kinder

Morgan,

Inc.

,

4.80%,

2/1/2033

50,000

50,600

5.55%,

6/1/2045(a)

50,000

49,958

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Kinder

Morgan,

Inc.,

5.45%,

8/1/2052

25,000

25,053

Magellan

Midstream

Partners

LP

,

4.25%,

9/15/2046

50,000

42,296

Marathon

Oil

Corp.

,

6.80%,

3/15/2032

82,000

90,849

MPLX

LP

,

4.70%,

4/15/2048

50,000

43,792

4.95%,

3/14/2052

25,000

22,906

ONEOK,

Inc.

,

4.95%,

7/13/2047

50,000

44,176

Phillips

66

,

5.88%,

5/1/2042

100,000

111,327

Plains

All

American

Pipeline

LP

,

4.70%,

6/15/2044

50,000

40,560

Sabine

Pass

Liquefaction

LLC

,

5.00%,

3/15/2027

250,000

254,342

Suncor

Energy,

Inc.

,

5.95%,

5/15/2035

40,000

43,086

4.00%,

11/15/2047

40,000

34,967

Targa

Resources

Corp.

,

5.20%,

7/1/2027

25,000

25,454

6.25%,

7/1/2052

25,000

26,309

TotalEnergies

Capital

International

SA

,

3.46%,

2/19/2029

100,000

98,144

3.46%,

7/12/2049

50,000

42,556

TransCanada

PipeLines

Ltd.

,

5.10%,

3/15/2049

90,000

93,624

Valero

Energy

Corp.

,

6.63%,

6/15/2037

70,000

79,647

Williams

Cos.,

Inc.

(The)

,

2.60%,

3/15/2031

25,000

21,713

5.40%,

3/4/2044

100,000

98,715

4,383,041

Paper

&

Forest

Products

0

.0

%

†

Georgia-Pacific

LLC

,

8.88%,

5/15/2031

50,000

66,817

Personal

Products

0

.0

%

†

Estee

Lauder

Cos.,

Inc.

(The)

,

3.13%,

12/1/2049

30,000

24,833

Pharmaceuticals

0

.9

%

AstraZeneca

plc

,

4.38%,

8/17/2048

100,000

102,316

Bristol-Myers

Squibb

Co.

,

2.90%,

7/26/2024

319,000

318,573

3.90%,

3/15/2062

70,000

63,313

Eli

Lilly

&

Co.

,

2.25%,

5/15/2050

60,000

44,669

GlaxoSmithKline

Capital,

Inc.

,

5.38%,

4/15/2034

139,000

157,363

Johnson

&

Johnson

,

4.95%,

5/15/2033

287,000

325,230

Merck

&

Co.,

Inc.

,

4.15%,

5/18/2043

100,000

98,298

12

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Pharmaceuticals

Merck

&

Co.,

Inc.,

4.00%,

3/7/2049

100,000

96,796

Novartis

Capital

Corp.

,

2.20%,

8/14/2030

100,000

92,295

2.75%,

8/14/2050

50,000

41,132

Pfizer,

Inc.

,

1.75%,

8/18/2031(a)

100,000

87,352

4.13%,

12/15/2046

200,000

201,142

Royalty

Pharma

plc

,

3.55%,

9/2/2050

75,000

55,349

Sanofi

,

3.63%,

6/19/2028

250,000

253,444

Takeda

Pharmaceutical

Co.

Ltd.

,

2.05%,

3/31/2030

200,000

173,665

Viatris,

Inc.

,

4.00%,

6/22/2050

50,000

34,676

Zoetis,

Inc.

,

4.50%,

11/13/2025

115,000

117,973

4.70%,

2/1/2043

50,000

49,980

2,313,566

Professional

Services

0

.1

%

Thomson

Reuters

Corp.

,

3.35%,

5/15/2026

140,000

137,890

Road

&

Rail

0

.3

%

Burlington

Northern

Santa

Fe

LLC

,

5.05%,

3/1/2041

100,000

107,051

2.88%,

6/15/2052

25,000

19,740

Canadian

National

Railway

Co.

,

6.90%,

7/15/2028

118,000

137,079

6.20%,

6/1/2036

30,000

35,430

Canadian

Pacific

Railway

Co.

,

6.13%,

9/15/2115

10,000

10,993

CSX

Corp.

,

5.50%,

4/15/2041

50,000

54,896

3.95%,

5/1/2050

100,000

91,100

Kansas

City

Southern

,

4.20%,

11/15/2069

25,000

21,563

Norfolk

Southern

Corp.

,

2.55%,

11/1/2029

50,000

46,196

4.45%,

6/15/2045

50,000

49,271

Ryder

System,

Inc.

,

2.90%,

12/1/2026

90,000

85,382

Union

Pacific

Corp.

,

3.60%,

9/15/2037

100,000

94,742

3.25%,

2/5/2050

80,000

66,813

3.84%,

3/20/2060

25,000

22,392

842,648

Semiconductors

&

Semiconductor

Equipment

0

.6

%

Applied

Materials,

Inc.

,

5.85%,

6/15/2041

50,000

59,364

Broadcom,

Inc.

,

4.15%,

11/15/2030

128,000

121,444

4.93%,

5/15/2037(c)

171,000

162,115

3.50%,

2/15/2041(c)

50,000

39,794

Corporate

Bonds

Principal

Amount

($)

Value

($)

Semiconductors

&

Semiconductor

Equipment

Intel

Corp.

,

3.70%,

7/29/2025

150,000

151,882

3.75%,

3/25/2027

100,000

102,095

2.45%,

11/15/2029

100,000

92,191

2.80%,

8/12/2041

45,000

36,049

3.05%,

8/12/2051

100,000

76,857

KLA

Corp.

,

3.30%,

3/1/2050

50,000

41,749

Lam

Research

Corp.

,

3.80%,

3/15/2025(a)

145,000

146,398

2.88%,

6/15/2050

55,000

43,241

Micron

Technology,

Inc.

,

4.19%,

2/15/2027

100,000

99,754

NVIDIA

Corp.

,

3.50%,

4/1/2050

100,000

89,403

NXP

BV

,

4.30%,

6/18/2029

50,000

48,843

5.00%,

1/15/2033

50,000

50,884

QUALCOMM,

Inc.

,

1.65%,

5/20/2032

100,000

84,692

4.65%,

5/20/2035

100,000

106,949

Xilinx,

Inc.

,

2.95%,

6/1/2024

100,000

99,582

1,653,286

Software

0

.6

%

Adobe,

Inc.

,

3.25%,

2/1/2025

70,000

70,270

Microsoft

Corp.

,

3.50%,

2/12/2035

65,000

65,450

2.92%,

3/17/2052

330,000

275,693

Oracle

Corp.

,

2.40%,

9/15/2023

350,000

346,104

2.65%,

7/15/2026

45,000

42,570

2.88%,

3/25/2031

200,000

172,365

4.30%,

7/8/2034

100,000

91,458

3.60%,

4/1/2040

100,000

77,529

3.85%,

4/1/2060

150,000

106,902

Roper

Technologies,

Inc.

,

1.00%,

9/15/2025

60,000

54,954

1.75%,

2/15/2031

100,000

81,674

Salesforce,

Inc.

,

2.90%,

7/15/2051(a)

100,000

79,940

ServiceNow,

Inc.

,

1.40%,

9/1/2030

75,000

61,111

VMware,

Inc.

,

2.20%,

8/15/2031

100,000

81,221

1,607,241

Specialty

Retail

0

.3

%

AutoNation,

Inc.

,

2.40%,

8/1/2031

25,000

19,813

Home

Depot,

Inc.

(The)

,

3.25%,

4/15/2032(a)

25,000

24,361

5.88%,

12/16/2036

25,000

30,204

4.40%,

3/15/2045

100,000

100,207

4.50%,

12/6/2048

100,000

102,556

Lowe's

Cos.,

Inc.

,

3.65%,

4/5/2029

100,000

97,860

3.75%,

4/1/2032

85,000

82,493

Nationwide

Bond

Index

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

13

Corporate

Bonds

Principal

Amount

($)

Value

($)

Specialty

Retail

Lowe’s

Cos.,

Inc.,

3.00%,

10/15/2050

80,000

59,287

4.25%,

4/1/2052

35,000

31,680

TJX

Cos.,

Inc.

(The)

,

3.88%,

4/15/2030

100,000

100,596

649,057

Technology

Hardware,

Storage

&

Peripherals

0

.6

%

Apple,

Inc.

,

3.45%,

5/6/2024

300,000

302,712

2.50%,

2/9/2025

170,000

168,480

2.45%,

8/4/2026(a)

190,000

185,702

3.00%,

11/13/2027

100,000

99,573

1.65%,

5/11/2030

25,000

22,183

1.65%,

2/8/2031

200,000

175,698

3.85%,

5/4/2043

150,000

145,528

4.38%,

5/13/2045

145,000

151,591

Dell

International

LLC

,

3.38%,

12/15/2041(c)

25,000

18,681

8.35%,

7/15/2046

30,000

38,412

Hewlett

Packard

Enterprise

Co.

,

6.35%,

10/15/2045(d)

50,000

52,642

HP,

Inc.

,

4.00%,

4/15/2029

10,000

9,649

4.20%,

4/15/2032

10,000

9,213

6.00%,

9/15/2041

50,000

51,015

1,431,079

Textiles,

Apparel

&

Luxury

Goods

0

.1

%

NIKE,

Inc.

,

2.85%,

3/27/2030

50,000

47,846

3.38%,

11/1/2046

100,000

88,693

136,539

Thrifts

&

Mortgage

Finance

0

.1

%

BPCE

SA

,

4.00%,

4/15/2024

250,000

249,794

Tobacco

0

.2

%

Altria

Group,

Inc.

,

3.88%,

9/16/2046

200,000

140,936

BAT

Capital

Corp.

,

3.22%,

8/15/2024

150,000

147,203

4.39%,

8/15/2037

100,000

82,814

Philip

Morris

International,

Inc.

,

4.13%,

3/4/2043

100,000

80,969

Reynolds

American,

Inc.

,

4.45%,

6/12/2025

100,000

99,889

5.70%,

8/15/2035

75,000

71,946

623,757

Trading

Companies

&

Distributors

0

.1

%

Air

Lease

Corp.

,

3.63%,

12/1/2027

150,000

137,980

Aircastle

Ltd.

,

4.13%,

5/1/2024

100,000

97,885

Corporate

Bonds

Principal

Amount

($)

Value

($)

Trading

Companies

&

Distributors

GATX

Corp.

,

4.00%,

6/30/2030

100,000

95,336

331,201

Water

Utilities

0

.0

%

†

American

Water

Capital

Corp.

,

4.30%,

9/1/2045

50,000

46,519

Wireless

Telecommunication

Services

0

.2

%

America

Movil

SAB

de

CV

,

6.38%,

3/1/2035

123,000

144,394

Rogers

Communications,

Inc.

,

2.95%,

3/15/2025(c)

10,000

9,833

3.20%,

3/15/2027(c)

10,000

9,773

5.00%,

3/15/2044

100,000

96,899

T-Mobile

USA,

Inc.

,

3.88%,

4/15/2030

100,000

96,192

4.38%,

4/15/2040

100,000

93,057

4.50%,

4/15/2050

100,000

92,544

Vodafone

Group

plc

,

4.25%,

9/17/2050

90,000

78,635

621,327

Total

Corporate

Bonds

(cost

$68,165,572)

63,358,373

Foreign

Government

Securities

1

.5

%

CANADA

0.3%

Province

of

Alberta,

2.95%,

1/23/2024

250,000

249,573

3.30%,

3/15/2028

100,000

100,775

Province

of

New

Brunswick,

3.63%,

2/24/2028

100,000

102,847

Province

of

Ontario,

1.13%,

10/7/2030

200,000

170,731

Province

of

Quebec,

7.50%,

9/15/2029

50,000

63,685

687,611

CHILE

0.0%

†

Republic

of

Chile,

3.10%,

1/22/2061

200,000

142,512

HUNGARY

0.1%

Hungary

Government

Bond,

5.38%,

3/25/2024

200,000

203,652

INDONESIA

0.1%

Republic

of

Indonesia,

3.55%,

3/31/2032

200,000

194,582

ITALY

0.1%

Italian

Republic

Government

Bond,

2.38%,

10/17/2024

200,000

191,968

2.88%,

10/17/2029

200,000

175,776

367,744

14

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Bond

Index

Fund

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

JAPAN

0.1%

Japan

Bank

for

International

Cooperation,

2.00%,

10/17/2029

200,000

185,297

MEXICO

0.1%

United

Mexican

States,

5.00%,

4/27/2051

300,000

262,523

5.75%,

10/12/2110

50,000

44,355

306,878

PANAMA

0.1%

Republic

of

Panama,

6.70%,

1/26/2036

200,000

220,292

PERU

0.1%

Republic

of

Peru,

3.00%,

1/15/2034

120,000

102,757

3.30%,

3/11/2041

120,000

97,137

199,894

PHILIPPINES

0.1%

Republic

of

Philippines,

6.38%,

10/23/2034

250,000

290,394

POLAND

0.1%

Republic

of

Poland,

4.00%,

1/22/2024

250,000

251,641

SOUTH

KOREA

0.3%

Export-Import

Bank

of

Korea,

2.88%,

1/21/2025

350,000

345,473

Republic

of

Korea,

5.63%,

11/3/2025

200,000

212,868

2.50%,

6/19/2029

200,000

192,876

751,217

URUGUAY

0.0%

†

Oriental

Republic

of

Uruguay,

5.10%,

6/18/2050

100,000

106,485

Total

Foreign

Government

Securities

(cost

$4,133,097)

3,908,199

Mortgage-Backed

Securities

27

.9

%

FHLMC

Gold

Pool

Pool#

C00351

8.00%,

7/1/2024

55

57

Pool#

D60780

8.00%,

6/1/2025

245

247

Pool#

G30267

5.00%,

8/1/2025

30,916

31,916

Pool#

J18127

3.00%,

3/1/2027

56,115

56,276

Pool#

J18702

3.00%,

3/1/2027

51,514

51,661

Pool#

J19106

3.00%,

5/1/2027

23,941

24,009

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

D82854

7.00%,

10/1/2027

33

33

Pool#

C00566

7.50%,

12/1/2027

261

277

Pool#

C18271

7.00%,

11/1/2028

1,103

1,150

Pool#

C00678

7.00%,

11/1/2028

300

317

Pool#

C00836

7.00%,

7/1/2029

217

233

Pool#

C31285

7.00%,

9/1/2029

334

349

Pool#

C31282

7.00%,

9/1/2029

1

1

Pool#

C37436

8.00%,

1/1/2030

646

704

Pool#

C36429

7.00%,

2/1/2030

358

362

Pool#

C36306

7.00%,

2/1/2030

347

352

Pool#

C00921

7.50%,

2/1/2030

434

470

Pool#

G01108

7.00%,

4/1/2030

153

163

Pool#

C37703

7.50%,

4/1/2030

225

227

Pool#

J32255

3.00%,

7/1/2030

16,733

16,782

Pool#

C41561

8.00%,

8/1/2030

1,132

1,155

Pool#

C01051

8.00%,

9/1/2030

611

668

Pool#

C43550

7.00%,

10/1/2030

827

838

Pool#

C44017

7.50%,

10/1/2030

264

265

Pool#

C43967

8.00%,

10/1/2030

1,222

1,225

Pool#

C44957

8.00%,

11/1/2030

514

519

Pool#

C01106

7.00%,

12/1/2030

3,000

3,211

Pool#

C01103

7.50%,

12/1/2030

316

350

Pool#

C46932

7.50%,

1/1/2031

386

392

Pool#

C01116

7.50%,

1/1/2031

297

323

Pool#

G01217

7.00%,

3/1/2031

3,144

3,387

Pool#

C48206

7.50%,

3/1/2031

1,023

1,025

Pool#

C91366

4.50%,

4/1/2031

44,321

45,694

Pool#

G18605

3.00%,

6/1/2031

7,455

7,476

Pool#

C91377

4.50%,

6/1/2031

23,898

24,641

Pool#

C53324

7.00%,

6/1/2031

941

966

Nationwide

Bond

Index

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

15

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

C01209

8.00%,

6/1/2031

199

201

Pool#

C54792

7.00%,

7/1/2031

875

883

Pool#

J35107

2.50%,

8/1/2031

22,269

21,977

Pool#

G01309

7.00%,

8/1/2031

367

391

Pool#

G01311

7.00%,

9/1/2031

2,977

3,183

Pool#

C01222

7.00%,

9/1/2031

430

471

Pool#

G01315

7.00%,

9/1/2031

111

120

Pool#

J35522

2.50%,

10/1/2031

92,232

91,021

Pool#

C58694

7.00%,

10/1/2031

2,613

2,722

Pool#

C60012

7.00%,

11/1/2031

407

412

Pool#

C61298

8.00%,

11/1/2031

1,472

1,488

Pool#

J35957

2.50%,

12/1/2031

170,895

168,651

Pool#

C61105

7.00%,

12/1/2031

3,201

3,309

Pool#

C63171

7.00%,

1/1/2032

2,291

2,423

Pool#

V61548

2.50%,

2/1/2032

193,718

191,174

Pool#

G01391

7.00%,

4/1/2032

5,812

6,302

Pool#

C01345

7.00%,

4/1/2032

1,977

2,170

Pool#

C01370

8.00%,

4/1/2032

474

507

Pool#

G16285

3.50%,

5/1/2032

13,920

14,204

Pool#

C01381

8.00%,

5/1/2032

7,113

7,747

Pool#

C68290

7.00%,

6/1/2032

1,432

1,489

Pool#

C68300

7.00%,

6/1/2032

572

572

Pool#

G01449

7.00%,

7/1/2032

3,545

3,824

Pool#

C69908

7.00%,

8/1/2032

14,732

15,601

Pool#

C91558

3.50%,

9/1/2032

52,361

53,829

Pool#

G16407

2.50%,

1/1/2033

70,938

70,006

Pool#

G01536

7.00%,

3/1/2033

5,408

5,860

Pool#

G30646

3.00%,

5/1/2033

84,648

84,679

Pool#

G30642

3.00%,

5/1/2033

43,062

43,078

Pool#

K90535

3.00%,

5/1/2033

18,703

18,710

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

A16419

6.50%,

11/1/2033

9,437

9,892

Pool#

A16522

6.50%,

12/1/2033

8,406

9,102

Pool#

C01806

7.00%,

1/1/2034

7,542

7,725

Pool#

A21356

6.50%,

4/1/2034

30,089

32,181

Pool#

C01851

6.50%,

4/1/2034

13,046

14,030

Pool#

A24301

6.50%,

5/1/2034

17,649

18,500

Pool#

A22067

6.50%,

5/1/2034

12,064

13,084

Pool#

A24988

6.50%,

7/1/2034

7,025

7,364

Pool#

G01741

6.50%,

10/1/2034

4,240

4,546

Pool#

G08023

6.50%,

11/1/2034

9,062

9,918

Pool#

G08064

6.50%,

4/1/2035

5,228

5,758

Pool#

G01947

7.00%,

5/1/2035

4,447

4,783

Pool#

A39759

5.50%,

11/1/2035

2,824

2,987

Pool#

A40376

5.50%,

12/1/2035

1,755

1,851

Pool#

A42305

5.50%,

1/1/2036

5,421

5,706

Pool#

A41548

7.00%,

1/1/2036

7,519

7,658

Pool#

G08111

5.50%,

2/1/2036

10,013

10,759

Pool#

A43861

5.50%,

3/1/2036

31,303

32,560

Pool#

G08116

5.50%,

3/1/2036

12,156

13,062

Pool#

A43534

6.50%,

3/1/2036

1,343

1,408

Pool#

A48735

5.50%,

5/1/2036

4,597

4,775

Pool#

G08136

6.50%,

6/1/2036

5,012

5,579

Pool#

A53039

6.50%,

10/1/2036

29,676

31,110

Pool#

C91982

3.50%,

3/1/2038

42,129

42,610

Pool#

G04251

6.50%,

4/1/2038

2,442

2,663

Pool#

G04569

6.50%,

8/1/2038

2,907

3,099

Pool#

A84252

6.50%,

1/1/2039

13,937

14,935

Pool#

A84287

6.50%,

1/1/2039

7,414

8,006

Pool#

G60342

4.50%,

5/1/2042

64,620

67,318

Pool#

G07158

3.50%,

10/1/2042

70,857

71,625

16

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G07163

3.50%,

10/1/2042

64,882

65,586

Pool#

Q12051

3.50%,

10/1/2042

60,761

61,419

Pool#

Q11532

3.50%,

10/1/2042

47,953

48,473

Pool#

Q12052

3.50%,

10/1/2042

26,766

26,993

Pool#

C09020

3.50%,

11/1/2042

238,966

241,556

Pool#

G07264

3.50%,

12/1/2042

100,730

101,822

Pool#

Q14292

3.50%,

1/1/2043

27,197

27,491

Pool#

Q14881

3.50%,

1/1/2043

22,550

22,740

Pool#

V80002

2.50%,

4/1/2043

167,042

157,565

Pool#

Q16915

3.00%,

4/1/2043

303,491

298,907

Pool#

Q17675

3.50%,

4/1/2043

135,515

136,984

Pool#

G07410

3.50%,

7/1/2043

55,241

56,072

Pool#

Q20332

3.50%,

7/1/2043

9,990

10,075

Pool#

G07946

4.00%,

7/1/2044

55,358

56,880

Pool#

Q28607

3.50%,

9/1/2044

51,402

51,837

Pool#

G61231

3.50%,

9/1/2044

8,204

8,293

Pool#

G08609

3.50%,

10/1/2044

20,382

20,602

Pool#

Q30833

4.00%,

1/1/2045

5,424

5,573

Pool#

V81873

4.00%,

8/1/2045

9,933

10,202

Pool#

G08669

4.00%,

9/1/2045

52,761

54,181

Pool#

Q38357

4.00%,

1/1/2046

3,778

3,878

Pool#

G61365

4.50%,

1/1/2046

44,849

46,611

Pool#

G08697

3.00%,

3/1/2046

79,297

77,449

Pool#

Q39440

4.00%,

3/1/2046

3,244

3,322

Pool#

G08704

4.50%,

4/1/2046

7,790

8,085

Pool#

Q40097

4.50%,

4/1/2046

1,280

1,314

Pool#

Q40718

3.50%,

5/1/2046

14,356

14,441

Pool#

G08707

4.00%,

5/1/2046

65,226

66,922

Pool#

G08708

4.50%,

5/1/2046

5,934

6,170

Pool#

Q40728

4.50%,

5/1/2046

1,163

1,192

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

Q41548

3.00%,

7/1/2046

15,508

15,195

Pool#

Q41903

3.50%,

7/1/2046

83,431

83,921

Pool#

Q41491

3.50%,

7/1/2046

7,675

7,720

Pool#

Q41935

3.50%,

7/1/2046

7,187

7,234

Pool#

G61791

4.00%,

7/1/2046

9,658

9,920

Pool#

Q41947

4.50%,

7/1/2046

2,086

2,148

Pool#

G08715

3.00%,

8/1/2046

109,731

107,356

Pool#

Q42596

3.50%,

8/1/2046

69,891

70,550

Pool#

Q42203

3.50%,

8/1/2046

12,127

12,219

Pool#

Q42393

3.50%,

8/1/2046

11,282

11,332

Pool#

G61323

3.00%,

9/1/2046

141,307

139,174

Pool#

G08721

3.00%,

9/1/2046

81,434

79,670

Pool#

V82617

3.50%,

9/1/2046

53,657

53,973

Pool#

G08722

3.50%,

9/1/2046

11,655

11,767

Pool#

G60733

4.50%,

9/1/2046

23,497

24,465

Pool#

G60722

3.00%,

10/1/2046

219,482

214,727

Pool#

Q44035

3.00%,

10/1/2046

102,708

100,472

Pool#

G61815

4.00%,

10/1/2046

5,966

6,125

Pool#

G61257

3.00%,

11/1/2046

200,429

195,470

Pool#

Q44452

3.00%,

11/1/2046

45,807

44,764

Pool#

G08732

3.00%,

11/1/2046

13,146

12,841

Pool#

Q44473

3.50%,

11/1/2046

10,454

10,498

Pool#

Q44223

3.50%,

11/1/2046

6,086

6,110

Pool#

G08734

4.00%,

11/1/2046

107,595

110,259

Pool#

G08737

3.00%,

12/1/2046

572,270

559,797

Pool#

G60989

3.00%,

12/1/2046

85,639

83,785

Pool#

Q45878

3.00%,

12/1/2046

15,077

14,731

Pool#

G61862

3.50%,

12/1/2046

13,127

13,203

Pool#

G08741

3.00%,

1/1/2047

116,180

113,648

Pool#

G08747

3.00%,

2/1/2047

197,683

193,367

Nationwide

Bond

Index

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

17

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G08748

3.50%,

2/1/2047

18,881

19,027

Pool#

Q47484

3.50%,

4/1/2047

22,113

22,243

Pool#

G60988

3.00%,

5/1/2047

482,434

472,004

Pool#

Q48098

3.50%,

5/1/2047

70,565

70,855

Pool#

G61390

3.00%,

6/1/2047

174,009

170,217

Pool#

G61339

3.00%,

8/1/2047

44,372

43,408

Pool#

Q53085

3.00%,

9/1/2047

32,416

31,852

Pool#

G61622

3.00%,

10/1/2047

106,508

104,202

Pool#

G08785

4.00%,

10/1/2047

4,427

4,508

Pool#

Q52075

4.00%,

11/1/2047

76,723

78,500

Pool#

T65458

3.50%,

2/1/2048

78,038

76,883

Pool#

G08800

3.50%,

2/1/2048

10,094

10,130

Pool#

G08801

4.00%,

2/1/2048

29,686

30,280

Pool#

Q54727

3.50%,

3/1/2048

27,382

27,504

Pool#

Q55401

5.00%,

4/1/2048

6,424

6,684

Pool#

G08817

4.00%,

6/1/2048

6,343

6,456

Pool#

G08827

4.50%,

7/1/2048

48,635

49,937

Pool#

Q57401

4.50%,

7/1/2048

17,499

18,213

Pool#

Q57402

4.50%,

7/1/2048

6,934

7,203

Pool#

G08831

4.00%,

8/1/2048

51,692

52,727

Pool#

G67716

4.50%,

10/1/2048

59,965

62,302

Pool#

G61846

4.00%,

1/1/2049

89

91

Pool#

V85279

3.50%,

4/1/2049

21,824

21,854

FHLMC

Non

Gold

Pool

Pool#

1B8478

2.77%,

7/1/2041(e)

17,677

18,198

Pool#

2B0108

2.15%,

1/1/2042(e)

1,430

1,429

FHLMC

UMBS

Pool

Pool#

SB0383

2.50%,

4/1/2032

398,525

392,978

Pool#

SB8500

2.50%,

7/1/2035

267,633

261,006

Pool#

SB0479

2.50%,

10/1/2035

58,000

56,760

Pool#

RC1826

2.00%,

2/1/2036

260,551

247,973

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

SB8092

1.50%,

3/1/2036

62,720

58,233

Pool#

RC1887

2.00%,

3/1/2036

407,404

387,985

Pool#

RC2045

2.00%,

6/1/2036

21,407

20,374

Pool#

QN8913

2.00%,

12/1/2036

71,479

68,070

Pool#

RC2402

2.00%,

1/1/2037

94,374

89,901

Pool#

RC2399

2.00%,

1/1/2037

71,516

68,191

Pool#

SB8140

1.50%,

2/1/2037

168,642

156,519

Pool#

SB8144

1.50%,

3/1/2037

193,546

179,631

Pool#

SB8148

2.00%,

4/1/2037

73,836

70,271

Pool#

SB8158

2.00%,

6/1/2037

74,140

70,560

Pool#

ZM2339

3.50%,

1/1/2047

66,183

66,436

Pool#

RA3022

2.50%,

6/1/2050

221,745

207,296

Pool#

SD7521

2.50%,

7/1/2050

596,577

561,867

Pool#

SD7523

2.50%,

8/1/2050

281,048

264,749

Pool#

RA3382

3.00%,

8/1/2050

213,402

206,526

Pool#

SD0514

2.00%,

10/1/2050

230,235

208,019

Pool#

RA3723

2.00%,

10/1/2050

121,604

109,651

Pool#

RA3932

2.50%,

11/1/2050

250,334

235,419

Pool#

RA3987

2.50%,

11/1/2050

139,046

129,957

Pool#

RA4351

2.50%,

1/1/2051

296,200

276,822

Pool#

RA4410

2.50%,

1/1/2051

216,448

202,280

Pool#

RA4652

2.00%,

2/1/2051

1,368,562

1,233,773

Pool#

RA4493

2.00%,

2/1/2051

867,747

782,286

Pool#

QB9104

2.00%,

2/1/2051

369,255

332,899

Pool#

RA4737

2.00%,

3/1/2051

1,090,773

983,375

Pool#

RA4718

2.00%,

3/1/2051

612,073

551,796

Pool#

RA4727

2.00%,

3/1/2051

335,751

302,674

Pool#

SD7537

2.00%,

3/1/2051

157,553

142,045

Pool#

SD8140

2.00%,

4/1/2051

1,518,987

1,369,387

Pool#

SD0576

2.50%,

4/1/2051

72,397

67,658

18

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

SD8145

1.50%,

5/1/2051

961,034

828,396

Pool#

QC2070

2.00%,

5/1/2051

68,177

61,596

Pool#

RA5436

2.00%,

6/1/2051

205,555

185,277

Pool#

RA5398

2.00%,

7/1/2051

253,404

228,940

Pool#

RA6091

2.00%,

10/1/2051

214,114

193,430

Pool#

RA6236

2.00%,

11/1/2051

236,951

213,540

Pool#

SD8182

2.00%,

12/1/2051

944,071

850,695

Pool#

RA6959

2.50%,

3/1/2052

48,631

45,412

Pool#

QE0374

2.50%,

4/1/2052

270,988

252,904

FNMA

Pool

Pool#

AC9890

2.84%,

4/1/2040(e)

155,078

159,690

Pool#

AJ1249

2.06%,

9/1/2041(e)

37,613

38,608

Pool#

AL1437

2.07%,

1/1/2042(e)

7,073

7,219

Pool#

AK0714

2.24%,

2/1/2042(e)

1,995

2,003

Pool#

AP1961

3.94%,

8/1/2042(e)

16,394

16,818

Pool#

BF0206

4.00%,

2/1/2047

36,234

36,440

Pool#

BF0200

3.50%,

11/1/2051

203,388

206,696

FNMA

UMBS

Pool

Pool#

AA2549

4.00%,

4/1/2024

7,845

7,983

Pool#

935348

5.50%,

6/1/2024

1,973

1,974

Pool#

AC1374

4.00%,

8/1/2024

11,143

11,340

Pool#

AC1529

4.50%,

9/1/2024

6,974

7,176

Pool#

AD0244

4.50%,

10/1/2024

4,497

4,628

Pool#

AH1361

3.50%,

12/1/2025

36,567

36,911

Pool#

AH1518

3.50%,

12/1/2025

16,913

17,099

Pool#

AE6384

4.00%,

1/1/2026

3,386

3,454

Pool#

AP4746

3.00%,

8/1/2027

35,368

35,423

Pool#

AP4640

3.00%,

9/1/2027

33,319

33,388

Pool#

AQ5096

3.00%,

11/1/2027

52,148

52,256

Pool#

AQ4532

3.00%,

11/1/2027

41,245

41,331

Pool#

AQ3758

3.00%,

11/1/2027

31,502

31,567

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AB6886

3.00%,

11/1/2027

21,272

21,316

Pool#

AS0487

2.50%,

9/1/2028

108,018

106,522

Pool#

930998

4.50%,

4/1/2029

4,045

4,119

Pool#

MA0243

5.00%,

11/1/2029

7,486

7,728

Pool#

AL8077

3.50%,

12/1/2029

8,176

8,289

Pool#

MA0268

5.00%,

12/1/2029

7,353

7,627

Pool#

AD5655

5.00%,

5/1/2030

17,649

18,308

Pool#

MA0443

5.00%,

5/1/2030

8,860

9,192

Pool#

AB1038

5.00%,

5/1/2030

7,462

7,731

Pool#

AS5420

3.00%,

7/1/2030

36,482

36,559

Pool#

MA0559

5.00%,

9/1/2030

3,309

3,433

Pool#

AZ9234

3.50%,

10/1/2030

8,582

8,699

Pool#

AH1515

4.00%,

12/1/2030

144,970

150,046

Pool#

AD0716

6.50%,

12/1/2030

98,384

104,520

Pool#

MA0641

4.00%,

2/1/2031

137,567

142,386

Pool#

560868

7.50%,

2/1/2031

388

390

Pool#

BC5968

2.50%,

4/1/2031

32,738

32,283

Pool#

BC4430

3.00%,

4/1/2031

10,909

10,905

Pool#

AL8566

3.00%,

6/1/2031

36,591

36,668

Pool#

AL8565

3.00%,

6/1/2031

33,815

33,886

Pool#

AS8028

2.50%,

9/1/2031

97,984

96,619

Pool#

607212

7.50%,

10/1/2031

2,081

2,102

Pool#

BM3814

2.50%,

12/1/2031

55,230

54,464

Pool#

AS8609

3.00%,

1/1/2032

45,998

46,095

Pool#

AL9585

3.50%,

1/1/2032

12,498

12,742

Pool#

BM4624

3.00%,

2/1/2032

41,911

41,997

Pool#

AS8767

3.00%,

2/1/2032

35,785

35,861

Pool#

AL9871

3.00%,

2/1/2032

16,965

17,000

Pool#

BM3269

2.50%,

4/1/2032

90,761

89,500

Pool#

BM4088

3.00%,

6/1/2032

34,931

35,002

Nationwide

Bond

Index

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

19

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

MA1107

3.50%,

7/1/2032

33,773

34,693

Pool#

BH6610

3.50%,

7/1/2032

11,017

11,233

Pool#

BM1669

3.00%,

8/1/2032

20,174

20,216

Pool#

BM5167

3.50%,

9/1/2032

8,504

8,664

Pool#

BH9391

3.50%,

10/1/2032

8,972

9,148

Pool#

BM3977

3.00%,

12/1/2032

74,843

75,000

Pool#

CA0951

3.00%,

12/1/2032

48,283

48,384

Pool#

FM1661

2.50%,

1/1/2033

216,449

213,457

Pool#

BM4338

2.50%,

1/1/2033

90,380

89,123

Pool#

656559

6.50%,

2/1/2033

9,430

9,878

Pool#

694846

6.50%,

4/1/2033

4,389

4,605

Pool#

AB9402

3.00%,

5/1/2033

112,865

112,817

Pool#

AB9403

3.00%,

5/1/2033

43,812

43,793

Pool#

MA1527

3.00%,

8/1/2033

196,970

196,885

Pool#

750229

6.50%,

10/1/2033

12,119

12,885

Pool#

725228

6.00%,

3/1/2034

270,663

292,142

Pool#

788027

6.50%,

9/1/2034

14,778

15,477

Pool#

FM4900

2.00%,

12/1/2035

64,804

61,697

Pool#

CA8789

2.00%,

2/1/2036

383,752

365,224

Pool#

CA9145

2.00%,

2/1/2036

318,411

303,043

Pool#

FM5571

2.00%,

2/1/2036

178,887

170,420

Pool#

CA9475

2.00%,

3/1/2036

100,691

95,830

Pool#

CB0262

2.00%,

4/1/2036

2,057,172

1,957,871

Pool#

FM8538

2.00%,

8/1/2036

23,308

22,196

Pool#

AL4260

5.50%,

9/1/2036

21,764

23,287

Pool#

MA4441

1.50%,

10/1/2036

46,066

42,755

Pool#

FS0180

2.00%,

12/1/2036

143,632

136,736

Pool#

FS0155

2.00%,

12/1/2036

70,629

67,261

Pool#

BU1381

2.00%,

12/1/2036

47,667

45,393

Pool#

CB2709

2.00%,

1/1/2037

118,326

112,681

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

MA4535

1.50%,

2/1/2037

287,536

266,875

Pool#

MA4566

1.50%,

3/1/2037

519,934

482,562

Pool#

MA4581

1.50%,

4/1/2037

82,781

76,831

Pool#

955194

7.00%,

11/1/2037

76,911

84,482

Pool#

AB1735

3.50%,

11/1/2040

4,934

4,989

Pool#

AB2067

3.50%,

1/1/2041

173,953

176,549

Pool#

AB2068

3.50%,

1/1/2041

98,283

99,385

Pool#

932888

3.50%,

1/1/2041

69,579

71,225

Pool#

932891

3.50%,

1/1/2041

11,974

12,190

Pool#

AI9920

4.00%,

9/1/2041

4,425

4,523

Pool#

AI9851

4.50%,

9/1/2041

23,778

24,709

Pool#

AJ5431

4.50%,

10/1/2041

50,038

51,286

Pool#

AJ4861

4.00%,

12/1/2041

82,872

85,326

Pool#

AX5316

4.50%,

1/1/2042

8,325

8,671

Pool#

AL2499

4.50%,

1/1/2042

2,728

2,838

Pool#

AW8167

3.50%,

2/1/2042

186,484

188,390

Pool#

AB5185

3.50%,

5/1/2042

146,689

148,154

Pool#

AO3575

4.50%,

5/1/2042

45,963

47,223

Pool#

AP2092

4.50%,

8/1/2042

11,556

11,767

Pool#

AP7489

4.00%,

9/1/2042

227,826

233,889

Pool#

AL2782

4.50%,

9/1/2042

33,255

34,633

Pool#

AL2677

3.50%,

11/1/2042

87,517

88,394

Pool#

MA1273

3.50%,

12/1/2042

109,401

110,497

Pool#

AR8213

3.50%,

4/1/2043

105,658

106,714

Pool#

AB9238

3.00%,

5/1/2043

351,458

345,867

Pool#

AB9237

3.00%,

5/1/2043

286,780

282,218

Pool#

AB9236

3.00%,

5/1/2043

65,606

64,562

Pool#

AB9362

3.50%,

5/1/2043

251,477

254,139

Pool#

AT4145

3.00%,

6/1/2043

137,137

134,957

Pool#

AB9814

3.00%,

7/1/2043

346,818

341,301

20

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AS0255

4.50%,

8/1/2043

94,342

98,255

Pool#

AS0516

3.00%,

9/1/2043

130,048

127,984

Pool#

BM4222

3.00%,

1/1/2044

180,318

177,463

Pool#

AW1006

4.00%,

5/1/2044

69,530

71,480

Pool#

AL7767

4.50%,

6/1/2044

4,527

4,609

Pool#

AS3946

4.00%,

12/1/2044

230,580

236,712

Pool#

BM3611

4.00%,

1/1/2045

34,705

35,701

Pool#

BM3804

3.50%,

2/1/2045

19,644

19,841

Pool#

AL9555

4.00%,

2/1/2045

500,587

515,373

Pool#

AL6889

4.50%,

2/1/2045

36,907

38,440

Pool#

BM3931

3.00%,

3/1/2045

39,784

39,154

Pool#

BM3664

3.00%,

5/1/2045

180,808

177,947

Pool#

AS4921

3.50%,

5/1/2045

249,930

251,810

Pool#

BM5562

4.00%,

6/1/2045

60,445

62,054

Pool#

AL7207

4.50%,

8/1/2045

46,098

48,013

Pool#

AS6362

4.50%,

12/1/2045

9,058

9,423

Pool#

AS6474

3.50%,

1/1/2046

72,866

74,181

Pool#

AS6539

3.50%,

1/1/2046

67,077

68,288

Pool#

AL9849

3.50%,

1/1/2046

55,129

55,679

Pool#

AL9781

4.50%,

2/1/2046

72,273

75,010

Pool#

BM4621

3.50%,

3/1/2046

42,598

43,024

Pool#

BC0823

3.50%,

4/1/2046

42,824

42,977

Pool#

AL8833

4.00%,

6/1/2046

76,174

78,300

Pool#

AS7545

3.50%,

7/1/2046

62,777

63,019

Pool#

MA2705

3.00%,

8/1/2046

159,428

155,703

Pool#

BC1489

3.00%,

8/1/2046

24,128

23,616

Pool#

AS7760

4.00%,

8/1/2046

69,159

70,928

Pool#

AS7770

4.50%,

8/1/2046

5,130

5,320

Pool#

AL8947

3.50%,

9/1/2046

13,204

13,271

Pool#

AL9263

3.00%,

10/1/2046

46,519

45,474

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BM3932

3.50%,

10/1/2046

54,988

55,220

Pool#

FM1871

4.00%,

10/1/2046

45,293

46,638

Pool#

BC4766

4.50%,

10/1/2046

10,952

11,345

Pool#

AS8154

4.50%,

10/1/2046

3,775

3,889

Pool#

FM1368

3.00%,

11/1/2046

440,307

431,902

Pool#

BC9003

3.00%,

11/1/2046

49,511

48,691

Pool#

BE5067

3.50%,

11/1/2046

143,458

144,241

Pool#

BC9067

3.00%,

12/1/2046

68,178

66,645

Pool#

AS8417

3.50%,

12/1/2046

58,087

58,379

Pool#

AS8650

3.00%,

1/1/2047

332,163

323,187

Pool#

AS8692

3.50%,

1/1/2047

60,256

60,638

Pool#

BD2440

3.50%,

1/1/2047

20,869

20,937

Pool#

BE7115

4.50%,

1/1/2047

2,496

2,574

Pool#

BD5046

3.50%,

2/1/2047

20,318

20,384

Pool#

AS8979

4.50%,

3/1/2047

15,205

15,741

Pool#

BM3707

2.50%,

4/1/2047

43,902

41,235

Pool#

AS9467

4.00%,

4/1/2047

6,196

6,340

Pool#

AS9470

4.50%,

4/1/2047

48,221

49,920

Pool#

BH0304

4.50%,

4/1/2047

3,720

3,842

Pool#

AS9562

3.00%,

5/1/2047

27,277

26,662

Pool#

BM3237

3.50%,

5/1/2047

104,067

105,161

Pool#

AS9577

3.50%,

5/1/2047

86,013

86,429

Pool#

AS9586

4.00%,

5/1/2047

391,619

400,810

Pool#

BM1268

4.00%,

5/1/2047

122,258

125,095

Pool#

AS9794

3.50%,

6/1/2047

77,298

78,396

Pool#

BE3702

4.00%,

6/1/2047

36,288

37,002

Pool#

BM1295

4.50%,

6/1/2047

48,694

50,342

Pool#

BE9624

4.50%,

6/1/2047

20,952

21,506

Pool#

BM3801

3.00%,

7/1/2047

109,106

106,672

Pool#

AS9909

3.50%,

7/1/2047

61,857

62,510

Nationwide

Bond

Index

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

21

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BM3556

4.00%,

9/1/2047

24,687

25,399

Pool#

CA0623

4.50%,

10/1/2047

9,657

9,960

Pool#

BM3379

3.00%,

12/1/2047

200,355

195,890

Pool#

BJ1699

4.00%,

12/1/2047

78,520

80,767

Pool#

MA3238

3.50%,

1/1/2048

113,139

113,415

Pool#

MA3277

4.00%,

2/1/2048

83,694

85,317

Pool#

BK1972

4.50%,

3/1/2048

18,680

19,431

Pool#

MA3332

3.50%,

4/1/2048

87,872

88,283

Pool#

CA1510

3.50%,

4/1/2048

27,872

27,933

Pool#

CA1531

3.50%,

4/1/2048

27,494

27,868

Pool#

CA1560

4.50%,

4/1/2048

29,388

30,384

Pool#

CA1898

4.50%,

6/1/2048

55,598

57,511

Pool#

CA1951

4.00%,

7/1/2048

23,924

24,381

Pool#

BK6577

4.50%,

7/1/2048

4,752

4,874

Pool#

CA2376

4.00%,

9/1/2048

36,961

37,615

Pool#

MA3495

4.00%,

10/1/2048

71,066

72,420

Pool#

BM4664

4.50%,

10/1/2048

37,026

38,256

Pool#

FM1001

3.50%,

11/1/2048

13,265

13,317

Pool#

MA3521

4.00%,

11/1/2048

54,612

55,600

Pool#

MA3536

4.00%,

12/1/2048

55,723

56,683

Pool#

BN0340

4.50%,

12/1/2048

81,869

83,882

Pool#

CA2779

4.50%,

12/1/2048

38,769

40,135

Pool#

BN3944

4.00%,

1/1/2049

21,919

22,308

Pool#

CA3387

4.00%,

4/1/2049

80,877

82,585

Pool#

CA3489

4.00%,

5/1/2049

48,996

50,031

Pool#

MA3665

4.50%,

5/1/2049

77,471

79,613

Pool#

CA3669

4.00%,

6/1/2049

97,232

98,916

Pool#

CA3825

4.00%,

7/1/2049

28,883

29,529

Pool#

FM2887

3.00%,

3/1/2050

101,454

98,686

Pool#

FM0077

3.00%,

3/1/2050

49,152

47,553

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

CA5510

3.00%,

4/1/2050

163,186

158,047

Pool#

MA4077

2.00%,

7/1/2050

99,900

90,155

Pool#

CA6598

2.50%,

8/1/2050

343,697

321,408

Pool#

BQ4909

2.00%,

9/1/2050

871,438

786,286

Pool#

CA6985

2.00%,

9/1/2050

568,936

513,341

Pool#

FM4222

2.50%,

9/1/2050

670,134

631,245

Pool#

CA7572

2.50%,

10/1/2050

528,935

499,407

Pool#

CA7368

2.50%,

10/1/2050

414,920

387,950

Pool#

CA7369

2.50%,

10/1/2050

315,924

295,386

Pool#

MA4181

1.50%,

11/1/2050

477,366

411,930

Pool#

FM4808

2.50%,

11/1/2050

279,084

260,920

Pool#

CA8442

2.00%,

1/1/2051

1,077,791

973,799

Pool#

FM6031

2.00%,

2/1/2051

1,418,971

1,279,052

Pool#

CA8893

2.00%,

2/1/2051

430,800

388,393

Pool#

BQ9747

2.00%,

2/1/2051

364,644

328,790

Pool#

CA8823

2.00%,

2/1/2051

236,863

213,555

Pool#

FM6135

2.00%,

2/1/2051

154,774

139,594

Pool#

FM6554

2.00%,

3/1/2051

585,397

527,966

Pool#

FM6569

2.50%,

3/1/2051

635,989

594,438

Pool#

FM7677

2.50%,

3/1/2051

624,869

585,638

Pool#

FM6834

2.00%,

4/1/2051

729,666

658,101

Pool#

CB0235

2.00%,

4/1/2051

335,077

302,282

Pool#

CB0149

2.00%,

4/1/2051

221,375

199,590

Pool#

CB0400

2.00%,

5/1/2051

90,693

82,373

Pool#

CB0684

2.00%,

6/1/2051

347,576

313,549

Pool#

FM8630

1.50%,

7/1/2051

42,312

36,504

Pool#

CB1110

2.00%,

7/1/2051

91,313

82,297

Pool#

FM8160

2.50%,

7/1/2051

184,004

172,951

Pool#

FM8007

2.50%,

7/1/2051

112,574

105,162

Pool#

FM8011

2.50%,

8/1/2051

347,783

325,989

22

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

FM8441

2.50%,

8/1/2051

139,800

130,599

Pool#

CB1330

2.50%,

8/1/2051

116,129

108,481

Pool#

MA4399

2.50%,

8/1/2051

93,933

87,756

Pool#

FM8794

2.50%,

9/1/2051

345,043

322,274

Pool#

FM9082

2.00%,

10/1/2051

118,246

106,825

Pool#

CB1871

2.50%,

10/1/2051

417,580

389,977

Pool#

MA4464

1.50%,

11/1/2051

54,581

47,072

Pool#

MA4465

2.00%,

11/1/2051

742,993

669,624

Pool#

FM9450

2.00%,

11/1/2051

115,701

104,524

Pool#

FM9491

2.50%,

11/1/2051

48,507

45,302

Pool#

FM9494

2.50%,

11/1/2051

30,946

28,897

Pool#

FM9543

2.50%,

12/1/2051

502,694

469,564

Pool#

CB2410

2.50%,

12/1/2051

122,335

114,217

Pool#

FM9806

2.50%,

12/1/2051

106,992

99,921

Pool#

MA4512

2.50%,

1/1/2052

890,758

831,643

Pool#

BU9929

2.00%,

2/1/2052

270,238

243,430

Pool#

CB3351

2.50%,

4/1/2052

75,437

70,449

FNMA/FHLMC

UMBS,

15

Year,

Single

Family

TBA

1.50%,

8/25/2037

722,938

670,525

3.00%,

8/25/2037

100,000

99,283

3.50%,

8/25/2037

150,000

151,099

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

1.50%,

8/25/2052

225,000

193,737

2.50%,

8/25/2052

2,048,000

1,908,180

3.00%,

8/25/2052

25,000

24,074

3.50%,

8/25/2052

275,000

272,132

4.00%,

8/25/2052

175,000

175,868

4.50%,

8/25/2052

275,000

279,780

5.00%,

8/25/2052

400,000

410,828

3.50%,

9/25/2052

50,000

49,339

GNMA

I

Pool

Pool#

376510

7.00%,

5/15/2024

138

140

Pool#

457801

7.00%,

8/15/2028

957

989

Pool#

486936

6.50%,

2/15/2029

400

422

Pool#

502969

6.00%,

3/15/2029

1,202

1,263

Pool#

487053

7.00%,

3/15/2029

466

484

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

781014

6.00%,

4/15/2029

945

997

Pool#

509099

7.00%,

6/15/2029

1,736

1,755

Pool#

470643

7.00%,

7/15/2029

4,547

4,601

Pool#

434505

7.50%,

8/15/2029

30

30

Pool#

781124

7.00%,

12/15/2029

3,322

3,585

Pool#

507396

7.50%,

9/15/2030

21,669

22,093

Pool#

531352

7.50%,

9/15/2030

1,400

1,421

Pool#

536334

7.50%,

10/15/2030

102

103

Pool#

540659

7.00%,

1/15/2031

476

478

Pool#

486019

7.50%,

1/15/2031

519

529

Pool#

535388

7.50%,

1/15/2031

326

328

Pool#

528589

6.50%,

3/15/2031

5,751

6,064

Pool#

508473

7.50%,

4/15/2031

2,142

2,205

Pool#

544470

8.00%,

4/15/2031

1,092

1,094

Pool#

781287

7.00%,

5/15/2031

1,571

1,701

Pool#

781319

7.00%,

7/15/2031

485

539

Pool#

485879

7.00%,

8/15/2031

2,053

2,136

Pool#

572554

6.50%,

9/15/2031

24,822

26,171

Pool#

781328

7.00%,

9/15/2031

1,468

1,591

Pool#

550991

6.50%,

10/15/2031

307

323

Pool#

571267

7.00%,

10/15/2031

200

207

Pool#

555171

6.50%,

12/15/2031

760

801

Pool#

781380

7.50%,

12/15/2031

499

551

Pool#

781481

7.50%,

1/15/2032

2,261

2,502

Pool#

580972

6.50%,

2/15/2032

105

111

Pool#

781401

7.50%,

2/15/2032

1,558

1,695

Pool#

781916

6.50%,

3/15/2032

18,546

19,681

Pool#

552474

7.00%,

3/15/2032

2,415

2,569

Pool#

781478

7.50%,

3/15/2032

899

985

Pool#

781429

8.00%,

3/15/2032

1,616

1,773

Nationwide

Bond

Index

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

23

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

781431

7.00%,

4/15/2032

5,841

6,421

Pool#

552616

7.00%,

6/15/2032

22,638

24,072

Pool#

570022

7.00%,

7/15/2032

8,472

9,146

Pool#

595077

6.00%,

10/15/2032

2,773

3,041

Pool#

552903

6.50%,

11/15/2032

35,094

37,260

Pool#

552952

6.00%,

12/15/2032

2,124

2,238

Pool#

602102

6.00%,

2/15/2033

9,141

9,616

Pool#

588192

6.00%,

2/15/2033

2,523

2,661

Pool#

553144

5.50%,

4/15/2033

7,487

8,075

Pool#

604243

6.00%,

4/15/2033

3,543

3,837

Pool#

611526

6.00%,

5/15/2033

5,108

5,368

Pool#

553320

6.00%,

6/15/2033

10,043

10,921

Pool#

604788

6.50%,

11/15/2033

32,731

34,510

Pool#

781688

6.00%,

12/15/2033

14,706

16,241

Pool#

604875

6.00%,

12/15/2033

13,879

15,223

Pool#

781690

6.00%,

12/15/2033

5,640

6,230

Pool#

781699

7.00%,

12/15/2033

1,885

1,986

Pool#

621856

6.00%,

1/15/2034

5,730

6,022

Pool#

564799

6.00%,

3/15/2034

7,612

7,999

Pool#

630038

6.50%,

8/15/2034

20,089

21,181

Pool#

781804

6.00%,

9/15/2034

14,378

15,874

Pool#

781847

6.00%,

12/15/2034

10,757

11,886

Pool#

486921

5.50%,

2/15/2035

3,790

4,107

Pool#

781902

6.00%,

2/15/2035

15,150

16,665

Pool#

649510

5.50%,

10/15/2035

52,308

55,753

Pool#

652207

5.50%,

3/15/2036

27,582

28,840

Pool#

655519

5.00%,

5/15/2036

12,858

13,329

Pool#

652539

5.00%,

5/15/2036

4,466

4,630

Pool#

606308

5.50%,

5/15/2036

4,607

4,837

Pool#

656666

6.00%,

6/15/2036

10,582

11,223

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

657912

6.50%,

8/15/2036

2,843

2,997

Pool#

704630

5.50%,

7/15/2039

13,630

14,562

Pool#

757039

4.00%,

12/15/2040

129,198

132,948

Pool#

757038

4.00%,

12/15/2040

125,433

129,074

Pool#

755656

4.00%,

12/15/2040

42,104

43,733

Pool#

757044

4.00%,

12/15/2040

41,634

43,174

Pool#

742235

4.00%,

12/15/2040

32,927

33,874

Pool#

755655

4.00%,

12/15/2040

24,515

25,459

Pool#

757043

4.00%,

12/15/2040

19,092

19,641

Pool#

756631

4.00%,

12/15/2040

13,143

13,650

Pool#

755959

4.00%,

1/15/2041

92,113

95,711

Pool#

742244

4.00%,

1/15/2041

78,709

80,976

Pool#

753826

4.00%,

1/15/2041

38,433

39,450

Pool#

690662

4.00%,

1/15/2041

31,080

31,891

Pool#

719486

4.00%,

1/15/2041

7,426

7,594

Pool#

757555

4.00%,

2/15/2041

21,873

22,598

Pool#

757557

4.00%,

2/15/2041

12,329

12,622

Pool#

AD6012

3.50%,

4/15/2043

233,500

238,166

Pool#

AA6307

3.50%,

4/15/2043

67,264

68,006

Pool#

AA6403

3.00%,

5/15/2043

338,665

333,742

Pool#

783781

3.50%,

6/15/2043

72,898

74,349

Pool#

784015

3.00%,

7/15/2043

18,602

18,274

Pool#

784714

3.00%,

1/15/2044

96,262

94,576

Pool#

784458

3.50%,

12/15/2047

198,046

201,773

GNMA

II

Pool

Pool#

3851

5.50%,

5/20/2036

73,335

78,181

Pool#

4559

5.00%,

10/20/2039

101,326

107,630

Pool#

737727

4.00%,

12/20/2040

414,734

426,328

Pool#

737730

4.00%,

12/20/2040

121,357

124,729

Pool#

4923

4.50%,

1/20/2041

68,039

72,004

24

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

4978

4.50%,

3/20/2041

9,604

9,987

Pool#

5017

4.50%,

4/20/2041

99,468

104,414

Pool#

5082

4.50%,

6/20/2041

175,512

184,233

Pool#

675523

3.50%,

3/20/2042

158,516

158,614

Pool#

MA0462

3.50%,

10/20/2042

252,823

255,649

Pool#

MA0625

3.50%,

12/20/2042

193,707

196,821

Pool#

MA0698

3.00%,

1/20/2043

162,668

160,980

Pool#

AF1001

3.50%,

6/20/2043

128,469

128,580

Pool#

AJ9335

3.50%,

10/20/2044

9,423

9,431

Pool#

MA2754

3.50%,

4/20/2045

93,756

95,003

Pool#

MA2824

2.50%,

5/20/2045

135,735

129,078

Pool#

MA2825

3.00%,

5/20/2045

192,364

190,369

Pool#

MA2891

3.00%,

6/20/2045

504,171

498,940

Pool#

MA2960

3.00%,

7/20/2045

168,594

166,845

Pool#

MA3172

3.00%,

10/20/2045

59,599

58,981

Pool#

MA3173

3.50%,

10/20/2045

3,674

3,714

Pool#

MA3243

3.00%,

11/20/2045

53,248

52,696

Pool#

MA3244

3.50%,

11/20/2045

69,365

70,039

Pool#

784098

3.00%,

12/20/2045

277,637

274,738

Pool#

784119

3.00%,

2/20/2046

222,449

220,126

Pool#

MA3520

3.00%,

3/20/2046

189,343

187,381

Pool#

MA3521

3.50%,

3/20/2046

159,724

161,496

Pool#

MA3735

3.00%,

6/20/2046

180,653

178,619

Pool#

MA3876

4.50%,

8/20/2046

6,315

6,655

Pool#

MA3939

4.50%,

9/20/2046

3,793

3,906

Pool#

MA4125

2.50%,

12/20/2046

53,216

50,472

Pool#

MA4126

3.00%,

12/20/2046

614,075

607,702

Pool#

MA4194

2.50%,

1/20/2047

131,071

124,315

Pool#

MA4196

3.50%,

1/20/2047

18,024

18,207

Pool#

MA4264

4.50%,

2/20/2047

6,725

7,024

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

MA4321

3.50%,

3/20/2047

234,422

235,889

Pool#

AZ1974

3.50%,

4/20/2047

92,865

92,968

Pool#

MA4384

4.50%,

4/20/2047

5,859

6,104

Pool#

MA4512

4.50%,

6/20/2047

16,676

17,227

Pool#

MA4652

3.50%,

8/20/2047

65,810

66,292

Pool#

MA4836

3.00%,

11/20/2047

99,481

97,917

Pool#

784421

3.50%,

12/20/2047

201,276

200,557

Pool#

MA4900

3.50%,

12/20/2047

144,201

145,087

Pool#

784480

3.50%,

4/20/2048

55,294

56,675

Pool#

784481

3.50%,

4/20/2048

10,670

10,682

Pool#

MA5331

4.50%,

7/20/2048

45,296

46,704

Pool#

BK2856

4.50%,

12/20/2048

4,401

4,490

Pool#

MA5818

4.50%,

3/20/2049

27,892

28,608

Pool#

MA6092

4.50%,

8/20/2049

26,449

27,140

Pool#

MA6409

3.00%,

1/20/2050

238,797

233,402

Pool#

MA6764

2.00%,

7/20/2050

63,966

59,143

Pool#

MA6818

2.00%,

8/20/2050

511,168

472,573

Pool#

BW4732

2.50%,

8/20/2050

406,599

382,350

Pool#

BW6206

2.50%,

8/20/2050

391,908

368,544

Pool#

BW4741

2.50%,

9/20/2050

392,013

368,648

Pool#

MA7051

2.00%,

12/20/2050

393,798

363,825

Pool#

MA7311

2.00%,

4/20/2051

1,761,413

1,626,314

Pool#

MA7472

2.50%,

7/20/2051

684,452

651,008

Pool#

MA7767

2.50%,

12/20/2051

122,159

116,083

GNMA

TBA

2.00%,

8/15/2052

200,000

183,687

2.50%,

8/15/2052

1,770,000

1,676,263

Total

Mortgage-Backed

Securities

(cost

$76,197,820)

72,244,030

Nationwide

Bond

Index

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

25

Municipal

Bonds

0

.9

%

Principal

Amount

($)

Value

($)

California

0

.2

%

Bay

Area

Toll

Authority,

RB,

6.91%,

10/1/2050

25,000

34,400

Los

Angeles

Unified

School

District,

GO,

Series

RY,

6.76%,

7/1/2034

100,000

121,303

Los

Angeles,

Department

of

Water

&

Power,

RB,

Series

D,

6.57%,

7/1/2045

100,000

129,685

Santa

Clara

Valley

Transportation

Authority,

RB,

Series

A,

5.88%,

4/1/2032

100,000

110,880

State

of

California,

GO,

7.63%,

3/1/2040

100,000

135,773

University

of

California,

RB

3.06%,

7/1/2025

50,000

49,815

Series

R,

5.77%,

5/15/2043

50,000

57,055

638,911

Georgia

0

.0

%

†

Municipal

Electric

Authority

of

Georgia,

Refunding,

RB,

Series

A,

6.66%,

4/1/2057

44,000

53,295

Illinois

0

.1

%

Chicago

O'Hare

International

Airport,

RB,

Series

C,

4.57%,

1/1/2054

35,000

36,263

State

of

Illinois,

GO,

5.10%,

6/1/2033

185,000

188,682

224,945

Nebraska

0

.0

%

†

University

of

Nebraska

Facilities

Corp,

RB,

Series

A,

3.04%,

10/1/2049

55,000

43,319

New

Jersey

0

.1

%

New

Jersey

Economic

Development

Authority,

RB,

NATL-RE

Insured,

Series

A,

7.43%,

2/15/2029

150,000

170,965

New

Jersey

State

Turnpike

Authority,

RB,

Series

F,

7.41%,

1/1/2040

115,000

155,606

326,571

New

York

0

.2

%

Metropolitan

Transportation

Authority,

RB,

5.18%,

11/15/2049

25,000

25,687

New

York

City

Transitional

Finance

Authority,

Future

Tax

Secured,

RB,

Series

B-1,

5.57%,

11/1/2038

100,000

112,599

New

York

City

Transitional

Finance

Authority,

RB,

Series

CC,

5.88%,

6/15/2044

25,000

30,749

Municipal

Bonds

Principal

Amount

($)

Value

($)

New

York

New

York

State

Dormitory

Authority,

RB,

Series

F,

3.11%,

2/15/2039

100,000

87,227

New

York

State

Thruway

Authority,

RB,

2.90%,

1/1/2035

50,000

45,028

Port

Authority

of

New

York

&

New

Jersey,

RB,

6.04%,

12/1/2029

100,000

114,515

415,805

Ohio

0

.1

%

JobsOhio

Beverage

System,

RB,

Series

B,

4.53%,

1/1/2035

100,000

105,144

Ohio

State

University

(The),

RB,

Series

C,

4.91%,

6/1/2040

100,000

111,356

216,500

Texas

0

.2

%

Dallas

Independent

School

District,

Texas

School

Building,

GO,

PSF-GTD,

Series

C,

6.45%,

2/15/2035

150,000

155,818

Dallas/Fort

Worth

International

Airport,

RB,

Series

A,

2.99%,

11/1/2038

50,000

44,246

Grand

Parkway

Transportation

Corp.,

RB,

Series

B,

3.24%,

10/1/2052

25,000

20,410

Texas

State

Taxable

Build

America

Bond,

GO,

Series

A,

5.52%,

4/1/2039

50,000

57,933

Texas

Transportation

Commission,

RB,

5.18%,

4/1/2030

100,000

108,895

387,302

Wisconsin

0

.0

%

†

State

of

Wisconsin

Bond,

RB,

Series

C,

3.15%,

5/1/2027

20,000

19,763

Total

Municipal

Bonds

(cost

$2,312,220)

2,326,411

Supranational

1

.3

%

Asian

Development

Bank

1.50%,

10/18/2024

500,000

484,095

2.50%,

11/2/2027

250,000

245,760

2.75%,

1/19/2028

200,000

198,894

3.13%,

9/26/2028

75,000

76,022

European

Investment

Bank

2.63%,

3/15/2024

500,000

497,007

1.63%,

3/14/2025

200,000

193,599

0.38%,

3/26/2026

100,000

91,170

26

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Bond

Index

Fund

Supranational

Principal

Amount

($)

Value

($)

Inter-American

Development

Bank,

1.13%,

1/13/2031

50,000

43,498

International

Bank

for

Reconstruction

&

Development

0.63%,

4/22/2025

500,000

470,022

2.50%,

7/29/2025

250,000

246,818

1.75%,

10/23/2029

250,000

231,346

International

Finance

Corp.,

1.38%,

10/16/2024

250,000

242,280

Nordic

Investment

Bank,

2.25%,

5/21/2024

200,000

198,300

Total

Supranational

(cost

$3,352,158)

3,218,811

U.S.

Government

Agency

Securities

1

.5

%

FHLB

3.13%,

6/13/2025

475,000

478,650

5.50%,

7/15/2036

200,000

249,565

FHLMC

0.25%,

6/26/2023

200,000

194,879

0.25%,

8/24/2023

605,000

587,631

0.25%,

12/4/2023

205,000

197,763

0.38%,

7/21/2025

65,000

60,402

6.75%,

3/15/2031

200,000

256,459

6.25%,

7/15/2032

165,000

210,741

FNMA

2.63%,

9/6/2024

200,000

198,674

0.50%,

6/17/2025

500,000

467,464

6.25%,

5/15/2029

300,000

361,841

7.25%,

5/15/2030

200,000

260,294

0.88%,

8/5/2030

280,000

238,951

Tennessee

Valley

Authority,

4.88%,

1/15/2048

200,000

229,148

Total

U.S.

Government

Agency

Securities

(cost

$4,000,396)

3,992,462

U.S.

Treasury

Obligations

39

.1

%

U.S.

Treasury

Bonds

6.25%,

8/15/2023

869,000

898,159

6.00%,

2/15/2026

(a)

444,500

491,832

5.50%,

8/15/2028

300,000

345,727

5.25%,

11/15/2028

500,000

571,914

4.50%,

2/15/2036

(a)

400,000

485,109

4.75%,

2/15/2037

(a)

400,000

498,688

4.50%,

5/15/2038

500,000

610,527

4.50%,

8/15/2039

185,000

224,645

4.38%,

11/15/2039

480,000

572,775

1.13%,

5/15/2040

500,000

357,246

3.88%,

8/15/2040

400,000

445,141

1.38%,

11/15/2040

300,000

221,613

4.25%,

11/15/2040

200,000

232,922

1.75%,

8/15/2041

500,000

390,625

3.75%,

8/15/2041

250,000

270,439

2.00%,

11/15/2041

250,000

204,102

3.13%,

11/15/2041

600,000

592,266

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Bonds

2.38%,

2/15/2042

100,000

87,094

3.13%,

2/15/2042

250,000

246,055

2.75%,

11/15/2042

800,000

734,969

3.13%,

2/15/2043

750,000

730,049

2.88%,

5/15/2043

900,000

841,113

3.63%,

8/15/2043

500,000

525,527

3.75%,

11/15/2043

850,000

909,467

3.63%,

2/15/2044

700,000

735,055

3.13%,

8/15/2044

400,000

387,422

3.00%,

11/15/2044

350,000

331,721

3.00%,

5/15/2045

400,000

378,969

2.50%,

5/15/2046

(a)

400,000

346,703

2.25%,

8/15/2046

300,000

247,172

2.88%,

11/15/2046

275,000

255,739

3.00%,

2/15/2047

400,000

381,031

3.00%,

5/15/2047

400,000

381,359

2.75%,

8/15/2047

500,000

456,035

3.00%,

8/15/2048

350,000

338,064

2.88%,

5/15/2049

400,000

381,750

2.25%,

8/15/2049

500,000

420,508

2.38%,

11/15/2049

550,000

475,922

2.00%,

2/15/2050

500,000

397,305

1.25%,

5/15/2050

800,000

522,156

1.38%,

8/15/2050

900,000

607,219

1.63%,

11/15/2050

250,000

180,195

1.88%,

2/15/2051

950,000

730,238

2.38%,

5/15/2051

1,000,000

864,648

2.00%,

8/15/2051

700,000

554,668

1.88%,

11/15/2051

900,000

692,578

2.25%,

2/15/2052

(a)

800,000

674,625

2.88%,

5/15/2052

600,000

580,313

U.S.

Treasury

Notes

2.50%,

8/15/2023

800,000

796,125

1.38%,

8/31/2023

500,000

491,582

2.75%,

8/31/2023

1,000,000

997,656

0.25%,

11/15/2023

1,000,000

966,250

2.13%,

11/30/2023

(a)

900,000

890,402

0.75%,

12/31/2023

500,000

484,766

2.25%,

12/31/2023

(a)

1,000,000

989,961

2.25%,

1/31/2024

1,800,000

1,780,875

2.50%,

1/31/2024

1,000,000

993,281

0.13%,

2/15/2024

1,000,000

957,773

2.75%,

2/15/2024

500,000

498,398

2.25%,

3/31/2024

500,000

494,238

2.00%,

4/30/2024

500,000

491,973

2.25%,

4/30/2024

700,000

691,852

2.50%,

4/30/2024

100

99

2.50%,

5/15/2024

700,000

694,723

2.00%,

5/31/2024

1,000,000

983,750

2.00%,

6/30/2024

(a)

500,000

491,680

2.13%,

7/31/2024

500,000

492,461

0.38%,

8/15/2024

1,000,000

950,078

2.38%,

8/15/2024

250,000

247,344

1.88%,

8/31/2024

1,000,000

979,141

0.38%,

9/15/2024

500,000

474,180

1.50%,

9/30/2024

500,000

485,430

2.13%,

9/30/2024

500,000

492,187

0.63%,

10/15/2024

1,000,000

952,148

1.50%,

10/31/2024

1,000,000

970,273

2.25%,

10/31/2024

1,000,000

986,484

Nationwide

Bond

Index

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

27

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Notes

0.75%,

11/15/2024

500,000

476,445

2.25%,

11/15/2024

660,000

650,951

2.13%,

11/30/2024

1,200,000

1,179,469

1.38%,

1/31/2025

600,000

578,437

2.50%,

1/31/2025

500,000

495,449

2.00%,

2/15/2025

500,000

489,590

0.50%,

3/31/2025

700,000

657,863

2.63%,

3/31/2025

700,000

695,980

2.63%,

4/15/2025

300,000

298,113

0.38%,

4/30/2025

500,000

467,402

2.13%,

5/15/2025

600,000

588,352

2.75%,

5/15/2025

500,000

498,594

0.25%,

5/31/2025

500,000

464,844

0.25%,

6/30/2025

500,000

464,004

2.75%,

6/30/2025

750,000

748,418

3.00%,

7/15/2025

700,000

703,500

2.88%,

7/31/2025

750,000

750,879

2.00%,

8/15/2025

500,000

487,832

0.25%,

8/31/2025

1,000,000

924,023

3.00%,

10/31/2025

800,000

804,219

2.25%,

11/15/2025

1,500,000

1,473,457

0.38%,

11/30/2025

1,500,000

1,384,570

0.38%,

12/31/2025

1,200,000

1,105,641

0.38%,

1/31/2026

1,000,000

919,688

2.63%,

1/31/2026

750,000

745,898

1.63%,

2/15/2026

400,000

384,250

0.75%,

3/31/2026

500,000

464,746

0.63%,

7/31/2026

1,000,000

919,609

1.50%,

8/15/2026

400,000

380,641

0.75%,

8/31/2026

1,000,000

923,164

1.38%,

8/31/2026

1,500,000

1,420,488

1.63%,

9/30/2026

1,000,000

956,367

1.63%,

10/31/2026

1,000,000

955,469

2.00%,

11/15/2026

1,000,000

969,453

1.25%,

12/31/2026

700,000

657,125

1.50%,

1/31/2027

800,000

758,781

2.25%,

2/15/2027

800,000

782,906

1.13%,

2/28/2027

1,000,000

931,094

1.88%,

2/28/2027

700,000

674,871

0.63%,

3/31/2027

(a)

1,000,000

908,594

2.50%,

3/31/2027

(a)

600,000

594,352

0.50%,

4/30/2027

1,000,000

901,328

2.75%,

4/30/2027

450,000

450,668

2.38%,

5/15/2027

500,000

491,836

2.63%,

5/31/2027

700,000

697,703

2.75%,

7/31/2027

300,000

300,750

0.50%,

8/31/2027

500,000

447,324

0.38%,

9/30/2027

500,000

443,516

2.25%,

11/15/2027

870,000

848,590

0.63%,

11/30/2027

250,000

223,838

0.63%,

12/31/2027

500,000

446,855

0.75%,

1/31/2028

500,000

449,395

2.75%,

2/15/2028

1,000,000

999,844

1.13%,

2/29/2028

1,000,000

917,109

1.25%,

3/31/2028

500,000

460,723

1.25%,

4/30/2028

700,000

644,301

2.88%,

5/15/2028

1,000,000

1,006,875

1.25%,

5/31/2028

500,000

459,746

1.25%,

6/30/2028

700,000

642,934

1.00%,

7/31/2028

1,000,000

903,867

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Notes

2.88%,

8/15/2028

1,000,000

1,006,953

1.25%,

9/30/2028

500,000

457,773

1.38%,

10/31/2028

500,000

460,957

1.50%,

11/30/2028

500,000

464,102

1.75%,

1/31/2029

500,000

471,445

2.63%,

2/15/2029

657,000

653,202

2.38%,

3/31/2029

(a)

800,000

782,688

2.88%,

4/30/2029

350,000

353,377

2.38%,

5/15/2029

100,000

97,887

2.75%,

5/31/2029

500,000

500,938

2.63%,

7/31/2029

200,000

199,031

1.63%,

8/15/2029

500,000

466,660

1.75%,

11/15/2029

500,000

470,488

1.50%,

2/15/2030

(a)

1,000,000

921,289

0.63%,

8/15/2030

1,200,000

1,024,125

0.88%,

11/15/2030

800,000

695,688

1.13%,

2/15/2031

1,600,000

1,416,313

1.63%,

5/15/2031

1,700,000

1,564,332

1.25%,

8/15/2031

500,000

443,887

1.38%,

11/15/2031

1,200,000

1,073,625

1.88%,

2/15/2032

750,000

700,078

2.88%,

5/15/2032

1,200,000

1,221,562

Total

U.S.

Treasury

Obligations

(cost

$107,599,419)

101,453,639

Repurchase

Agreement

1

.3

%

CF

Secured,

LLC

2.24%,

dated

7/29/2022,

due

8/1/2022,

repurchase

price

$3,228,662,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.50%,

maturing

9/30/2022

-

5/15/2052;

total

market

value

$3,293,235.

(f)

3,228,059

3,228,059

Total

Repurchase

Agreement

(cost

$3,228,059)

3,228,059

Total

Investments

(cost

$275,173,001)

—

100.1%

259,584,206

Liabilities

in

excess

of

other

assets

—

(0.1)%

(

347,764

)

NET

ASSETS

—

100.0%

$

259,236,442

28

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Bond

Index

Fund

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

July

31,

2022.

The

total

value

of

securities

on

loan

as

of

July

31,

2022

was

$11,461,549,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$3,228,059

and

by

$8,559,025

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

9/15/2022

–

5/15/2052,

a

total

value

of

$11,787,084.

(b)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

July

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

July

31,

2022

was

$708,709

which

represents

0.27%

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

July

31,

2022.

(e)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

July

31,

2022.

(f)

Security

or

a

portion

of

the

security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

July

31,

2022

was

$3,228,059.

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

Nationwide

Bond

Index

Fund

-

July

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

-

July

31,

2022

(Unaudited)

-

Nationwide

Bond

Index

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

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

$

–

$

618,800

$

–

$

618,800

Commercial

Mortgage-Backed

Securities

–

5,235,422

–

5,235,422

Corporate

Bonds

–

63,358,373

–

63,358,373

Foreign

Government

Securities

–

3,908,199

–

3,908,199

Mortgage-Backed

Securities

–

72,244,030

–

72,244,030

Municipal

Bonds

–

2,326,411

–

2,326,411

Repurchase

Agreement

–

3,228,059

–

3,228,059

Supranational

–

3,218,811

–

3,218,811

U.S.

Government

Agency

Securities

–

3,992,462

–

3,992,462

U.S.

Treasury

Obligations

–

101,453,639

–

101,453,639

Total

$

–

$

259,584,206

$

–

$

259,584,206

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

International

Index

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

31

Common

Stocks

98.5%

Shares

Value

($)

AUSTRALIA

8.6%

Airlines

0.0%

†

Qantas

Airways

Ltd.*

66,807

214,222

Banks

2.0%

Australia

&

New

Zealand

Banking

Group

Ltd.

201,363

3,236,514

Australia

&

New

Zealand

Banking

Group

Ltd.*∞

13,424

214,787

Commonwealth

Bank

of

Australia

122,638

8,674,485

National

Australia

Bank

Ltd.

233,108

4,994,227

Westpac

Banking

Corp.

250,609

3,772,992

20,893,005

Beverages

0.0%

†

Treasury

Wine

Estates

Ltd.

51,239

439,907

Biotechnology

0.7%

CSL

Ltd.(a)

34,767

7,060,682

Capital

Markets

0.4%

ASX

Ltd.

13,675

847,598

Macquarie

Group

Ltd.

26,088

3,307,174

4,154,772

Chemicals

0.0%

†

Orica

Ltd.

29,622

348,463

Commercial

Services

&

Supplies

0.1%

Brambles

Ltd.

102,091

819,831

Diversified

Consumer

Services

0.0%

†

IDP

Education

Ltd.(a)

15,965

320,535

Diversified

Telecommunication

Services

0.1%

Telstra

Corp.

Ltd.

295,728

805,475

Electric

Utilities

0.1%

Origin

Energy

Ltd.(a)

128,288

532,277

Equity

Real

Estate

Investment

Trusts

(REITs)

0.5%

Dexus

76,323

509,204

Goodman

Group

122,392

1,778,407

GPT

Group

(The)

137,886

438,836

Mirvac

Group

301,511

454,008

Scentre

Group

366,575

745,810

Stockland

162,554

437,941

Vicinity

Centres

293,591

426,374

4,790,580

Food

&

Staples

Retailing

0.4%

Coles

Group

Ltd.

96,779

1,272,156

Endeavour

Group

Ltd.

101,442

563,069

Woolworths

Group

Ltd.

88,058

2,312,276

4,147,501

Gas

Utilities

0.1%

APA

Group

83,979

685,438

Health

Care

Equipment

&

Supplies

0.1%

Cochlear

Ltd.

4,628

694,209

Health

Care

Providers

&

Services

0.1%

Ramsay

Health

Care

Ltd.

13,140

643,990

Sonic

Healthcare

Ltd.

32,488

779,387

1,423,377

Hotels,

Restaurants

&

Leisure

0.2%

Aristocrat

Leisure

Ltd.

43,036

1,067,509

Domino's

Pizza

Enterprises

Ltd.(a)

4,581

232,505

Common

Stocks

Shares

Value

($)

AUSTRALIA

Hotels,

Restaurants

&

Leisure

Lottery

Corp.

Ltd.

(The)*

168,024

535,087

1,835,101

Insurance

0.2%

Insurance

Australia

Group

Ltd.

186,532

582,825

Medibank

Pvt

Ltd.(a)

198,165

473,205

QBE

Insurance

Group

Ltd.

105,437

853,536

Suncorp

Group

Ltd.

90,132

705,874

2,615,440

Interactive

Media

&

Services

0.1%

REA

Group

Ltd.(a)

3,771

331,414

SEEK

Ltd.

22,940

369,872

701,286

IT

Services

0.1%

Computershare

Ltd.

39,578

694,814

Metals

&

Mining

2.4%

BHP

Group

Ltd.

364,750

10,035,552

BlueScope

Steel

Ltd.

33,977

395,435

Evolution

Mining

Ltd.

138,523

258,182

Fortescue

Metals

Group

Ltd.

119,745

1,539,335

Glencore

plc*

716,584

4,049,711

Mineral

Resources

Ltd.

12,841

483,833

Newcrest

Mining

Ltd.

64,540

878,163

Northern

Star

Resources

Ltd.

83,956

466,160

Rio

Tinto

Ltd.

26,374

1,807,568

Rio

Tinto

plc

81,090

4,880,709

South32

Ltd.

343,759

917,909

25,712,557

Multiline

Retail

0.3%

Wesfarmers

Ltd.

80,967

2,641,164

Oil,

Gas

&

Consumable

Fuels

0.5%

Ampol

Ltd.

17,112

404,627

Santos

Ltd.

235,003

1,209,847

Washington

H

Soul

Pattinson

&

Co.

Ltd.(a)

16,357

294,471

Woodside

Energy

Group

Ltd.

107,641

2,421,630

Woodside

Energy

Group

Ltd.

28,916

654,978

4,985,553

Real

Estate

Management

&

Development

0.0%

†

Lendlease

Corp.

Ltd.

48,413

349,072

Road

&

Rail

0.0%

†

Aurizon

Holdings

Ltd.

129,780

365,677

Software

0.0%

†

WiseTech

Global

Ltd.

10,322

366,185

Trading

Companies

&

Distributors

0.0%

†

Reece

Ltd.

16,184

173,398

Transportation

Infrastructure

0.2%

Transurban

Group

223,395

2,270,892

90,041,413

AUSTRIA

0.2%

Banks

0.1%

Erste

Group

Bank

AG

24,757

626,898

Electric

Utilities

0.0%

†

Verbund

AG

4,821

529,537

32

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

International

Index

Fund

Common

Stocks

Shares

Value

($)

AUSTRIA

Metals

&

Mining

0.0%

†

voestalpine

AG

8,782

196,977

Oil,

Gas

&

Consumable

Fuels

0.0%

†

OMV

AG

11,150

473,121

Paper

&

Forest

Products

0.1%

Mondi

plc

33,959

645,882

2,472,415

BELGIUM

0.8%

Banks

0.1%

KBC

Group

NV

18,115

950,275

Beverages

0.3%

Anheuser-Busch

InBev

SA/

NV

62,903

3,369,616

Chemicals

0.1%

Solvay

SA

5,228

458,798

Umicore

SA

14,384

520,955

979,753

Distributors

0.0%

†

D'ieteren

Group

1,781

291,463

Diversified

Financial

Services

0.1%

Groupe

Bruxelles

Lambert

SA

3,833

338,877

Groupe

Bruxelles

Lambert

SA

3,442

303,193

Sofina

SA

1,095

256,238

898,308

Diversified

Telecommunication

Services

0.0%

†

Proximus

SADP

11,004

152,446

Electric

Utilities

0.0%

†

Elia

Group

SA/NV

2,435

369,852

Equity

Real

Estate

Investment

Trusts

(REITs)

0.0%

†

Warehouses

De

Pauw

CVA

10,647

361,534

Insurance

0.1%

Ageas

SA/NV

12,157

529,919

Pharmaceuticals

0.1%

UCB

SA

9,088

710,890

8,614,056

BRAZIL

0.1%

Chemicals

0.1%

Yara

International

ASA

12,281

523,036

CHILE

0.0%

†

Metals

&

Mining

0.0%

†

Antofagasta

plc

27,899

395,157

CHINA

0.7%

Banks

0.1%

BOC

Hong

Kong

Holdings

Ltd.

264,600

957,571

Beverages

0.0%

†

Budweiser

Brewing

Co.

APAC

Ltd.

Reg.

S(b)

119,400

332,191

Building

Products

0.0%

†

Xinyi

Glass

Holdings

Ltd.

138,000

272,778

Common

Stocks

Shares

Value

($)

CHINA

Capital

Markets

0.0%

†

Futu

Holdings

Ltd.,

ADR*

4,142

172,307

Food

Products

0.1%

Wilmar

International

Ltd.

145,258

423,432

Internet

&

Direct

Marketing

Retail

0.4%

Prosus

NV*

59,372

3,899,759

Marine

0.0%

†

SITC

International

Holdings

Co.

Ltd.

91,000

310,116

Real

Estate

Management

&

Development

0.1%

ESR

Group

Ltd.

Reg.

S*(b)

143,000

371,500

Specialty

Retail

0.0%

†

Chow

Tai

Fook

Jewellery

Group

Ltd.

143,800

285,307

7,024,961

DENMARK

2.8%

Air

Freight

&

Logistics

0.2%

DSV

A/S

13,743

2,309,997

Banks

0.1%

Danske

Bank

A/S

48,890

682,376

Beverages

0.1%

Carlsberg

A/S

,

Class

B

7,169

928,428

Biotechnology

0.2%

Genmab

A/S*

4,794

1,706,991

Building

Products

0.0%

†

ROCKWOOL

A/S

,

Class

B

661

163,572

Chemicals

0.1%

Chr

Hansen

Holding

A/S

7,418

485,155

Novozymes

A/S

,

Class

B

14,681

937,146

1,422,301

Electric

Utilities

0.1%

Orsted

A/S

Reg.

S(b)

13,804

1,605,627

Electrical

Equipment

0.2%

Vestas

Wind

Systems

A/S

73,608

1,925,759

Health

Care

Equipment

&

Supplies

0.1%

Coloplast

A/S

,

Class

B

8,596

1,004,009

Demant

A/S*

6,363

242,584

GN

Store

Nord

A/S

9,117

317,393

1,563,986

Insurance

0.1%

Tryg

A/S

27,081

616,401

Marine

0.2%

AP

Moller

-

Maersk

A/S

,

Class

A

217

579,832

AP

Moller

-

Maersk

A/S

,

Class

B

383

1,045,377

1,625,209

Pharmaceuticals

1.4%

Novo

Nordisk

A/S

,

Class

B

121,303

14,266,192

Textiles,

Apparel

&

Luxury

Goods

0.0%

†

Pandora

A/S

6,774

500,946

29,317,785

Nationwide

International

Index

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

33

Common

Stocks

Shares

Value

($)

FINLAND

1.2%

Banks

0.2%

Nordea

Bank

Abp

236,859

2,334,225

2,334,225

Communications

Equipment

0.2%

Nokia

OYJ

393,299

2,058,992

Diversified

Telecommunication

Services

0.1%

Elisa

OYJ

10,757

594,683

Electric

Utilities

0.0%

†

Fortum

OYJ

30,795

343,444

Food

&

Staples

Retailing

0.0%

†

Kesko

OYJ

,

Class

B

20,479

506,889

Insurance

0.2%

Sampo

OYJ

,

Class

A

36,418

1,571,761

Machinery

0.1%

Kone

OYJ

,

Class

B

24,576

1,121,078

Wartsila

OYJ

Abp

(a)

31,322

274,686

1,395,764

Oil,

Gas

&

Consumable

Fuels

0.2%

Neste

OYJ

30,807

1,581,733

Paper

&

Forest

Products

0.2%

Stora

Enso

OYJ

,

Class

R

41,352

638,584

UPM-

Kymmene

OYJ

38,801

1,228,121

1,866,705

Pharmaceuticals

0.0%

†

Orion

OYJ

,

Class

B

7,335

349,861

12,604,057

FRANCE

10.3%

Aerospace

&

Defense

0.8%

Airbus

SE

42,577

4,604,184

Dassault

Aviation

SA

1,665

238,098

Safran

SA

24,407

2,689,394

Thales

SA

7,618

947,096

8,478,772

Auto

Components

0.2%

Cie

Generale

des

Etablissements

Michelin

SCA

49,637

1,387,765

Valeo

15,207

326,311

1,714,076

Automobiles

0.0%

†

Renault

SA*

14,538

428,941

Banks

0.6%

BNP

Paribas

SA

80,219

3,802,400

Credit

Agricole

SA

89,554

823,734

Societe

Generale

SA

57,171

1,282,054

5,908,188

Beverages

0.3%

Pernod

Ricard

SA

15,227

2,996,832

Remy

Cointreau

SA

1,588

314,665

3,311,497

Building

Products

0.2%

Cie

de

Saint-Gobain

35,989

1,678,808

Capital

Markets

0.0%

†

Amundi

SA

Reg.

S(b)

4,054

219,794

Common

Stocks

Shares

Value

($)

FRANCE

Chemicals

0.5%

Air

Liquide

SA

37,569

5,177,812

Arkema

SA

4,386

417,112

5,594,924

Construction

&

Engineering

0.5%

Bouygues

SA

17,313

522,874

Eiffage

SA

5,905

554,115

Vinci

SA

38,467

3,691,665

4,768,654

Diversified

Financial

Services

0.0%

†

Eurazeo

SE

2,995

213,843

Wendel

SE

2,029

186,462

400,305

Diversified

Telecommunication

Services

0.1%

Orange

SA

141,379

1,446,014

Electric

Utilities

0.0%

†

Electricite

de

France

SA

41,388

502,545

Electrical

Equipment

0.2%

Legrand

SA

19,565

1,606,780

Entertainment

0.1%

Bollore

SE

67,420

339,968

Ubisoft

Entertainment

SA*

6,425

273,226

613,194

Equity

Real

Estate

Investment

Trusts

(REITs)

0.1%

Covivio

3,448

218,815

Gecina

SA

3,479

358,009

Klepierre

SA*

14,695

327,928

Unibail

-

Rodamco

-Westfield*

8,676

492,402

1,397,154

Food

&

Staples

Retailing

0.1%

Carrefour

SA

44,324

756,029

Food

Products

0.2%

Danone

SA

46,652

2,572,258

Health

Care

Equipment

&

Supplies

0.0%

†

BioMerieux

3,141

340,495

Hotels,

Restaurants

&

Leisure

0.1%

Accor

SA*

12,294

319,078

La

Francaise

des

Jeux

SAEM

Reg.

S(b)

6,838

243,992

Sodexo

SA

6,703

544,303

1,107,373

Household

Durables

0.0%

†

SEB

SA

1,553

130,931

Insurance

0.3%

AXA

SA

139,086

3,210,875

Interactive

Media

&

Services

0.0%

†

Adevinta

ASA*

20,721

156,462

IT

Services

0.4%

Capgemini

SE

11,723

2,237,112

Edenred

17,554

902,255

Worldline

SA

Reg.

S*(b)

16,537

732,094

3,871,461

Life

Sciences

Tools

&

Services

0.1%

Sartorius

Stedim

Biotech

1,938

777,601

34

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

International

Index

Fund

Common

Stocks

Shares

Value

($)

FRANCE

Machinery

0.1%

Alstom

SA

23,984

571,463

Media

0.1%

Publicis

Groupe

SA

16,662

890,415

Vivendi

SE

54,832

520,370

1,410,785

Multi-Utilities

0.3%

Engie

SA

129,414

1,602,781

Veolia

Environnement

SA

47,862

1,200,418

2,803,199

Oil,

Gas

&

Consumable

Fuels

0.9%

TotalEnergies

SE

178,740

9,117,633

Personal

Products

0.6%

L'Oreal

SA

17,388

6,567,795

Pharmaceuticals

0.8%

Ipsen

SA

2,555

258,389

Sanofi

82,031

8,162,315

8,420,704

Professional

Services

0.2%

Bureau

Veritas

SA

22,238

613,412

Teleperformance

4,283

1,433,521

2,046,933

Software

0.2%

Dassault

Systemes

SE

48,529

2,080,519

Textiles,

Apparel

&

Luxury

Goods

2.2%

EssilorLuxottica

SA

20,852

3,272,173

Hermes

International

2,262

3,096,892

Kering

SA

5,363

3,077,123

LVMH

Moet

Hennessy

Louis

Vuitton

SE

19,998

13,910,750

23,356,938

Transportation

Infrastructure

0.1%

Aeroports

de

Paris*

2,138

295,100

Getlink

SE

32,107

642,149

937,249

108,306,349

GERMANY

7.3%

Aerospace

&

Defense

0.1%

MTU

Aero

Engines

AG

3,773

725,830

Rheinmetall

AG

3,117

570,631

1,296,461

Air

Freight

&

Logistics

0.3%

Deutsche

Post

AG

(Registered)

72,118

2,870,131

Airlines

0.0%

†

Deutsche

Lufthansa

AG

(Registered)*(a)

44,410

272,249

Auto

Components

0.1%

Continental

AG

8,246

583,238

Automobiles

0.8%

Bayerische

Motoren

Werke

AG

23,547

1,914,452

Bayerische

Motoren

Werke

AG

(Preference)

4,524

341,820

Mercedes-Benz

Group

AG

57,434

3,360,329

Porsche

Automobil

Holding

SE

(Preference)

10,949

788,024

Common

Stocks

Shares

Value

($)

GERMANY

Automobiles

Volkswagen

AG(a)

2,026

398,079

Volkswagen

AG

(Preference)

13,207

1,854,413

8,657,117

Banks

0.0%

†

Commerzbank

AG*

76,196

520,079

Capital

Markets

0.4%

Deutsche

Bank

AG

(Registered)

152,180

1,325,879

Deutsche

Boerse

AG

13,561

2,363,830

3,689,709

Chemicals

0.5%

BASF

SE

66,763

2,962,597

Covestro

AG

Reg.

S(b)

13,423

456,006

Evonik

Industries

AG

15,860

337,734

Symrise

AG

9,650

1,120,319

4,876,656

Construction

Materials

0.1%

HeidelbergCement

AG(a)

10,312

521,696

Diversified

Telecommunication

Services

0.5%

Deutsche

Telekom

AG

(Registered)

233,980

4,426,263

Telefonica

Deutschland

Holding

AG

67,021

178,031

United

Internet

AG

(Registered)

7,411

194,675

4,798,969

Electrical

Equipment

0.0%

†

Siemens

Energy

AG

30,226

500,513

Food

&

Staples

Retailing

0.0%

†

HelloFresh

SE*

12,492

342,662

Health

Care

Equipment

&

Supplies

0.2%

Carl

Zeiss

Meditec

AG(a)

3,044

442,504

Sartorius

AG

(Preference)

1,702

757,482

Siemens

Healthineers

AG

Reg.

S(b)

20,408

1,044,220

2,244,206

Health

Care

Providers

&

Services

0.1%

Fresenius

Medical

Care

AG

&

Co.

KGaA

14,670

542,076

Fresenius

SE

&

Co.

KGaA

30,113

769,092

1,311,168

Household

Products

0.1%

Henkel

AG

&

Co.

KGaA

7,185

451,339

Henkel

AG

&

Co.

KGaA

(Preference)

12,678

807,772

1,259,111

Independent

Power

and

Renewable

Electricity

Producers

0.2%

RWE

AG

45,709

1,884,994

Uniper

SE(a)

6,223

41,375

1,926,369

Industrial

Conglomerates

0.6%

Siemens

AG

(Registered)

55,123

6,120,376

Insurance

0.8%

Allianz

SE

(Registered)

29,425

5,336,236

Hannover

Rueck

SE

4,560

644,212

Nationwide

International

Index

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

35

Common

Stocks

Shares

Value

($)

GERMANY

Insurance

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

10,001

2,261,577

8,242,025

Interactive

Media

&

Services

0.0%

†

Scout24

SE

Reg.

S(b)

6,003

341,924

Internet

&

Direct

Marketing

Retail

0.0%

†

Zalando

SE

Reg.

S*(a)(b)

12,575

351,228

Zalando

SE

Reg.

S*∞(b)

4,053

113,294

464,522

IT

Services

0.0%

†

Bechtle

AG

5,365

246,671

Machinery

0.2%

Daimler

Truck

Holding

AG*

32,399

880,748

GEA

Group

AG

10,899

405,126

KION

Group

AG

5,493

249,043

Knorr-

Bremse

AG

5,616

333,824

Rational

AG

329

228,827

2,097,568

Multi-Utilities

0.1%

E.ON

SE

158,853

1,423,848

Personal

Products

0.1%

Beiersdorf

AG

7,070

726,888

Pharmaceuticals

0.6%

Bayer

AG

(Registered)

71,026

4,139,170

Merck

KGaA

9,441

1,793,169

5,932,339

Real

Estate

Management

&

Development

0.2%

Aroundtown

SA

75,561

242,057

LEG

Immobilien

SE

5,453

493,896

Vonovia

SE

50,030

1,660,686

2,396,639

Semiconductors

&

Semiconductor

Equipment

0.2%

Infineon

Technologies

AG

93,439

2,537,782

Software

0.7%

Nemetschek

SE

4,368

290,190

SAP

SE

75,106

6,961,385

7,251,575

Textiles,

Apparel

&

Luxury

Goods

0.3%

adidas

AG

12,375

2,123,785

Puma

SE

7,902

530,529

2,654,314

Trading

Companies

&

Distributors

0.1%

Brenntag

SE

10,983

767,931

76,874,736

HONG

KONG

2.7%

Banks

0.1%

Hang

Seng

Bank

Ltd.

54,800

884,168

Capital

Markets

0.4%

Hong

Kong

Exchanges

&

Clearing

Ltd.

86,500

3,972,909

Diversified

Telecommunication

Services

0.0%

†

HKT

Trust

&

HKT

Ltd.

265,420

371,979

Common

Stocks

Shares

Value

($)

HONG

KONG

Electric

Utilities

0.2%

CK

Infrastructure

Holdings

Ltd.

43,500

272,912

CLP

Holdings

Ltd.

118,000

1,000,275

HK

Electric

Investments

&

HK

Electric

Investments

Ltd.

Reg.

S

168,500

152,385

Power

Assets

Holdings

Ltd.

98,800

646,554

2,072,126

Equity

Real

Estate

Investment

Trusts

(REITs)

0.1%

Link

REIT

151,051

1,266,142

Food

Products

0.0%

†

WH

Group

Ltd.

Reg.

S(b)

594,743

450,849

Gas

Utilities

0.1%

Hong

Kong

&

China

Gas

Co.

Ltd.

798,565

843,405

Industrial

Conglomerates

0.1%

Jardine

Matheson

Holdings

Ltd.

14,300

737,165

Jardine

Matheson

Holdings

Ltd.

1,000

52,891

790,056

Insurance

1.1%

AIA

Group

Ltd.

873,000

8,811,020

Prudential

plc

196,119

2,417,888

11,228,908

Machinery

0.1%

Techtronic

Industries

Co.

Ltd.

101,000

1,127,072

Real

Estate

Management

&

Development

0.5%

CK

Asset

Holdings

Ltd.

142,886

1,011,603

Hang

Lung

Properties

Ltd.

138,000

251,317

Henderson

Land

Development

Co.

Ltd.

100,352

349,605

Hongkong

Land

Holdings

Ltd.

66,300

332,826

Hongkong

Land

Holdings

Ltd.

12,100

62,977

New

World

Development

Co.

Ltd.

116,707

390,435

Sino

Land

Co.

Ltd.

256,200

381,342

Sun

Hung

Kai

Properties

Ltd.

103,700

1,241,717

Swire

Pacific

Ltd.

,

Class

A

39,000

222,527

Swire

Properties

Ltd.

82,000

195,546

Wharf

Real

Estate

Investment

Co.

Ltd.

118,270

525,912

4,965,807

Road

&

Rail

0.0%

†

MTR

Corp.

Ltd.

111,214

588,000

28,561,421

IRELAND

0.6%

Building

Products

0.1%

Kingspan

Group

plc

11,114

721,179

Construction

Materials

0.2%

CRH

plc

55,077

2,110,051

Containers

&

Packaging

0.1%

Smurfit

Kappa

Group

plc

17,297

628,050

36

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

International

Index

Fund

Common

Stocks

Shares

Value

($)

IRELAND

Food

Products

0.1%

Kerry

Group

plc

,

Class

A

11,506

1,216,646

Hotels,

Restaurants

&

Leisure

0.1%

Flutter

Entertainment

plc*

12,163

1,219,397

Trading

Companies

&

Distributors

0.0%

†

AerCap

Holdings

NV*

10,175

456,450

6,351,773

ISRAEL

0.7%

Aerospace

&

Defense

0.0%

†

Elbit

Systems

Ltd.

1,916

441,341

Banks

0.3%

Bank

Hapoalim

BM

85,292

800,049

Bank

Leumi

Le-Israel

BM

110,657

1,081,816

Israel

Discount

Bank

Ltd.

,

Class

A

90,194

514,716

Mizrahi

Tefahot

Bank

Ltd.

11,615

433,021

2,829,602

Chemicals

0.1%

ICL

Group

Ltd.

51,537

469,100

IT

Services

0.0%

†

Wix.com

Ltd.*

4,237

251,381

Machinery

0.0%

†

Kornit

Digital

Ltd.*

3,539

96,296

Marine

0.0%

†

ZIM

Integrated

Shipping

Services

Ltd.(a)

6,003

299,069

Pharmaceuticals

0.1%

Teva

Pharmaceutical

Industries

Ltd.,

ADR*

77,513

727,072

727,072

Real

Estate

Management

&

Development

0.0%

†

Azrieli

Group

Ltd.

3,210

258,199

Semiconductors

&

Semiconductor

Equipment

0.0%

†

Tower

Semiconductor

Ltd.*

7,808

369,610

Software

0.2%

Check

Point

Software

Technologies

Ltd.*

7,324

912,571

Nice

Ltd.*

4,501

941,251

1,853,822

7,595,492

ITALY

1.8%

Automobiles

0.2%

Ferrari

NV

9,188

1,948,271

Banks

0.4%

FinecoBank

Banca

Fineco

SpA

42,370

529,128

Intesa

Sanpaolo

SpA

1,179,386

2,104,803

Mediobanca

Banca

di

Credito

Finanziario

SpA

41,784

358,305

UniCredit

SpA

149,688

1,482,226

4,474,462

Beverages

0.1%

Coca-Cola

HBC

AG

15,639

384,029

Common

Stocks

Shares

Value

($)

ITALY

Beverages

Davide

Campari-Milano

NV

36,825

409,431

793,460

Diversified

Telecommunication

Services

0.0%

†

Infrastrutture

Wireless

Italiane

SpA

Reg.

S(b)

25,550

268,230

Telecom

Italia

SpA

*

753,603

167,776

436,006

Electric

Utilities

0.4%

Enel

SpA

590,606

2,984,309

Terna

-

Rete

Elettrica

Nazionale

99,666

764,246

3,748,555

Electrical

Equipment

0.1%

Prysmian

SpA

18,108

576,836

Gas

Utilities

0.1%

Snam

SpA

143,104

718,783

Health

Care

Equipment

&

Supplies

0.0%

†

DiaSorin

SpA

1,904

265,412

Health

Care

Providers

&

Services

0.0%

†

Amplifon

SpA

8,940

295,928

Insurance

0.1%

Assicurazioni

Generali

SpA

80,981

1,214,095

Poste

Italiane

SpA

Reg.

S(b)

36,919

310,744

1,524,839

IT

Services

0.0%

†

Nexi

SpA

Reg.

S*(b)

39,593

361,252

Oil,

Gas

&

Consumable

Fuels

0.2%

Eni

SpA

180,231

2,167,641

Pharmaceuticals

0.0%

†

Recordati

Industria

Chimica

e

Farmaceutica

SpA

7,430

329,906

Textiles,

Apparel

&

Luxury

Goods

0.1%

Moncler

SpA

14,488

727,126

Transportation

Infrastructure

0.1%

Atlantia

SpA

35,843

827,440

19,195,917

JAPAN

22.1%

Air

Freight

&

Logistics

0.1%

SG

Holdings

Co.

Ltd.

22,200

423,279

Yamato

Holdings

Co.

Ltd.

19,900

349,274

772,553

Airlines

0.0%

†

ANA

Holdings,

Inc.*

11,900

221,922

Japan

Airlines

Co.

Ltd.*

10,174

177,608

399,530

Auto

Components

0.4%

Aisin

Corp.

10,300

306,151

Bridgestone

Corp.(a)

41,700

1,633,296

Denso

Corp.

31,600

1,730,949

Koito

Manufacturing

Co.

Ltd.

8,200

269,843

Sumitomo

Electric

Industries

Ltd.

52,200

581,529

4,521,768

Automobiles

1.8%

Honda

Motor

Co.

Ltd.

118,400

3,032,239

Nationwide

International

Index

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

37

Common

Stocks

Shares

Value

($)

JAPAN

Automobiles

Isuzu

Motors

Ltd.

44,100

484,641

Mazda

Motor

Corp.

43,660

368,102

Nissan

Motor

Co.

Ltd.

161,800

614,747

Subaru

Corp.

43,200

756,081

Suzuki

Motor

Corp.

26,100

852,945

Toyota

Motor

Corp.

763,900

12,365,312

Yamaha

Motor

Co.

Ltd.

22,500

434,216

18,908,283

Banks

1.2%

Chiba

Bank

Ltd.

(The)

33,600

185,402

Concordia

Financial

Group

Ltd.

82,300

278,432

Japan

Post

Bank

Co.

Ltd.

30,400

242,738

Mitsubishi

UFJ

Financial

Group,

Inc.

862,784

4,863,187

Mizuho

Financial

Group,

Inc.

175,851

2,092,071

Resona

Holdings,

Inc.

161,201

624,288

Shizuoka

Bank

Ltd.

(The)

29,100

175,567

Sumitomo

Mitsui

Financial

Group,

Inc.

93,505

2,930,461

Sumitomo

Mitsui

Trust

Holdings,

Inc.

23,676

776,099

12,168,245

Beverages

0.3%

Asahi

Group

Holdings

Ltd.

32,800

1,137,725

Ito

En

Ltd.

3,900

183,740

Kirin

Holdings

Co.

Ltd.

58,100

953,423

Suntory

Beverage

&

Food

Ltd.

9,400

371,123

2,646,011

Building

Products

0.4%

AGC,

Inc.

14,520

529,252

Daikin

Industries

Ltd.

18,200

3,201,156

Lixil

Corp.

21,300

440,953

TOTO

Ltd.

10,900

371,223

4,542,584

Capital

Markets

0.2%

Daiwa

Securities

Group,

Inc.

100,100

461,705

Japan

Exchange

Group,

Inc.

35,300

561,722

Nomura

Holdings,

Inc.

205,000

784,235

SBI

Holdings,

Inc.

16,470

333,926

2,141,588

Chemicals

0.8%

Asahi

Kasei

Corp.

88,300

710,271

JSR

Corp.

12,900

357,573

Mitsubishi

Chemical

Group

Corp.

96,800

543,878

Mitsui

Chemicals,

Inc.

12,320

259,689

Nippon

Paint

Holdings

Co.

Ltd.

62,700

477,874

Nippon

Sanso

Holdings

Corp.

13,500

227,628

Nissan

Chemical

Corp.

9,600

491,308

Nitto

Denko

Corp.

9,910

638,073

Shin-Etsu

Chemical

Co.

Ltd.

26,800

3,436,947

Sumitomo

Chemical

Co.

Ltd.

100,600

396,027

Toray

Industries,

Inc.

104,000

572,226

Tosoh

Corp.

17,800

231,264

8,342,758

Common

Stocks

Shares

Value

($)

JAPAN

Commercial

Services

&

Supplies

0.2%

Dai

Nippon

Printing

Co.

Ltd.

17,050

376,816

Secom

Co.

Ltd.

15,000

1,004,507

Toppan,

Inc.

18,900

321,547

1,702,870

Construction

&

Engineering

0.1%

Kajima

Corp.

31,500

359,762

Obayashi

Corp.

45,700

336,110

Shimizu

Corp.

38,300

217,455

Taisei

Corp.

13,600

433,899

1,347,226

Diversified

Financial

Services

0.2%

Mitsubishi

HC

Capital,

Inc.

45,500

220,121

ORIX

Corp.

86,200

1,528,515

1,748,636

Diversified

Telecommunication

Services

0.2%

Nippon

Telegraph

&

Telephone

Corp.

85,316

2,437,527

Electric

Utilities

0.1%

Chubu

Electric

Power

Co.,

Inc.

48,500

517,205

Kansai

Electric

Power

Co.,

Inc.

(The)

53,200

539,377

Tokyo

Electric

Power

Co.

Holdings,

Inc.*

108,900

428,582

1,485,164

Electrical

Equipment

0.4%

Fuji

Electric

Co.

Ltd.

9,140

413,138

Mitsubishi

Electric

Corp.

138,300

1,467,349

Nidec

Corp.

32,500

2,261,025

4,141,512

Electronic

Equipment,

Instruments

&

Components

1.2%

Azbil

Corp.

8,600

258,687

Hamamatsu

Photonics

KK

9,700

440,453

Hirose

Electric

Co.

Ltd.

2,165

311,323

Ibiden

Co.

Ltd.

7,500

220,681

Keyence

Corp.

14,072

5,584,408

Kyocera

Corp.

23,200

1,290,126

Murata

Manufacturing

Co.

Ltd.

41,000

2,399,755

Omron

Corp.

13,000

727,711

Shimadzu

Corp.

16,400

580,980

TDK

Corp.

27,600

870,052

Yokogawa

Electric

Corp.

17,100

300,974

12,985,150

Entertainment

0.6%

Capcom

Co.

Ltd.

12,000

333,075

Koei

Tecmo

Holdings

Co.

Ltd.

4,910

171,395

Konami

Group

Corp.

6,500

383,924

Nexon

Co.

Ltd.

34,800

790,889

Nintendo

Co.

Ltd.

8,000

3,597,136

Square

Enix

Holdings

Co.

Ltd.

6,100

282,818

Toho

Co.

Ltd.

7,900

313,707

5,872,944

Equity

Real

Estate

Investment

Trusts

(REITs)

0.3%

Daiwa

House

REIT

Investment

Corp.

154

370,895

38

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

International

Index

Fund

Common

Stocks

Shares

Value

($)

JAPAN

Equity

Real

Estate

Investment

Trusts

(REITs)

GLP

J-REIT

312

410,243

Japan

Metropolitan

Fund

Investment

Corp.

490

398,894

Japan

Real

Estate

Investment

Corp.

94

453,277

Nippon

Building

Fund,

Inc.

113

599,198

Nippon

Prologis

REIT,

Inc.

156

405,428

Nomura

Real

Estate

Master

Fund,

Inc.

286

358,073

2,996,008

Food

&

Staples

Retailing

0.3%

Aeon

Co.

Ltd.

46,600

940,669

Kobe

Bussan

Co.

Ltd.

11,300

322,437

Seven

&

i

Holdings

Co.

Ltd.

53,700

2,193,762

Welcia

Holdings

Co.

Ltd.

7,800

174,330

3,631,198

Food

Products

0.3%

Ajinomoto

Co.,

Inc.

33,200

873,431

Kikkoman

Corp.

11,000

652,095

MEIJI

Holdings

Co.

Ltd.

8,598

448,533

Nisshin

Seifun

Group,

Inc.

16,152

198,500

Nissin

Foods

Holdings

Co.

Ltd.

4,400

318,437

Yakult

Honsha

Co.

Ltd.

9,200

560,479

3,051,475

Gas

Utilities

0.1%

Osaka

Gas

Co.

Ltd.

26,980

484,804

Tokyo

Gas

Co.

Ltd.

28,480

559,091

1,043,895

Health

Care

Equipment

&

Supplies

0.7%

Asahi

Intecc

Co.

Ltd.

15,800

292,097

Hoya

Corp.

26,400

2,651,777

Olympus

Corp.

88,400

1,873,468

Sysmex

Corp.

11,800

828,748

Terumo

Corp.

46,900

1,603,887

7,249,977

Health

Care

Technology

0.1%

M3,

Inc.(a)

31,700

1,109,728

Hotels,

Restaurants

&

Leisure

0.2%

McDonald's

Holdings

Co.

Japan

Ltd.

5,824

218,484

Oriental

Land

Co.

Ltd.

14,600

2,207,299

2,425,783

Household

Durables

1.0%

Iida

Group

Holdings

Co.

Ltd.

10,100

165,264

Open

House

Group

Co.

Ltd.

6,300

273,864

Panasonic

Holdings

Corp.

160,502

1,326,785

Sekisui

Chemical

Co.

Ltd.

28,800

404,918

Sekisui

House

Ltd.(a)

43,400

770,478

Sharp

Corp.

16,100

129,806

Sony

Group

Corp.

90,800

7,772,467

10,843,582

Household

Products

0.1%

Unicharm

Corp.

28,800

1,047,161

Industrial

Conglomerates

0.4%

Hitachi

Ltd.

70,260

3,565,258

Toshiba

Corp.

27,870

1,130,577

4,695,835

Common

Stocks

Shares

Value

($)

JAPAN

Insurance

0.7%

Dai-ichi

Life

Holdings,

Inc.

73,400

1,271,888

Japan

Post

Holdings

Co.

Ltd.

176,900

1,270,992

Japan

Post

Insurance

Co.

Ltd.

13,300

214,539

MS&AD

Insurance

Group

Holdings,

Inc.

31,755

1,027,493

Sompo

Holdings,

Inc.

22,525

1,002,959

T&D

Holdings,

Inc.

36,000

403,574

Tokio

Marine

Holdings,

Inc.

45,700

2,666,435

7,857,880

Interactive

Media

&

Services

0.1%

Kakaku.com,

Inc.

9,700

189,599

Z

Holdings

Corp.

186,400

662,046

851,645

Internet

&

Direct

Marketing

Retail

0.1%

Rakuten

Group,

Inc.

65,600

324,763

ZOZO,

Inc.

8,800

190,396

515,159

IT

Services

0.6%

Fujitsu

Ltd.

14,310

2,003,214

GMO

Payment

Gateway,

Inc.

3,100

257,259

Itochu

Techno-Solutions

Corp.

6,200

166,237

NEC

Corp.

17,200

635,580

Nomura

Research

Institute

Ltd.

25,254

760,619

NTT

Data

Corp.

44,600

675,212

Obic

Co.

Ltd.

4,900

781,766

Otsuka

Corp.

8,700

271,715

SCSK

Corp.

10,800

190,171

TIS,

Inc.

17,100

482,584

6,224,357

Leisure

Products

0.2%

Bandai

Namco

Holdings,

Inc.

14,249

1,113,464

Shimano,

Inc.

5,300

895,540

Yamaha

Corp.

10,600

452,211

2,461,215

Machinery

1.2%

Daifuku

Co.

Ltd.

7,000

447,995

FANUC

Corp.

14,000

2,418,813

Hitachi

Construction

Machinery

Co.

Ltd.

7,200

158,181

Hoshizaki

Corp.

8,600

257,224

Komatsu

Ltd.

66,200

1,512,579

Kubota

Corp.

74,600

1,237,837

Kurita

Water

Industries

Ltd.

8,000

324,355

Makita

Corp.

16,900

412,463

MINEBEA

MITSUMI,

Inc.

24,800

446,807

MISUMI

Group,

Inc.

21,500

536,808

Mitsubishi

Heavy

Industries

Ltd.

22,920

852,422

NGK

Insulators

Ltd.

16,700

244,458

SMC

Corp.

4,100

2,029,093

Toyota

Industries

Corp.

10,200

618,148

Yaskawa

Electric

Corp.

16,600

581,085

12,078,268

Marine

0.2%

Mitsui

OSK

Lines

Ltd.

24,200

664,400

Nationwide

International

Index

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

39

Common

Stocks

Shares

Value

($)

JAPAN

Marine

Nippon

Yusen

KK

11,440

899,574

1,563,974

Media

0.1%

CyberAgent

,

Inc.

30,700

306,679

Dentsu

Group,

Inc.

15,561

544,242

Hakuhodo

DY

Holdings,

Inc.

17,400

179,086

1,030,007

Metals

&

Mining

0.2%

Hitachi

Metals

Ltd.*

16,700

256,597

JFE

Holdings,

Inc.

34,300

383,784

Nippon

Steel

Corp.

57,806

859,358

Sumitomo

Metal

Mining

Co.

Ltd.

17,500

557,018

2,056,757

Multiline

Retail

0.0%

†

Pan

Pacific

International

Holdings

Corp.(a)

28,100

437,720

Oil,

Gas

&

Consumable

Fuels

0.2%

ENEOS

Holdings,

Inc.

215,917

833,771

Idemitsu

Kosan

Co.

Ltd.

14,044

364,412

Inpex

Corp.

74,700

855,571

2,053,754

Paper

&

Forest

Products

0.0%

†

Oji

Holdings

Corp.

52,300

218,249

Personal

Products

0.3%

Kao

Corp.

34,700

1,512,882

Kobayashi

Pharmaceutical

Co.

Ltd.

3,500

233,382

Kose

Corp.

2,400

214,087

Shiseido

Co.

Ltd.

29,100

1,197,938

3,158,289

Pharmaceuticals

1.4%

Astellas

Pharma,

Inc.

135,600

2,126,503

Chugai

Pharmaceutical

Co.

Ltd.

49,000

1,379,313

Daiichi

Sankyo

Co.

Ltd.

127,000

3,363,777

Eisai

Co.

Ltd.

18,000

824,606

Kyowa

Kirin

Co.

Ltd.

18,400

434,047

Nippon

Shinyaku

Co.

Ltd.

3,600

222,734

Ono

Pharmaceutical

Co.

Ltd.

27,500

771,919

Otsuka

Holdings

Co.

Ltd.

27,900

996,457

Shionogi

&

Co.

Ltd.

18,900

968,951

Takeda

Pharmaceutical

Co.

Ltd.

107,597

3,165,939

14,254,246

Professional

Services

0.4%

Nihon

M&A

Center

Holdings,

Inc.

22,900

305,905

Persol

Holdings

Co.

Ltd.

13,700

284,207

Recruit

Holdings

Co.

Ltd.

103,200

3,876,105

4,466,217

Real

Estate

Management

&

Development

0.5%

Daito

Trust

Construction

Co.

Ltd.

4,400

417,050

Daiwa

House

Industry

Co.

Ltd.

42,900

1,065,938

Hulic

Co.

Ltd.

29,200

234,280

Mitsubishi

Estate

Co.

Ltd.

85,500

1,273,184

Common

Stocks

Shares

Value

($)

JAPAN

Real

Estate

Management

&

Development

Mitsui

Fudosan

Co.

Ltd.

66,400

1,485,673

Nomura

Real

Estate

Holdings,

Inc.

7,700

186,942

Sumitomo

Realty

&

Development

Co.

Ltd.

23,300

643,769

5,306,836

Road

&

Rail

0.6%

Central

Japan

Railway

Co.

10,400

1,220,064

East

Japan

Railway

Co.

21,790

1,139,392

Hankyu

Hanshin

Holdings,

Inc.

16,200

469,547

Keio

Corp.

7,880

301,741

Keisei

Electric

Railway

Co.

Ltd.

9,900

271,068

Kintetsu

Group

Holdings

Co.

Ltd.

11,850

391,282

Nippon

Express

Holdings,

Inc.

5,850

348,608

Odakyu

Electric

Railway

Co.

Ltd.

22,250

318,913

Tobu

Railway

Co.

Ltd.

12,700

301,243

Tokyu

Corp.

38,050

466,160

West

Japan

Railway

Co.

16,300

598,506

5,826,524

Semiconductors

&

Semiconductor

Equipment

0.7%

Advantest

Corp.

14,200

840,637

Disco

Corp.

2,000

486,212

Lasertec

Corp.

5,700

832,985

Renesas

Electronics

Corp.*

83,000

799,632

Rohm

Co.

Ltd.

6,600

489,954

SUMCO

Corp.

25,600

358,004

Tokyo

Electron

Ltd.

10,700

3,709,798

7,517,222

Software

0.1%

Oracle

Corp.

Japan

2,500

155,800

Trend

Micro,

Inc.

9,600

557,532

713,332

Specialty

Retail

0.3%

Fast

Retailing

Co.

Ltd.

4,200

2,547,599

Hikari

Tsushin,

Inc.

1,500

165,259

Nitori

Holdings

Co.

Ltd.

5,600

591,085

USS

Co.

Ltd.

16,500

323,666

3,627,609

Technology

Hardware,

Storage

&

Peripherals

0.4%

Brother

Industries

Ltd.

17,100

320,012

Canon,

Inc.

73,000

1,727,251

FUJIFILM

Holdings

Corp.

26,300

1,502,127

Ricoh

Co.

Ltd.

39,800

319,883

Seiko

Epson

Corp.

20,000

299,713

4,168,986

Tobacco

0.2%

Japan

Tobacco,

Inc.

87,600

1,570,713

Trading

Companies

&

Distributors

1.0%

ITOCHU

Corp.

84,800

2,475,147

Marubeni

Corp.

113,200

1,054,516

Mitsubishi

Corp.

90,200

2,685,796

Mitsui

&

Co.

Ltd.

99,900

2,194,997

MonotaRO

Co.

Ltd.

17,200

307,820

40

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

International

Index

Fund

Common

Stocks

Shares

Value

($)

JAPAN

Trading

Companies

&

Distributors

Sumitomo

Corp.

81,600

1,145,583

Toyota

Tsusho

Corp.

14,900

509,508

10,373,367

Wireless

Telecommunication

Services

0.9%

KDDI

Corp.

116,800

3,764,405

SoftBank

Corp.

205,100

2,372,617

SoftBank

Group

Corp.

87,400

3,717,790

9,854,812

232,446,129

JORDAN

0.0%

†

Pharmaceuticals

0.0%

†

Hikma

Pharmaceuticals

plc

13,891

292,882

LUXEMBOURG

0.2%

Life

Sciences

Tools

&

Services

0.1%

Eurofins

Scientific

SE(a)

9,807

764,213

Metals

&

Mining

0.1%

ArcelorMittal

SA

43,633

1,072,074

1,836,287

MACAU

0.1%

Hotels,

Restaurants

&

Leisure

0.1%

Galaxy

Entertainment

Group

Ltd.

163,000

971,402

Sands

China

Ltd.*

168,300

397,075

1,368,477

MALTA

0.0%

†

Capital

Markets

0.0%

†

BGP

Holdings

plc*^∞

1,554,139

0

NETHERLANDS

5.4%

Banks

0.3%

ABN

AMRO

Bank

NV,

CVA

Reg.

S(b)

29,030

297,124

ING

Groep

NV

279,511

2,716,404

3,013,528

Beverages

0.2%

Heineken

Holding

NV

7,216

570,132

Heineken

NV

18,909

1,862,760

2,432,892

Biotechnology

0.1%

Argenx

SE*

3,287

1,200,118

Argenx

SE*

177

65,668

1,265,786

Capital

Markets

0.0%

†

Euronext

NV

Reg.

S(b)

5,917

481,624

Chemicals

0.3%

Akzo

Nobel

NV

13,076

881,867

Koninklijke

DSM

NV

12,736

2,040,976

OCI

NV

7,541

262,017

3,184,860

Diversified

Financial

Services

0.1%

EXOR

NV

8,202

578,102

Diversified

Telecommunication

Services

0.1%

Koninklijke

KPN

NV

238,298

784,665

Entertainment

0.1%

Universal

Music

Group

NV

52,862

1,200,731

Common

Stocks

Shares

Value

($)

NETHERLANDS

Food

&

Staples

Retailing

0.2%

Koninklijke

Ahold

Delhaize

NV

76,210

2,099,749

Food

Products

0.0%

†

JDE

Peet's

NV

6,476

187,775

Health

Care

Equipment

&

Supplies

0.1%

Koninklijke

Philips

NV

62,464

1,295,823

Insurance

0.2%

Aegon

NV

135,332

594,543

NN

Group

NV

20,478

959,992

1,554,535

IT

Services

0.3%

Adyen

NV

Reg.

S*(b)

1,551

2,797,719

Oil,

Gas

&

Consumable

Fuels

1.4%

Shell

plc

548,078

14,644,510

Professional

Services

0.2%

Randstad

NV

8,106

410,403

Wolters

Kluwer

NV

19,099

2,075,232

2,485,635

Semiconductors

&

Semiconductor

Equipment

1.7%

ASM

International

NV

3,406

1,049,024

ASML

Holding

NV

29,280

16,811,431

17,860,455

Trading

Companies

&

Distributors

0.1%

IMCD

NV

4,015

642,777

56,511,166

NEW

ZEALAND

0.2%

Diversified

Telecommunication

Services

0.0%

†

Spark

New

Zealand

Ltd.

140,287

451,366

Electric

Utilities

0.0%

†

Mercury

NZ

Ltd.

52,982

202,764

Health

Care

Equipment

&

Supplies

0.1%

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

43,387

580,438

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

Meridian

Energy

Ltd.

99,971

313,472

Software

0.1%

Xero

Ltd.*

10,047

659,005

Transportation

Infrastructure

0.0%

†

Auckland

International

Airport

Ltd.*

88,891

417,851

2,624,896

NORWAY

0.8%

Aerospace

&

Defense

0.0%

†

Kongsberg

Gruppen

ASA

6,400

235,366

Banks

0.1%

DNB

Bank

ASA

67,843

1,332,817

Diversified

Telecommunication

Services

0.1%

Telenor

ASA

49,074

594,283

Food

Products

0.2%

Mowi

ASA

31,202

717,976

Orkla

ASA

50,860

438,388

Nationwide

International

Index

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

41

Common

Stocks

Shares

Value

($)

NORWAY

Food

Products

Salmar

ASA

4,216

301,114

1,457,478

Insurance

0.0%

†

Gjensidige

Forsikring

ASA

14,145

295,086

Metals

&

Mining

0.1%

Norsk

Hydro

ASA

96,161

649,551

Oil,

Gas

&

Consumable

Fuels

0.3%

Aker

BP

ASA(a)

22,616

782,202

Equinor

ASA

69,800

2,684,499

3,466,701

8,031,282

PORTUGAL

0.2%

Electric

Utilities

0.1%

EDP

-

Energias

de

Portugal

SA

198,497

1,001,680

Food

&

Staples

Retailing

0.1%

Jeronimo

Martins

SGPS

SA

21,616

500,511

Oil,

Gas

&

Consumable

Fuels

0.0%

†

Galp

Energia

SGPS

SA

,

Class

B

33,664

355,613

1,857,804

SINGAPORE

1.6%

Aerospace

&

Defense

0.0%

†

Singapore

Technologies

Engineering

Ltd.

104,600

305,409

Airlines

0.0%

†

Singapore

Airlines

Ltd.*

91,182

360,456

Banks

0.7%

DBS

Group

Holdings

Ltd.

129,950

2,968,145

Oversea-Chinese

Banking

Corp.

Ltd.

247,089

2,091,740

United

Overseas

Bank

Ltd.

83,662

1,672,811

6,732,696

Capital

Markets

0.0%

†

Singapore

Exchange

Ltd.

58,500

419,836

Diversified

Telecommunication

Services

0.1%

Singapore

Telecommunications

Ltd.

595,203

1,126,838

Electronic

Equipment,

Instruments

&

Components

0.0%

†

Venture

Corp.

Ltd.

21,000

267,945

Entertainment

0.2%

Sea

Ltd.,

ADR*(a)

25,665

1,958,753

Equity

Real

Estate

Investment

Trusts

(REITs)

0.2%

Ascendas

REIT

248,913

535,977

CapitaLand

Integrated

Commercial

Trust

378,478

597,428

Mapletree

Commercial

Trust

146,000

201,080

Mapletree

Logistics

Trust

233,375

297,872

1,632,357

Hotels,

Restaurants

&

Leisure

0.0%

†

Genting

Singapore

Ltd.

482,317

281,758

Industrial

Conglomerates

0.1%

Keppel

Corp.

Ltd.

103,800

518,199

Common

Stocks

Shares

Value

($)

SINGAPORE

Real

Estate

Management

&

Development

0.1%

Capitaland

Investment

Ltd.

180,645

513,817

City

Developments

Ltd.

29,899

168,069

UOL

Group

Ltd.

32,113

173,674

855,560

Road

&

Rail

0.0%

†

Grab

Holdings

Ltd.

,

Class

A

*

82,005

241,915

Semiconductors

&

Semiconductor

Equipment

0.2%

STMicroelectronics

NV

48,453

1,843,503

16,545,225

SOUTH

AFRICA

0.3%

Metals

&

Mining

0.3%

Anglo

American

plc

90,987

3,286,525

SOUTH

KOREA

0.1%

Internet

&

Direct

Marketing

Retail

0.1%

Delivery

Hero

SE

Reg.

S*(b)

12,336

591,597

SPAIN

2.3%

Banks

0.6%

Banco

Bilbao

Vizcaya

Argentaria

SA

476,287

2,167,437

Banco

Santander

SA

1,258,574

3,153,373

CaixaBank

SA

323,462

971,929

6,292,739

Biotechnology

0.0%

†

Grifols

SA*

20,723

302,358

Construction

&

Engineering

0.1%

ACS

Actividades

de

Construccion

y

Servicios

SA(a)

16,744

401,740

Ferrovial

SA

35,798

958,659

1,360,399

Diversified

Telecommunication

Services

0.3%

Cellnex

Telecom

SA

Reg.

S(b)

38,901

1,741,211

Telefonica

SA

384,304

1,716,067

3,457,278

Electric

Utilities

0.6%

Acciona

SA(a)

1,767

362,937

Endesa

SA

22,134

405,011

Iberdrola

SA

416,001

4,432,111

Iberdrola

SA*∞

11,555

123,176

Red

Electrica

Corp.

SA

29,340

576,523

5,899,758

Electrical

Equipment

0.0%

†

Siemens

Gamesa

Renewable

Energy

SA*

18,287

336,901

Gas

Utilities

0.1%

Enagas

SA(a)

15,738

310,982

Naturgy

Energy

Group

SA(a)

10,411

305,695

616,677

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

EDP

Renovaveis

SA

21,500

557,509

IT

Services

0.2%

Amadeus

IT

Group

SA*

31,996

1,866,947

42

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

International

Index

Fund

Common

Stocks

Shares

Value

($)

SPAIN

Oil,

Gas

&

Consumable

Fuels

0.1%

Repsol

SA

105,916

1,321,229

Specialty

Retail

0.2%

Industria

de

Diseno

Textil

SA

79,624

1,934,029

Transportation

Infrastructure

0.1%

Aena

SME

SA

Reg.

S*(b)

5,299

670,114

24,615,938

SWEDEN

3.3%

Automobiles

0.0%

†

Volvo

Car

AB

,

Class

B

*(a)

42,655

318,258

Banks

0.3%

Skandinaviska

Enskilda

Banken

AB

,

Class

A

118,369

1,288,257

Svenska

Handelsbanken

AB

,

Class

A

104,543

943,214

Swedbank

AB

,

Class

A

64,864

899,243

3,130,714

Biotechnology

0.0%

†

Swedish

Orphan

Biovitrum

AB*

12,091

265,631

Building

Products

0.3%

Assa

Abloy

AB

,

Class

B

73,104

1,726,591

Nibe

Industrier

AB

,

Class

B

109,194

1,100,167

2,826,758

Capital

Markets

0.1%

EQT

AB(a)

22,375

612,830

Commercial

Services

&

Supplies

0.0%

†

Securitas

AB

,

Class

B

(a)

21,215

215,849

Communications

Equipment

0.1%

Telefonaktiebolaget

LM

Ericsson

,

Class

B

213,227

1,616,589

Construction

&

Engineering

0.0%

†

Skanska

AB

,

Class

B

25,729

438,755

Diversified

Financial

Services

0.4%

Industrivarden

AB

,

Class

A

9,055

237,488

Industrivarden

AB

,

Class

C

11,449

296,867

Investor

AB

,

Class

A

35,682

732,627

Investor

AB

,

Class

B

129,961

2,435,811

Kinnevik

AB

,

Class

B

*

18,784

340,664

L

E

Lundbergforetagen

AB

,

Class

B

5,748

272,427

4,315,884

Diversified

Telecommunication

Services

0.1%

Telia

Co.

AB

186,934

690,386

Electronic

Equipment,

Instruments

&

Components

0.2%

Hexagon

AB

,

Class

B

142,139

1,680,926

Entertainment

0.0%

†

Embracer

Group

AB*(a)

48,595

370,531

Health

Care

Equipment

&

Supplies

0.0%

†

Getinge

AB

,

Class

B

15,940

359,973

Hotels,

Restaurants

&

Leisure

0.1%

Evolution

AB

Reg.

S(b)

13,088

1,274,027

Common

Stocks

Shares

Value

($)

SWEDEN

Household

Durables

0.0%

†

Electrolux

AB

,

Class

B

(a)

17,058

247,137

Household

Products

0.1%

Essity

AB

,

Class

B

43,710

1,111,074

Industrial

Conglomerates

0.1%

Investment

AB

Latour

,

Class

B

11,742

292,272

Lifco

AB

,

Class

B

17,828

347,115

639,387

Machinery

1.0%

Alfa

Laval

AB

22,132

665,174

Atlas

Copco

AB

,

Class

A

196,024

2,291,554

Atlas

Copco

AB

,

Class

B

112,952

1,172,139

Epiroc

AB

,

Class

A

(a)

47,271

840,916

Epiroc

AB

,

Class

B

26,421

419,461

Husqvarna

AB

,

Class

B

28,576

228,037

Indutrade

AB

19,551

459,675

Sandvik

AB

76,320

1,405,249

SKF

AB

,

Class

B

26,185

442,524

Volvo

AB

,

Class

A

15,063

280,423

Volvo

AB

,

Class

B

108,016

1,936,294

10,141,446

Metals

&

Mining

0.1%

Boliden

AB

19,860

661,043

Paper

&

Forest

Products

0.1%

Holmen

AB

,

Class

B

6,715

276,481

Svenska

Cellulosa

AB

SCA

,

Class

B

43,316

634,194

910,675

Real

Estate

Management

&

Development

0.1%

Fastighets

AB

Balder

,

Class

B

*

47,724

307,332

Sagax

AB

,

Class

B

13,624

350,377

657,709

Specialty

Retail

0.1%

H

&

M

Hennes

&

Mauritz

AB

,

Class

B

(a)

50,965

650,337

Tobacco

0.1%

Swedish

Match

AB

112,827

1,181,956

Wireless

Telecommunication

Services

0.0%

†

Tele2

AB

,

Class

B

40,630

464,447

34,782,322

SWITZERLAND

6.1%

Building

Products

0.1%

Geberit

AG

(Registered)

2,614

1,378,428

Capital

Markets

0.8%

Credit

Suisse

Group

AG

(Registered)

193,607

1,129,994

Julius

Baer

Group

Ltd.

15,810

819,847

Partners

Group

Holding

AG

1,605

1,748,084

UBS

Group

AG

(Registered)

253,613

4,153,641

7,851,566

Chemicals

0.5%

Clariant

AG

(Registered)*

15,455

289,650

EMS-

Chemie

Holding

AG

(Registered)

532

422,793

Givaudan

SA

(Registered)

659

2,306,813

Nationwide

International

Index

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

43

Common

Stocks

Shares

Value

($)

SWITZERLAND

Chemicals

Sika

AG

(Registered)

10,413

2,577,034

5,596,290

Construction

Materials

0.2%

Holcim

AG*

39,679

1,859,904

Diversified

Telecommunication

Services

0.1%

Swisscom

AG

(Registered)

1,861

1,006,564

Electrical

Equipment

0.3%

ABB

Ltd.

(Registered)

119,101

3,623,985

Food

Products

0.2%

Barry

Callebaut

AG

(Registered)

251

556,616

Chocoladefabriken

Lindt

&

Spruengli

AG

79

871,608

Chocoladefabriken

Lindt

&

Spruengli

AG

(Registered)

8

922,409

2,350,633

Health

Care

Equipment

&

Supplies

0.5%

Alcon,

Inc.

35,683

2,805,950

Sonova

Holding

AG

(Registered)

3,914

1,411,601

Straumann

Holding

AG

(Registered)

7,978

1,080,464

5,298,015

Insurance

0.6%

Baloise

Holding

AG

(Registered)

3,195

508,673

Swiss

Life

Holding

AG

(Registered)

2,309

1,226,432

Zurich

Insurance

Group

AG

10,858

4,739,645

6,474,750

Life

Sciences

Tools

&

Services

0.3%

Bachem

Holding

AG

(Registered)

,

Class

B

2,370

159,881

Lonza

Group

AG

(Registered)

5,404

3,293,422

3,453,303

Machinery

0.1%

Schindler

Holding

AG

2,818

550,444

Schindler

Holding

AG

(Registered)

1,680

318,169

VAT

Group

AG

Reg.

S(b)

1,900

552,424

1,421,037

Marine

0.1%

Kuehne

+

Nagel

International

AG

(Registered)

3,916

1,054,558

Pharmaceuticals

1.4%

Novartis

AG

(Registered)

157,827

13,564,522

Vifor

Pharma

AG

3,505

613,528

14,178,050

Professional

Services

0.2%

Adecco

Group

AG

(Registered)

12,207

431,205

SGS

SA

(Registered)

456

1,113,563

1,544,768

Real

Estate

Management

&

Development

0.1%

Swiss

Prime

Site

AG

(Registered)

5,437

494,681

Common

Stocks

Shares

Value

($)

SWITZERLAND

Software

0.0%

†

Temenos

AG

(Registered)

4,479

355,741

Technology

Hardware,

Storage

&

Peripherals

0.1%

Logitech

International

SA

(Registered)

12,284

691,982

Textiles,

Apparel

&

Luxury

Goods

0.5%

Cie

Financiere

Richemont

SA

(Registered)

37,560

4,544,282

Swatch

Group

AG

(The)

2,042

546,197

Swatch

Group

AG

(The)

(Registered)

3,860

193,064

5,283,543

63,917,798

UNITED

KINGDOM

12.1%

Aerospace

&

Defense

0.3%

BAE

Systems

plc

225,672

2,122,108

Rolls-Royce

Holdings

plc*

632,853

691,410

2,813,518

Banks

1.6%

Barclays

plc

1,196,612

2,301,841

HSBC

Holdings

plc

1,459,498

9,153,000

Lloyds

Banking

Group

plc

5,070,412

2,812,095

NatWest

Group

plc

411,891

1,250,247

Standard

Chartered

plc

190,673

1,315,666

16,832,849

Beverages

0.8%

Coca-Cola

Europacific

Partners

plc

14,484

783,874

Diageo

plc

166,192

7,899,184

8,683,058

Capital

Markets

0.5%

3i

Group

plc

70,470

1,092,724

abrdn

plc

152,351

309,884

Hargreaves

Lansdown

plc

27,882

289,392

London

Stock

Exchange

Group

plc

23,964

2,338,699

Schroders

plc

9,402

341,029

St

James's

Place

plc

40,783

612,346

4,984,074

Chemicals

0.1%

Croda

International

plc

9,984

911,853

Johnson

Matthey

plc

14,637

382,524

1,294,377

Commercial

Services

&

Supplies

0.1%

Rentokil

Initial

plc(a)

132,150

873,981

Diversified

Financial

Services

0.0%

†

M&G

plc

181,644

474,052

Diversified

Telecommunication

Services

0.1%

BT

Group

plc

497,371

981,777

Electric

Utilities

0.2%

SSE

plc(a)

77,818

1,674,235

Electronic

Equipment,

Instruments

&

Components

0.1%

Halma

plc

26,964

759,420

Equity

Real

Estate

Investment

Trusts

(REITs)

0.2%

British

Land

Co.

plc

(The)

61,326

368,555

Land

Securities

Group

plc

50,512

452,070

44

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

International

Index

Fund

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Equity

Real

Estate

Investment

Trusts

(REITs)

Segro

plc

87,569

1,173,453

1,994,078

Food

&

Staples

Retailing

0.2%

J

Sainsbury

plc

128,300

345,976

Ocado

Group

plc*

41,998

431,180

Tesco

plc

544,503

1,744,511

2,521,667

Food

Products

0.0%

†

Associated

British

Foods

plc

26,944

551,046

Health

Care

Equipment

&

Supplies

0.1%

Smith

&

Nephew

plc

63,099

807,899

Hotels,

Restaurants

&

Leisure

0.5%

Compass

Group

plc

129,610

3,042,066

Entain

plc*

41,410

608,865

InterContinental

Hotels

Group

plc

12,969

770,684

Whitbread

plc

13,888

441,276

4,862,891

Household

Durables

0.2%

Barratt

Developments

plc

77,018

471,557

Berkeley

Group

Holdings

plc*

7,672

396,964

Persimmon

plc

22,189

510,461

Taylor

Wimpey

plc

275,755

428,084

1,807,066

Household

Products

0.4%

Reckitt

Benckiser

Group

plc

51,660

4,193,791

Industrial

Conglomerates

0.3%

CK

Hutchison

Holdings

Ltd.

195,886

1,301,546

DCC

plc

6,703

437,802

Melrose

Industries

plc

328,926

648,202

Smiths

Group

plc

27,963

527,726

2,915,276

Insurance

0.3%

Admiral

Group

plc

12,790

299,045

Aviva

plc

200,204

971,416

Legal

&

General

Group

plc

434,720

1,387,081

Phoenix

Group

Holdings

plc

56,225

442,854

3,100,396

Interactive

Media

&

Services

0.0%

†

Auto

Trader

Group

plc

Reg.

S(b)

67,703

522,229

Internet

&

Direct

Marketing

Retail

0.0%

†

Just

Eat

Takeaway.com

NV

Reg.

S*(a)(b)

13,355

246,397

Machinery

0.2%

CNH

Industrial

NV

73,073

939,838

Spirax-Sarco

Engineering

plc

5,232

763,959

1,703,797

Media

0.2%

Informa

plc*

106,331

772,237

Pearson

plc

48,782

450,012

WPP

plc

80,180

865,033

2,087,282

Multiline

Retail

0.1%

Next

plc

9,361

780,005

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Multi-Utilities

0.3%

National

Grid

plc

261,719

3,612,889

Oil,

Gas

&

Consumable

Fuels

0.6%

BP

plc

1,406,828

6,890,940

Personal

Products

1.0%

Haleon

plc*

364,383

1,294,849

Unilever

plc

184,603

9,001,686

10,296,535

Pharmaceuticals

1.4%

AstraZeneca

plc

111,613

14,671,526

Professional

Services

0.7%

Experian

plc

65,707

2,302,221

Intertek

Group

plc

11,335

605,549

RELX

plc

139,920

4,153,533

7,061,303

Software

0.1%

AVEVA

Group

plc

9,111

263,457

Sage

Group

plc

(The)

74,649

643,206

906,663

Specialty

Retail

0.1%

JD

Sports

Fashion

plc

174,292

276,554

Kingfisher

plc

143,269

453,972

730,526

Textiles,

Apparel

&

Luxury

Goods

0.1%

Burberry

Group

plc

27,942

613,555

Tobacco

0.7%

British

American

Tobacco

plc

157,246

6,180,132

Imperial

Brands

plc

64,361

1,415,650

7,595,782

Trading

Companies

&

Distributors

0.2%

Ashtead

Group

plc

31,482

1,775,140

Bunzl

plc

24,010

900,734

2,675,874

Water

Utilities

0.1%

Severn

Trent

plc

17,523

629,327

United

Utilities

Group

plc

48,985

651,213

1,280,540

Wireless

Telecommunication

Services

0.3%

Vodafone

Group

plc

1,949,141

2,875,653

126,676,947

UNITED

STATES

5.9%

Automobiles

0.2%

Stellantis

NV

156,964

2,254,863

2,254,863

Construction

Materials

0.1%

James

Hardie

Industries

plc

CHDI

31,491

778,824

Electrical

Equipment

0.5%

Schneider

Electric

SE

39,023

5,412,620

Energy

Equipment

&

Services

0.0%

†

Tenaris

SA

34,397

482,256

Food

Products

2.4%

Nestle

SA

(Registered)

202,779

24,905,567

Insurance

0.1%

Swiss

Re

AG

22,022

1,656,828

Nationwide

International

Index

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

45

Common

Stocks

Shares

Value

($)

UNITED

STATES

Life

Sciences

Tools

&

Services

0.1%

QIAGEN

NV*

16,167

807,670

Pharmaceuticals

2.3%

GSK

plc

293,422

6,181,553

Roche

Holding

AG

52,518

17,584,451

23,766,004

Software

0.0%

†

CyberArk

Software

Ltd.*

2,767

360,070

Sinch

AB

Reg.

S*(a)(b)

38,381

97,417

457,487

Trading

Companies

&

Distributors

0.2%

Ferguson

plc

15,684

1,975,047

62,497,166

Total

Common

Stocks

(cost

$769,016,493)

1,035,761,009

Repurchase

Agreement

0.3%

Principal

Amount

($)

CF

Secured,

LLC,

2.24%,

dated

7/29/2022,

due

8/1/2022,

repurchase

price

$2,993,366,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.50%,

maturing

9/30/2022

-

5/15/2052;

total

market

value

$3,053,233.(c)

2,992,807

2,992,807

Total

Repurchase

Agreement

(cost

$2,992,807)

2,992,807

Total

Investments

(cost

$772,009,300)

—

98.8%

1,038,753,816

Other

assets

in

excess

of

liabilities

—

1.2%

12,376,270

NET

ASSETS

—

100.0%

$

1,051,130,086

*

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

July

31,

2022.

The

total

value

of

securities

on

loan

as

of

July

31,

2022

was

$20,767,539,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$2,992,807

and

by

$19,190,806

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

9/1/2022

–

5/15/2052,

a

total

value

of

$22,183,613.

(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

July

31,

2022

was

$16,474,828

which

represents

1.57%

of

net

assets.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

July

31,

2022

was

$2,992,807.

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

46

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

International

Index

Fund

Futures

contracts

outstanding

as

of

July

31,

2022:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

EURO

STOXX

50

Index

86

9/2022

EUR

3,253,921

162,583

FTSE

100

Index

27

9/2022

GBP

2,425,766

62,538

Nikkei

225

Index

19

9/2022

JPY

1,977,653

61,697

SPI

200

Index

10

9/2022

AUD

1,198,271

45,817

Net

contracts

332,635

As

of

July

31,

2022,

the

Fund

had

$623,025

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

Nationwide

International

Index

Fund

-

July

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.

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.

48

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

International

Index

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

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

$

–

$

13,570,867

$

–

$

13,570,867

Air

Freight

&

Logistics

–

5,952,681

–

5,952,681

Airlines

–

1,246,457

–

1,246,457

Auto

Components

–

6,819,082

–

6,819,082

Automobiles

–

32,515,733

–

32,515,733

Banks

–

90,564,437

–

90,564,437

Beverages

783,874

22,153,186

–

22,937,060

Biotechnology

65,668

10,535,780

–

10,601,448

Building

Products

–

11,584,107

–

11,584,107

Capital

Markets

172,307

28,528,702

–

28,701,009

Chemicals

–

32,632,518

–

32,632,518

Commercial

Services

&

Supplies

–

3,612,531

–

3,612,531

Communications

Equipment

–

3,675,581

–

3,675,581

Construction

&

Engineering

–

7,915,034

–

7,915,034

Construction

Materials

–

5,270,475

–

5,270,475

Containers

&

Packaging

–

628,050

–

628,050

Distributors

–

291,463

–

291,463

Diversified

Consumer

Services

–

320,535

–

320,535

Diversified

Financial

Services

303,193

8,112,094

–

8,415,287

Diversified

Telecommunication

Services

–

20,136,256

–

20,136,256

Electric

Utilities

–

19,967,564

–

19,967,564

Electrical

Equipment

–

18,124,906

–

18,124,906

Electronic

Equipment,

Instruments

&

Components

–

15,693,441

–

15,693,441

Energy

Equipment

&

Services

–

482,256

–

482,256

Entertainment

1,958,753

8,057,400

–

10,016,153

Equity

Real

Estate

Investment

Trusts

(REITs)

–

14,437,853

–

14,437,853

Food

&

Staples

Retailing

–

14,506,206

–

14,506,206

Food

Products

–

37,167,159

–

37,167,159

Gas

Utilities

–

3,908,198

–

3,908,198

Health

Care

Equipment

&

Supplies

–

20,700,433

–

20,700,433

Health

Care

Providers

&

Services

–

3,030,473

–

3,030,473

Health

Care

Technology

–

1,109,728

–

1,109,728

Hotels,

Restaurants

&

Leisure

–

14,374,807

–

14,374,807

Household

Durables

–

13,028,716

–

13,028,716

Household

Products

–

7,611,137

–

7,611,137

Independent

Power

and

Renewable

Electricity

Producers

–

2,797,350

–

2,797,350

Industrial

Conglomerates

737,165

14,941,964

–

15,679,129

Insurance

–

50,479,643

–

50,479,643

Interactive

Media

&

Services

–

2,573,546

–

2,573,546

Internet

&

Direct

Marketing

Retail

–

5,717,434

–

5,717,434

IT

Services

251,381

16,063,221

–

16,314,602

Leisure

Products

–

2,461,215

–

2,461,215

Life

Sciences

Tools

&

Services

–

5,802,787

–

5,802,787

Machinery

96,296

30,536,415

–

30,632,711

Marine

299,069

4,553,857

–

4,852,926

Media

–

4,528,074

–

4,528,074

Metals

&

Mining

–

34,030,641

–

34,030,641

Multiline

Retail

–

3,858,889

–

3,858,889

Multi-Utilities

–

7,839,936

–

7,839,936

Oil,

Gas

&

Consumable

Fuels

654,978

46,403,450

–

47,058,428

Paper

&

Forest

Products

–

3,641,511

–

3,641,511

Personal

Products

1,294,849

19,454,658

–

20,749,507

Pharmaceuticals

727,072

97,172,600

–

97,899,672

Professional

Services

–

17,604,856

–

17,604,856

Real

Estate

Management

&

Development

332,826

15,323,177

–

15,656,003

Nationwide

International

Index

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

49

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

July

31,

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

managing

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:

Road

&

Rail

$

241,915

$

6,780,201

$

–

$

7,022,116

Semiconductors

&

Semiconductor

Equipment

–

30,128,572

–

30,128,572

Software

1,272,641

13,371,688

–

14,644,329

Specialty

Retail

–

7,227,808

–

7,227,808

Technology

Hardware,

Storage

&

Peripherals

–

4,860,968

–

4,860,968

Textiles,

Apparel

&

Luxury

Goods

–

33,136,422

–

33,136,422

Tobacco

–

10,348,451

–

10,348,451

Trading

Companies

&

Distributors

456,450

16,608,394

–

17,064,844

Transportation

Infrastructure

–

5,123,546

–

5,123,546

Water

Utilities

–

1,280,540

–

1,280,540

Wireless

Telecommunication

Services

–

13,194,912

–

13,194,912

Total

Common

Stocks

$

9,648,437

$

1,026,112,572

$

–

$

1,035,761,009

Futures

Contracts

332,635

–

–

332,635

Repurchase

Agreement

–

2,992,807

–

2,992,807

Total

$

9,981,072

$

1,029,105,379

$

–

$

1,039,086,451

As

of

July

31,

2022,

the

Fund

held

one

common

stock

investment

that

was

categorized

as

a

Level

3

investment

which

was

valued

at

$0.

50

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

International

Index

Fund

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

July

31,

2022:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

July

31,

2022:        

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

332,635

Total

$

332,635

The

Statement

of

Investments

should

be

read

in

conjunction

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

Mid

Cap

Market

Index

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

51

Common

Stocks

99.6%

Shares

Value

($)

Aerospace

&

Defense

1.3%

Axon

Enterprise,

Inc.*

23,609

2,601,476

Curtiss-Wright

Corp.

12,768

1,831,442

Hexcel

Corp.

27,945

1,690,952

Mercury

Systems,

Inc.*

19,154

1,130,277

Woodward,

Inc.

20,163

2,111,066

9,365,213

Air

Freight

&

Logistics

0.2%

GXO

Logistics,

Inc.*

33,987

1,631,376

Airlines

0.1%

JetBlue

Airways

Corp.*

108,305

911,928

Auto

Components

1.5%

Adient

plc*

31,552

1,065,826

Dana,

Inc.

47,976

804,078

Fox

Factory

Holding

Corp.*

14,013

1,326,471

Gentex

Corp.

78,032

2,202,063

Goodyear

Tire

&

Rubber

Co.

(The)*

93,171

1,144,140

Lear

Corp.

19,874

3,003,756

Visteon

Corp.*

9,272

1,182,922

10,729,256

Automobiles

0.5%

Harley-Davidson,

Inc.

48,947

1,850,686

Thor

Industries,

Inc.(a)

18,248

1,538,854

3,389,540

Banks

6.9%

Associated

Banc-Corp.(a)

50,527

1,015,593

Bank

of

Hawaii

Corp.

13,377

1,071,631

Bank

OZK(a)

37,499

1,503,710

Cadence

Bank(a)

60,242

1,572,316

Cathay

General

Bancorp

25,045

1,044,377

Commerce

Bancshares,

Inc.

(a)

36,528

2,538,331

Cullen/Frost

Bankers,

Inc.

18,976

2,474,470

East

West

Bancorp,

Inc.

47,180

3,386,580

First

Financial

Bankshares

,

Inc.(a)

42,705

1,886,707

First

Horizon

Corp.

177,831

3,976,301

FNB

Corp.

113,133

1,353,071

Fulton

Financial

Corp.

55,507

926,412

Glacier

Bancorp,

Inc.

36,122

1,809,351

Hancock

Whitney

Corp.

28,921

1,411,634

Home

BancShares

,

Inc.(a)

62,833

1,482,859

International

Bancshares

Corp.

17,719

777,155

Old

National

Bancorp

96,984

1,688,491

PacWest

Bancorp

39,006

1,093,338

Pinnacle

Financial

Partners,

Inc.

25,396

2,008,824

Prosperity

Bancshares,

Inc.

30,671

2,272,414

Synovus

Financial

Corp.

48,329

1,951,525

Texas

Capital

Bancshares,

Inc.*

17,085

1,001,523

UMB

Financial

Corp.

14,354

1,299,037

Umpqua

Holdings

Corp.

72,125

1,270,121

United

Bankshares

,

Inc.(a)

44,801

1,735,591

Valley

National

Bancorp

140,378

1,641,019

Washington

Federal,

Inc.

22,017

751,440

Webster

Financial

Corp.

59,451

2,761,499

Common

Stocks

Shares

Value

($)

Banks

Wintrust

Financial

Corp.

19,976

1,718,735

49,424,055

Beverages

0.3%

Boston

Beer

Co.,

Inc.

(The),

Class

A*(a)

3,105

1,181,235

Coca-Cola

Consolidated,

Inc.

1,520

779,760

1,960,995

Biotechnology

1.7%

Arrowhead

Pharmaceuticals,

Inc.*

35,113

1,493,356

Exelixis

,

Inc.*

106,637

2,230,846

Halozyme

Therapeutics,

Inc.*

45,864

2,242,750

Neurocrine

Biosciences,

Inc.*(a)

31,777

2,991,169

United

Therapeutics

Corp.*

15,061

3,480,145

12,438,266

Building

Products

2.6%

Builders

FirstSource

,

Inc.*

57,439

3,905,852

Carlisle

Cos.,

Inc.

17,188

5,089,367

Lennox

International,

Inc.

10,984

2,630,998

Owens

Corning

32,276

2,993,276

Simpson

Manufacturing

Co.,

Inc.

14,457

1,493,119

Trex

Co.,

Inc.*

37,635

2,428,210

18,540,822

Capital

Markets

1.9%

Affiliated

Managers

Group,

Inc.

12,845

1,623,351

Evercore

,

Inc.,

Class

A

13,482

1,347,796

Federated

Hermes,

Inc.,

Class

B

30,444

1,038,445

Interactive

Brokers

Group,

Inc.,

Class

A

29,101

1,707,938

Janus

Henderson

Group

plc(a)

55,486

1,429,874

Jefferies

Financial

Group,

Inc.

63,762

2,076,728

SEI

Investments

Co.

34,684

1,920,106

Stifel

Financial

Corp.

35,434

2,119,308

13,263,546

Chemicals

2.7%

Ashland

Global

Holdings,

Inc.

(a)

16,862

1,694,125

Avient

Corp.

30,462

1,314,435

Cabot

Corp.(a)

18,855

1,400,172

Chemours

Co.

(The)

51,634

1,837,654

Ingevity

Corp.*(a)

12,776

857,270

Minerals

Technologies,

Inc.

11,087

740,722

NewMarket

Corp.

2,286

710,489

Olin

Corp.

46,143

2,411,895

RPM

International,

Inc.

43,054

3,892,081

Scotts

Miracle-

Gro

Co.

(The)

(a)

13,526

1,203,138

Sensient

Technologies

Corp.

13,995

1,203,290

Valvoline,

Inc.

59,003

1,901,077

19,166,348

Commercial

Services

&

Supplies

1.5%

Brink's

Co.

(The)

15,617

889,232

Clean

Harbors,

Inc.*

16,677

1,627,508

IAA,

Inc.*

44,340

1,672,948

52

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Mid

Cap

Market

Index

Fund

Common

Stocks

Shares

Value

($)

Commercial

Services

&

Supplies

MillerKnoll

,

Inc.

25,084

755,279

MSA

Safety,

Inc.

12,140

1,558,048

Stericycle,

Inc.*

30,586

1,433,566

Tetra

Tech,

Inc.

17,848

2,735,563

10,672,144

Communications

Equipment

0.9%

Calix,

Inc.*

18,771

1,070,698

Ciena

Corp.*

50,578

2,609,825

Lumentum

Holdings,

Inc.*(a)

22,941

2,075,243

Viasat

,

Inc.*

24,769

815,643

6,571,409

Construction

&

Engineering

1.8%

AECOM

47,054

3,387,888

Dycom

Industries,

Inc.*(a)

9,834

1,014,475

EMCOR

Group,

Inc.

17,003

1,978,639

Fluor

Corp.*(a)

46,841

1,190,230

MasTec

,

Inc.*

18,979

1,498,013

MDU

Resources

Group,

Inc.

67,985

1,942,331

Valmont

Industries,

Inc.

7,085

1,923,436

12,935,012

Construction

Materials

0.2%

Eagle

Materials,

Inc.

13,152

1,663,070

Consumer

Finance

0.5%

Bread

Financial

Holdings,

Inc.

16,526

654,595

FirstCash

Holdings,

Inc.

13,220

968,497

Navient

Corp.(a)

49,117

808,957

SLM

Corp.

89,411

1,394,812

3,826,861

Containers

&

Packaging

0.9%

AptarGroup,

Inc.

21,825

2,351,862

Greif,

Inc.,

Class

A

9,053

639,323

Silgan

Holdings,

Inc.(a)

27,938

1,243,241

Sonoco

Products

Co.

32,414

2,057,965

6,292,391

Diversified

Consumer

Services

1.1%

Graham

Holdings

Co.,

Class

B

1,294

769,270

Grand

Canyon

Education,

Inc.*

10,734

1,031,215

H&R

Block,

Inc.

53,060

2,120,278

Service

Corp.

International

52,775

3,929,627

7,850,390

Diversified

Financial

Services

0.3%

Voya

Financial,

Inc.

33,934

2,041,469

Diversified

Telecommunication

Services

0.3%

Iridium

Communications,

Inc.*

42,508

1,900,533

Electric

Utilities

1.4%

ALLETE,

Inc.

18,927

1,174,799

Hawaiian

Electric

Industries,

Inc.

36,424

1,540,735

IDACORP,

Inc.

16,827

1,879,912

OGE

Energy

Corp.

66,562

2,734,367

PNM

Resources,

Inc.

28,595

1,380,281

Portland

General

Electric

Co.

29,589

1,519,099

10,229,193

Electrical

Equipment

2.0%

Acuity

Brands,

Inc.

11,538

2,104,531

Common

Stocks

Shares

Value

($)

Electrical

Equipment

EnerSys

13,817

910,679

Hubbell,

Inc.(a)

17,841

3,907,536

nVent

Electric

plc

54,779

1,934,247

Regal

Rexnord

Corp.

22,277

2,991,801

Sunrun

,

Inc.*(a)

69,857

2,283,625

Vicor

Corp.*

7,421

541,436

14,673,855

Electronic

Equipment,

Instruments

&

Components

3.4%

Arrow

Electronics,

Inc.*

21,955

2,813,972

Avnet,

Inc.

32,442

1,552,999

Belden,

Inc.

14,867

962,192

Cognex

Corp.

57,763

2,944,758

II-VI,

Inc.*

42,915

2,259,052

IPG

Photonics

Corp.*

11,543

1,230,253

Jabil,

Inc.

46,950

2,786,013

Littelfuse

,

Inc.

8,225

2,293,706

National

Instruments

Corp.

43,909

1,668,542

Novanta

,

Inc.*

11,870

1,830,354

TD

SYNNEX

Corp.

13,700

1,375,754

Vishay

Intertechnology

,

Inc.

43,822

905,363

Vontier

Corp.

53,473

1,379,603

24,002,561

Energy

Equipment

&

Services

0.5%

ChampionX

Corp.

67,279

1,405,458

NOV,

Inc.

130,901

2,436,068

3,841,526

Entertainment

0.1%

World

Wrestling

Entertainment,

Inc.,

Class

A

14,577

1,010,332

Equity

Real

Estate

Investment

Trusts

(REITs)

8.8%

American

Campus

Communities,

Inc.

46,374

3,029,150

Apartment

Income

REIT

Corp.

52,288

2,370,738

Brixmor

Property

Group,

Inc.

99,586

2,308,403

Corporate

Office

Properties

Trust

37,238

1,048,250

Cousins

Properties,

Inc.

49,584

1,529,666

Douglas

Emmett,

Inc.

58,474

1,382,325

EastGroup

Properties,

Inc.

13,857

2,363,173

EPR

Properties

24,906

1,340,192

First

Industrial

Realty

Trust,

Inc.

43,887

2,279,930

Healthcare

Realty

Trust,

Inc.

126,148

3,311,385

Highwoods

Properties,

Inc.

34,924

1,242,247

Hudson

Pacific

Properties,

Inc.

48,033

722,416

Independence

Realty

Trust,

Inc.

73,804

1,638,449

JBG

SMITH

Properties

36,109

918,613

Kilroy

Realty

Corp.

35,033

1,898,088

Kite

Realty

Group

Trust

72,436

1,440,752

Lamar

Advertising

Co.,

Class

A

28,946

2,925,283

Life

Storage,

Inc.

28,049

3,531,088

Macerich

Co.

(The)

70,930

752,567

Medical

Properties

Trust,

Inc.

199,516

3,439,656

National

Retail

Properties,

Inc.

58,485

2,784,471

National

Storage

Affiliates

Trust

27,976

1,534,204

Nationwide

Mid

Cap

Market

Index

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

53

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Omega

Healthcare

Investors,

Inc.

78,203

2,424,293

Park

Hotels

&

Resorts,

Inc.

77,471

1,207,773

Pebblebrook

Hotel

Trust

43,519

851,232

Physicians

Realty

Trust

74,825

1,329,640

PotlatchDeltic

Corp.

22,882

1,121,904

Rayonier,

Inc.

48,643

1,836,273

Rexford

Industrial

Realty,

Inc.

54,865

3,588,720

Sabra

Health

Care

REIT,

Inc.

77,528

1,193,156

SL

Green

Realty

Corp.

21,448

1,064,893

Spirit

Realty

Capital,

Inc.

44,654

1,979,958

STORE

Capital

Corp.

83,953

2,436,316

62,825,204

Food

&

Staples

Retailing

1.4%

BJ's

Wholesale

Club

Holdings,

Inc.*

44,882

3,038,512

Casey's

General

Stores,

Inc.

12,339

2,500,498

Grocery

Outlet

Holding

Corp.*

29,343

1,253,533

Performance

Food

Group

Co.*

51,534

2,561,755

Sprouts

Farmers

Market,

Inc.*

36,408

1,006,317

10,360,615

Food

Products

1.6%

Darling

Ingredients,

Inc.*

53,699

3,720,267

Flowers

Foods,

Inc.

66,265

1,882,589

Hain

Celestial

Group,

Inc.

(The)*

29,852

679,133

Ingredion,

Inc.

22,071

2,008,019

Lancaster

Colony

Corp.(a)

6,601

873,840

Pilgrim's

Pride

Corp.*

16,345

512,743

Post

Holdings,

Inc.*

18,561

1,613,693

11,290,284

Gas

Utilities

1.6%

National

Fuel

Gas

Co.(a)

30,450

2,202,753

New

Jersey

Resources

Corp.

(a)

32,161

1,485,516

ONE

Gas,

Inc.

17,970

1,526,372

Southwest

Gas

Holdings,

Inc.

22,226

1,932,773

Spire,

Inc.

17,405

1,309,552

UGI

Corp.

69,817

3,013,302

11,470,268

Health

Care

Equipment

&

Supplies

3.5%

Enovis

Corp.*(a)

15,612

932,349

Envista

Holdings

Corp.*

54,066

2,197,783

Globus

Medical,

Inc.,

Class

A*(a)

26,364

1,547,303

Haemonetics

Corp.*

17,036

1,183,832

ICU

Medical,

Inc.*

6,714

1,189,519

Inari

Medical,

Inc.*(a)

11,292

876,033

Integra

LifeSciences

Holdings

Corp.*

23,745

1,306,925

LivaNova

plc*

17,608

1,121,101

Masimo

Corp.*

16,977

2,454,535

Neogen

Corp.*

35,876

829,812

NuVasive

,

Inc.*

17,225

904,657

Omnicell

,

Inc.*

14,638

1,611,936

Penumbra,

Inc.*

11,842

1,650,538

QuidelOrtho

Corp.*

16,693

1,703,354

Shockwave

Medical,

Inc.*

11,900

2,510,067

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

STAAR

Surgical

Co.*

16,026

1,293,298

Tandem

Diabetes

Care,

Inc.*

21,461

1,420,933

24,733,975

Health

Care

Providers

&

Services

2.5%

Acadia

Healthcare

Co.,

Inc.*

30,098

2,495,425

Amedisys

,

Inc.*(a)

10,836

1,298,695

Chemed

Corp.(a)

4,976

2,393,904

Encompass

Health

Corp.

33,158

1,678,458

HealthEquity

,

Inc.*(a)

28,115

1,635,449

LHC

Group,

Inc.*

10,296

1,678,866

Option

Care

Health,

Inc.*

46,094

1,548,758

Patterson

Cos.,

Inc.

28,890

897,323

Progyny

,

Inc.*

23,886

729,240

R1

RCM,

Inc.*

44,465

1,111,625

Tenet

Healthcare

Corp.*

35,815

2,368,088

17,835,831

Hotels,

Restaurants

&

Leisure

2.5%

Boyd

Gaming

Corp.(a)

26,566

1,474,679

Choice

Hotels

International,

Inc.

10,940

1,322,318

Churchill

Downs,

Inc.

11,378

2,387,104

Cracker

Barrel

Old

Country

Store,

Inc.

7,824

743,828

Light

&

Wonder,

Inc.*

31,724

1,616,020

Marriott

Vacations

Worldwide

Corp.

13,760

1,884,019

Papa

John's

International,

Inc.

10,707

1,026,694

Texas

Roadhouse,

Inc.

22,640

1,974,661

Travel

+

Leisure

Co.

28,281

1,219,194

Wendy's

Co.

(The)

56,924

1,197,112

Wingstop

,

Inc.

9,909

1,250,318

Wyndham

Hotels

&

Resorts,

Inc.

30,493

2,116,519

18,212,466

Household

Durables

1.5%

Helen

of

Troy

Ltd.*

7,913

1,058,680

KB

Home

28,989

946,201

Leggett

&

Platt,

Inc.(a)

44,405

1,760,214

Taylor

Morrison

Home

Corp.,

Class

A*

39,734

1,140,366

Tempur

Sealy

International,

Inc.

58,301

1,602,112

Toll

Brothers,

Inc.

36,659

1,802,890

TopBuild

Corp.*(a)

10,852

2,297,585

10,608,048

Household

Products

0.1%

Energizer

Holdings,

Inc.

22,230

656,452

Independent

Power

and

Renewable

Electricity

Producers

0.2%

Ormat

Technologies,

Inc.(a)

14,808

1,281,484

Insurance

4.0%

Alleghany

Corp.*

4,473

3,746,048

American

Financial

Group,

Inc.

22,069

2,950,184

Brighthouse

Financial,

Inc.*

24,874

1,080,029

CNO

Financial

Group,

Inc.

38,338

718,838

First

American

Financial

Corp.

35,709

2,071,122

54

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Mid

Cap

Market

Index

Fund

Common

Stocks

Shares

Value

($)

Insurance

Hanover

Insurance

Group,

Inc.

(The)

11,859

1,618,398

Kemper

Corp.

19,932

932,818

Kinsale

Capital

Group,

Inc.

7,142

1,737,006

Mercury

General

Corp.(a)

8,950

375,273

Old

Republic

International

Corp.

95,327

2,218,259

Primerica,

Inc.

12,780

1,644,658

Reinsurance

Group

of

America,

Inc.

22,272

2,578,652

RenaissanceRe

Holdings

Ltd.

14,695

1,900,210

RLI

Corp.

13,267

1,459,105

Selective

Insurance

Group,

Inc.

20,066

1,562,339

Unum

Group

66,858

2,152,159

28,745,098

Interactive

Media

&

Services

0.3%

TripAdvisor,

Inc.*(a)

33,647

639,630

Ziff

Davis,

Inc.*

15,708

1,286,328

1,925,958

IT

Services

1.9%

Concentrix

Corp.

14,304

1,913,303

Euronet

Worldwide,

Inc.*(a)

16,789

1,649,855

Genpact

Ltd.

56,632

2,722,867

Kyndryl

Holdings,

Inc.*

61,209

640,858

Maximus,

Inc.

20,278

1,355,584

Sabre

Corp.*

110,624

680,338

Western

Union

Co.

(The)(a)

128,345

2,184,432

WEX,

Inc.*

14,958

2,486,169

13,633,406

Leisure

Products

1.3%

Brunswick

Corp.(a)

25,109

2,011,733

Callaway

Golf

Co.*

38,503

883,644

Mattel,

Inc.*(a)

117,194

2,718,901

Polaris,

Inc.

18,594

2,180,704

YETI

Holdings,

Inc.*

28,615

1,452,784

9,247,766

Life

Sciences

Tools

&

Services

1.7%

Azenta

,

Inc.(a)

24,967

1,704,248

Bruker

Corp.

33,155

2,272,775

Medpace

Holdings,

Inc.*

8,949

1,517,124

Repligen

Corp.*

17,140

3,656,990

Sotera

Health

Co.*

32,875

631,200

Syneos

Health,

Inc.*

34,200

2,706,588

12,488,925

Machinery

4.3%

AGCO

Corp.

20,267

2,207,482

Chart

Industries,

Inc.*

11,920

2,325,473

Crane

Holdings

Co.

15,824

1,565,468

Donaldson

Co.,

Inc.

41,115

2,237,067

Esab

Corp.

15,086

621,845

Flowserve

Corp.(a)

43,372

1,467,708

Graco

,

Inc.

56,263

3,778,623

ITT,

Inc.

27,761

2,082,908

Kennametal,

Inc.

27,343

734,160

Lincoln

Electric

Holdings,

Inc.

19,316

2,732,055

Middleby

Corp.

(The)*(a)

18,083

2,616,429

Oshkosh

Corp.(a)

21,966

1,891,273

Common

Stocks

Shares

Value

($)

Machinery

Terex

Corp.

23,220

778,102

Timken

Co.

(The)

22,404

1,464,774

Toro

Co.

(The)

34,756

2,988,668

Watts

Water

Technologies,

Inc.,

Class

A

9,175

1,267,343

30,759,378

Marine

0.2%

Kirby

Corp.*

20,192

1,280,980

Media

0.9%

Cable

One,

Inc.

1,634

2,249,495

John

Wiley

&

Sons,

Inc.,

Class

A

14,477

755,989

New

York

Times

Co.

(The),

Class

A

55,647

1,777,921

TEGNA,

Inc.

73,721

1,543,718

6,327,123

Metals

&

Mining

3.0%

Alcoa

Corp.

61,324

3,120,778

Cleveland-Cliffs,

Inc.*(a)

158,812

2,812,561

Commercial

Metals

Co.(a)

40,443

1,602,352

MP

Materials

Corp.*(a)

24,841

833,912

Reliance

Steel

&

Aluminum

Co.

20,596

3,918,389

Royal

Gold,

Inc.

21,841

2,288,282

Steel

Dynamics,

Inc.

59,597

4,641,414

United

States

Steel

Corp.(a)

87,074

2,059,300

Worthington

Industries,

Inc.

10,613

543,492

21,820,480

Multiline

Retail

0.7%

Kohl's

Corp.

42,707

1,244,482

Macy's,

Inc.(a)

94,607

1,669,813

Nordstrom,

Inc.(a)

36,921

868,013

Ollie's

Bargain

Outlet

Holdings,

Inc.*(a)

19,363

1,141,449

4,923,757

Multi-Utilities

0.4%

Black

Hills

Corp.(a)

21,555

1,664,046

NorthWestern

Corp.(a)

17,966

996,215

2,660,261

Oil,

Gas

&

Consumable

Fuels

4.0%

Antero

Midstream

Corp.(a)

108,109

1,087,576

CNX

Resources

Corp.*

64,781

1,118,768

DT

Midstream,

Inc.

32,221

1,773,122

EQT

Corp.

98,288

4,327,621

Equitrans

Midstream

Corp.

134,399

1,055,032

HF

Sinclair

Corp.

49,726

2,377,897

Matador

Resources

Co.

36,979

2,136,646

Murphy

Oil

Corp.

48,864

1,717,081

PDC

Energy,

Inc.(a)

31,727

2,084,147

Range

Resources

Corp.*(a)

86,175

2,849,807

Southwestern

Energy

Co.*

370,514

2,615,829

Targa

Resources

Corp.

75,799

5,238,469

28,381,995

Paper

&

Forest

Products

0.2%

Louisiana-Pacific

Corp.

27,273

1,735,381

Nationwide

Mid

Cap

Market

Index

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

55

Common

Stocks

Shares

Value

($)

Personal

Products

0.3%

BellRing

Brands,

Inc.*

36,815

888,714

Coty,

Inc.,

Class

A*

114,500

838,140

Nu

Skin

Enterprises,

Inc.,

Class

A(a)

16,983

738,930

2,465,784

Pharmaceuticals

0.7%

Jazz

Pharmaceuticals

plc*

20,719

3,233,407

Perrigo

Co.

plc

44,540

1,864,890

5,098,297

Professional

Services

1.8%

ASGN,

Inc.*

16,928

1,756,449

CACI

International,

Inc.,

Class

A*

7,784

2,353,025

FTI

Consulting,

Inc.*

11,416

1,867,201

Insperity

,

Inc.

11,946

1,310,954

KBR,

Inc.

46,255

2,462,154

ManpowerGroup

,

Inc.

17,516

1,373,430

Science

Applications

International

Corp.

18,558

1,797,713

12,920,926

Real

Estate

Management

&

Development

0.4%

Jones

Lang

LaSalle,

Inc.*

16,246

3,097,625

Road

&

Rail

1.9%

Avis

Budget

Group,

Inc.*(a)

11,398

2,074,778

Knight-Swift

Transportation

Holdings,

Inc.

54,382

2,988,291

Landstar

System,

Inc.

12,415

1,943,940

Ryder

System,

Inc.

16,984

1,330,187

Saia,

Inc.*(a)

8,780

2,088,323

Werner

Enterprises,

Inc.

19,975

878,101

XPO

Logistics,

Inc.*

32,846

1,962,220

13,265,840

Semiconductors

&

Semiconductor

Equipment

3.3%

Amkor

Technology,

Inc.(a)

33,779

681,322

Cirrus

Logic,

Inc.*

19,065

1,629,295

First

Solar,

Inc.*(a)

32,971

3,269,734

Lattice

Semiconductor

Corp.*

45,752

2,813,748

MKS

Instruments,

Inc.

18,505

2,187,291

Power

Integrations,

Inc.

19,365

1,646,219

Semtech

Corp.*

21,079

1,313,854

Silicon

Laboratories,

Inc.*

12,149

1,791,735

SiTime

Corp.*

5,171

961,703

SunPower

Corp.*(a)

27,978

569,912

Synaptics

,

Inc.*

13,168

1,908,702

Universal

Display

Corp.

14,442

1,667,473

Wolfspeed

,

Inc.*(a)

41,105

3,424,046

23,865,034

Software

3.0%

ACI

Worldwide,

Inc.*

38,123

1,087,649

Aspen

Technology,

Inc.*

9,347

1,907,629

Blackbaud

,

Inc.*

15,124

927,404

CommVault

Systems,

Inc.*

15,112

847,632

Envestnet

,

Inc.*(a)

12,673

738,456

Fair

Isaac

Corp.*

8,622

3,983,623

Manhattan

Associates,

Inc.*

20,993

2,953,085

NCR

Corp.*(a)

46,050

1,494,322

Paylocity

Holding

Corp.*(a)

13,201

2,718,482

Common

Stocks

Shares

Value

($)

Software

Qualys

,

Inc.*

11,125

1,360,810

Sailpoint

Technologies

Holdings,

Inc.*

31,344

1,998,807

Teradata

Corp.*

35,301

1,351,675

21,369,574

Specialty

Retail

2.9%

American

Eagle

Outfitters,

Inc.

(a)

51,017

614,245

AutoNation,

Inc.*

11,816

1,403,032

Dick's

Sporting

Goods,

Inc.(a)

19,280

1,804,415

Five

Below,

Inc.*(a)

18,515

2,352,701

Foot

Locker,

Inc.(a)

27,765

787,693

GameStop

Corp.,

Class

A*(a)

82,232

2,796,710

Gap,

Inc.

(The)

69,664

670,168

Lithia

Motors,

Inc.,

Class

A

9,620

2,551,993

Murphy

USA,

Inc.(a)

7,403

2,105,117

RH*(a)

5,840

1,631,871

Victoria's

Secret

&

Co.*

22,557

833,707

Williams-Sonoma,

Inc.(a)

23,283

3,362,531

20,914,183

Technology

Hardware,

Storage

&

Peripherals

0.1%

Xerox

Holdings

Corp.

39,292

673,072

Textiles,

Apparel

&

Luxury

Goods

1.8%

Capri

Holdings

Ltd.*

49,131

2,391,697

Carter's,

Inc.

13,382

1,090,365

Columbia

Sportswear

Co.

11,066

818,995

Crocs,

Inc.*

20,450

1,465,038

Deckers

Outdoor

Corp.*

9,060

2,837,683

Hanesbrands,

Inc.(a)

116,219

1,299,328

Skechers

USA,

Inc.,

Class

A*

44,901

1,704,442

Under

Armour

,

Inc.,

Class

A*

62,660

580,232

Under

Armour

,

Inc.,

Class

C*

67,327

556,121

12,743,901

Thrifts

&

Mortgage

Finance

0.6%

Essent

Group

Ltd.

35,774

1,493,922

MGIC

Investment

Corp.

102,825

1,453,946

New

York

Community

Bancorp,

Inc.(a)

155,934

1,656,019

4,603,887

Trading

Companies

&

Distributors

1.0%

GATX

Corp.

11,820

1,184,955

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

15,695

1,297,349

Univar

Solutions,

Inc.*

56,205

1,519,783

Watsco

,

Inc.(a)

11,026

3,020,573

7,022,660

Water

Utilities

0.6%

Essential

Utilities,

Inc.

76,549

3,975,955

Total

Common

Stocks

(cost

$514,196,419)

713,553,964

56

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Mid

Cap

Market

Index

Fund

Repurchase

Agreement

3.0%

Principal

Amount

($)

Value

($)

CF

Secured,

LLC,

2.24%,

dated

7/29/2022,

due

8/1/2022,

repurchase

price

$21,387,959,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.50%,

maturing

9/30/2022

-

5/15/2052;

total

market

value

$21,815,718.(b)

21,383,967

21,383,967

Total

Repurchase

Agreement

(cost

$21,383,967)

21,383,967

Total

Investments

(cost

$535,580,386)

—

102.6%

734,937,931

Liabilities

in

excess

of

other

assets

—

(2.6)%

(18,625,744)

NET

ASSETS

—

100.0%

$

716,312,187

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

July

31,

2022.

The

total

value

of

securities

on

loan

as

of

July

31,

2022

was

$68,709,458,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$21,383,967

and

by

$48,327,811

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

9/1/2022

–

5/15/2052,

a

total

value

of

$69,711,778.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

July

31,

2022

was

$21,383,967.

REIT

Real

Estate

Investment

Trust

Futures

contracts

outstanding

as

of

July

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

12

9/2022

USD

3,017,280

146,997

Net

contracts

146,997

As

of

July

31,

2022,

the

Fund

had

$150,800

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

Nationwide

Mid

Cap

Market

Index

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

57

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.

58

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Mid

Cap

Market

Index

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

July

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

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

July

31,

2022:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

July

31,

2022:        

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

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

$

713,553,964

$

–

$

–

$

713,553,964

Futures

Contracts

146,997

–

–

146,997

Repurchase

Agreement

–

21,383,967

–

21,383,967

Total

$

713,700,961

$

21,383,967

$

–

$

735,084,928

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

146,997

Total

$

146,997

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

S&P

500

Index

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

59

He

Common

Stocks

98.7%

Shares

Value

($)

Aerospace

&

Defense

1.6%

Boeing

Co.

(The)*

18,477

2,943,571

General

Dynamics

Corp.

7,696

1,744,452

Howmet

Aerospace,

Inc.

12,965

481,390

Huntington

Ingalls

Industries,

Inc.

1,361

295,119

L3Harris

Technologies,

Inc.

6,447

1,547,087

Lockheed

Martin

Corp.

7,892

3,265,789

Northrop

Grumman

Corp.

4,913

2,352,836

Raytheon

Technologies

Corp.

49,658

4,628,622

Textron,

Inc.

6,978

458,036

TransDigm

Group,

Inc.*

1,701

1,058,600

18,775,502

Air

Freight

&

Logistics

0.7%

CH

Robinson

Worldwide,

Inc.

4,135

457,745

Expeditors

International

of

Washington,

Inc.

5,567

591,494

FedEx

Corp.

8,022

1,869,848

United

Parcel

Service,

Inc.,

Class

B

24,523

4,779,287

7,698,374

Airlines

0.2%

Alaska

Air

Group,

Inc.*

4,421

195,983

American

Airlines

Group,

Inc.*(a)

21,153

290,008

Delta

Air

Lines,

Inc.*

21,762

692,031

Southwest

Airlines

Co.*

19,773

753,747

United

Airlines

Holdings,

Inc.*

10,890

400,207

2,331,976

Auto

Components

0.1%

Aptiv

plc*

9,149

959,638

BorgWarner,

Inc.

7,778

299,142

1,258,780

Automobiles

2.4%

Ford

Motor

Co.

130,679

1,919,674

General

Motors

Co.*

48,683

1,765,246

Tesla,

Inc.*

28,020

24,978,429

28,663,349

Banks

3.6%

Bank

of

America

Corp.

238,469

8,062,637

Citigroup,

Inc.

64,668

3,356,269

Citizens

Financial

Group,

Inc.

16,501

626,543

Comerica,

Inc.

4,158

323,368

Fifth

Third

Bancorp

22,721

775,240

First

Republic

Bank

6,101

992,694

Huntington

Bancshares,

Inc.

(a)

48,648

646,532

JPMorgan

Chase

&

Co.

98,068

11,313,124

KeyCorp

30,302

554,526

M&T

Bank

Corp.

6,080

1,078,896

PNC

Financial

Services

Group,

Inc.

(The)

13,912

2,308,557

Regions

Financial

Corp.

30,565

647,367

Signature

Bank

2,168

402,316

SVB

Financial

Group*

1,974

796,608

Truist

Financial

Corp.

44,325

2,237,083

US

Bancorp

45,408

2,143,258

Wells

Fargo

&

Co.

126,559

5,552,143

Common

Stocks

Shares

Value

($)

Banks

Zions

Bancorp

NA

4,886

266,531

42,083,692

Beverages

1.8%

Brown-Forman

Corp.,

Class

B

6,145

456,082

Coca-Cola

Co.

(The)

130,271

8,359,490

Constellation

Brands,

Inc.,

Class

A

5,488

1,351,749

Keurig

Dr

Pepper,

Inc.

24,816

961,372

Molson

Coors

Beverage

Co.,

Class

B

6,173

368,837

Monster

Beverage

Corp.*

12,636

1,258,798

PepsiCo,

Inc.

46,168

8,077,553

20,833,881

Biotechnology

2.0%

AbbVie,

Inc.

59,004

8,467,664

Amgen,

Inc.

17,837

4,414,122

Biogen,

Inc.*

4,822

1,037,019

Gilead

Sciences,

Inc.

42,082

2,514,400

Incyte

Corp.*

6,374

495,132

Moderna,

Inc.*(a)

11,544

1,894,255

Regeneron

Pharmaceuticals,

Inc.*

3,598

2,092,921

Vertex

Pharmaceuticals,

Inc.*

8,503

2,384,326

23,299,839

Building

Products

0.4%

A

O

Smith

Corp.

4,623

292,497

Allegion

plc

2,995

316,571

Carrier

Global

Corp.

28,395

1,150,849

Fortune

Brands

Home

&

Security,

Inc.

4,150

289,172

Johnson

Controls

International

plc

23,048

1,242,518

Masco

Corp.

7,552

418,230

Trane

Technologies

plc

7,912

1,162,985

4,872,822

Capital

Markets

2.9%

Ameriprise

Financial,

Inc.

3,648

984,668

Bank

of

New

York

Mellon

Corp.

(The)

24,819

1,078,634

BlackRock,

Inc.

4,755

3,181,951

Cboe

Global

Markets,

Inc.

3,506

432,570

Charles

Schwab

Corp.

(The)

50,164

3,463,824

CME

Group,

Inc.

12,001

2,393,959

FactSet

Research

Systems,

Inc.

1,270

545,694

Franklin

Resources,

Inc.(a)

8,863

243,289

Goldman

Sachs

Group,

Inc.

(The)

11,442

3,814,648

Intercontinental

Exchange,

Inc.

18,491

1,885,897

Invesco

Ltd.

11,488

203,797

MarketAxess

Holdings,

Inc.

1,251

338,746

Moody's

Corp.

5,400

1,675,350

Morgan

Stanley

46,654

3,932,932

MSCI,

Inc.

2,747

1,322,241

Nasdaq,

Inc.

3,745

677,471

Northern

Trust

Corp.

6,920

690,478

Raymond

James

Financial,

Inc.

6,542

644,191

60

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

S&P

500

Index

Fund

Common

Stocks

Shares

Value

($)

Capital

Markets

S&P

Global,

Inc.

11,577

4,363,719

State

Street

Corp.

12,333

876,136

T.

Rowe

Price

Group,

Inc.(a)

7,527

929,359

33,679,554

Chemicals

1.7%

Air

Products

&

Chemicals,

Inc.

7,440

1,846,831

Albemarle

Corp.

3,940

962,581

Celanese

Corp.

3,601

423,154

CF

Industries

Holdings,

Inc.

7,002

668,621

Corteva,

Inc.

24,164

1,390,638

Dow,

Inc.

24,213

1,288,374

DuPont

de

Nemours,

Inc.

17,124

1,048,503

Eastman

Chemical

Co.

4,227

405,496

Ecolab,

Inc.

8,207

1,355,550

FMC

Corp.

4,074

452,621

International

Flavors

&

Fragrances,

Inc.

8,438

1,046,734

Linde

plc

16,805

5,075,110

LyondellBasell

Industries

NV,

Class

A

8,537

760,817

Mosaic

Co.

(The)

11,988

631,288

PPG

Industries,

Inc.

7,759

1,003,161

Sherwin-Williams

Co.

(The)(a)

8,022

1,940,843

20,300,322

Commercial

Services

&

Supplies

0.5%

Cintas

Corp.

2,945

1,253,068

Copart,

Inc.*

7,112

911,047

Republic

Services,

Inc.

6,875

953,288

Rollins,

Inc.

7,593

292,862

Waste

Management,

Inc.

12,863

2,116,735

5,527,000

Communications

Equipment

0.8%

Arista

Networks,

Inc.*

7,508

875,658

Cisco

Systems,

Inc.

138,707

6,293,137

F5,

Inc.*

2,045

342,251

Juniper

Networks,

Inc.

11,279

316,150

Motorola

Solutions,

Inc.

5,557

1,325,845

9,153,041

Construction

&

Engineering

0.1%

Quanta

Services,

Inc.(a)

4,773

662,158

Construction

Materials

0.1%

Martin

Marietta

Materials,

Inc.

2,055

723,524

Vulcan

Materials

Co.

4,381

724,311

1,447,835

Consumer

Finance

0.5%

American

Express

Co.

20,414

3,144,164

Capital

One

Financial

Corp.

13,223

1,452,282

Discover

Financial

Services

9,379

947,279

Synchrony

Financial(a)

16,233

543,481

6,087,206

Containers

&

Packaging

0.3%

Amcor

plc

49,014

634,731

Avery

Dennison

Corp.

2,823

537,669

Ball

Corp.

10,875

798,442

International

Paper

Co.

12,041

514,994

Packaging

Corp.

of

America

3,080

433,079

Sealed

Air

Corp.

4,677

285,858

Common

Stocks

Shares

Value

($)

Containers

&

Packaging

Westrock

Co.

8,296

351,419

3,556,192

Distributors

0.1%

Genuine

Parts

Co.

4,691

717,113

LKQ

Corp.

8,492

465,701

Pool

Corp.

1,364

487,903

1,670,717

Diversified

Financial

Services

1.5%

Berkshire

Hathaway,

Inc.,

Class

B*

60,408

18,158,645

Diversified

Telecommunication

Services

1.0%

AT&T,

Inc.(a)

239,038

4,489,134

Lumen

Technologies,

Inc.

31,671

344,897

Verizon

Communications,

Inc.

140,225

6,476,993

11,311,024

Electric

Utilities

1.9%

Alliant

Energy

Corp.

8,371

510,045

American

Electric

Power

Co.,

Inc.

17,277

1,702,821

Constellation

Energy

Corp.

10,869

718,441

Duke

Energy

Corp.

25,567

2,810,580

Edison

International

12,839

870,099

Entergy

Corp.

6,862

790,022

Evergy,

Inc.

7,572

516,865

Eversource

Energy

11,481

1,012,854

Exelon

Corp.

32,572

1,514,272

FirstEnergy

Corp.

19,128

786,161

NextEra

Energy,

Inc.

65,584

5,541,192

NRG

Energy,

Inc.(a)

8,395

316,911

Pinnacle

West

Capital

Corp.

3,789

278,378

PPL

Corp.

24,230

704,608

Southern

Co.

(The)

35,687

2,743,974

Xcel

Energy,

Inc.

18,087

1,323,607

22,140,830

Electrical

Equipment

0.5%

AMETEK,

Inc.

7,562

933,907

Eaton

Corp.

plc

13,413

1,990,355

Emerson

Electric

Co.

19,897

1,792,123

Generac

Holdings,

Inc.*(a)

2,069

555,113

Rockwell

Automation,

Inc.

3,919

1,000,442

6,271,940

Electronic

Equipment,

Instruments

&

Components

0.6%

Amphenol

Corp.,

Class

A

20,129

1,552,550

CDW

Corp.

4,513

819,245

Corning,

Inc.(a)

25,806

948,628

Keysight

Technologies,

Inc.*

5,966

970,072

TE

Connectivity

Ltd.

10,837

1,449,232

Teledyne

Technologies,

Inc.*

1,577

617,238

Trimble,

Inc.*

8,611

597,862

Zebra

Technologies

Corp.,

Class

A*

1,767

632,038

7,586,865

Energy

Equipment

&

Services

0.3%

Baker

Hughes

Co.(a)

30,673

787,989

Halliburton

Co.

30,324

888,493

Nationwide

S&P

500

Index

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

61

Common

Stocks

Shares

Value

($)

Energy

Equipment

&

Services

Schlumberger

NV

47,184

1,747,224

3,423,706

Entertainment

1.3%

Activision

Blizzard,

Inc.

25,964

2,075,822

Electronic

Arts,

Inc.

9,484

1,244,585

Live

Nation

Entertainment,

Inc.*(a)

4,694

441,189

Netflix,

Inc.*

14,910

3,353,259

Take-Two

Interactive

Software,

Inc.*

5,194

689,400

Walt

Disney

Co.

(The)*

60,819

6,452,896

Warner

Bros

Discovery,

Inc.*

74,340

1,115,100

15,372,251

Equity

Real

Estate

Investment

Trusts

(REITs)

2.8%

Alexandria

Real

Estate

Equities,

Inc.

4,877

808,509

American

Tower

Corp.

15,344

4,155,616

AvalonBay

Communities,

Inc.

4,600

984,124

Boston

Properties,

Inc.

4,565

416,145

Camden

Property

Trust

3,680

519,248

Crown

Castle

International

Corp.

14,444

2,609,453

Digital

Realty

Trust,

Inc.

9,552

1,265,162

Duke

Realty

Corp.

12,685

793,574

Equinix,

Inc.

3,018

2,123,887

Equity

Residential

11,567

906,737

Essex

Property

Trust,

Inc.

2,207

632,372

Extra

Space

Storage,

Inc.

4,493

851,513

Federal

Realty

OP

LP

2,311

244,065

Healthpeak

Properties,

Inc.

17,304

478,110

Host

Hotels

&

Resorts,

Inc.

23,061

410,716

Iron

Mountain,

Inc.

9,417

456,630

Kimco

Realty

Corp.

20,546

454,272

Mid-America

Apartment

Communities,

Inc.

3,913

726,761

Prologis,

Inc.

24,853

3,294,514

Public

Storage

5,079

1,657,836

Realty

Income

Corp.

20,239

1,497,484

Regency

Centers

Corp.

5,396

347,664

SBA

Communications

Corp.

3,579

1,201,792

Simon

Property

Group,

Inc.

10,824

1,175,919

UDR,

Inc.

9,879

478,144

Ventas,

Inc.

13,603

731,569

VICI

Properties,

Inc.

32,398

1,107,688

Vornado

Realty

Trust

5,479

166,507

Welltower,

Inc.

15,273

1,318,671

Weyerhaeuser

Co.

24,636

894,780

32,709,462

Food

&

Staples

Retailing

1.5%

Costco

Wholesale

Corp.

14,799

8,010,699

Kroger

Co.

(The)

21,578

1,002,082

Sysco

Corp.

16,836

1,429,376

Walgreens

Boots

Alliance,

Inc.

23,562

933,527

Walmart,

Inc.

46,877

6,190,108

17,565,792

Food

Products

1.1%

Archer-Daniels-Midland

Co.

18,931

1,566,919

Campbell

Soup

Co.

6,894

340,219

Common

Stocks

Shares

Value

($)

Food

Products

Conagra

Brands,

Inc.

16,076

549,960

General

Mills,

Inc.(a)

20,078

1,501,634

Hershey

Co.

(The)

4,824

1,099,679

Hormel

Foods

Corp.(a)

9,087

448,353

J

M

Smucker

Co.

(The)

3,604

476,881

Kellogg

Co.

8,438

623,737

Kraft

Heinz

Co.

(The)

23,562

867,788

Lamb

Weston

Holdings,

Inc.

4,780

380,775

McCormick

&

Co.,

Inc.

(Non-

Voting)(a)

8,237

719,502

Mondelez

International,

Inc.,

Class

A

46,514

2,978,756

Tyson

Foods,

Inc.,

Class

A

9,859

867,691

12,421,894

Gas

Utilities

0.1%

Atmos

Energy

Corp.

4,695

569,926

Health

Care

Equipment

&

Supplies

2.6%

Abbott

Laboratories

58,464

6,363,222

ABIOMED,

Inc.*

1,492

437,171

Align

Technology,

Inc.*

2,432

683,319

Baxter

International,

Inc.

16,996

996,985

Becton

Dickinson

and

Co.

9,518

2,325,343

Boston

Scientific

Corp.*

47,652

1,956,115

Cooper

Cos.,

Inc.

(The)(a)

1,621

530,067

Dentsply

Sirona,

Inc.

7,284

263,389

Dexcom,

Inc.*

13,031

1,069,584

Edwards

Lifesciences

Corp.*

20,773

2,088,517

Hologic,

Inc.*

8,483

605,517

IDEXX

Laboratories,

Inc.*

2,784

1,111,317

Intuitive

Surgical,

Inc.*

12,051

2,773,779

Medtronic

plc

44,964

4,160,069

ResMed,

Inc.

4,914

1,181,915

STERIS

plc

3,395

766,082

Stryker

Corp.

11,160

2,396,610

Teleflex,

Inc.

1,511

363,335

Zimmer

Biomet

Holdings,

Inc.

7,027

775,711

30,848,047

Health

Care

Providers

&

Services

3.3%

AmerisourceBergen

Corp.

5,106

745,119

Cardinal

Health,

Inc.

9,099

541,936

Centene

Corp.*

19,515

1,814,310

Cigna

Corp.

10,547

2,904,222

CVS

Health

Corp.

43,782

4,189,062

DaVita,

Inc.*

1,981

166,721

Elevance

Health,

Inc.

8,083

3,856,399

HCA

Healthcare,

Inc.

7,654

1,625,863

Henry

Schein,

Inc.*

4,550

358,676

Humana,

Inc.

4,236

2,041,752

Laboratory

Corp.

of

America

Holdings

3,079

807,283

McKesson

Corp.

4,840

1,653,247

Molina

Healthcare,

Inc.*

1,951

639,382

Quest

Diagnostics,

Inc.

3,860

527,160

UnitedHealth

Group,

Inc.

31,325

16,988,800

Universal

Health

Services,

Inc.,

Class

B

2,196

246,984

39,106,916

62

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

S&P

500

Index

Fund

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

1.8%

Booking

Holdings,

Inc.*

1,350

2,613,182

Caesars

Entertainment,

Inc.*(a)

7,015

320,515

Carnival

Corp.*(a)

28,047

254,106

Chipotle

Mexican

Grill,

Inc.*

937

1,465,674

Darden

Restaurants,

Inc.(a)

4,172

519,372

Domino's

Pizza,

Inc.

1,240

486,216

Expedia

Group,

Inc.*

5,040

534,492

Hilton

Worldwide

Holdings,

Inc.(a)

9,378

1,201,041

Las

Vegas

Sands

Corp.*

11,605

437,393

Marriott

International,

Inc.,

Class

A

9,249

1,468,926

McDonald's

Corp.

24,693

6,503,395

MGM

Resorts

International

12,036

393,938

Norwegian

Cruise

Line

Holdings

Ltd.*(a)

13,986

169,930

Penn

National

Gaming,

Inc.*(a)

5,787

199,941

Royal

Caribbean

Cruises

Ltd.*(a)

7,614

294,738

Starbucks

Corp.

38,153

3,234,611

Wynn

Resorts

Ltd.*(a)

3,462

219,768

Yum!

Brands,

Inc.

9,532

1,168,051

21,485,289

Household

Durables

0.3%

DR

Horton,

Inc.(a)

10,483

817,989

Garmin

Ltd.

5,174

505,086

Lennar

Corp.,

Class

A

8,746

743,410

Mohawk

Industries,

Inc.*

1,634

209,936

Newell

Brands,

Inc.

12,582

254,282

NVR,

Inc.*

103

452,489

PulteGroup,

Inc.

7,941

346,387

Whirlpool

Corp.(a)

1,813

313,413

3,642,992

Household

Products

1.4%

Church

&

Dwight

Co.,

Inc.

7,994

703,232

Clorox

Co.

(The)

4,072

577,573

Colgate-Palmolive

Co.

28,151

2,216,610

Kimberly-Clark

Corp.

11,227

1,479,606

Procter

&

Gamble

Co.

(The)

80,112

11,128,358

16,105,379

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

AES

Corp.

(The)

22,538

500,794

Industrial

Conglomerates

0.8%

3M

Co.

18,998

2,721,274

General

Electric

Co.

36,572

2,703,036

Honeywell

International,

Inc.

22,658

4,360,759

9,785,069

Insurance

2.0%

Aflac,

Inc.

19,572

1,121,476

Allstate

Corp.

(The)

9,092

1,063,491

American

International

Group,

Inc.

26,651

1,379,722

Aon

plc,

Class

A

7,064

2,055,906

Arthur

J

Gallagher

&

Co.

7,009

1,254,541

Assurant,

Inc.

1,812

318,513

Common

Stocks

Shares

Value

($)

Insurance

Brown

&

Brown,

Inc.

7,865

512,011

Chubb

Ltd.

14,087

2,657,372

Cincinnati

Financial

Corp.

5,040

490,594

Everest

Re

Group

Ltd.

1,261

329,562

Globe

Life,

Inc.

2,844

286,476

Hartford

Financial

Services

Group,

Inc.

(The)

11,153

719,034

Lincoln

National

Corp.

5,444

279,495

Loews

Corp.

6,803

396,275

Marsh

&

McLennan

Cos.,

Inc.

16,746

2,745,674

MetLife,

Inc.

23,025

1,456,331

Principal

Financial

Group,

Inc.

7,806

522,534

Progressive

Corp.

(The)

19,529

2,247,007

Prudential

Financial,

Inc.

12,691

1,268,973

Travelers

Cos.,

Inc.

(The)

8,088

1,283,566

W

R

Berkley

Corp.

7,140

446,464

Willis

Towers

Watson

plc(a)

3,751

776,232

23,611,249

Interactive

Media

&

Services

5.0%

Alphabet,

Inc.,

Class

A*

200,840

23,361,709

Alphabet,

Inc.,

Class

C*

184,160

21,480,422

Match

Group,

Inc.*

9,738

713,893

Meta

Platforms,

Inc.,

Class

A*

76,580

12,183,878

Twitter,

Inc.*

25,662

1,067,796

58,807,698

Internet

&

Direct

Marketing

Retail

3.5%

Amazon.com,

Inc.*

292,161

39,427,127

eBay,

Inc.

18,835

915,946

Etsy,

Inc.*(a)

4,219

437,595

40,780,668

IT

Services

4.3%

Accenture

plc,

Class

A

21,149

6,477,093

Akamai

Technologies,

Inc.*

5,257

505,829

Automatic

Data

Processing,

Inc.

13,904

3,352,532

Broadridge

Financial

Solutions,

Inc.

4,018

645,090

Cognizant

Technology

Solutions

Corp.,

Class

A

17,407

1,182,980

DXC

Technology

Co.*

7,473

236,147

EPAM

Systems,

Inc.*

1,904

664,972

Fidelity

National

Information

Services,

Inc.

20,206

2,064,245

Fiserv,

Inc.*

19,506

2,061,394

FleetCor

Technologies,

Inc.*

2,602

572,674

Gartner,

Inc.*

2,634

699,274

Global

Payments,

Inc.

9,429

1,153,355

International

Business

Machines

Corp.

30,032

3,927,885

Jack

Henry

&

Associates,

Inc.

2,500

519,425

Mastercard,

Inc.,

Class

A

28,675

10,144,928

Paychex,

Inc.(a)

10,686

1,370,800

PayPal

Holdings,

Inc.*

38,893

3,365,411

VeriSign,

Inc.*

3,262

617,040

Visa,

Inc.,

Class

A(a)

54,950

11,655,445

51,216,519

Leisure

Products

0.0%

†

Hasbro,

Inc.

4,173

328,499

Nationwide

S&P

500

Index

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

63

Common

Stocks

Shares

Value

($)

Life

Sciences

Tools

&

Services

1.9%

Agilent

Technologies,

Inc.

9,926

1,331,077

Bio-Rad

Laboratories,

Inc.,

Class

A*

698

393,156

Bio-Techne

Corp.

1,319

508,184

Charles

River

Laboratories

International,

Inc.*

1,621

406,125

Danaher

Corp.

21,607

6,297,792

Illumina,

Inc.*

5,324

1,153,604

IQVIA

Holdings,

Inc.*

6,359

1,527,877

Mettler-Toledo

International,

Inc.*

765

1,032,543

PerkinElmer,

Inc.

4,257

652,045

Thermo

Fisher

Scientific,

Inc.

13,071

7,821,817

Waters

Corp.*

2,038

741,893

West

Pharmaceutical

Services,

Inc.

2,489

855,121

22,721,234

Machinery

1.6%

Caterpillar,

Inc.

17,782

3,525,282

Cummins,

Inc.

4,648

1,028,649

Deere

&

Co.

9,332

3,202,556

Dover

Corp.

4,861

649,818

Fortive

Corp.

12,060

777,267

IDEX

Corp.

2,586

539,828

Illinois

Tool

Works,

Inc.

9,409

1,954,814

Ingersoll

Rand,

Inc.

13,634

678,973

Nordson

Corp.

1,837

424,329

Otis

Worldwide

Corp.

13,906

1,087,032

PACCAR,

Inc.

11,674

1,068,404

Parker-Hannifin

Corp.

4,339

1,254,362

Pentair

plc

5,688

278,086

Snap-on,

Inc.

1,742

390,295

Stanley

Black

&

Decker,

Inc.

5,079

494,339

Westinghouse

Air

Brake

Technologies

Corp.

6,090

569,232

Xylem,

Inc.

5,807

534,418

18,457,684

Media

0.8%

Charter

Communications,

Inc.,

Class

A*

3,897

1,683,894

Comcast

Corp.,

Class

A(a)

149,272

5,600,685

DISH

Network

Corp.,

Class

A*(a)

8,381

145,578

Fox

Corp.,

Class

A

10,018

331,696

Fox

Corp.,

Class

B

5,046

155,921

Interpublic

Group

of

Cos.,

Inc.

(The)

13,641

407,457

News

Corp.,

Class

A

13,611

233,293

News

Corp.,

Class

B(a)

4,930

85,190

Omnicom

Group,

Inc.

6,899

481,826

Paramount

Global,

Class

B

20,460

483,879

9,609,419

Metals

&

Mining

0.3%

Freeport-McMoRan,

Inc.

48,217

1,521,246

Newmont

Corp.

26,652

1,206,803

Nucor

Corp.

8,845

1,201,151

3,929,200

Common

Stocks

Shares

Value

($)

Multiline

Retail

0.5%

Dollar

General

Corp.

7,694

1,911,420

Dollar

Tree,

Inc.*

7,493

1,239,043

Target

Corp.

15,557

2,541,703

5,692,166

Multi-Utilities

0.9%

Ameren

Corp.(a)

8,683

808,561

CenterPoint

Energy,

Inc.

21,376

677,405

CMS

Energy

Corp.

9,924

682,077

Consolidated

Edison,

Inc.

11,891

1,180,420

Dominion

Energy,

Inc.

26,871

2,202,885

DTE

Energy

Co.(a)

6,520

849,556

NiSource,

Inc.

13,375

406,600

Public

Service

Enterprise

Group,

Inc.

16,463

1,081,125

Sempra

Energy

10,574

1,753,169

WEC

Energy

Group,

Inc.

10,557

1,095,922

10,737,720

Oil,

Gas

&

Consumable

Fuels

4.0%

APA

Corp.(a)

11,379

422,958

Chevron

Corp.

65,605

10,744,787

ConocoPhillips

43,081

4,197,382

Coterra

Energy,

Inc.(a)

26,442

808,861

Devon

Energy

Corp.

20,650

1,297,853

Diamondback

Energy,

Inc.

5,664

725,105

EOG

Resources,

Inc.

19,705

2,191,590

Exxon

Mobil

Corp.

140,656

13,633,786

Hess

Corp.

9,210

1,035,849

Kinder

Morgan,

Inc.(a)

64,286

1,156,505

Marathon

Oil

Corp.

23,809

590,463

Marathon

Petroleum

Corp.

18,200

1,668,212

Occidental

Petroleum

Corp.(a)

29,532

1,941,729

ONEOK,

Inc.

14,751

881,225

Phillips

66

16,185

1,440,465

Pioneer

Natural

Resources

Co.(a)

7,453

1,765,988

Valero

Energy

Corp.

13,781

1,526,521

Williams

Cos.,

Inc.

(The)(a)

40,657

1,385,997

47,415,276

Personal

Products

0.2%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

7,803

2,130,999

Pharmaceuticals

4.3%

Bristol-Myers

Squibb

Co.

71,089

5,244,947

Catalent,

Inc.*

6,061

685,499

Eli

Lilly

&

Co.

26,332

8,681,397

Johnson

&

Johnson

87,862

15,333,676

Merck

&

Co.,

Inc.

84,436

7,543,512

Organon

&

Co.

8,781

278,533

Pfizer,

Inc.

187,347

9,462,897

Viatris,

Inc.

41,454

401,689

Zoetis,

Inc.

15,616

2,850,701

50,482,851

Professional

Services

0.3%

Equifax,

Inc.

4,175

872,199

Jacobs

Engineering

Group,

Inc.

4,374

600,550

Leidos

Holdings,

Inc.

4,524

484,068

Nielsen

Holdings

plc

12,190

291,951

64

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

S&P

500

Index

Fund

Common

Stocks

Shares

Value

($)

Professional

Services

Robert

Half

International,

Inc.

3,564

282,055

Verisk

Analytics,

Inc.

5,261

1,000,905

3,531,728

Real

Estate

Management

&

Development

0.1%

CBRE

Group,

Inc.,

Class

A*(a)

10,846

928,635

Road

&

Rail

0.9%

CSX

Corp.

73,148

2,364,875

JB

Hunt

Transport

Services,

Inc.

2,786

510,590

Norfolk

Southern

Corp.

7,926

1,990,773

Old

Dominion

Freight

Line,

Inc.(a)

3,056

927,527

Union

Pacific

Corp.

20,970

4,766,481

10,560,246

Semiconductors

&

Semiconductor

Equipment

5.4%

Advanced

Micro

Devices,

Inc.*

54,108

5,111,583

Analog

Devices,

Inc.

17,408

2,993,480

Applied

Materials,

Inc.

29,456

3,121,747

Broadcom,

Inc.

13,632

7,299,663

Enphase

Energy,

Inc.*

4,483

1,273,979

Intel

Corp.

136,531

4,957,441

KLA

Corp.

5,035

1,931,124

Lam

Research

Corp.

4,614

2,309,353

Microchip

Technology,

Inc.

18,852

1,298,149

Micron

Technology,

Inc.

37,341

2,309,914

Monolithic

Power

Systems,

Inc.

1,464

680,350

NVIDIA

Corp.

83,609

15,185,903

NXP

Semiconductors

NV

8,729

1,605,088

ON

Semiconductor

Corp.*

14,618

976,190

Qorvo,

Inc.*

3,451

359,146

QUALCOMM,

Inc.

37,308

5,411,898

Skyworks

Solutions,

Inc.

5,195

565,632

SolarEdge

Technologies,

Inc.*

1,893

681,726

Teradyne,

Inc.(a)

5,197

524,325

Texas

Instruments,

Inc.

30,790

5,508,023

64,104,714

Software

9.0%

Adobe,

Inc.*

15,777

6,470,463

ANSYS,

Inc.*

2,923

815,488

Autodesk,

Inc.*

7,195

1,556,422

Cadence

Design

Systems,

Inc.*

9,204

1,712,680

Ceridian

HCM

Holding,

Inc.*

4,539

248,601

Citrix

Systems,

Inc.

4,259

431,905

Fortinet,

Inc.*

22,245

1,326,914

Intuit,

Inc.

9,459

4,314,912

Microsoft

Corp.

249,724

70,107,516

NortonLifeLock,

Inc.

19,462

477,403

Oracle

Corp.

52,563

4,091,504

Paycom

Software,

Inc.*

1,618

534,733

PTC,

Inc.*(a)

3,660

451,571

Roper

Technologies,

Inc.

3,500

1,528,345

Salesforce,

Inc.*

33,174

6,104,680

ServiceNow,

Inc.*

6,693

2,989,495

Synopsys,

Inc.*(a)

5,089

1,870,208

Tyler

Technologies,

Inc.*

1,415

564,585

105,597,425

Common

Stocks

Shares

Value

($)

Specialty

Retail

2.0%

Advance

Auto

Parts,

Inc.

2,093

405,247

AutoZone,

Inc.*

662

1,414,952

Bath

&

Body

Works,

Inc.

8,139

289,260

Best

Buy

Co.,

Inc.

6,767

520,991

CarMax,

Inc.*

5,354

532,937

Home

Depot,

Inc.

(The)

34,504

10,383,634

Lowe's

Cos.,

Inc.

22,057

4,224,577

O'Reilly

Automotive,

Inc.*

2,208

1,553,527

Ross

Stores,

Inc.

11,805

959,274

TJX

Cos.,

Inc.

(The)

39,255

2,400,836

Tractor

Supply

Co.

3,712

710,774

Ulta

Beauty,

Inc.*

1,750

680,592

24,076,601

Technology

Hardware,

Storage

&

Peripherals

7.4%

Apple,

Inc.

513,399

83,432,472

Hewlett

Packard

Enterprise

Co.(a)

42,327

602,737

HP,

Inc.(a)

35,380

1,181,338

NetApp,

Inc.

7,395

527,485

Seagate

Technology

Holdings

plc

6,487

518,830

Western

Digital

Corp.*

10,634

522,129

86,784,991

Textiles,

Apparel

&

Luxury

Goods

0.5%

NIKE,

Inc.,

Class

B

42,364

4,868,471

PVH

Corp.

2,248

139,196

Ralph

Lauren

Corp.(a)

1,456

143,606

Tapestry,

Inc.

8,802

296,011

VF

Corp.

10,422

465,655

5,912,939

Tobacco

0.7%

Altria

Group,

Inc.

60,642

2,659,758

Philip

Morris

International,

Inc.

51,758

5,028,290

7,688,048

Trading

Companies

&

Distributors

0.2%

Fastenal

Co.

19,312

991,864

United

Rentals,

Inc.*(a)

2,405

776,022

WW

Grainger,

Inc.

1,470

798,989

2,566,875

Water

Utilities

0.1%

American

Water

Works

Co.,

Inc.(a)

6,096

947,562

Wireless

Telecommunication

Services

0.2%

T-Mobile

US,

Inc.*

19,673

2,814,419

Total

Common

Stocks

(cost

$661,055,329)

1,162,344,426

Nationwide

S&P

500

Index

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

65

Repurchase

Agreement

1.7%

Principal

Amount

($)

Value

($)

CF

Secured,

LLC,

2.24%,

dated

7/29/2022,

due

8/1/2022,

repurchase

price

$20,469,387,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.50%,

maturing

9/30/2022

-

5/15/2052;

total

market

value

$20,878,775.(b)

20,465,567

20,465,567

Total

Repurchase

Agreement

(cost

$20,465,567)

20,465,567

Total

Investments

(cost

$681,520,896)

—

100.4%

1,182,809,993

Liabilities

in

excess

of

other

assets

—

(0.4)%

(4,427,261)

NET

ASSETS

—

100.0%

$

1,178,382,732

*

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

July

31,

2022.

The

total

value

of

securities

on

loan

as

of

July

31,

2022

was

$47,444,305,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$20,465,567

and

by

$27,803,707

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.00%,

and

maturity

dates

ranging

from

9/6/2022

–

2/15/2052,

a

total

value

of

$48,269,274.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

July

31,

2022

was

$20,465,567.

REIT

Real

Estate

Investment

Trust

Futures

contracts

outstanding

as

of

July

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

79

9/2022

USD

16,327,325

1,167,986

Net

contracts

1,167,986

As

of

July

31,

2022,

the

Fund

had

$832,200

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

66

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

S&P

500

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

S&P

500

Index

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

67

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

July

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

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

July

31,

2022:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

July

31,

2022:        

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

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

$

1,162,344,426

$

–

$

–

$

1,162,344,426

Futures

Contracts

1,167,986

–

–

1,167,986

Repurchase

Agreement

–

20,465,567

–

20,465,567

Total

$

1,163,512,412

$

20,465,567

$

–

$

1,183,977,979

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

1,167,986

Total

$

1,167,986

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

68

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

98.5%

Shares

Value

($)

Aerospace

&

Defense

0.9%

AAR

Corp.*

3,201

142,541

Aerojet

Rocketdyne

Holdings,

Inc.*

7,423

324,311

AeroVironment,

Inc.*

2,139

185,323

AerSale

Corp.*

1,444

25,284

Archer

Aviation,

Inc.,

Class

A*(a)

11,069

44,719

Astra

Space,

Inc.*(a)

12,921

18,477

Astronics

Corp.*

2,468

27,691

Cadre

Holdings,

Inc.

1,473

34,836

Ducommun,

Inc.*

1,100

52,074

Kaman

Corp.

2,635

81,105

Kratos

Defense

&

Security

Solutions,

Inc.*

11,733

168,838

Maxar

Technologies,

Inc.(a)

6,793

186,672

Momentus,

Inc.*(a)

4,555

8,017

Moog,

Inc.,

Class

A

2,566

219,752

National

Presto

Industries,

Inc.

485

34,532

Park

Aerospace

Corp.(a)

1,525

18,605

Parsons

Corp.*(a)

3,158

136,520

Redwire

Corp.*(a)

3,409

11,250

Rocket

Lab

USA,

Inc.*

19,376

90,486

Terran

Orbital

Corp.*

2,004

8,497

Triumph

Group,

Inc.*

6,010

93,395

V2X,

Inc.*

1,092

36,298

Virgin

Galactic

Holdings,

Inc.*(a)

20,764

154,484

2,103,707

Air

Freight

&

Logistics

0.4%

Air

Transport

Services

Group,

Inc.*

5,519

172,965

Atlas

Air

Worldwide

Holdings,

Inc.*

2,691

203,736

Forward

Air

Corp.

2,526

265,053

Hub

Group,

Inc.,

Class

A*

3,137

239,667

Radiant

Logistics,

Inc.*

3,719

26,963

908,384

Airlines

0.4%

Allegiant

Travel

Co.*

1,572

181,267

Blade

Air

Mobility,

Inc.*

5,011

27,836

Frontier

Group

Holdings,

Inc.*(a)

4,454

64,494

Hawaiian

Holdings,

Inc.*

4,651

69,579

Joby

Aviation,

Inc.*(a)

22,983

127,326

SkyWest,

Inc.*

4,764

115,051

Spirit

Airlines,

Inc.*

10,289

254,859

Sun

Country

Airlines

Holdings,

Inc.*

3,046

61,438

Wheels

Up

Experience,

Inc.*(a)

13,273

29,731

931,581

Auto

Components

1.4%

Adient

plc*

8,676

293,075

American

Axle

&

Manufacturing

Holdings,

Inc.*

10,778

96,032

Dana,

Inc.

11,722

196,461

Dorman

Products,

Inc.*(a)

2,492

251,916

Common

Stocks

Shares

Value

($)

Auto

Components

Fox

Factory

Holding

Corp.*

4,043

382,710

Gentherm,

Inc.*

3,100

200,136

Goodyear

Tire

&

Rubber

Co.

(The)*

26,230

322,104

Holley,

Inc.*(a)

4,418

35,300

LCI

Industries

2,318

313,139

Luminar

Technologies,

Inc.*(a)

21,817

147,483

Modine

Manufacturing

Co.*

4,740

62,189

Motorcar

Parts

of

America,

Inc.*

1,795

27,051

Patrick

Industries,

Inc.

2,089

126,844

Solid

Power,

Inc.*(a)

5,068

32,131

Standard

Motor

Products,

Inc.

1,981

90,611

Stoneridge,

Inc.*

2,472

46,523

Tenneco,

Inc.,

Class

A*

7,487

141,280

Visteon

Corp.*

2,638

336,556

XPEL,

Inc.

Reg.

S*

2,011

123,254

3,224,795

Automobiles

0.2%

Canoo,

Inc.*(a)

10,036

34,725

Cenntro

Electric

Group

Ltd.*(a)

15,933

23,899

Faraday

Future

Intelligent

Electric,

Inc.*

8,747

19,331

Fisker,

Inc.*(a)

15,624

149,678

Lordstown

Motors

Corp.*(a)

14,680

32,883

Winnebago

Industries,

Inc.(a)

2,992

180,627

Workhorse

Group,

Inc.*(a)

14,864

48,605

489,748

Banks

9.5%

1st

Source

Corp.

1,620

78,116

ACNB

Corp.

721

23,714

Allegiance

Bancshares,

Inc.

1,909

84,072

Amalgamated

Financial

Corp.

1,443

33,304

Amerant

Bancorp,

Inc.

2,554

69,775

American

National

Bankshares,

Inc.

1,003

36,399

Ameris

Bancorp

6,157

291,165

Arrow

Financial

Corp.

1,411

47,339

Associated

Banc-Corp.(a)

13,753

276,435

Atlantic

Union

Bankshares

Corp.

7,059

244,171

Banc

of

California,

Inc.

5,221

91,420

BancFirst

Corp.

1,779

191,047

Bancorp,

Inc.

(The)*

4,736

116,506

Bank

First

Corp.(a)

662

50,921

Bank

of

Marin

Bancorp

1,552

50,781

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

4,691

158,978

BankUnited,

Inc.

7,395

287,296

Bankwell

Financial

Group,

Inc.

(a)

468

15,341

Banner

Corp.

3,286

203,699

Bar

Harbor

Bankshares

1,512

43,803

BayCom

Corp.

1,262

24,723

BCB

Bancorp,

Inc.

1,550

29,853

Berkshire

Hills

Bancorp,

Inc.

4,296

121,018

Blue

Ridge

Bankshares,

Inc.

1,644

24,561

Brookline

Bancorp,

Inc.

7,276

100,627

Nationwide

Small

Cap

Index

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

69

Common

Stocks

Shares

Value

($)

Banks

Business

First

Bancshares,

Inc.

1,893

44,448

Byline

Bancorp,

Inc.

2,437

59,682

Cadence

Bank

15,354

400,739

Cambridge

Bancorp

670

55,804

Camden

National

Corp.

1,371

62,655

Capital

Bancorp,

Inc.

850

21,242

Capital

City

Bank

Group,

Inc.

1,391

45,055

Capstar

Financial

Holdings,

Inc.

1,971

41,411

Carter

Bankshares,

Inc.*

2,406

33,564

Cathay

General

Bancorp

6,583

274,511

CBTX,

Inc.

1,822

56,391

Central

Pacific

Financial

Corp.

2,361

55,908

Citizens

&

Northern

Corp.

1,306

31,906

City

Holding

Co.

1,362

118,208

Civista

Bancshares,

Inc.

1,577

34,158

CNB

Financial

Corp.

1,586

40,919

Coastal

Financial

Corp.*

973

40,117

Colony

Bankcorp,

Inc.

1,442

20,938

Columbia

Banking

System,

Inc.

6,820

205,759

Community

Bank

System,

Inc.

4,921

331,331

Community

Trust

Bancorp,

Inc.

1,437

62,265

ConnectOne

Bancorp,

Inc.

3,584

94,761

CrossFirst

Bankshares,

Inc.*

4,460

61,191

Customers

Bancorp,

Inc.*

2,806

107,161

CVB

Financial

Corp.(a)

12,249

326,681

Dime

Community

Bancshares,

Inc.

3,178

108,306

Eagle

Bancorp,

Inc.

2,998

146,992

Eastern

Bankshares,

Inc.(a)

14,771

301,328

Enterprise

Bancorp,

Inc.

946

30,083

Enterprise

Financial

Services

Corp.

3,270

153,788

Equity

Bancshares,

Inc.,

Class

A

1,391

44,442

Esquire

Financial

Holdings,

Inc.

472

17,096

Farmers

&

Merchants

Bancorp,

Inc.

992

30,405

Farmers

National

Banc

Corp.

2,956

41,975

FB

Financial

Corp.

3,681

157,731

Financial

Institutions,

Inc.

1,547

41,011

First

Bancorp

21,295

394,361

First

Bancorp,

Inc.

(The)

1,016

30,688

First

Bancshares,

Inc.

(The)

1,979

57,391

First

Bank

1,760

26,506

First

Busey

Corp.

4,809

118,542

First

Business

Financial

Services,

Inc.

791

26,459

First

Commonwealth

Financial

Corp.

9,045

134,047

First

Community

Bankshares,

Inc.

1,680

53,894

First

Financial

Bancorp

8,817

196,972

First

Financial

Bankshares,

Inc.(a)

12,368

546,418

First

Financial

Corp.

1,173

54,803

First

Foundation,

Inc.

4,721

98,291

Common

Stocks

Shares

Value

($)

Banks

First

Guaranty

Bancshares,

Inc.(a)

510

12,658

First

Internet

Bancorp

816

28,927

First

Interstate

BancSystem,

Inc.,

Class

A(a)

8,740

356,417

First

Merchants

Corp.

5,506

228,664

First

Mid

Bancshares,

Inc.

1,623

60,976

First

of

Long

Island

Corp.

(The)

2,185

39,767

First

Western

Financial,

Inc.*

851

23,820

Five

Star

Bancorp(a)

1,179

31,090

Flushing

Financial

Corp.

2,943

63,539

Fulton

Financial

Corp.

15,187

253,471

FVCBankcorp,

Inc.*

1,289

24,684

German

American

Bancorp,

Inc.

2,648

100,200

Glacier

Bancorp,

Inc.

10,428

522,339

Great

Southern

Bancorp,

Inc.

979

60,639

Guaranty

Bancshares,

Inc.

792

29,597

Hancock

Whitney

Corp.

8,037

392,286

Hanmi

Financial

Corp.

3,124

78,943

HarborOne

Bancorp,

Inc.

4,333

62,829

HBT

Financial,

Inc.

1,085

20,224

Heartland

Financial

USA,

Inc.

3,855

173,090

Heritage

Commerce

Corp.

5,783

68,124

Heritage

Financial

Corp.

3,262

84,877

Hilltop

Holdings,

Inc.(a)

5,886

169,811

Home

BancShares,

Inc.(a)

18,081

426,712

HomeStreet,

Inc.

1,670

62,274

HomeTrust

Bancshares,

Inc.

1,494

36,065

Hope

Bancorp,

Inc.

11,171

168,012

Horizon

Bancorp,

Inc.

4,101

78,206

Independent

Bank

Corp.

6,322

401,505

Independent

Bank

Group,

Inc.

3,323

235,003

International

Bancshares

Corp.

5,132

225,090

John

Marshall

Bancorp,

Inc.(a)

848

22,107

Lakeland

Bancorp,

Inc.

5,770

91,858

Lakeland

Financial

Corp.

2,353

183,063

Live

Oak

Bancshares,

Inc.

3,043

114,539

Macatawa

Bank

Corp.

2,364

21,985

Mercantile

Bank

Corp.

1,512

53,585

Metrocity

Bankshares,

Inc.

1,755

36,346

Metropolitan

Bank

Holding

Corp.*

938

65,078

Mid

Penn

Bancorp,

Inc.

1,357

38,919

Midland

States

Bancorp,

Inc.

2,117

55,465

MidWestOne

Financial

Group,

Inc.

1,433

44,724

MVB

Financial

Corp.

976

31,720

National

Bank

Holdings

Corp.,

Class

A

2,824

117,535

NBT

Bancorp,

Inc.

3,998

162,079

Nicolet

Bankshares,

Inc.*

1,145

91,577

Northeast

Bank

683

27,183

Northwest

Bancshares,

Inc.(a)

11,140

160,193

OceanFirst

Financial

Corp.

5,493

112,936

OFG

Bancorp

4,355

119,632

Old

National

Bancorp

28,263

492,059

Old

Second

Bancorp,

Inc.

4,186

58,813

Origin

Bancorp,

Inc.

2,116

91,136

70

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Banks

Orrstown

Financial

Services,

Inc.

1,133

29,367

Pacific

Premier

Bancorp,

Inc.

8,257

277,765

Park

National

Corp.(a)

1,358

175,942

Parke

Bancorp,

Inc.

1,095

24,035

Pathward

Financial,

Inc.

2,684

90,504

PCB

Bancorp

1,263

24,338

PCSB

Financial

Corp.

1,180

22,998

Peapack-Gladstone

Financial

Corp.

1,716

56,045

Peoples

Bancorp,

Inc.

2,535

78,382

Peoples

Financial

Services

Corp.

731

38,918

Preferred

Bank

916

66,593

Premier

Financial

Corp.

3,500

99,680

Primis

Financial

Corp.

2,286

30,975

Professional

Holding

Corp.,

Class

A*

1,390

31,206

QCR

Holdings,

Inc.

1,501

88,994

RBB

Bancorp

1,299

29,630

Red

River

Bancshares,

Inc.

500

27,425

Renasant

Corp.

5,236

174,882

Republic

Bancorp,

Inc.,

Class

A

813

36,455

Republic

First

Bancorp,

Inc.*

3,583

12,970

S&T

Bancorp,

Inc.

3,473

107,455

Sandy

Spring

Bancorp,

Inc.

4,146

171,230

Seacoast

Banking

Corp.

of

Florida

5,218

186,700

ServisFirst

Bancshares,

Inc.(a)

4,626

395,292

Shore

Bancshares,

Inc.

1,699

33,300

Sierra

Bancorp

1,449

32,530

Silvergate

Capital

Corp.,

Class

A*

2,895

270,075

Simmons

First

National

Corp.,

Class

A

11,397

270,679

SmartFinancial,

Inc.

1,478

38,798

South

Plains

Financial,

Inc.

1,077

28,454

Southern

First

Bancshares,

Inc.*

712

31,862

Southside

Bancshares,

Inc.

2,953

117,943

SouthState

Corp.(a)

7,032

596,103

Stock

Yards

Bancorp,

Inc.(a)

2,670

184,631

Summit

Financial

Group,

Inc.

1,137

34,690

Texas

Capital

Bancshares,

Inc.*

4,818

282,431

Third

Coast

Bancshares,

Inc.*

999

18,741

Tompkins

Financial

Corp.

1,344

103,690

Towne

Bank

6,334

189,197

TriCo

Bancshares

2,914

139,289

Triumph

Bancorp,

Inc.*(a)

2,250

163,463

Trustmark

Corp.(a)

5,693

184,852

UMB

Financial

Corp.

4,191

379,286

United

Bankshares,

Inc.

12,404

480,531

United

Community

Banks,

Inc.

9,693

329,853

Unity

Bancorp,

Inc.(a)

479

13,422

Univest

Financial

Corp.

2,741

68,361

USCB

Financial

Holdings,

Inc.*(a)

1,349

16,377

Valley

National

Bancorp

40,683

475,584

Common

Stocks

Shares

Value

($)

Banks

Veritex

Holdings,

Inc.(a)

4,372

135,270

Washington

Federal,

Inc.

6,211

211,981

Washington

Trust

Bancorp,

Inc.

1,728

94,833

WesBanco,

Inc.

5,344

182,337

West

Bancorp,

Inc.

1,569

40,810

Westamerica

Bancorp

2,410

144,624

22,417,547

Beverages

0.5%

Celsius

Holdings,

Inc.*

5,101

453,785

Coca-Cola

Consolidated,

Inc.

441

226,233

Duckhorn

Portfolio,

Inc.

(The)*

3,393

62,228

MGP

Ingredients,

Inc.(a)

1,343

141,257

National

Beverage

Corp.

2,240

121,363

Primo

Water

Corp.

14,904

197,031

Vintage

Wine

Estates,

Inc.*

2,639

19,370

Vita

Coco

Co.,

Inc.

(The)*(a)

2,417

29,125

1,250,392

Biotechnology

7.1%

2seventy

bio,

Inc.*

3,312

47,660

4D

Molecular

Therapeutics,

Inc.*(a)

2,671

25,107

Aadi

Bioscience,

Inc.*(a)

1,234

15,265

ACADIA

Pharmaceuticals,

Inc.*

11,341

166,599

Adagio

Therapeutics,

Inc.*(a)

5,552

19,543

Adicet

Bio,

Inc.*

2,581

43,593

ADMA

Biologics,

Inc.*

16,071

34,392

Aerovate

Therapeutics,

Inc.*(a)

579

12,883

Affimed

NV*

11,589

32,797

Agenus,

Inc.*

27,385

70,653

Agios

Pharmaceuticals,

Inc.*

5,139

110,848

Akero

Therapeutics,

Inc.*(a)

2,436

24,945

Albireo

Pharma,

Inc.*

1,496

31,102

Alector,

Inc.*

5,586

57,089

Alkermes

plc*(a)

15,127

387,251

Allogene

Therapeutics,

Inc.*(a)

7,474

97,013

Allovir,

Inc.*(a)

3,034

13,926

Alpine

Immune

Sciences,

Inc.*

1,101

8,753

ALX

Oncology

Holdings,

Inc.*(a)

1,664

16,108

Amicus

Therapeutics,

Inc.*

25,879

257,755

AnaptysBio,

Inc.*(a)

1,827

38,257

Anavex

Life

Sciences

Corp.*(a)

6,416

65,828

Anika

Therapeutics,

Inc.*

1,420

33,171

Apellis

Pharmaceuticals,

Inc.*(a)

8,500

478,380

Arbutus

Biopharma

Corp.*

10,829

25,015

Arcellx,

Inc.*

858

17,786

Arcturus

Therapeutics

Holdings,

Inc.*(a)

2,082

36,539

Arcus

Biosciences,

Inc.*

4,843

128,775

Arcutis

Biotherapeutics,

Inc.*(a)

3,293

79,888

Arrowhead

Pharmaceuticals,

Inc.*

9,879

420,154

Atara

Biotherapeutics,

Inc.*

8,249

24,994

Nationwide

Small

Cap

Index

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

71

Common

Stocks

Shares

Value

($)

Biotechnology

Aura

Biosciences,

Inc.*(a)

1,612

22,987

Aurinia

Pharmaceuticals,

Inc.*

12,172

99,567

Avid

Bioservices,

Inc.*

5,846

114,874

Avidity

Biosciences,

Inc.*

4,387

71,464

Beam

Therapeutics,

Inc.*(a)

6,061

381,722

BioCryst

Pharmaceuticals,

Inc.*

17,009

187,439

Biohaven

Pharmaceutical

Holding

Co.

Ltd.*

5,863

856,115

Bioxcel

Therapeutics,

Inc.*(a)

1,675

25,862

Bluebird

Bio,

Inc.*

6,400

25,920

Blueprint

Medicines

Corp.*

5,646

288,285

Bridgebio

Pharma,

Inc.*(a)

10,147

87,873

C4

Therapeutics,

Inc.*(a)

3,528

34,010

CareDx,

Inc.*

4,840

115,144

Caribou

Biosciences,

Inc.*

4,796

38,943

Catalyst

Pharmaceuticals,

Inc.*

9,286

95,089

Celldex

Therapeutics,

Inc.*

4,398

135,107

Celularity,

Inc.,

Class

A*(a)

2,646

7,964

Century

Therapeutics,

Inc.*

1,910

20,189

Cerevel

Therapeutics

Holdings,

Inc.*(a)

4,969

130,635

ChemoCentryx,

Inc.*

5,736

135,484

Chimerix,

Inc.*

6,981

15,288

Chinook

Therapeutics,

Inc.*

4,338

80,296

Cogent

Biosciences,

Inc.*

4,461

49,472

Coherus

Biosciences,

Inc.*

7,425

62,890

Crinetics

Pharmaceuticals,

Inc.*

5,006

96,165

CTI

BioPharma

Corp.*(a)

8,267

54,066

Cullinan

Oncology,

Inc.*

2,441

32,978

Cytokinetics,

Inc.*

7,784

329,497

Day

One

Biopharmaceuticals,

Inc.*(a)

2,213

37,909

Deciphera

Pharmaceuticals,

Inc.*(a)

3,963

50,290

Denali

Therapeutics,

Inc.*(a)

9,371

318,801

Design

Therapeutics,

Inc.*

3,288

64,511

Dynavax

Technologies

Corp.*(a)

11,098

159,589

Dyne

Therapeutics,

Inc.*

2,846

29,855

Eagle

Pharmaceuticals,

Inc.*

1,081

42,916

Editas

Medicine,

Inc.*(a)

6,513

103,622

Eiger

BioPharmaceuticals,

Inc.*

3,240

28,156

Emergent

BioSolutions,

Inc.*

4,708

163,085

Enanta

Pharmaceuticals,

Inc.*

1,866

102,910

Enochian

Biosciences,

Inc.*(a)

2,625

6,037

EQRx,

Inc.*(a)

12,322

67,155

Erasca,

Inc.*(a)

6,027

45,444

Fate

Therapeutics,

Inc.*(a)

7,762

236,974

FibroGen,

Inc.*

8,188

103,005

Foghorn

Therapeutics,

Inc.*(a)

1,853

27,109

Forma

Therapeutics

Holdings,

Inc.*

3,100

25,668

Generation

Bio

Co.*

4,131

26,356

Geron

Corp.*(a)

36,009

68,417

Global

Blood

Therapeutics,

Inc.*

5,919

193,670

Common

Stocks

Shares

Value

($)

Biotechnology

Gossamer

Bio,

Inc.*(a)

5,881

66,044

Halozyme

Therapeutics,

Inc.*(a)

12,780

624,942

Heron

Therapeutics,

Inc.*(a)

9,068

25,209

HilleVax,

Inc.*(a)

1,057

14,291

Humacyte,

Inc.*(a)

3,120

10,858

Icosavax,

Inc.*(a)

2,280

15,960

Ideaya

Biosciences,

Inc.*

3,090

46,103

IGM

Biosciences,

Inc.*

768

12,372

Imago

Biosciences,

Inc.*(a)

2,644

42,568

ImmunityBio,

Inc.*(a)

8,876

34,528

ImmunoGen,

Inc.*

20,750

98,355

Immunovant,

Inc.*

3,765

15,512

Inhibrx,

Inc.*

2,645

45,864

Inovio

Pharmaceuticals,

Inc.*(a)

19,591

38,790

Insmed,

Inc.*

11,557

255,641

Instil

Bio,

Inc.*

7,459

42,069

Intellia

Therapeutics,

Inc.*

7,069

457,788

Intercept

Pharmaceuticals,

Inc.*(a)

2,196

28,021

Iovance

Biotherapeutics,

Inc.*

13,729

159,943

Ironwood

Pharmaceuticals,

Inc.*

13,093

149,915

iTeos

Therapeutics,

Inc.*

2,015

49,287

IVERIC

bio,

Inc.*

10,880

116,307

Janux

Therapeutics,

Inc.*

1,849

22,965

Jounce

Therapeutics,

Inc.*

3,124

9,591

KalVista

Pharmaceuticals,

Inc.*

1,953

24,120

Karuna

Therapeutics,

Inc.*

2,491

324,453

Karyopharm

Therapeutics,

Inc.*

6,670

28,347

Keros

Therapeutics,

Inc.*

1,492

47,863

Kezar

Life

Sciences,

Inc.*(a)

4,714

46,056

Kiniksa

Pharmaceuticals

Ltd.,

Class

A*

2,768

27,431

Kinnate

Biopharma,

Inc.*

2,428

25,980

Kodiak

Sciences,

Inc.*

3,213

31,969

Kronos

Bio,

Inc.*

3,678

15,448

Krystal

Biotech,

Inc.*

1,898

137,757

Kura

Oncology,

Inc.*

6,044

92,534

Kymera

Therapeutics,

Inc.*

3,737

82,326

Lexicon

Pharmaceuticals,

Inc.*(a)

6,694

15,932

Ligand

Pharmaceuticals,

Inc.*(a)

1,429

131,511

Lyell

Immunopharma,

Inc.*(a)

15,810

88,062

MacroGenics,

Inc.*(a)

5,349

16,742

Madrigal

Pharmaceuticals,

Inc.*(a)

1,126

70,735

MannKind

Corp.*(a)

23,396

80,716

MeiraGTx

Holdings

plc*

2,997

24,815

Mersana

Therapeutics,

Inc.*

8,823

44,733

MiMedx

Group,

Inc.*

10,526

35,999

Mirum

Pharmaceuticals,

Inc.*

1,409

35,366

Monte

Rosa

Therapeutics,

Inc.*(a)

2,724

24,707

Morphic

Holding,

Inc.*

2,499

66,149

Myriad

Genetics,

Inc.*

7,588

200,171

72

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Biotechnology

Nkarta,

Inc.*

2,853

38,544

Nurix

Therapeutics,

Inc.*

3,920

62,563

Nuvalent,

Inc.,

Class

A*(a)

1,997

29,675

Ocugen,

Inc.*(a)

21,956

56,646

Organogenesis

Holdings,

Inc.*

6,549

37,591

Outlook

Therapeutics,

Inc.*(a)

12,464

14,084

Pardes

Biosciences,

Inc.*

2,910

8,206

PepGen,

Inc.*

1,027

11,502

PMV

Pharmaceuticals,

Inc.*(a)

3,466

51,817

Point

Biopharma

Global,

Inc.*(a)

6,549

48,070

Praxis

Precision

Medicines,

Inc.*

3,056

10,788

Precigen,

Inc.*

8,987

14,110

Prometheus

Biosciences,

Inc.*

2,834

120,927

Protagonist

Therapeutics,

Inc.*(a)

4,219

41,979

Prothena

Corp.

plc*

3,457

107,374

PTC

Therapeutics,

Inc.*(a)

6,570

286,123

Radius

Health,

Inc.*

4,734

47,719

Rallybio

Corp.*(a)

1,662

15,506

RAPT

Therapeutics,

Inc.*(a)

2,604

47,966

Recursion

Pharmaceuticals,

Inc.,

Class

A*

12,258

103,703

REGENXBIO,

Inc.*

3,810

119,520

Relay

Therapeutics,

Inc.*(a)

7,276

138,390

Replimune

Group,

Inc.*

2,998

57,801

REVOLUTION

Medicines,

Inc.*

5,628

127,137

Rigel

Pharmaceuticals,

Inc.*

15,130

18,005

Rocket

Pharmaceuticals,

Inc.*

3,842

55,709

Sage

Therapeutics,

Inc.*

4,986

171,568

Sana

Biotechnology,

Inc.*(a)

8,144

54,402

Sangamo

Therapeutics,

Inc.*

11,062

47,456

Seres

Therapeutics,

Inc.*

6,594

27,101

Sorrento

Therapeutics,

Inc.*(a)

34,083

88,616

SpringWorks

Therapeutics,

Inc.*(a)

3,295

98,455

Stoke

Therapeutics,

Inc.*

1,809

26,755

Sutro

Biopharma,

Inc.*

4,108

24,032

Syndax

Pharmaceuticals,

Inc.*

4,708

95,902

Talaris

Therapeutics,

Inc.*

2,016

8,971

Tango

Therapeutics,

Inc.*(a)

4,015

16,421

Tenaya

Therapeutics,

Inc.*(a)

2,696

12,860

TG

Therapeutics,

Inc.*

12,289

73,611

Travere

Therapeutics,

Inc.*

5,675

133,589

Turning

Point

Therapeutics,

Inc.*

4,290

321,664

Twist

Bioscience

Corp.*(a)

5,220

228,323

Tyra

Biosciences,

Inc.*

1,150

12,247

Vanda

Pharmaceuticals,

Inc.*

4,908

52,908

Vaxart,

Inc.*(a)

11,318

41,650

Vaxcyte,

Inc.*

4,783

110,392

VBI

Vaccines,

Inc.*

18,498

15,736

Vera

Therapeutics,

Inc.*(a)

1,389

23,960

Veracyte,

Inc.*

6,907

181,930

Vericel

Corp.*

4,459

145,096

Verve

Therapeutics,

Inc.*(a)

3,437

84,619

Vir

Biotechnology,

Inc.*

6,597

183,463

Viridian

Therapeutics,

Inc.*(a)

2,254

29,843

Common

Stocks

Shares

Value

($)

Biotechnology

VistaGen

Therapeutics,

Inc.*(a)

18,127

2,594

Xencor,

Inc.*

5,407

155,127

Y-mAbs

Therapeutics,

Inc.*(a)

3,311

51,618

Zentalis

Pharmaceuticals,

Inc.*(a)

3,487

101,820

16,715,902

Building

Products

1.3%

AAON,

Inc.

4,165

250,608

American

Woodmark

Corp.*

1,623

81,507

Apogee

Enterprises,

Inc.

2,116

88,047

Caesarstone

Ltd.

2,304

20,690

CSW

Industrials,

Inc.

1,417

169,289

Gibraltar

Industries,

Inc.*

3,138

146,827

Griffon

Corp.

4,180

125,442

Insteel

Industries,

Inc.

1,818

56,903

Janus

International

Group,

Inc.*

7,127

72,482

JELD-WEN

Holding,

Inc.*

7,725

137,350

Masonite

International

Corp.*

2,153

195,988

PGT

Innovations,

Inc.*

5,480

120,012

Quanex

Building

Products

Corp.(a)

3,175

78,137

Resideo

Technologies,

Inc.*

13,558

305,190

Simpson

Manufacturing

Co.,

Inc.

4,080

421,382

UFP

Industries,

Inc.

5,686

524,306

View,

Inc.*

13,195

29,161

Zurn

Elkay

Water

Solutions

Corp.

11,445

331,333

3,154,654

Capital

Markets

1.5%

Artisan

Partners

Asset

Management,

Inc.,

Class

A

5,599

222,616

AssetMark

Financial

Holdings,

Inc.*

2,275

43,202

Associated

Capital

Group,

Inc.,

Class

A

190

7,771

B.

Riley

Financial,

Inc.(a)

1,934

99,678

Bakkt

Holdings,

Inc.*(a)

5,228

14,691

BGC

Partners,

Inc.,

Class

A

29,705

108,423

Blucora,

Inc.*

4,495

89,900

Brightsphere

Investment

Group,

Inc.

3,047

57,619

Cohen

&

Steers,

Inc.

2,390

176,119

Cowen,

Inc.,

Class

A(a)

2,441

85,606

Diamond

Hill

Investment

Group,

Inc.

288

55,057

Donnelley

Financial

Solutions,

Inc.*

2,734

92,929

Federated

Hermes,

Inc.,

Class

B

8,066

275,131

Focus

Financial

Partners,

Inc.,

Class

A*

5,415

218,928

GAMCO

Investors,

Inc.,

Class

A

512

10,619

GCM

Grosvenor,

Inc.,

Class

A

4,036

31,925

Hamilton

Lane,

Inc.,

Class

A

3,336

252,102

Houlihan

Lokey,

Inc.

4,782

404,366

Nationwide

Small

Cap

Index

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

73

Common

Stocks

Shares

Value

($)

Capital

Markets

Manning

&

Napier,

Inc.

1,343

17,070

MarketWise,

Inc.*(a)

2,602

7,416

Moelis

&

Co.,

Class

A(a)

5,919

275,707

Open

Lending

Corp.,

Class

A*

9,881

102,367

Oppenheimer

Holdings,

Inc.,

Class

A

803

26,973

Perella

Weinberg

Partners

3,634

25,620

Piper

Sandler

Cos.

1,661

209,618

PJT

Partners,

Inc.,

Class

A

2,267

162,045

Pzena

Investment

Management,

Inc.,

Class

A

1,606

15,145

Sculptor

Capital

Management,

Inc.

1,922

18,855

Silvercrest

Asset

Management

Group,

Inc.,

Class

A(a)

702

12,496

StepStone

Group,

Inc.,

Class

A

4,830

128,671

StoneX

Group,

Inc.*

1,594

138,885

Value

Line,

Inc.

100

8,679

Victory

Capital

Holdings,

Inc.,

Class

A

1,350

37,354

Virtus

Investment

Partners,

Inc.

692

142,773

WisdomTree

Investments,

Inc.

(a)

12,971

67,449

3,643,805

Chemicals

2.1%

AdvanSix,

Inc.

2,588

101,682

American

Vanguard

Corp.

2,930

68,591

Amyris,

Inc.*(a)

16,368

29,135

Aspen

Aerogels,

Inc.*(a)

2,841

37,160

Avient

Corp.

8,387

361,899

Balchem

Corp.

2,968

402,936

Cabot

Corp.

5,270

391,350

Chase

Corp.

705

64,099

Danimer

Scientific,

Inc.*(a)

8,565

39,570

Diversey

Holdings

Ltd.*

7,088

53,089

Ecovyst,

Inc.

5,743

58,751

FutureFuel

Corp.

2,709

19,478

GCP

Applied

Technologies,

Inc.*

4,488

141,372

Hawkins,

Inc.

1,821

72,385

HB

Fuller

Co.

4,969

319,010

Ingevity

Corp.*(a)

3,673

246,458

Innospec,

Inc.

2,293

233,886

Intrepid

Potash,

Inc.*

950

43,320

Koppers

Holdings,

Inc.

1,968

46,327

Kronos

Worldwide,

Inc.

2,146

37,705

Livent

Corp.*(a)

15,372

382,609

LSB

Industries,

Inc.*

2,892

39,938

Mativ,

Inc.

5,067

110,714

Minerals

Technologies,

Inc.

3,034

202,702

Origin

Materials,

Inc.*

9,450

55,566

Orion

Engineered

Carbons

SA

5,814

100,524

Perimeter

Solutions

SA*(a)

10,877

125,629

PureCycle

Technologies,

Inc.*(a)

9,644

73,102

Quaker

Chemical

Corp.(a)

1,278

207,304

Common

Stocks

Shares

Value

($)

Chemicals

Rayonier

Advanced

Materials,

Inc.*

5,855

20,727

Sensient

Technologies

Corp.

3,961

340,567

Stepan

Co.

2,047

229,694

Tredegar

Corp.

2,642

27,688

Trinseo

plc

3,235

115,716

Tronox

Holdings

plc,

Class

A

10,962

171,117

Valhi,

Inc.

347

17,732

4,989,532

Commercial

Services

&

Supplies

1.5%

ABM

Industries,

Inc.

6,359

285,138

ACCO

Brands

Corp.

8,832

63,325

ACV

Auctions,

Inc.,

Class

A*

10,194

75,334

Aris

Water

Solution,

Inc.,

Class

A

1,840

38,953

Brady

Corp.,

Class

A

4,403

210,684

BrightView

Holdings,

Inc.*

4,427

58,171

Brink's

Co.

(The)

4,378

249,283

Casella

Waste

Systems,

Inc.,

Class

A*

4,640

375,608

Cimpress

plc*

1,682

67,600

CoreCivic,

Inc.*

11,497

123,823

Deluxe

Corp.

4,087

102,747

Ennis,

Inc.

2,418

52,833

GEO

Group,

Inc.

(The)*(a)

10,262

67,319

Harsco

Corp.*

7,619

36,647

Healthcare

Services

Group,

Inc.

7,109

101,943

Heritage-Crystal

Clean,

Inc.*

1,481

49,702

HNI

Corp.

3,988

140,856

Interface,

Inc.

5,456

79,057

KAR

Auction

Services,

Inc.*

11,315

193,487

Kimball

International,

Inc.,

Class

B

3,733

30,573

Li-Cycle

Holdings

Corp.*(a)

11,925

85,741

Matthews

International

Corp.,

Class

A

2,932

81,949

MillerKnoll,

Inc.

6,983

210,258

Montrose

Environmental

Group,

Inc.*

2,476

99,337

NL

Industries,

Inc.

865

8,070

Pitney

Bowes,

Inc.

12,266

40,110

Quad/Graphics,

Inc.*

4,095

13,022

SP

Plus

Corp.*

2,192

75,098

Steelcase,

Inc.,

Class

A(a)

8,159

90,810

UniFirst

Corp.

1,427

279,535

Viad

Corp.*

1,911

64,535

VSE

Corp.

1,035

43,418

3,494,966

Communications

Equipment

0.9%

ADTRAN

Holdings,

Inc.(a)

6,585

158,633

Aviat

Networks,

Inc.*(a)

638

18,745

Calix,

Inc.*

5,327

303,852

Cambium

Networks

Corp.*

1,301

24,524

Casa

Systems,

Inc.*(a)

3,315

14,652

Clearfield,

Inc.*(a)

1,037

102,196

CommScope

Holding

Co.,

Inc.*

18,395

166,107

74

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Communications

Equipment

Comtech

Telecommunications

Corp.

2,491

28,945

Digi

International,

Inc.*

3,229

91,994

DZS,

Inc.*

1,867

34,988

Extreme

Networks,

Inc.*

12,193

159,485

Harmonic,

Inc.*

8,462

92,405

Infinera

Corp.*

17,337

113,557

Inseego

Corp.*(a)

8,190

18,264

NETGEAR,

Inc.*

2,880

74,246

NetScout

Systems,

Inc.*

6,618

235,468

Ondas

Holdings,

Inc.*(a)

2,893

13,250

Plantronics,

Inc.*

3,841

152,833

Ribbon

Communications,

Inc.*

6,875

23,306

Viavi

Solutions,

Inc.*

21,931

324,579

2,152,029

Construction

&

Engineering

1.4%

Ameresco,

Inc.,

Class

A*

2,914

166,739

API

Group

Corp.*

19,030

337,021

Arcosa,

Inc.

4,563

235,268

Argan,

Inc.

1,414

52,544

Comfort

Systems

USA,

Inc.

3,317

350,474

Concrete

Pumping

Holdings,

Inc.*(a)

2,745

17,925

Construction

Partners,

Inc.,

Class

A*

3,755

89,294

Dycom

Industries,

Inc.*

2,740

282,659

EMCOR

Group,

Inc.

4,776

555,783

Fluor

Corp.*(a)

13,477

342,451

Granite

Construction,

Inc.(a)

4,336

129,646

Great

Lakes

Dredge

&

Dock

Corp.*

6,040

78,097

IES

Holdings,

Inc.*

836

27,588

Infrastructure

and

Energy

Alternatives,

Inc.*

2,728

38,519

MYR

Group,

Inc.*

1,592

151,606

Northwest

Pipe

Co.*

985

30,880

NV5

Global,

Inc.*

1,262

171,127

Primoris

Services

Corp.

4,931

115,188

Sterling

Infrastructure,

Inc.*

2,625

67,489

Tutor

Perini

Corp.*

4,143

37,619

3,277,917

Construction

Materials

0.1%

Summit

Materials,

Inc.,

Class

A*

11,530

317,190

United

States

Lime

&

Minerals,

Inc.

214

22,014

339,204

Consumer

Finance

0.7%

Atlanticus

Holdings

Corp.*(a)

493

19,050

Bread

Financial

Holdings,

Inc.

2,351

93,123

Consumer

Portfolio

Services,

Inc.*(a)

1,196

15,333

Curo

Group

Holdings

Corp.

1,901

13,611

Encore

Capital

Group,

Inc.*

2,294

166,154

Enova

International,

Inc.*

2,858

98,630

EZCORP,

Inc.,

Class

A*(a)

4,554

36,614

FirstCash

Holdings,

Inc.

3,536

259,047

Green

Dot

Corp.,

Class

A*

4,472

125,663

Common

Stocks

Shares

Value

($)

Consumer

Finance

LendingClub

Corp.*

9,635

133,445

LendingTree,

Inc.*

1,071

48,816

Moneylion,

Inc.*(a)

12,787

20,076

Navient

Corp.

10,628

175,043

Nelnet,

Inc.,

Class

A

1,367

129,988

NerdWallet,

Inc.,

Class

A*(a)

2,225

19,313

Oportun

Financial

Corp.*

2,015

18,498

PRA

Group,

Inc.*(a)

3,815

151,990

PROG

Holdings,

Inc.*

5,332

98,215

Regional

Management

Corp.

706

28,946

Sunlight

Financial

Holdings,

Inc.*(a)

3,731

14,178

World

Acceptance

Corp.*(a)

417

46,193

1,711,926

Containers

&

Packaging

0.3%

Cryptyde,

Inc.*(a)

1,644

1,825

Greif,

Inc.,

Class

A

2,467

174,220

Greif,

Inc.,

Class

B

571

39,867

Myers

Industries,

Inc.

3,254

79,170

O-I

Glass,

Inc.*

14,685

216,016

Pactiv

Evergreen,

Inc.

4,044

41,330

Ranpak

Holdings

Corp.*

3,576

18,273

TriMas

Corp.

4,023

119,081

689,782

Distributors

0.0%

†

Funko,

Inc.,

Class

A*

3,050

79,940

Weyco

Group,

Inc.

396

10,431

90,371

Diversified

Consumer

Services

1.0%

2U,

Inc.*

7,838

76,734

Adtalem

Global

Education,

Inc.*

4,334

173,793

American

Public

Education,

Inc.*

1,745

27,414

Beachbody

Co.,

Inc.

(The)*

9,111

10,933

Carriage

Services,

Inc.

1,130

40,996

Chegg,

Inc.*(a)

11,333

241,393

Coursera,

Inc.*(a)

10,273

142,692

Duolingo,

Inc.*

2,145

196,804

European

Wax

Center,

Inc.,

Class

A

1,889

39,518

Frontdoor,

Inc.*

7,882

211,001

Graham

Holdings

Co.,

Class

B

361

214,611

Laureate

Education,

Inc.,

Class

A

10,515

124,498

Nerdy,

Inc.*

4,605

12,019

OneSpaWorld

Holdings

Ltd.*(a)

5,379

38,783

Perdoceo

Education

Corp.*

6,668

91,352

PowerSchool

Holdings,

Inc.,

Class

A*

4,035

58,144

Rover

Group,

Inc.*(a)

8,218

35,913

StoneMor,

Inc.*

2,971

10,072

Strategic

Education,

Inc.(a)

2,205

158,385

Stride,

Inc.*(a)

3,867

172,777

Udemy,

Inc.*(a)

6,553

78,308

Universal

Technical

Institute,

Inc.*

2,701

21,716

Nationwide

Small

Cap

Index

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

75

Common

Stocks

Shares

Value

($)

Diversified

Consumer

Services

Vivint

Smart

Home,

Inc.*

8,682

41,500

WW

International,

Inc.*

5,088

33,784

2,253,140

Diversified

Financial

Services

0.3%

Alerus

Financial

Corp.

1,429

35,211

A-Mark

Precious

Metals,

Inc.

1,654

50,116

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

2,852

39,500

Cannae

Holdings,

Inc.*

7,377

155,729

Compass

Diversified

Holdings

5,591

134,911

Jackson

Financial,

Inc.,

Class

A

6,887

189,461

604,928

Diversified

Telecommunication

Services

0.6%

Anterix,

Inc.*

1,055

46,937

ATN

International,

Inc.

1,053

48,480

Bandwidth,

Inc.,

Class

A*

2,225

37,002

Charge

Enterprises,

Inc.*

9,486

28,837

Cogent

Communications

Holdings,

Inc.

4,039

257,728

Consolidated

Communications

Holdings,

Inc.*

6,909

45,599

EchoStar

Corp.,

Class

A*

3,570

70,543

Globalstar,

Inc.*(a)

65,367

91,514

IDT

Corp.,

Class

B*

1,368

35,609

Iridium

Communications,

Inc.*

11,953

534,419

Liberty

Latin

America

Ltd.,

Class

A*

4,063

29,944

Liberty

Latin

America

Ltd.,

Class

C*

14,646

107,502

Ooma,

Inc.*

2,215

26,425

Radius

Global

Infrastructure,

Inc.*

6,786

103,690

Starry

Group

Holdings,

Inc.,

Class

A*

2,368

7,578

1,471,807

Electric

Utilities

0.7%

ALLETE,

Inc.

5,344

331,702

MGE

Energy,

Inc.

3,410

277,506

Otter

Tail

Corp.

3,894

273,631

PNM

Resources,

Inc.

8,048

388,477

Portland

General

Electric

Co.

8,410

431,769

Via

Renewables,

Inc.

1,304

10,589

1,713,674

Electrical

Equipment

1.2%

Allied

Motion

Technologies,

Inc.

1,074

28,934

Array

Technologies,

Inc.*

13,713

231,064

Atkore,

Inc.*

4,069

403,930

AZZ,

Inc.

2,298

97,757

Babcock

&

Wilcox

Enterprises,

Inc.*

5,260

41,870

Blink

Charging

Co.*(a)

3,460

73,248

Bloom

Energy

Corp.,

Class

A*(a)

15,480

313,160

Encore

Wire

Corp.

1,832

253,677

Energy

Vault

Holdings,

Inc.*(a)

2,212

9,843

Common

Stocks

Shares

Value

($)

Electrical

Equipment

EnerSys

3,875

255,401

Enovix

Corp.*(a)

9,853

131,242

ESS

Tech,

Inc.*(a)

7,186

27,307

Fluence

Energy,

Inc.*(a)

3,158

43,391

FTC

Solar,

Inc.*(a)

3,920

19,678

FuelCell

Energy,

Inc.*(a)

34,969

125,539

GrafTech

International

Ltd.

18,419

141,826

Heliogen,

Inc.*(a)

2,996

7,400

NuScale

Power

Corp.*(a)

1,464

20,994

Powell

Industries,

Inc.

885

21,205

Preformed

Line

Products

Co.

288

17,222

Shoals

Technologies

Group,

Inc.,

Class

A*

10,185

240,672

Stem,

Inc.*(a)

13,049

147,845

Thermon

Group

Holdings,

Inc.*

3,123

48,625

TPI

Composites,

Inc.*

3,549

58,452

Vicor

Corp.*

2,026

147,817

2,908,099

Electronic

Equipment,

Instruments

&

Components

2.3%

908

Devices,

Inc.*(a)

2,243

50,468

Advanced

Energy

Industries,

Inc.

3,563

318,853

Aeva

Technologies,

Inc.*(a)

9,995

35,282

AEye,

Inc.*(a)

4,846

10,855

Akoustis

Technologies,

Inc.*(a)

4,880

20,886

Arlo

Technologies,

Inc.*

7,715

54,237

Badger

Meter,

Inc.

2,758

265,292

Belden,

Inc.

4,114

266,258

Benchmark

Electronics,

Inc.

3,484

89,121

CTS

Corp.

3,041

123,708

ePlus,

Inc.*

2,526

140,370

Evolv

Technologies

Holdings,

Inc.*(a)

7,023

18,892

Fabrinet*

3,474

333,712

FARO

Technologies,

Inc.*

1,740

56,585

Focus

Universal,

Inc.*(a)

1,520

21,174

Identiv,

Inc.*

1,958

26,511

Insight

Enterprises,

Inc.*

3,030

283,032

Itron,

Inc.*

4,363

254,799

Kimball

Electronics,

Inc.*

2,397

52,734

Knowles

Corp.*

8,306

164,044

Lightwave

Logic,

Inc.*

10,079

107,543

Methode

Electronics,

Inc.

3,463

142,814

MicroVision,

Inc.*(a)

15,589

80,283

Mirion

Technologies,

Inc.*(a)

11,965

81,362

Napco

Security

Technologies,

Inc.*(a)

2,896

74,311

nLight,

Inc.*

4,132

50,658

Novanta,

Inc.*

3,392

523,046

OSI

Systems,

Inc.*

1,485

143,555

Ouster,

Inc.*(a)

12,030

21,173

PAR

Technology

Corp.*(a)

2,383

99,181

PC

Connection,

Inc.

996

47,240

Plexus

Corp.*(a)

2,590

243,331

Rogers

Corp.*

1,745

469,841

Sanmina

Corp.*

5,620

258,801

ScanSource,

Inc.*

2,385

76,201

SmartRent,

Inc.*(a)

10,688

60,494

TTM

Technologies,

Inc.*

9,547

129,171

76

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Electronic

Equipment,

Instruments

&

Components

Velodyne

Lidar,

Inc.*(a)

16,608

17,438

Vishay

Intertechnology,

Inc.

12,122

250,441

Vishay

Precision

Group,

Inc.*

1,184

36,917

5,500,614

Energy

Equipment

&

Services

1.5%

Archrock,

Inc.

12,502

105,517

Borr

Drilling

Ltd.*(a)

12,224

46,940

Bristow

Group,

Inc.*

2,262

58,360

Cactus,

Inc.,

Class

A

5,579

232,031

ChampionX

Corp.

19,147

399,981

Diamond

Offshore

Drilling,

Inc.*(a)

9,044

61,047

DMC

Global,

Inc.*(a)

1,761

40,080

Dril-Quip,

Inc.*

3,363

86,261

Expro

Group

Holdings

NV*

7,098

86,454

Helix

Energy

Solutions

Group,

Inc.*

13,563

54,795

Helmerich

&

Payne,

Inc.(a)

9,519

440,730

Liberty

Energy,

Inc.,

Class

A*(a)

13,271

188,448

Nabors

Industries

Ltd.*

836

119,122

National

Energy

Services

Reunited

Corp.*

3,805

26,825

Newpark

Resources,

Inc.*

8,796

30,962

NexTier

Oilfield

Solutions,

Inc.*

16,517

164,674

Noble

Corp.*

3,498

104,940

Oceaneering

International,

Inc.*

9,394

99,764

Oil

States

International,

Inc.*(a)

6,072

30,967

Patterson-UTI

Energy,

Inc.(a)

19,853

328,567

ProPetro

Holding

Corp.*

7,975

83,897

RPC,

Inc.*

6,619

54,011

Select

Energy

Services,

Inc.,

Class

A*

5,884

43,953

Solaris

Oilfield

Infrastructure,

Inc.,

Class

A

2,867

31,795

TETRA

Technologies,

Inc.*

11,629

50,935

Tidewater,

Inc.*

3,870

85,256

US

Silica

Holdings,

Inc.*

6,960

96,257

Valaris

Ltd.*

5,648

283,417

Weatherford

International

plc*

6,617

153,051

3,589,037

Entertainment

0.3%

Cinemark

Holdings,

Inc.*(a)

10,241

187,718

IMAX

Corp.*

4,722

79,377

Liberty

Media

Corp.-Liberty

Braves,

Class

A*(a)

1,076

31,053

Liberty

Media

Corp.-Liberty

Braves,

Class

C*

3,430

94,908

Lions

Gate

Entertainment

Corp.,

Class

A*

4,949

43,353

Lions

Gate

Entertainment

Corp.,

Class

B*

10,537

87,563

Madison

Square

Garden

Entertainment

Corp.*(a)

2,497

145,400

Marcus

Corp.

(The)*(a)

2,314

38,019

Playstudios,

Inc.*(a)

6,910

27,778

Reservoir

Media,

Inc.*(a)

1,940

12,610

Common

Stocks

Shares

Value

($)

Entertainment

Skillz,

Inc.*(a)

27,626

43,649

791,428

Equity

Real

Estate

Investment

Trusts

(REITs)

6.1%

Acadia

Realty

Trust

8,032

137,588

Agree

Realty

Corp.

6,871

546,863

Alexander

&

Baldwin,

Inc.

6,930

137,976

Alexander's,

Inc.

189

46,023

American

Assets

Trust,

Inc.

4,887

147,734

Apartment

Investment

and

Management

Co.,

Class

A*

14,115

117,437

Apple

Hospitality

REIT,

Inc.

20,207

337,053

Armada

Hoffler

Properties,

Inc.

5,989

84,924

Ashford

Hospitality

Trust,

Inc.*

3,984

34,740

Bluerock

Residential

Growth

REIT,

Inc.

2,596

68,197

Braemar

Hotels

&

Resorts,

Inc.

5,464

28,358

Brandywine

Realty

Trust

16,082

150,367

Broadstone

Net

Lease,

Inc.

15,729

356,576

BRT

Apartments

Corp.

1,127

25,910

CareTrust

REIT,

Inc.

9,146

188,865

CatchMark

Timber

Trust,

Inc.,

Class

A

4,635

52,097

CBL

&

Associates

Properties,

Inc.

2,680

82,517

Cedar

Realty

Trust,

Inc.

888

25,805

Centerspace

1,367

117,412

Chatham

Lodging

Trust*

4,758

57,857

City

Office

REIT,

Inc.

4,048

57,077

Clipper

Realty,

Inc.

1,519

13,686

Community

Healthcare

Trust,

Inc.

2,202

85,768

Corporate

Office

Properties

Trust

10,645

299,657

CTO

Realty

Growth,

Inc.

1,818

38,542

DiamondRock

Hospitality

Co.*

20,038

185,953

Diversified

Healthcare

Trust

22,423

38,792

Easterly

Government

Properties,

Inc.

8,266

167,552

Empire

State

Realty

Trust,

Inc.,

Class

A

13,552

115,599

Equity

Commonwealth*

9,988

280,163

Essential

Properties

Realty

Trust,

Inc.

12,616

304,298

Farmland

Partners,

Inc.

4,529

67,210

Four

Corners

Property

Trust,

Inc.

7,390

216,010

Franklin

Street

Properties

Corp.

9,714

36,816

Getty

Realty

Corp.

3,776

110,788

Gladstone

Commercial

Corp.

3,638

76,216

Gladstone

Land

Corp.

2,898

78,565

Global

Medical

REIT,

Inc.

5,727

69,755

Global

Net

Lease,

Inc.

9,977

150,553

Hersha

Hospitality

Trust*

2,727

27,488

Independence

Realty

Trust,

Inc.

20,436

453,679

Indus

Realty

Trust,

Inc.

551

33,655

Industrial

Logistics

Properties

Trust

6,009

60,270

Nationwide

Small

Cap

Index

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

77

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Innovative

Industrial

Properties,

Inc.

2,553

246,135

InvenTrust

Properties

Corp.

6,168

176,837

iStar,

Inc.

6,539

109,267

Kite

Realty

Group

Trust

20,106

399,908

LTC

Properties,

Inc.

3,615

151,468

LXP

Industrial

Trust

26,376

289,345

Macerich

Co.

(The)

20,456

217,038

National

Health

Investors,

Inc.

4,086

264,936

Necessity

Retail

REIT,

Inc.

(The)

11,875

92,506

NETSTREIT

Corp.

4,825

98,912

NexPoint

Residential

Trust,

Inc.

2,116

140,799

Office

Properties

Income

Trust

4,572

95,006

One

Liberty

Properties,

Inc.

1,527

42,374

Orion

Office

REIT,

Inc.

4,938

54,022

Outfront

Media,

Inc.

13,726

253,382

Paramount

Group,

Inc.

17,693

138,890

Pebblebrook

Hotel

Trust

12,485

244,207

Phillips

Edison

&

Co.,

Inc.

10,778

366,883

Physicians

Realty

Trust

20,797

369,563

Piedmont

Office

Realty

Trust,

Inc.,

Class

A

11,909

163,868

Plymouth

Industrial

REIT,

Inc.

3,600

69,336

Postal

Realty

Trust,

Inc.,

Class

A

1,588

26,805

PotlatchDeltic

Corp.

6,317

309,722

Retail

Opportunity

Investments

Corp.

11,370

198,520

RLJ

Lodging

Trust

15,602

194,869

RPT

Realty

8,009

87,058

Ryman

Hospitality

Properties,

Inc.*

4,966

439,690

Sabra

Health

Care

REIT,

Inc.

21,568

331,931

Safehold,

Inc.

1,965

83,788

Saul

Centers,

Inc.

1,206

63,050

Service

Properties

Trust

15,554

101,723

SITE

Centers

Corp.

18,506

270,373

STAG

Industrial,

Inc.

17,011

557,621

Summit

Hotel

Properties,

Inc.*

9,803

76,953

Sunstone

Hotel

Investors,

Inc.*

20,550

232,831

Tanger

Factory

Outlet

Centers,

Inc.

9,631

156,696

Terreno

Realty

Corp.

7,075

443,249

UMH

Properties,

Inc.

4,641

98,900

Uniti

Group,

Inc.

21,622

215,571

Universal

Health

Realty

Income

Trust

1,227

66,135

Urban

Edge

Properties

10,974

180,303

Urstadt

Biddle

Properties,

Inc.,

Class

A

2,993

55,071

Veris

Residential,

Inc.*

8,479

118,282

Washington

REIT

8,099

179,555

Whitestone

REIT

4,399

49,401

Xenia

Hotels

&

Resorts,

Inc.*

10,899

178,962

14,414,132

Food

&

Staples

Retailing

0.6%

Andersons,

Inc.

(The)

2,967

107,316

Common

Stocks

Shares

Value

($)

Food

&

Staples

Retailing

Chefs'

Warehouse,

Inc.

(The)*

3,239

112,102

HF

Foods

Group,

Inc.*

3,603

18,952

Ingles

Markets,

Inc.,

Class

A

1,331

127,057

Natural

Grocers

by

Vitamin

Cottage,

Inc.

867

14,375

PriceSmart,

Inc.(a)

2,309

153,271

Rite

Aid

Corp.*(a)

5,286

43,504

SpartanNash

Co.

3,424

110,561

Sprouts

Farmers

Market,

Inc.*

10,181

281,403

United

Natural

Foods,

Inc.*

5,468

232,445

Village

Super

Market,

Inc.,

Class

A

852

19,230

Weis

Markets,

Inc.

1,539

118,395

1,338,611

Food

Products

1.1%

Alico,

Inc.

645

23,504

AppHarvest,

Inc.*(a)

6,581

25,271

B&G

Foods,

Inc.(a)

6,538

161,554

Benson

Hill,

Inc.*(a)

15,199

49,397

Beyond

Meat,

Inc.*(a)

5,581

178,536

BRC,

Inc.,

Class

A*(a)

2,259

21,212

Calavo

Growers,

Inc.

1,637

65,971

Cal-Maine

Foods,

Inc.

3,636

185,836

Fresh

Del

Monte

Produce,

Inc.

2,881

85,595

Hain

Celestial

Group,

Inc.

(The)*

7,198

163,754

Hostess

Brands,

Inc.*

12,843

290,509

J

&

J

Snack

Foods

Corp.

1,391

188,494

John

B

Sanfilippo

&

Son,

Inc.

808

60,519

Lancaster

Colony

Corp.

1,816

240,402

Landec

Corp.*

2,745

28,768

Local

Bounti

Corp.*(a)

3,022

11,695

Mission

Produce,

Inc.*

3,514

49,829

Seneca

Foods

Corp.,

Class

A*

660

37,567

Simply

Good

Foods

Co.

(The)*

8,368

272,964

Sovos

Brands,

Inc.*

2,433

34,451

SunOpta,

Inc.*

8,731

77,007

Tattooed

Chef,

Inc.*(a)

4,431

27,960

Tootsie

Roll

Industries,

Inc.

1,400

49,168

TreeHouse

Foods,

Inc.*

4,867

211,325

Utz

Brands,

Inc.(a)

6,332

106,504

Vital

Farms,

Inc.*

2,448

28,886

Whole

Earth

Brands,

Inc.*

3,541

19,051

2,695,729

Gas

Utilities

1.2%

Brookfield

Infrastructure

Corp.,

Class

A

9,075

415,726

Chesapeake

Utilities

Corp.

1,633

223,933

New

Jersey

Resources

Corp.

9,018

416,541

Northwest

Natural

Holding

Co.

3,140

168,524

ONE

Gas,

Inc.

4,974

422,492

South

Jersey

Industries,

Inc.

11,486

393,740

Southwest

Gas

Holdings,

Inc.

6,204

539,500

Spire,

Inc.

4,727

355,659

2,936,115

Health

Care

Equipment

&

Supplies

3.9%

Alphatec

Holdings,

Inc.*

6,694

50,473

AngioDynamics,

Inc.*

3,507

79,574

78

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

Artivion,

Inc.*(a)

3,603

70,619

AtriCure,

Inc.*

4,298

212,364

Atrion

Corp.

134

90,571

Avanos

Medical,

Inc.*

4,446

126,133

Axogen,

Inc.*

3,771

35,146

Axonics,

Inc.*

4,330

280,887

BioLife

Solutions,

Inc.*

2,955

56,943

Bioventus,

Inc.,

Class

A*(a)

2,744

23,297

Butterfly

Network,

Inc.*

11,809

51,251

Cardiovascular

Systems,

Inc.*

3,736

57,572

Cerus

Corp.*

15,938

86,065

CONMED

Corp.

2,592

253,057

CryoPort,

Inc.*(a)

4,354

161,969

Cue

Health,

Inc.*

9,556

32,299

Cutera,

Inc.*(a)

1,408

65,359

Embecta

Corp.*(a)

5,549

163,307

Figs,

Inc.,

Class

A*(a)

11,514

121,703

Glaukos

Corp.*

4,319

232,578

Haemonetics

Corp.*

4,759

330,703

Heska

Corp.*

899

82,249

Inari

Medical,

Inc.*

4,545

352,601

Inogen,

Inc.*

2,430

67,603

Inspire

Medical

Systems,

Inc.*

2,562

535,432

Integer

Holdings

Corp.*

3,138

219,315

iRadimed

Corp.

520

21,970

iRhythm

Technologies,

Inc.*

2,791

431,572

Lantheus

Holdings,

Inc.*

6,340

486,405

LeMaitre

Vascular,

Inc.

1,747

87,961

LivaNova

plc*

5,059

322,107

Meridian

Bioscience,

Inc.*

4,041

127,938

Merit

Medical

Systems,

Inc.*

5,144

295,677

Mesa

Laboratories,

Inc.(a)

476

101,507

Nano-X

Imaging

Ltd.*(a)

3,704

44,596

Neogen

Corp.*

10,472

242,217

Nevro

Corp.*

3,243

140,584

NuVasive,

Inc.*

4,976

261,339

Omnicell,

Inc.*

4,099

451,382

OraSure

Technologies,

Inc.*(a)

6,842

20,937

Orthofix

Medical,

Inc.*

1,884

48,325

OrthoPediatrics

Corp.*

1,320

62,370

Outset

Medical,

Inc.*

4,481

69,231

Paragon

28,

Inc.*(a)

4,131

78,489

PROCEPT

BioRobotics

Corp.*(a)

2,319

88,818

Pulmonx

Corp.*(a)

3,424

58,345

RxSight,

Inc.*(a)

1,650

24,684

SeaSpine

Holdings

Corp.*

3,203

19,026

Senseonics

Holdings,

Inc.*(a)

41,335

53,322

Shockwave

Medical,

Inc.*

3,340

704,506

SI-BONE,

Inc.*

2,966

39,863

Sight

Sciences,

Inc.*(a)

2,106

19,544

Silk

Road

Medical,

Inc.*

3,284

149,455

STAAR

Surgical

Co.*

4,520

364,764

Surmodics,

Inc.*

1,282

44,614

Tactile

Systems

Technology,

Inc.*

1,898

14,709

TransMedics

Group,

Inc.*

2,599

104,948

Treace

Medical

Concepts,

Inc.*(a)

2,844

48,120

UFP

Technologies,

Inc.*(a)

662

53,304

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

Utah

Medical

Products,

Inc.

343

31,330

Varex

Imaging

Corp.*

3,650

81,358

Vicarious

Surgical,

Inc.*(a)

4,621

18,022

ViewRay,

Inc.*

13,646

41,620

Zimvie,

Inc.*

1,801

34,975

Zynex,

Inc.(a)

2,132

18,293

9,147,297

Health

Care

Providers

&

Services

3.0%

1Life

Healthcare,

Inc.*

17,240

292,046

23andMe

Holding

Co.*(a)

15,219

42,309

Accolade,

Inc.*

6,263

57,870

AdaptHealth

Corp.*

6,854

151,542

Addus

HomeCare

Corp.*

1,486

137,916

Agiliti,

Inc.*

2,715

59,431

AirSculpt

Technologies,

Inc.*

628

4,880

Alignment

Healthcare,

Inc.*

7,503

110,144

AMN

Healthcare

Services,

Inc.*(a)

4,135

464,939

Apollo

Medical

Holdings,

Inc.*(a)

3,599

190,855

ATI

Physical

Therapy,

Inc.*(a)

7,024

7,375

Aveanna

Healthcare

Holdings,

Inc.*

3,656

7,751

Brookdale

Senior

Living,

Inc.*

17,843

86,003

Cano

Health,

Inc.*

14,567

88,713

CareMax,

Inc.*(a)

4,983

35,628

Castle

Biosciences,

Inc.*

2,450

68,502

Clover

Health

Investments

Corp.*(a)

34,580

96,824

Community

Health

Systems,

Inc.*

11,774

35,086

CorVel

Corp.*

840

138,508

Covetrus,

Inc.*

9,807

203,691

Cross

Country

Healthcare,

Inc.*(a)

3,257

85,854

DocGo,

Inc.*(a)

6,915

53,453

Ensign

Group,

Inc.

(The)(a)

5,080

404,825

Fulgent

Genetics,

Inc.*

1,996

119,261

Hanger,

Inc.*

3,555

66,016

HealthEquity,

Inc.*

7,757

451,225

Hims

&

Hers

Health,

Inc.*(a)

10,554

65,329

Innovage

Holding

Corp.*(a)

1,737

7,730

Invitae

Corp.*(a)

23,929

45,465

Joint

Corp.

(The)*

1,297

22,179

LHC

Group,

Inc.*

2,801

456,731

LifeStance

Health

Group,

Inc.*(a)

6,778

40,397

ModivCare,

Inc.*

1,193

119,061

National

HealthCare

Corp.

1,187

84,313

National

Research

Corp.

1,401

53,098

Oncology

Institute,

Inc.

(The)*(a)

1,986

12,830

OPKO

Health,

Inc.*

38,556

90,992

Option

Care

Health,

Inc.*

13,456

452,122

Owens

&

Minor,

Inc.

6,879

243,585

P3

Health

Partners,

Inc.*(a)

2,825

13,871

Patterson

Cos.,

Inc.

8,078

250,903

Pediatrix

Medical

Group,

Inc.*

8,109

183,750

Pennant

Group,

Inc.

(The)*

2,429

32,403

Nationwide

Small

Cap

Index

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

79

Common

Stocks

Shares

Value

($)

Health

Care

Providers

&

Services

PetIQ,

Inc.*

2,580

42,312

Privia

Health

Group,

Inc.*

3,953

145,391

Progyny,

Inc.*

6,841

208,856

R1

RCM,

Inc.*

12,660

316,500

RadNet,

Inc.*

4,345

89,377

Select

Medical

Holdings

Corp.

10,144

300,465

Sema4

Holdings

Corp.*(a)

13,635

22,089

Surgery

Partners,

Inc.*

3,667

144,406

US

Physical

Therapy,

Inc.(a)

1,220

158,332

7,063,134

Health

Care

Technology

0.6%

Allscripts

Healthcare

Solutions,

Inc.*

10,289

162,772

American

Well

Corp.,

Class

A*

20,561

80,188

Babylon

Holdings

Ltd.,

Class

A*

10,839

10,947

Computer

Programs

&

Systems,

Inc.*

1,315

44,394

Convey

Health

Solutions

Holdings,

Inc.*

1,287

13,449

Evolent

Health,

Inc.,

Class

A*(a)

7,624

259,140

Health

Catalyst,

Inc.*

4,999

83,683

HealthStream,

Inc.*

2,396

57,648

Multiplan

Corp.*(a)

34,565

174,899

NextGen

Healthcare,

Inc.*

5,322

91,113

Nutex

Health,

Inc.*

3,722

9,826

OptimizeRx

Corp.*

1,677

37,682

Phreesia,

Inc.*

4,736

111,249

Schrodinger,

Inc.*

4,885

152,901

Sharecare,

Inc.*(a)

6,448

9,221

Simulations

Plus,

Inc.

1,449

92,953

1,392,065

Hotels,

Restaurants

&

Leisure

2.2%

Accel

Entertainment,

Inc.*

5,387

64,967

Bally's

Corp.*(a)

3,760

82,607

Biglari

Holdings,

Inc.,

Class

B*

64

7,693

BJ's

Restaurants,

Inc.*

2,108

49,475

Bloomin'

Brands,

Inc.(a)

8,473

172,764

Bluegreen

Vacations

Holding

Corp.

1,290

33,901

Bowlero

Corp.*(a)

3,502

40,063

Brinker

International,

Inc.*

4,177

115,912

Century

Casinos,

Inc.*

2,834

23,891

Cheesecake

Factory,

Inc.

(The)(a)

4,725

138,112

Chuy's

Holdings,

Inc.*

1,758

39,080

Cracker

Barrel

Old

Country

Store,

Inc.

2,171

206,397

Dave

&

Buster's

Entertainment,

Inc.*

4,096

153,027

Denny's

Corp.*

5,803

56,347

Dine

Brands

Global,

Inc.(a)

1,559

111,172

El

Pollo

Loco

Holdings,

Inc.*

1,956

19,012

Everi

Holdings,

Inc.*

8,172

156,984

F45

Training

Holdings,

Inc.*

2,992

5,894

First

Watch

Restaurant

Group,

Inc.*

1,038

17,252

Full

House

Resorts,

Inc.*

3,100

19,251

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Golden

Entertainment,

Inc.*

1,955

85,766

Hilton

Grand

Vacations,

Inc.*

8,539

348,135

Inspirato,

Inc.*

1,634

8,219

Inspired

Entertainment,

Inc.*

1,845

19,077

International

Game

Technology

plc

9,579

181,522

Jack

in

the

Box,

Inc.

1,996

138,003

Krispy

Kreme,

Inc.(a)

6,508

92,934

Kura

Sushi

USA,

Inc.,

Class

A*

500

42,220

Life

Time

Group

Holdings,

Inc.*

3,680

53,360

Light

&

Wonder,

Inc.*

9,080

462,535

Lindblad

Expeditions

Holdings,

Inc.*(a)

2,806

22,167

Monarch

Casino

&

Resort,

Inc.*

1,231

78,969

NEOGAMES

SA*

989

15,122

Noodles

&

Co.,

Class

A*

3,955

20,606

ONE

Group

Hospitality,

Inc.

(The)*

1,852

15,538

Papa

John's

International,

Inc.

3,115

298,697

Portillo's,

Inc.,

Class

A*(a)

2,225

50,797

RCI

Hospitality

Holdings,

Inc.

862

49,100

Red

Rock

Resorts,

Inc.,

Class

A

5,062

199,088

Rush

Street

Interactive,

Inc.*

4,959

27,473

Ruth's

Hospitality

Group,

Inc.

3,016

52,931

SeaWorld

Entertainment,

Inc.*

4,256

203,139

Shake

Shack,

Inc.,

Class

A*(a)

3,530

181,654

Sonder

Holdings,

Inc.*(a)

8,103

12,560

Sweetgreen,

Inc.,

Class

A*(a)

1,163

18,271

Target

Hospitality

Corp.*

2,500

34,375

Texas

Roadhouse,

Inc.

6,401

558,295

Vacasa,

Inc.,

Class

A*(a)

3,880

10,127

Wingstop,

Inc.(a)

2,807

354,187

Xponential

Fitness,

Inc.,

Class

A*

1,259

18,684

5,167,352

Household

Durables

1.7%

Aterian,

Inc.*

6,464

14,738

Beazer

Homes

USA,

Inc.*

2,931

43,232

Cavco

Industries,

Inc.*

856

220,668

Century

Communities,

Inc.

2,811

143,839

Dream

Finders

Homes,

Inc.,

Class

A*(a)

1,888

24,544

Ethan

Allen

Interiors,

Inc.

2,155

49,544

GoPro,

Inc.,

Class

A*(a)

12,312

78,304

Green

Brick

Partners,

Inc.*(a)

2,695

72,226

Helen

of

Troy

Ltd.*

2,232

298,619

Hovnanian

Enterprises,

Inc.,

Class

A*

485

23,527

Installed

Building

Products,

Inc.

2,258

229,006

iRobot

Corp.*(a)

2,566

118,062

KB

Home

7,601

248,097

Landsea

Homes

Corp.*

1,027

7,559

La-Z-Boy,

Inc.(a)

4,053

112,957

Legacy

Housing

Corp.*

564

7,659

LGI

Homes,

Inc.*(a)

1,910

215,448

80

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Household

Durables

Lifetime

Brands,

Inc.

1,270

13,665

Lovesac

Co.

(The)*

1,259

39,231

M/I

Homes,

Inc.*

2,841

130,714

MDC

Holdings,

Inc.

5,490

199,013

Meritage

Homes

Corp.*

3,396

299,867

Purple

Innovation,

Inc.*(a)

5,433

18,961

Skyline

Champion

Corp.*

5,025

318,083

Snap

One

Holdings

Corp.*

1,826

22,204

Sonos,

Inc.*

12,166

268,990

Taylor

Morrison

Home

Corp.,

Class

A*

10,807

310,161

Traeger,

Inc.*

3,642

11,181

Tri

Pointe

Homes,

Inc.*

9,370

173,532

Tupperware

Brands

Corp.*

4,685

34,950

Universal

Electronics,

Inc.*

1,214

33,689

Vizio

Holding

Corp.,

Class

A*(a)

6,011

55,061

Vuzix

Corp.*(a)

5,561

45,433

Weber,

Inc.,

Class

A(a)

2,543

16,199

3,898,963

Household

Products

0.3%

Central

Garden

&

Pet

Co.*

924

40,046

Central

Garden

&

Pet

Co.,

Class

A*

3,835

156,468

Energizer

Holdings,

Inc.

6,295

185,891

WD-40

Co.

1,274

225,970

608,375

Independent

Power

and

Renewable

Electricity

Producers

0.5%

Altus

Power,

Inc.*(a)

3,630

28,459

Clearway

Energy,

Inc.,

Class

A

3,334

115,123

Clearway

Energy,

Inc.,

Class

C

7,737

290,447

Montauk

Renewables,

Inc.*

5,829

69,773

Ormat

Technologies,

Inc.(a)

4,264

369,007

Sunnova

Energy

International,

Inc.*(a)

9,048

235,429

1,108,238

Industrial

Conglomerates

0.0%

†

Brookfield

Business

Corp.,

Class

A(a)

2,155

49,242

Insurance

1.9%

Ambac

Financial

Group,

Inc.*

4,312

50,752

American

Equity

Investment

Life

Holding

Co.

7,176

269,531

AMERISAFE,

Inc.

1,841

83,876

Argo

Group

International

Holdings

Ltd.

3,004

98,501

Bright

Health

Group,

Inc.*(a)

17,380

29,198

BRP

Group,

Inc.,

Class

A*

5,381

148,354

CNO

Financial

Group,

Inc.

10,988

206,025

Crawford

&

Co.,

Class

A

1,679

12,173

Donegal

Group,

Inc.,

Class

A

1,195

16,921

eHealth,

Inc.*

2,314

17,124

Employers

Holdings,

Inc.

2,166

86,012

Enstar

Group

Ltd.*

1,113

220,285

Genworth

Financial,

Inc.,

Class

A*

48,050

204,212

Common

Stocks

Shares

Value

($)

Insurance

Goosehead

Insurance,

Inc.,

Class

A(a)

1,729

97,187

Greenlight

Capital

Re

Ltd.,

Class

A*

2,858

20,549

HCI

Group,

Inc.(a)

714

48,888

Hippo

Holdings,

Inc.*(a)

22,686

19,374

Horace

Mann

Educators

Corp.

3,954

135,424

Investors

Title

Co.

135

20,115

James

River

Group

Holdings

Ltd.

2,974

70,662

Kinsale

Capital

Group,

Inc.

2,026

492,743

Lemonade,

Inc.*

3,649

68,784

MBIA,

Inc.*

4,444

55,906

Mercury

General

Corp.

2,615

109,647

National

Western

Life

Group,

Inc.,

Class

A

243

49,086

NI

Holdings,

Inc.*

857

12,718

Oscar

Health,

Inc.,

Class

A*

10,713

57,850

Palomar

Holdings,

Inc.*

2,327

145,135

ProAssurance

Corp.

5,093

112,708

RLI

Corp.

3,677

404,396

Root,

Inc.,

Class

A*(a)

11,866

12,459

Safety

Insurance

Group,

Inc.

1,191

103,081

Selective

Insurance

Group,

Inc.

5,552

432,279

Selectquote,

Inc.*

12,915

23,764

SiriusPoint

Ltd.*

8,441

36,972

Stewart

Information

Services

Corp.

2,529

138,210

Tiptree,

Inc.

2,044

22,709

Trean

Insurance

Group,

Inc.*

1,839

9,489

Trupanion,

Inc.*(a)

3,669

231,257

United

Fire

Group,

Inc.

1,888

61,983

Universal

Insurance

Holdings,

Inc.

2,267

28,678

4,465,017

Interactive

Media

&

Services

0.8%

Arena

Group

Holdings,

Inc.

(The)*

1,065

11,087

Bumble,

Inc.,

Class

A*

8,196

310,792

Cargurus,

Inc.*

9,550

231,969

Cars.com,

Inc.*

6,546

76,981

DHI

Group,

Inc.*

3,527

17,247

Eventbrite,

Inc.,

Class

A*

7,312

68,440

EverQuote,

Inc.,

Class

A*

1,856

19,395

fuboTV,

Inc.*(a)

17,173

43,104

MediaAlpha,

Inc.,

Class

A*

2,082

25,650

Outbrain,

Inc.*

4,543

25,441

QuinStreet,

Inc.*

4,917

52,858

Shutterstock,

Inc.(a)

2,240

126,560

TrueCar,

Inc.*

8,503

21,853

Vimeo,

Inc.*

12,941

71,952

Vinco

Ventures,

Inc.*(a)

16,445

12,498

Yelp,

Inc.*(a)

6,515

199,750

Ziff

Davis,

Inc.*

4,374

358,187

ZipRecruiter,

Inc.,

Class

A*

7,175

125,778

1,799,542

Nationwide

Small

Cap

Index

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

81

Common

Stocks

Shares

Value

($)

Internet

&

Direct

Marketing

Retail

0.4%

1-800-Flowers.com,

Inc.,

Class

A*(a)

2,631

26,231

1stdibs.com,

Inc.*(a)

2,086

13,517

aka

Brands

Holding

Corp.*(a)

912

1,715

BARK,

Inc.*(a)

8,272

11,829

CarParts.com,

Inc.*

4,490

35,830

ContextLogic,

Inc.,

Class

A*(a)

51,282

76,923

Duluth

Holdings,

Inc.,

Class

B*

1,128

10,874

Groupon,

Inc.*

2,102

22,281

Lands'

End,

Inc.*

1,408

17,952

Liquidity

Services,

Inc.*

2,163

43,541

Lulu's

Fashion

Lounge

Holdings,

Inc.*

555

3,108

Overstock.com,

Inc.*(a)

4,047

117,363

PetMed

Express,

Inc.(a)

1,978

43,160

Porch

Group,

Inc.*(a)

7,274

14,039

Poshmark,

Inc.,

Class

A*

4,066

43,872

Quotient

Technology,

Inc.*(a)

8,964

24,830

Qurate

Retail,

Inc.,

Series

A

30,747

83,939

RealReal,

Inc.

(The)*

7,451

17,361

Rent

the

Runway,

Inc.,

Class

A*(a)

5,433

24,123

Revolve

Group,

Inc.*(a)

3,865

109,457

RumbleON,

Inc.,

Class

B*

844

14,095

Stitch

Fix,

Inc.,

Class

A*

7,702

45,981

ThredUp,

Inc.,

Class

A*

5,220

11,745

Vivid

Seats,

Inc.,

Class

A

2,123

17,748

Xometry,

Inc.,

Class

A*(a)

3,062

116,356

947,870

IT

Services

2.2%

AvidXchange

Holdings,

Inc.*(a)

13,333

96,264

BigCommerce

Holdings,

Inc.,

Series

1*

5,825

91,161

Brightcove,

Inc.*

4,060

24,157

Cantaloupe,

Inc.*

5,521

33,512

Cass

Information

Systems,

Inc.

1,255

45,757

Cerberus

Cyber

Sentinel

Corp.*(a)

4,190

13,450

Conduent,

Inc.*

16,082

74,942

Core

Scientific,

Inc.*(a)

20,180

50,652

CSG

Systems

International,

Inc.(a)

3,081

201,035

Cyxtera

Technologies,

Inc.*(a)

3,959

48,260

DigitalOcean

Holdings,

Inc.*(a)

7,266

297,761

Edgio,

Inc.*(a)

12,615

31,916

EVERTEC,

Inc.

5,730

223,413

Evo

Payments,

Inc.,

Class

A*

4,434

121,225

ExlService

Holdings,

Inc.*

3,002

505,447

Fastly,

Inc.,

Class

A*

10,205

116,031

Flywire

Corp.*

5,301

124,361

Grid

Dynamics

Holdings,

Inc.*

4,986

94,086

Hackett

Group,

Inc.

(The)

2,349

49,258

I3

Verticals,

Inc.,

Class

A*

2,003

54,341

IBEX

Holdings

Ltd.*

552

9,969

Information

Services

Group,

Inc.

2,880

21,485

Common

Stocks

Shares

Value

($)

IT

Services

International

Money

Express,

Inc.*

3,386

81,399

Marqeta,

Inc.,

Class

A*(a)

42,488

407,460

Maximus,

Inc.

5,833

389,936

MoneyGram

International,

Inc.*

8,949

90,922

Paya

Holdings,

Inc.*

7,790

54,452

Payoneer

Global,

Inc.*

19,855

106,026

Paysafe

Ltd.*(a)

30,859

62,027

Perficient,

Inc.*

3,407

359,507

PFSweb,

Inc.*(a)

1,457

15,896

Priority

Technology

Holdings,

Inc.*(a)

732

3,287

Rackspace

Technology,

Inc.*(a)

5,096

34,347

Remitly

Global,

Inc.*

7,720

73,572

Repay

Holdings

Corp.*

8,284

111,006

Sabre

Corp.*

31,478

193,590

SolarWinds

Corp.

4,913

52,618

Squarespace,

Inc.,

Class

A*(a)

2,865

60,938

StoneCo

Ltd.,

Class

A*

26,795

256,696

TTEC

Holdings,

Inc.

1,752

128,194

Tucows,

Inc.,

Class

A*(a)

959

44,373

Unisys

Corp.*

6,278

86,134

Verra

Mobility

Corp.*(a)

13,534

223,176

5,164,039

Leisure

Products

0.5%

Acushnet

Holdings

Corp.(a)

3,249

158,324

AMMO,

Inc.*(a)

8,211

40,070

Callaway

Golf

Co.*

13,285

304,891

Clarus

Corp.(a)

2,530

52,168

Johnson

Outdoors,

Inc.,

Class

A

496

33,386

Latham

Group,

Inc.*

4,039

22,174

Malibu

Boats,

Inc.,

Class

A*

2,001

124,962

Marine

Products

Corp.

694

7,537

MasterCraft

Boat

Holdings,

Inc.*

1,622

38,425

Smith

&

Wesson

Brands,

Inc.

4,522

65,795

Solo

Brands,

Inc.,

Class

A*

1,108

5,529

Sturm

Ruger

&

Co.,

Inc.(a)

1,628

107,660

Vista

Outdoor,

Inc.*

5,324

160,252

1,121,173

Life

Sciences

Tools

&

Services

0.7%

AbCellera

Biologics,

Inc.*(a)

19,618

196,965

Absci

Corp.*

5,243

17,249

Adaptive

Biotechnologies

Corp.*

9,827

90,015

Akoya

Biosciences,

Inc.*(a)

1,283

18,065

Alpha

Teknova,

Inc.*

657

4,264

Berkeley

Lights,

Inc.*

4,899

21,997

Bionano

Genomics,

Inc.*(a)

27,903

51,900

Codexis,

Inc.*

5,840

40,062

Cytek

Biosciences,

Inc.*

10,410

133,248

Inotiv,

Inc.*(a)

1,841

34,390

MaxCyte,

Inc.*

9,076

49,464

Medpace

Holdings,

Inc.*

2,564

434,675

NanoString

Technologies,

Inc.*

4,336

55,501

82

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Life

Sciences

Tools

&

Services

Nautilus

Biotechnology,

Inc.*(a)

4,017

11,689

NeoGenomics,

Inc.*

12,170

123,160

Pacific

Biosciences

of

California,

Inc.*(a)

21,435

93,671

Quanterix

Corp.*

2,924

46,755

Quantum-Si,

Inc.*(a)

8,046

26,150

Science

37

Holdings,

Inc.*(a)

5,281

10,509

Seer,

Inc.*

5,351

48,159

Singular

Genomics

Systems,

Inc.*(a)

4,442

16,924

SomaLogic,

Inc.*(a)

13,221

66,766

1,591,578

Machinery

3.8%

Alamo

Group,

Inc.

951

123,069

Albany

International

Corp.,

Class

A

2,916

266,143

Altra

Industrial

Motion

Corp.

6,205

258,935

Astec

Industries,

Inc.

2,172

106,710

Barnes

Group,

Inc.

4,529

153,171

Berkshire

Grey,

Inc.*

7,063

12,431

Blue

Bird

Corp.*

1,550

17,298

Chart

Industries,

Inc.*

3,421

667,403

CIRCOR

International,

Inc.*

1,745

30,380

Columbus

McKinnon

Corp.

2,638

87,318

Desktop

Metal,

Inc.,

Class

A*(a)

23,447

49,942

Douglas

Dynamics,

Inc.

2,141

68,212

Energy

Recovery,

Inc.*

5,297

117,752

Enerpac

Tool

Group

Corp.

5,770

117,131

EnPro

Industries,

Inc.

1,956

182,847

ESCO

Technologies,

Inc.

2,424

187,981

Evoqua

Water

Technologies

Corp.*

10,914

415,933

Federal

Signal

Corp.

5,556

230,685

Franklin

Electric

Co.,

Inc.

4,335

393,705

Gorman-Rupp

Co.

(The)

2,152

66,066

Greenbrier

Cos.,

Inc.

(The)(a)

2,954

93,996

Helios

Technologies,

Inc.

3,115

214,374

Hillenbrand,

Inc.

6,776

313,051

Hillman

Solutions

Corp.*(a)

12,045

124,666

Hydrofarm

Holdings

Group,

Inc.*(a)

3,672

11,861

Hyliion

Holdings

Corp.*

11,109

43,658

Hyster-Yale

Materials

Handling,

Inc.

947

32,757

Hyzon

Motors,

Inc.*(a)

7,810

31,396

John

Bean

Technologies

Corp.

(a)

2,981

334,796

Kadant,

Inc.

1,086

221,381

Kennametal,

Inc.

8,068

216,626

Lightning

eMotors,

Inc.*(a)

3,334

11,836

Lindsay

Corp.

1,033

159,041

Luxfer

Holdings

plc(a)

2,323

37,958

Manitowoc

Co.,

Inc.

(The)*

3,253

37,182

Markforged

Holding

Corp.*(a)

9,255

20,268

Meritor,

Inc.*(a)

6,490

236,366

Microvast

Holdings,

Inc.*

15,342

40,656

Miller

Industries,

Inc.

1,051

25,256

Common

Stocks

Shares

Value

($)

Machinery

Mueller

Industries,

Inc.

5,269

354,762

Mueller

Water

Products,

Inc.,

Class

A

14,830

193,087

Nikola

Corp.*(a)

26,697

166,055

Omega

Flex,

Inc.

304

34,957

Proterra,

Inc.*(a)

19,939

107,471

Proto

Labs,

Inc.*

2,658

129,950

RBC

Bearings,

Inc.*

2,692

635,312

REV

Group,

Inc.

3,371

39,238

Sarcos

Technology

and

Robotics

Corp.*(a)

6,529

21,872

Shyft

Group,

Inc.

(The)

3,333

86,458

SPX

Corp.*

4,093

242,019

Standex

International

Corp.

1,141

110,768

Tennant

Co.

1,766

118,375

Terex

Corp.

6,506

218,016

Titan

International,

Inc.*

4,784

80,180

Trinity

Industries,

Inc.

7,711

200,100

Velo3D,

Inc.*

7,184

23,061

Wabash

National

Corp.

4,876

88,061

Watts

Water

Technologies,

Inc.,

Class

A

2,561

353,751

Xos,

Inc.*(a)

5,663

10,137

8,973,867

Marine

0.3%

Costamare,

Inc.

5,014

58,814

Eagle

Bulk

Shipping,

Inc.

1,217

64,416

Eneti,

Inc.(a)

1,940

12,455

Genco

Shipping

&

Trading

Ltd.

3,520

67,866

Golden

Ocean

Group

Ltd.(a)

11,257

122,926

Matson,

Inc.

3,678

337,162

Safe

Bulkers,

Inc.

5,545

21,404

685,043

Media

0.9%

Advantage

Solutions,

Inc.*

7,239

32,141

AMC

Networks,

Inc.,

Class

A*

2,777

84,754

Audacy,

Inc.*

12,043

7,671

Boston

Omaha

Corp.,

Class

A*

1,949

47,556

Cardlytics,

Inc.*

3,087

42,601

Clear

Channel

Outdoor

Holdings,

Inc.*

34,415

53,343

Cumulus

Media,

Inc.,

Class

A*

1,564

12,418

Daily

Journal

Corp.*

102

27,571

Entravision

Communications

Corp.,

Class

A

5,926

31,763

EW

Scripps

Co.

(The),

Class

A*

5,372

76,605

Gambling.com

Group

Ltd.*(a)

980

7,605

Gannett

Co.,

Inc.*

13,690

41,207

Gray

Television,

Inc.

8,098

150,380

iHeartMedia,

Inc.,

Class

A*

10,613

79,385

Integral

Ad

Science

Holding

Corp.*

3,038

28,770

John

Wiley

&

Sons,

Inc.,

Class

A

4,089

213,528

Loyalty

Ventures,

Inc.*

2,794

8,242

Magnite,

Inc.*

12,419

94,881

PubMatic,

Inc.,

Class

A*

3,774

62,611

Scholastic

Corp.

2,448

115,227

Nationwide

Small

Cap

Index

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

83

Common

Stocks

Shares

Value

($)

Media

Sinclair

Broadcast

Group,

Inc.,

Class

A

3,743

81,747

Stagwell,

Inc.*(a)

7,947

52,530

TechTarget,

Inc.*

2,666

173,797

TEGNA,

Inc.

20,918

438,023

Thryv

Holdings,

Inc.*

2,633

64,087

WideOpenWest,

Inc.*

4,967

91,293

2,119,736

Metals

&

Mining

1.4%

5E

Advanced

Materials,

Inc.*(a)

2,795

45,503

Alpha

Metallurgical

Resources,

Inc.

1,666

227,842

Arconic

Corp.*

9,594

289,835

ATI,

Inc.*(a)

11,720

291,711

Carpenter

Technology

Corp.(a)

4,515

145,112

Century

Aluminum

Co.*

4,849

38,259

Coeur

Mining,

Inc.*

24,465

78,533

Commercial

Metals

Co.

11,367

450,360

Compass

Minerals

International,

Inc.

3,271

121,779

Constellium

SE*

11,885

173,878

Dakota

Gold

Corp.*(a)

3,853

17,223

Haynes

International,

Inc.

1,240

47,938

Hecla

Mining

Co.(a)

50,001

226,504

Hycroft

Mining

Holding

Corp.*(a)

11,767

12,120

Kaiser

Aluminum

Corp.

1,498

113,503

Materion

Corp.

1,931

158,226

Novagold

Resources,

Inc.*

22,478

109,693

Olympic

Steel,

Inc.

906

26,935

Piedmont

Lithium,

Inc.*

1,573

71,115

PolyMet

Mining

Corp.*

2,809

8,371

Ramaco

Resources,

Inc.

2,232

26,204

Ryerson

Holding

Corp.

1,588

43,511

Schnitzer

Steel

Industries,

Inc.,

Class

A

2,505

89,078

SunCoke

Energy,

Inc.

7,952

58,845

TimkenSteel

Corp.*(a)

4,308

87,409

Warrior

Met

Coal,

Inc.

4,878

155,755

Worthington

Industries,

Inc.

2,940

150,557

3,265,799

Mortgage

Real

Estate

Investment

Trusts

(REITs)

1.5%

AFC

Gamma,

Inc.

1,587

26,027

Angel

Oak

Mortgage,

Inc.

695

9,834

Apollo

Commercial

Real

Estate

Finance,

Inc.

13,299

169,961

Arbor

Realty

Trust,

Inc.

14,759

245,295

Ares

Commercial

Real

Estate

Corp.

4,149

56,841

ARMOUR

Residential

REIT,

Inc.

11,898

93,637

Blackstone

Mortgage

Trust,

Inc.,

Class

A

16,412

508,280

BrightSpire

Capital,

Inc.

9,502

83,998

Broadmark

Realty

Capital,

Inc.

12,497

94,852

Chicago

Atlantic

Real

Estate

Finance,

Inc.

783

11,134

Chimera

Investment

Corp.

22,389

234,413

Common

Stocks

Shares

Value

($)

Mortgage

Real

Estate

Investment

Trusts

(REITs)

Claros

Mortgage

Trust,

Inc.(a)

8,481

162,496

Dynex

Capital,

Inc.

3,414

57,355

Ellington

Financial,

Inc.

5,150

82,657

Franklin

BSP

Realty

Trust,

Inc.

7,881

120,973

Granite

Point

Mortgage

Trust,

Inc.

4,847

51,427

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

8,047

290,416

Invesco

Mortgage

Capital,

Inc.

2,777

49,153

KKR

Real

Estate

Finance

Trust,

Inc.

5,033

98,093

Ladder

Capital

Corp.

11,020

130,918

MFA

Financial,

Inc.

9,358

121,280

New

York

Mortgage

Trust,

Inc.

36,726

115,320

Nexpoint

Real

Estate

Finance,

Inc.

601

12,681

Orchid

Island

Capital,

Inc.

16,819

54,157

PennyMac

Mortgage

Investment

Trust

8,290

127,334

Ready

Capital

Corp.

7,168

99,707

Redwood

Trust,

Inc.

10,844

93,909

TPG

RE

Finance

Trust,

Inc.

6,823

74,030

Two

Harbors

Investment

Corp.

32,912

177,067

3,453,245

Multiline

Retail

0.1%

Big

Lots,

Inc.(a)

2,797

56,471

Dillard's,

Inc.,

Class

A(a)

393

89,349

Franchise

Group,

Inc.

2,685

88,417

234,237

Multi-Utilities

0.5%

Avista

Corp.

6,464

273,169

Black

Hills

Corp.

6,098

470,765

NorthWestern

Corp.(a)

5,053

280,189

Unitil

Corp.

1,492

81,717

1,105,840

Oil,

Gas

&

Consumable

Fuels

4.2%

Aemetis,

Inc.*(a)

2,639

19,397

Alto

Ingredients,

Inc.*(a)

6,777

29,141

Amplify

Energy

Corp.*

3,841

26,311

Arch

Resources,

Inc.(a)

1,433

185,058

Archaea

Energy,

Inc.*

5,359

87,780

Ardmore

Shipping

Corp.*

3,142

25,607

Berry

Corp.

8,330

71,138

Brigham

Minerals,

Inc.,

Class

A

5,399

143,343

California

Resources

Corp.

7,394

331,695

Callon

Petroleum

Co.*

4,547

209,344

Centennial

Resource

Development,

Inc.,

Class

A*(a)

19,944

132,827

Centrus

Energy

Corp.,

Class

A*

895

29,669

Chord

Energy

Corp.

4,006

513,785

Civitas

Resources,

Inc.(a)

6,954

410,008

Clean

Energy

Fuels

Corp.*

14,836

96,137

CNX

Resources

Corp.*

18,519

319,823

Comstock

Resources,

Inc.*

8,678

138,240

84

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

CONSOL

Energy,

Inc.*

3,276

200,884

Crescent

Energy

Co.,

Class

A(a)

3,880

56,648

CVR

Energy,

Inc.

2,830

94,918

Delek

US

Holdings,

Inc.

6,460

172,224

Denbury,

Inc.*

4,804

345,456

DHT

Holdings,

Inc.

13,721

90,147

Dorian

LPG

Ltd.

2,831

45,636

Earthstone

Energy,

Inc.,

Class

A*(a)

4,347

61,684

Empire

Petroleum

Corp.*(a)

977

10,747

Energy

Fuels,

Inc.*

14,527

97,476

Equitrans

Midstream

Corp.

38,754

304,219

Excelerate

Energy,

Inc.,

Class

A*

1,457

32,258

FLEX

LNG

Ltd.(a)

2,646

84,302

Frontline

Ltd.*

11,935

114,457

Gevo,

Inc.*(a)

19,704

57,930

Golar

LNG

Ltd.*

9,354

209,249

Green

Plains,

Inc.*(a)

3,466

124,845

Gulfport

Energy

Corp.*

1,167

107,411

HighPeak

Energy,

Inc.(a)

490

12,044

International

Seaways,

Inc.

4,517

106,827

Kinetik

Holdings,

Inc.(a)

1,598

65,007

Kosmos

Energy

Ltd.*

42,914

272,075

Laredo

Petroleum,

Inc.*(a)

1,591

141,074

Magnolia

Oil

&

Gas

Corp.,

Class

A(a)

16,214

391,244

Matador

Resources

Co.(a)

10,714

619,055

Murphy

Oil

Corp.

13,887

487,989

NACCO

Industries,

Inc.,

Class

A

444

17,449

NextDecade

Corp.*(a)

3,069

21,698

Nordic

American

Tankers

Ltd.

(a)

15,263

36,631

Northern

Oil

and

Gas,

Inc.(a)

6,577

189,615

Par

Pacific

Holdings,

Inc.*

4,279

70,603

PBF

Energy,

Inc.,

Class

A*(a)

9,159

305,453

Peabody

Energy

Corp.*(a)

10,933

229,484

Petrocorp,

Inc.*^∞

1,500

0

Ranger

Oil

Corp.

2,030

77,262

REX

American

Resources

Corp.*

542

51,739

Riley

Exploration

Permian,

Inc.

998

26,427

Ring

Energy,

Inc.*(a)

8,832

24,818

SandRidge

Energy,

Inc.*(a)

1,762

33,002

Scorpio

Tankers,

Inc.

4,622

178,455

SFL

Corp.

Ltd.

10,335

103,040

SilverBow

Resources,

Inc.*(a)

1,174

53,053

Sitio

Royalties

Corp.

1,553

45,829

SM

Energy

Co.

11,457

472,945

Talos

Energy,

Inc.*

6,328

119,916

Teekay

Corp.*(a)

6,581

20,664

Teekay

Tankers

Ltd.,

Class

A*(a)

2,260

47,166

Tellurian,

Inc.*(a)

47,968

178,441

Uranium

Energy

Corp.*(a)

24,506

102,925

Ur-Energy,

Inc.*(a)

17,145

20,403

VAALCO

Energy,

Inc.(a)

5,719

33,914

Vertex

Energy,

Inc.*(a)

5,055

68,647

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

W&T

Offshore,

Inc.*

9,549

47,458

World

Fuel

Services

Corp.

6,250

173,250

9,825,396

Paper

&

Forest

Products

0.1%

Clearwater

Paper

Corp.*

1,645

58,726

Glatfelter

Corp.

4,694

28,821

Resolute

Forest

Products,

Inc.*

4,527

91,808

Sylvamo

Corp.

3,209

125,921

305,276

Personal

Products

0.7%

Beauty

Health

Co.

(The)*(a)

9,135

121,678

BellRing

Brands,

Inc.*

10,716

258,684

Edgewell

Personal

Care

Co.

5,081

202,122

elf

Beauty,

Inc.*

4,619

154,875

Herbalife

Nutrition

Ltd.*

9,350

228,234

Honest

Co.,

Inc.

(The)*

8,045

26,870

Inter

Parfums,

Inc.

1,708

142,567

Medifast,

Inc.

1,059

178,113

Nature's

Sunshine

Products,

Inc.*

1,134

11,850

Nu

Skin

Enterprises,

Inc.,

Class

A

4,710

204,932

Thorne

HealthTech,

Inc.*(a)

1,655

8,590

USANA

Health

Sciences,

Inc.*

1,073

74,702

Veru,

Inc.*(a)

6,178

74,754

1,687,971

Pharmaceuticals

1.5%

Aclaris

Therapeutics,

Inc.*

5,604

86,358

Aerie

Pharmaceuticals,

Inc.*

4,306

30,185

Amneal

Pharmaceuticals,

Inc.*

10,204

36,122

Amphastar

Pharmaceuticals,

Inc.*

3,709

138,680

Amylyx

Pharmaceuticals,

Inc.*

904

24,399

ANI

Pharmaceuticals,

Inc.*(a)

1,046

35,826

Arvinas,

Inc.*

4,700

249,617

Atea

Pharmaceuticals,

Inc.*

7,410

60,762

Athira

Pharma,

Inc.*

3,056

10,635

Axsome

Therapeutics,

Inc.*

2,670

103,035

Cara

Therapeutics,

Inc.*(a)

4,282

37,425

Cassava

Sciences,

Inc.*

3,625

59,196

CinCor

Pharma,

Inc.*

1,094

24,746

Collegium

Pharmaceutical,

Inc.*

3,301

56,744

Corcept

Therapeutics,

Inc.*

8,108

232,375

DICE

Therapeutics,

Inc.*(a)

2,520

43,445

Edgewise

Therapeutics,

Inc.*(a)

3,166

30,615

Endo

International

plc*(a)

21,775

11,545

Esperion

Therapeutics,

Inc.*(a)

5,447

31,429

Evolus,

Inc.*

3,056

37,681

EyePoint

Pharmaceuticals,

Inc.*(a)

2,729

24,916

Fulcrum

Therapeutics,

Inc.*(a)

2,513

14,776

Harmony

Biosciences

Holdings,

Inc.*

2,448

124,187

Innoviva,

Inc.*(a)

5,534

79,358

Intra-Cellular

Therapies,

Inc.*

8,536

461,968

Nationwide

Small

Cap

Index

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

85

Common

Stocks

Shares

Value

($)

Pharmaceuticals

Liquidia

Corp.*

4,119

20,204

Nektar

Therapeutics*

15,786

62,513

NGM

Biopharmaceuticals,

Inc.*

3,797

54,981

Nuvation

Bio,

Inc.*(a)

10,446

28,831

Ocular

Therapeutix,

Inc.*

7,507

33,631

Pacira

BioSciences,

Inc.*

4,224

238,909

Phathom

Pharmaceuticals,

Inc.*

1,919

17,674

Phibro

Animal

Health

Corp.,

Class

A

2,135

41,782

Prestige

Consumer

Healthcare,

Inc.*

4,666

281,406

Provention

Bio,

Inc.*(a)

5,449

20,815

Reata

Pharmaceuticals,

Inc.,

Class

A*

2,690

82,529

Relmada

Therapeutics,

Inc.*

2,342

59,955

Revance

Therapeutics,

Inc.*

6,651

103,224

SIGA

Technologies,

Inc.(a)

4,614

79,315

Supernus

Pharmaceuticals,

Inc.*

4,656

147,828

Tarsus

Pharmaceuticals,

Inc.*(a)

1,855

27,862

Theravance

Biopharma,

Inc.*

6,371

56,001

Theseus

Pharmaceuticals,

Inc.*(a)

1,101

7,938

Tricida,

Inc.*(a)

2,916

26,711

Ventyx

Biosciences,

Inc.*(a)

2,004

30,280

Xeris

Biopharma

Holdings,

Inc.*(a)

11,522

16,361

3,484,775

Professional

Services

1.8%

Alight,

Inc.,

Class

A*

32,406

244,341

ASGN,

Inc.*

4,673

484,871

Atlas

Technical

Consultants,

Inc.*(a)

1,304

9,154

Barrett

Business

Services,

Inc.

715

58,337

CBIZ,

Inc.*

4,632

211,312

CRA

International,

Inc.

674

66,733

Exponent,

Inc.

4,802

482,553

First

Advantage

Corp.*

5,206

73,040

Forrester

Research,

Inc.*

1,137

52,859

Franklin

Covey

Co.*

1,259

65,884

Heidrick

&

Struggles

International,

Inc.

1,849

57,578

HireRight

Holdings

Corp.*

2,121

31,518

Huron

Consulting

Group,

Inc.*

2,028

136,079

ICF

International,

Inc.

1,761

166,150

Insperity,

Inc.

3,422

375,530

Kelly

Services,

Inc.,

Class

A

3,187

69,094

Kforce,

Inc.

1,938

127,617

Korn

Ferry

5,051

330,891

Legalzoom.com,

Inc.*(a)

8,928

93,565

ManTech

International

Corp.,

Class

A

2,758

264,272

Planet

Labs

PBC*

14,044

74,855

Red

Violet,

Inc.*(a)

752

17,747

Resources

Connection,

Inc.

2,989

64,144

Skillsoft

Corp.*(a)

6,992

26,849

Common

Stocks

Shares

Value

($)

Professional

Services

Spire

Global,

Inc.*(a)

9,981

14,972

Sterling

Check

Corp.*(a)

2,353

46,236

TriNet

Group,

Inc.*

3,536

291,720

TrueBlue,

Inc.*

3,325

71,953

Upwork,

Inc.*(a)

11,223

208,299

Willdan

Group,

Inc.*

1,086

29,550

4,247,703

Real

Estate

Management

&

Development

0.8%

Anywhere

Real

Estate,

Inc.*(a)

10,917

108,406

Compass,

Inc.,

Class

A*(a)

24,065

91,928

Cushman

&

Wakefield

plc*

14,612

245,482

DigitalBridge

Group,

Inc.*

54,291

297,515

Doma

Holdings,

Inc.*(a)

12,292

9,121

Douglas

Elliman,

Inc.

6,899

41,394

eXp

World

Holdings,

Inc.(a)

6,861

101,954

Forestar

Group,

Inc.*

1,740

24,082

FRP

Holdings,

Inc.*

633

37,347

Kennedy-Wilson

Holdings,

Inc.

11,155

230,462

Marcus

&

Millichap,

Inc.

2,250

92,070

Newmark

Group,

Inc.,

Class

A

13,447

153,296

Offerpad

Solutions,

Inc.*(a)

6,108

12,888

RE/MAX

Holdings,

Inc.,

Class

A

1,632

41,355

Redfin

Corp.*(a)

9,869

85,860

RMR

Group,

Inc.

(The),

Class

A

1,446

41,804

Seritage

Growth

Properties,

Class

A*

4,572

54,955

St

Joe

Co.

(The)(a)

3,210

134,884

Stratus

Properties,

Inc.*(a)

455

14,410

Tejon

Ranch

Co.*

1,728

28,546

1,847,759

Road

&

Rail

0.6%

ArcBest

Corp.

2,221

196,781

Bird

Global,

Inc.,

Class

A*(a)

24,076

12,953

Covenant

Logistics

Group,

Inc.

1,155

38,658

Daseke,

Inc.*

4,227

35,422

Heartland

Express,

Inc.

4,267

67,760

Marten

Transport

Ltd.

5,692

122,719

PAM

Transportation

Services,

Inc.*

768

27,479

Saia,

Inc.*(a)

2,483

590,581

TuSimple

Holdings,

Inc.,

Class

A*(a)

12,700

126,492

Universal

Logistics

Holdings,

Inc.

692

20,795

Werner

Enterprises,

Inc.

5,953

261,694

1,501,334

Semiconductors

&

Semiconductor

Equipment

2.8%

ACM

Research,

Inc.,

Class

A*

4,260

71,909

Alpha

&

Omega

Semiconductor

Ltd.*(a)

2,025

85,070

Ambarella,

Inc.*

3,407

294,876

Amkor

Technology,

Inc.(a)

9,639

194,419

Atomera,

Inc.*(a)

2,268

26,490

Axcelis

Technologies,

Inc.*

3,125

219,781

AXT,

Inc.*

4,177

36,632

CEVA,

Inc.*

2,039

75,912

86

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

Cohu,

Inc.*

4,542

129,810

Credo

Technology

Group

Holding

Ltd.*(a)

2,079

33,368

CyberOptics

Corp.*

538

21,881

Diodes,

Inc.*

4,112

334,593

FormFactor,

Inc.*

7,244

257,597

Ichor

Holdings

Ltd.*

2,684

83,902

Impinj,

Inc.*

2,029

172,506

indie

Semiconductor,

Inc.,

Class

A*

8,732

62,870

Kulicke

&

Soffa

Industries,

Inc.

5,558

267,451

MACOM

Technology

Solutions

Holdings,

Inc.*

4,657

269,827

MaxLinear,

Inc.*

6,756

273,010

NeoPhotonics

Corp.*

4,962

79,342

Onto

Innovation,

Inc.*

4,593

382,367

PDF

Solutions,

Inc.*

2,937

79,240

Photronics,

Inc.*

5,761

137,169

Power

Integrations,

Inc.

5,391

458,289

Rambus,

Inc.*

10,439

263,898

Rigetti

Computing,

Inc.*(a)

2,958

13,104

Rockley

Photonics

Holdings

Ltd.*(a)

8,879

22,730

Semtech

Corp.*

5,961

371,549

Silicon

Laboratories,

Inc.*(a)

3,365

496,270

SiTime

Corp.*

1,468

273,019

SkyWater

Technology,

Inc.*(a)

745

10,013

SMART

Global

Holdings,

Inc.*

4,601

90,272

SunPower

Corp.*(a)

7,688

156,605

Synaptics,

Inc.*

3,703

536,750

Transphorm,

Inc.*(a)

2,324

11,969

Ultra

Clean

Holdings,

Inc.*

4,222

141,859

Veeco

Instruments,

Inc.*

4,719

102,874

6,539,223

Software

4.8%

8x8,

Inc.*

10,793

52,778

A10

Networks,

Inc.(a)

5,968

88,983

ACI

Worldwide,

Inc.*

10,655

303,987

Agilysys,

Inc.*(a)

1,732

83,656

Alarm.com

Holdings,

Inc.*

4,481

317,120

Alkami

Technology,

Inc.*(a)

3,588

49,945

Altair

Engineering,

Inc.,

Class

A*(a)

4,881

287,540

American

Software,

Inc.,

Class

A

2,802

50,100

Amplitude,

Inc.,

Class

A*(a)

5,079

75,068

Appfolio,

Inc.,

Class

A*

1,823

185,600

Appian

Corp.*(a)

3,762

182,570

Arteris,

Inc.*

2,093

16,870

Asana,

Inc.,

Class

A*(a)

7,130

137,752

Avaya

Holdings

Corp.*(a)

7,893

7,093

AvePoint,

Inc.*

11,189

56,281

Benefitfocus,

Inc.*(a)

2,366

20,040

Blackbaud,

Inc.*

4,263

261,407

Blackline,

Inc.*

5,263

332,727

Blend

Labs,

Inc.,

Class

A*

16,607

43,842

Box,

Inc.,

Class

A*

11,858

337,242

BTRS

Holdings,

Inc.,

Class

1*

8,967

57,837

C3.ai,

Inc.,

Class

A*

6,216

114,437

Common

Stocks

Shares

Value

($)

Software

Cerence,

Inc.*

3,839

108,145

ChannelAdvisor

Corp.*

2,883

42,495

Cipher

Mining,

Inc.*(a)

17,546

30,179

Cleanspark,

Inc.*(a)

4,032

16,088

Clear

Secure,

Inc.,

Class

A*(a)

5,708

144,527

CommVault

Systems,

Inc.*

4,209

236,083

Consensus

Cloud

Solutions,

Inc.*(a)

1,538

83,098

Couchbase,

Inc.*

2,216

33,750

CS

Disco,

Inc.*(a)

2,111

51,804

Cvent

Holding

Corp.*(a)

7,481

46,681

Digimarc

Corp.*(a)

1,247

19,092

Digital

Turbine,

Inc.*

8,558

171,759

Domo,

Inc.,

Class

B*

2,681

75,095

Duck

Creek

Technologies,

Inc.*(a)

6,990

96,462

E2open

Parent

Holdings,

Inc.*

18,807

126,947

Ebix,

Inc.(a)

2,515

59,505

eGain

Corp.*

2,246

19,900

Enfusion,

Inc.,

Class

A*

2,058

23,667

EngageSmart,

Inc.*

3,227

60,893

Envestnet,

Inc.*

5,149

300,032

Everbridge,

Inc.*

3,602

90,554

EverCommerce,

Inc.*(a)

2,830

32,488

ForgeRock,

Inc.,

Class

A*(a)

2,502

50,716

Greenidge

Generation

Holdings,

Inc.*(a)

850

2,533

Instructure

Holdings,

Inc.*(a)

1,705

41,670

Intapp,

Inc.*(a)

1,361

20,646

InterDigital,

Inc.

2,891

177,478

IronNet,

Inc.*(a)

5,559

12,341

Kaleyra,

Inc.*(a)

4,675

10,612

KnowBe4,

Inc.,

Class

A*(a)

6,639

94,871

Latch,

Inc.*(a)

9,822

11,786

LivePerson,

Inc.*

6,289

85,782

LiveRamp

Holdings,

Inc.*

6,340

168,707

Marathon

Digital

Holdings,

Inc.*(a)

9,046

117,508

Matterport,

Inc.*

19,954

84,804

MeridianLink,

Inc.*(a)

2,138

36,453

MicroStrategy,

Inc.,

Class

A*(a)

887

253,735

Mitek

Systems,

Inc.*(a)

3,977

43,270

Model

N,

Inc.*

3,337

83,825

Momentive

Global,

Inc.*

12,430

107,519

N-able,

Inc.*

5,998

58,900

NextNav,

Inc.*(a)

5,715

15,773

Olo,

Inc.,

Class

A*

8,121

86,976

ON24,

Inc.*

3,640

34,980

OneSpan,

Inc.*

3,447

38,158

PagerDuty,

Inc.*(a)

7,852

203,602

Ping

Identity

Holding

Corp.*

7,079

121,405

Progress

Software

Corp.

4,136

194,227

PROS

Holdings,

Inc.*(a)

3,788

92,314

Q2

Holdings,

Inc.*

5,230

229,597

Qualys,

Inc.*

3,649

446,346

Rapid7,

Inc.*(a)

5,401

345,502

Rimini

Street,

Inc.*

4,202

29,498

Riot

Blockchain,

Inc.*(a)

10,138

74,210

Nationwide

Small

Cap

Index

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

87

Common

Stocks

Shares

Value

($)

Software

Sailpoint

Technologies

Holdings,

Inc.*

8,687

553,970

Sapiens

International

Corp.

NV(a)

2,958

77,825

SecureWorks

Corp.,

Class

A*

927

9,205

ShotSpotter,

Inc.*

841

28,249

Sprout

Social,

Inc.,

Class

A*

4,290

223,509

SPS

Commerce,

Inc.*

3,412

408,621

Sumo

Logic,

Inc.*

8,317

56,306

Telos

Corp.*

5,243

41,629

Tenable

Holdings,

Inc.*

10,371

400,839

Upland

Software,

Inc.*

2,485

28,130

UserTesting,

Inc.*(a)

4,186

26,497

Varonis

Systems,

Inc.*

10,202

259,437

Verint

Systems,

Inc.*

6,162

281,419

Veritone,

Inc.*(a)

2,716

19,093

Viant

Technology,

Inc.,

Class

A*

1,092

5,427

Weave

Communications,

Inc.*(a)

447

2,239

WM

Technology,

Inc.*

6,364

21,638

Workiva,

Inc.*(a)

4,373

286,432

Xperi

Holding

Corp.

9,947

166,712

Yext,

Inc.*

11,026

48,294

Zeta

Global

Holdings

Corp.,

Class

A*

2,859

15,296

Zuora,

Inc.,

Class

A*

10,696

91,023

11,359,653

Specialty

Retail

2.2%

Aaron's

Co.,

Inc.

(The)(a)

2,877

37,459

Abercrombie

&

Fitch

Co.,

Class

A*

4,488

79,931

Academy

Sports

&

Outdoors,

Inc.

7,716

332,019

American

Eagle

Outfitters,

Inc.

(a)

14,334

172,581

America's

Car-Mart,

Inc.*(a)

575

59,553

Arko

Corp.

7,859

71,753

Asbury

Automotive

Group,

Inc.*(a)

2,070

355,295

Bed

Bath

&

Beyond,

Inc.*

7,287

36,654

Big

5

Sporting

Goods

Corp.(a)

1,973

25,373

Boot

Barn

Holdings,

Inc.*

2,748

171,200

Buckle,

Inc.

(The)

2,889

87,248

Build-A-Bear

Workshop,

Inc.

1,190

19,004

Caleres,

Inc.

3,414

84,735

Camping

World

Holdings,

Inc.,

Class

A

3,445

93,153

Cato

Corp.

(The),

Class

A

1,875

23,156

Chico's

FAS,

Inc.*

11,400

57,228

Children's

Place,

Inc.

(The)*(a)

1,301

56,385

Citi

Trends,

Inc.*

845

20,770

Conn's,

Inc.*

1,723

16,231

Container

Store

Group,

Inc.

(The)*

3,257

24,297

Designer

Brands,

Inc.,

Class

A(a)

5,697

82,208

Destination

XL

Group,

Inc.*

4,979

20,613

EVgo,

Inc.*(a)

6,172

55,363

Common

Stocks

Shares

Value

($)

Specialty

Retail

Express,

Inc.*

5,715

9,658

Foot

Locker,

Inc.(a)

7,806

221,456

Genesco,

Inc.*

1,247

69,894

Group

1

Automotive,

Inc.

1,526

269,980

GrowGeneration

Corp.*(a)

5,296

25,686

Guess?,

Inc.(a)

2,927

55,350

Haverty

Furniture

Cos.,

Inc.

1,581

43,209

Hibbett,

Inc.(a)

1,294

60,714

JOANN,

Inc.

1,100

9,944

LL

Flooring

Holdings,

Inc.*

2,943

29,548

MarineMax,

Inc.*

2,039

83,273

Monro,

Inc.

3,132

157,070

Murphy

USA,

Inc.(a)

2,098

596,587

National

Vision

Holdings,

Inc.*

7,659

223,183

ODP

Corp.

(The)*

3,869

140,445

OneWater

Marine,

Inc.,

Class

A*

1,039

37,653

Party

City

Holdco,

Inc.*(a)

10,472

11,938

Rent-A-Center,

Inc.

4,778

112,426

Sally

Beauty

Holdings,

Inc.*

10,188

130,203

Shoe

Carnival,

Inc.

1,674

36,510

Signet

Jewelers

Ltd.(a)

4,244

258,714

Sleep

Number

Corp.*(a)

2,091

94,220

Sonic

Automotive,

Inc.,

Class

A(a)

1,731

72,442

Sportsman's

Warehouse

Holdings,

Inc.*

4,125

40,673

Tile

Shop

Holdings,

Inc.

3,582

11,928

Tilly's,

Inc.,

Class

A

2,277

17,237

Torrid

Holdings,

Inc.*(a)

2,376

9,647

TravelCenters

of

America,

Inc.*

1,183

49,355

Urban

Outfitters,

Inc.*(a)

6,262

128,246

Volta,

Inc.*(a)

10,981

20,205

Warby

Parker,

Inc.,

Class

A*(a)

7,581

93,929

Winmark

Corp.

267

59,314

Zumiez,

Inc.*(a)

1,620

42,120

5,204,966

Technology

Hardware,

Storage

&

Peripherals

0.4%

3D

Systems

Corp.*(a)

11,875

135,850

Avid

Technology,

Inc.*

3,499

98,182

Corsair

Gaming,

Inc.*(a)

3,474

48,983

Diebold

Nixdorf,

Inc.*

6,882

22,229

Eastman

Kodak

Co.*(a)

5,900

32,509

IonQ,

Inc.*

10,738

57,985

Super

Micro

Computer,

Inc.*

4,295

231,973

Turtle

Beach

Corp.*(a)

1,441

18,733

Xerox

Holdings

Corp.

11,011

188,619

835,063

Textiles,

Apparel

&

Luxury

Goods

0.6%

Allbirds,

Inc.,

Class

A*

8,239

42,349

Crocs,

Inc.*

5,750

411,930

Ermenegildo

Zegna

Holditalia

SpA

4,685

51,535

Fossil

Group,

Inc.*

4,469

26,948

G-III

Apparel

Group

Ltd.*

4,265

94,214

Kontoor

Brands,

Inc.

5,312

193,888

Movado

Group,

Inc.

1,489

50,596

Oxford

Industries,

Inc.

1,391

132,701

88

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Textiles,

Apparel

&

Luxury

Goods

PLBY

Group,

Inc.*(a)

2,726

17,501

Rocky

Brands,

Inc.

535

17,591

Steven

Madden

Ltd.

7,309

231,695

Superior

Group

of

Cos.,

Inc.

1,108

20,454

Unifi,

Inc.*

1,392

18,973

Wolverine

World

Wide,

Inc.

7,660

172,120

1,482,495

Thrifts

&

Mortgage

Finance

1.5%

Axos

Financial,

Inc.*

5,125

214,020

Blue

Foundry

Bancorp*(a)

2,644

31,014

Bridgewater

Bancshares,

Inc.*

2,014

35,205

Capitol

Federal

Financial,

Inc.

12,315

118,101

Columbia

Financial,

Inc.*(a)

3,068

62,403

Enact

Holdings,

Inc.(a)

2,787

64,212

Essent

Group

Ltd.

9,919

414,217

Federal

Agricultural

Mortgage

Corp.,

Class

C

862

95,070

Finance

of

America

Cos.,

Inc.,

Class

A*(a)

3,164

5,600

Flagstar

Bancorp,

Inc.

5,010

206,412

Greene

County

Bancorp,

Inc.

(a)

286

13,119

Hingham

Institution

for

Savings

139

40,311

Home

Bancorp,

Inc.

818

30,814

Home

Point

Capital,

Inc.(a)

642

2,363

Kearny

Financial

Corp.

5,803

67,953

Luther

Burbank

Corp.

1,224

16,145

Merchants

Bancorp

1,376

36,409

Mr.

Cooper

Group,

Inc.*

6,674

300,664

NMI

Holdings,

Inc.,

Class

A*

8,042

152,315

Northfield

Bancorp,

Inc.

3,885

57,187

PennyMac

Financial

Services,

Inc.

2,906

159,220

Pioneer

Bancorp,

Inc.*(a)

1,383

13,429

Provident

Bancorp,

Inc.

1,535

23,240

Provident

Financial

Services,

Inc.

6,956

169,448

Radian

Group,

Inc.

16,398

366,823

Southern

Missouri

Bancorp,

Inc.(a)

686

37,003

Sterling

Bancorp,

Inc.*

1,722

10,780

TrustCo

Bank

Corp.

NY

1,139

38,225

Velocity

Financial,

Inc.*

813

9,618

Walker

&

Dunlop,

Inc.(a)

2,893

325,867

Waterstone

Financial,

Inc.

1,891

35,267

WSFS

Financial

Corp.

5,787

276,156

3,428,610

Tobacco

0.1%

22nd

Century

Group,

Inc.*(a)

14,307

24,036

Turning

Point

Brands,

Inc.(a)

1,380

33,120

Universal

Corp.

2,280

127,475

Vector

Group

Ltd.

13,429

149,599

334,230

Trading

Companies

&

Distributors

1.5%

Alta

Equipment

Group,

Inc.*

1,843

20,715

Applied

Industrial

Technologies,

Inc.

3,600

362,124

Common

Stocks

Shares

Value

($)

Trading

Companies

&

Distributors

Beacon

Roofing

Supply,

Inc.*

5,003

300,280

BlueLinx

Holdings,

Inc.*(a)

850

68,000

Boise

Cascade

Co.

3,733

263,960

Custom

Truck

One

Source,

Inc.*(a)

5,616

34,763

Distribution

Solutions

Group,

Inc.*

479

23,758

DXP

Enterprises,

Inc.*

1,558

52,972

GATX

Corp.

3,354

336,239

Global

Industrial

Co.

1,274

45,546

GMS,

Inc.*

4,067

215,836

H&E

Equipment

Services,

Inc.

3,076

109,967

Herc

Holdings,

Inc.

2,385

295,788

Hudson

Technologies,

Inc.*(a)

3,808

33,929

Karat

Packaging,

Inc.*

412

7,840

McGrath

RentCorp

2,268

191,329

MRC

Global,

Inc.*

7,907

91,879

NOW,

Inc.*

10,446

115,533

Rush

Enterprises,

Inc.,

Class

A

3,973

191,459

Rush

Enterprises,

Inc.,

Class

B

610

33,092

Textainer

Group

Holdings

Ltd.

4,490

152,525

Titan

Machinery,

Inc.*

1,946

54,741

Transcat,

Inc.*

722

44,995

Triton

International

Ltd.

5,822

373,074

Veritiv

Corp.*

1,340

166,187

3,586,531

Water

Utilities

0.4%

American

States

Water

Co.

3,568

311,023

Artesian

Resources

Corp.,

Class

A

675

34,803

California

Water

Service

Group

5,029

302,142

Global

Water

Resources,

Inc.

1,383

18,297

Middlesex

Water

Co.

1,626

154,649

Pure

Cycle

Corp.*

1,413

14,921

SJW

Group

2,540

166,776

York

Water

Co.

(The)

1,234

53,050

1,055,661

Wireless

Telecommunication

Services

0.2%

Gogo,

Inc.*

4,556

79,092

KORE

Group

Holdings,

Inc.*

3,207

8,531

Shenandoah

Telecommunications

Co.

4,580

102,134

Telephone

&

Data

Systems,

Inc.

9,577

151,412

United

States

Cellular

Corp.*

1,449

42,441

383,610

Total

Common

Stocks

(cost

$204,794,354)

232,275,464

Rights

0.0%

†

Number

of

Rights

Biotechnology

0.0%

†

Aduro

Biotech,

Inc.,

CVR*^∞

1,489

0

Nationwide

Small

Cap

Index

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

89

Rights

Number

of

Rights

Value

($)

Biotechnology

Oncternal

Therapeutics,

Inc.,

CVR*∞

95

98

98

Pharmaceuticals

0.0%

†

Zogenix,

Inc.,

CVR*^∞

5,150

0

Total

Rights

(cost

$3,781)

98

Repurchase

Agreement

8.9%

Principal

Amount

($)

CF

Secured,

LLC,

2.24%,

dated

7/29/2022,

due

8/1/2022,

repurchase

price

$21,050,814,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.50%,

maturing

9/30/2022

-

5/15/2052;

total

market

value

$21,471,830.(b)

21,046,884

21,046,884

Total

Repurchase

Agreement

(cost

$21,046,884)

21,046,884

Total

Investments

(cost

$225,845,019)

—

107.4%

253,322,446

Liabilities

in

excess

of

other

assets

—

(7.4)%

(17,352,403)

NET

ASSETS

—

100.0%

$

235,970,043

*

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

July

31,

2022.

The

total

value

of

securities

on

loan

as

of

July

31,

2022

was

$36,252,111,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$21,046,884

and

by

$16,350,902

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

9/1/2022

–

5/15/2052,

a

total

value

of

$37,397,786.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

July

31,

2022

was

$21,046,884.

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

Futures

contracts

outstanding

as

of

July

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

406

9/2022

USD

3,827,159

192,205

Net

contracts

192,205

As

of

July

31,

2022,

the

Fund

had

$225,600

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

90

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

Nationwide

Small

Cap

Index

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

91

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

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

$

2,103,707

$

–

$

–

$

2,103,707

Air

Freight

&

Logistics

908,384

–

–

908,384

Airlines

931,581

–

–

931,581

Auto

Components

3,224,795

–

–

3,224,795

Automobiles

489,748

–

–

489,748

Banks

22,417,547

–

–

22,417,547

Beverages

1,250,392

–

–

1,250,392

Biotechnology

16,715,902

–

–

16,715,902

Building

Products

3,154,654

–

–

3,154,654

Capital

Markets

3,643,805

–

–

3,643,805

Chemicals

4,989,532

–

–

4,989,532

Commercial

Services

&

Supplies

3,494,966

–

–

3,494,966

Communications

Equipment

2,152,029

–

–

2,152,029

Construction

&

Engineering

3,277,917

–

–

3,277,917

Construction

Materials

339,204

–

–

339,204

Consumer

Finance

1,711,926

–

–

1,711,926

Containers

&

Packaging

689,782

–

–

689,782

Distributors

90,371

–

–

90,371

Diversified

Consumer

Services

2,253,140

–

–

2,253,140

Diversified

Financial

Services

604,928

–

–

604,928

Diversified

Telecommunication

Services

1,471,807

–

–

1,471,807

Electric

Utilities

1,713,674

–

–

1,713,674

Electrical

Equipment

2,908,099

–

–

2,908,099

Electronic

Equipment,

Instruments

&

Components

5,500,614

–

–

5,500,614

Energy

Equipment

&

Services

3,589,037

–

–

3,589,037

Entertainment

791,428

–

–

791,428

Equity

Real

Estate

Investment

Trusts

(REITs)

14,414,132

–

–

14,414,132

Food

&

Staples

Retailing

1,338,611

–

–

1,338,611

Food

Products

2,695,729

–

–

2,695,729

Gas

Utilities

2,936,115

–

–

2,936,115

Health

Care

Equipment

&

Supplies

9,147,297

–

–

9,147,297

Health

Care

Providers

&

Services

7,063,134

–

–

7,063,134

Health

Care

Technology

1,392,065

–

–

1,392,065

Hotels,

Restaurants

&

Leisure

5,167,352

–

–

5,167,352

Household

Durables

3,898,963

–

–

3,898,963

Household

Products

608,375

–

–

608,375

Independent

Power

and

Renewable

Electricity

Producers

1,108,238

–

–

1,108,238

Industrial

Conglomerates

49,242

–

–

49,242

Insurance

4,465,017

–

–

4,465,017

Interactive

Media

&

Services

1,799,542

–

–

1,799,542

Internet

&

Direct

Marketing

Retail

947,870

–

–

947,870

IT

Services

5,164,039

–

–

5,164,039

Leisure

Products

1,121,173

–

–

1,121,173

Life

Sciences

Tools

&

Services

1,591,578

–

–

1,591,578

Machinery

8,973,867

–

–

8,973,867

Marine

685,043

–

–

685,043

Media

2,119,736

–

–

2,119,736

Metals

&

Mining

3,265,799

–

–

3,265,799

Mortgage

Real

Estate

Investment

Trusts

(REITs)

3,453,245

–

–

3,453,245

Multiline

Retail

234,237

–

–

234,237

Multi-Utilities

1,105,840

–

–

1,105,840

Oil,

Gas

&

Consumable

Fuels

9,825,396

–

–

9,825,396

Paper

&

Forest

Products

305,276

–

–

305,276

Personal

Products

1,687,971

–

–

1,687,971

92

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

Small

Cap

Index

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

July

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

managing

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.

Level

1

Level

2

Level

3

Total

Assets:

Pharmaceuticals

$

3,484,775

$

–

$

–

$

3,484,775

Professional

Services

4,247,703

–

–

4,247,703

Real

Estate

Management

&

Development

1,847,759

–

–

1,847,759

Road

&

Rail

1,501,334

–

–

1,501,334

Semiconductors

&

Semiconductor

Equipment

6,539,223

–

–

6,539,223

Software

11,359,653

–

–

11,359,653

Specialty

Retail

5,204,966

–

–

5,204,966

Technology

Hardware,

Storage

&

Peripherals

835,063

–

–

835,063

Textiles,

Apparel

&

Luxury

Goods

1,482,495

–

–

1,482,495

Thrifts

&

Mortgage

Finance

3,428,610

–

–

3,428,610

Tobacco

334,230

–

–

334,230

Trading

Companies

&

Distributors

3,586,531

–

–

3,586,531

Water

Utilities

1,055,661

–

–

1,055,661

Wireless

Telecommunication

Services

383,610

–

–

383,610

Total

Common

Stocks

$

232,275,464

$

–

$

–

$

232,275,464

Futures

Contracts

192,205

–

–

192,205

Repurchase

Agreement

–

21,046,884

–

21,046,884

Rights  

–

98

–

98

Total

$

232,467,669

$

21,046,982

$

–

$

253,514,651

As

of

July

31,

2022,

the

Fund

held

one

common

stock

and

two

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)

—

—

—

Purchases

—

—

—

Sales

—

(686)

(686)

Change

in

Unrealized

Appreciation/Depreciation

—

686

686

Transfers

into

Level

3

—

—

—

Transfers

out

of

Level

3

—

—

—

Balance

as

of

7/31/2022

$

—

$

—

$

—

Change

in

Unrealized

Appreciation/Depreciation

for

Investments

Still

Held

as

of

7/31/2022

$

—

$

686

$

686

Nationwide

Small

Cap

Index

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

93

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

July

31,

2022:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

July

31,

2022:        

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

192,205

Total

$

192,205

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

94

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

NYSE

Arca

Tech

100

Index

Fund

Common

Stocks

99.7%

Shares

Value

($)

Aerospace

&

Defense

8.2%

Boeing

Co.

(The)*

42,911

6,836,152

General

Dynamics

Corp.

42,911

9,726,636

L3Harris

Technologies,

Inc.

42,911

10,297,353

Lockheed

Martin

Corp.

42,911

17,757,001

Raytheon

Technologies

Corp.

42,911

3,999,734

48,616,876

Biotechnology

4.0%

Amgen,

Inc.

42,911

10,619,185

Biogen,

Inc.*

42,911

9,228,440

Gilead

Sciences,

Inc.

42,911

2,563,932

Myriad

Genetics,

Inc.*

42,911

1,131,992

23,543,549

Chemicals

0.5%

DuPont

de

Nemours,

Inc.

42,911

2,627,441

Communications

Equipment

6.2%

Ciena

Corp.*

42,911

2,214,208

Cisco

Systems,

Inc.

42,911

1,946,872

F5,

Inc.*

42,911

7,181,585

Juniper

Networks,

Inc.

42,911

1,202,795

Motorola

Solutions,

Inc.(a)

42,911

10,238,135

Nokia

OYJ,

ADR-FI

42,911

222,279

Ubiquiti,

Inc.(a)

42,911

12,943,245

Viavi

Solutions,

Inc.*

42,911

635,083

36,584,202

Diversified

Telecommunication

Services

0.1%

AT&T,

Inc.

42,911

805,869

Electrical

Equipment

0.3%

Sensata

Technologies

Holding

plc

42,911

1,908,252

Electronic

Equipment,

Instruments

&

Components

0.9%

Amphenol

Corp.,

Class

A

42,911

3,309,726

Corning,

Inc.

42,911

1,577,408

LG

Display

Co.

Ltd.,

ADR-KR(a)

42,911

254,462

5,141,596

Energy

Equipment

&

Services

0.6%

Halliburton

Co.

42,911

1,257,292

NOV,

Inc.

42,911

798,574

Schlumberger

NV

42,911

1,588,994

3,644,860

Entertainment

0.6%

Activision

Blizzard,

Inc.

42,911

3,430,734

Health

Care

Equipment

&

Supplies

1.4%

Baxter

International,

Inc.

42,911

2,517,159

Boston

Scientific

Corp.*

42,911

1,761,497

Medtronic

plc

42,911

3,970,126

8,248,782

Health

Care

Technology

1.6%

Veeva

Systems,

Inc.,

Class

A*

42,911

9,594,041

Household

Durables

1.0%

Garmin

Ltd.(a)

42,911

4,188,972

iRobot

Corp.*(a)

42,911

1,974,335

6,163,307

Common

Stocks

Shares

Value

($)

Industrial

Conglomerates

1.4%

Honeywell

International,

Inc.

42,911

8,258,651

Interactive

Media

&

Services

2.1%

Meta

Platforms,

Inc.,

Class

A*

42,911

6,827,140

Twitter,

Inc.*

42,911

1,785,527

Ziff

Davis,

Inc.*

42,911

3,513,982

12,126,649

Internet

&

Direct

Marketing

Retail

2.4%

Alibaba

Group

Holding

Ltd.,

ADR-CN*

42,911

3,834,956

Amazon.com,

Inc.*

42,911

5,790,839

eBay,

Inc.

42,911

2,086,762

JD.com,

Inc.,

ADR-CN(a)

42,911

2,553,205

14,265,762

IT

Services

9.8%

Akamai

Technologies,

Inc.*

42,911

4,128,896

Amdocs

Ltd.

42,911

3,735,832

Automatic

Data

Processing,

Inc.

42,911

10,346,700

DXC

Technology

Co.*(a)

42,911

1,355,987

International

Business

Machines

Corp.

42,911

5,612,330

Mastercard,

Inc.,

Class

A

42,911

15,181,483

VeriSign,

Inc.*

42,911

8,117,045

Visa,

Inc.,

Class

A

42,911

9,101,852

57,580,125

Life

Sciences

Tools

&

Services

9.0%

Agilent

Technologies,

Inc.

42,911

5,754,365

Danaher

Corp.

42,911

12,507,269

Illumina,

Inc.*

42,911

9,297,955

Thermo

Fisher

Scientific,

Inc.

42,911

25,678,372

53,237,961

Pharmaceuticals

1.7%

AstraZeneca

plc,

ADR-UK(a)

42,911

2,841,995

Bausch

Health

Cos.,

Inc.*(a)

42,911

198,249

Bristol-Myers

Squibb

Co.

42,911

3,165,974

Novartis

AG,

ADR-CH

42,911

3,683,051

9,889,269

Semiconductors

&

Semiconductor

Equipment

26.0%

Advanced

Micro

Devices,

Inc.*

42,911

4,053,802

Analog

Devices,

Inc.

42,911

7,378,976

Applied

Materials,

Inc.

42,911

4,547,708

ASML

Holding

NV

(Registered),

NYRS-NL

42,911

24,649,795

Broadcom,

Inc.

42,911

22,977,982

FormFactor,

Inc.*

42,911

1,525,915

Intel

Corp.

42,911

1,558,098

KLA

Corp.

42,911

16,458,085

Lam

Research

Corp.

42,911

21,477,385

Microchip

Technology,

Inc.

42,911

2,954,851

Micron

Technology,

Inc.

42,911

2,654,474

NVIDIA

Corp.

42,911

7,793,925

NXP

Semiconductors

NV

42,911

7,890,475

ON

Semiconductor

Corp.*

42,911

2,865,597

QUALCOMM,

Inc.

42,911

6,224,670

Synaptics,

Inc.*

42,911

6,219,949

Teradyne,

Inc.

42,911

4,329,291

Nationwide

NYSE

Arca

Tech

100

Index

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

95

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

Texas

Instruments,

Inc.

42,911

7,676,349

153,237,327

Software

18.8%

Adobe,

Inc.*

42,911

17,598,659

Check

Point

Software

Technologies

Ltd.*

42,911

5,346,711

Citrix

Systems,

Inc.

42,911

4,351,605

InterDigital,

Inc.

42,911

2,634,306

Intuit,

Inc.

42,911

19,574,711

LiveRamp

Holdings,

Inc.*

42,911

1,141,862

Microsoft

Corp.

42,911

12,046,834

NortonLifeLock,

Inc.

42,911

1,052,607

Open

Text

Corp.

42,911

1,755,060

Oracle

Corp.

42,911

3,340,192

Progress

Software

Corp.

42,911

2,015,101

PTC,

Inc.*

42,911

5,294,359

Salesforce,

Inc.*

42,911

7,896,482

SAP

SE,

ADR-DE

42,911

3,999,734

Synopsys,

Inc.*

42,911

15,769,793

Teradata

Corp.*

42,911

1,643,062

VMware,

Inc.,

Class

A

42,911

4,986,258

Xperi

Holding

Corp.

42,911

719,188

111,166,524

Technology

Hardware,

Storage

&

Peripherals

3.0%

Apple,

Inc.

42,911

6,973,467

HP,

Inc.

42,911

1,432,798

NetApp,

Inc.(a)

42,911

3,060,842

Seagate

Technology

Holdings

plc

42,911

3,432,022

Western

Digital

Corp.*

42,911

2,106,930

Xerox

Holdings

Corp.

42,911

735,065

17,741,124

Wireless

Telecommunication

Services

0.1%

Telephone

&

Data

Systems,

Inc.

42,911

678,423

Total

Common

Stocks

(cost

$171,207,014)

588,491,324

Repurchase

Agreement

1.9%

Principal

Amount

($)

Value

($)

CF

Secured,

LLC,

2.24%,

dated

7/29/2022,

due

8/1/2022,

repurchase

price

$11,503,721,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.50%,

maturing

9/30/2022

-

5/15/2052;

total

market

value

$11,733,795.(b)

11,501,573

11,501,573

Total

Repurchase

Agreement

(cost

$11,501,573)

11,501,573

Total

Investments

(cost

$182,708,587)

—

101.6%

599,992,897

Liabilities

in

excess

of

other

assets

—

(1.6)%

(9,560,259)

NET

ASSETS

—

100.0%

$

590,432,638

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

July

31,

2022.

The

total

value

of

securities

on

loan

as

of

July

31,

2022

was

$13,943,557,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$11,501,573

and

by

$2,802,028

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

9/1/2022

–

5/15/2052,

a

total

value

of

$14,303,601.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

July

31,

2022

was

$11,501,573.

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

July

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

9/2022

USD

2,594,300

193,842

Net

contracts

193,842

As

of

July

31,

2022,

the

Fund

had

$174,000

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

96

-

Statement

of

Investments

-

July

31,

2022

(Unaudited)

-

Nationwide

NYSE

Arca

Tech

100

Index

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

Nationwide

NYSE

Arca

Tech

100

Index

Fund

-

July

31,

2022

(Unaudited)

-

Statement

of

Investments

-

97

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

July

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

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

July

31,

2022

:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

July

31,

2022

:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

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

$

588,491,324

$

–

$

–

$

588,491,324

Futures

Contracts

193,842

–

–

193,842

Repurchase

Agreement

–

11,501,573

–

11,501,573

Total

$

588,685,166

$

11,501,573

$

–

$

600,186,739

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

193,842

Total

$

193,842

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.