Nationwide

Destination

2025

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

1

Investment

Companies

88.3%

Shares

Value

($)

Alternative

Assets

5.2%

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

915,209

8,703,641

Total

Alternative

Assets

(cost

$8,916,955)

8,703,641

Equity

Funds

36.3%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6*(a)

588,000

5,950,560

Nationwide

International

Index

Fund,

Class

R6(a)

1,811,608

15,597,946

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

203,346

3,416,220

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

1,821,822

23,792,990

Nationwide

Small

Cap

Index

Fund,

Class

R6(a)

54,460

620,843

Nationwide

U.S.

130/30

Equity

Portfolio,

Class

R6(a)

987,732

10,845,297

Total

Equity

Funds

(cost

$47,123,180)

60,223,856

Fixed

Income

Funds

46.8%

Nationwide

Bond

Portfolio,

Class

R6(a)

7,992,048

68,491,855

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

1,016,701

9,201,143

Total

Fixed

Income

Funds

(cost

$87,443,738)

77,692,998

Total

Investment

Companies

(cost

$143,483,873)

146,620,495

Exchange

Traded

Funds

4.7%

Shares

Value

($)

Equity

Fund

2.9%

iShares

Core

MSCI

Emerging

Markets

ETF

91,851

4,797,378

Fixed

Income

Fund

1.8%

iShares

20+

Year

Treasury

Bond

ETF

29,898

2,991,295

Total

Exchange

Traded

Funds

(cost

$8,435,255)

7,788,673

Short-Term

Investment

7.0%

Money

Market

Fund

7.0%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

5.20%

(b)

11,572,289

11,572,289

Total

Short-Term

Investment

(cost

$11,572,289)

11,572,289

Total

Investments

(cost

$163,491,417)

—

100.0%

165,981,457

Liabilities

in

excess

of

other

assets

—

0.0%

†

(12,306)

NET

ASSETS

—

100.0%

$

165,969,151

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

(b)

Represents

7-day

effective

yield

as

of

July

31,

2023.

ETF

Exchange

Traded

Fund

2

-

Statement

of

Investments

-

July

31,

2023

(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.

Nationwide

Destination

2025

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

3

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

7,788,673

$

–

$

–

$

7,788,673

Investment

Companies

146,620,495

–

–

146,620,495

Short-Term

Investment

11,572,289

–

–

11,572,289

Total

$

165,981,457

$

–

$

–

$

165,981,457

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,

2023

(Unaudited)

-

Nationwide

Destination

2030

Fund

Investment

Companies

90

.6

%

Shares

Value

($)

Alternative

Assets

3.6%

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

773,915

7,359,934

Total

Alternative

Assets

(cost

$7,633,427)

7,359,934

Equity

Funds

51.8%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6*(a)

974,000

9,856,880

Nationwide

International

Index

Fund,

Class

R6(a)

3,096,445

26,660,394

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

388,963

6,534,578

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

3,044,089

39,755,805

Nationwide

Small

Cap

Index

Fund,

Class

R6(a)

290,091

3,307,038

Nationwide

U.S.

130/30

Equity

Portfolio,

Class

R6(a)

1,665,534

18,287,558

Total

Equity

Funds

(cost

$84,061,831)

104,402,253

Fixed

Income

Funds

35.2%

Nationwide

Bond

Portfolio,

Class

R6(a)

7,716,308

66,128,757

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

536,770

4,857,772

Total

Fixed

Income

Funds

(cost

$79,600,452)

70,986,529

Total

Investment

Companies

(cost

$171,295,710)

182,748,716

Exchange

Traded

Funds

5

.7

%

Shares

Value

($)

Equity

Fund

4.3%

iShares

Core

MSCI

Emerging

Markets

ETF

164,697

8,602,124

Fixed

Income

Fund

1.4%

iShares

20+

Year

Treasury

Bond

ETF

28,816

2,883,041

Total

Exchange

Traded

Funds

(cost

$12,049,076)

11,485,165

Short-Term

Investment

3

.7

%

Money

Market

Fund

3

.7

%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

5.20%

(b)

7,548,311

7,548,311

Total

Short-Term

Investment

(cost

$7,548,311)

7,548,311

Total

Investments

(cost

$190,893,097)

—

100.0%

201,782,192

Liabilities

in

excess

of

other

assets

—

0.0%

†

(

60,162

)

NET

ASSETS

—

100.0%

$

201,722,030

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

(b)

Represents

7-day

effective

yield

as

of

July

31,

2023.

ETF

Exchange

Traded

Fund

Nationwide

Destination

2030

Fund

-

July

31,

2023

(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.

6

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Destination

2030

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

11,485,165

$

–

$

–

$

11,485,165

Investment

Companies

182,748,716

–

–

182,748,716

Short-Term

Investment

7,548,311

–

–

7,548,311

Total

$

201,782,192

$

–

$

–

$

201,782,192

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,

2023

(Unaudited)

-

Statement

of

Investments

-

7

Investment

Companies

91

.6

%

Shares

Value

($)

Alternative

Assets

2.6%

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

505,857

4,810,704

Total

Alternative

Assets

(cost

$5,032,644)

4,810,704

Equity

Funds

62.5%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6*(a)

1,074,000

10,868,880

Nationwide

International

Index

Fund,

Class

R6(a)

3,394,584

29,227,365

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

498,082

8,367,778

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

3,311,544

43,248,767

Nationwide

Small

Cap

Index

Fund,

Class

R6(a)

432,380

4,929,136

Nationwide

U.S.

130/30

Equity

Portfolio,

Class

R6(a)

1,810,686

19,881,331

Total

Equity

Funds

(cost

$95,482,003)

116,523,257

Fixed

Income

Funds

26.5%

Nationwide

Bond

Portfolio,

Class

R6(a)

5,550,535

47,568,087

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

199,251

1,803,225

Total

Fixed

Income

Funds

(cost

$54,720,808)

49,371,312

Total

Investment

Companies

(cost

$155,235,455)

170,705,273

Exchange

Traded

Funds

6

.7

%

Shares

Value

($)

Equity

Fund

5.6%

iShares

Core

MSCI

Emerging

Markets

ETF

198,137

10,348,695

Fixed

Income

Fund

1.1%

iShares

20+

Year

Treasury

Bond

ETF

20,401

2,041,120

Total

Exchange

Traded

Funds

(cost

$12,659,854)

12,389,815

Short-Term

Investment

1

.8

%

Money

Market

Fund

1

.8

%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

5.20%

(b)

3,410,604

3,410,604

Total

Short-Term

Investment

(cost

$3,410,604)

3,410,604

Total

Investments

(cost

$171,305,913)

—

100.1%

186,505,692

Liabilities

in

excess

of

other

assets

—

(0.1)%

(

165,787

)

NET

ASSETS

—

100.0%

$

186,339,905

*

Denotes

a

non-income

producing

security.

(a)

Investment

in

affiliate.

(b)

Represents

7-day

effective

yield

as

of

July

31,

2023.

ETF

Exchange

Traded

Fund

8

-

Statement

of

Investments

-

July

31,

2023

(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.

Nationwide

Destination

2035

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

9

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

12,389,815

$

–

$

–

$

12,389,815

Investment

Companies

170,705,273

–

–

170,705,273

Short-Term

Investment

3,410,604

–

–

3,410,604

Total

$

186,505,692

$

–

$

–

$

186,505,692

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,

2023

(Unaudited)

-

Nationwide

Destination

2040

Fund

Investment

Companies

91.9%

Shares

Value

($)

Alternative

Assets

1.7%

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

297,518

2,829,393

Total

Alternative

Assets

(cost

$2,909,125)

2,829,393

Equity

Funds

71.8%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6*(a)

1,122,000

11,354,640

Nationwide

International

Index

Fund,

Class

R6(a)

3,576,410

30,792,890

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

564,610

9,485,448

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

3,465,926

45,264,997

Nationwide

Small

Cap

Index

Fund,

Class

R6(a)

416,659

4,749,908

Nationwide

U.S.

130/30

Equity

Portfolio,

Class

R6(a)

1,859,976

20,422,540

Total

Equity

Funds

(cost

$100,801,173)

122,070,423

Fixed

Income

Funds

18.4%

Nationwide

Bond

Portfolio,

Class

R6(a)

3,600,032

30,852,270

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

50,570

457,657

Total

Fixed

Income

Funds

(cost

$34,530,988)

31,309,927

Total

Investment

Companies

(cost

$138,241,286)

156,209,743

Exchange

Traded

Funds

7.3%

Shares

Value

($)

Equity

Fund

6.4%

iShares

Core

MSCI

Emerging

Markets

ETF

208,074

10,867,705

Fixed

Income

Fund

0.9%

iShares

20+

Year

Treasury

Bond

ETF

16,140

1,614,807

Total

Exchange

Traded

Funds

(cost

$12,606,941)

12,482,512

Short-Term

Investment

0.8%

Money

Market

Fund

0.8%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

5.20%

(b)

1,308,585

1,308,585

Total

Short-Term

Investment

(cost

$1,308,585)

1,308,585

Total

Investments

(cost

$152,156,812)

—

100.0%

170,000,840

Other

assets

in

excess

of

liabilities

—

0.0%

†

28,169

NET

ASSETS

—

100.0%

$

170,029,009

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

(b)

Represents

7-day

effective

yield

as

of

July

31,

2023.

ETF

Exchange

Traded

Fund

Nationwide

Destination

2040

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

11

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

12

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Destination

2040

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

12,482,512

$

–

$

–

$

12,482,512

Investment

Companies

156,209,743

–

–

156,209,743

Short-Term

Investment

1,308,585

–

–

1,308,585

Total

$

170,000,840

$

–

$

–

$

170,000,840

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,

2023

(Unaudited)

-

Statement

of

Investments

-

13

Investment

Companies

91

.9

%

Shares

Value

($)

Alternative

Assets

0.8%

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

120,678

1,147,651

Total

Alternative

Assets

(cost

$1,193,149)

1,147,651

Equity

Funds

77.2%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6*(a)

1,056,000

10,686,720

Nationwide

International

Index

Fund,

Class

R6(a)

3,466,248

29,844,398

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

579,530

9,736,099

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

3,297,200

43,061,432

Nationwide

Small

Cap

Index

Fund,

Class

R6(a)

386,362

4,404,532

Nationwide

U.S.

130/30

Equity

Portfolio,

Class

R6(a)

1,786,153

19,611,959

Total

Equity

Funds

(cost

$97,139,354)

117,345,140

Fixed

Income

Fund

13.9%

Nationwide

Bond

Portfolio,

Class

R6(a)

2,457,258

21,058,701

Total

Fixed

Income

Funds

(cost

$23,171,870)

21,058,701

Total

Investment

Companies

(cost

$121,504,373)

139,551,492

Exchange

Traded

Funds

7

.8

%

Shares

Value

($)

Equity

Fund

6.8%

iShares

Core

MSCI

Emerging

Markets

ETF

199,303

10,409,596

Fixed

Income

Fund

1.0%

iShares

20+

Year

Treasury

Bond

ETF

14,843

1,485,042

Total

Exchange

Traded

Funds

(cost

$12,035,000)

11,894,638

Short-Term

Investment

0

.3

%

Money

Market

Fund

0

.3

%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

5.20%

(b)

511,706

511,706

Total

Short-Term

Investment

(cost

$511,706)

511,706

Total

Investments

(cost

$134,051,079)

—

100.0%

151,957,836

Liabilities

in

excess

of

other

assets

—

0.0%

†

(

65,647

)

NET

ASSETS

—

100.0%

$

151,892,189

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

(b)

Represents

7-day

effective

yield

as

of

July

31,

2023.

ETF

Exchange

Traded

Fund

14

-

Statement

of

Investments

-

July

31,

2023

(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.

Nationwide

Destination

2045

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

15

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

11,894,638

$

–

$

–

$

11,894,638

Investment

Companies

139,551,492

–

–

139,551,492

Short-Term

Investment

511,706

–

–

511,706

Total

$

151,957,836

$

–

$

–

$

151,957,836

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,

2023

(Unaudited)

-

Nationwide

Destination

2050

Fund

Investment

Companies

91.9%

Shares

Value

($)

Alternative

Assets

0.2%

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

26,277

249,896

Total

Alternative

Assets

(cost

$254,789)

249,896

Equity

Funds

80.1%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6*(a)

1,042,169

10,546,750

Nationwide

International

Index

Fund,

Class

R6(a)

3,373,677

29,047,357

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

587,529

9,870,483

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

3,244,215

42,369,453

Nationwide

Small

Cap

Index

Fund,

Class

R6(a)

371,669

4,237,026

Nationwide

U.S.

130/30

Equity

Portfolio,

Class

R6(a)

1,741,202

19,118,396

Total

Equity

Funds

(cost

$95,907,251)

115,189,465

Fixed

Income

Fund

11.6%

Nationwide

Bond

Portfolio,

Class

R6(a)

1,951,422

16,723,690

Total

Fixed

Income

Funds

(cost

$18,221,156)

16,723,690

Total

Investment

Companies

(cost

$114,383,196)

132,163,051

Exchange

Traded

Funds

8.2%

Shares

Value

($)

Equity

Fund

7.2%

iShares

Core

MSCI

Emerging

Markets

ETF

196,890

10,283,564

Fixed

Income

Fund

1.0%

iShares

20+

Year

Treasury

Bond

ETF

15,037

1,504,452

Total

Exchange

Traded

Funds

(cost

$11,815,293)

11,788,016

Total

Investments

(cost

$126,198,489)

—

100.1%

143,951,067

Liabilities

in

excess

of

other

assets

—

(0.1)%

(104,131)

NET

ASSETS

—

100.0%

$

143,846,936

*

Denotes

a

non-income

producing

security.

(a)

Investment

in

affiliate.

ETF

Exchange

Traded

Fund

Nationwide

Destination

2050

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

17

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

18

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Destination

2050

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

11,788,016

$

–

$

–

$

11,788,016

Investment

Companies

132,163,051

–

–

132,163,051

Total

$

143,951,067

$

–

$

–

$

143,951,067

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

2055

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

19

Investment

Companies

91

.7

%

Shares

Value

($)

Equity

Funds

81.8%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6*(a)

697,852

7,062,259

Nationwide

International

Index

Fund,

Class

R6(a)

2,334,873

20,103,257

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

416,865

7,003,335

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

2,168,725

28,323,547

Nationwide

Small

Cap

Index

Fund,

Class

R6(a)

254,400

2,900,156

Nationwide

U.S.

130/30

Equity

Portfolio,

Class

R6(a)

1,181,745

12,975,565

Total

Equity

Funds

(cost

$65,676,175)

78,368,119

Fixed

Income

Fund

9.9%

Nationwide

Bond

Portfolio,

Class

R6(a)

1,108,763

9,502,097

Total

Fixed

Income

Funds

(cost

$10,275,358)

9,502,097

Total

Investment

Companies

(cost

$75,951,533)

87,870,216

Exchange

Traded

Funds

8

.4

%

Shares

Value

($)

Equity

Fund

7.4%

iShares

Core

MSCI

Emerging

Markets

ETF

135,187

7,060,817

Fixed

Income

Fund

1.0%

iShares

20+

Year

Treasury

Bond

ETF

9,815

981,991

Total

Exchange

Traded

Funds

(cost

$8,000,422)

8,042,808

Total

Investments

(cost

$83,951,955)

—

100.1%

95,913,024

Liabilities

in

excess

of

other

assets

—

(0.1)%

(

86,994

)

NET

ASSETS

—

100.0%

$

95,826,030

*

Denotes

a

non-income

producing

security.

(a)

Investment

in

affiliate.

ETF

Exchange

Traded

Fund

20

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Destination

2055

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

Destination

2055

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

21

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

8,042,808

$

–

$

–

$

8,042,808

Investment

Companies

87,870,216

–

–

87,870,216

Total

$

95,913,024

$

–

$

–

$

95,913,024

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,

2023

(Unaudited)

-

Nationwide

Destination

2060

Fund

Investment

Companies

91

.6

%

Shares

Value

($)

Equity

Funds

82.6%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6*(a)

322,868

3,267,425

Nationwide

International

Index

Fund,

Class

R6(a)

1,087,917

9,366,964

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

201,074

3,378,048

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

1,004,236

13,115,326

Nationwide

Small

Cap

Index

Fund,

Class

R6(a)

121,631

1,386,590

Nationwide

U.S.

130/30

Equity

Portfolio,

Class

R6(a)

547,661

6,013,316

Total

Equity

Funds

(cost

$30,934,930)

36,527,669

Fixed

Income

Fund

9.0%

Nationwide

Bond

Portfolio,

Class

R6(a)

464,359

3,979,554

Total

Fixed

Income

Funds

(cost

$4,262,198)

3,979,554

Total

Investment

Companies

(cost

$35,197,128)

40,507,223

Exchange

Traded

Funds

8

.4

%

Shares

Value

($)

Equity

Fund

7.6%

iShares

Core

MSCI

Emerging

Markets

ETF

64,049

3,345,279

Fixed

Income

Fund

0.8%

iShares

20+

Year

Treasury

Bond

ETF

3,570

357,179

Total

Exchange

Traded

Funds

(cost

$3,609,197)

3,702,458

Total

Investments

(cost

$38,806,325)

—

100.0%

44,209,681

Other

assets

in

excess

of

liabilities

—

0.0%

†

4,201

NET

ASSETS

—

100.0%

$

44,213,882

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

ETF

Exchange

Traded

Fund

Nationwide

Destination

2060

Fund

-

July

31,

2023

(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.

24

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Destination

2060

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

3,702,458

$

–

$

–

$

3,702,458

Investment

Companies

40,507,223

–

–

40,507,223

Total

$

44,209,681

$

–

$

–

$

44,209,681

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Destination

2065

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

25

Investment

Companies

91

.6

%

Shares

Value

($)

Equity

Funds

83.4%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6*(a)

45,728

462,771

Nationwide

International

Index

Fund,

Class

R6(a)

153,614

1,322,621

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

29,170

490,060

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

142,036

1,854,994

Nationwide

Small

Cap

Index

Fund,

Class

R6(a)

17,497

199,470

Nationwide

U.S.

130/30

Equity

Portfolio,

Class

R6(a)

78,077

857,288

Total

Equity

Funds

(cost

$4,578,664)

5,187,204

Fixed

Income

Fund

8.2%

Nationwide

Bond

Portfolio,

Class

R6(a)

59,661

511,291

Total

Fixed

Income

Funds

(cost

$532,323)

511,291

Total

Investment

Companies

(cost

$5,110,987)

5,698,495

Exchange

Traded

Funds

8

.4

%

Shares

Value

($)

Equity

Fund

7.8%

iShares

Core

MSCI

Emerging

Markets

ETF

9,222

481,665

Fixed

Income

Fund

0.6%

iShares

20+

Year

Treasury

Bond

ETF

369

36,919

Total

Exchange

Traded

Funds

(cost

$509,337)

518,584

Total

Investments

(cost

$5,620,324)

—

100.0%

6,217,079

Other

assets

in

excess

of

liabilities

—

0.0%

†

1,548

NET

ASSETS

—

100.0%

$

6,218,627

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

ETF

Exchange

Traded

Fund

26

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Destination

2065

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Nationwide

Destination

2065

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

27

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

518,584

$

–

$

–

$

518,584

Investment

Companies

5,698,495

–

–

5,698,495

Total

$

6,217,079

$

–

$

–

$

6,217,079

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

28

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Destination

Retirement

Fund

Investment

Companies

87

.7

%

Shares

Value

($)

Alternative

Assets

5.7%

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

650,901

6,190,073

Total

Alternative

Assets

(cost

$5,991,854)

6,190,073

Equity

Funds

31.1%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6*(a)

332,000

3,359,840

Nationwide

International

Index

Fund,

Class

R6(a)

1,016,722

8,753,976

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

109,049

1,832,024

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

1,031,183

13,467,251

Nationwide

U.S.

130/30

Equity

Portfolio,

Class

R6(a)

562,920

6,180,859

Total

Equity

Funds

(cost

$26,162,070)

33,593,950

Fixed

Income

Funds

50.9%

Nationwide

Bond

Portfolio,

Class

R6(a)

5,562,138

47,667,523

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

797,289

7,215,468

Total

Fixed

Income

Funds

(cost

$61,850,416)

54,882,991

Total

Investment

Companies

(cost

$94,004,340)

94,667,014

Exchange

Traded

Funds

4

.4

%

Shares

Value

($)

Equity

Fund

2.5%

iShares

Core

MSCI

Emerging

Markets

ETF

51,449

2,687,181

Fixed

Income

Fund

1.9%

iShares

20+

Year

Treasury

Bond

ETF

20,704

2,071,435

Total

Exchange

Traded

Funds

(cost

$5,189,323)

4,758,616

Short-Term

Investment

7

.9

%

Money

Market

Fund

7

.9

%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

5.20%

(b)

8,479,525

8,479,525

Total

Short-Term

Investment

(cost

$8,479,525)

8,479,525

Total

Investments

(cost

$107,673,188)

—

100.0%

107,905,155

Liabilities

in

excess

of

other

assets

—

0.0%

†

(

18,685

)

NET

ASSETS

—

100.0%

$

107,886,470

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

(b)

Represents

7-day

effective

yield

as

of

July

31,

2023.

ETF

Exchange

Traded

Fund

Nationwide

Destination

Retirement

Fund

-

July

31,

2023

(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,

2023

(Unaudited)

-

Nationwide

Destination

Retirement

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

4,758,616

$

–

$

–

$

4,758,616

Investment

Companies

94,667,014

–

–

94,667,014

Short-Term

Investment

8,479,525

–

–

8,479,525

Total

$

107,905,155

$

–

$

–

$

107,905,155

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,

2023

(Unaudited)

-

Statement

of

Investments

-

1

Investment

Companies

90

.2

%

Shares

Value

($)

Alternative

Assets

0.5%

Nationwide

Amundi

Global

High

Yield

Fund,

Class

R6(a)

534,289

4,290,341

Total

Alternative

Assets

(cost

$4,739,216)

4,290,341

Equity

Funds

83.5%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6*(a)

6,588,000

66,670,560

Nationwide

GQG

US

Quality

Equity

Fund,

Class

R6(a)

1,372,224

17,303,740

Nationwide

International

Index

Fund,

Class

R6(a)

15,800,022

136,038,189

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

3,501,445

34,104,072

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

6,106,379

102,587,169

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

20,538,758

268,236,185

Nationwide

U.S.

130/30

Equity

Portfolio,

Class

R6(a)

10,084,680

110,729,785

Total

Equity

Funds

(cost

$612,725,406)

735,669,700

Fixed

Income

Funds

6.2%

Nationwide

Bond

Portfolio,

Class

R6(a)

5,414,327

46,400,787

Nationwide

Loomis

Core

Bond

Fund,

Class

R6(a)

897,405

8,435,609

Total

Fixed

Income

Funds

(cost

$58,478,613)

54,836,396

Total

Investment

Companies

(cost

$675,943,235)

794,796,437

Exchange

Traded

Funds

9

.9

%

Equity

Funds

9.9%

iShares

Core

MSCI

Emerging

Markets

ETF

1,322,282

69,062,789

Exchange

Traded

Funds

Shares

Value

($)

iShares

Core

S&P

Small-Cap

ETF(b)

169,052

17,777,508

Total

Exchange

Traded

Funds

(cost

$87,526,572)

86,840,297

Repurchase

Agreement

1

.4

%

Principal

Amount

($)

CF

Secured,

LLC,

5.28%,

dated

7/31/2023,

due

8/1/2023,

repurchase

price

$12,601,817,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.63%,

maturing

8/8/2023

-

8/15/2052;

total

market

value

$12,853,853.(c)

12,599,968

12,599,968

Total

Repurchase

Agreement

(cost

$12,599,968)

12,599,968

Total

Investments

(cost

$776,069,775)

—

101.5%

894,236,702

Liabilities

in

excess

of

other

assets

—

(1.5)%

(

13,202,653

)

NET

ASSETS

—

100.0%

$

881,034,049

*

Denotes

a

non-income

producing

security.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

July

31,

2023.

The

total

value

of

securities

on

loan

as

of

July

31,

2023

was

$14,280,097,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$12,599,968

and

by

$1,855,049

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.25%

–

4.38%,

and

maturity

dates

ranging

from

11/15/2023

–

11/15/2052,

a

total

value

of

$14,455,017.

(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,

2023

was

$12,599,968.

ETF

Exchange

Traded

Fund

2

-

Statement

of

Investments

-

July

31,

2023

(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.

Nationwide

Investor

Destinations

Aggressive

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

3

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

86,840,297

$

–

$

–

$

86,840,297

Investment

Companies

794,796,437

–

–

794,796,437

Repurchase

Agreement

–

12,599,968

–

12,599,968

Total

$

881,636,734

$

12,599,968

$

–

$

894,236,702

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,

2023

(Unaudited)

-

Nationwide

Investor

Destinations

Conservative

Fund

Investment

Companies

75

.4

%

Shares

Value

($)

Alternative

Assets

2.5%

Nationwide

Amundi

Global

High

Yield

Fund,

Class

R6(a)

471,233

3,783,999

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

594,741

5,655,992

Total

Alternative

Assets

(cost

$9,784,515)

9,439,991

Equity

Funds

16.4%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6*(a)

669,880

6,779,187

Nationwide

International

Index

Fund,

Class

R6(a)

1,053,485

9,070,506

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

97,516

949,802

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

373,437

6,273,749

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

2,067,129

26,996,705

Nationwide

U.S.

130/30

Equity

Portfolio,

Class

R6(a)

1,031,706

11,328,129

Total

Equity

Funds

(cost

$44,080,792)

61,398,078

Fixed

Income

Funds

56.5%

Nationwide

Bond

Portfolio,

Class

R6(a)

15,950,462

136,695,462

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

2,072,921

18,759,939

Nationwide

Loomis

Core

Bond

Fund,

Class

R6(a)

803,039

7,548,565

Nationwide

Loomis

Short

Term

Bond

Fund,

Class

R6(a)

5,032,818

48,818,332

Total

Fixed

Income

Funds

(cost

$230,366,087)

211,822,298

Total

Investment

Companies

(cost

$284,231,394)

282,660,367

Exchange

Traded

Funds

11

.6

%

Equity

Funds

1.7%

iShares

Core

MSCI

Emerging

Markets

ETF

105,396

5,504,833

Exchange

Traded

Funds

Shares

Value

($)

iShares

Core

S&P

Small-Cap

ETF(b)

8,505

894,386

Total

Equity

Funds

(cost

$5,979,081)

6,399,219

Fixed

Income

Funds

9.9%

iShares

20+

Year

Treasury

Bond

ETF

146,333

14,640,616

iShares

7-10

Year

Treasury

Bond

ETF

117,059

11,207,229

iShares

U.S.

Treasury

Bond

ETF

493,614

11,244,527

Total

Fixed

Income

Funds

(cost

$45,277,316)

37,092,372

Total

Exchange

Traded

Funds

(cost

$51,256,397)

43,491,591

Short-Term

Investment

13

.0

%

Money

Market

Fund

13

.0

%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

5.20%

(c)

48,526,150

48,526,150

Total

Short-Term

Investment

(cost

$48,526,150)

48,526,150

Total

Investments

(cost

$384,013,941)

—

100.0%

374,678,108

Liabilities

in

excess

of

other

assets

—

0.0%

†

(

86,204

)

NET

ASSETS

—

100.0%

$

374,591,904

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

July

31,

2023.

The

total

value

of

securities

on

loan

as

of

July

31,

2023

was

$101,059,

which

was

collateralized

by

$102,613

in

the

form

of

U.S

Government

Treasury

Securities,

interest

rates

ranging

from

0.25%

–

4.38%,

and

maturity

dates

ranging

from

11/15/2023

–

11/15/2052.

(c)

Represents

7-day

effective

yield

as

of

July

31,

2023.

ETF

Exchange

Traded

Fund

Nationwide

Investor

Destinations

Conservative

Fund

-

July

31,

2023

(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.

6

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Investor

Destinations

Conservative

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

43,491,591

$

–

$

–

$

43,491,591

Investment

Companies

282,660,367

–

–

282,660,367

Short-Term

Investment

48,526,150

–

–

48,526,150

Total

$

374,678,108

$

–

$

–

$

374,678,108

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Investor

Destinations

Moderate

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

7

Investment

Companies

84

.2

%

Shares

Value

($)

Alternative

Assets

2.2%

Nationwide

Amundi

Global

High

Yield

Fund,

Class

R6(a)

1,694,572

13,607,416

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

716,029

6,809,439

Total

Alternative

Assets

(cost

$22,262,479)

20,416,855

Equity

Funds

51.1%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6*(a)

4,671,000

47,270,520

Nationwide

GQG

US

Quality

Equity

Fund,

Class

R6(a)

668,729

8,432,674

Nationwide

International

Index

Fund,

Class

R6(a)

9,713,038

83,629,261

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

1,429,795

13,926,199

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

2,472,658

41,540,658

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

14,461,814

188,871,288

Nationwide

U.S.

130/30

Equity

Portfolio,

Class

R6(a)

7,270,712

79,832,415

Total

Equity

Funds

(cost

$374,444,048)

463,503,015

Fixed

Income

Funds

30.9%

Nationwide

Bond

Portfolio,

Class

R6(a)

22,210,221

190,341,597

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

985,218

8,916,220

Nationwide

Loomis

Core

Bond

Fund,

Class

R6(a)

4,743,759

44,591,331

Nationwide

Loomis

Short

Term

Bond

Fund,

Class

R6(a)

3,714,493

36,030,584

Total

Fixed

Income

Funds

(cost

$303,810,706)

279,879,732

Total

Investment

Companies

(cost

$700,517,233)

763,799,602

Exchange

Traded

Funds

10

.4

%

Equity

Funds

6.5%

iShares

Core

MSCI

Emerging

Markets

ETF(b)

702,387

36,685,673

iShares

Core

S&P

Small-Cap

ETF(b)

212,483

22,344,712

Total

Equity

Funds

(cost

$59,831,480)

59,030,385

Fixed

Income

Funds

3.9%

iShares

20+

Year

Treasury

Bond

ETF

129,492

12,955,675

Exchange

Traded

Funds

Shares

Value

($)

iShares

7-10

Year

Treasury

Bond

ETF

92,083

8,816,027

iShares

U.S.

Treasury

Bond

ETF

582,462

13,268,484

Total

Fixed

Income

Funds

(cost

$42,083,330)

35,040,186

Total

Exchange

Traded

Funds

(cost

$101,914,810)

94,070,571

Short-Term

Investment

5

.4

%

Money

Market

Fund

5

.4

%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

5.20%

(c)

49,031,426

49,031,426

Total

Short-Term

Investment

(cost

$49,031,426)

49,031,426

Repurchase

Agreement

1

.4

%

Principal

Amount

($)

Value

($)

CF

Secured,

LLC,

5.28%,

dated

7/31/2023,

due

8/1/2023,

repurchase

price

$12,377,116,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.63%,

maturing

8/8/2023

-

8/15/2052;

total

market

value

$12,624,658.(d)

12,375,300

12,375,300

Total

Repurchase

Agreement

(cost

$12,375,300)

12,375,300

Total

Investments

(cost

$863,838,769)

—

101.4%

919,276,899

Liabilities

in

excess

of

other

assets

—

(1.4)%

(

12,689,999

)

NET

ASSETS

—

100.0%

$

906,586,900

*

Denotes

a

non-income

producing

security.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

July

31,

2023.

The

total

value

of

securities

on

loan

as

of

July

31,

2023

was

$19,914,413,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$12,375,300

and

by

$7,895,782

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.25%

–

4.38%,

and

maturity

dates

ranging

from

11/15/2023

–

11/15/2052,

a

total

value

of

$20,271,082.

(c)

Represents

7-day

effective

yield

as

of

July

31,

2023.

(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,

2023

was

$12,375,300.

ETF

Exchange

Traded

Fund

8

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Investor

Destinations

Moderate

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Nationwide

Investor

Destinations

Moderate

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

9

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

94,070,571

$

–

$

–

$

94,070,571

Investment

Companies

763,799,602

–

–

763,799,602

Repurchase

Agreement

–

12,375,300

–

12,375,300

Short-Term

Investment

49,031,426

–

–

49,031,426

Total

$

906,901,599

$

12,375,300

$

–

$

919,276,899

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,

2023

(Unaudited)

-

Nationwide

Investor

Destinations

Moderately

Aggressive

Fund

Investment

Companies

90

.9

%

Shares

Value

($)

Alternative

Assets

2.2%

Nationwide

Amundi

Global

High

Yield

Fund,

Class

R6(a)

2,317,905

18,612,774

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

979,414

9,314,226

Total

Alternative

Assets

(cost

$30,103,827)

27,927,000

Equity

Funds

68.5%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6*(a)

8,138,000

82,356,560

Nationwide

GQG

US

Quality

Equity

Fund,

Class

R6(a)

1,463,273

18,451,873

Nationwide

International

Index

Fund,

Class

R6(a)

18,021,001

155,160,819

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

4,071,424

39,655,666

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

5,676,552

95,366,082

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

25,233,190

329,545,466

Nationwide

U.S.

130/30

Equity

Portfolio,

Class

R6(a)

12,801,184

140,557,005

Total

Equity

Funds

(cost

$713,478,435)

861,093,471

Fixed

Income

Funds

20.2%

Nationwide

Bond

Portfolio,

Class

R6(a)

25,303,767

216,853,286

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

1,347,640

12,196,138

Investment

Companies

Shares

Value

($)

Nationwide

Loomis

Core

Bond

Fund,

Class

R6(a)

2,595,499

24,397,691

Total

Fixed

Income

Funds

(cost

$275,156,214)

253,447,115

Total

Investment

Companies

(cost

$1,018,738,476)

1,142,467,586

Exchange

Traded

Funds

9

.2

%

Equity

Funds

9.2%

iShares

Core

MSCI

Emerging

Markets

ETF

1,729,174

90,314,758

iShares

Core

S&P

Small-Cap

ETF(b)

240,403

25,280,779

Total

Exchange

Traded

Funds

(cost

$115,863,243)

115,595,537

Total

Investments

(cost

$1,134,601,719)

—

100.1%

1,258,063,123

Liabilities

in

excess

of

other

assets

—

(0.1)%

(

1,234,086

)

NET

ASSETS

—

100.0%

$

1,256,829,037

*

Denotes

a

non-income

producing

security.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

July

31,

2023.

The

total

value

of

securities

on

loan

as

of

July

31,

2023

was

$2,640,778,

which

was

collateralized

by

$2,681,401

in

the

form

of

U.S

Government

Treasury

Securities,

interest

rates

ranging

from

0.25%

–

4.38%,

and

maturity

dates

ranging

from

11/15/2023

–

11/15/2052.

ETF

Exchange

Traded

Fund

Nationwide

Investor

Destinations

Moderately

Aggressive

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

11

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

12

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Investor

Destinations

Moderately

Aggressive

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

115,595,537

$

–

$

–

$

115,595,537

Investment

Companies

1,142,467,586

–

–

1,142,467,586

Total

$

1,258,063,123

$

–

$

–

$

1,258,063,123

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,

2023

(Unaudited)

-

Statement

of

Investments

-

13

Investment

Companies

80.8%

Shares

Value

($)

Alternative

Assets

2.3%

Nationwide

Amundi

Global

High

Yield

Fund,

Class

R6(a)

590,885

4,744,807

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

249,674

2,374,404

Total

Alternative

Assets

(cost

$7,728,626)

7,119,211

Equity

Funds

33.6%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6*(a)

1,072,000

10,848,640

Nationwide

International

Index

Fund,

Class

R6(a)

2,138,906

18,415,983

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

218,368

2,126,905

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

712,080

11,962,950

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

3,309,682

43,224,448

Nationwide

U.S.

130/30

Equity

Portfolio,

Class

R6(a)

1,672,257

18,361,380

Total

Equity

Funds

(cost

$81,033,643)

104,940,306

Fixed

Income

Funds

44.9%

Nationwide

Bond

Portfolio,

Class

R6(a)

11,122,065

95,316,098

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

1,030,598

9,326,914

Nationwide

Loomis

Core

Bond

Fund,

Class

R6(a)

1,323,247

12,438,522

Nationwide

Loomis

Short

Term

Bond

Fund,

Class

R6(a)

2,405,092

23,329,389

Total

Fixed

Income

Funds

(cost

$153,069,195)

140,410,923

Total

Investment

Companies

(cost

$241,831,464)

252,470,440

Exchange

Traded

Funds

10.2%

Equity

Funds

4.1%

iShares

Core

MSCI

Emerging

Markets

ETF(b)

170,140

8,886,412

iShares

Core

S&P

Small-Cap

ETF(b)

36,793

3,869,152

Total

Equity

Funds

(cost

$12,457,368)

12,755,564

Fixed

Income

Funds

6.1%

iShares

20+

Year

Treasury

Bond

ETF

60,305

6,033,515

Exchange

Traded

Funds

Shares

Value

($)

iShares

7-10

Year

Treasury

Bond

ETF

64,323

6,158,284

iShares

U.S.

Treasury

Bond

ETF

305,144

6,951,181

Total

Fixed

Income

Funds

(cost

$23,001,940)

19,142,980

Total

Exchange

Traded

Funds

(cost

$35,459,308)

31,898,544

Short-Term

Investment

9.1%

Money

Market

Fund

9.1%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

5.20%

(c)

28,512,179

28,512,179

Total

Short-Term

Investment

(cost

$28,512,179)

28,512,179

Repurchase

Agreement

0.3%

Principal

Amount

($)

Value

($)

CF

Secured,

LLC,

5.28%,

dated

7/31/2023,

due

8/1/2023,

repurchase

price

$1,056,187,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.63%,

maturing

8/8/2023

-

8/15/2052;

total

market

value

$1,077,310.(d)

1,056,032

1,056,032

Total

Repurchase

Agreement

(cost

$1,056,032)

1,056,032

Total

Investments

(cost

$306,858,983)

—

100.4%

313,937,195

Liabilities

in

excess

of

other

assets

—

(0.4)%

(1,124,818)

NET

ASSETS

—

100.0%

$

312,812,377

*

Denotes

a

non-income

producing

security.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

July

31,

2023.

The

total

value

of

securities

on

loan

as

of

July

31,

2023

was

$1,461,654,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$1,056,032

and

by

$424,335

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.25%

–

4.38%,

and

maturity

dates

ranging

from

11/15/2023

–

11/15/2052,

a

total

value

of

$1,480,367.

(c)

Represents

7-day

effective

yield

as

of

July

31,

2023.

(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,

2023

was

$1,056,032.

ETF

Exchange

Traded

Fund

14

-

Statement

of

Investments

-

July

31,

2023

(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.

Nationwide

Investor

Destinations

Moderately

Conservative

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

15

The

following

table

provides

a

su

mmary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

31,898,544

$

–

$

–

$

31,898,544

Investment

Companies

252,470,440

–

–

252,470,440

Repurchase

Agreement

–

1,056,032

–

1,056,032

Short-Term

Investment

28,512,179

–

–

28,512,179

Total

$

312,881,163

$

1,056,032

$

–

$

313,937,195

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,

2023

(Unaudited)

-

Statement

of

Investments

-

1

Asset-Backed

Securities

8.1%

Principal

Amount

($)

Value

($)

Airlines

0.6%

British

Airways

Pass-Through

Trust,

Series

2021-1,

Class

B,

3.90%,

9/15/2031(a)

781,685

694,715

United

Airlines

Pass-Through

Trust,

Series

2020-1,

Class

A,

5.88%,

10/15/2027

1,160,817

1,155,041

1,849,756

Home

Equity

0.1%

Park

Place

Securities,

Inc.

Asset-Backed

Pass-

Through

Certificates,

Series

2005-WCH1,

Class

M4,

6.66%,

1/25/2036(b)

259,268

253,860

Structured

Asset

Securities

Corp.

Mortgage

Pass-

Through

Certificates,

Series

2004-6XS,

Class

A6,

5.13%,

3/25/2034(c)

1

1

253,861

Other

7.4%

Apidos

CLO

XXII,

Series

2015-22A,

Class

A1R,

6.65%,

4/20/2031(a)(b)

996,988

993,119

Apidos

CLO

XXXIV,

Series

2020-34A,

Class

A1R,

6.74%,

1/20/2035(a)(b)

750,000

746,558

Ares

LVI

CLO

Ltd.,

Series

2020-56A,

Class

AR,

6.77%,

10/25/2034(a)(b)

500,000

497,791

Ares

LXIII

CLO

Ltd.,

Series

2022-63A,

Class

A1A,

6.71%,

4/20/2035(a)(b)

1,000,000

990,697

Broad

River

Bsl

Funding

CLO

Ltd.,

Series

2020-1A,

Class

AR,

6.76%,

7/20/2034(a)(b)

1,000,000

985,500

Carlyle

Global

Market

Strategies

CLO

Ltd.,

Series

2016-1A,

Class

A1R2,

6.73%,

4/20/2034(a)(b)

200,000

198,320

Cedar

Funding

VIII

CLO

Ltd.,

Series

2017-8A,

Class

A1R,

6.72%,

10/17/2034(a)(b)

500,000

496,830

CVS

Pass-Through

Trust,

6.94%,

1/10/2030

1,157,711

1,195,139

Dryden

86

CLO

Ltd.

Series

2020-86A,

Class

A1R,

6.67%,

7/17/2034(a)

(b)

1,150,000

1,142,977

Series

2020-86A,

Class

BR,

7.27%,

7/17/2034(a)(b)

850,000

830,376

FCI

Funding

LLC,

Series

2021-1A,

Class

A,

1.13%,

4/15/2033(a)

136,580

131,344

Golden

Bear

LLC,

Series

2016-1A,

Class

A,

3.75%,

9/20/2047(a)

810,713

712,644

Goodgreen

Series

2019-2A,

Class

A,

2.76%,

4/15/2055(a)

945,215

784,125

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Series

2022-1A,

Class

A,

3.84%,

10/15/2056(a)

597,964

518,765

Goodgreen

Trust,

Series

2017-1A,

Class

A,

3.74%,

10/15/2052(a)

91,625

80,713

HERO

Funding

Trust

Series

2015-2A,

Class

A,

3.99%,

9/20/2040(a)

104,002

94,406

Series

2015-1A,

Class

A,

3.84%,

9/21/2040(a)

450,367

407,440

Series

2015-3A,

Class

A,

4.28%,

9/20/2041(a)

413,467

379,437

Invesco

CLO

Ltd.

Series

2021-1A,

Class

A1,

6.57%,

4/15/2034(a)(b)

400,000

393,951

Series

2021-2A,

Class

A,

6.69%,

7/15/2034(a)(b)

1,000,000

990,407

LCM

37

Ltd.,

Series

37A,

Class

A1,

6.79%,

4/15/2034(a)(b)

500,000

497,821

Magnetite

XXVIII

Ltd.,

Series

2020-28A,

Class

AR,

6.72%,

1/20/2035(a)(b)

1,000,000

994,093

Magnetite

XXXII

Ltd.,

Series

2022-32A,

Class

A,

6.66%,

4/15/2035(a)(b)

500,000

497,562

Neuberger

Berman

Loan

Advisers

CLO

32

Ltd.,

Series

2019-32A,

Class

AR,

6.57%,

1/20/2032(a)(b)

500,000

497,773

Neuberger

Berman

Loan

Advisers

CLO

38

Ltd.,

Series

2020-38A,

Class

AR,

6.73%,

10/20/2035(a)(b)

1,000,000

995,258

NRZ

Advance

Receivables

Trust

Series

2020-T2,

Class

AT2,

1.48%,

9/15/2053(a)

1,700,000

1,686,104

Series

2020-T2,

Class

BT2,

1.72%,

9/15/2053(a)

200,000

198,254

Reese

Park

CLO

Ltd.,

Series

2020-1A,

Class

AR,

6.70%,

10/15/2034(a)(b)

400,000

398,083

Renew,

Series

2018-1,

Class

A,

3.95%,

9/20/2053(a)

866,495

759,135

RR

1

LLC,

Series

2017-

1A,

Class

A1AB,

6.72%,

7/15/2035(a)(b)

1,000,000

992,500

Wellman

Park

CLO

Ltd.,

Series

2021-1A,

Class

A,

6.67%,

7/15/2034(a)(b)

1,000,000

992,502

21,079,624

Total

Asset-Backed

Securities

(cost

$24,096,685)

23,183,241

2

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Bond

Fund

Collateralized

Mortgage

Obligations

1.9%

Principal

Amount

($)

Value

($)

Alternative

Loan

Trust,

Series

2007-2CB,

Class

2A14,

5.75%,

3/25/2037

180,507

96,858

American

Home

Mortgage

Investment

Trust,

Series

2004-3,

Class

6A1,

5.32%,

10/25/2034(c)

2,758

2,638

Angel

Oak

Mortgage

Trust,

Series

2020-1,

Class

A1,

2.47%,

12/25/2059(a)(b)

301,598

281,179

Chase

Mortgage

Finance

Corp.,

Series

2016-

SH2,

Class

M2,

3.75%,

12/25/2045(a)(b)

2,572,668

2,284,237

CHL

Mortgage

Pass-Through

Trust,

Series

2005-15,

Class

A7,

5.50%,

8/25/2035

37,485

21,232

Citigroup

Mortgage

Loan

Trust,

Series

2015-

RP2,

Class

A1,

3.50%,

1/25/2053(a)(b)

141,951

132,202

Citigroup

Mortgage

Loan

Trust,

Inc.,

Series

2018-

RP1,

Class

A1,

3.00%,

9/25/2064(a)(b)

138,195

131,079

MASTR

Alternative

Loan

Trust,

Series

2005-6,

Class

1A5,

5.50%,

12/25/2035

123,015

87,009

New

Residential

Mortgage

Loan

Trust,

Series

2019-

1A,

Class

A1,

3.91%,

9/25/2057(a)(b)

1

1

NYMT

Loan

Trust

Series

2022-CP1,

Class

A2,

3.01%,

7/25/2061(a)

688,000

568,430

Series

2022-CP1,

Class

M1,

3.21%,

7/25/2061(a)

688,000

554,310

Series

2022-CP1,

Class

M2,

3.51%,

7/25/2061(a)

465,000

370,173

Sequoia

Mortgage

Trust,

Series

2017-CH1,

Class

A2,

3.50%,

8/25/2047(a)(b)

25,397

23,309

Verus

Securitization

Trust

Series

2022-3,

Class

A2,

4.13%,

2/25/2067(a)(b)

387,643

351,929

Series

2022-3,

Class

A1,

4.13%,

2/25/2067(a)(c)

291,163

266,812

Visio

Trust,

Series

2019-

2,

Class

A2,

2.92%,

11/25/2054(a)(b)

189,202

178,351

Total

Collateralized

Mortgage

Obligations

(cost

$6,236,035)

5,349,749

Commercial

Mortgage-Backed

Securities

2.7%

AREIT

Trust,

Series

2022-

CRE6,

Class

A,

6.32%,

1/20/2037(a)(b)

560,426

552,111

Aventura

Mall

Trust,

Series

2018-AVM,

Class

A,

4.11%,

7/5/2040(a)(b)

700,000

636,797

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

BBCMS

Mortgage

Trust,

Series

2016-ETC,

Class

C,

3.39%,

8/14/2036(a)

6,300,000

5,102,587

BXP

Trust,

Series

2017-

GM,

Class

B,

3.42%,

6/13/2039(a)(b)

1,300,000

1,137,215

Natixis

Commercial

Mortgage

Securities

Trust,

Series

2019-LVL,

Class

A,

3.89%,

8/15/2038(a)

400,000

354,575

Total

Commercial

Mortgage-Backed

Securities

(cost

$9,510,486)

7,783,285

Corporate

Bonds

29.2%

Aerospace

&

Defense

1.3%

Boeing

Co.

(The)

,

2.95%,

2/1/2030

1,225,000

1,073,016

3.25%,

2/1/2035

500,000

407,644

5.81%,

5/1/2050

100,000

100,579

L3Harris

Technologies,

Inc.

,

5.60%,

7/31/2053

45,000

45,897

Lockheed

Martin

Corp.

,

4.07%,

12/15/2042

150,000

132,544

RTX

Corp.

,

4.13%,

11/16/2028

1,900,000

1,824,328

5.15%,

2/27/2033

150,000

150,095

3,734,103

Automobile

Components

0.2%

Icahn

Enterprises

LP

,

4.75%,

9/15/2024

500,000

483,702

Automobiles

0.3%

Hyundai

Capital

America

,

2.38%,

10/15/2027(a)

385,000

337,416

1.80%,

1/10/2028(a)

140,000

118,865

6.38%,

4/8/2030(a)

460,000

474,803

931,084

Banks

4.0%

Bank

of

America

Corp.

,

(CME

Term

SOFR

3

Month

+

1.47%),

3.97%,

2/7/2030(d)

990,000

920,881

Bank

of

Montreal

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.40%),

3.09%,

1/10/2037(d)

1,350,000

1,057,308

BPCE

SA

,

5.70%,

10/22/2023(a)

1,500,000

1,495,247

(SOFR

+

1.73%),

3.12%,

10/19/2032(a)(d)

850,000

661,591

Citigroup,

Inc.

,

(SOFR

+

1.94%),

3.79%,

3/17/2033(d)

450,000

397,649

Citizens

Financial

Group,

Inc.

,

2.64%,

9/30/2032

1,350,000

997,845

Nationwide

Bond

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

3

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Commonwealth

Bank

of

Australia

,

3.78%,

3/14/2032(a)

1,000,000

844,454

Huntington

National

Bank

(The)

,

5.65%,

1/10/2030

1,000,000

981,644

JPMorgan

Chase

&

Co.

,

(SOFR

+

2.08%),

4.91%,

7/25/2033(d)

375,000

366,423

(SOFR

+

2.58%),

5.72%,

9/14/2033(d)

425,000

431,542

(CME

Term

SOFR

3

Month

+

1.51%),

2.53%,

11/19/2041(d)

650,000

449,630

PNC

Financial

Services

Group,

Inc.

(The)

,

(SOFR

+

1.93%),

5.07%,

1/24/2034(d)

490,000

472,745

Truist

Financial

Corp.

,

(SOFR

+

1.85%),

5.12%,

1/26/2034(d)

750,000

716,773

Wells

Fargo

&

Co.

,

(SOFR

+

1.50%),

3.35%,

3/2/2033(d)

750,000

642,086

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

962,312

11,398,130

Beverages

0.6%

Anheuser-Busch

Cos.

LLC

,

4.90%,

2/1/2046

1,000,000

947,748

Bacardi

Ltd.

,

5.90%,

6/15/2043(a)

150,000

151,136

5.30%,

5/15/2048(a)

460,000

427,897

PepsiCo,

Inc.

,

3.90%,

7/18/2032

175,000

168,110

1,694,891

Biotechnology

0.9%

Amgen,

Inc.

,

4.05%,

8/18/2029(e)

325,000

308,822

5.65%,

3/2/2053

775,000

777,338

CSL

Finance

plc

,

4.25%,

4/27/2032(a)

1,600,000

1,515,228

4.75%,

4/27/2052(a)

100,000

92,177

2,693,565

Broadline

Retail

0.3%

Amazon.com,

Inc.

,

4.70%,

12/1/2032(e)

825,000

828,617

Capital

Markets

2.3%

Brookfield

Finance,

Inc.

,

4.35%,

4/15/2030

600,000

556,180

FMR

LLC

,

4.95%,

2/1/2033(a)

925,000

869,457

Morgan

Stanley

,

(SOFR

+

2.62%),

5.30%,

4/20/2037(d)

600,000

569,394

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Nuveen

Finance

LLC

,

4.13%,

11/1/2024(a)

1,555,000

1,515,009

S&P

Global,

Inc.

,

2.90%,

3/1/2032

1,000,000

864,940

State

Street

Corp.

,

(SOFR

+

1.57%),

4.82%,

1/26/2034(d)

325,000

312,648

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

1,916,728

6,604,356

Chemicals

0.2%

Cytec

Industries,

Inc.

,

3.95%,

5/1/2025

600,000

579,821

Commercial

Services

&

Supplies

0.2%

Stericycle,

Inc.

,

5.38%,

7/15/2024(a)

450,000

444,690

Consumer

Finance

0.2%

Ford

Motor

Credit

Co.

LLC

,

2.30%,

2/10/2025

450,000

421,954

Consumer

Staples

Distribution

&

Retail

0.6%

CVS

Pass-Through

Trust

,

7.51%,

1/10/2032(a)

566,209

589,701

Walmart,

Inc.

,

4.15%,

9/9/2032

1,000,000

980,360

4.50%,

4/15/2053

200,000

192,826

1,762,887

Containers

&

Packaging

0.2%

Berry

Global,

Inc.

,

5.50%,

4/15/2028(a)(e)

515,000

508,641

Diversified

REITs

0.3%

WP

Carey,

Inc.

,

2.45%,

2/1/2032

1,250,000

983,386

Diversified

Telecommunication

Services

0.7%

AT&T,

Inc.

,

2.55%,

12/1/2033

174,000

134,454

3.65%,

6/1/2051

870,000

614,818

Verizon

Communications,

Inc.

,

2.55%,

3/21/2031

1,450,000

1,203,613

1,952,885

Electric

Utilities

6.2%

Alliant

Energy

Finance

LLC

,

4.25%,

6/15/2028(a)

2,000,000

1,901,649

American

Electric

Power

Co.,

Inc.

,

+

0.00%),

5.70%,

8/15/2025(d)

750,000

750,885

Appalachian

Power

Co.

,

Series

BB,

4.50%,

8/1/2032

225,000

211,332

Series

Z,

3.70%,

5/1/2050

390,000

290,282

DTE

Electric

Co.

,

5.20%,

4/1/2033

825,000

836,516

Duke

Energy

Corp.

,

5.00%,

8/15/2052

200,000

181,697

4

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Duke

Energy

Ohio,

Inc.

,

5.25%,

4/1/2033

865,000

874,920

Entergy

Arkansas

LLC

,

4.00%,

6/1/2028

2,650,000

2,534,735

Evergy,

Inc.

,

2.90%,

9/15/2029

1,020,000

890,284

Fells

Point

Funding

Trust

,

3.05%,

1/31/2027(a)

2,625,000

2,418,299

Georgia

Power

Co.

,

4.70%,

5/15/2032

1,250,000

1,207,185

Indiana

Michigan

Power

Co.

,

3.85%,

5/15/2028

1,250,000

1,185,563

Jersey

Central

Power

&

Light

Co.

,

2.75%,

3/1/2032(a)

170,000

140,222

Kentucky

Utilities

Co.

,

Series

KENT,

5.45%,

4/15/2033

825,000

841,274

Metropolitan

Edison

Co.

,

4.30%,

1/15/2029(a)

1,000,000

946,872

NextEra

Energy

Capital

Holdings,

Inc.

,

6.05%,

3/1/2025

260,000

261,886

NextEra

Energy

Operating

Partners

LP

,

4.25%,

7/15/2024(a)

390,000

382,687

Pacific

Gas

and

Electric

Co.

,

2.50%,

2/1/2031

145,000

114,585

PPL

Capital

Funding,

Inc.

,

4.13%,

4/15/2030

95,000

88,364

Southern

California

Edison

Co.

,

5.85%,

11/1/2027

400,000

411,869

Southern

Co.

(The)

,

4.40%,

7/1/2046

200,000

170,544

Vistra

Operations

Co.

LLC

,

5.50%,

9/1/2026(a)

200,000

193,400

4.30%,

7/15/2029(a)

1,000,000

891,640

17,726,690

Entertainment

0.4%

Walt

Disney

Co.

(The)

,

2.65%,

1/13/2031

800,000

688,144

Warnermedia

Holdings,

Inc.

,

4.28%,

3/15/2032

500,000

443,472

1,131,616

Food

Products

0.4%

Cargill,

Inc.

,

5.13%,

10/11/2032(a)

1,000,000

1,009,911

4.38%,

4/22/2052(a)

200,000

177,432

1,187,343

Ground

Transportation

1.1%

Ashtead

Capital,

Inc.

,

4.00%,

5/1/2028(a)

1,600,000

1,487,350

Burlington

Northern

Santa

Fe

LLC

,

4.15%,

4/1/2045

875,000

758,840

ERAC

USA

Finance

LLC

,

5.40%,

5/1/2053(a)

550,000

551,025

Corporate

Bonds

Principal

Amount

($)

Value

($)

Ground

Transportation

Norfolk

Southern

Corp.

,

4.55%,

6/1/2053

350,000

311,843

3,109,058

Health

Care

Equipment

&

Supplies

0.5%

Baxter

International,

Inc.

,

3.13%,

12/1/2051

600,000

399,144

GE

HealthCare

Technologies,

Inc.

,

5.86%,

3/15/2030

1,000,000

1,026,164

1,425,308

Health

Care

Providers

&

Services

0.2%

UnitedHealth

Group,

Inc.

,

5.88%,

2/15/2053

575,000

632,882

Household

Durables

0.2%

Newell

Brands,

Inc.

,

4.88%,

6/1/2025

450,000

435,397

Independent

Power

and

Renewable

Electricity

Producers

0.1%

Calpine

Corp.

,

5.25%,

6/1/2026(a)

200,000

194,166

Industrial

Conglomerates

0.1%

GE

Capital

Funding

LLC

,

4.55%,

5/15/2032

322,000

310,706

Insurance

0.5%

Five

Corners

Funding

Trust

IV

,

6.00%,

2/15/2053(a)

575,000

587,169

New

York

Life

Global

Funding

,

4.55%,

1/28/2033(a)

750,000

719,653

1,306,822

IT

Services

0.3%

International

Business

Machines

Corp.

,

4.40%,

7/27/2032

850,000

813,329

Media

0.4%

Charter

Communications

Operating

LLC

,

5.75%,

4/1/2048

400,000

342,698

Comcast

Corp.

,

2.94%,

11/1/2056

1,208,000

778,014

1,120,712

Multi-Utilities

0.3%

Black

Hills

Corp.

,

3.05%,

10/15/2029

675,000

582,481

Southern

Co.

Gas

Capital

Corp.

,

3.88%,

11/15/2025

275,000

263,907

846,388

Oil,

Gas

&

Consumable

Fuels

2.4%

Antero

Midstream

Partners

LP

,

7.88%,

5/15/2026(a)

150,000

153,165

BP

Capital

Markets

America,

Inc.

,

2.94%,

6/4/2051

500,000

339,217

Nationwide

Bond

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

5

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Chesapeake

Energy

Corp.

,

5.50%,

2/1/2026(a)

150,000

147,662

Continental

Resources,

Inc.

,

4.38%,

1/15/2028

215,000

203,566

5.75%,

1/15/2031(a)

350,000

338,076

2.88%,

4/1/2032(a)

586,000

454,876

Energy

Transfer

LP

,

5.50%,

6/1/2027

1,000,000

999,307

6.50%,

2/1/2042

350,000

356,041

Exxon

Mobil

Corp.

,

3.45%,

4/15/2051

575,000

441,816

NGPL

PipeCo

LLC

,

3.25%,

7/15/2031(a)

650,000

535,348

Occidental

Petroleum

Corp.

,

6.60%,

3/15/2046

405,000

429,219

Targa

Resources

Partners

LP

,

4.88%,

2/1/2031

505,000

468,992

4.00%,

1/15/2032

1,020,000

894,295

Valero

Energy

Partners

LP

,

4.50%,

3/15/2028

80,000

77,467

Var

Energi

ASA

,

5.00%,

5/18/2027(a)

1,092,245

1,042,548

6,881,595

Passenger

Airlines

0.1%

Air

Canada

,

3.88%,

8/15/2026(a)

200,000

185,592

Pharmaceuticals

0.6%

Merck

&

Co.,

Inc.

,

6.55%,

9/15/2037

665,000

750,038

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

4.75%,

5/19/2033

825,000

819,545

1,569,583

Residential

REITs

0.8%

American

Homes

4

Rent

LP

,

3.63%,

4/15/2032

500,000

434,073

Invitation

Homes

Operating

Partnership

LP

,

2.70%,

1/15/2034

1,235,000

935,312

Sun

Communities

Operating

LP

,

2.30%,

11/1/2028

1,131,000

950,947

2,320,332

Retail

REITs

0.2%

Kite

Realty

Group

Trust

,

4.75%,

9/15/2030

549,000

502,280

Semiconductors

&

Semiconductor

Equipment

0.3%

Broadcom,

Inc.

,

3.42%,

4/15/2033(a)

400,000

334,556

Foundry

JV

Holdco

LLC

,

5.88%,

1/25/2034(a)

660,000

653,387

987,943

Software

0.2%

Microsoft

Corp.

,

2.92%,

3/17/2052

200,000

146,110

Corporate

Bonds

Principal

Amount

($)

Value

($)

Software

Oracle

Corp.

,

3.60%,

4/1/2040

700,000

539,135

685,245

Specialty

Retail

0.3%

AutoZone,

Inc.

,

4.75%,

8/1/2032

1,000,000

965,202

Technology

Hardware,

Storage

&

Peripherals

0.5%

Apple,

Inc.

,

3.35%,

8/8/2032

1,650,000

1,532,344

Tobacco

0.6%

BAT

Capital

Corp.

,

3.46%,

9/6/2029

1,010,000

885,395

6.42%,

8/2/2033

150,000

150,000

Philip

Morris

International,

Inc.

,

5.63%,

11/17/2029

165,000

168,798

5.75%,

11/17/2032

200,000

204,443

5.38%,

2/15/2033

250,000

249,263

4.25%,

11/10/2044

150,000

124,440

1,782,339

Wireless

Telecommunication

Services

0.2%

T-Mobile

USA,

Inc.

,

3.30%,

2/15/2051

810,000

564,167

Total

Corporate

Bonds

(cost

$91,465,903)

83,239,751

Mortgage-Backed

Securities

27.1%

FHLMC

UMBS

Pool

Pool#

SB0861

2.50%,

2/1/2037

2,252,293

2,046,796

Pool#

SB8203

3.50%,

1/1/2038

1,454,207

1,380,278

Pool#

SD8178

2.50%,

11/1/2051

5,070,178

4,278,832

Pool#

QE0799

2.50%,

4/1/2052

8,351,121

7,042,316

Pool#

SD2254

3.50%,

7/1/2052

977,076

885,765

Pool#

SD8255

3.50%,

10/1/2052

964,878

874,165

Pool#

SD8288

5.00%,

1/1/2053

3,909,015

3,818,312

Pool#

SD8302

6.50%,

2/1/2053

454,203

463,184

Pool#

SD8309

6.00%,

3/1/2053

488,801

491,778

Pool#

SD2921

4.50%,

5/1/2053

516,770

494,874

FNMA

UMBS

Pool

Pool#

CA4488

2.50%,

7/1/2034

1,183,893

1,082,845

Pool#

FM1776

3.00%,

10/1/2034

371,756

347,713

Pool#

FS1360

3.00%,

4/1/2037

1,244,109

1,157,886

6

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Bond

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BC0180

4.00%,

1/1/2046

673,317

639,644

Pool#

BC9003

3.00%,

11/1/2046

101,764

90,548

Pool#

AS8483

3.00%,

12/1/2046

79,515

71,073

Pool#

MA2863

3.00%,

1/1/2047

436,325

388,553

Pool#

BM2003

4.00%,

10/1/2047

424,712

402,820

Pool#

CA2208

4.50%,

8/1/2048

1,414,280

1,373,101

Pool#

CA2469

4.00%,

10/1/2048

101,845

96,493

Pool#

BN0906

4.00%,

11/1/2048

986,992

938,137

Pool#

CA3866

3.50%,

7/1/2049

1,817,491

1,660,299

Pool#

BP5783

3.00%,

5/1/2050

4,990,939

4,403,131

Pool#

MA4210

2.50%,

12/1/2050

947,161

805,073

Pool#

FS2041

2.00%,

8/1/2051

7,532,458

6,107,501

Pool#

MA4491

1.50%,

12/1/2051

1,405,609

1,080,553

Pool#

FS2122

3.00%,

3/1/2052

1,386,270

1,215,624

Pool#

MA4577

2.00%,

4/1/2052

9,919,180

8,034,550

Pool#

BU8944

3.00%,

4/1/2052

4,693,835

4,109,468

Pool#

MA4732

4.00%,

9/1/2052

7,191,614

6,714,503

Pool#

MA4733

4.50%,

9/1/2052

1,892,817

1,812,179

Pool#

MA4782

3.50%,

10/1/2052

4,837,639

4,383,179

Pool#

MA4805

4.50%,

11/1/2052

1,542,448

1,476,660

Pool#

MA4980

6.00%,

4/1/2053

714,687

719,113

FNMA/FHLMC

UMBS,

15

Year,

Single

Family

Conventional

Pool

TBA

5.00%,

8/25/2038

3,000,000

2,979,141

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

6.50%,

8/25/2053

250,000

254,912

GNMA

II

Pool

Pool#

MA8429

5.50%,

11/20/2052

775,492

771,142

Pool#

MA8727

6.00%,

3/20/2053

693,541

696,993

GNMA

TBA

3.50%,

8/15/2053

1,700,000

1,561,875

Total

Mortgage-Backed

Securities

(cost

$84,632,192)

77,151,009

Municipal

Bonds

0.5%

Principal

Amount

($)

Value

($)

California

0.2

%

Northern

California

Power

Agency,

RB,

Series

B,

7.31%,

6/1/2040

500,000

572,670

District

of

Columbia

0.3

%

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue,

RB,

Series

D,

7.46%,

10/1/2046

600,000

753,316

Total

Municipal

Bonds

(cost

$1,312,429)

1,325,986

U.S.

Treasury

Obligations

30.8%

U.S.

Treasury

Bonds

2.00%,

11/15/2041

16,000,000

11,481,250

2.38%,

2/15/2042

6,000,000

4,576,875

3.25%,

5/15/2042

3,500,000

3,060,859

3.88%,

2/15/2043

1,000,000

955,312

2.25%,

8/15/2046

2,100,000

1,493,789

2.25%,

2/15/2052

9,500,000

6,664,473

2.88%,

5/15/2052

1,750,000

1,409,229

U.S.

Treasury

Notes

0.25%,

3/15/2024

4,000,000

3,875,469

2.13%,

3/31/2024

2,000,000

1,957,500

4.25%,

9/30/2024

6,000,000

5,926,406

4.50%,

11/30/2024

1,000,000

989,922

1.00%,

12/15/2024

5,000,000

4,721,875

4.25%,

12/31/2024

3,300,000

3,256,301

4.13%,

1/31/2025

3,000,000

2,954,414

2.88%,

6/15/2025

1,000,000

962,656

3.00%,

7/15/2025

6,000,000

5,786,484

2.63%,

1/31/2026

(f)

4,000,000

3,809,531

4.00%,

2/15/2026

3,000,000

2,952,891

2.25%,

2/15/2027

1,000,000

930,625

0.50%,

4/30/2027

2,000,000

1,736,406

2.38%,

5/15/2027

2,000,000

1,862,578

3.25%,

6/30/2027

2,000,000

1,923,359

4.13%,

9/30/2027

1,000,000

993,438

3.88%,

12/31/2027

900,000

886,289

3.50%,

1/31/2028

2,100,000

2,036,918

1.25%,

3/31/2028

1,000,000

875,234

3.63%,

5/31/2028

2,000,000

1,952,188

2.75%,

5/31/2029

2,000,000

1,855,547

3.25%,

6/30/2029

1,000,000

953,086

3.50%,

1/31/2030

2,100,000

2,027,074

3.75%,

5/31/2030

2,000,000

1,960,000

2.75%,

8/15/2032

1,000,000

907,852

Total

U.S.

Treasury

Obligations

(cost

$92,643,930)

87,735,830

Nationwide

Bond

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

7

Repurchase

Agreement

0.3%

Principal

Amount

($)

Value

($)

CF

Secured,

LLC

5.28%,

dated

7/31/2023,

due

8/1/2023,

repurchase

price

$750,161,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.63%,

maturing

8/8/2023

-

8/15/2052;

total

market

value

$765,163.

(g)

750,050

750,050

Total

Repurchase

Agreement

(cost

$750,050)

750,050

Total

Investments

(cost

$310,647,710)

—

100.6%

286,518,901

Liabilities

in

excess

of

other

assets

—

(0.6)%

(1,641,952)

NET

ASSETS

—

100.0%

$

284,876,949

(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,

2023

was

$60,914,222

which

represents

21.38%

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,

2023.

(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,

2023.

(d)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

July

31,

2023.

(e)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

July

31,

2023.

The

total

value

of

securities

on

loan

as

of

July

31,

2023

was

$724,273,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$750,050.

(f)

Security

or

a

portion

of

the

security

was

used

to

cover

the

margin

requirement

for

futures

contracts.

(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,

2023

was

$750,050.

CLO

Collateralized

Loan

Obligations

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

RB

Revenue

Bond

REIT

Real

Estate

Investment

Trust

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,

2023

(Unaudited)

-

Nationwide

Bond

Fund

Centrally

Cleared

Credit

default

swap

contracts

outstanding

-

buy

protection

as

of

July

31,

2023

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

40-V1

1.00

Quarterly

6/20/2028

0.63

USD

18,000,000

(143,779)

(167,068)

(310,847)

(143,779)

(167,068)

(310,847)

As

of

July

31,

2023,

the

Fund

had

$225,665

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,

2023

(Unaudited)

-

Statement

of

Investments

-

9

Futures

contracts

outstanding

as

of

July

31,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

2

Year

Note

94

9/2023

USD

19,084,938

(235,622)

U.S.

Treasury

5

Year

Note

97

9/2023

USD

10,361,570

(200,998)

U.S.

Treasury

10

Year

Note

63

9/2023

USD

7,018,594

(158,061)

U.S.

Treasury

Ultra

Bond

12

9/2023

USD

1,586,625

(25,779)

Total

long

contracts

(620,460)

Short

Contracts

U.S.

Treasury

Long

Bond

(64)

9/2023

USD

(7,964,000)

151,409

Total

short

contracts

151,409

Net

contracts

(469,051)

Currency:

USD

United

States

Dollar

10

-

Statement

of

Investments

-

July

31,

2023

(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,

2023

(Unaudited)

-

Statement

of

Investments

-

11

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

July

31,

2023.

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

and

equity

movements,

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

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

23,183,241

$

–

$

23,183,241

Collateralized

Mortgage

Obligations

–

5,349,749

–

5,349,749

Commercial

Mortgage-Backed

Securities

–

7,783,285

–

7,783,285

Corporate

Bonds

–

83,239,751

–

83,239,751

Futures

Contracts

151,409

–

–

151,409

Mortgage-Backed

Securities

–

77,151,009

–

77,151,009

Municipal

Bonds

–

1,325,986

–

1,325,986

Repurchase

Agreement

–

750,050

–

750,050

U.S.

Treasury

Obligations

–

87,735,830

–

87,735,830

Total

Assets

$

151,409

$

286,518,901

$

–

$

286,670,310

Liabilities:

Credit

Default

Swaps†

$

–

$

(167,068)

$

–

$

(167,068)

Futures

Contracts

(620,460)

–

–

(620,460)

Total

Liabilities

$

(620,460)

$

(167,068)

$

–

$

(787,528)

Total

$

(469,051)

$

286,351,833

$

–

$

285,882,782

†

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,

2023

(Unaudited)

-

Nationwide

Bond

Fund

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

or

selected

credit

markets while

maintaining

liquidity

to

satisfy

shareholder

activity,

to

manage

broad

credit

market

spread

exposure

and/or

to

create

synthetic

long

and

short

exposure

to

select

credit

and 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

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

Bond

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

13

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,

2023

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

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

14

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Bond

Fund

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,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

July

31,

2023:

Assets:

Fair

Value

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

$

151,409

Total

$

151,409

Liabilities:

Swap

Contracts†

Credit

risk

Unrealized

depreciation

on

centrally

cleared

swap

contracts

$

(167,068)

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

(620,460)

Total

$

(787,528)

†

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,

2023

(Unaudited)

-

Statement

of

Investments

-

15

Asset-Backed

Securities

6.3%

Principal

Amount

($)

Value

($)

Airlines

0.1%

United

Airlines

Pass-Through

Trust,

Series

2016-1,

Class

B,

3.65%,

1/7/2026

528,935

486,801

Automobiles

1.5%

AmeriCredit

Automobile

Receivables

Trust

Series

2022-1,

Class

A2,

2.05%,

1/20/2026

143,362

142,752

Series

2022-2,

Class

B,

4.81%,

4/18/2028

1,088,000

1,063,898

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

Series

2020-1A,

Class

A,

2.33%,

8/20/2026(a)

795,000

743,037

Exeter

Automobile

Receivables

Trust,

Series

2022-3A,

Class

B,

4.86%,

12/15/2026

1,058,000

1,047,548

Ford

Credit

Auto

Owner

Trust,

Series

2022-C,

Class

A4,

4.59%,

12/15/2027

1,367,000

1,345,323

Hyundai

Auto

Receivables

Trust,

Series

2022-B,

Class

A2A,

3.64%,

5/15/2025

1,101,459

1,093,664

Santander

Drive

Auto

Receivables

Trust

Series

2022-1,

Class

B,

2.36%,

8/17/2026

2,300,000

2,257,057

Series

2022-5,

Class

A3,

4.11%,

8/17/2026

591,000

585,970

SFS

Auto

Receivables

Securitization

Trust,

Series

2023-1A,

Class

A2A,

5.89%,

3/22/2027(a)

657,000

656,641

8,935,890

Credit

Card

0.6%

Capital

One

Multi-Asset

Execution

Trust,

Series

2005-B3,

Class

B3,

6.12%,

5/15/2028(b)

3,500,000

3,463,370

Equipment

Loans

&

Leases

0.0%

†

Amur

Equipment

Finance

Receivables

XI

LLC,

Series

2022-2A,

Class

A2,

5.30%,

6/21/2028(a)

236,089

233,926

Other

4.1%

Apidos

CLO

XXXIX

Ltd.,

Series

2022-39A,

Class

A1,

6.63%,

4/21/2035(a)(b)

3,045,000

3,023,381

Cedar

Funding

VII

CLO

Ltd.,

Series

2018-7A,

Class

A1,

6.59%,

1/20/2031(a)(b)

8,134,688

8,134,842

Cerberus

Loan

Funding

XXXVII

LP,

Series

2022-

1A,

Class

A1,

7.09%,

4/15/2034(a)(b)

2,000,000

1,957,656

CF

Hippolyta

Issuer

LLC,

Series

2020-1,

Class

A1,

1.69%,

7/15/2060(a)

3,372,945

3,037,901

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

DataBank

Issuer,

Series

2021-2A,

Class

A2,

2.40%,

10/25/2051(a)

3,500,000

3,026,492

DB

Master

Finance

LLC,

Series

2021-1A,

Class

A2II,

2.49%,

11/20/2051(a)

3,496,750

2,953,380

Domino's

Pizza

Master

Issuer

LLC,

Series

2021-1A,

Class

A2I,

2.66%,

4/25/2051(a)

933,513

789,036

Hilton

Grand

Vacations

Trust,

Series

2022-2A,

Class

A,

4.30%,

1/25/2037(a)

173,868

166,258

Marlette

Funding

Trust,

Series

2022-3A,

Class

A,

5.18%,

11/15/2032(a)

193,810

192,694

Textainer

Marine

Containers

VII

Ltd.,

Series

2021-

2A,

Class

A,

2.23%,

4/20/2046(a)

820,000

703,228

23,984,868

Total

Asset-Backed

Securities

(cost

$38,472,364)

37,104,855

Collateralized

Mortgage

Obligations

0.3%

FHLMC

REMICS,

Series

4026,

Class

WJ,

2.75%,

8/15/2041

333,744

315,518

GNMA

REMICS,

Series

2023-19,

Class

WB,

5.70%,

11/20/2051(b)

831,006

845,500

Towd

Point

Mortgage

Trust,

Series

2023-1,

Class

A1,

3.75%,

1/25/2063(a)

573,825

524,629

Total

Collateralized

Mortgage

Obligations

(cost

$1,723,071)

1,685,647

Commercial

Mortgage-Backed

Securities

1.1%

GNMA

REMICS

Series

2018-17,

Class

MA,

2.60%,

5/16/2052

2,422,921

2,107,618

Series

2019-131,

Class

AD,

2.50%,

8/16/2060

4,788,799

4,068,375

Total

Commercial

Mortgage-Backed

Securities

(cost

$7,220,488)

6,175,993

Corporate

Bonds

48.2%

Aerospace

&

Defense

0.3%

HEICO

Corp.

,

5.35%,

8/1/2033

684,000

681,111

Rolls-Royce

plc

,

5.75%,

10/15/2027(a)

1,156,000

1,139,198

1,820,309

16

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Automobiles

2.3%

Ford

Motor

Co.

,

3.25%,

2/12/2032

7,550,000

5,969,285

General

Motors

Co.

,

6.80%,

10/1/2027

1,500,000

1,565,629

5.60%,

10/15/2032(c)

5,870,000

5,748,762

13,283,676

Banks

6.8%

Banco

Santander

SA

,

5.59%,

8/8/2028

1,800,000

1,800,000

Bank

of

America

Corp.

,

(SOFR

+

1.99%),

6.20%,

11/10/2028(d)

6,375,000

6,550,597

Citigroup,

Inc.

,

3.20%,

10/21/2026

2,000,000

1,875,126

(CME

Term

SOFR

3

Month

+

1.60%),

3.98%,

3/20/2030(d)

3,325,000

3,082,812

Citizens

Bank

NA

,

2.25%,

4/28/2025

250,000

231,434

(SOFR

+

1.45%),

6.06%,

10/24/2025(d)

910,000

881,083

ING

Groep

NV

,

(SOFR

+

1.64%),

3.87%,

3/28/2026(d)

2,533,000

2,445,327

JPMorgan

Chase

&

Co.

,

Series

HH,

(CME

Term

SOFR

3

Month

+

3.13%),

4.60%,

2/01/2025(d)(e)

572,000

540,540

(SOFR

+

0.49%),

0.77%,

8/9/2025(d)

3,000,000

2,839,706

(SOFR

+

1.07%),

1.95%,

2/4/2032(d)

8,045,000

6,404,941

Mizuho

Financial

Group,

Inc.

,

4.02%,

3/5/2028(c)

5,715,000

5,394,693

PNC

Financial

Services

Group,

Inc.

(The)

,

(SOFR

+

1.09%),

4.76%,

1/26/2027(d)

3,000,000

2,947,555

Santander

Holdings

USA,

Inc.

,

(SOFR

+

2.36%),

6.50%,

3/9/2029(d)

417,000

418,821

Toronto-Dominion

Bank

(The)

,

5.53%,

7/17/2026

2,025,000

2,034,146

Truist

Financial

Corp.

,

(SOFR

+

2.36%),

5.87%,

6/8/2034(d)

241,000

243,147

US

Bancorp

,

(SOFR

+

2.26%),

5.84%,

6/12/2034(d)

498,000

504,960

Wells

Fargo

&

Co.

,

(SOFR

+

1.74%),

5.57%,

7/25/2029(d)

1,553,000

1,561,231

39,756,119

Beverages

0.3%

Anheuser-Busch

InBev

Worldwide,

Inc.

,

4.50%,

6/1/2050

1,625,000

1,483,525

Corporate

Bonds

Principal

Amount

($)

Value

($)

Biotechnology

1.9%

AbbVie,

Inc.

,

4.05%,

11/21/2039

1,965,000

1,710,883

Amgen,

Inc.

,

3.00%,

2/22/2029

4,900,000

4,441,405

5.15%,

11/15/2041

3,875,000

3,702,315

5.38%,

5/15/2043

1,320,000

1,242,185

11,096,788

Broadline

Retail

0.2%

Macy's

Retail

Holdings

LLC

,

5.88%,

3/15/2030(a)

1,015,000

916,646

6.13%,

3/15/2032(a)

500,000

446,221

1,362,867

Building

Products

1.4%

Carrier

Global

Corp.

,

2.72%,

2/15/2030

4,000,000

3,450,848

Johnson

Controls

International

plc

,

1.75%,

9/15/2030

3,760,000

3,037,792

Smyrna

Ready

Mix

Concrete

LLC

,

6.00%,

11/1/2028(a)

1,756,000

1,673,838

8,162,478

Capital

Markets

3.4%

Charles

Schwab

Corp.

(The)

,

1.95%,

12/1/2031

5,830,000

4,531,939

Deutsche

Bank

AG

,

(SOFR

+

3.18%),

6.72%,

1/18/2029(d)

799,000

813,595

(SOFR

+

3.65%),

7.08%,

2/10/2034(c)(d)

978,000

942,056

Goldman

Sachs

Group,

Inc.

(The)

,

(SOFR

+

1.51%),

4.39%,

6/15/2027(d)

3,250,000

3,162,802

(SOFR

+

1.09%),

1.99%,

1/27/2032(d)

4,040,000

3,182,126

Morgan

Stanley

,

7.25%,

4/1/2032

5,600,000

6,425,801

Nasdaq,

Inc.

,

5.35%,

6/28/2028

455,000

455,780

5.95%,

8/15/2053

119,000

121,411

UBS

Group

AG

,

(SOFR

+

3.92%),

6.54%,

8/12/2033(a)(d)

460,000

480,255

20,115,765

Chemicals

1.2%

Braskem

Netherlands

Finance

BV

,

4.50%,

1/31/2030(a)

1,685,000

1,439,530

5.88%,

1/31/2050(a)

224,000

178,340

Celanese

US

Holdings

LLC

,

6.17%,

7/15/2027(c)

2,586,000

2,604,496

LG

Chem

Ltd.

,

2.38%,

7/7/2031(a)

3,750,000

3,045,283

7,267,649

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

17

Corporate

Bonds

Principal

Amount

($)

Value

($)

Commercial

Services

&

Supplies

0.5%

ILFC

E-Capital

Trust

I

,

+

1.55%,

14.50%

Cap),

7.06%,

12/21/2065(a)(d)

3,800,000

2,665,295

Consumer

Finance

1.6%

Capital

One

Financial

Corp.

,

(SOFR

+

0.69%),

6.03%,

12/6/2024(d)

4,295,000

4,235,404

Discover

Financial

Services

,

6.70%,

11/29/2032

517,000

530,428

General

Motors

Financial

Co.,

Inc.

,

2.40%,

10/15/2028

1,000,000

855,737

Synchrony

Financial

,

2.88%,

10/28/2031

4,775,000

3,539,614

9,161,183

Containers

&

Packaging

0.6%

Ardagh

Metal

Packaging

Finance

USA

LLC

,

6.00%,

6/15/2027(a)

3,200,000

3,157,674

Sealed

Air

Corp.

,

6.13%,

2/1/2028(a)

88,000

87,605

3,245,279

Diversified

REITs

0.7%

VICI

Properties

LP

,

3.50%,

2/15/2025(a)

1,190,000

1,142,650

Vornado

Realty

LP

,

2.15%,

6/1/2026

3,561,000

3,029,076

4,171,726

Diversified

Telecommunication

Services

2.5%

AT&T,

Inc.

,

3.55%,

9/15/2055

4,360,000

2,934,018

CCO

Holdings

LLC

,

4.50%,

5/1/2032(a)

1,500,000

1,223,045

Verizon

Communications,

Inc.

,

1.50%,

9/18/2030

12,970,000

10,222,841

14,379,904

Electric

Utilities

4.5%

Avangrid

,

Inc.

,

3.20%,

4/15/2025

2,800,000

2,672,241

CenterPoint

Energy

Houston

Electric

LLC

,

5.30%,

4/1/2053

169,000

171,936

Commonwealth

Edison

Co.

,

3.70%,

8/15/2028

2,090,000

1,978,112

Duke

Energy

Carolinas

LLC

,

3.95%,

11/15/2028

3,795,000

3,625,246

Electricite

de

France

SA

,

5.70%,

5/23/2028(a)

253,000

254,771

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.41%),

9.12%,

3/15/2033(a)(d)(e)

543,000

570,829

6.90%,

5/23/2053(a)

591,000

622,596

Enel

Finance

America

LLC

,

2.88%,

7/12/2041(a)

3,969,000

2,607,329

Enel

Finance

International

NV

,

5.00%,

6/15/2032(a)

3,200,000

3,047,620

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Eversource

Energy

,

Series

R,

1.65%,

8/15/2030

3,200,000

2,540,119

5.13%,

5/15/2033

2,500,000

2,464,520

Indiana

Michigan

Power

Co.

,

5.63%,

4/1/2053

122,000

126,417

New

England

Power

Co.

,

5.94%,

11/25/2052(a)

1,186,000

1,238,256

PPL

Electric

Utilities

Corp.

,

3.95%,

6/1/2047

1,730,000

1,426,775

Sociedad

de

Transmision

Austral

SA

,

4.00%,

1/27/2032(a)

3,750,000

3,271,758

26,618,525

Energy

Equipment

&

Services

0.3%

Baker

Hughes

Holdings

LLC

,

3.14%,

11/7/2029

2,000,000

1,787,557

Entertainment

0.4%

Netflix,

Inc.

,

5.88%,

11/15/2028

628,000

646,988

Warnermedia

Holdings,

Inc.

,

3.64%,

3/15/2025

1,442,000

1,393,629

2,040,617

Financial

Services

0.9%

EDP

Finance

BV

,

6.30%,

10/11/2027(a)

200,000

206,346

Fiserv,

Inc.

,

5.60%,

3/2/2033

379,000

385,849

Global

Payments,

Inc.

,

5.40%,

8/15/2032

896,000

879,253

Jackson

Financial,

Inc.

,

3.13%,

11/23/2031

3,720,000

2,932,828

Synchrony

Bank

,

5.40%,

8/22/2025

997,000

960,214

5,364,490

Food

Products

0.2%

NBM

US

Holdings,

Inc.

,

7.00%,

5/14/2026(a)

1,385,000

1,357,373

Ground

Transportation

0.9%

Penske

Truck

Leasing

Co.

LP

,

6.05%,

8/1/2028(a)

815,000

817,394

Triton

Container

International

Ltd.

,

3.15%,

6/15/2031(a)

590,000

454,358

Union

Pacific

Corp.

,

4.95%,

9/9/2052(c)

4,000,000

3,977,466

5,249,218

Health

Care

Providers

&

Services

2.4%

AdaptHealth

LLC

,

5.13%,

3/1/2030(a)

6,400,000

5,295,505

CVS

Health

Corp.

,

5.88%,

6/1/2053

281,000

285,053

Elevance

Health,

Inc.

,

5.10%,

1/15/2044

4,000,000

3,748,890

HCA,

Inc.

,

4.50%,

2/15/2027

4,135,000

4,018,687

3.13%,

3/15/2027(a)

384,000

354,044

18

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Providers

&

Services

Tenet

Healthcare

Corp.

,

4.88%,

1/1/2026

652,000

631,038

14,333,217

Health

Care

REITs

0.4%

Healthpeak

OP

LLC

,

3.40%,

2/1/2025

178,000

171,602

Ventas

Realty

LP

,

4.00%,

3/1/2028

2,300,000

2,138,453

2,310,055

Hotels,

Restaurants

&

Leisure

0.7%

Caesars

Entertainment,

Inc.

,

7.00%,

2/15/2030(a)

552,000

557,532

Sands

China

Ltd.

,

3.35%,

3/8/2029(f)

200,000

172,141

4.88%,

6/18/2030(f)

1,230,000

1,120,921

Wynn

Macau

Ltd.

,

5.63%,

8/26/2028(a)

1,679,000

1,490,862

5.63%,

8/26/2028(a)

621,000

551,414

3,892,870

Household

Durables

0.1%

Newell

Brands,

Inc.

,

6.63%,

9/15/2029(c)

452,000

451,509

Independent

Power

and

Renewable

Electricity

Producers

0.8%

AES

Corp.

(The)

,

2.45%,

1/15/2031

3,750,000

3,057,127

Constellation

Energy

Generation

LLC

,

5.80%,

3/1/2033

1,312,000

1,344,769

4,401,896

Industrial

REITs

0.1%

Rexford

Industrial

Realty

LP

,

2.15%,

9/1/2031

1,110,000

862,058

Insurance

0.6%

Prudential

Financial,

Inc.

,

5.70%,

12/14/2036

3,416,000

3,534,941

IT

Services

0.1%

Kyndryl

Holdings,

Inc.

,

2.05%,

10/15/2026

400,000

348,437

Machinery

0.2%

TK

Elevator

US

Newco

,

Inc.

,

5.25%,

7/15/2027(a)

1,501,000

1,403,665

Media

0.9%

Comcast

Corp.

,

4.65%,

2/15/2033(c)

5,500,000

5,431,478

Univision

Communications,

Inc.

,

8.00%,

8/15/2028(a)

45,000

45,337

5,476,815

Metals

&

Mining

0.0%

†

Arsenal

AIC

Parent

LLC

,

8.00%,

10/1/2030(a)

251,000

256,020

Corporate

Bonds

Principal

Amount

($)

Value

($)

Multi-Utilities

0.0%

†

NiSource,

Inc.

,

5.25%,

3/30/2028

158,000

158,307

Office

REITs

0.2%

Alexandria

Real

Estate

Equities,

Inc.

,

4.75%,

4/15/2035

378,000

352,636

Boston

Properties

LP

,

3.80%,

2/1/2024

890,000

872,741

1,225,377

Oil,

Gas

&

Consumable

Fuels

6.0%

Aker

BP

ASA

,

2.00%,

7/15/2026(a)

3,027,000

2,716,479

BP

Capital

Markets

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.04%),

4.38%,

6/22/2025(d)(e)

2,105,000

2,026,904

Cheniere

Energy

Partners

LP

,

5.95%,

6/30/2033(a)(c)

284,000

287,377

Crestwood

Midstream

Partners

LP

,

7.38%,

2/1/2031(a)

114,000

113,711

CVR

Energy,

Inc.

,

5.25%,

2/15/2025(a)

895,000

869,199

DT

Midstream,

Inc.

,

4.30%,

4/15/2032(a)

1,392,000

1,223,795

Ecopetrol

SA

,

8.63%,

1/19/2029

711,000

731,975

Enbridge,

Inc.

,

5.70%,

3/8/2033

929,000

941,744

Energy

Transfer

LP

,

Series

G,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.31%),

7.13%,

5/15/2030(d)(e)

487,000

427,733

Enterprise

Products

Operating

LLC

,

4.80%,

2/1/2049

1,915,000

1,733,510

Howard

Midstream

Energy

Partners

LLC

,

8.88%,

7/15/2028(a)

734,000

750,588

Occidental

Petroleum

Corp.

,

6.63%,

9/1/2030

2,000,000

2,097,540

ONEOK

Partners

LP

,

6.85%,

10/15/2037

7,593,000

7,845,747

ONEOK,

Inc.

,

6.10%,

11/15/2032

2,032,000

2,075,206

Parkland

Corp.

,

4.50%,

10/1/2029(a)

2,000,000

1,764,948

Valero

Energy

Corp.

,

8.75%,

6/15/2030

2,500,000

2,928,629

7.50%,

4/15/2032

2,641,000

2,986,156

4.00%,

6/1/2052

816,000

618,682

Western

Midstream

Operating

LP

,

6.15%,

4/1/2033(c)

166,000

168,362

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

19

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Williams

Cos.,

Inc.

(The)

,

2.60%,

3/15/2031

3,500,000

2,901,676

35,209,961

Passenger

Airlines

0.1%

United

Airlines,

Inc.

,

4.63%,

4/15/2029(a)

902,000

816,009

Pharmaceuticals

0.2%

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

5.30%,

5/19/2053

822,000

844,635

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

5.13%,

5/9/2029

285,000

261,131

1,105,766

Retail

REITs

0.1%

Brixmor

Operating

Partnership

LP

,

3.85%,

2/1/2025

496,000

477,145

Semiconductors

&

Semiconductor

Equipment

1.1%

Intel

Corp.

,

5.20%,

2/10/2033

190,000

192,201

5.70%,

2/10/2053

125,000

127,445

Micron

Technology,

Inc.

,

2.70%,

4/15/2032

3,750,000

2,974,662

NXP

BV

,

3.40%,

5/1/2030

3,500,000

3,101,904

6,396,212

Software

1.0%

Oracle

Corp.

,

3.60%,

4/1/2050

1,150,000

817,160

5.55%,

2/6/2053

248,000

237,815

Salesforce,

Inc.

,

2.70%,

7/15/2041

3,565,000

2,593,844

VMware,

Inc.

,

2.20%,

8/15/2031

2,870,000

2,249,634

5,898,453

Specialized

REITs

0.7%

Equinix

,

Inc.

,

3.90%,

4/15/2032

3,000,000

2,699,054

Extra

Space

Storage

LP

,

5.70%,

4/1/2028

405,000

407,256

Iron

Mountain,

Inc.

,

7.00%,

2/15/2029(a)

1,155,000

1,158,973

4,265,283

Specialty

Retail

0.4%

Lowe's

Cos.,

Inc.

,

2.80%,

9/15/2041

3,395,000

2,390,874

Technology

Hardware,

Storage

&

Peripherals

0.7%

Dell

International

LLC

,

3.45%,

12/15/2051(a)

2,555,000

1,710,956

Lenovo

Group

Ltd.

,

6.54%,

7/27/2032(a)

2,328,000

2,372,551

4,083,507

Corporate

Bonds

Principal

Amount

($)

Value

($)

Tobacco

0.5%

BAT

Capital

Corp.

,

6.34%,

8/2/2030

623,000

623,000

7.08%,

8/2/2053

225,000

225,000

Philip

Morris

International,

Inc.

,

5.63%,

11/17/2029

281,000

287,469

2.10%,

5/1/2030

1,825,000

1,505,953

2,641,422

Wireless

Telecommunication

Services

0.0%

†

T-Mobile

USA,

Inc.

,

4.95%,

3/15/2028

258,000

254,849

Total

Corporate

Bonds

(cost

$304,079,494)

282,584,991

Foreign

Government

Security

0.1%

HUNGARY

0.1%

Hungary

Government

Bond,

6.75%,

9/25/2052(a)

400,000

417,806

Total

Foreign

Government

Security

(cost

$383,013)

417,806

Mortgage-Backed

Securities

26.6%

FHLMC

Gold

Pool

Pool#

J14732

4.00%,

3/1/2026

6

5

Pool#

C91768

3.50%,

7/1/2034

1,896,433

1,786,628

Pool#

G30692

3.50%,

8/1/2034

2,437,687

2,296,675

Pool#

G30782

3.50%,

2/1/2035

665,023

626,501

Pool#

C91859

3.50%,

12/1/2035

652,153

614,348

Pool#

C91868

3.50%,

4/1/2036

1,634,061

1,539,330

Pool#

Q10392

3.50%,

8/1/2042

1,014,573

945,576

Pool#

G08541

3.50%,

8/1/2043

1,471,558

1,367,256

Pool#

G08554

3.50%,

10/1/2043

839,765

779,654

Pool#

G08588

4.00%,

5/1/2044

580,895

554,413

Pool#

G08721

3.00%,

9/1/2046

2,095,268

1,866,556

Pool#

G08726

3.00%,

10/1/2046

3,067,170

2,739,729

FHLMC

UMBS

Pool

Pool#

SB0548

2.00%,

7/1/2036

4,774,288

4,239,776

Pool#

RB5076

2.00%,

8/1/2040

7,274,117

6,217,038

Pool#

SD0040

3.00%,

7/1/2049

1,677,885

1,482,141

20

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

SD8036

3.00%,

1/1/2050

1,210,039

1,066,123

Pool#

SD0612

2.50%,

11/1/2050

3,564,666

3,083,519

Pool#

QC0345

2.00%,

3/1/2051

1,385,221

1,139,544

Pool#

SD1607

2.50%,

3/1/2052

6,561,315

5,624,725

Pool#

RA7557

4.50%,

6/1/2052

4,463,559

4,273,292

Pool#

SD1716

5.00%,

9/1/2052

3,346,664

3,317,597

Pool#

SD1686

5.50%,

9/1/2052

2,781,782

2,806,090

Pool#

SD1853

5.50%,

11/1/2052

1,405,062

1,424,685

FNMA

UMBS

Pool

Pool#

MA2124

3.00%,

12/1/2029

340,804

323,874

Pool#

AL6591

3.00%,

9/1/2033

1,915,554

1,781,367

Pool#

MA1608

3.50%,

10/1/2033

2,437,669

2,293,842

Pool#

MA1982

3.50%,

8/1/2034

2,587,233

2,434,507

Pool#

MA2610

3.00%,

5/1/2036

2,298,093

2,120,281

Pool#

MA3697

3.00%,

7/1/2039

1,560,188

1,415,834

Pool#

AE0311

3.50%,

8/1/2040

1,692,255

1,577,575

Pool#

AB1845

4.00%,

11/1/2040

1,727,235

1,651,981

Pool#

AJ9278

3.50%,

12/1/2041

1,861,629

1,732,985

Pool#

AW8165

4.00%,

1/1/2042

1,376,489

1,316,505

Pool#

AL2866

3.50%,

11/1/2042

1,421,867

1,320,135

Pool#

AU2592

3.50%,

8/1/2043

1,282,175

1,191,719

Pool#

AX4312

3.50%,

2/1/2045

748,046

692,030

Pool#

AZ7353

3.50%,

11/1/2045

1,144,032

1,057,889

Pool#

AS6408

3.50%,

1/1/2046

1,723,520

1,593,692

Pool#

AS8583

3.50%,

1/1/2047

3,093,493

2,843,948

Pool#

MA3088

4.00%,

8/1/2047

686,259

650,814

Pool#

CA1191

3.50%,

11/1/2047

1,783,777

1,635,794

Pool#

MA3305

3.50%,

3/1/2048

1,458,672

1,338,421

Pool#

MA3744

3.00%,

8/1/2049

1,519,527

1,339,949

Pool#

FS2253

3.50%,

4/1/2050

1,806,373

1,656,951

Pool#

CA7972

3.00%,

9/1/2050

6,948,911

6,113,251

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

FM7398

2.50%,

6/1/2051

4,670,037

4,016,457

Pool#

FM9134

3.00%,

6/1/2051

4,707,065

4,223,806

Pool#

FP0012

3.00%,

8/1/2051

1,238,304

1,099,532

Pool#

MA4439

3.00%,

10/1/2051

7,268,998

6,373,575

Pool#

CB2371

2.50%,

12/1/2051

5,784,699

4,934,141

Pool#

FS2838

2.50%,

4/1/2052

1,138,052

978,161

Pool#

FS3537

2.50%,

4/1/2052

1,065,610

916,510

Pool#

CB3678

4.00%,

5/1/2052

3,064,840

2,865,650

Pool#

FS1855

4.00%,

5/1/2052

2,731,307

2,572,379

Pool#

MA4625

3.50%,

6/1/2052

3,078,331

2,789,348

Pool#

CB3851

4.00%,

6/1/2052

1,960,237

1,861,212

Pool#

MA4684

4.50%,

6/1/2052

5,719,853

5,476,479

Pool#

FS2513

4.00%,

7/1/2052

5,870,713

5,507,034

Pool#

FS2323

4.00%,

7/1/2052

2,139,080

2,002,872

Pool#

FS2293

4.50%,

7/1/2052

5,873,486

5,642,947

Pool#

FS2257

4.50%,

7/1/2052

1,534,880

1,483,005

Pool#

CB4037

5.00%,

7/1/2052

2,914,144

2,846,827

Pool#

BV7937

4.00%,

8/1/2052

3,045,635

2,843,267

Pool#

FS2790

5.00%,

9/1/2052

4,348,561

4,266,467

Pool#

FS3210

5.00%,

9/1/2052

1,947,286

1,906,313

Pool#

FS3220

5.50%,

11/1/2052

2,733,037

2,725,712

GNMA

Pool#

BT6867

,

3.00%,

5/20/2050

1,115,493

998,255

Total

Mortgage-Backed

Securities

(cost

$167,772,225)

156,204,494

Municipal

Bonds

1.2%

California

0.6

%

City

of

San

Francisco

CA

Public

Utilities

Commission

Water

Revenue,

RB,

Series

A,

3.47%,

11/1/2043

5,000,000

3,869,392

Michigan

0.2

%

University

of

Michigan,

RB,

Series

C,

3.60%,

4/1/2047

1,145,000

975,779

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

21

Municipal

Bonds

Principal

Amount

($)

Value

($)

Virginia

0.4

%

City

of

Richmond

VA

Public

Utility

Revenue,

RB,

Series

B,

2.50%,

1/15/2029

2,450,000

2,181,086

Total

Municipal

Bonds

(cost

$8,722,102)

7,026,257

U.S.

Treasury

Obligations

14.8%

U.S.

Treasury

Bonds

1.88%,

2/15/2041

26,913,200

19,145,168

1.75%,

8/15/2041

5,416,000

3,733,443

4.00%,

11/15/2042

501,300

488,219

1.25%,

5/15/2050

414,200

225,804

1.38%,

8/15/2050

422,800

238,254

2.38%,

5/15/2051

1,665,000

1,201,922

2.00%,

8/15/2051

19,853,400

13,126,510

3.63%,

2/15/2053

189,800

177,018

U.S.

Treasury

Notes

1.50%,

2/29/2024

693,000

677,678

2.00%,

2/15/2025

750,000

715,283

0.38%,

4/30/2025

2,106,600

1,944,244

2.88%,

5/31/2025

(c)

3,820,000

3,679,585

4.25%,

5/31/2025

(c)

8,700,000

8,590,570

0.63%,

12/31/2027

1,411,500

1,207,163

4.00%,

2/29/2028

17,471,000

17,314,034

3.50%,

4/30/2028

210,500

204,177

3.63%,

5/31/2028

2,675,000

2,611,051

4.00%,

6/30/2028

(c)

255,000

252,948

3.75%,

5/31/2030

605,000

592,900

3.50%,

2/15/2033

5,158,400

4,971,408

3.38%,

5/15/2033

5,870,800

5,600,193

Total

U.S.

Treasury

Obligations

(cost

$98,560,608)

86,697,572

Preferred

Stocks

0.6%

Shares

Consumer

Finance

0.4%

Capital

One

Financial

Corp.,

4.80%,

6/1/2025(g)

128,250

2,394,428

Financial

Services

0.0%

†

FHLMC,

+

0.00%,

7.88%

Floor),

8.38%,

12/31/2027*(d)(g)

35,000

73,500

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.2%

Two

Harbors

Investment

Corp.,

+

5.35%),

7.63%,

7/27/2027(d)(g)

50,000

1,030,000

Total

Preferred

Stocks

(cost

$5,403,070)

3,497,928

Repurchase

Agreement

1.3%

Principal

Amount

($)

Value

($)

CF

Secured,

LLC

5.28%,

dated

7/31/2023,

due

8/1/2023,

repurchase

price

$7,876,522,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.63%,

maturing

8/8/2023

-

8/15/2052;

total

market

value

$8,034,052.

(h)

7,875,366

7,875,366

Total

Repurchase

Agreement

(cost

$7,875,366)

7,875,366

Total

Investments

(cost

$640,211,801)

—

100.5%

589,270,909

Liabilities

in

excess

of

other

assets

—

(0.5)%

(3,188,749)

NET

ASSETS

—

100.0%

$

586,082,160

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

July

31,

2023

was

$82,344,082

which

represents

14.05%

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,

2023.

(c)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

July

31,

2023.

The

total

value

of

securities

on

loan

as

of

July

31,

2023

was

$21,487,873,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$7,875,366

and

by

$14,245,339

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

4.38%,

and

maturity

dates

ranging

from

11/15/2023

–

11/15/2052,

a

total

value

of

$22,120,705.

(d)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

July

31,

2023.

(e)

Perpetual

Bond

Security.

The

rate

reflected

in

the

Statement

of

Investments

is

the

rate

in

effect

on

July

31,

2023.

The

maturity

date

reflects

the

next

call

date.

(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,

2023.

(g)

The

date

shown

reflects

the

next

call

date

on

which

the

issuer

may

redeem

the

security

at

par

value.

The

coupon

rate

for

this

security

is

based

on

par

value

and

is

currently

in

effect

as

of

July

31,

2023.

(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,

2023

was

$7,875,366.

CLO

Collateralized

Loan

Obligations

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

22

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund

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

Futures

contracts

outstanding

as

of

July

31,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

2

Year

Note

59

9/2023

USD

11,978,844

(94,122)

U.S.

Treasury

5

Year

Note

254

9/2023

USD

27,132,359

(327,124)

U.S.

Treasury

Long

Bond

23

9/2023

USD

2,862,063

(72,768)

U.S.

Treasury

Ultra

Bond

108

9/2023

USD

14,279,625

(342,629)

Total

long

contracts

(836,643)

Short

Contracts

U.S.

Treasury

10

Year

Note

(209)

9/2023

USD

(23,283,906)

261,642

U.S.

Treasury

10

Year

Ultra

Note

(253)

9/2023

USD

(29,597,047)

719,690

Total

short

contracts

981,332

Net

contracts

144,689

As

of

July

31,

2023,

the

Fund

had

$558,859

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund

-

July

31,

2023

(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.

24

-

Statement

of

Investments

-

July

31,

2023

(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,

2023.

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,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

37,104,855

$

–

$

37,104,855

Collateralized

Mortgage

Obligations

–

1,685,647

–

1,685,647

Commercial

Mortgage-Backed

Securities

–

6,175,993

–

6,175,993

Corporate

Bonds

–

282,584,991

–

282,584,991

Foreign

Government

Security

–

417,806

–

417,806

Futures

Contracts

981,332

–

–

981,332

Mortgage-Backed

Securities

–

156,204,494

–

156,204,494

Municipal

Bonds

–

7,026,257

–

7,026,257

Preferred

Stocks

3,497,928

–

–

3,497,928

Repurchase

Agreement

–

7,875,366

–

7,875,366

U.S.

Treasury

Obligations

–

86,697,572

–

86,697,572

Total

Assets

$

4,479,260

$

585,772,981

$

–

$

590,252,241

Liabilities:

Futures

Contracts

$

(836,643)

$

–

$

–

$

(836,643)

Total

Liabilities

$

(836,643)

$

–

$

–

$

(836,643)

Total

$

3,642,617

$

585,772,981

$

–

$

589,415,598

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

25

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

July

31,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

July

31,

2023:

Assets:

Fair

Value

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

$

981,332

Total

$

981,332

Liabilities:

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

$

(836,643)

Total

$

(836,643)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

26

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Government

Money

Market

Fund

U.S.

Government

Agency

Securities

21

.2

%

Principal

Amount

($)

Value

($)

FFCB

(SOFR

+

0.05%),

5.35%,

4/25/2024(a)

3,000,000

3,000,000

(SOFR

+

0.05%),

5.35%,

5/24/2024(a)

2,000,000

2,000,000

(SOFR

+

0.10%),

5.40%,

7/18/2024(a)

4,000,000

4,000,000

(SOFR

+

0.08%),

5.38%,

7/22/2024(a)

3,000,000

2,999,634

FHLB

(SOFR

+

0.02%),

5.32%,

8/7/2023(a)

13,000,000

13,000,000

(SOFR

+

0.00%),

5.30%,

8/8/2023(a)

5,000,000

5,000,000

(SOFR

+

0.01%),

5.31%,

8/17/2023(a)

5,000,000

5,000,000

(SOFR

+

0.02%),

5.32%,

8/23/2023(a)

5,000,000

5,000,000

(SOFR

+

0.01%),

5.31%,

8/25/2023(a)

10,000,000

10,000,000

5.32%,

8/25/2023

8,000,000

7,972,011

(SOFR

+

0.05%),

5.35%,

8/29/2023(a)

8,000,000

8,000,000

(SOFR

+

0.09%),

5.39%,

9/14/2023(a)

5,000,000

5,000,000

(SOFR

+

0.03%),

5.33%,

9/25/2023(a)

5,000,000

5,000,000

(SOFR

+

0.07%),

5.37%,

10/4/2023(a)

4,000,000

4,000,000

(SOFR

+

0.07%),

5.37%,

10/19/2023(a)

3,000,000

3,000,000

(SOFR

+

0.04%),

5.34%,

10/23/2023(a)

5,000,000

5,000,000

(SOFR

+

0.03%),

5.34%,

11/1/2023(a)

8,000,000

8,000,000

(SOFR

+

0.04%),

5.34%,

11/16/2023(a)

5,000,000

5,000,000

(SOFR

+

0.08%),

5.38%,

11/29/2023(a)

5,000,000

5,000,000

(SOFR

+

0.04%),

5.35%,

2/1/2024(a)

6,000,000

6,000,000

5.02%,

2/9/2024

3,000,000

2,923,520

(SOFR

+

0.14%),

5.45%,

4/21/2025(a)

4,000,000

4,000,000

Total

U.S.

Government

Agency

Securities

(cost

$118,895,165)

118,895,165

U.S.

Treasury

Obligations

22

.7

%

U.S.

Treasury

Bills

5.19%,

8/1/2023

18,000,000

18,000,000

5.12%,

8/15/2023

8,000,000

7,984,196

5.28%,

8/22/2023

11,000,000

10,966,280

1.90%,

8/29/2023

22,000,000

21,910,268

5.31%,

9/7/2023

7,000,000

6,962,049

5.30%,

9/19/2023

8,000,000

7,942,779

0.00%,

9/26/2023

14,000,000

13,884,904

5.29%,

10/10/2023

5,000,000

4,949,444

5.39%,

12/7/2023

5,000,000

4,906,667

5.29%,

12/14/2023

5,000,000

4,903,344

5.41%,

1/11/2024

3,000,000

2,928,416

5.39%,

1/18/2024

3,000,000

2,925,625

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Bills

5.19%,

6/13/2024

3,000,000

2,869,766

U.S.

Treasury

Notes

(US

Treasury

3

Month

Bill

Money

Market

Yield

-

0.08%),

5.27%,

4/30/2024(a)

6,000,000

5,996,603

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.04%),

5.38%,

7/31/2024(a)

10,000,000

9,996,724

Total

U.S.

Treasury

Obligations

(cost

$127,127,065)

127,127,065

Repurchase

Agreements

60

.9

%

Banco

Santander

SA,

5.31%,

dated

7/31/2023,

due

8/1/2023,

repurchase

price

$75,011,063,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.00%

-

6.00%,

maturing

10/1/2028

-

9/1/2057;

total

market

value

$76,500,000.

75,000,000

75,000,000

Barclays

Capital,

Inc.,

5.28%,

dated

7/31/2023,

due

8/1/2023,

repurchase

price

$6,000,880,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.13%,

maturing

8/8/2023

-

11/15/2032;

total

market

value

$6,120,089.

6,000,000

6,000,000

Canadian

Imperial

Bank

of

Commerce,

5.30%,

dated

7/31/2023,

due

8/1/2023,

repurchase

price

$70,010,306,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.73%

-

6.50%,

maturing

6/15/2032

-

7/1/2053;

total

market

value

$71,405,351.

70,000,000

70,000,000

MUFG

Securities

Ltd.,

5.28%,

dated

7/31/2023,

due

8/1/2023,

repurchase

price

$40,005,867,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.13%

-

6.13%,

maturing

4/15/2024

-

2/15/2050;

total

market

value

$40,800,064.

40,000,000

40,000,000

Nationwide

Government

Money

Market

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

27

Repurchase

Agreements

Principal

Amount

($)

Value

($)

MUFG

Securities

Ltd.,

5.30%,

dated

7/31/2023,

due

8/1/2023,

repurchase

price

$20,002,944,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.13%

-

6.00%,

maturing

8/15/2024

-

2/1/2053;

total

market

value

$20,400,031.

20,000,000

20,000,000

Nomura

Securities

Co.

Ltd.,

5.29%,

dated

7/31/2023,

due

8/1/2023,

repurchase

price

$10,001,469,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

3.50%

-

5.50%,

maturing

12/1/2033

-

4/1/2053;

total

market

value

$10,200,180.

10,000,000

10,000,000

RBC

Dominion

Securities

Inc.,

5.28%,

dated

7/31/2023,

due

8/1/2023,

repurchase

price

$40,005,867,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

3.88%,

maturing

10/12/2023

-

11/15/2050;

total

market

value

$40,800,089.

40,000,000

40,000,000

RBC

Dominion

Securities

Inc.,

5.30%,

dated

7/31/2023,

due

8/1/2023,

repurchase

price

$25,003,681,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

6.00%,

maturing

8/31/2023

-

7/20/2053;

total

market

value

$26,081,718.

25,000,000

25,000,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Royal

Bank

of

Canada,

5.30%,

dated

7/31/2023,

due

8/1/2023,

repurchase

price

$55,008,097,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

7.00%,

maturing

7/31/2025

-

9/25/2052;

total

market

value

$58,171,423.

55,000,000

55,000,000

Total

Repurchase

Agreements

(cost

$341,000,000)

341,000,000

Total

Investments

(cost

$587,022,230)

—

104.8%

587,022,230

Liabilities

in

excess

of

other

assets

—

(4.8)%

(

26,709,046

)

NET

ASSETS

—

100.0%

$560,313,184

(a)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

July

31,

2023.

FFCB

Federal

Farm

Credit

Bank

FHLB

Federal

Home

Loan

Bank

SOFR

Secured

Overnight

Financing

Rate

28

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Government

Money

Market

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

Government

Money

Market

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

29

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Repurchase

Agreements

$

–

$

341,000,000

$

–

$

341,000,000

U.S.

Government

Agency

Securities

–

118,895,165

–

118,895,165

U.S.

Treasury

Obligations

–

127,127,065

–

127,127,065

Total

$

–

$

587,022,230

$

–

$

587,022,230

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,

2023

(Unaudited)

-

Nationwide

Inflation-Protected

Securities

Fund

Asset-Backed

Securities

2.1%

Principal

Amount

($)

Value

($)

Other

2.1%

Goodgreen,

Series

2022-

1A,

Class

A,

3.84%,

10/15/2056(a)

421,102

365,327

New

Residential

Advance

Receivables

Trust

Advance

Receivables

Backed

Series

2020-T1,

Class

AT1,

1.43%,

8/15/2053(a)

1,900,000

1,894,735

Series

2020-T1,

Class

BT1,

1.82%,

8/15/2053(a)

250,000

249,297

Series

2020-T1,

Class

CT1,

2.27%,

8/15/2053(a)

250,000

249,310

Reach

ABS

Trust,

Series

2023-1A,

Class

A,

7.05%,

2/18/2031(a)

200,000

200,085

SPS

Servicer

Advance

Receivables

Trust,

Series

2020-T2,

Class

A,

1.83%,

11/15/2055(a)

1,290,000

1,159,405

Total

Asset-Backed

Securities

(cost

$4,310,718)

4,118,159

Collateralized

Mortgage

Obligations

0.8%

FHLMC

REMICS

Series

1684,

Class

I,

6.50%,

3/15/2024

5,100

5,099

Series

2296,

Class

H,

6.50%,

3/15/2031

11

10

FNMA

REMICS

Series

1993-226,

Class

PK,

6.00%,

12/25/2023

1,837

1,825

Series

2013-59,

Class

MX,

2.50%,

9/25/2042

839,444

768,525

GCAT

2022-CM1

Trust,

Series

2022-HX1,

Class

A1,

2.89%,

12/27/2066(a)(b)

863,804

759,487

Total

Collateralized

Mortgage

Obligations

(cost

$1,720,158)

1,534,946

Commercial

Mortgage-Backed

Security

0.0%

†

FNMA

REMICS,

Series

1998-73,

Class

MZ,

6.30%,

10/17/2038

62,360

57,097

Total

Commercial

Mortgage-Backed

Security

(cost

$62,584)

57,097

Mortgage-Backed

Securities

0.8%

FNMA

Pool

Pool#

874982

6.81%,

11/1/2025

1,297,772

1,292,210

Pool#

773298

4.63%,

4/1/2035(b)

225,617

220,028

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

Pool

Pool#

745769

4.80%,

7/1/2036(b)

79,117

77,626

Total

Mortgage-Backed

Securities

(cost

$1,620,468)

1,589,864

U.S.

Government

Agency

Securities

7.7%

FFCB,

3.25%,

7/28/2032

5,000,000

4,563,188

FHLB,

5.37%,

9/9/2024

2,615,000

2,613,250

State

of

Israel,

5.50%,

9/18/2023

8,000,000

7,998,642

Total

U.S.

Government

Agency

Securities

(cost

$15,758,045)

15,175,080

U.S.

Treasury

Obligations

87.2%

U.S.

Treasury

Inflation

Linked

Bonds

2.38%,

1/15/2025

(c)

2,750,000

4,386,064

1.75%,

1/15/2028

(c)

4,800,000

6,908,686

3.63%,

4/15/2028

(c)(d)

5,000,000

10,107,837

2.50%,

1/15/2029

(c)

4,750,000

6,958,250

3.88%,

4/15/2029

(c)

3,300,000

6,759,916

0.63%,

2/15/2043

(c)

10,850,000

11,534,604

1.38%,

2/15/2044

(c)

7,500,000

9,030,465

0.75%,

2/15/2045

(c)

3,000,000

3,131,824

1.00%,

2/15/2046

(c)

2,125,000

2,314,159

0.88%,

2/15/2047

(c)

5,000,000

5,163,334

1.00%,

2/15/2049

(c)

1,250,000

1,266,271

0.25%,

2/15/2050

(c)

3,000,000

2,409,871

U.S.

Treasury

Inflation

Linked

Notes

0.13%,

4/15/2025

(c)

5,000,000

5,609,772

0.38%,

7/15/2025

(c)

10,000,000

12,287,570

0.63%,

1/15/2026

(c)

9,500,000

11,610,384

0.13%,

7/15/2026

(c)

3,000,000

3,581,723

0.38%,

7/15/2027

(c)

11,250,000

13,155,912

1.63%,

10/15/2027

(c)

10,000,000

10,145,687

0.50%,

1/15/2028

(c)

10,500,000

12,157,838

0.88%,

1/15/2029

(c)

2,500,000

2,864,656

0.25%,

7/15/2029

(c)

4,000,000

4,365,861

0.13%,

1/15/2030

(c)

1,000,000

1,064,094

0.13%,

1/15/2031

(c)

4,250,000

4,414,682

0.13%,

7/15/2031

(c)

14,750,000

14,835,430

0.13%,

1/15/2032

(c)

5,250,000

5,063,341

Total

U.S.

Treasury

Obligations

(cost

$183,314,333)

171,128,231

Nationwide

Inflation-Protected

Securities

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

31

g

Repurchase

Agreement

5.3%

Principal

Amount

($)

Value

($)

CF

Secured,

LLC

5.28%,

dated

7/31/2023,

due

8/1/2023,

repurchase

price

$10,395,025,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.63%,

maturing

8/8/2023

-

8/15/2052;

total

market

value

$10,602,925.

(e)

10,393,500

10,393,500

Total

Repurchase

Agreement

(cost

$10,393,500)

10,393,500

Total

Investments

(cost

$217,179,806)

—

103.9%

203,996,877

Liabilities

in

excess

of

other

assets

—

(3.9)%

(7,740,853)

NET

ASSETS

—

100.0%

$

196,256,024

†

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,

2023

was

$4,877,646

which

represents

2.49%

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,

2023.

(c)

Principal

amounts

are

not

adjusted

for

inflation.

(d)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

July

31,

2023.

The

total

value

of

securities

on

loan

as

of

July

31,

2023

was

$10,107,837,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$10,393,500.

(e)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

July

31,

2023

was

$10,393,500.

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

32

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Inflation-Protected

Securities

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Nationwide

Inflation-Protected

Securities

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

33

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

July

31,

2023.

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.

As

of July

31,

2023,

the

Fund

had

no

open

futures

contracts.  

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

4,118,159

$

–

$

4,118,159

Collateralized

Mortgage

Obligations

–

1,534,946

–

1,534,946

Commercial

Mortgage-Backed

Security

–

57,097

–

57,097

Mortgage-Backed

Securities

–

1,589,864

–

1,589,864

Repurchase

Agreement

–

10,393,500

–

10,393,500

U.S.

Government

Agency

Securities

–

15,175,080

–

15,175,080

U.S.

Treasury

Obligations

–

171,128,231

–

171,128,231

Total

$

–

$

203,996,877

$

–

$

203,996,877

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,

2023

(Unaudited)

-

Nationwide

Loomis

Core

Bond

Fund

Asset-Backed

Securities

11.7%

Principal

Amount

($)

Value

($)

Automobiles

9.9%

American

Credit

Acceptance

Receivables

Trust

Series

2020-4,

Class

C,

1.31%,

12/14/2026(a)

207,537

205,396

Series

2022-4,

Class

C,

7.86%,

2/15/2029(a)

130,000

132,018

Americredit

Automobile

Receivables

Trust,

Series

2023-1,

Class

B,

5.57%,

3/20/2028

735,000

725,501

AmeriCredit

Automobile

Receivables

Trust

Series

2020-2,

Class

B,

0.97%,

2/18/2026

62,535

62,107

Series

2021-2,

Class

B,

0.69%,

1/19/2027

655,000

620,984

Series

2021-3,

Class

C,

1.41%,

8/18/2027

830,000

750,312

Series

2022-2,

Class

A3,

4.38%,

4/18/2028

520,000

510,238

Avis

Budget

Rental

Car

Funding

AESOP

LLC

Series

2019-2A,

Class

A,

3.35%,

9/22/2025(a)

980,000

954,264

Series

2023-2A,

Class

A,

5.20%,

10/20/2027(a)

295,000

288,915

Series

2023-3A,

Class

A,

5.44%,

2/22/2028(a)

1,625,000

1,598,698

Carmax

Auto

Owner

Trust

Series

2023-2,

Class

A3,

5.05%,

1/18/2028

895,000

888,439

Series

2023-3,

Class

A3,

5.28%,

5/15/2028

215,000

214,964

Carvana

Auto

Receivables

Trust

Series

2023-N1,

Class

A,

6.36%,

4/12/2027(a)

610,701

608,618

Series

2023-P1,

Class

A3,

5.98%,

12/10/2027(a)

1,425,000

1,420,240

Series

2021-N4,

Class

C,

1.72%,

9/11/2028

259,696

249,521

Chesapeake

Funding

II

LLC,

Series

2023-1A,

Class

A1,

5.65%,

5/15/2035(a)

716,797

711,076

Credit

Acceptance

Auto

Loan

Trust

Series

2020-3A,

Class

B,

1.77%,

12/17/2029(a)

660,000

647,760

Series

2021-2A,

Class

A,

0.96%,

2/15/2030(a)

292,010

287,004

Series

2021-3A,

Class

A,

1.00%,

5/15/2030(a)

515,331

503,030

Series

2022-3A,

Class

A,

6.57%,

10/15/2032(a)

1,360,000

1,364,251

Series

2023-1A,

Class

A,

6.48%,

3/15/2033(a)

550,000

551,359

Donlen

Fleet

Lease

Funding

2

LLC,

Series

2021-2,

Class

A2,

0.56%,

12/11/2034(a)

441,974

431,496

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

Drive

Auto

Receivables

Trust,

Series

2021-3,

Class

B,

1.11%,

5/15/2026

514,748

509,660

DT

Auto

Owner

Trust

Series

2020-2A,

Class

C,

3.28%,

3/16/2026(a)

100,608

99,910

Series

2021-2A,

Class

B,

0.81%,

1/15/2027(a)

146,824

146,090

Series

2021-4A,

Class

C,

1.50%,

9/15/2027(a)

690,000

650,403

Series

2022-3A,

Class

B,

6.74%,

7/17/2028(a)

1,015,000

1,015,883

Series

2023-2A,

Class

B,

5.41%,

2/15/2029(a)

590,000

582,173

Enterprise

Fleet

Financing

LLC

Series

2022-3,

Class

A2,

4.38%,

7/20/2029(a)

272,939

267,475

Series

2023-2,

Class

A2,

5.56%,

4/22/2030(a)

565,000

562,736

Exeter

Automobile

Receivables

Trust

Series

2021-4A,

Class

B,

1.05%,

5/15/2026

587,310

581,362

Series

2022-5A,

Class

B,

5.97%,

3/15/2027

1,115,000

1,109,322

Series

2023-1A,

Class

B,

5.72%,

4/15/2027

590,000

586,116

Series

2022-6A,

Class

B,

6.03%,

8/16/2027

355,000

354,589

Series

2023-2A,

Class

B,

5.61%,

9/15/2027

495,000

490,375

Series

2023-3A,

Class

B,

6.11%,

9/15/2027

165,000

164,878

Flagship

Credit

Auto

Trust

Series

2020-2,

Class

C,

3.80%,

4/15/2026(a)

15,627

15,578

Series

2020-4,

Class

C,

1.28%,

2/16/2027(a)

120,000

115,922

Series

2021-2,

Class

B,

0.93%,

6/15/2027(a)

500,000

483,721

Series

2022-4,

Class

A3,

6.32%,

6/15/2027(a)

785,000

792,858

Series

2023-2,

Class

C,

5.81%,

5/15/2029(a)

650,000

639,171

Ford

Credit

Auto

Owner

Trust

Series

2018-1,

Class

A,

3.19%,

7/15/2031(a)

1,900,000

1,829,296

Series

2021-1,

Class

A,

1.37%,

10/17/2033(a)

980,000

881,766

Ford

Credit

Floorplan

Master

Owner

Trust

A,

Series

2023-1,

Class

A1,

4.92%,

5/15/2028(a)

440,000

434,610

Foursight

Capital

Automobile

Receivables

Trust

Series

2022-1,

Class

A3,

1.83%,

12/15/2026(a)

635,000

615,236

Series

2022-2,

Class

A3,

4.59%,

6/15/2027(a)

525,000

513,837

Nationwide

Loomis

Core

Bond

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

35

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

GLS

Auto

Receivables

Issuer

Trust

Series

2021-3A,

Class

B,

0.78%,

11/17/2025(a)

306,134

303,119

Series

2020-4A,

Class

C,

1.14%,

11/17/2025(a)

149,129

147,467

Series

2021-4A,

Class

B,

1.53%,

4/15/2026(a)

1,570,000

1,535,889

GM

Financial

Automobile

Leasing

Trust,

Series

2023-2,

Class

A3,

5.05%,

7/20/2026

360,000

357,406

GM

Financial

Consumer

Automobile

Receivables

Trust,

Series

2020-2,

Class

A3,

1.49%,

12/16/2024

15,941

15,884

GMF

Floorplan

Owner

Revolving

Trust,

Series

2020-1,

Class

A,

0.68%,

8/15/2025(a)

310,000

309,430

Hyundai

Auto

Lease

Securitization

Trust,

Series

2023-B,

Class

A3,

5.15%,

6/15/2026(a)

480,000

477,412

Prestige

Auto

Receivables

Trust

Series

2021-1A,

Class

C,

1.53%,

2/15/2028(a)

680,000

634,388

Series

2023-1A,

Class

C,

5.65%,

2/15/2028(a)

495,000

485,624

Santander

Consumer

Auto

Receivables

Trust,

Series

2020-AA,

Class

C,

3.71%,

2/17/2026(a)

180,848

180,030

Santander

Drive

Auto

Receivables

Trust

Series

2020-4,

Class

C,

1.01%,

1/15/2026

50,652

50,536

Series

2022-5,

Class

B,

4.43%,

3/15/2027

460,000

450,465

Series

2023-2,

Class

A3,

5.21%,

7/15/2027

375,000

371,219

Series

2022-3,

Class

B,

4.13%,

8/16/2027

975,000

951,010

Series

2022-4,

Class

B,

4.42%,

11/15/2027

860,000

837,876

Series

2023-1,

Class

C,

5.09%,

5/15/2030

185,000

180,296

Series

2023-3,

Class

C,

5.77%,

11/15/2030

210,000

209,405

SFS

Auto

Receivables

Securitization

Trust,

Series

2023-1A,

Class

A3,

5.47%,

10/20/2028(a)

555,000

553,151

Toyota

Auto

Loan

Extended

Note

Trust,

Series

2020-

1A,

Class

A,

1.35%,

5/25/2033(a)

405,000

375,350

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

United

Auto

Credit

Securitization

Trust

Series

2022-1,

Class

B,

2.10%,

3/10/2025(a)

63,636

63,543

Series

2022-2,

Class

C,

5.81%,

5/10/2027(a)

490,000

484,391

Westlake

Automobile

Receivables

Trust

Series

2020-3A,

Class

C,

1.24%,

11/17/2025(a)

162,368

160,646

Series

2021-1A,

Class

B,

0.64%,

3/16/2026(a)

124,330

124,156

Series

2021-2A,

Class

B,

0.62%,

7/15/2026(a)

541,460

535,566

Series

2021-3A,

Class

C,

1.58%,

1/15/2027(a)

1,675,000

1,590,158

Series

2023-1A,

Class

C,

5.74%,

8/15/2028(a)

275,000

271,542

Wheels

Fleet

Lease

Funding

1

LLC,

Series

2023-1A,

Class

A,

5.80%,

4/18/2038(a)

1,025,000

1,020,074

World

Omni

Automobile

Lease

Securitization

Trust,

Series

2023-A,

Class

A3,

5.07%,

9/15/2026

490,000

486,627

World

Omni

Select

Auto

Trust,

Series

2021-A,

Class

B,

0.85%,

8/16/2027

595,000

553,326

40,885,144

Equipment

Loans

&

Leases

0.4%

DLLMT

LLC,

Series

2023-

1A,

Class

A3,

5.34%,

3/22/2027(a)

835,000

826,738

SCF

Equipment

Leasing

LLC,

Series

2022-1A,

Class

A3,

2.92%,

7/20/2029(a)

645,000

614,425

1,441,163

Other

1.2%

Affirm

Asset

Securitization

Trust,

Series

2021-B,

Class

A,

1.03%,

8/17/2026(a)

665,000

653,581

Aqua

Finance

Trust,

Series

2021-A,

Class

A,

1.54%,

7/17/2046(a)

465,808

412,176

BHG

Securitization

Trust,

Series

2022-C,

Class

A,

5.32%,

10/17/2035(a)

143,189

141,676

Hilton

Grand

Vacations

Trust,

Series

2022-2A,

Class

C,

5.57%,

1/25/2037(a)

82,013

78,322

New

Economy

Assets

Phase

1

Sponsor

LLC,

Series

2021-1,

Class

A1,

1.91%,

10/20/2061(a)

1,355,000

1,161,745

OneMain

Financial

Issuance

Trust,

Series

2022-

S1,

Class

A,

4.13%,

5/14/2035(a)

1,920,000

1,838,609

36

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Loomis

Core

Bond

Fund

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Planet

Fitness

Master

Issuer

LLC,

Series

2018-1A,

Class

A2II,

4.67%,

9/5/2048(a)

885,825

846,836

5,132,945

Student

Loan

0.2%

Massachusetts

Educational

Financing

Authority,

Series

2018-A,

Class

A,

3.85%,

5/25/2033

233,273

217,740

Navient

Private

Education

Refi

Loan

Trust

Series

2020-HA,

Class

A,

1.31%,

1/15/2069(a)

193,595

175,204

Series

2020-BA,

Class

A2,

2.12%,

1/15/2069(a)

247,211

224,330

Series

2020-GA,

Class

A,

1.17%,

9/16/2069(a)

90,413

80,076

SoFi

Professional

Loan

Program

LLC,

Series

2018-A,

Class

A2B,

2.95%,

2/25/2042(a)

128,888

124,186

821,536

Total

Asset-Backed

Securities

(cost

$49,654,843)

48,280,788

Collateralized

Mortgage

Obligations

7.2%

FHLMC

REMICS

Series

5065,

Class

HI,

IO,

4.90%,

4/15/2042(b)

1,805,120

306,910

Series

5115,

Class

FD,

4.00%,

8/15/2043(b)

2,058,072

1,905,177

Series

5065,

Class

EI,

IO,

5.42%,

11/25/2044(b)

398,487

82,099

Series

5094,

Class

,

IO,

1.51%,

12/15/2048(b)

862,863

64,211

Series

5214,

Class

BI,

IO,

0.90%,

4/25/2052(b)

117,648

4,574

Series

5214,

Class

BY,

3.00%,

4/25/2052

45,000

36,184

FNMA

REMICS

Series

2004-29,

Class

PS,

IO,

2.42%,

5/25/2034(b)

1,022,469

106,365

Series

2016-32,

Class

SA,

IO,

0.92%,

10/25/2034(b)

4,787,656

293,373

Series

2020-85,

Class

LI,

IO,

3.00%,

2/25/2035

2,939,823

367,856

Series

2010-57,

Class

SA,

IO,

1.27%,

6/25/2040(b)

1,409,085

108,744

Series

2010-63,

Class

SA,

IO,

1.32%,

6/25/2040(b)

1,223,827

93,988

Series

2010-118,

Class

SN,

IO,

1.42%,

10/25/2040(b)

6,218,855

654,312

Series

2013-18,

Class

FB,

5.53%,

10/25/2041(b)

77,523

77,379

Series

2013-117,

Class

Z,

3.50%,

11/25/2043

6,098,585

5,559,646

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

Series

2015-55,

Class

IN,

IO,

4.50%,

8/25/2045

284,495

42,676

Series

2017-26,

Class

ID,

IO,

3.50%,

4/25/2047

219,458

31,703

Series

2021-24,

Class

,

IO,

1.15%,

3/25/2059(b)

3,697,804

245,438

GNMA

REMICS

Series

2009-61,

Class

ZQ,

6.00%,

8/16/2039

3,784,765

3,976,850

Series

2020-34,

Class

,

IO,

5.00%,

12/20/2039

2,131,174

414,107

Series

2019-21,

Class

,

IO,

4.50%,

2/20/2049

3,864,199

586,014

Series

2019-117,

Class

LI,

IO,

3.50%,

9/20/2049

461,967

32,044

Series

2019-132,

Class

LI,

IO,

3.50%,

10/20/2049

163,531

16,295

Series

2012-H20,

Class

PT,

5.54%,

7/20/2062(b)

338,662

337,335

Series

2018-H02,

Class

ZJ,

4.41%,

10/20/2064(b)

573,373

556,335

Series

2017-H12,

Class

EZ,

4.99%,

6/20/2066(b)

422,689

417,895

Series

2017-H13,

Class

JZ,

5.07%,

5/20/2067(b)

123,542

122,754

Series

2017-H22,

Class

FD,

4.66%,

11/20/2067(b)

28,352

27,919

Series

2017-H25,

Class

FD,

4.91%,

12/20/2067(b)

49,284

48,572

Series

2021-H08,

Class

IA,

IO,

0.01%,

1/20/2068(b)

586,208

3,686

Series

2019-H01,

Class

FT,

5.56%,

10/20/2068(b)

2,815,894

2,804,503

Series

2019-H07,

Class

BZ,

4.26%,

1/20/2069(b)

4,444,173

4,163,518

Series

2019-H05,

Class

FT,

5.58%,

4/20/2069(b)

1,980,832

1,979,883

Series

2019-H13,

Class

FT,

5.58%,

8/20/2069(b)

264,695

264,346

Series

2019-H18,

Class

DF,

5.56%,

10/20/2069(b)

360,366

357,748

Series

2021-H03,

Class

,

IO,

0.00%,

4/20/2070(b)

5,059,598

26,579

Series

2022-H09,

Class

GF,

5.15%,

4/20/2072(b)

2,437,208

2,410,650

Series

2022-H22,

Class

FE,

4.70%,

9/20/2072(b)

890,200

884,172

Total

Collateralized

Mortgage

Obligations

(cost

$30,939,514)

29,411,840

Commercial

Mortgage-Backed

Securities

8.5%

BANK

Series

2020-BN25,

Class

A5,

2.65%,

1/15/2063

1,030,000

874,331

Series

2020-BN26,

Class

A4,

2.40%,

3/15/2063

2,050,000

1,709,205

Series

2022-BNK40,

Class

A4,

3.39%,

3/15/2064(b)

790,000

689,700

Series

2021-BN37,

Class

A5,

2.62%,

11/15/2064(b)

1,480,000

1,216,524

Nationwide

Loomis

Core

Bond

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

37

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

BBCMS

Mortgage

Trust

Series

2020-BID,

Class

A,

7.48%,

10/15/2037(a)(b)

1,095,000

1,040,068

Series

2021-C12,

Class

A5,

2.69%,

11/15/2054

1,470,000

1,210,970

Benchmark

Mortgage

Trust,

Series

2021-B31,

Class

A5,

2.67%,

12/15/2054

1,190,000

976,548

BPR

Trust

Series

2022-OANA,

Class

A,

7.12%,

4/15/2037(a)(b)

605,000

591,546

Series

2021-NRD,

Class

A,

6.76%,

12/15/2038(a)(b)

815,000

766,521

Citigroup

Commercial

Mortgage

Trust,

Series

2019-C7,

Class

A4,

3.10%,

12/15/2072

910,000

791,249

Commercial

Mortgage

Pass-

Through

Certificates,

Series

2012-LTRT,

Class

A2,

3.40%,

10/5/2030(a)

90,637

75,573

CSAIL

Commercial

Mortgage

Trust,

Series

2019-

C18,

Class

A4,

2.97%,

12/15/2052

765,000

656,755

CSMC

OA

LLC

Series

2014-USA,

Class

A1,

3.30%,

9/15/2037(a)

334,917

282,877

Series

2014-USA,

Class

A2,

3.95%,

9/15/2037(a)

1,030,000

891,926

FHLMC

Multifamily

Structured

Pass-Through

Certificates

REMICS

Series

K107,

Class

X1,

IO,

1.59%,

1/25/2030(b)

482,339

39,268

Series

K142,

Class

X1,

IO,

0.30%,

3/25/2032(b)

5,766,959

124,947

Series

K147,

Class

X1,

IO,

0.36%,

6/25/2032(b)

3,870,359

108,569

Series

K149,

Class

X1,

IO,

0.26%,

8/25/2032(b)

6,251,436

139,304

Series

K-150,

Class

X1,

IO,

0.31%,

9/25/2032(b)

5,428,970

138,465

Series

K157,

Class

X1,

IO,

0.01%,

8/25/2033(b)

9,034,451

40,593

Series

K-1513,

Class

X1,

IO,

0.86%,

8/25/2034(b)

964,385

57,897

Series

K-1521,

Class

X1,

IO,

0.98%,

8/25/2036(b)

2,800,519

233,223

Series

K146,

Class

X1,

IO,

0.23%,

6/25/2054(b)

5,008,490

95,159

Series

K143,

Class

X1,

IO,

0.34%,

4/25/2055(b)

2,602,466

65,881

Series

K145,

Class

X1,

IO,

0.32%,

6/25/2055(b)

1,477,976

35,762

FNMA

ACES

REMICS

Series

2020-M33,

Class

X,

IO,

2.00%,

6/25/2028(b)

692,393

38,260

Series

2020-M37,

Class

X,

IO,

1.03%,

4/25/2032(b)

1,202,397

61,695

Series

2020-M43,

Class

X1,

IO,

1.92%,

8/25/2034(b)

4,997,747

376,611

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

Series

2020-M36,

Class

X1,

IO,

1.44%,

9/25/2034(b)

884,723

57,167

GNMA

REMICS

Series

2018-82,

Class

,

IO,

0.48%,

5/16/2058(b)

10,129,372

320,619

Series

2021-145,

Class

,

IO,

0.77%,

7/16/2061(b)

812,103

47,004

Series

2020-108,

Class

,

IO,

0.85%,

6/16/2062(b)

2,831,282

161,594

Series

2021-20,

Class

,

IO,

1.15%,

8/16/2062(b)

2,765,876

207,477

Series

2020-179,

Class

,

IO,

1.01%,

9/16/2062(b)

2,707,263

194,517

Series

2021-33,

Class

,

IO,

0.84%,

10/16/2062(b)

2,500,075

153,224

Series

2020-128,

Class

,

IO,

0.91%,

10/16/2062(b)

1,425,892

90,021

Series

2021-40,

Class

,

IO,

0.82%,

2/16/2063(b)

2,200,794

135,549

Series

2021-12,

Class

,

IO,

0.95%,

3/16/2063(b)

3,004,498

196,543

Series

2021-52,

Class

,

IO,

0.72%,

4/16/2063(b)

3,333,890

180,791

Series

2021-144,

Class

,

IO,

0.82%,

4/16/2063(b)

3,917,631

243,153

Series

2021-106,

Class

,

IO,

0.86%,

4/16/2063(b)

3,019,542

198,370

Series

2021-151,

Class

,

IO,

0.92%,

4/16/2063(b)

3,468,673

236,430

Series

2021-132,

Class

BI,

IO,

0.92%,

4/16/2063(b)

3,953,800

262,748

Series

2021-186,

Class

,

IO,

0.76%,

5/16/2063(b)

4,082,604

237,443

Series

2021-10,

Class

,

IO,

0.99%,

5/16/2063(b)

678,825

47,187

Series

2021-133,

Class

,

IO,

0.88%,

7/16/2063(b)

3,812,055

245,157

Series

2021-163,

Class

,

IO,

0.80%,

3/16/2064(b)

3,654,021

222,865

Series

2022-17,

Class

,

IO,

0.80%,

6/16/2064(b)

2,065,527

132,383

Series

2022-132,

Class

,

IO,

0.54%,

10/16/2064(b)

3,484,979

182,647

GS

Mortgage

Securities

Corp.

Trust

Series

2013-PEMB,

Class

A,

3.55%,

3/5/2033(a)(b)

410,000

361,576

Series

2012-BWTR,

Class

A,

2.95%,

11/5/2034(a)

1,035,000

746,155

GS

Mortgage

Securities

Trust

Series

2014-GC18,

Class

A4,

4.07%,

1/10/2047

4,139,865

4,094,874

Series

2020-GC45,

Class

A5,

2.91%,

2/13/2053

415,000

357,951

Hudsons

Bay

Simon

JV

Trust,

Series

2015-HB10,

Class

A10,

4.15%,

8/5/2034(a)

2,015,000

1,736,758

Med

Trust,

Series

2021-

MDLN,

Class

A,

6.29%,

11/15/2038(a)(b)

1,000,200

976,079

38

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Loomis

Core

Bond

Fund

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2013-C11,

Class

A4,

4.13%,

8/15/2046(b)

444,519

443,151

SCOTT

Trust,

Series

2023-

SFS,

Class

A,

5.91%,

3/15/2040(a)

755,000

744,371

SPGN

Mortgage

Trust,

Series

2022-TFLM,

Class

A,

6.77%,

2/15/2039(a)(b)

1,495,000

1,421,265

Starwood

Retail

Property

Trust,

Series

2014-

STAR,

Class

A,

8.25%,

11/15/2027(a)(b)

655,893

471,169

Wells

Fargo

Commercial

Mortgage

Trust

Series

2021-C61,

Class

A4,

2.66%,

11/15/2054

2,165,000

1,771,553

Series

2022-C62,

Class

A4,

4.00%,

4/15/2055(b)

1,405,000

1,268,937

WFRBS

Commercial

Mortgage

Trust,

Series

2014-C19,

Class

A5,

4.10%,

3/15/2047

3,490,000

3,441,712

Total

Commercial

Mortgage-Backed

Securities

(cost

$38,732,863)

34,917,867

Corporate

Bonds

40.6%

Automobile

Components

0.3%

Aptiv

plc

,

3.10%,

12/1/2051

510,000

320,259

Denso

Corp.

,

1.24%,

9/16/2026(a)

1,115,000

983,750

1,304,009

Automobiles

0.7%

Hyundai

Capital

America

,

2.10%,

9/15/2028(a)

1,085,000

914,210

5.70%,

6/26/2030(a)

530,000

527,957

Kia

Corp.

,

1.00%,

4/16/2024(a)

400,000

386,069

Mercedes-Benz

Finance

North

America

LLC

,

5.10%,

8/3/2028(a)

640,000

639,245

Volkswagen

Group

of

America

Finance

LLC

,

3.35%,

5/13/2025(a)

490,000

470,884

2,938,365

Banks

11.2%

AIB

Group

plc

,

(SOFR

+

3.46%),

7.58%,

10/14/2026(a)(c)

890,000

911,943

ANZ

New

Zealand

Int'l

Ltd.

,

2.17%,

2/18/2025(a)

890,000

845,222

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

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

893,259

Banco

Santander

SA

,

3.89%,

5/24/2024

1,000,000

983,441

6.92%,

8/8/2033

800,000

800,000

Bank

of

America

Corp.

,

(SOFR

+

1.91%),

5.29%,

4/25/2034(c)(d)

800,000

793,895

Bank

of

Ireland

Group

plc

,

4.50%,

11/25/2023(a)

620,000

614,800

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.65%),

6.25%,

9/16/2026(a)(c)

510,000

508,039

Bank

of

New

Zealand

,

2.00%,

2/21/2025(a)

1,015,000

956,588

Bank

of

Nova

Scotia

(The)

,

5.25%,

6/12/2028

515,000

514,355

Banque

Federative

du

Credit

Mutuel

SA

,

2.38%,

11/21/2024(a)

985,000

939,837

5.79%,

7/13/2028(a)

990,000

1,001,335

BNP

Paribas

SA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.50%),

5.33%,

6/12/2029(a)(c)

1,520,000

1,507,410

Canadian

Imperial

Bank

of

Commerce

,

3.95%,

8/4/2025

295,000

286,587

5.00%,

4/28/2028

860,000

848,001

Citigroup,

Inc.

,

(SOFR

+

2.84%),

3.11%,

4/8/2026(c)

535,000

512,069

(SOFR

+

2.66%),

6.17%,

5/25/2034(c)

615,000

624,729

Citizens

Financial

Group,

Inc.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.75%),

5.64%,

5/21/2037(c)

955,000

856,795

Cooperatieve

Rabobank

UA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.40%),

5.56%,

2/28/2029(a)(c)(d)

425,000

422,160

Danske

Bank

A/S

,

3.88%,

9/12/2023(a)

1,125,000

1,121,426

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.55%),

0.98%,

9/10/2025(a)(c)

955,000

902,809

DNB

Bank

ASA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.85%),

1.13%,

9/16/2026(a)(c)

1,115,000

1,003,573

Nationwide

Loomis

Core

Bond

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

39

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Federation

des

Caisses

Desjardins

du

Quebec

,

5.70%,

3/14/2028(a)

400,000

402,569

Fifth

Third

Bancorp

,

(SOFR

+

2.34%),

6.34%,

7/27/2029(c)

580,000

590,552

HSBC

USA,

Inc.

,

5.63%,

3/17/2025

1,850,000

1,849,223

Huntington

National

Bank

(The)

,

5.65%,

1/10/2030

475,000

466,281

Intesa

Sanpaolo

SpA

,

7.00%,

11/21/2025(a)

805,000

818,176

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.90%),

7.78%,

6/20/2054(a)(c)

650,000

657,580

JPMorgan

Chase

&

Co.

,

(SOFR

+

1.85%),

5.35%,

6/1/2034(c)

1,030,000

1,037,409

KeyBank

NA

,

5.85%,

11/15/2027

690,000

676,465

Lloyds

Banking

Group

plc

,

4.05%,

8/16/2023

905,000

904,349

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.48%),

0.00%,

8/7/2027(c)

1,100,000

1,100,000

Mizuho

Financial

Group,

Inc.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.90%),

5.75%,

7/6/2034(c)

965,000

969,853

National

Australia

Bank

Ltd.

,

4.90%,

6/13/2028

1,205,000

1,195,927

National

Bank

of

Canada

,

(SOFR

+

1.01%),

3.75%,

6/9/2025(c)

1,185,000

1,161,063

Nordea

Bank

Abp

,

1.50%,

9/30/2026(a)

1,170,000

1,030,066

PNC

Financial

Services

Group,

Inc.

(The)

,

(SOFR

+

1.84%),

5.58%,

6/12/2029(c)

1,445,000

1,447,943

Royal

Bank

of

Canada

,

5.20%,

8/1/2028

2,055,000

2,051,833

Santander

Holdings

USA,

Inc.

,

3.45%,

6/2/2025

280,000

266,198

(SOFR

+

2.70%),

6.56%,

6/12/2029(c)

1,080,000

1,079,845

Santander

UK

Group

Holdings

plc

,

(SOFR

+

2.75%),

6.83%,

11/21/2026(c)

580,000

587,826

Standard

Chartered

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.58%),

6.30%,

7/6/2034(a)(c)

415,000

422,825

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Sumitomo

Mitsui

Financial

Group,

Inc.

,

5.85%,

7/13/2030

1,440,000

1,470,040

Sumitomo

Mitsui

Trust

Bank

Ltd.

,

2.55%,

3/10/2025(a)

280,000

265,500

Svenska

Handelsbanken

AB

,

5.50%,

6/15/2028(a)

1,040,000

1,027,190

Swedbank

AB

,

5.47%,

6/15/2026(a)

1,080,000

1,073,750

Toronto-Dominion

Bank

(The)

,

5.52%,

7/17/2028

1,430,000

1,444,767

Truist

Financial

Corp.

,

(SOFR

+

1.85%),

5.12%,

1/26/2034(c)

785,000

750,222

(SOFR

+

2.36%),

5.87%,

6/8/2034(c)

430,000

433,830

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

997,657

US

Bancorp

,

(SOFR

+

2.02%),

5.78%,

6/12/2029(c)(d)

450,000

451,637

Wells

Fargo

&

Co.

,

(SOFR

+

1.99%),

5.56%,

7/25/2034(c)

1,450,000

1,455,719

45,934,568

Beverages

0.3%

Coca-Cola

Europacific

Partners

plc

,

0.80%,

5/3/2024(a)

1,345,000

1,294,044

Broadline

Retail

0.1%

Prosus

NV

,

4.99%,

1/19/2052(a)

665,000

487,138

Building

Products

0.1%

Fortune

Brands

Innovations,

Inc.

,

4.50%,

3/25/2052

510,000

400,715

Capital

Markets

4.6%

Ares

Capital

Corp.

,

4.25%,

3/1/2025

45,000

43,150

7.00%,

1/15/2027

655,000

657,201

2.88%,

6/15/2028(d)

870,000

732,581

Ares

Finance

Co.

IV

LLC

,

3.65%,

2/1/2052(a)

905,000

581,701

Bain

Capital

Specialty

Finance,

Inc.

,

2.55%,

10/13/2026(d)

880,000

762,711

Bank

of

New

York

Mellon

Corp.

(The)

,

(SOFR

+

1.03%),

4.95%,

4/26/2027(c)

1,170,000

1,156,380

Barings

BDC,

Inc.

,

3.30%,

11/23/2026

335,000

293,665

BlackRock,

Inc.

,

4.75%,

5/25/2033

505,000

495,473

40

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Loomis

Core

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Blackstone

Private

Credit

Fund

,

2.63%,

12/15/2026

1,205,000

1,033,932

Blackstone

Secured

Lending

Fund

,

2.85%,

9/30/2028

750,000

621,117

Blue

Owl

Capital

Corp.

,

3.75%,

7/22/2025

210,000

196,055

4.25%,

1/15/2026

490,000

459,266

Blue

Owl

Credit

Income

Corp.

,

5.50%,

3/21/2025

40,000

38,727

7.75%,

9/16/2027(a)

210,000

209,508

7.95%,

6/13/2028(a)

1,175,000

1,178,581

Blue

Owl

Finance

LLC

,

4.38%,

2/15/2032(a)

580,000

467,447

Blue

Owl

Technology

Finance

Corp.

,

4.75%,

12/15/2025(a)(d)

1,120,000

1,033,327

Credit

Suisse

AG

,

5.00%,

7/9/2027

415,000

401,111

Deutsche

Bank

AG

,

(SOFR

+

2.52%),

7.15%,

7/13/2027(c)

780,000

795,497

(SOFR

+

3.18%),

6.72%,

1/18/2029(c)

470,000

478,585

(SOFR

+

3.65%),

7.08%,

2/10/2034(c)

200,000

192,650

FS

KKR

Capital

Corp.

,

3.13%,

10/12/2028

705,000

576,154

Golub

Capital

BDC,

Inc.

,

2.50%,

8/24/2026

695,000

610,386

Hercules

Capital,

Inc.

,

3.38%,

1/20/2027

865,000

760,864

Jefferies

Financial

Group,

Inc.

,

5.88%,

7/21/2028

670,000

668,330

Lehman

Brothers

Holdings,

Inc.

,

5.63%,

1/24/2013(e)

4,000,000

6,000

Macquarie

Group

Ltd.

,

(SOFR

+

2.38%),

5.89%,

6/15/2034(a)(c)

710,000

697,060

Main

Street

Capital

Corp.

,

3.00%,

7/14/2026

820,000

732,683

Morgan

Stanley

,

(SOFR

+

1.88%),

5.42%,

7/21/2034(c)

590,000

589,536

Morgan

Stanley

Direct

Lending

Fund

,

4.50%,

2/11/2027

430,000

404,632

Northern

Trust

Corp.

,

(ICE

LIBOR

USD

3

Month

+

1.13%),

3.38%,

5/8/2032(c)

1,175,000

1,058,449

State

Street

Corp.

,

5.27%,

8/3/2026

1,035,000

1,035,000

18,967,759

Chemicals

0.2%

Cabot

Corp.

,

4.00%,

7/1/2029

415,000

383,362

Corporate

Bonds

Principal

Amount

($)

Value

($)

Chemicals

FMC

Corp.

,

6.38%,

5/18/2053

540,000

538,664

922,026

Commercial

Services

&

Supplies

0.2%

Waste

Management,

Inc.

,

4.63%,

2/15/2030

865,000

853,714

Consumer

Finance

3.6%

AerCap

Ireland

Capital

DAC

,

3.15%,

2/15/2024

855,000

841,475

Ally

Financial,

Inc.

,

7.10%,

11/15/2027

925,000

941,202

American

Express

Co.

,

(SOFR

+

1.28%),

5.28%,

7/27/2029(c)

1,445,000

1,443,580

(SOFR

+

1.84%),

5.04%,

5/1/2034(c)(d)

1,015,000

995,506

American

Honda

Finance

Corp.

,

5.13%,

7/7/2028

960,000

964,974

4.60%,

4/17/2030

860,000

842,784

BOC

Aviation

USA

Corp.

,

1.63%,

4/29/2024(a)

575,000

556,596

Capital

One

Financial

Corp.

,

(SOFR

+

0.69%),

1.34%,

12/6/2024(c)

65,000

63,723

(SOFR

+

2.08%),

5.47%,

2/1/2029(c)

70,000

68,122

(SOFR

+

2.64%),

6.31%,

6/8/2029(c)

1,505,000

1,510,686

General

Motors

Financial

Co.,

Inc.

,

6.05%,

10/10/2025

1,045,000

1,053,542

Harley-Davidson

Financial

Services,

Inc.

,

3.35%,

6/8/2025(a)

365,000

346,952

6.50%,

3/10/2028(a)

1,280,000

1,294,959

Hyundai

Capital

Services,

Inc.

,

2.13%,

4/24/2025(a)(d)

410,000

384,354

John

Deere

Capital

Corp.

,

4.95%,

7/14/2028

450,000

453,312

4.70%,

6/10/2030

755,000

751,039

LeasePlan

Corp.

NV

,

2.88%,

10/24/2024(a)

780,000

746,996

Synchrony

Financial

,

4.88%,

6/13/2025

165,000

159,431

Toyota

Motor

Credit

Corp.

,

4.55%,

5/17/2030

1,515,000

1,483,567

14,902,800

Consumer

Staples

Distribution

&

Retail

0.3%

Dollar

General

Corp.

,

5.45%,

7/5/2033

1,035,000

1,028,292

Containers

&

Packaging

0.1%

Amcor

Flexibles

North

America,

Inc.

,

4.00%,

5/17/2025

545,000

527,615

Distributors

0.2%

Ferguson

Finance

plc

,

4.65%,

4/20/2032(a)

225,000

211,818

Nationwide

Loomis

Core

Bond

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

41

Corporate

Bonds

Principal

Amount

($)

Value

($)

Distributors

LKQ

Corp.

,

5.75%,

6/15/2028(a)

510,000

507,217

719,035

Diversified

Telecommunication

Services

0.3%

AT&T,

Inc.

,

5.40%,

2/15/2034(d)

715,000

703,417

Bell

Telephone

Co.

of

Canada

or

Bell

Canada

(The)

,

5.10%,

5/11/2033

620,000

606,563

1,309,980

Electric

Utilities

1.9%

AEP

Transmission

Co.

LLC

,

Series

N,

2.75%,

8/15/2051

290,000

185,562

American

Electric

Power

Co.,

Inc.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.68%),

3.88%,

2/15/2062(c)(d)

765,000

617,263

Arizona

Public

Service

Co.

,

5.55%,

8/1/2033

415,000

415,932

Edison

International

,

4.70%,

8/15/2025(d)

1,080,000

1,057,403

Entergy

Corp.

,

0.90%,

9/15/2025

1,100,000

996,259

Interstate

Power

and

Light

Co.

,

3.10%,

11/30/2051

675,000

441,118

ITC

Holdings

Corp.

,

5.40%,

6/1/2033(a)

365,000

362,351

New

England

Power

Co.

,

2.81%,

10/6/2050(a)

1,000,000

628,098

NextEra

Energy

Capital

Holdings,

Inc.

,

6.05%,

3/1/2025

615,000

619,460

Southern

California

Edison

Co.

,

5.88%,

12/1/2053

425,000

436,406

Vistra

Operations

Co.

LLC

,

5.13%,

5/13/2025(a)

1,165,000

1,137,232

Xcel

Energy,

Inc.

,

5.45%,

8/15/2033

1,015,000

1,013,650

7,910,734

Electronic

Equipment,

Instruments

&

Components

0.7%

Avnet,

Inc.

,

6.25%,

3/15/2028

745,000

752,290

5.50%,

6/1/2032

535,000

510,766

CDW

LLC

,

3.28%,

12/1/2028

1,070,000

934,324

Flex

Ltd.

,

6.00%,

1/15/2028

585,000

594,144

2,791,524

Entertainment

0.3%

Take-Two

Interactive

Software,

Inc.

,

4.95%,

3/28/2028

1,030,000

1,019,899

Corporate

Bonds

Principal

Amount

($)

Value

($)

Entertainment

Warnermedia

Holdings,

Inc.

,

5.14%,

3/15/2052

470,000

382,031

1,401,930

Financial

Services

1.4%

Antares

Holdings

LP

,

3.75%,

7/15/2027(a)

1,220,000

1,029,825

Element

Fleet

Management

Corp.

,

3.85%,

6/15/2025(a)

815,000

776,444

6.27%,

6/26/2026(a)

260,000

261,217

Global

Payments,

Inc.

,

1.50%,

11/15/2024

860,000

812,451

Jackson

Financial,

Inc.

,

4.00%,

11/23/2051

455,000

305,832

Nationwide

Building

Society

,

(ICE

LIBOR

USD

3

Month

+

1.39%),

4.36%,

8/1/2024(a)

(c)

980,000

980,000

ORIX

Corp.

,

3.25%,

12/4/2024

635,000

611,564

Synchrony

Bank

,

5.40%,

8/22/2025

890,000

857,162

Western

Union

Co.

(The)

,

1.35%,

3/15/2026

235,000

209,979

5,844,474

Food

Products

0.3%

Cargill,

Inc.

,

4.50%,

6/24/2026(a)

420,000

414,612

JBS

USA

LUX

SA

,

6.50%,

12/1/2052(a)

415,000

405,615

Viterra

Finance

BV

,

2.00%,

4/21/2026(a)

300,000

268,778

1,089,005

Gas

Utilities

0.4%

Boston

Gas

Co.

,

6.12%,

7/20/2053(a)

620,000

627,891

CenterPoint

Energy

Resources

Corp.

,

5.40%,

3/1/2033

345,000

349,791

Southwest

Gas

Corp.

,

3.18%,

8/15/2051

780,000

494,816

1,472,498

Ground

Transportation

1.3%

Ashtead

Capital,

Inc.

,

5.95%,

10/15/2033(a)

215,000

214,429

Burlington

Northern

Santa

Fe

LLC

,

5.20%,

4/15/2054

540,000

542,584

DAE

Funding

LLC

,

1.55%,

8/1/2024(a)

525,000

500,499

ERAC

USA

Finance

LLC

,

5.40%,

5/1/2053(a)

415,000

415,773

Norfolk

Southern

Corp.

,

5.35%,

8/1/2054

1,030,000

1,023,985

Penske

Truck

Leasing

Co.

LP

,

4.13%,

8/1/2023(a)

985,000

985,000

4.00%,

7/15/2025(a)

400,000

384,338

5.55%,

5/1/2028(a)

135,000

132,910

42

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Loomis

Core

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Ground

Transportation

Penske

Truck

Leasing

Co.

LP,

6.05%,

8/1/2028(a)

545,000

546,601

Ryder

System,

Inc.

,

5.25%,

6/1/2028

585,000

580,117

5,326,236

Health

Care

Equipment

&

Supplies

0.3%

GE

HealthCare

Technologies,

Inc.

,

5.55%,

11/15/2024(d)

1,050,000

1,048,821

Health

Care

Providers

&

Services

0.3%

CVS

Health

Corp.

,

5.88%,

6/1/2053

805,000

816,610

McKesson

Corp.

,

1.30%,

8/15/2026

480,000

429,439

1,246,049

Health

Care

REITs

0.3%

Healthpeak

OP

LLC

,

5.25%,

12/15/2032

820,000

806,686

Omega

Healthcare

Investors,

Inc.

,

4.50%,

1/15/2025

405,000

392,453

1,199,139

Health

Care

Technology

0.1%

IQVIA,

Inc.

,

5.70%,

5/15/2028(a)

430,000

427,368

Hotels,

Restaurants

&

Leisure

0.2%

Expedia

Group,

Inc.

,

6.25%,

5/1/2025(a)

319,000

321,140

Hyatt

Hotels

Corp.

,

5.75%,

1/30/2027

505,000

507,139

828,279

Household

Durables

0.2%

MDC

Holdings,

Inc.

,

3.97%,

8/6/2061

665,000

401,119

Whirlpool

Corp.

,

5.50%,

3/1/2033

565,000

566,335

967,454

Independent

Power

and

Renewable

Electricity

Producers

0.3%

AES

Corp.

(The)

,

3.30%,

7/15/2025(a)

795,000

754,923

5.45%,

6/1/2028

265,000

262,608

1,017,531

Insurance

5.2%

Arthur

J

Gallagher

&

Co.

,

3.05%,

3/9/2052

1,010,000

642,869

Assurant,

Inc.

,

4.20%,

9/27/2023

93,000

92,555

Athene

Global

Funding

,

2.50%,

3/24/2028(a)

590,000

503,734

Brighthouse

Financial

Global

Funding

,

1.20%,

12/15/2023(a)

960,000

943,867

1.75%,

1/13/2025(a)

955,000

893,832

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

CNO

Global

Funding

,

2.65%,

1/6/2029(a)

990,000

842,217

Corebridge

Global

Funding

,

0.90%,

9/22/2025(a)

1,010,000

910,521

Equitable

Financial

Life

Global

Funding

,

5.50%,

12/2/2025(a)

955,000

946,566

F&G

Global

Funding

,

5.15%,

7/7/2025(a)

880,000

850,648

2.00%,

9/20/2028(a)

525,000

434,141

Five

Corners

Funding

Trust

III

,

5.79%,

2/15/2033(a)

795,000

810,583

GA

Global

Funding

Trust

,

1.25%,

12/8/2023(a)

465,000

455,027

2.25%,

1/6/2027(a)

1,135,000

1,005,678

Great-West

Lifeco

US

Finance

2020

LP

,

0.90%,

8/12/2025(a)

1,225,000

1,099,493

Hill

City

Funding

Trust

,

4.05%,

8/15/2041(a)

670,000

458,611

Jackson

National

Life

Global

Funding

,

1.75%,

1/12/2025(a)

915,000

853,983

3.88%,

6/11/2025(a)

195,000

186,085

MassMutual

Global

Funding

II

,

5.05%,

6/14/2028(a)(d)

1,510,000

1,496,500

MetLife,

Inc.

,

5.38%,

7/15/2033

645,000

651,760

New

York

Life

Global

Funding

,

4.90%,

6/13/2028(a)

1,510,000

1,492,027

Northwestern

Mutual

Global

Funding

,

4.90%,

6/12/2028(a)

1,095,000

1,084,552

Pine

Street

Trust

II

,

5.57%,

2/15/2049(a)

275,000

241,681

Protective

Life

Global

Funding

,

1.65%,

1/13/2025(a)

785,000

739,555

4.71%,

7/6/2027(a)

930,000

904,202

Prudential

Financial,

Inc.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.85%),

6.75%,

3/1/2053(c)

220,000

222,233

Reliance

Standard

Life

Global

Funding

II

,

3.85%,

9/19/2023(a)

225,000

224,342

2.75%,

5/7/2025(a)

1,270,000

1,193,515

RGA

Global

Funding

,

2.70%,

1/18/2029(a)

735,000

638,508

Trustage

Financial

Group,

Inc.

,

4.63%,

4/15/2032(a)

560,000

482,226

21,301,511

IT

Services

0.2%

DXC

Technology

Co.

,

2.38%,

9/15/2028

1,160,000

977,808

Nationwide

Loomis

Core

Bond

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

43

Corporate

Bonds

Principal

Amount

($)

Value

($)

Leisure

Products

0.1%

Brunswick

Corp.

,

4.40%,

9/15/2032(d)

215,000

187,602

Machinery

0.3%

CNH

Industrial

Capital

LLC

,

3.95%,

5/23/2025

1,155,000

1,121,570

Media

0.1%

Cox

Communications,

Inc.

,

5.45%,

9/15/2028(a)

580,000

579,557

Metals

&

Mining

0.2%

Glencore

Funding

LLC

,

4.13%,

3/12/2024(a)

290,000

286,196

Northern

Star

Resources

Ltd.

,

6.13%,

4/11/2033(a)

490,000

475,893

762,089

Multi-Utilities

0.2%

Sempra

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.87%),

4.12%,

4/1/2052(c)

970,000

796,558

Office

REITs

0.3%

Hudson

Pacific

Properties

LP

,

5.95%,

2/15/2028

730,000

605,663

Office

Properties

Income

Trust

,

2.40%,

2/1/2027

300,000

203,006

3.45%,

10/15/2031

580,000

304,833

Piedmont

Operating

Partnership

LP

,

3.15%,

8/15/2030

370,000

273,622

1,387,124

Oil,

Gas

&

Consumable

Fuels

0.6%

ConocoPhillips

Co.

,

5.30%,

5/15/2053

690,000

697,175

Enbridge,

Inc.

,

5.70%,

3/8/2033

575,000

582,888

Pioneer

Natural

Resources

Co.

,

5.10%,

3/29/2026

785,000

782,339

Targa

Resources

Corp.

,

6.50%,

2/15/2053

450,000

463,960

2,526,362

Pharmaceuticals

0.2%

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

5.30%,

5/19/2053

685,000

703,862

Professional

Services

0.2%

Equifax,

Inc.

,

5.10%,

6/1/2028

825,000

812,716

Real

Estate

Management

&

Development

0.1%

CBRE

Services,

Inc.

,

5.95%,

8/15/2034

415,000

418,034

Corporate

Bonds

Principal

Amount

($)

Value

($)

Semiconductors

&

Semiconductor

Equipment

0.8%

Broadcom,

Inc.

,

4.00%,

4/15/2029(a)

730,000

676,401

Microchip

Technology,

Inc.

,

2.67%,

9/1/2023

860,000

857,344

0.97%,

2/15/2024

240,000

233,508

Micron

Technology,

Inc.

,

6.75%,

11/1/2029

890,000

935,218

Qorvo

,

Inc.

,

1.75%,

12/15/2024(a)

320,000

299,643

Texas

Instruments,

Inc.

,

5.00%,

3/14/2053

400,000

399,164

3,401,278

Specialized

REITs

0.1%

Public

Storage

,

5.35%,

8/1/2053

435,000

434,705

Specialty

Retail

0.5%

AutoNation,

Inc.

,

3.50%,

11/15/2024

800,000

775,997

4.50%,

10/1/2025

675,000

653,174

Dick's

Sporting

Goods,

Inc.

,

4.10%,

1/15/2052

710,000

486,552

1,915,723

Technology

Hardware,

Storage

&

Peripherals

0.4%

Hewlett

Packard

Enterprise

Co.

,

5.25%,

7/1/2028

1,040,000

1,035,111

NetApp,

Inc.

,

1.88%,

6/22/2025

535,000

499,014

1,534,125

Tobacco

0.5%

BAT

Capital

Corp.

,

7.08%,

8/2/2053

1,030,000

1,030,000

Philip

Morris

International,

Inc.

,

5.13%,

2/15/2030

1,070,000

1,063,194

2,093,194

Trading

Companies

&

Distributors

0.4%

Air

Lease

Corp.

,

1.88%,

8/15/2026

605,000

542,048

Aircastle

Ltd.

,

2.85%,

1/26/2028(a)

885,000

766,853

6.50%,

7/18/2028(a)

320,000

320,477

1,629,378

Total

Corporate

Bonds

(cost

$179,318,118)

166,744,298

Mortgage-Backed

Securities

19.8%

FHLMC

UMBS

Pool

Pool#

SD8200

2.50%,

3/1/2052

2,097,619

1,767,645

Pool#

SD8205

2.50%,

4/1/2052

15,268,061

12,865,772

Pool#

QE0012

2.50%,

4/1/2052

1,757,092

1,481,712

44

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Loomis

Core

Bond

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

QE0764

3.00%,

4/1/2052

5,281,840

4,623,730

Pool#

QE2352

2.50%,

5/1/2052

1,375,960

1,159,472

Pool#

SD8219

2.50%,

6/1/2052

1,096,577

924,057

Pool#

QE4044

2.50%,

6/1/2052

590,020

497,431

Pool#

SD2088

3.50%,

6/1/2052

10,185,551

9,234,702

Pool#

SD8234

2.50%,

8/1/2052

427,650

360,428

Pool#

SD8271

2.50%,

10/1/2052

961,634

810,423

FNMA

Pool

Pool#

BS6952

5.34%,

10/1/2032

1,163,340

1,204,263

Pool#

AN8477

3.40%,

2/1/2033

1,987,654

1,807,000

Pool#

AN9700

3.67%,

7/1/2033

5,000,000

4,617,870

FNMA

UMBS

Pool

Pool#

MA3209

3.00%,

12/1/2047

1,351,549

1,200,652

Pool#

MA3275

3.00%,

2/1/2048

1,202,007

1,067,147

Pool#

MA4562

2.00%,

3/1/2052

2,136,524

1,730,584

Pool#

CB3496

3.00%,

5/1/2052

5,511,938

4,826,408

Pool#

MA4623

2.50%,

6/1/2052

614,540

517,962

Pool#

BU8730

2.50%,

6/1/2052

362,590

305,795

Pool#

MA4652

2.50%,

7/1/2052

397,528

335,054

Pool#

MA4653

3.00%,

7/1/2052

5,283,767

4,625,181

Pool#

MA4743

2.50%,

8/1/2052

381,556

321,590

Pool#

FS3497

3.50%,

8/1/2052

5,127,197

4,647,854

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

2.50%,

9/25/2053

4,050,000

3,417,425

GNMA

I

Pool

Pool#

369270

6.50%,

12/15/2023

137

139

Pool#

354696

6.50%,

12/15/2023

80

81

Pool#

368677

7.50%,

1/15/2024

283

283

Pool#

359986

7.50%,

1/15/2024

61

61

Pool#

362734

7.50%,

1/15/2024

22

22

Pool#

371909

6.50%,

2/15/2024

112

114

Pool#

442138

8.00%,

11/15/2026

7,328

7,392

Pool#

399109

7.50%,

2/15/2027

2,861

2,859

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

445661

7.50%,

7/15/2027

1,723

1,720

Pool#

443887

7.50%,

8/15/2027

2,949

2,943

Pool#

455381

7.50%,

8/15/2027

1,763

1,767

Pool#

450591

7.50%,

8/15/2027

280

279

Pool#

453295

7.50%,

8/15/2027

136

136

Pool#

446699

6.00%,

8/15/2028

4,128

4,157

Pool#

482748

6.00%,

9/15/2028

21,234

21,378

Pool#

476969

6.50%,

1/15/2029

9,688

9,862

Pool#

781029

6.50%,

5/15/2029

34,077

34,686

GNMA

II

Pool

Pool#

MA8043

3.00%,

5/20/2052

5,467,236

4,862,429

Pool#

MA8098

3.00%,

6/20/2052

5,215,619

4,638,603

Pool#

MA8192

4.00%,

8/20/2052

2,245,712

2,075,673

Pool#

MA8260

4.00%,

9/20/2052

966,144

892,989

Pool#

MA8261

4.50%,

9/20/2052

715,243

676,814

Pool#

MA8418

4.50%,

11/20/2052

493,016

466,527

Pool#

MA8801

5.50%,

4/20/2053

3,204,115

3,184,912

Total

Mortgage-Backed

Securities

(cost

$83,522,699)

81,235,983

U.S.

Treasury

Obligations

11.1%

U.S.

Treasury

Bonds

3.38%,

8/15/2042

2,360,000

2,099,294

3.88%,

2/15/2043

5,795,000

5,536,036

3.88%,

5/15/2043

(d)

5,625,000

5,377,148

2.25%,

8/15/2049

11,385,000

8,037,988

3.00%,

8/15/2052

2,450,000

2,024,504

U.S.

Treasury

Notes

4.63%,

6/30/2025

(d)

8,315,000

8,268,878

3.63%,

5/31/2028

10,470,000

10,219,701

4.00%,

6/30/2028

(d)

4,135,000

4,101,726

Total

U.S.

Treasury

Obligations

(cost

$49,379,230)

45,665,275

Nationwide

Loomis

Core

Bond

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

45

Short-Term

Investment

0.0%

†

Principal

Amount

($)

Value

($)

U.S.

Treasury

Obligation

0.0%

U.S.

Treasury

Bills,

5.08%,

8/22/2023

200,000

199,387

Total

Short-Term

Investment

(cost

$199,417)

199,387

Repurchase

Agreement

3.1%

CF

Secured,

LLC

5.28%,

dated

7/31/2023,

due

8/1/2023,

repurchase

price

$12,734,512,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.63%,

maturing

8/8/2023

-

8/15/2052;

total

market

value

$12,989,203.

(f)

12,732,645

12,732,645

Total

Repurchase

Agreement

(cost

$12,732,645)

12,732,645

Total

Investments

(cost

$444,479,329)

—

102.0%

419,188,083

Liabilities

in

excess

of

other

assets

—

(2.0)%

(8,149,614)

NET

ASSETS

—

100.0%

$

411,038,469

†

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,

2023

was

$112,802,199

which

represents

27.44%

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,

2023.

(c)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

July

31,

2023.

(d)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

July

31,

2023.

The

total

value

of

securities

on

loan

as

of

July

31,

2023

was

$22,753,911,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$12,732,645

and

by

$10,572,121

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

4.38%,

and

maturity

dates

ranging

from

11/15/2023

–

11/15/2052,

a

total

value

of

$23,304,766.

(e)

Security

in

default.

(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,

2023

was

$12,732,645.

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

46

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Loomis

Core

Bond

Fund

Futures

contracts

outstanding

as

of

July

31,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

5

Year

Note

35

9/2023

USD

3,738,711

(63,573)

U.S.

Treasury

10

Year

Note

9

9/2023

USD

1,002,656

(16,315)

U.S.

Treasury

Long

Bond

132

9/2023

USD

16,425,750

(228,230)

U.S.

Treasury

Ultra

Bond

110

9/2023

USD

14,544,063

(191,159)

Net

contracts

(499,277)

As

of

July

31,

2023,

the

Fund

had

$1,445,000

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

Nationwide

Loomis

Core

Bond

Fund

-

July

31,

2023

(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.

48

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Loomis

Core

Bond

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

July

31,

2023.

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

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

48,280,788

$

–

$

48,280,788

Collateralized

Mortgage

Obligations

–

29,411,840

–

29,411,840

Commercial

Mortgage-Backed

Securities

–

34,917,867

–

34,917,867

Corporate

Bonds

–

166,744,298

–

166,744,298

Mortgage-Backed

Securities

–

81,235,983

–

81,235,983

Repurchase

Agreement

–

12,732,645

–

12,732,645

Short-Term

Investment

–

199,387

–

199,387

U.S.

Treasury

Obligations

–

45,665,275

–

45,665,275

Total

Assets

$

–

$

419,188,083

$

–

$

419,188,083

Liabilities:

Futures

Contracts

$

(499,277)

$

–

$

–

$

(499,277)

Total

Liabilities

$

(499,277)

$

–

$

–

$

(499,277)

Total

$

(499,277)

$

419,188,083

$

–

$

418,688,806

Nationwide

Loomis

Core

Bond

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

49

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

July

31,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

July

31,

2023:

Liabilities:

Fair

Value

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

$

(499,277)

Total

$

(499,277)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

50

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Loomis

Short

Term

Bond

Fund

Asset-Backed

Securities

26.1%

Principal

Amount

($)

Value

($)

Automobiles

19.2%

Ally

Auto

Receivables

Trust

Series

2022-3,

Class

A3,

5.07%,

4/15/2027

130,000

129,110

Series

2023-1,

Class

A3,

5.46%,

5/15/2028

215,000

216,558

American

Credit

Acceptance

Receivables

Trust

Series

2023-2,

Class

A,

5.89%,

10/13/2026(a)

154,992

154,537

Series

2022-4,

Class

C,

7.86%,

2/15/2029(a)

85,000

86,320

Americredit

Automobile

Receivables

Trust,

Series

2023-1,

Class

B,

5.57%,

3/20/2028

440,000

434,313

AmeriCredit

Automobile

Receivables

Trust

Series

2020-2,

Class

B,

0.97%,

2/18/2026

9,771

9,704

Series

2021-3,

Class

C,

1.41%,

8/18/2027

265,000

239,557

Series

2022-2,

Class

A3,

4.38%,

4/18/2028

175,000

171,715

Avid

Automobile

Receivables

Trust,

Series

2023-1,

Class

A,

6.63%,

7/15/2026(a)

426,906

425,995

Avis

Budget

Rental

Car

Funding

AESOP

LLC

Series

2019-2A,

Class

A,

3.35%,

9/22/2025(a)

570,000

555,031

Series

2023-2A,

Class

A,

5.20%,

10/20/2027(a)

100,000

97,937

BMW

Vehicle

Lease

Trust,

Series

2023-1,

Class

A3,

5.16%,

11/25/2025

80,000

79,529

BMW

Vehicle

Owner

Trust,

Series

2023-A,

Class

A3,

5.47%,

2/25/2028

145,000

145,550

Capital

One

Prime

Auto

Receivables

Trust,

Series

2023-1,

Class

A3,

4.87%,

2/15/2028

450,000

445,081

Carmax

Auto

Owner

Trust

Series

2021-1,

Class

A3,

0.34%,

12/15/2025

90,583

88,129

Series

2023-2,

Class

A3,

5.05%,

1/18/2028

525,000

521,151

Series

2023-3,

Class

A3,

5.28%,

5/15/2028

145,000

144,976

CarNow

Auto

Receivables

Trust,

Series

2023-

1A,

Class

A,

6.62%,

12/16/2024(a)

105,724

105,689

Carvana

Auto

Receivables

Trust

Series

2023-N1,

Class

A,

6.36%,

4/12/2027(a)

415,616

414,199

Series

2023-P1,

Class

A3,

5.98%,

12/10/2027(a)

285,000

284,048

Series

2021-N4,

Class

A1,

0.83%,

9/11/2028

142,843

139,668

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

Series

2021-N4,

Class

C,

1.72%,

9/11/2028

81,155

77,975

Chesapeake

Funding

II

LLC,

Series

2023-1A,

Class

A1,

5.65%,

5/15/2035(a)

419,703

416,354

CIG

Auto

Receivables

Trust,

Series

2021-1A,

Class

A,

0.69%,

4/14/2025(a)

19,957

19,874

Citizens

Auto

Receivables

Trust,

Series

2023-1,

Class

A3,

5.84%,

1/18/2028(a)

655,000

654,637

Credit

Acceptance

Auto

Loan

Trust

Series

2021-3A,

Class

A,

1.00%,

5/15/2030(a)

226,745

221,333

Series

2022-3A,

Class

A,

6.57%,

10/15/2032(a)

625,000

626,954

Series

2023-2A,

Class

B,

6.61%,

7/15/2033(a)

130,000

128,218

Donlen

Fleet

Lease

Funding

2

LLC,

Series

2021-2,

Class

A2,

0.56%,

12/11/2034(a)

150,599

147,028

Drive

Auto

Receivables

Trust,

Series

2021-3,

Class

B,

1.11%,

5/15/2026

164,579

162,953

DT

Auto

Owner

Trust

Series

2020-2A,

Class

C,

3.28%,

3/16/2026(a)

45,274

44,960

Series

2020-3A,

Class

C,

1.47%,

6/15/2026(a)

138,880

136,059

Series

2021-2A,

Class

B,

0.81%,

1/15/2027(a)

50,381

50,129

Series

2021-4A,

Class

C,

1.50%,

9/15/2027(a)

325,000

306,349

Series

2022-3A,

Class

B,

6.74%,

7/17/2028(a)

160,000

160,139

Series

2023-2A,

Class

B,

5.41%,

2/15/2029(a)

260,000

256,551

Enterprise

Fleet

Financing

LLC

Series

2023-1,

Class

A2,

5.51%,

1/22/2029(a)

190,000

188,824

Series

2022-3,

Class

A2,

4.38%,

7/20/2029(a)

131,764

129,126

Series

2023-2,

Class

A2,

5.56%,

4/22/2030(a)

380,000

378,477

Exeter

Automobile

Receivables

Trust

Series

2020-3A,

Class

C,

1.32%,

7/15/2025

2,633

2,630

Series

2022-4A,

Class

A3,

4.33%,

2/17/2026

178,300

177,811

Series

2021-4A,

Class

B,

1.05%,

5/15/2026

188,042

186,138

Series

2022-5A,

Class

B,

5.97%,

3/15/2027

360,000

358,167

Series

2023-1A,

Class

B,

5.72%,

4/15/2027

365,000

362,597

Series

2022-6A,

Class

B,

6.03%,

8/16/2027

110,000

109,873

Nationwide

Loomis

Short

Term

Bond

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

51

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

Series

2023-3A,

Class

B,

6.11%,

9/15/2027

115,000

114,915

First

Investors

Auto

Owner

Trust,

Series

2022-

1A,

Class

C,

3.13%,

5/15/2028(a)

350,000

328,194

Flagship

Credit

Auto

Trust

Series

2021-2,

Class

B,

0.93%,

6/15/2027(a)

175,000

169,303

Series

2022-4,

Class

A3,

6.32%,

6/15/2027(a)

505,000

510,055

Series

2023-1,

Class

A3,

5.01%,

8/16/2027(a)

215,000

211,576

Series

2023-2,

Class

C,

5.81%,

5/15/2029(a)

660,000

649,004

Ford

Credit

Auto

Owner

Trust

Series

2020-C,

Class

A3,

0.41%,

7/15/2025

99,028

97,222

Series

2021-A,

Class

A3,

0.30%,

8/15/2025

206,625

201,815

Series

2023-A,

Class

A3,

4.65%,

2/15/2028

200,000

197,530

Series

2023-B,

Class

A3,

5.23%,

5/15/2028

270,000

270,245

Ford

Credit

Floorplan

Master

Owner

Trust

A,

Series

2023-1,

Class

A1,

4.92%,

5/15/2028(a)

445,000

439,549

Foursight

Capital

Automobile

Receivables

Trust

Series

2022-2,

Class

A2,

4.49%,

3/16/2026(a)

290,075

288,310

Series

2022-1,

Class

A3,

1.83%,

12/15/2026(a)

205,000

198,619

GLS

Auto

Receivables

Issuer

Trust

Series

2020-4A,

Class

C,

1.14%,

11/17/2025(a)

41,617

41,153

Series

2021-4A,

Class

B,

1.53%,

4/15/2026(a)

485,000

474,463

Series

2023-1A,

Class

B,

6.19%,

6/15/2027(a)

395,000

394,011

GM

Financial

Automobile

Leasing

Trust

Series

2023-1,

Class

A3,

5.16%,

4/20/2026

335,000

332,836

Series

2023-2,

Class

A3,

5.05%,

7/20/2026

365,000

362,371

GM

Financial

Consumer

Automobile

Receivables

Trust

Series

2022-2,

Class

A2,

2.52%,

5/16/2025

89,240

88,677

Series

2021-1,

Class

A3,

0.35%,

10/16/2025

71,991

70,354

Series

2023-1,

Class

A3,

4.66%,

2/16/2028

90,000

88,901

Series

2023-3,

Class

A3,

5.45%,

6/16/2028

160,000

160,332

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

Harley-Davidson

Motorcycle

Trust

Series

2022-A,

Class

A2A,

2.45%,

5/15/2025

17,173

17,111

Series

2021-A,

Class

A3,

0.37%,

4/15/2026

115,783

113,209

Series

2023-A,

Class

A3,

5.05%,

12/15/2027

675,000

668,975

Honda

Auto

Receivables

Owner

Trust

Series

2021-1,

Class

A3,

0.27%,

4/21/2025

102,779

100,668

Series

2023-1,

Class

A3,

5.04%,

4/21/2027

190,000

188,887

Hyundai

Auto

Lease

Securitization

Trust,

Series

2023-B,

Class

A3,

5.15%,

6/15/2026(a)

320,000

318,275

Hyundai

Auto

Receivables

Trust,

Series

2023-B,

Class

A3,

5.48%,

4/17/2028

145,000

145,253

NextGear

Floorplan

Master

Owner

Trust,

Series

2023-

1A,

Class

A2,

5.74%,

3/15/2028(a)

560,000

562,4

86

Nissan

Auto

Lease

Trust,

Series

2023-B,

Class

A3,

5.69%,

7/15/2026

330,000

330,709

Nissan

Auto

Receivables

Owner

Trust,

Series

2023-A,

Class

A3,

4.91%,

11/15/2027

475,000

471,043

OneMain

Direct

Auto

Receivables

Trust

Series

2022-1A,

Class

A2,

6.67%,

3/14/2029(a)(b)

585,000

587,587

Series

2023-1A,

Class

A,

5.41%,

11/14/2029(a)

540,000

530,956

PenFed

Auto

Receivables

Owner

Trust,

Series

2022-A,

Class

A4,

4.18%,

12/15/2028(a)

120,000

116,858

Prestige

Auto

Receivables

Trust

Series

2020-1A,

Class

C,

1.31%,

11/16/2026(a)

110,887

110,156

Series

2021-1A,

Class

C,

1.53%,

2/15/2028(a)

215,000

200,578

Series

2023-1A,

Class

C,

5.65%,

2/15/2028(a)

500,000

490,529

Santander

Consumer

Auto

Receivables

Trust,

Series

2020-AA,

Class

C,

3.71%,

2/17/2026(a)

82,204

81,832

Santander

Drive

Auto

Receivables

Trust

Series

2020-4,

Class

C,

1.01%,

1/15/2026

19,739

19,694

Series

2023-2,

Class

A3,

5.21%,

7/15/2027

380,000

376,169

52

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Loomis

Short

Term

Bond

Fund

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

Series

2022-3,

Class

B,

4.13%,

8/16/2027

325,000

317,003

Series

2022-4,

Class

B,

4.42%,

11/15/2027

575,000

560,208

Series

2023-1,

Class

C,

5.09%,

5/15/2030

115,000

112,076

Series

2023-3,

Class

C,

5.77%,

11/15/2030

290,000

289,179

SFS

Auto

Receivables

Securitization

Trust,

Series

2023-1A,

Class

A3,

5.47%,

10/20/2028(a)

530,000

528,235

Toyota

Auto

Loan

Extended

Note

Trust,

Series

2020-

1A,

Class

A,

1.35%,

5/25/2033(a)

170,000

157,554

Toyota

Lease

Owner

Trust,

Series

2023-A,

Class

A3,

4.93%,

4/20/2026(a)

430,000

426,000

United

Auto

Credit

Securitization

Trust

Series

2022-1,

Class

B,

2.10%,

3/10/2025(a)

40,404

40,345

Series

2022-2,

Class

C,

5.81%,

5/10/2027(a)

230,000

227,367

Westlake

Automobile

Receivables

Trust

Series

2020-3A,

Class

C,

1.24%,

11/17/2025(a)

42,588

42,137

Series

2021-1A,

Class

B,

0.64%,

3/16/2026(a)

43,611

43,550

Series

2021-3A,

Class

C,

1.58%,

1/15/2027(a)

535,000

507,901

Series

2023-2A,

Class

A3,

5.80%,

2/16/2027(a)

345,000

345,133

Series

2023-1A,

Class

C,

5.74%,

8/15/2028(a)

120,000

118,491

Wheels

Fleet

Lease

Funding

1

LLC,

Series

2023-1A,

Class

A,

5.80%,

4/18/2038(a)

680,000

676,732

World

Omni

Auto

Receivables

Trust

Series

2020-B,

Class

A3,

0.63%,

5/15/2025

84,222

83,405

Series

2023-A,

Class

A3,

4.83%,

5/15/2028

585,000

578,164

World

Omni

Automobile

Lease

Securitization

Trust

Series

2022-A,

Class

A3,

3.21%,

2/18/2025

125,000

123,002

Series

2023-A,

Class

A3,

5.07%,

9/15/2026

330,000

327,728

World

Omni

Select

Auto

Trust,

Series

2021-A,

Class

B,

0.85%,

8/16/2027

190,000

176,692

26,993,265

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Credit

Card

0.9%

Mercury

Financial

Credit

Card

Master

Trust,

Series

2022-1A,

Class

A,

2.50%,

9/21/2026(a)

480,000

457,280

Mission

Lane

Credit

Card

Master

Trust,

Series

2023-A,

Class

A,

7.23%,

7/17/2028(a)

105,000

104,324

World

Financial

Network

Credit

Card

Master

Trust,

Series

2023-A,

Class

A,

5.02%,

3/15/2030

740,000

731,415

1,293,019

Equipment

Loans

&

Leases

2.9%

CCG

Receivables

Trust,

Series

2023-1,

Class

A2,

5.82%,

9/16/2030(a)

260,000

260,153

CNH

Equipment

Trust,

Series

2020-A,

Class

A3,

1.16%,

6/16/2025

10,414

10,308

Dell

Equipment

Finance

Trust,

Series

2023-1,

Class

A3,

5.65%,

9/22/2028(a)

375,000

375,731

DLLMT

LLC,

Series

2023-

1A,

Class

A3,

5.34%,

3/22/2027(a)

840,000

831,688

GreatAmerica

Leasing

Receivables,

Series

2023-1,

Class

A3,

5.15%,

7/15/2027(a)

740,000

727,180

HPEFS

Equipment

Trust,

Series

2023-1A,

Class

A3,

5.41%,

2/22/2028(a)

745,000

743,121

John

Deere

Owner

Trust,

Series

2023-A,

Class

A3,

5.01%,

11/15/2027

145,000

143,758

Kubota

Credit

Owner

Trust

Series

2023-1A,

Class

A2,

5.40%,

2/17/2026(a)

270,000

268,804

Series

2023-2A,

Class

A3,

5.28%,

1/18/2028(a)

280,000

278,795

SCF

Equipment

Leasing

LLC,

Series

2022-1A,

Class

A3,

2.92%,

7/20/2029(a)

420,000

400,091

4,039,629

Other

2.2%

ACHV

ABS

TRUST

Series

2023-1PL,

Class

A,

6.42%,

3/18/2030(a)

32,977

32,982

Series

2023-2PL,

Class

A,

6.42%,

5/20/2030(a)

90,914

90,909

Series

2023-3PL,

Class

A,

6.60%,

8/19/2030(a)

135,000

135,094

Affirm

Asset

Securitization

Trust,

Series

2021-B,

Class

A,

1.03%,

8/17/2026(a)

220,000

216,222

Aqua

Finance

Trust,

Series

2021-A,

Class

A,

1.54%,

7/17/2046(a)

149,364

132,167

Nationwide

Loomis

Short

Term

Bond

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

53

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

BHG

Securitization

Trust,

Series

2022-C,

Class

A,

5.32%,

10/17/2035(a)

101,823

100,748

FREED

ABS

Trust,

Series

2022-4FP,

Class

B,

7.58%,

12/18/2029(a)

375,000

376,328

Marlette

Funding

Trust

Series

2022-3A,

Class

A,

5.18%,

11/15/2032(a)

83,260

82,780

Series

2023-2A,

Class

A,

6.04%,

6/15/2033(a)

373,320

372,149

Series

2023-3A,

Class

A,

6.49%,

9/15/2033(a)

310,000

310,566

New

Economy

Assets

Phase

1

Sponsor

LLC,

Series

2021-1,

Class

A1,

1.91%,

10/20/2061(a)

450,000

385,819

OneMain

Financial

Issuance

Trust,

Series

2022-

S1,

Class

A,

4.13%,

5/14/2035(a)

920,000

881,000

3,116,764

Student

Loan

0.9%

Massachusetts

Educational

Financing

Authority,

Series

2018-A,

Class

A,

3.85%,

5/25/2033

154,697

144,396

Navient

Private

Education

Refi

Loan

Trust

Series

2020-HA,

Class

A,

1.31%,

1/15/2069(a)

93,675

84,777

Series

2021-A,

Class

A,

0.84%,

5/15/2069(a)

98,198

85,115

Series

2020-GA,

Class

A,

1.17%,

9/16/2069(a)

35,878

31,776

Series

2021-CA,

Class

A,

1.06%,

10/15/2069(a)

309,387

267,157

Series

2021-EA,

Class

A,

0.97%,

12/16/2069(a)

677,062

573,158

1,186,379

Total

Asset-Backed

Securities

(cost

$37,353,221)

36,629,056

Collateralized

Mortgage

Obligations

0.6%

FHLMC

REMICS

Series

3585,

Class

LA,

3.50%,

10/15/2024

1,076

1,063

Series

3721,

Class

PE,

3.50%,

9/15/2040

43,432

41,152

FNMA

REMICS

Series

2012-100,

Class

WA,

1.50%,

9/25/2027

72,599

68,122

Series

2012-93,

Class

DP,

1.50%,

9/25/2027

61,540

57,890

GNMA

REMICS

Series

2009-104,

Class

KE,

2.50%,

8/16/2039

4,885

4,774

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

Series

2011-39,

Class

NE,

3.50%,

9/16/2039

39,049

38,238

Series

2010-H22,

Class

FE,

5.51%,

5/20/2059(b)

11,982

11,879

Series

2011-H11,

Class

FA,

5.66%,

3/20/2061(b)

107,257

106,708

Series

2011-H23,

Class

HA,

3.00%,

12/20/2061

4,325

4,049

Series

2012-H18,

Class

NA,

5.68%,

8/20/2062(b)

34,964

34,767

Series

2016-H13,

Class

FT,

5.74%,

5/20/2066(b)

14,503

14,455

Series

2017-H25,

Class

FD,

4.91%,

12/20/2067(b)

37,797

37,251

Series

2019-H01,

Class

FJ,

4.53%,

9/20/2068(b)

49,331

48,979

Series

2019-H01,

Class

FT,

5.56%,

10/20/2068(b)

139,669

139,104

Series

2019-H13,

Class

FT,

5.58%,

8/20/2069(b)

215,271

214,987

Total

Collateralized

Mortgage

Obligations

(cost

$841,298)

823,418

Commercial

Mortgage-Backed

Securities

4.6%

AOA

Mortgage

Trust,

Series

2021-1177,

Class

A,

6.21%,

10/15/2038(a)(b)

680,000

617,760

BBCMS

Mortgage

Trust,

Series

2020-BID,

Class

A,

7.48%,

10/15/2037(a)(b)

425,000

403,679

Benchmark

Mortgage

Trust,

Series

2023-V2,

Class

A3,

5.81%,

5/15/2055(b)

320,000

321,654

BPR

Trust

Series

2022-OANA,

Class

A,

7.12%,

4/15/2037(a)(b)

200,000

195,552

Series

2021-NRD,

Class

A,

6.76%,

12/15/2038(a)(b)

350,000

329,181

Series

2022-SSP,

Class

A,

8.22%,

5/15/2039(a)(b)

455,000

451,524

CFCRE

Commercial

Mortgage

Trust

REMICS,

Series

2016-C7,

Class

A3,

3.84%,

12/10/2054

340,000

320,638

Citigroup

Commercial

Mortgage

Trust,

Series

2021-PRM2,

Class

A,

6.29%,

10/15/2038(a)(b)

680,000

665,517

CSMC

OA

LLC,

Series

2014-

USA,

Class

A2,

3.95%,

9/15/2037(a)

395,000

342,049

DROP

Mortgage

Trust,

Series

2021-FILE,

Class

A,

6.49%,

10/15/2043(a)(b)

525,000

480,257

GS

Mortgage

Securities

Corp.

Trust

Series

2013-PEMB,

Class

A,

3.55%,

3/5/2033(a)(b)

100,000

88,189

Series

2012-BWTR,

Class

A,

2.95%,

11/5/2034(a)

350,000

252,323

54

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Loomis

Short

Term

Bond

Fund

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

Hudsons

Bay

Simon

JV

Trust,

Series

2015-HB7,

Class

A7,

3.91%,

8/5/2034(a)

110,000

96,186

Med

Trust,

Series

2021-

MDLN,

Class

A,

6.29%,

11/15/2038(a)(b)

348,328

339,928

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2013-C11,

Class

A4,

4.13%,

8/15/2046(b)

222,259

221,576

MSBAM

Commercial

Mortgage

Securities

Trust,

Series

2012-CKSV,

Class

A2,

3.28%,

10/15/2030(a)

446,219

346

,767

OPG

Trust,

Series

2021-

PORT,

Class

A,

5.82%,

10/15/2036(a)(b)

522,687

509,098

SCOTT

Trust,

Series

2023-

SFS,

Class

A,

5.91%,

3/15/2040(a)

230,000

226,762

Starwood

Retail

Property

Trust,

Series

2014-

STAR,

Class

A,

8.25%,

11/15/2027(a)(b)

336,810

241,952

Total

Commercial

Mortgage-Backed

Securities

(cost

$7,019,955)

6,450,592

Corporate

Bonds

49.2%

Aerospace

&

Defense

0.5%

L3Harris

Technologies,

Inc.

,

5.40%,

1/15/2027

495,000

496,240

RTX

Corp.

,

3.65%,

8/16/2023

23,000

22,980

5.00%,

2/27/2026

180,000

179,842

699,062

Automobiles

0.9%

Kia

Corp.

,

2.38%,

2/14/2025(a)

520,000

494,105

Mercedes-Benz

Finance

North

America

LLC

,

5.10%,

8/3/2028(a)

435,000

434,487

Volkswagen

Group

of

America

Finance

LLC

,

4.25%,

11/13/2023(a)

330,000

328,456

1,257,048

Banks

11.3%

AIB

Group

plc

,

(SOFR

+

3.46%),

7.58%,

10/14/2026(a)(c)

345,000

353,506

ANZ

New

Zealand

Int'l

Ltd.

,

2.17%,

2/18/2025(a)

300,000

284,906

ASB

Bank

Ltd.

,

5.35%,

6/15/2026(a)

215,000

213,795

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.25%),

5.28%,

6/17/2032(a)(c)

295,000

284,877

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Australia

&

New

Zealand

Banking

Group

Ltd.

,

5.38%,

7/3/2025

430,000

430,541

Banco

Bilbao

Vizcaya

Argentaria

SA

,

0.88%,

9/18/2023

600,000

596,071

Banco

Santander

SA

,

6.92%,

8/8/2033

200,000

200,000

Bank

of

America

Corp.

,

(SOFR

+

1.33%),

3.38%,

4/2/2026(c)

465,000

447,262

Bank

of

Ireland

Group

plc

,

4.50%,

11/25/2023(a)

360,000

356,981

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.65%),

6.25%,

9/16/2026(a)(c)

200,000

199,231

Bank

of

Nova

Scotia

(The)

,

5.25%,

6/12/2028

175,000

174,781

BNP

Paribas

SA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.50%),

5.33%,

6/12/2029(a)(c)

505,000

500,817

Canadian

Imperial

Bank

of

Commerce

,

5.62%,

7/17/2026

405,000

406,433

Citigroup,

Inc.

,

(SOFR

+

2.66%),

6.17%,

5/25/2034(c)

150,000

152,373

Cooperatieve

Rabobank

UA

,

5.50%,

7/18/2025

500,000

500,913

Danske

Bank

A/S

,

3.88%,

9/12/2023(a)

645,000

642,951

Fifth

Third

Bancorp

,

(SOFR

+

2.34%),

6.34%,

7/27/2029(c)

200,000

203,639

HSBC

Holdings

plc

,

(SOFR

+

1.10%),

2.25%,

11/22/2027(c)

285,000

254,870

HSBC

USA,

Inc.

,

5.63%,

3/17/2025

740,000

739,689

Intesa

Sanpaolo

SpA

,

7.00%,

11/21/2025(a)

280,000

284,583

JPMorgan

Chase

&

Co.

,

(SOFR

+

1.85%),

5.35%,

6/1/2034(c)

250,000

251,798

KeyBank

NA

,

5.85%,

11/15/2027

415,000

406,859

Lloyds

Banking

Group

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.48%),

0.00%,

8/7/2027(c)

380,000

380,000

National

Australia

Bank

Ltd.

,

5.20%,

5/13/2025

465,000

464,088

National

Bank

of

Canada

,

(SOFR

+

1.01%),

3.75%,

6/9/2025(c)

600,000

587,880

NatWest

Markets

plc

,

1.60%,

9/29/2026(a)

455,000

401,681

Nationwide

Loomis

Short

Term

Bond

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

55

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Royal

Bank

of

Canada

,

5.20%,

7/20/2026

355,000

355,146

5.20%,

8/1/2028

495,000

494,237

Santander

Holdings

USA,

Inc.

,

3.45%,

6/2/2025

135,000

128,345

(SOFR

+

2.70%),

6.56%,

6/12/2029(c)

360,000

359,949

Santander

UK

Group

Holdings

plc

,

(SOFR

+

2.75%),

6.83%,

11/21/2026(c)

330,000

334,453

Standard

Chartered

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.58%),

6.30%,

7/6/2034(a)(c)

205,000

208,865

Sumitomo

Mitsui

Financial

Group,

Inc.

,

5.88%,

7/13/2026

710,000

717,185

Svenska

Handelsbanken

AB

,

5.50%,

6/15/2028(a)

255,000

251,859

Swedbank

AB

,

5.47%,

6/15/2026(a)

720,000

715,833

Toronto-Dominion

Bank

(The)

,

5.52%,

7/17/2028

495,000

500,112

Truist

Financial

Corp.

,

(SOFR

+

2.36%),

5.87%,

6/8/2034(c)

100,000

100,891

UniCredit

SpA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.30%),

2.57%,

9/22/2026(a)(c)

455,000

416,453

US

Bancorp

,

(SOFR

+

2.02%),

5.78%,

6/12/2029(c)(d)

175,000

175,637

Wells

Fargo

&

Co.

,

(SOFR

+

1.32%),

3.91%,

4/25/2026(c)

795,000

769,427

(SOFR

+

1.74%),

5.57%,

7/25/2029(c)

585,000

588,101

15,837,018

Beverages

0.4%

Bacardi

Ltd.

,

4.45%,

5/15/2025(a)

565,000

550,415

Broadline

Retail

0.2%

Prosus

NV

,

3.26%,

1/19/2027(a)

370,000

334,993

Capital

Markets

5.2%

Ares

Capital

Corp.

,

7.00%,

1/15/2027

240,000

240,806

2.88%,

6/15/2028(d)

310,000

261,035

Bank

of

New

York

Mellon

Corp.

(The)

,

(SOFR

+

1.03%),

4.95%,

4/26/2027(c)

275,000

271,799

Barings

BDC,

Inc.

,

3.30%,

11/23/2026

105,000

92,044

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Blackstone

Private

Credit

Fund

,

2.63%,

12/15/2026

410,000

351,794

Blackstone

Secured

Lending

Fund

,

2.85%,

9/30/2028

235,000

194,616

Blue

Owl

Capital

Corp.

,

3.75%,

7/22/2025

310,000

289,415

Blue

Owl

Credit

Income

Corp.

,

5.50%,

3/21/2025

5,000

4,841

7.75%,

9/16/2027(a)

60,000

59,859

7.95%,

6/13/2028(a)

430,000

431,311

Blue

Owl

Technology

Finance

Corp.

,

4.75%,

12/15/2025(a)

380,000

350,593

Credit

Suisse

AG

,

5.00%,

7/9/2027

350,000

338,286

Deutsche

Bank

AG

,

(SOFR

+

2.52%),

7.15%,

7/13/2027(c)

275,000

280,464

(SOFR

+

3.18%),

6.72%,

1/18/2029(c)

150,000

152,740

(SOFR

+

3.65%),

7.08%,

2/10/2034(c)

240,000

231,179

FS

KKR

Capital

Corp.

,

4.25%,

2/14/2025(a)

90,000

85,125

3.25%,

7/15/2027

200,000

173,369

Golub

Capital

BDC,

Inc.

,

2.50%,

8/24/2026

240,000

210,781

Hercules

Capital,

Inc.

,

3.38%,

1/20/2027

255,000

224,301

Jefferies

Financial

Group,

Inc.

,

5.88%,

7/21/2028

230,000

229,427

Lehman

Brothers

Holdings,

Inc.

,

5.63%,

1/24/2013(e)

500,000

750

Macquarie

Group

Ltd.

,

(SOFR

+

2.38%),

5.89%,

6/15/2034(a)(c)

235,000

230,717

Main

Street

Capital

Corp.

,

3.00%,

7/14/2026

275,000

245,717

Morgan

Stanley

,

(SOFR

+

0.46%),

5.76%,

1/25/2024(c)

1,080,000

1,079,580

(SOFR

+

1.63%),

5.45%,

7/20/2029(c)

475,000

476,001

Morgan

Stanley

Direct

Lending

Fund

,

4.50%,

2/11/2027

145,000

136,446

State

Street

Corp.

,

5.27%,

8/3/2026

705,000

705,000

7,347,996

Chemicals

1.0%

Celanese

US

Holdings

LLC

,

6.17%,

7/15/2027(d)

575,000

579,112

EIDP,

Inc.

,

4.50%,

5/15/2026

470,000

461,455

Nutrien

Ltd.

,

5.90%,

11/7/2024

335,000

335,695

1,376,262

56

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Loomis

Short

Term

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Finance

4.2%

AerCap

Ireland

Capital

DAC

,

3.15%,

2/15/2024

280,000

275,571

Ally

Financial,

Inc.

,

7.10%,

11/15/2027

325,000

330,693

American

Express

Co.

,

(SOFR

+

1.28%),

5.28%,

7/27/2029(c)

495,000

494,513

Avolon

Holdings

Funding

Ltd.

,

5.50%,

1/15/2026(a)

345,000

336,216

BOC

Aviation

USA

Corp.

,

1.63%,

4/29/2024(a)

205,000

198,439

Capital

One

Financial

Corp.

,

(SOFR

+

0.69%),

1.34%,

12/6/2024(c)

25,000

24,509

(SOFR

+

2.08%),

5.47%,

2/1/2029(c)

40,000

38,927

(SOFR

+

2.64%),

6.31%,

6/8/2029(c)

560,000

562,115

Caterpillar

Financial

Services

Corp.

,

4.35%,

5/15/2026

620,000

612,225

Ford

Motor

Credit

Co.

LLC

,

2.30%,

2/10/2025

200,000

187,535

General

Motors

Financial

Co.,

Inc.

,

6.05%,

10/10/2025

615,000

620,027

Harley-Davidson

Financial

Services,

Inc.

,

3.35%,

6/8/2025(a)

70,000

66,539

6.50%,

3/10/2028(a)

425,000

429,967

Hyundai

Capital

Services,

Inc.

,

2.13%,

4/24/2025(a)

200,000

187,490

John

Deere

Capital

Corp.

,

4.95%,

7/14/2028

155,000

156,141

LeasePlan

Corp.

NV

,

2.88%,

10/24/2024(a)

495,000

474,055

Navient

Corp.

,

9.38%,

7/25/2030

180,000

180,900

OneMain

Finance

Corp.

,

9.00%,

1/15/2029

205,000

208,300

Synchrony

Financial

,

4.88%,

6/13/2025

55,000

53,143

Toyota

Motor

Credit

Corp.

,

4.55%,

5/17/2030

520,000

509,211

5,946,516

Containers

&

Packaging

0.6%

Amcor

Flexibles

North

America,

Inc.

,

4.00%,

5/17/2025

185,000

179,099

Sonoco

Products

Co.

,

1.80%,

2/1/2025

655,000

615,320

794,419

Diversified

REITs

0.4%

GLP

Capital

LP

,

5.25%,

6/1/2025

600,000

590,496

Diversified

Telecommunication

Services

0.4%

AT&T,

Inc.

,

5.40%,

2/15/2034(d)

175,000

172,165

Corporate

Bonds

Principal

Amount

($)

Value

($)

Diversified

Telecommunication

Services

British

Telecommunications

plc

,

4.50%,

12/4/2023

400,000

397,928

570,093

Electric

Utilities

3.9%

American

Electric

Power

Co.,

Inc.

,

Series

A,

(ICE

LIBOR

USD

3

Month

+

0.48%),

5.78%,

11/1/2023(c)

1,085,000

1,084,623

+

0.00%),

5.70%,

8/15/2025(c)

385,000

385,454

Edison

International

,

4.70%,

8/15/2025

585,000

572,760

Electricite

de

France

SA

,

5.70%,

5/23/2028(a)

205,000

206,435

ITC

Holdings

Corp.

,

4.95%,

9/22/2027(a)

490,000

484,439

NextEra

Energy

Capital

Holdings,

Inc.

,

(United

States

SOFR

Compounded

Index

+

0.40%),

5.77%,

11/3/2023(c)

170,000

169,967

6.05%,

3/1/2025

190,000

191,378

Pacific

Gas

and

Electric

Co.

,

3.25%,

2/16/2024

465,000

457,600

6.10%,

1/15/2029

440,000

437,466

Pennsylvania

Electric

Co.

,

5.15%,

3/30/2026(a)

100,000

98,693

Southern

Co.

(The)

,

Series

21-A,

0.60%,

2/26/2024

750,000

728,026

Vistra

Operations

Co.

LLC

,

5.13%,

5/13/2025(a)

375,000

366,062

Xcel

Energy,

Inc.

,

5.45%,

8/15/2033

350,000

349,535

5,532,438

Electronic

Equipment,

Instruments

&

Components

0.3%

Avnet,

Inc.

,

6.25%,

3/15/2028

275,000

277,691

Flex

Ltd.

,

6.00%,

1/15/2028

180,000

182,813

460,504

Entertainment

0.2%

Take-Two

Interactive

Software,

Inc.

,

3.30%,

3/28/2024

22,000

21,613

Warnermedia

Holdings,

Inc.

,

3.76%,

3/15/2027

285,000

266,769

288,382

Financial

Services

1

.3%

Antares

Holdings

LP

,

3.75%,

7/15/2027(a)

390,000

329,206

Element

Fleet

Management

Corp.

,

3.85%,

6/15/2025(a)

320,000

304,861

6.27%,

6/26/2026(a)

115,000

115,539

Nationwide

Loomis

Short

Term

Bond

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

57

Corporate

Bonds

Principal

Amount

($)

Value

($)

Financial

Services

Fidelity

National

Information

Services,

Inc.

,

4.50%,

7/15/2025

555,000

544,466

Global

Payments,

Inc.

,

1.50%,

11/15/2024

275,000

259,795

Synchrony

Bank

,

5.40%,

8/22/2025

305,000

293,747

1,847,614

Food

Products

0.7%

Cargill,

Inc.

,

4.50%,

6/24/2026(a)

100,000

98,717

Conagra

Brands,

Inc.

,

5.30%,

10/1/2026

485,000

483,057

JBS

USA

LUX

SA

,

5.13%,

2/1/2028(a)

370,000

359,147

940,921

Gas

Utilities

0.3%

Southern

California

Gas

Co.

,

5.20%,

6/1/2033

370,000

366,446

Ground

Transportation

1.7%

DAE

Funding

LLC

,

1.55%,

8/1/2024(a)

215,000

204,966

Norfolk

Southern

Corp.

,

5.05%,

8/1/2030

470,000

469,041

Penske

Truck

Leasing

Co.

LP

,

4.13%,

8/1/2023(a)

845,000

845,000

4.00%,

7/15/2025(a)

45,000

43,238

6.05%,

8/1/2028(a)

185,000

185,543

Ryder

System,

Inc.

,

5.25%,

6/1/2028

160,000

158,665

Triton

Container

International

Ltd.

,

0.80%,

8/1/2023(a)

495,000

495,000

2,401,453

Health

Care

Equipment

&

Supplies

0.3%

GE

HealthCare

Technologies,

Inc.

,

5.55%,

11/15/2024

360,000

359,596

Hotels,

Restaurants

&

Leisure

0.7%

Expedia

Group,

Inc.

,

6.25%,

5/1/2025(a)

281,000

282,885

Hyatt

Hotels

Corp.

,

1.30%,

10/1/2023

405,000

401,936

5.38%,

4/23/2025(f)

65,000

64,406

5.75%,

1/30/2027

250,000

251,059

1,000,286

Independent

Power

and

Renewable

Electricity

Producers

0.2%

AES

Corp.

(The)

,

3.30%,

7/15/2025(a)

315,000

299,120

5.45%,

6/1/2028

50,000

49,549

348,669

Industrial

REITs

0.3%

Prologis

LP

,

4.88%,

6/15/2028

420,000

417,859

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

4.1%

Assurant,

Inc.

,

4.20%,

9/27/2023

49,000

48,765

Athene

Global

Funding

,

2.50%,

3/24/2028(a)

320,000

273,212

Brighthouse

Financial

Global

Funding

,

1.20%,

12/15/2023(a)

255,000

250,715

1.75%,

1/13/2025(a)

375,000

350,981

CNO

Global

Funding

,

2.65%,

1/6/2029(a)

325,000

276,486

Equitable

Financial

Life

Global

Funding

,

5.50%,

12/2/2025(a)

435,000

431,158

F&G

Global

Funding

,

5.15%,

7/7/2025(a)

390,000

376,992

GA

Global

Funding

Trust

,

1.25%,

12/8/2023(a)

565,000

552,882

Guardian

Life

Global

Funding

,

1.10%,

6/23/2025(a)

995,000

909,392

Jackson

National

Life

Global

Funding

,

1.75%,

1/12/2025(a)

305,000

284,661

MassMutual

Global

Funding

II

,

4.15%,

8/26/2025(a)

202,000

196,894

MetLife,

Inc.

,

5.38%,

7/15/2033

230,000

232,410

Mutual

of

Omaha

Cos.

Global

Funding

,

5.80%,

7/27/2026(a)

495,000

494,204

Protective

Life

Global

Funding

,

1.65%,

1/13/2025(a)

310,000

292,053

4.71%,

7/6/2027(a)

245,000

238,204

Security

Benefit

Global

Funding

,

1.25%,

5/17/2024(a)

450,000

429,984

Trustage

Financial

Group,

Inc.

,

4.63%,

4/15/2032(a)

135,000

116,251

5,755,244

Machinery

0.1%

CNH

Industrial

Capital

LLC

,

5.45%,

10/14/2025

170,000

169,848

Metals

&

Mining

0.6%

BHP

Billiton

Finance

USA

Ltd.

,

4.88%,

2/27/2026

520,000

517,662

Glencore

Funding

LLC

,

4.13%,

3/12/2024(a)

190,000

187,508

Northern

Star

Resources

Ltd.

,

6.13%,

4/11/2033(a)

140,000

135,969

841,139

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.3%

Starwood

Property

Trust,

Inc.

,

5.50%,

11/1/2023(a)

40,000

39,749

3.75%,

12/31/2024(a)

355,000

339,025

378,774

Multi-Utilities

1

.7%

Dominion

Energy,

Inc.

,

3.07%,

8/15/2024(f)

295,000

286,441

58

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Loomis

Short

Term

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Multi-Utilities

DTE

Energy

Co.

,

4.22%,

11/1/2024(f)

375,000

367,777

Public

Service

Enterprise

Group,

Inc.

,

0.84%,

11/8/2023

675,000

665,784

WEC

Energy

Group,

Inc.

,

0.55%,

9/15/2023

1,105,000

1,095,833

2,415,835

Office

REITs

0.1%

Hudson

Pacific

Properties

LP

,

5.95%,

2/15/2028

250,000

207,419

Oil,

Gas

&

Consumable

Fuels

1.7%

Crescent

Energy

Finance

LLC

,

9.25%,

2/15/2028(a)

260,000

264,472

Enbridge,

Inc.

,

5.70%,

3/8/2033

165,000

167,264

EQT

Corp.

,

6.13%,

2/1/2025(f)

133,000

133,070

Gray

Oak

Pipeline

LLC

,

2.60%,

10/15/2025(a)

75,000

69,090

Ovintiv,

Inc.

,

5.65%,

5/15/2028

505,000

501,785

Pioneer

Natural

Resources

Co.

,

5.10%,

3/29/2026

460,000

458,441

TransCanada

PipeLines

Ltd.

,

(United

States

SOFR

Compounded

Index

+

1.52%),

6.86%,

3/9/2026(c)

520,000

520,926

Williams

Cos.,

Inc.

(The)

,

5.40%,

3/2/2026

300,000

300,594

2,415,642

Passenger

Airlines

0.3%

Southwest

Airlines

Co.

,

5.25%,

5/4/2025

255,000

253,491

United

Airlines,

Inc.

,

4.38%,

4/15/2026(a)

120,000

113,621

367,112

Pharmaceuticals

0.6%

AstraZeneca

plc

,

3.50%,

8/17/2023

695,000

694,376

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

4.75%,

5/9/2027

230,000

214,398

908,774

Real

Estate

Management

&

Development

0.2%

CBRE

Services,

Inc.

,

5.95%,

8/15/2034

140,000

141,023

Forestar

Group,

Inc.

,

3.85%,

5/15/2026(a)

155,000

143,880

284,903

Retail

REITs

0.5%

Federal

Realty

OP

LP

,

3.95%,

1/15/2024

665,000

658,092

Corporate

Bonds

Principal

Amount

($)

Value

($)

Semiconductors

&

Semiconductor

Equipment

0.5%

Broadcom,

Inc.

,

4.00%,

4/15/2029(a)

245,000

227,011

Microchip

Technology,

Inc.

,

2.67%,

9/1/2023

335,000

333,966

Qorvo,

Inc.

,

1.75%,

12/15/2024(a)

100,000

93,638

654,615

Software

0.7%

VMware,

Inc.

,

0.60%,

8/15/2023

1,005,000

1,003,028

Specialized

REITs

0.5%

Public

Storage

,

5.13%,

1/15/2029

235,000

236,277

Weyerhaeuser

Co.

,

4.75%,

5/15/2026

520,000

512,772

749,049

Specialty

Retail

0.7%

Advance

Auto

Parts,

Inc.

,

5.90%,

3/9/2026

140,000

139,716

AutoZone,

Inc.

,

5.05%,

7/15/2026

390,000

388,947

Lowe's

Cos.,

Inc.

,

4.40%,

9/8/2025(d)

400,000

392,548

921,211

Technology

Hardware,

Storage

&

Peripherals

0.5%

Dell

International

LLC

,

5.85%,

7/15/2025

390,000

391,825

Hewlett

Packard

Enterprise

Co.

,

5.25%,

7/1/2028

345,000

343,378

735,203

Tobacco

0.2%

BAT

Capital

Corp.

,

6.34%,

8/2/2030

300,000

300,000

Trading

Companies

&

Distributors

0.9%

Air

Lease

Corp.

,

0.70%,

2/15/2024

505,000

490,781

0.80%,

8/18/2024

200,000

189,576

Aircastle

Ltd.

,

2.85%,

1/26/2028(a)

330,000

285,945

6.50%,

7/18/2028(a)

105,000

105,157

Beacon

Roofing

Supply,

Inc.

,

6.50%,

8/1/2030(a)

130,000

130,325

1,201,784

Total

Corporate

Bonds

(cost

$71,180,044)

69,236,158

Mortgage-Backed

Securities

0.4%

FHLMC

Gold

Pool

Pool#

G14899

3.00%,

11/1/2023

1,381

1,376

Pool#

G13746

4.50%,

1/1/2025

11,453

11,310

Nationwide

Loomis

Short

Term

Bond

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

59

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G13888

5.00%,

6/1/2025

484

481

Pool#

J19197

3.00%,

5/1/2027

78,603

75,832

Pool#

C00748

6.00%,

4/1/2029

3,433

3,524

Pool#

C01418

5.50%,

10/1/2032

27,720

28,333

Pool#

G01740

5.50%,

12/1/2034

15,466

15,808

Pool#

G04342

6.00%,

4/1/2038

19,332

20,013

FHLMC

Non

Gold

Pool

Pool#

972136

4.35%,

1/1/2034(b)

16,973

16,939

Pool#

848191

4.47%,

12/1/2034(b)

101,877

99,677

FNMA

Pool#

815323

,

6.91%,

1/1/2035

(b)

25,200

25,457

FNMA

UMBS

Pool

Pool#

931892

4.50%,

9/1/2024

45,424

44,798

Pool#

AL0802

4.50%,

4/1/2025

8,499

8,382

Pool#

AB2518

4.00%,

3/1/2026

13,427

13,089

Pool#

AB4998

3.00%,

4/1/2027

140,932

135,801

Pool#

190307

8.00%,

6/1/2030

281

291

Pool#

253516

8.00%,

11/1/2030

219

224

Pool#

725773

5.50%,

9/1/2034

34,041

34,754

Pool#

811773

5.50%,

1/1/2035

34,258

35,019

GNMA

Pool#

5080

,

4.00%,

6/20/2026

18,711

18,322

Total

Mortgage-Backed

Securities

(cost

$608,932)

589,430

U.S.

Treasury

Obligations

17.2%

U.S.

Treasury

Notes

3.88%,

4/30/2025

15,735,000

15,433,822

4.63%,

6/30/2025

(d)

8,480,000

8,432,963

4.75%,

7/31/2025

295,000

294,355

Total

U.S.

Treasury

Obligations

(cost

$24,275,290)

24,161,140

Repurchase

Agreement

7.6%

Principal

Amount

($)

Value

($)

CF

Secured,

LLC

5.28%,

dated

7/31/2023,

due

8/1/2023,

repurchase

price

$10,725,037,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.63%,

maturing

8/8/2023

-

8/15/2052;

total

market

value

$10,939,538.

(g)

10,723,464

10,723,464

Total

Repurchase

Agreement

(cost

$10,723,464)

10,723,464

Total

Investments

(cost

$152,002,204)

—

105.7%

148,613,258

Liabilities

in

excess

of

other

assets

—

(5.7)%

(7,962,734)

NET

ASSETS

—

100.0%

$

140,650,524

(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,

2023

was

$52,435,760

which

represents

37.28%

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,

2023.

(c)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

July

31,

2023.

(d)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

July

31,

2023.

The

total

value

of

securities

on

loan

as

of

July

31,

2023

was

$11,049,600,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$10,723,464

and

by

$588,504

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.25%

–

4.38%,

and

maturity

dates

ranging

from

11/15/2023

–

11/15/2052,

a

total

value

of

$11,311,968.

(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,

2023.

(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,

2023

was

$10,723,464.

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

60

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Loomis

Short

Term

Bond

Fund

Currency:

USD

United

States

Dollar

Futures

contracts

outstanding

as

of

July

31,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

2

Year

Note

12

9/2023

USD

2,436,375

(31,849)

Total

long

contracts

(31,849)

Short

Contracts

U.S.

Treasury

10

Year

Ultra

Note

(26)

9/2023

USD

(3,041,594)

55,190

Total

short

contracts

55,190

Net

contracts

23,341

As

of

July

31,

2023,

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,

2023

(Unaudited)

-

Statement

of

Investments

-

61

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

62

-

Statement

of

Investments

-

July

31,

2023

(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,

2023.

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,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

July

31,

2023:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

36,629,056

$

–

$

36,629,056

Collateralized

Mortgage

Obligations

–

823,418

–

823,418

Commercial

Mortgage-Backed

Securities

–

6,450,592

–

6,450,592

Corporate

Bonds

–

69,236,158

–

69,236,158

Futures

Contracts

55,190

–

–

55,190

Mortgage-Backed

Securities

–

589,430

–

589,430

Repurchase

Agreement

–

10,723,464

–

10,723,464

U.S.

Treasury

Obligations

–

24,161,140

–

24,161,140

Total

Assets

$

55,190

$

148,613,258

$

–

$

148,668,448

Liabilities:

Futures

Contracts

$

(31,849)

$

–

$

–

$

(31,849)

Total

Liabilities

$

(31,849)

$

–

$

–

$

(31,849)

Total

$

23,341

$

148,613,258

$

–

$

148,636,599

Nationwide

Loomis

Short

Term

Bond

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

63

Assets:

Fair

Value

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

$

55,190

Total

$

55,190

Liabilities:

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

$

(31,849)

Total

$

(31,849)

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

Bailard

Cognitive

Value

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

1

Common

Stocks

99.3%

Shares

Value

($)

Air

Freight

&

Logistics

0.5%

Forward

Air

Corp.(a)

1,700

202,028

Hub

Group,

Inc.,

Class

A*

2,800

252,364

454,392

Automobile

Components

1.6%

American

Axle

&

Manufacturing

Holdings,

Inc.*

27,508

259,951

Dana,

Inc.

34,200

649,116

Goodyear

Tire

&

Rubber

Co.

(The)*

22,200

356,976

Modine

Manufacturing

Co.*

7,200

270,432

1,536,475

Banks

15.3%

Associated

Banc-Corp.

17,020

322,529

Bancorp,

Inc.

(The)*

3,753

142,239

Capital

City

Bank

Group,

Inc.

6,418

208,136

Carter

Bankshares,

Inc.*

29,600

434,824

Central

Pacific

Financial

Corp.

24,900

454,176

Civista

Bancshares,

Inc.

29,666

541,108

Comerica,

Inc.

11,100

598,956

Enterprise

Bancorp,

Inc.

11,822

376,412

Enterprise

Financial

Services

Corp.

16,529

677,689

Evans

Bancorp,

Inc.

3,800

112,936

Financial

Institutions,

Inc.

17,100

327,978

First

Financial

Bancorp

7,263

167,703

First

Financial

Corp.

6,746

257,765

First

Merchants

Corp.

20,400

655,248

Hancock

Whitney

Corp.

6,600

290,466

Hanmi

Financial

Corp.

35,623

676,837

Heartland

Financial

USA,

Inc.

23,465

805,788

Home

Bancorp,

Inc.

5,324

189,641

HomeTrust

Bancshares,

Inc.

24,229

589,007

Independent

Bank

Corp.(a)

5,100

105,366

International

Bancshares

Corp.

8,764

435,045

Live

Oak

Bancshares,

Inc.

3,100

117,397

Macatawa

Bank

Corp.

36,700

361,495

Northrim

Bancorp,

Inc.

7,900

377,620

OceanFirst

Financial

Corp.

21,474

400,060

OFG

Bancorp

7,200

241,128

Old

National

Bancorp

41,700

710,151

Old

Second

Bancorp,

Inc.

9,627

153,936

Orrstown

Financial

Services,

Inc.

9,700

226,980

Pacific

Premier

Bancorp,

Inc.

6,300

160,902

Peapack-Gladstone

Financial

Corp.

18,400

537,832

Popular,

Inc.

4,700

340,985

SmartFinancial,

Inc.

7,678

192,871

South

Plains

Financial,

Inc.

20,727

556,520

Third

Coast

Bancshares,

Inc.*

4,600

95,128

UMB

Financial

Corp.

8,716

618,836

Veritex

Holdings,

Inc.

28,036

603,054

WSFS

Financial

Corp.

5,100

223,125

Zions

Bancorp

NA(a)

7,600

290,700

14,578,569

Beverages

0.2%

Coca-Cola

Consolidated,

Inc.

362

229,294

Biotechnology

2.5%

89bio,

Inc.*(a)

27,192

430,721

Common

Stocks

Shares

Value

($)

Biotechnology

ADMA

Biologics,

Inc.*

27,030

112,175

Akero

Therapeutics,

Inc.*(a)

5,027

218,172

Alkermes

plc*

6,462

189,207

Arcturus

Therapeutics

Holdings,

Inc.*

1,800

62,928

Arcus

Biosciences,

Inc.*

2,400

47,760

Celldex

Therapeutics,

Inc.*

1,168

41,301

Chinook

Therapeutics,

Inc.*

1,992

78,047

Dynavax

Technologies

Corp.*

3,700

51,763

Entrada

Therapeutics,

Inc.*

7,800

135,486

Immunovant,

Inc.*

6,300

143,829

Intellia

Therapeutics,

Inc.*

2,100

88,893

Kiniksa

Pharmaceuticals

Ltd.,

Class

A*

7,954

149,853

Kronos

Bio,

Inc.*

27,600

52,992

Krystal

Biotech,

Inc.*

600

77,460

Kymera

Therapeutics,

Inc.*

1,550

33,914

Ovid

therapeutics,

Inc.*(a)

12,600

45,234

Prothena

Corp.

plc*

700

48,209

Puma

Biotechnology,

Inc.*

7,200

26,064

Recursion

Pharmaceuticals,

Inc.,

Class

A*

5,200

73,424

REGENXBIO,

Inc.*

2,300

43,700

Talaris

Therapeutics,

Inc.*(a)

14,773

43,580

Veracyte,

Inc.*

4,900

134,505

Viracta

Therapeutics,

Inc.*(a)

34,562

53,571

Xencor,

Inc.*

1,741

42,289

2,425,077

Broadline

Retail

0.2%

Ollie's

Bargain

Outlet

Holdings,

Inc.*

3,100

225,928

Building

Products

2.9%

AZEK

Co.,

Inc.

(The),

Class

A*

6,900

215,280

Gibraltar

Industries,

Inc.*

9,600

620,832

Griffon

Corp.

11,117

463,801

JELD-WEN

Holding,

Inc.*

21,015

374,277

Resideo

Technologies,

Inc.*

21,900

409,968

UFP

Industries,

Inc.

6,836

702,468

2,786,626

Capital

Markets

1.3%

Focus

Financial

Partners,

Inc.,

Class

A*

10,971

574,112

Oppenheimer

Holdings,

Inc.,

Class

A

2,189

83,423

Virtu

Financial,

Inc.,

Class

A

33,200

616,192

1,273,727

Chemicals

0.5%

Element

Solutions,

Inc.

5,700

119,472

FutureFuel

Corp.

15,100

146,772

Livent

Corp.*(a)

8,200

201,884

468,128

Commercial

Services

&

Supplies

2.0%

Acme

United

Corp.

3,704

112,675

ARC

Document

Solutions,

Inc.

66,110

230,063

CECO

Environmental

Corp.*

17,487

210,543

CompX

International,

Inc.

3,024

68,463

Deluxe

Corp.

30,526

579,689

Ennis,

Inc.

10,800

232,632

Quad/Graphics,

Inc.*

26,966

159,639

2

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Bailard

Cognitive

Value

Fund

Common

Stocks

Shares

Value

($)

Commercial

Services

&

Supplies

SP

Plus

Corp.*

6,935

266,651

1,860,355

Communications

Equipment

0.0%

†

Aviat

Networks,

Inc.*

1,500

45,855

Construction

&

Engineering

2.3%

EMCOR

Group,

Inc.

3,200

688,128

IES

Holdings,

Inc.*

4,100

235,012

Limbach

Holdings,

Inc.*(a)

10,900

287,978

MDU

Resources

Group,

Inc.

21,200

468,944

Sterling

Infrastructure,

Inc.*

8,400

503,916

2,183,978

Construction

Materials

0.2%

Eagle

Materials,

Inc.

1,100

202,807

Consumer

Finance

0.6%

Consumer

Portfolio

Services,

Inc.*

18,632

238,676

Green

Dot

Corp.,

Class

A*

15,800

308,890

547,566

Consumer

Staples

Distribution

&

Retail

0.9%

Andersons,

Inc.

(The)

13,200

644,424

Village

Super

Market,

Inc.,

Class

A

9,900

230,472

874,896

Containers

&

Packaging

1.3%

Berry

Global

Group,

Inc.

2,800

183,596

Greif,

Inc.,

Class

A

8,100

599,157

Pactiv

Evergreen,

Inc.

48,855

420,642

1,203,395

Diversified

Consumer

Services

1.2%

Graham

Holdings

Co.,

Class

B

1,053

617,848

Laureate

Education,

Inc.

17,200

220,504

OneSpaWorld

Holdings

Ltd.*

20,000

256,900

1,095,252

Diversified

REITs

1.0%

Alexander

&

Baldwin,

Inc.

4,800

92,160

Broadstone

Net

Lease,

Inc.

10,300

167,890

Essential

Properties

Realty

Trust,

Inc.

27,873

684,282

944,332

Diversified

Telecommunication

Services

0.1%

Radius

Global

Infrastructure,

Inc.*

6,000

89,460

Electric

Utilities

0.9%

ALLETE,

Inc.

7,767

446,059

Genie

Energy

Ltd.,

Class

B

27,300

366,093

812,152

Electrical

Equipment

1.2%

Atkore,

Inc.*

4,600

729,882

EnerSys

1,700

184,144

Powell

Industries,

Inc.

3,700

224,886

1,138,912

Electronic

Equipment,

Instruments

&

Components

2.5%

Arrow

Electronics,

Inc.*

4,300

612,922

Avnet,

Inc.

3,300

160,050

Bel

Fuse,

Inc.,

Class

B

8,953

480,329

Belden,

Inc.

4,700

454,208

Climb

Global

Solutions,

Inc.

1,800

87,084

Common

Stocks

Shares

Value

($)

Electronic

Equipment,

Instruments

&

Components

Fabrinet*

1,700

210,188

Vishay

Intertechnology,

Inc.

5,200

146,380

Vontier

Corp.

8,525

263,678

2,414,839

Energy

Equipment

&

Services

4.1%

ChampionX

Corp.(a)

6,200

220,720

DMC

Global,

Inc.*

13,043

245,991

Helix

Energy

Solutions

Group,

Inc.*(a)

10,900

104,640

Liberty

Energy,

Inc.,

Class

A

39,900

657,153

Patterson-UTI

Energy,

Inc.

50,698

803,056

Precision

Drilling

Corp.*

3,580

237,927

Profire

Energy,

Inc.*

24,226

33,917

Ranger

Energy

Services,

Inc.*

14,600

153,300

Select

Water

Solutions,

Inc.,

Class

A

28,200

237,162

TETRA

Technologies,

Inc.*

59,200

265,808

Tidewater,

Inc.*

4,200

265,062

US

Silica

Holdings,

Inc.*

30,804

400,760

Weatherford

International

plc*

3,500

290,850

3,916,346

Financial

Services

1.6%

A-Mark

Precious

Metals,

Inc.

5,800

236,582

Enact

Holdings,

Inc.

8,900

242,080

Merchants

Bancorp

8,200

259,202

MGIC

Investment

Corp.

23,240

389,038

Mr.

Cooper

Group,

Inc.*

1,100

63,767

NMI

Holdings,

Inc.,

Class

A*

4,700

125,537

Security

National

Financial

Corp.,

Class

A*

12,772

109,073

Velocity

Financial,

Inc.*

11,412

141,280

1,566,559

Food

Products

1.5%

Ingredion,

Inc.

5,200

578,552

John

B

Sanfilippo

&

Son,

Inc.

5,941

647,034

MamaMancini's

Holdings,

Inc.*

61,600

228,536

1,454,122

Gas

Utilities

0.9%

Brookfield

Infrastructure

Corp.,

Class

A

8,000

373,760

National

Fuel

Gas

Co.

2,833

150,461

ONE

Gas,

Inc.(a)

4,100

324,433

848,654

Ground

Transportation

0.4%

Daseke,

Inc.*

4,600

35,788

Ryder

System,

Inc.

3,500

357,525

393,313

Health

Care

Equipment

&

Supplies

1.7%

Artivion,

Inc.*

14,900

259,558

Haemonetics

Corp.*

2,535

233,828

iRadimed

Corp.

1,900

83,467

Lantheus

Holdings,

Inc.*(a)

6,900

596,781

Merit

Medical

Systems,

Inc.*

3,353

250,369

TransMedics

Group,

Inc.*

2,000

186,360

1,610,363

Health

Care

Providers

&

Services

0.8%

Accolade,

Inc.*

12,850

193,007

OPKO

Health,

Inc.*(a)

28,700

53,382

Option

Care

Health,

Inc.*

2,761

93,267

Nationwide

Bailard

Cognitive

Value

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

3

Common

Stocks

Shares

Value

($)

Health

Care

Providers

&

Services

PetIQ,

Inc.,

Class

A*

5,900

98,766

Progyny,

Inc.*

7,100

296,496

734,918

Health

Care

REITs

0.8%

CareTrust

REIT,

Inc.

18,400

382,536

Omega

Healthcare

Investors,

Inc.

7,200

229,680

Physicians

Realty

Trust

9,800

144,452

756,668

Health

Care

Technology

0.6%

Health

Catalyst,

Inc.*

3,600

50,508

NextGen

Healthcare,

Inc.*

32,700

543,801

594,309

Hotel

&

Resort

REITs

1.9%

Apple

Hospitality

REIT,

Inc.

14,400

223,200

Braemar

Hotels

&

Resorts,

Inc.

113,000

418,100

DiamondRock

Hospitality

Co.

28,200

239,700

Hersha

Hospitality

Trust,

Class

A

6,800

42,568

Park

Hotels

&

Resorts,

Inc.

42,800

583,364

Ryman

Hospitality

Properties,

Inc.

3,398

323,795

1,830,727

Hotels,

Restaurants

&

Leisure

0.7%

Ark

Restaurants

Corp.

4,800

85,872

Bluegreen

Vacations

Holding

Corp.,

Class

A

5,013

195,958

Chuy's

Holdings,

Inc.*

6,200

257,858

Xponential

Fitness,

Inc.,

Class

A*

6,500

137,280

676,968

Household

Durables

3.9%

Beazer

Homes

USA,

Inc.*

11,678

392,731

Ethan

Allen

Interiors,

Inc.

3,405

107,155

Green

Brick

Partners,

Inc.*(a)

1,600

90,432

Hamilton

Beach

Brands

Holding

Co.,

Class

A

9,500

93,575

Helen

of

Troy

Ltd.*

700

98,910

KB

Home

11,800

636,846

Landsea

Homes

Corp.*

13,500

133,245

M/I

Homes,

Inc.*

7,600

760,000

Meritage

Homes

Corp.

2,395

356,735

Skyline

Champion

Corp.*

4,231

294,732

Tri

Pointe

Homes,

Inc.*

23,433

747,044

3,711,405

Household

Products

0.4%

Oil-Dri

Corp.

of

America

5,424

340,464

Independent

Power

and

Renewable

Electricity

Producers

0.8%

Altus

Power,

Inc.,

Class

A*(a)

16,200

110,322

Atlantica

Sustainable

Infrastructure

plc

13,600

328,032

Ormat

Technologies,

Inc.

3,900

317,070

755,424

Industrial

REITs

0.6%

First

Industrial

Realty

Trust,

Inc.

7,400

382,580

Common

Stocks

Shares

Value

($)

Industrial

REITs

Terreno

Realty

Corp.

3,148

186,802

569,382

Insurance

2.8%

Assurant,

Inc.

700

94,157

Assured

Guaranty

Ltd.

11,149

666,487

Axis

Capital

Holdings

Ltd.

10,600

584,272

CNO

Financial

Group,

Inc.

23,700

609,564

Horace

Mann

Educators

Corp.

3,200

96,416

Reinsurance

Group

of

America,

Inc.(a)

2,600

364,910

Unum

Group

4,600

223,606

2,639,412

Interactive

Media

&

Services

0.1%

Ziff

Davis,

Inc.*

1,300

94,276

IT

Services

0.1%

Kyndryl

Holdings,

Inc.*

8,200

112,012

Leisure

Products

0.4%

Marine

Products

Corp.

5,900

94,636

MasterCraft

Boat

Holdings,

Inc.*

7,500

229,875

Solo

Brands,

Inc.,

Class

A*

11,000

64,460

388,971

Life

Sciences

Tools

&

Services

0

.2%

Medpace

Holdings,

Inc.*

700

177,219

Pacific

Biosciences

of

California,

Inc.*

4,300

56,803

234,022

Machinery

1.1%

Commercial

Vehicle

Group,

Inc.*

8,900

93,450

Hyster-Yale

Materials

Handling,

Inc.

3,000

143,280

Manitowoc

Co.,

Inc.

(The)*

7,137

129,323

Park-Ohio

Holdings

Corp.

8,272

159,401

Terex

Corp.

4,445

260,610

Wabash

National

Corp.

9,200

217,856

1,003,920

Media

1.8%

Entravision

Communications

Corp.,

Class

A

37,205

177,840

Gray

Television,

Inc.

51,612

488,765

Integral

Ad

Science

Holding

Corp.*

29,400

612,990

Nexstar

Media

Group,

Inc.,

Class

A

1,100

205,392

Stagwell,

Inc.,

Class

A*

9,200

61,732

Townsquare

Media,

Inc.,

Class

A

12,700

152,146

1,698,865

Metals

&

Mining

1.9%

Commercial

Metals

Co.

9,900

566,478

Constellium

SE,

Class

A*

18,900

360,801

Olympic

Steel,

Inc.(a)

2,532

141,260

Ryerson

Holding

Corp.

11,800

501,382

TimkenSteel

Corp.*

12,200

284,260

1,854,181

Mortgage

Real

Estate

Investment

Trusts

(REITs)

1.7%

Arbor

Realty

Trust,

Inc.

12,478

211,003

4

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Bailard

Cognitive

Value

Fund

Common

Stocks

Shares

Value

($)

Mortgage

Real

Estate

Investment

Trusts

(REITs)

MFA

Financial,

Inc.

49,800

560,748

Ready

Capital

Corp.

36,100

417,677

Redwood

Trust,

Inc.

21,500

161,895

Rithm

Capital

Corp.

28,500

287,280

1,638,603

Multi-Utilities

0.2%

NorthWestern

Corp.

3,400

191,998

Office

REITs

0.1%

Corporate

Office

Properties

Trust

3,800

98,800

Oil,

Gas

&

Consumable

Fuels

7.0%

Chord

Energy

Corp.

1,700

266,628

Civitas

Resources,

Inc.

8,500

636,310

Clean

Energy

Fuels

Corp.*

20,000

98,600

CNX

Resources

Corp.*(a)

12,000

244,800

Delek

US

Holdings,

Inc.

9,400

259,346

Dorian

LPG

Ltd.(a)

14,000

416,360

Epsilon

Energy

Ltd.

22,996

138,896

Equitrans

Midstream

Corp.

17,000

176,290

Excelerate

Energy,

Inc.,

Class

A

17,367

368,528

International

Seaways,

Inc.

3,700

158,693

Matador

Resources

Co.

4,300

239,209

Murphy

Oil

Corp.

6,887

298,000

New

Fortress

Energy,

Inc.(a)

4,600

131,330

Overseas

Shipholding

Group,

Inc.,

Class

A*

57,700

235,993

Par

Pacific

Holdings,

Inc.*

9,500

299,060

PBF

Energy,

Inc.,

Class

A

8,100

384,264

PDC

Energy,

Inc.

8,095

614,330

Permian

Resources

Corp.,

Class

A

13,600

158,984

Riley

Exploration

Permian,

Inc.

(a)

6,370

238,556

Scorpio

Tankers,

Inc.

11,700

550,368

SM

Energy

Co.

12,800

464,512

Teekay

Tankers

Ltd.,

Class

A

6,000

261,660

6,640,717

Passenger

Airlines

0.6%

Alaska

Air

Group,

Inc.*

1,200

58,356

Copa

Holdings

SA,

Class

A(a)

4,000

472,080

530,436

Personal

Care

Products

0.1%

Nature's

Sunshine

Products,

Inc.*

7,961

111,056

Pharmaceuticals

1.6%

Amphastar

Pharmaceuticals,

Inc.*

5,600

339,864

ANI

Pharmaceuticals,

Inc.*(a)

2,800

147,140

Assertio

Holdings,

Inc.*(a)

44,985

255,964

Biote

Corp.,

Class

A*

7,100

48,422

Collegium

Pharmaceutical,

Inc.*

4,588

104,423

Harrow

Health,

Inc.*

7,737

170,833

Intra-Cellular

Therapies,

Inc.*

1,400

86,576

Ligand

Pharmaceuticals,

Inc.*

788

52,741

Prestige

Consumer

Healthcare,

Inc.*

3,000

195,630

Common

Stocks

Shares

Value

($)

Pharmaceuticals

Reata

Pharmaceuticals,

Inc.,

Class

A*

100

16,558

SIGA

Technologies,

Inc.(a)

9,200

52,808

Theravance

Biopharma,

Inc.*(a)

900

8,901

1,479,860

Professional

Services

0.8%

Conduent,

Inc.*

93,800

324,548

CSG

Systems

International,

Inc.

5,400

278,586

ICF

International,

Inc.

800

94,072

Innodata,

Inc.*(a)

4,300

55,169

752,375

Real

Estate

Management

&

Development

2.1%

Cushman

&

Wakefield

plc*

19,399

190,692

DigitalBridge

Group,

Inc.

51,100

818,622

Forestar

Group,

Inc.*

12,000

353,760

Howard

Hughes

Corp.

(The)*

4,300

363,049

Stratus

Properties,

Inc.

7,300

207,174

Tricon

Residential,

Inc.

10,800

100,764

2,034,061

Residential

REITs

0.4%

Independence

Realty

Trust,

Inc.

12,100

206,184

UMH

Properties,

Inc.

9,000

149,850

356,034

Retail

REITs

3.0%

Brixmor

Property

Group,

Inc.

14,200

322,908

CBL

&

Associates

Properties,

Inc.

4,200

91,434

Getty

Realty

Corp.

7,861

254,068

Kite

Realty

Group

Trust

35,400

809,952

SITE

Centers

Corp.

6,900

96,945

Tanger

Factory

Outlet

Centers,

Inc.

14,300

334,763

Urban

Edge

Properties

11,600

197,316

Urstadt

Biddle

Properties,

Inc.,

Class

A

32,690

741,409

2,848,795

Semiconductors

&

Semiconductor

Equipment

2.1%

Amkor

Technology,

Inc.

10,200

296,718

Axcelis

Technologies,

Inc.*

2,900

581,392

Cohu,

Inc.*

5,600

244,440

Diodes,

Inc.*

2,100

198,429

Everspin

Technologies,

Inc.*

10,900

104,749

Photronics,

Inc.*

7,000

185,150

Power

Integrations,

Inc.

2,000

194,280

SMART

Global

Holdings,

Inc.*

8,400

223,440

2,028,598

Software

3.2%

Adeia,

Inc.

54,900

659,898

Applied

Digital

Corp.*(a)

9,600

91,968

Blackbaud,

Inc.*

1,200

90,540

CommVault

Systems,

Inc.*

4,900

381,857

Everbridge,

Inc.*

1,800

55,512

Five9,

Inc.*

1,600

140,400

NCR

Corp.*(a)

7,000

188,160

Park

City

Group,

Inc.

14,199

141,138

RingCentral,

Inc.,

Class

A*

8,200

339,152

Nationwide

Bailard

Cognitive

Value

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

5

Common

Stocks

Shares

Value

($)

Software

Sprout

Social,

Inc.,

Class

A*(a)

1,200

68,568

Teradata

Corp.*

11,000

625,350

Verint

Systems,

Inc.*

2,500

93,425

Yext,

Inc.*

16,923

164,492

3,040,460

Specialized

REITs

0.5%

Global

Self

Storage,

Inc.

20,800

105,872

Outfront

Media,

Inc.

16,330

252,462

Uniti

Group,

Inc.

18,500

103,230

461,564

Specialty

Retail

2.0%

Abercrombie

&

Fitch

Co.,

Class

A*(a)

2,500

99,025

Boot

Barn

Holdings,

Inc.*

2,100

197,190

Build-A-Bear

Workshop,

Inc.

10,700

262,685

Group

1

Automotive,

Inc.

1,500

387,795

ODP

Corp.

(The)*

6,300

314,244

Signet

Jewelers

Ltd.(a)

2,500

201,225

Urban

Outfitters,

Inc.*

5,400

196,398

Winmark

Corp.

671

243,882

1,902,444

Technology

Hardware,

Storage

&

Peripherals

0.3%

IonQ,

Inc.*

12,600

242,550

Textiles,

Apparel

&

Luxury

Goods

0.3%

Carter's,

Inc.

1,900

142,519

PVH

Corp.

1,600

143,424

285,943

Trading

Companies

&

Distributors

4.6%

Alta

Equipment

Group,

Inc.

13,300

214,795

Applied

Industrial

Technologies,

Inc.

900

130,491

Boise

Cascade

Co.

3,200

331,168

Core

&

Main,

Inc.,

Class

A*

7,400

233,914

MRC

Global,

Inc.*

47,610

537,517

MSC

Industrial

Direct

Co.,

Inc.,

Class

A(a)

1,900

191,748

NOW,

Inc.*

37,000

421,430

Rush

Enterprises,

Inc.,

Class

A

8,000

517,440

Univar

Solutions,

Inc.*

16,494

596,093

Veritiv

Corp.

3,822

535,577

WESCO

International,

Inc.

4,035

708,425

4,418,598

Wireless

Telecommunication

Services

0.4%

Spok

Holdings,

Inc.

12,694

186,094

SurgePays,

Inc.*(a)

39,600

233,244

419,338

Total

Common

Stocks

(cost

$74,886,831)

94,659,526

Exchange

Traded

Fund

0.2%

Equity

Fund

0.2%

Vanguard

Small-Cap

Value

ETF(a)

1,278

222,871

Total

Exchange

Traded

Fund

(cost

$204,243)

222,871

Rights

0.0%

†

Number

of

Rights

Value

($)

Biotechnology

0.0%

†

Akouos,

Inc.,

CVR*^∞(a)

21,302

0

Diversified

Consumer

Services

0.0%

†

Jounce

Therapeutics,

Inc.

CVR*∞

90,200

0

Total

Rights

(cost

$16,829)

0

Repurchase

Agreement

2.1%

Principal

Amount

($)

CF

Secured,

LLC,

5.28%,

dated

7/31/2023,

due

8/1/2023,

repurchase

price

$1,997,555,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.63%,

maturing

8/8/2023

-

8/15/2052;

total

market

value

$2,037,506.

(b)

1,997,262

1,997,262

Total

Repurchase

Agreement

(cost

$1,997,262)

1,997,262

Total

Investments

(cost

$77,105,165)

—

101.6%

96,879,659

Liabilities

in

excess

of

other

assets

—

(1.6)%

(1,541,574)

NET

ASSETS

—

100.0%

$

95,338,085

*

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,

2023.

The

total

value

of

securities

on

loan

as

of

July

31,

2023

was

$4,589,492,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$1,997,262

and

by

$2,761,491

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

8/10/2023

–

2/15/2053,

a

total

value

of

$4,758,753.

(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,

2023

was

$1,997,262.

CVR

Contingent

Value

Rights

ETF

Exchange

Traded

Fund

REIT

Real

Estate

Investment

Trust

6

-

Statement

of

Investments

-

July

31,

2023

(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,

2023

(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,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

94,659,526

$

–

$

–

$

94,659,526

Exchange

Traded

Fund

222,871

–

–

222,871

Repurchase

Agreement

–

1,997,262

–

1,997,262

Rights  

–

–

–

–

Total

$

94,882,397

$

1,997,262

$

–

$

96,879,659

As

of

July

31,

2023,

the

fund

held

one

rights

investment

that

was

categorized

as

a

Level

3

investment

which

was

valued

at

$0.

Rights

Total

Balance

as

of

10/31/2022

$

—

$

—

Accrued

Accretion/(Amortization)

—

—

Realized

Gains

(Losses)

—

—

Purchases

*

16,829

16,829

Sales

—

—

Change

in

Unrealized

Appreciation/Depreciation

(16,829)

(16,829)

Transfers

into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

7/31/2023

$

—

$

—

Change

in

Unrealized

Appreciation/Depreciation

for

Investments

Still

Held

as

of

7/31/2023

$

(16,829)

$

(16,829)

*

Purchases

include

all

purchases

of

securities

and

securities

received

in

corporate

actions.

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,

2023

(Unaudited)

-

Nationwide

Bailard

Technology

&

Science

Fund

Common

Stocks

99.8%

Shares

Value

($)

Biotechnology

1.0%

Vertex

Pharmaceuticals,

Inc.*

4,300

1,515,062

Broadline

Retail

3.3%

Amazon.com,

Inc.*

36,740

4,911,403

Electronic

Equipment,

Instruments

&

Components

3.4%

Insight

Enterprises,

Inc.*

23,918

3,508,532

TE

Connectivity

Ltd.

10,580

1,518,124

5,026,656

Entertainment

1.8%

Netflix,

Inc.*

2,635

1,156,686

ROBLOX

Corp.,

Class

A*

40,000

1,570,000

2,726,686

Financial

Services

4.4%

Fiserv,

Inc.*

13,100

1,653,351

Shift4

Payments,

Inc.,

Class

A*(a)

21,550

1,486,734

Visa,

Inc.,

Class

A(a)

14,860

3,532,668

6,672,753

Ground

Transportation

2.5%

Uber

Technologies,

Inc.*

75,145

3,716,672

Health

Care

Equipment

&

Supplies

2.4%

Dexcom,

Inc.*

17,000

2,117,520

Merit

Medical

Systems,

Inc.*

19,680

1,469,505

3,587,025

Household

Durables

1.9%

Sony

Group

Corp.,

ADR-JP

30,610

2,865,096

Interactive

Media

&

Services

10.3%

Alphabet,

Inc.,

Class

A*

56,180

7,456,210

Meta

Platforms,

Inc.,

Class

A*

25,080

7,990,488

15,446,698

IT

Services

0.8%

Snowflake,

Inc.,

Class

A*

6,825

1,212,871

Life

Sciences

Tools

&

Services

1.7%

Danaher

Corp.

10,030

2,558,252

Pharmaceuticals

0.6%

Intra-Cellular

Therapies,

Inc.*

15,480

957,283

Professional

Services

1.1%

Booz

Allen

Hamilton

Holding

Corp.,

Class

A

13,548

1,640,392

Semiconductors

&

Semiconductor

Equipment

27.3%

Advanced

Micro

Devices,

Inc.*

15,630

1,788,072

KLA

Corp.

12,760

6,558,002

Lam

Research

Corp.

7,200

5,173,128

Micron

Technology,

Inc.

25,380

1,811,878

NVIDIA

Corp.

27,620

12,906,550

NXP

Semiconductors

NV

18,255

4,070,500

QUALCOMM,

Inc.(a)

40,595

5,365,441

Texas

Instruments,

Inc.

18,760

3,376,800

41,050,371

Software

31.1%

Adobe,

Inc.*

10,164

5,551,272

Box,

Inc.,

Class

A*

40,100

1,253,125

Cadence

Design

Systems,

Inc.*

16,515

3,864,675

Crowdstrike

Holdings,

Inc.,

Class

A*

8,850

1,430,691

Datadog,

Inc.,

Class

A*

20,515

2,394,511

Common

Stocks

Shares

Value

($)

Software

HubSpot,

Inc.*

7,415

4,304,778

Intuit,

Inc.

7,325

3,748,203

Microsoft

Corp.

45,600

15,317,952

Palo

Alto

Networks,

Inc.*

11,095

2,773,306

ServiceNow,

Inc.*

5,220

3,043,260

Sprout

Social,

Inc.,

Class

A*(a)

23,250

1,328,505

Varonis

Systems,

Inc.,

Class

B*

57,740

1,657,138

46,667,416

Technology

Hardware,

Storage

&

Peripherals

6.2%

Apple,

Inc.

35,603

6,994,209

Pure

Storage,

Inc.,

Class

A*

63,780

2,359,222

9,353,431

Total

Common

Stocks

(cost

$50,874,887)

149,908,067

Repurchase

Agreement

0.8%

Principal

Amount

($)

CF

Secured,

LLC,

5.28%,

dated

7/31/2023,

due

8/1/2023,

repurchase

price

$1,188,658,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.63%,

maturing

8/8/2023

-

8/15/2052;

total

market

value

$1,212,431.

(b)

1,188,483

1,188,483

Total

Repurchase

Agreement

(cost

$1,188,483)

1,188,483

Total

Investments

(cost

$52,063,370)

—

100.6%

151,096,550

Liabilities

in

excess

of

other

assets

—

(0.6)%

(912,939)

NET

ASSETS

—

100.0%

$

150,183,611

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

July

31,

2023.

The

total

value

of

securities

on

loan

as

of

July

31,

2023

was

$10,672,783,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$1,188,483

and

by

$9,518,258

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

6.13%,

and

maturity

dates

ranging

from

8/15/2023

–

11/15/2052,

a

total

value

of

$10,706,741.

(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,

2023

was

$1,188,483.

ADR

American

Depositary

Receipt

JP

Japan

Nationwide

Bailard

Technology

&

Science

Fund

-

July

31,

2023

(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,

2023

(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,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

149,908,067

$

–

$

–

$

149,908,067

Repurchase

Agreement

–

1,188,483

–

1,188,483

Total

$

149,908,067

$

1,188,483

$

–

$

151,096,550

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,

2023

(Unaudited)

-

Statement

of

Investments

-

11

Common

Stocks

87.4%

Shares

Value

($)

Aerospace

&

Defense

1.4%

Axon

Enterprise,

Inc.*

1,950

362,564

Boeing

Co.

(The)*

15,814

3,777,174

General

Dynamics

Corp.

6,240

1,395,139

Howmet

Aerospace,

Inc.

10,172

520,196

Huntington

Ingalls

Industries,

Inc.

1,131

259,757

L3Harris

Technologies,

Inc.

5,221

989,327

Lockheed

Martin

Corp.

6,303

2,813,470

Northrop

Grumman

Corp.

3,989

1,775,105

RTX

Corp.

40,861

3,592,908

Textron,

Inc.(a)

5,230

406,737

TransDigm

Group,

Inc.

1,471

1,323,488

17,215,865

Air

Freight

&

Logistics

0.5%

CH

Robinson

Worldwide,

Inc.

3,431

343,717

Expeditors

International

of

Washington,

Inc.

4,137

526,640

FedEx

Corp.

6,424

1,734,159

United

Parcel

Service,

Inc.,

Class

B

20,269

3,792,938

6,397,454

Automobile

Components

0.1%

Aptiv

plc*

7,565

828,292

BorgWarner,

Inc.

6,403

297,739

1,126,031

Automobiles

1.9%

Ford

Motor

Co.(a)

111,060

1,467,103

General

Motors

Co.

38,585

1,480,506

Tesla,

Inc.*

75,340

20,148,176

23,095,785

Banks

2.8%

Bank

of

America

Corp.

193,887

6,204,384

Citigroup,

Inc.

54,927

2,617,821

Citizens

Financial

Group,

Inc.

12,804

413,057

Comerica,

Inc.

3,512

189,508

Fifth

Third

Bancorp

18,861

548,855

Huntington

Bancshares,

Inc.

38,881

475,903

JPMorgan

Chase

&

Co.

81,722

12,908,807

KeyCorp

27,305

336,125

M&T

Bank

Corp.

4,568

638,880

PNC

Financial

Services

Group,

Inc.

(The)

11,150

1,526,324

Regions

Financial

Corp.

25,768

524,894

Truist

Financial

Corp.

37,636

1,250,268

US

Bancorp

39,087

1,550,972

Wells

Fargo

&

Co.

104,932

4,843,661

Zions

Bancorp

NA(a)

4,591

175,606

34,205,065

Beverages

1.5%

Brown-Forman

Corp.,

Class

B

4,882

344,669

Coca-Cola

Co.

(The)

108,844

6,740,709

Constellation

Brands,

Inc.,

Class

A

4,441

1,211,505

Keurig

Dr

Pepper,

Inc.

23,124

786,447

Molson

Coors

Beverage

Co.,

Class

B(a)

5,279

368,316

Monster

Beverage

Corp.*

21,582

1,240,749

PepsiCo,

Inc.

38,527

7,222,272

17,914,667

Common

Stocks

Shares

Value

($)

Biotechnology

1.7%

AbbVie,

Inc.

49,339

7,380,128

Amgen,

Inc.

14,943

3,498,904

Biogen,

Inc.*

4,065

1,098,322

Gilead

Sciences,

Inc.

34,831

2,652,032

Incyte

Corp.*

5,096

324,717

Moderna,

Inc.*

9,035

1,063,058

Regeneron

Pharmaceuticals,

Inc.*

3,048

2,261,342

Vertex

Pharmaceuticals,

Inc.*

7,174

2,527,687

20,806,190

Broadline

Retail

2.8%

Amazon.com,

Inc.*

249,632

33,370,806

eBay,

Inc.

14,472

644,148

Etsy,

Inc.*(a)

3,560

361,874

34,376,828

Building

Products

0.4%

A

O

Smith

Corp.

3,599

261,396

Allegion

plc(a)

2,492

291,215

Carrier

Global

Corp.

23,154

1,378,821

Johnson

Controls

International

plc

19,017

1,322,632

Masco

Corp.

6,321

383,558

Trane

Technologies

plc

6,288

1,254,079

4,891,701

Capital

Markets

2.4%

Ameriprise

Financial,

Inc.

2,863

997,612

Bank

of

New

York

Mellon

Corp.

(The)

19,437

881,662

BlackRock,

Inc.

4,188

3,094,304

Cboe

Global

Markets,

Inc.

3,036

424,068

Charles

Schwab

Corp.

(The)

41,516

2,744,208

CME

Group,

Inc.

9,980

1,985,621

FactSet

Research

Systems,

Inc.

1,044

454,182

Franklin

Resources,

Inc.(a)

8,409

245,879

Goldman

Sachs

Group,

Inc.

(The)

9,297

3,308,523

Intercontinental

Exchange,

Inc.

15,657

1,797,424

Invesco

Ltd.(a)

13,236

222,365

MarketAxess

Holdings,

Inc.

1,068

287,527

Moody's

Corp.

4,349

1,534,110

Morgan

Stanley

36,430

3,335,531

MSCI,

Inc.,

Class

A

2,261

1,239,209

Nasdaq,

Inc.

9,662

487,834

Northern

Trust

Corp.(a)

5,929

475,031

Raymond

James

Financial,

Inc.

5,408

595,259

S&P

Global,

Inc.

9,173

3,618,840

State

Street

Corp.

9,336

676,300

T.

Rowe

Price

Group,

Inc.(a)

6,362

784,180

29,189,669

Chemicals

1.5%

Air

Products

&

Chemicals,

Inc.

6,184

1,888,161

Albemarle

Corp.

3,319

704,557

Celanese

Corp.,

Class

A

2,640

331,030

CF

Industries

Holdings,

Inc.

5,565

456,775

Corteva,

Inc.

20,087

1,133,509

Dow,

Inc.

19,994

1,129,061

DuPont

de

Nemours,

Inc.

12,773

991,568

Eastman

Chemical

Co.

3,370

288,405

12

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

BNY

Mellon

Dynamic

U.S.

Core

Fund

Common

Stocks

Shares

Value

($)

Chemicals

Ecolab,

Inc.

6,828

1,250,480

FMC

Corp.

3,535

340,173

International

Flavors

&

Fragrances,

Inc.

7,191

608,430

Linde

plc

13,692

5,349,054

LyondellBasell

Industries

NV,

Class

A

7,095

701,412

Mosaic

Co.

(The)

8,497

346,338

PPG

Industries,

Inc.

6,667

959,381

Sherwin-Williams

Co.

(The)

6,531

1,805,821

18,284,155

Commercial

Services

&

Supplies

0.4%

Cintas

Corp.

2,450

1,229,998

Copart,

Inc.*

12,102

1,069,696

Republic

Services,

Inc.,

Class

A

5,774

872,509

Rollins,

Inc.

6,796

277,480

Waste

Management,

Inc.

10,292

1,685,727

5,135,410

Communications

Equipment

0.7%

Arista

Networks,

Inc.*

6,961

1,079,581

Cisco

Systems,

Inc.

114,541

5,960,714

F5,

Inc.*

1,622

256,665

Juniper

Networks,

Inc.

9,082

252,480

Motorola

Solutions,

Inc.

4,727

1,354,900

8,904,340

Construction

&

Engineering

0.1%

Quanta

Services,

Inc.(a)

4,056

817,771

Construction

Materials

0.1%

Martin

Marietta

Materials,

Inc.

1,694

756,303

Vulcan

Materials

Co.

3,617

797,549

1,553,852

Consumer

Finance

0.4%

American

Express

Co.

16,628

2,808,137

Capital

One

Financial

Corp.

10,816

1,265,688

Discover

Financial

Services

7,122

751,727

Synchrony

Financial

12,439

429,643

5,255,195

Consumer

Staples

Distribution

&

Retail

1.6%

Costco

Wholesale

Corp.

12,402

6,953,429

Dollar

General

Corp.

6,095

1,029,202

Dollar

Tree,

Inc.*

5,864

904,991

Kroger

Co.

(The)

18,477

898,721

Sysco

Corp.

14,328

1,093,370

Target

Corp.

13,040

1,779,569

Walgreens

Boots

Alliance,

Inc.

(a)

20,262

607,252

Walmart,

Inc.

39,225

6,270,509

19,537,043

Containers

&

Packaging

0.2%

Amcor

plc

43,310

444,361

Avery

Dennison

Corp.

2,243

412,734

Ball

Corp.(a)

8,796

516,237

International

Paper

Co.

9,920

357,715

Packaging

Corp.

of

America(a)

2,551

391,196

Sealed

Air

Corp.

4,228

192,881

Westrock

Co.

6,550

218,050

2,533,174

Common

Stocks

Shares

Value

($)

Distributors

0.1%

Genuine

Parts

Co.

3,797

591,269

LKQ

Corp.

7,174

393,063

Pool

Corp.(a)

1,136

437,065

1,421,397

Diversified

Telecommunication

Services

0.6%

AT&T,

Inc.

199,619

2,898,468

Verizon

Communications,

Inc.

117,565

4,006,615

6,905,083

Electric

Utilities

1.5%

Alliant

Energy

Corp.

7,120

382,629

American

Electric

Power

Co.,

Inc.

14,110

1,195,681

Constellation

Energy

Corp.

8,954

865,404

Duke

Energy

Corp.

21,378

2,001,408

Edison

International

10,710

770,692

Entergy

Corp.

5,800

595,660

Evergy,

Inc.

6,458

387,286

Eversource

Energy

9,880

714,620

Exelon

Corp.

28,188

1,179,950

FirstEnergy

Corp.

15,219

599,476

NextEra

Energy,

Inc.

56,367

4,131,701

NRG

Energy,

Inc.

6,190

235,158

PG&E

Corp.*(a)

45,669

804,231

Pinnacle

West

Capital

Corp.

3,353

277,696

PPL

Corp.

19,725

543,029

Southern

Co.

(The)

30,493

2,205,864

Xcel

Energy,

Inc.

15,523

973,758

17,864,243

Electrical

Equipment

0.5%

AMETEK,

Inc.

6,514

1,033,120

Eaton

Corp.

plc

11,074

2,273,714

Emerson

Electric

Co.

15,982

1,459,956

Generac

Holdings,

Inc.*

1,813

278,658

Rockwell

Automation,

Inc.

3,256

1,094,960

6,140,408

Electronic

Equipment,

Instruments

&

Components

0

.5%

Amphenol

Corp.,

Class

A

16,821

1,485,462

CDW

Corp.

3,852

720,594

Corning,

Inc.

21,765

738,704

Keysight

Technologies,

Inc.*

5,059

814,904

TE

Connectivity

Ltd.

8,770

1,258,407

Teledyne

Technologies,

Inc.*

1,296

498,351

Trimble,

Inc.*

6,785

365,033

Zebra

Technologies

Corp.,

Class

A*

1,444

444,694

6,326,149

Energy

Equipment

&

Services

0.4%

Baker

Hughes

Co.,

Class

A

28,315

1,013,394

Halliburton

Co.

24,769

967,973

Schlumberger

NV

40,377

2,355,594

4,336,961

Entertainment

1.2%

Activision

Blizzard,

Inc.*

20,202

1,873,938

Electronic

Arts,

Inc.

7,188

980,084

Live

Nation

Entertainment,

Inc.*(a)

4,134

362,758

Netflix,

Inc.*

12,432

5,457,275

Take-Two

Interactive

Software,

Inc.*

4,434

678,136

Nationwide

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

13

Common

Stocks

Shares

Value

($)

Entertainment

Walt

Disney

Co.

(The)*

51,101

4,542,368

Warner

Bros

Discovery,

Inc.*

62,683

819,267

14,713,826

Financial

Services

3.6%

Berkshire

Hathaway,

Inc.,

Class

B*

49,870

17,552,245

Fidelity

National

Information

Services,

Inc.

16,831

1,016,256

Fiserv,

Inc.*

17,205

2,171,443

FleetCor

Technologies,

Inc.*

1,997

497,073

Global

Payments,

Inc.

7,462

822,686

Jack

Henry

&

Associates,

Inc.

1,981

331,956

Mastercard,

Inc.,

Class

A

23,400

9,226,152

PayPal

Holdings,

Inc.*

31,201

2,365,660

Visa,

Inc.,

Class

A(a)

45,254

10,758,233

44,741,704

Food

Products

0.9%

Archer-Daniels-Midland

Co.

14,967

1,271,596

Bunge

Ltd.

4,275

464,564

Campbell

Soup

Co.

5,564

254,943

Conagra

Brands,

Inc.

13,624

447,003

General

Mills,

Inc.

16,186

1,209,742

Hershey

Co.

(The)

4,169

964,331

Hormel

Foods

Corp.

8,070

329,902

J

M

Smucker

Co.

(The)(a)

2,967

446,979

Kellogg

Co.

7,260

485,621

Kraft

Heinz

Co.

(The)

22,750

823,095

Lamb

Weston

Holdings,

Inc.

3,949

409,235

McCormick

&

Co.,

Inc.

(Non-Voting)

7,112

636,382

Mondelez

International,

Inc.,

Class

A

38,084

2,823,167

Tyson

Foods,

Inc.,

Class

A

8,329

464,092

11,030,652

Gas

Utilities

0.0%

†

Atmos

Energy

Corp.(a)

4,149

504,975

Ground

Transportation

0.7%

CSX

Corp.

57,429

1,913,534

JB

Hunt

Transport

Services,

Inc.

2,354

480,075

Norfolk

Southern

Corp.

6,414

1,498,246

Old

Dominion

Freight

Line,

Inc.

2,460

1,031,946

Union

Pacific

Corp.

17,050

3,955,941

8,879,742

Health

Care

Equipment

&

Supplies

2.4%

Abbott

Laboratories

48,630

5,413,978

Align

Technology,

Inc.*

2,025

765,227

Baxter

International,

Inc.

13,630

616,485

Becton

Dickinson

&

Co.

7,869

2,192,461

Boston

Scientific

Corp.*

40,206

2,084,681

Cooper

Cos.,

Inc.

(The)

1,408

550,894

Dentsply

Sirona,

Inc.

6,078

252,358

Dexcom,

Inc.*

10,672

1,329,304

Edwards

Lifesciences

Corp.*

17,055

1,399,704

GE

HealthCare

Technologies,

Inc.

10,826

844,428

Hologic,

Inc.*

7,000

555,940

IDEXX

Laboratories,

Inc.*

2,348

1,302,506

Insulet

Corp.*(a)

1,979

547,688

Intuitive

Surgical,

Inc.*

9,799

3,178,796

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

Medtronic

plc

37,206

3,265,198

ResMed,

Inc.

4,139

920,307

STERIS

plc

2,816

635,149

Stryker

Corp.

9,448

2,677,658

Teleflex,

Inc.(a)

1,329

333,805

Zimmer

Biomet

Holdings,

Inc.

5,725

790,909

29,657,476

Health

Care

Providers

&

Services

2.5%

AmerisourceBergen

Corp.

4,590

857,871

Cardinal

Health,

Inc.

6,949

635,625

Centene

Corp.*

15,529

1,057,370

Cigna

Group

(The)

8,274

2,441,657

CVS

Health

Corp.

35,848

2,677,487

DaVita,

Inc.*

1,477

150,639

Elevance

Health,

Inc.

6,593

3,109,457

HCA

Healthcare,

Inc.

5,728

1,562,656

Henry

Schein,

Inc.*

3,593

283,092

Humana,

Inc.

3,494

1,596,164

Laboratory

Corp.

of

America

Holdings

2,513

537,606

McKesson

Corp.

3,792

1,525,901

Molina

Healthcare,

Inc.*

1,657

504,540

Quest

Diagnostics,

Inc.

3,270

442,137

UnitedHealth

Group,

Inc.

26,036

13,183,849

Universal

Health

Services,

Inc.,

Class

B

1,820

252,907

30,818,958

Health

Care

REITs

0.2%

Healthpeak

Properties,

Inc.

14,836

323,870

Ventas,

Inc.

11,119

539,494

Welltower,

Inc.

14,102

1,158,479

2,021,843

Hotel

&

Resort

REITs

0.0%

†

Host

Hotels

&

Resorts,

Inc.

18,839

346,638

Hotels,

Restaurants

&

Leisure

1.8%

Booking

Holdings,

Inc.*

1,032

3,065,866

Caesars

Entertainment,

Inc.*

5,635

332,578

Carnival

Corp.*(a)

27,005

508,774

Chipotle

Mexican

Grill,

Inc.,

Class

A*

764

1,499,182

Darden

Restaurants,

Inc.

3,442

581,423

Domino's

Pizza,

Inc.

1,041

413,006

Expedia

Group,

Inc.*

4,015

491,958

Hilton

Worldwide

Holdings,

Inc.

7,400

1,150,626

Las

Vegas

Sands

Corp.*

9,329

557,967

Marriott

International,

Inc.,

Class

A

7,124

1,437,694

McDonald's

Corp.

20,417

5,986,264

MGM

Resorts

International

8,183

415,451

Norwegian

Cruise

Line

Holdings

Ltd.*(a)

12,287

271,174

Royal

Caribbean

Cruises

Ltd.*(a)

6,118

667,535

Starbucks

Corp.

32,059

3,256,233

Wynn

Resorts

Ltd.

3,064

333,915

Yum!

Brands,

Inc.

7,942

1,093,375

22,063,021

Household

Durables

0.3%

DR

Horton,

Inc.

8,680

1,102,534

14

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

BNY

Mellon

Dynamic

U.S.

Core

Fund

Common

Stocks

Shares

Value

($)

Household

Durables

Garmin

Ltd.

4,149

439,338

Lennar

Corp.,

Class

A

7,073

897,068

Mohawk

Industries,

Inc.*

1,568

166,741

Newell

Brands,

Inc.

11,161

124,557

NVR,

Inc.*

84

529,741

PulteGroup,

Inc.

6,161

519,927

Whirlpool

Corp.(a)

1,475

212,783

3,992,689

Household

Products

1.2%

Church

&

Dwight

Co.,

Inc.

6,862

656,488

Clorox

Co.

(The)

3,487

528,211

Colgate-Palmolive

Co.

23,154

1,765,724

Kimberly-Clark

Corp.

9,574

1,236,003

Procter

&

Gamble

Co.

(The)

65,913

10,302,202

14,488,628

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

AES

Corp.

(The)

18,489

399,917

Industrial

Conglomerates

0.7%

3M

Co.

15,604

1,739,846

General

Electric

Co.

30,453

3,478,951

Honeywell

International,

Inc.

18,609

3,612,565

8,831,362

Industrial

REITs

0.3%

Prologis,

Inc.

25,825

3,221,669

Insurance

1.8%

Aflac,

Inc.

15,442

1,117,074

Allstate

Corp.

(The)

7,451

839,579

American

International

Group,

Inc.

20,394

1,229,350

Aon

plc,

Class

A

5,698

1,814,813

Arch

Capital

Group

Ltd.*

10,492

815,123

Arthur

J

Gallagher

&

Co.

5,990

1,286,652

Assurant,

Inc.

1,309

176,074

Brown

&

Brown,

Inc.

6,456

454,825

Chubb

Ltd.

11,582

2,367,477

Cincinnati

Financial

Corp.

4,554

489,919

Everest

Group

Ltd.

1,223

440,904

Globe

Life,

Inc.

2,368

265,619

Hartford

Financial

Services

Group,

Inc.

(The)

8,362

601,061

Lincoln

National

Corp.

4,453

124,862

Loews

Corp.

5,281

330,855

Marsh

&

McLennan

Cos.,

Inc.

13,820

2,603,964

MetLife,

Inc.

17,857

1,124,455

Principal

Financial

Group,

Inc.

6,533

521,791

Progressive

Corp.

(The)

16,280

2,050,954

Prudential

Financial,

Inc.

9,970

962,005

Travelers

Cos.,

Inc.

(The)

6,555

1,131,459

W

R

Berkley

Corp.

5,356

330,412

Willis

Towers

Watson

plc

3,028

639,907

21,719,134

Interactive

Media

&

Services

5.0%

Alphabet,

Inc.,

Class

A*

166,141

22,050,234

Alphabet,

Inc.,

Class

C*

142,913

19,023,149

Match

Group,

Inc.*

7,923

368,498

Meta

Platforms,

Inc.,

Class

A*

61,863

19,709,552

61,151,433

Common

Stocks

Shares

Value

($)

IT

Services

1.0%

Accenture

plc,

Class

A

17,661

5,587,057

Akamai

Technologies,

Inc.*

4,460

421,470

Cognizant

Technology

Solutions

Corp.,

Class

A

14,498

957,303

DXC

Technology

Co.*

6,458

178,564

EPAM

Systems,

Inc.*

1,631

386,237

Gartner,

Inc.*

2,159

763,401

International

Business

Machines

Corp.

25,394

3,661,307

VeriSign,

Inc.*

2,472

521,468

12,476,807

Leisure

Products

0.0%

†

Hasbro,

Inc.

3,575

230,802

Life

Sciences

Tools

&

Services

1.4%

Agilent

Technologies,

Inc.

8,075

983,293

Bio-Rad

Laboratories,

Inc.,

Class

A*

646

261,862

Bio-Techne

Corp.

4,235

353,199

Charles

River

Laboratories

International,

Inc.*

1,435

300,690

Danaher

Corp.

18,572

4,736,974

Illumina,

Inc.*

4,462

857,373

IQVIA

Holdings,

Inc.*

5,105

1,142,295

Mettler-Toledo

International,

Inc.*

627

788,434

Revvity,

Inc.

3,583

440,530

Thermo

Fisher

Scientific,

Inc.

10,787

5,918,395

Waters

Corp.*

1,695

468,176

West

Pharmaceutical

Services,

Inc.

2,097

771,780

17,023,001

Machinery

1.6%

Caterpillar,

Inc.

14,412

3,821,630

Cummins,

Inc.

3,989

1,040,331

Deere

&

Co.

7,541

3,239,614

Dover

Corp.

3,939

574,976

Fortive

Corp.

9,635

754,902

IDEX

Corp.

2,090

471,943

Illinois

Tool

Works,

Inc.

7,709

2,029,934

Ingersoll

Rand,

Inc.

11,453

747,537

Nordson

Corp.

1,532

385,467

Otis

Worldwide

Corp.

11,304

1,028,212

PACCAR,

Inc.

14,807

1,275,327

Parker-Hannifin

Corp.

3,638

1,491,616

Pentair

plc

4,881

339,229

Snap-on,

Inc.

1,507

410,567

Stanley

Black

&

Decker,

Inc.

4,133

410,283

Westinghouse

Air

Brake

Technologies

Corp.

5,090

602,860

Xylem,

Inc.

6,786

765,121

19,389,549

Media

0.7%

Charter

Communications,

Inc.,

Class

A*

2,905

1,177,077

Comcast

Corp.,

Class

A

116,318

5,264,553

Fox

Corp.,

Class

A

7,524

251,677

Fox

Corp.,

Class

B

1,507

47,335

Interpublic

Group

of

Cos.,

Inc.

(The)

11,021

377,249

News

Corp.,

Class

A

9,181

181,968

Nationwide

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

15

Common

Stocks

Shares

Value

($)

Media

News

Corp.,

Class

B

3,040

61,134

Omnicom

Group,

Inc.

5,684

480,980

Paramount

Global,

Class

B(a)

14,831

237,741

8,079,714

Metals

&

Mining

0.4%

Freeport-McMoRan,

Inc.

40,543

1,810,245

Newmont

Corp.

22,515

966,344

Nucor

Corp.

7,082

1,218,741

Steel

Dynamics,

Inc.

4,690

499,860

4,495,190

Multi-Utilities

0.6%

Ameren

Corp.

7,446

637,899

CenterPoint

Energy,

Inc.

18,175

546,886

CMS

Energy

Corp.(a)

8,271

505,110

Consolidated

Edison,

Inc.

9,554

906,292

Dominion

Energy,

Inc.

23,377

1,251,838

DTE

Energy

Co.

5,867

670,598

NiSource,

Inc.

11,528

320,940

Public

Service

Enterprise

Group,

Inc.

14,153

893,337

Sempra

8,892

1,325,086

WEC

Energy

Group,

Inc.

8,944

803,708

7,861,694

Office

REITs

0.1%

Alexandria

Real

Estate

Equities,

Inc.

4,219

530,244

Boston

Properties,

Inc.

4,046

269,585

799,829

Oil,

Gas

&

Consumable

Fuels

3.4%

APA

Corp.

9,120

369,269

Chevron

Corp.

48,734

7,975,806

ConocoPhillips

33,840

3,983,645

Coterra

Energy,

Inc.

20,589

567,021

Devon

Energy

Corp.

17,672

954,288

Diamondback

Energy,

Inc.

5,213

767,979

EOG

Resources,

Inc.

16,340

2,165,540

EQT

Corp.

10,411

439,136

Exxon

Mobil

Corp.

113,063

12,124,876

Hess

Corp.

7,871

1,194,267

Kinder

Morgan,

Inc.

54,271

961,139

Marathon

Oil

Corp.

17,560

461,301

Marathon

Petroleum

Corp.

11,794

1,568,838

Occidental

Petroleum

Corp.(a)

19,923

1,257,739

ONEOK,

Inc.(a)

12,868

862,671

Phillips

66

12,792

1,426,948

Pioneer

Natural

Resources

Co.

6,474

1,460,987

Targa

Resources

Corp.

5,833

478,248

Valero

Energy

Corp.(a)

9,957

1,283,557

Williams

Cos.,

Inc.

(The)

34,328

1,182,600

41,485,855

Passenger

Airlines

0.2%

Alaska

Air

Group,

Inc.*

3,247

157,902

American

Airlines

Group,

Inc.*(a)

16,914

283,309

Delta

Air

Lines,

Inc.

18,193

841,608

Southwest

Airlines

Co.

16,641

568,456

United

Airlines

Holdings,

Inc.*

9,273

503,617

2,354,892

Common

Stocks

Shares

Value

($)

Personal

Care

Products

0.1%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

6,358

1,144,440

Pharmaceuticals

3.4%

Bristol-Myers

Squibb

Co.

58,751

3,653,725

Catalent,

Inc.*

5,469

265,356

Eli

Lilly

&

Co.

22,034

10,015,555

Johnson

&

Johnson

72,674

12,175,075

Merck

&

Co.,

Inc.

70,960

7,567,884

Organon

&

Co.

7,215

158,586

Pfizer,

Inc.

157,872

5,692,864

Viatris,

Inc.

30,012

316,026

Zoetis,

Inc.,

Class

A

12,923

2,430,687

42,275,758

Professional

Services

0.6%

Automatic

Data

Processing,

Inc.

11,553

2,856,595

Broadridge

Financial

Solutions,

Inc.

3,338

560,517

Ceridian

HCM

Holding,

Inc.*(a)

4,324

306,182

Equifax,

Inc.

3,479

709,994

Jacobs

Solutions,

Inc.

3,529

442,572

Leidos

Holdings,

Inc.

3,877

362,616

Paychex,

Inc.

8,745

1,097,235

Paycom

Software,

Inc.

1,368

504,464

Robert

Half,

Inc.

3,055

226,528

Verisk

Analytics,

Inc.,

Class

A

4,088

935,907

8,002,610

Real

Estate

Management

&

Development

0.1%

CBRE

Group,

Inc.,

Class

A*

8,424

701,803

CoStar

Group,

Inc.*

11,533

968,426

1,670,229

Residential

REITs

0.3%

AvalonBay

Communities,

Inc.

3,968

748,563

Camden

Property

Trust

2,835

309,270

Equity

Residential

9,661

637,046

Essex

Property

Trust,

Inc.

1,796

437,416

Invitation

Homes,

Inc.

16,325

579,538

Mid-America

Apartment

Communities,

Inc.

3,276

490,286

UDR,

Inc.

8,361

341,798

3,543,917

Retail

REITs

0.3%

Federal

Realty

Investment

Trust

2,257

229,131

Kimco

Realty

Corp.

17,544

355,442

Realty

Income

Corp.

18,927

1,153,979

Regency

Centers

Corp.

4,666

305,763

Simon

Property

Group,

Inc.

9,274

1,155,540

3,199,855

Semiconductors

&

Semiconductor

Equipment

6.7%

Advanced

Micro

Devices,

Inc.*

45,034

5,151,890

Analog

Devices,

Inc.

14,146

2,822,551

Applied

Materials,

Inc.

23,634

3,582,678

Broadcom,

Inc.

11,659

10,477,360

Enphase

Energy,

Inc.*

3,853

585,001

First

Solar,

Inc.*

2,655

550,647

Intel

Corp.

116,643

4,172,320

KLA

Corp.

3,837

1,972,026

Lam

Research

Corp.

3,757

2,699,367

16

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

BNY

Mellon

Dynamic

U.S.

Core

Fund

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

Microchip

Technology,

Inc.

15,117

1,420,091

Micron

Technology,

Inc.

30,952

2,209,663

Monolithic

Power

Systems,

Inc.

1,269

709,993

NVIDIA

Corp.

69,162

32,318,711

NXP

Semiconductors

NV

7,311

1,630,207

ON

Semiconductor

Corp.*

11,957

1,288,367

Qorvo,

Inc.*

2,758

303,435

QUALCOMM,

Inc.

31,153

4,117,492

Skyworks

Solutions,

Inc.

4,472

511,463

SolarEdge

Technologies,

Inc.*

1,585

382,714

Teradyne,

Inc.(a)

4,391

495,920

Texas

Instruments,

Inc.

25,383

4,568,940

81,970,836

Software

8.8%

Adobe,

Inc.*

12,828

7,006,269

ANSYS,

Inc.*

2,471

845,329

Autodesk,

Inc.*

5,988

1,269,396

Cadence

Design

Systems,

Inc.*

7,601

1,778,710

Fair

Isaac

Corp.*

702

588,255

Fortinet,

Inc.*

17,980

1,397,406

Gen

Digital,

Inc.

16,135

313,826

Intuit,

Inc.

7,846

4,014,798

Microsoft

Corp.

207,935

69,849,525

Oracle

Corp.

43,035

5,044,993

Palo

Alto

Networks,

Inc.*

8,423

2,105,413

PTC,

Inc.*

3,019

440,200

Roper

Technologies,

Inc.

3,017

1,487,532

Salesforce,

Inc.*

27,379

6,160,549

ServiceNow,

Inc.*

5,683

3,313,189

Synopsys,

Inc.*

4,227

1,909,759

Tyler

Technologies,

Inc.*

1,137

450,968

107,976,117

Specialized

REITs

1.0%

American

Tower

Corp.

12,993

2,472,698

Crown

Castle,

Inc.

11,957

1,294,823

Digital

Realty

Trust,

Inc.

8,108

1,010,419

Equinix,

Inc.

2,615

2,117,941

Extra

Space

Storage,

Inc.

5,547

774,195

Iron

Mountain,

Inc.

7,871

483,279

Public

Storage

4,484

1,263,367

SBA

Communications

Corp.,

Class

A

3,063

670,644

VICI

Properties,

Inc.,

Class

A

28,470

896,236

Weyerhaeuser

Co.

20,730

706,064

11,689,666

Specialty

Retail

1.8%

Advance

Auto

Parts,

Inc.

1,779

132,340

AutoZone,

Inc.*

516

1,280,567

Bath

&

Body

Works,

Inc.

6,073

225,065

Best

Buy

Co.,

Inc.

5,601

465,163

CarMax,

Inc.*

4,696

387,936

Home

Depot,

Inc.

(The)

28,319

9,454,015

Lowe's

Cos.,

Inc.

16,677

3,906,921

O'Reilly

Automotive,

Inc.*

1,702

1,575,695

Ross

Stores,

Inc.

9,390

1,076,470

TJX

Cos.,

Inc.

(The)

32,261

2,791,544

Tractor

Supply

Co.(a)

3,133

701,761

Common

Stocks

Shares

Value

($)

Specialty

Retail

Ulta

Beauty,

Inc.*

1,386

616,493

22,613,970

Technology

Hardware,

Storage

&

Peripherals

6.8%

Apple,

Inc.

413,465

81,225,199

Hewlett

Packard

Enterprise

Co.

36,913

641,548

HP,

Inc.

24,513

804,762

NetApp,

Inc.

6,106

476,329

Seagate

Technology

Holdings

plc

5,054

320,929

Western

Digital

Corp.*

8,529

362,994

83,831,761

Textiles,

Apparel

&

Luxury

Goods

0.4%

NIKE,

Inc.,

Class

B

34,456

3,803,598

Ralph

Lauren

Corp.,

Class

A

1,001

131,461

Tapestry,

Inc.

6,299

271,802

VF

Corp.

9,952

197,149

4,404,010

Tobacco

0.5%

Altria

Group,

Inc.

49,616

2,253,558

Philip

Morris

International,

Inc.

43,408

4,328,646

6,582,204

Trading

Companies

&

Distributors

0.2%

Fastenal

Co.

15,729

921,877

United

Rentals,

Inc.(a)

1,959

910,308

WW

Grainger,

Inc.

1,223

903,173

2,735,358

Water

Utilities

0.1%

American

Water

Works

Co.,

Inc.

5,411

797,744

Wireless

Telecommunication

Services

0.2%

T-Mobile

US,

Inc.*

16,390

2,258,050

Total

Common

Stocks

(cost

$597,566,462)

1,071,711,961

Purchased

Options

0.5%

Number

of

Contracts

Call

Options

0.5%

Future

Equity

Index

Options:

0.5%

S&P

500

E-Mini

Index

8/18/2023

at

USD

4,530.00,

European

Style

Notional

Amount:

USD

63,098,200

Exchange

Traded

*

275

1,409,375

S&P

500

E-Mini

Index

9/15/2023

at

USD

4,475.00,

American

Style

Notional

Amount:

USD

63,098,200

Exchange

Traded

*

275

2,371,875

S&P

500

E-Mini

Index

9/15/2023

at

USD

4,550.00,

American

Style

Notional

Amount:

USD

63,098,200

Exchange

Traded

*

275

1,577,812

Nationwide

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

17

Purchased

Options

Number

of

Contracts

Value

($)

Call

Options

S&P

500

E-Mini

Index

10/20/2023

at

USD

4,750.00,

European

Style

Notional

Amount:

USD

63,098,200

Exchange

Traded

*

275

842,188

Total

Purchased

Options

(cost

$2,518,567)

6,201,250

Short-Term

Investments

9.2%

Shares

U.S.

Treasury

Obligation

9.2%

U.S.

Treasury

Bills

5.21%

8/24/2023(b)

1,528,000

1,522,861

5.18%

10/19/2023

112,855,000

111,552,339

Total

U.S.

Treasury

Obligation

(cost

$113,121,840)

113,075,200

Total

Short-Term

Investment

(cost

$113,121,840)

113,075,200

Repurchase

Agreement

0.2%

Principal

Amount

($)

CF

Secured,

LLC,

5.28%,

dated

7/31/2023,

due

8/1/2023,

repurchase

price

$2,668,784,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.63%,

maturing

8/8/2023

-

8/15/2052;

total

market

value

$2,722,160.

(c)

2,668,392

2,668,392

Total

Repurchase

Agreement

(cost

$2,668,392)

2,668,392

Total

Investments

(cost

$715,875,261)

—

97.3%

1,193,656,803

Other

assets

in

excess

of

liabilities

—

2.7%

33,747,853

NET

ASSETS

—

100.0%

$

1,227,404,656

*

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,

2023.

The

total

value

of

securities

on

loan

as

of

July

31,

2023

was

$25,727,278,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$2,668,392

and

by

$23,490,345

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

6.13%,

and

maturity

dates

ranging

from

8/15/2023

–

11/15/2052,

a

total

value

of

$26,158,737.

(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,

2023

was

$2,668,392.

REIT

Real

Estate

Investment

Trust

Currency:

USD

United

States

Dollar

18

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

BNY

Mellon

Dynamic

U.S.

Core

Fund

Futures

contracts

outstanding

as

of

July

31,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Short

Contracts

S&P

500

E-Mini

Index

(29)

9/2023

USD

(6,691,025)

(10,078)

Net

contracts

(10,078)

Currency:

USD

United

States

Dollar

Nationwide

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

July

31,

2023

(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.

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.

20

-

Statement

of

Investments

-

July

31,

2023

(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,

2023.

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

and

equity

movements,

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,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

1,071,711,961

$

–

$

–

$

1,071,711,961

Purchased

Option

6,201,250

–

–

6,201,250

Repurchase

Agreement

–

2,668,392

–

2,668,392

Short-Term

Investments

–

113,075,200

–

113,075,200

Total

Assets

$

1,077,913,211

$

115,743,592

$

–

$

1,193,656,803

Liabilities:

Futures

Contracts

$

(10,078)

$

–

$

–

$

(10,078)

Total

Liabilities

$

(10,078)

$

–

$

–

$

(10,078)

Total

$

1,077,903,133

$

115,743,592

$

–

$

1,193,646,725

Nationwide

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

21

(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,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

July

31,

2023:

Assets:

Fair

Value

Purchased

Options

Equity

risk

Investment

securities,

at

value

$

6,201,250

Total

$

6,201,250

Liabilities:

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(10,078)

Total

$

(10,078)

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,

2023

(Unaudited)

-

Nationwide

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

(formerly,

Nationwide

BNY

Mellon

Disciplined

Value

Fund)

Common

Stocks

88.7%

Shares

Value

($)

Aerospace

&

Defense

3.8%

Howmet

Aerospace,

Inc.

67,844

3,469,542

L3Harris

Technologies,

Inc.

50,234

9,518,841

Northrop

Grumman

Corp.

11,938

5,312,410

RTX

Corp.

42,670

3,751,973

22,052,766

Air

Freight

&

Logistics

1.4%

FedEx

Corp.

30,610

8,263,169

Automobiles

0.8%

General

Motors

Co.

116,018

4,451,611

Banks

5.6%

JPMorgan

Chase

&

Co.

164,555

25,993,108

US

Bancorp

172,964

6,863,211

32,856,319

Biotechnology

3.8%

AbbVie,

Inc.

83,854

12,542,881

Gilead

Sciences,

Inc.

130,751

9,955,381

22,498,262

Capital

Markets

7.6%

Ameriprise

Financial,

Inc.

13,117

4,570,619

Ares

Management

Corp.,

Class

A

40,875

4,055,617

Charles

Schwab

Corp.

(The)

111,757

7,387,138

CME

Group,

Inc.

78,030

15,524,849

Goldman

Sachs

Group,

Inc.

(The)

11,361

4,043,039

LPL

Financial

Holdings,

Inc.

17,146

3,932,607

Morgan

Stanley

51,906

4,752,513

44,266,382

Chemicals

0.5%

CF

Industries

Holdings,

Inc.

37,013

3,038,027

Communications

Equipment

2.9%

Cisco

Systems,

Inc.

332,325

17,294,193

Electric

Utilities

3

.0%

Constellation

Energy

Corp.

144,421

13,958,290

Exelon

Corp.

92,507

3,872,343

17,830,633

Electrical

Equipment

1.4%

Eaton

Corp.

plc

39,444

8,098,642

Energy

Equipment

&

Services

1.4%

Schlumberger

NV

140,690

8,207,855

Financial

Services

5.8%

Berkshire

Hathaway,

Inc.,

Class

B*

66,701

23,476,084

Voya

Financial,

Inc.

141,431

10,502,666

33,978,750

Food

Products

0.8%

Bunge

Ltd.

40,880

4,442,430

Health

Care

Equipment

&

Supplies

7.2%

Alcon,

Inc.

33,766

2,867,409

Baxter

International,

Inc.

77,657

3,512,426

Becton

Dickinson

&

Co.

61,141

17,035,105

GE

HealthCare

Technologies,

Inc.

41,578

3,243,084

Medtronic

plc

175,976

15,443,654

42,101,678

Common

Stocks

Shares

Value

($)

Health

Care

Providers

&

Services

2.0%

McKesson

Corp.

16,214

6,524,514

UnitedHealth

Group,

Inc.

10,861

5,499,684

12,024,198

Hotels,

Restaurants

&

Leisure

5.0%

International

Game

Technology

plc

494,244

16,720,275

Las

Vegas

Sands

Corp.*

210,629

12,597,720

29,317,995

Insurance

7.7%

Allstate

Corp.

(The)

30,920

3,484,065

American

International

Group,

Inc.

100,519

6,059,285

Aon

plc,

Class

A

17,052

5,431,062

Assurant,

Inc.

68,717

9,243,124

Everest

Group

Ltd.

18,366

6,621,127

Progressive

Corp.

(The)

57,231

7,209,961

RenaissanceRe

Holdings

Ltd.

37,926

7,083,060

45,131,684

Interactive

Media

&

Services

1.0%

Alphabet,

Inc.,

Class

A*

42,826

5,683,867

Life

Sciences

Tools

&

Services

1.6%

Danaher

Corp.

36,374

9,277,552

Media

3.5%

Comcast

Corp.,

Class

A

126,631

5,731,319

Interpublic

Group

of

Cos.,

Inc.

(The)

208,534

7,138,119

Omnicom

Group,

Inc.

89,515

7,574,759

20,444,197

Metals

&

Mining

2.5%

Freeport-McMoRan,

Inc.

327,318

14,614,749

Oil,

Gas

&

Consumable

Fuels

11.8%

ConocoPhillips

31,993

3,766,216

EQT

Corp.(a)

175,805

7,415,455

Exxon

Mobil

Corp.

110,172

11,814,845

Hess

Corp.

87,410

13,262,719

Marathon

Petroleum

Corp.

68,302

9,085,532

Occidental

Petroleum

Corp.(a)

213,081

13,451,804

Shell

plc,

ADR-NL

166,595

10,267,250

69,063,821

Personal

Care

Products

0.8%

Kenvue,

Inc.*

210,776

4,991,176

Pharmaceuticals

2.5%

Eli

Lilly

&

Co.

5,702

2,591,844

Sanofi,

ADR(a)

223,225

11,913,518

14,505,362

Semiconductors

&

Semiconductor

Equipment

3.4%

Applied

Materials,

Inc.

74,511

11,295,122

Intel

Corp.

115,313

4,124,746

Micron

Technology,

Inc.

65,941

4,707,528

20,127,396

Software

0

.9%

Dolby

Laboratories,

Inc.,

Class

A

59,764

5,295,688

Total

Common

Stocks

(cost

$401,131,532)

519,858,402

Nationwide

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

(formerly,

Nationwide

BNY

Mellon

Disciplined

Value

Fund)

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

23

Purchased

Options

0.5%

Number

of

Contracts

Value

($)

Call

Options

0.5%

Future

Equity

Index

Options:

0.5%

S&P

500

E-Mini

Index

9/15/2023

at

USD

4,475.00,

American

Style

Notional

Amount:

USD

28,910,448

Exchange

Traded

*

133

1,147,125

S&P

500

E-Mini

Index

9/15/2023

at

USD

4,550.00,

American

Style

Notional

Amount:

USD

28,910,448

Exchange

Traded

*

133

763,087

S&P

500

E-Mini

Index

10/20/2023

at

USD

4,750.00,

European

Style

Notional

Amount:

USD

28,910,448

Exchange

Traded

*

133

407,313

S&P

500

E-Mini

Index

8/18/2023

at

USD

4,530.00,

European

Style

Notional

Amount:

USD

28,910,448

Exchange

Traded

*

133

681,625

Total

Purchased

Options

(cost

$1,218,071)

2,999,150

Short-Term

Investments

5.9%

Shares

U.S.

Treasury

Obligation

5.9%

U.S.

Treasury

Bills

5.21%

8/24/2023(b)

1,387,000

1,382,335

5.31%

10/19/2023

34,000,000

33,607,546

Total

U.S.

Treasury

Obligation

(cost

$34,994,858)

34,989,881

Total

Short-Term

Investment

(cost

$34,994,858)

34,989,881

Repurchase

Agreement

0.9%

Principal

Amount

($)

Value

($)

CF

Secured,

LLC,

5.28%,

dated

7/31/2023,

due

8/1/2023,

repurchase

price

$5,081,399,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.63%,

maturing

8/8/2023

-

8/15/2052;

total

market

value

$5,183,027.

(c)

5,080,654

5,080,654

Total

Repurchase

Agreement

(cost

$5,080,654)

5,080,654

Total

Investments

(cost

$442,425,115)

—

96.0%

562,928,087

Other

assets

in

excess

of

liabilities

—

4.0%

23,193,448

NET

ASSETS

—

100.0%

$

586,121,535

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

July

31,

2023.

The

total

value

of

securities

on

loan

as

of

July

31,

2023

was

$25,971,950,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$5,080,654

and

by

$21,342,019

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

4.38%,

and

maturity

dates

ranging

from

8/10/2023

–

2/15/2053,

a

total

value

of

$26,422,673.

(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,

2023

was

$5,080,654.

ADR

American

Depositary

Receipt

NL

Netherlands

Currency:

CHF

Switzerland

Franc

USD

United

States

Dollar

24

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

(formerly,

Nationwide

BNY

Mellon

Disciplined

Value

Fund)

Futures

contracts

outstanding

as

of

July

31,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

Russell

1000

Value

E-mini

Index

780

9/2023

USD

62,969,400

3,120,492

Total

long

contracts

3,120,492

Short

Contracts

S&P

500

E-Mini

Index

(378)

9/2023

USD

(87,214,050)

(3,119,718)

Total

short

contracts

(3,119,718)

Net

contracts

774

Currency:

USD

United

States

Dollar

Nationwide

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

(formerly,

Nationwide

BNY

Mellon

Disciplined

Value

Fund)

-

July

31,

2023

(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.

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.

26

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

(formerly,

Nationwide

BNY

Mellon

Disciplined

Value

Fund)

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

July

31,

2023.

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

and

equity

movements,

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

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

519,858,402

$

–

$

–

$

519,858,402

Futures

Contracts

3,120,492

–

–

3,120,492

Purchased

Option

2,999,150

–

–

2,999,150

Repurchase

Agreement

–

5,080,654

–

5,080,654

Short-Term

Investments

–

34,989,881

–

34,989,881

Total

Assets

$

525,978,044

$

40,070,535

$

–

$

566,048,579

Liabilities:

Futures

Contracts

$

(3,119,718)

$

–

$

–

$

(3,119,718)

Total

Liabilities

$

(3,119,718)

$

–

$

–

$

(3,119,718)

Total

$

522,858,326

$

40,070,535

$

–

$

562,928,861

Nationwide

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

(formerly,

Nationwide

BNY

Mellon

Disciplined

Value

Fund)

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

27

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,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

July

31,

2023:

Assets:

Fair

Value

Purchased

Options

Equity

risk

Investment

securities,

at

value

$

2,999,150

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

3,120,492

Total

$

6,119,642

Liabilities:

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(3,119,718)

Total

$

(3,119,718)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

28

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Fund

Common

Stocks

99.3%

Shares

Value

($)

Aerospace

&

Defense

2.0%

Boeing

Co.

(The)*

18,658

4,456,463

General

Dynamics

Corp.

30,696

6,863,012

Lockheed

Martin

Corp.

13,658

6,096,522

RTX

Corp.

80,913

7,114,680

24,530,677

Air

Freight

&

Logistics

0.8%

CH

Robinson

Worldwide,

Inc.

98,162

9,833,869

Automobiles

0.4%

Ford

Motor

Co.(a)

95,768

1,265,095

Tesla,

Inc.*

14,313

3,827,726

5,092,821

Banks

2.4%

JPMorgan

Chase

&

Co.

187,209

29,571,534

Beverages

1.8%

Constellation

Brands,

Inc.,

Class

A

28,316

7,724,605

Monster

Beverage

Corp.*

255,830

14,707,666

22,432,271

Biotechnology

1.3%

Alnylam

Pharmaceuticals,

Inc.*

7,217

1,410,202

Biogen,

Inc.*

10,229

2,763,773

Gilead

Sciences,

Inc.

22,976

1,749,393

Moderna,

Inc.*

6,191

728,433

Regeneron

Pharmaceuticals,

Inc.*

4,466

3,313,370

Seagen,

Inc.*

7,990

1,532,322

Vertex

Pharmaceuticals,

Inc.*

13,302

4,686,827

16,184,320

Broadline

Retail

5.6%

Amazon.com,

Inc.*

465,030

62,165,211

Etsy,

Inc.*(a)

63,716

6,476,731

68,641,942

Building

Products

1.0%

Builders

FirstSource,

Inc.*

40,692

5,877,146

Johnson

Controls

International

plc

32,493

2,259,888

Trane

Technologies

plc

21,383

4,264,625

12,401,659

Capital

Markets

2.6%

Ares

Management

Corp.,

Class

A

181,959

18,053,972

S&P

Global,

Inc.

34,433

13,584,163

31,638,135

Chemicals

2.2%

Celanese

Corp.,

Class

A

45,744

5,735,840

FMC

Corp.

57,698

5,552,279

Linde

plc

24,956

9,749,560

PPG

Industries,

Inc.

36,038

5,185,868

26,223,547

Commercial

Services

&

Supplies

0.2%

Waste

Connections,

Inc.

21,034

2,969,370

Consumer

Finance

0.9%

American

Express

Co.

66,654

11,256,528

Consumer

Staples

Distribution

&

Retail

0.6%

Sysco

Corp.

96,839

7,389,784

Common

Stocks

Shares

Value

($)

Containers

&

Packaging

0.4%

Ball

Corp.(a)

37,740

2,214,960

Crown

Holdings,

Inc.(a)

28,984

2,688,556

4,903,516

Electric

Utilities

2.4%

Edison

International

86,306

6,210,580

Exelon

Corp.

147,861

6,189,461

NextEra

Energy,

Inc.

115,837

8,490,852

PG&E

Corp.*(a)

480,238

8,456,991

29,347,884

Electrical

Equipment

0.6%

AMETEK,

Inc.

30,074

4,769,736

Emerson

Electric

Co.

22,570

2,061,770

6,831,506

Energy

Equipment

&

Services

0.3%

Schlumberger

NV

71,400

4,165,476

Entertainment

1.4%

Roku,

Inc.,

Class

A*

43,869

4,223,269

Spotify

Technology

SA*

40,501

6,051,254

Walt

Disney

Co.

(The)*

74,925

6,660,083

16,934,606

Financial

Services

5.4%

Berkshire

Hathaway,

Inc.,

Class

B*

78,988

27,800,616

Block,

Inc.,

Class

A*

116,316

9,366,928

FleetCor

Technologies,

Inc.*(a)

23,122

5,755,297

Global

Payments,

Inc.

70,572

7,780,563

PayPal

Holdings,

Inc.*

77,597

5,883,405

Visa,

Inc.,

Class

A(a)

37,518

8,919,154

65,505,963

Food

Products

1.0%

Hershey

Co.

(The)

22,137

5,120,509

Lamb

Weston

Holdings,

Inc.

66,996

6,942,796

12,063,305

Gas

Utilities

0.5%

Atmos

Energy

Corp.(a)

45,264

5,509,081

Ground

Transportation

0.7%

Uber

Technologies,

Inc.*

167,825

8,300,625

Health

Care

Equipment

&

Supplies

2.6%

Abbott

Laboratories

68,741

7,652,936

Boston

Scientific

Corp.*

120,569

6,251,503

Dexcom,

Inc.*

41,355

5,151,179

Edwards

Lifesciences

Corp.*

68,843

5,649,945

Insulet

Corp.*(a)

15,695

4,343,591

Stryker

Corp.

10,091

2,859,890

31,909,044

Health

Care

Providers

&

Services

3.6%

AmerisourceBergen

Corp.

29,824

5,574,106

Centene

Corp.*

87,316

5,945,346

Elevance

Health,

Inc.

9,146

4,313,528

HCA

Healthcare,

Inc.

16,352

4,460,989

Humana,

Inc.

12,665

5,785,752

Laboratory

Corp.

of

America

Holdings

16,335

3,494,547

Molina

Healthcare,

Inc.*

16,713

5,088,941

UnitedHealth

Group,

Inc.

19,184

9,714,202

44,377,411

Nationwide

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

29

Common

Stocks

Shares

Value

($)

Health

Care

REITs

0.5%

Welltower,

Inc.

73,308

6,022,252

Hotels,

Restaurants

&

Leisure

2.3%

Airbnb,

Inc.,

Class

A*(a)

85,646

13,034,465

Chipotle

Mexican

Grill,

Inc.,

Class

A*

3,763

7,384,059

Marriott

International,

Inc.,

Class

A

38,122

7,693,401

28,111,925

Household

Durables

0.5%

DR

Horton,

Inc.

14,729

1,870,878

Lennar

Corp.,

Class

A

28,482

3,612,372

5,483,250

Industrial

Conglomerates

0.3%

Honeywell

International,

Inc.

18,065

3,506,958

Industrial

REITs

0.5%

Prologis,

Inc.

46,121

5,753,595

Insurance

2.3%

Arch

Capital

Group

Ltd.*

63,460

4,930,207

Chubb

Ltd.

31,602

6,459,765

Everest

Group

Ltd.

7,645

2,756,099

Marsh

&

McLennan

Cos.,

Inc.

40,776

7,683,014

Progressive

Corp.

(The)

46,793

5,894,982

27,724,067

Interactive

Media

&

Services

8.8%

Alphabet,

Inc.,

Class

A*

530,628

70,424,948

Meta

Platforms,

Inc.,

Class

A*

113,851

36,272,929

106,697,877

IT

Services

1.5%

GoDaddy,

Inc.,

Class

A*

90,437

6,971,788

Okta,

Inc.,

Class

A*

6,931

532,717

Snowflake,

Inc.,

Class

A*

9,631

1,711,525

VeriSign,

Inc.*

40,341

8,509,934

17,725,964

Life

Sciences

Tools

&

Services

1.6%

Agilent

Technologies,

Inc.

35,656

4,341,831

Danaher

Corp.

43,608

11,122,656

Illumina,

Inc.*

19,937

3,830,895

19,295,382

Machinery

2.3%

Caterpillar,

Inc.

6,010

1,593,672

Deere

&

Co.

2,889

1,241,114

Fortive

Corp.

83,572

6,547,866

Ingersoll

Rand,

Inc.

54,680

3,568,964

PACCAR,

Inc.

89,799

7,734,388

Westinghouse

Air

Brake

Technologies

Corp.

65,019

7,700,850

28,386,854

Media

0.6%

Omnicom

Group,

Inc.

83,877

7,097,672

Oil,

Gas

&

Consumable

Fuels

4.7%

BP

plc,

ADR-UK

433,674

16,176,040

ConocoPhillips

102,770

12,098,084

Diamondback

Energy,

Inc.

11,737

1,729,095

EOG

Resources,

Inc.

23,316

3,090,070

Marathon

Petroleum

Corp.

62,594

8,326,254

Shell

plc,

ADR-NL

248,713

15,328,182

56,747,725

Common

Stocks

Shares

Value

($)

Passenger

Airlines

0.6%

Delta

Air

Lines,

Inc.

166,582

7,706,083

Personal

Care

Products

0.3%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

21,712

3,908,160

Pharmaceuticals

5.4%

AstraZeneca

plc,

ADR-UK

131,123

9,401,519

Eli

Lilly

&

Co.

41,772

18,987,463

GSK

plc,

ADR

76,682

2,727,579

Merck

&

Co.,

Inc.

127,782

13,627,950

Novartis

AG,

ADR-CH

37,046

3,886,125

Pfizer,

Inc.

296,508

10,692,079

Zoetis,

Inc.,

Class

A

31,444

5,914,302

65,237,017

Professional

Services

0.8%

Ceridian

HCM

Holding,

Inc.*(a)

95,351

6,751,804

Equifax,

Inc.

11,913

2,431,205

9,183,009

Real

Estate

Management

&

Development

0.7%

CBRE

Group,

Inc.,

Class

A*

68,780

5,730,062

CoStar

Group,

Inc.*

29,373

2,466,451

8,196,513

Residential

REITs

0.3%

AvalonBay

Communities,

Inc.

20,211

3,812,805

Semiconductors

&

Semiconductor

Equipment

6.7%

Advanced

Micro

Devices,

Inc.*

150,303

17,194,663

First

Solar,

Inc.*

12,742

2,642,691

KLA

Corp.

17,274

8,877,972

Marvell

Technology,

Inc.

91,758

5,976,198

Micron

Technology,

Inc.

101,070

7,215,387

NVIDIA

Corp.

28,454

13,296,270

ON

Semiconductor

Corp.*

55,489

5,978,940

Teradyne,

Inc.

45,536

5,142,836

Texas

Instruments,

Inc.

87,422

15,735,960

82,060,917

Software

8.9%

HubSpot,

Inc.*

5,476

3,179,092

Microsoft

Corp.

239,710

80,523,383

Palo

Alto

Networks,

Inc.*

13,245

3,310,720

Salesforce,

Inc.*

41,139

9,256,686

ServiceNow,

Inc.*

12,315

7,179,645

Workday,

Inc.,

Class

A*

18,243

4,325,963

107,775,489

Specialty

Retail

2.5%

AutoZone,

Inc.*

4,017

9,969,069

TJX

Cos.,

Inc.

(The)

234,218

20,266,884

30,235,953

Technology

Hardware,

Storage

&

Peripherals

3.9%

Apple,

Inc.

243,953

47,924,567

Tobacco

1.6%

Philip

Morris

International,

Inc.

189,209

18,867,921

Wireless

Telecommunication

Services

1.0%

T-Mobile

US,

Inc.*

90,627

12,485,682

Total

Common

Stocks

(cost

$815,898,672)

1,207,962,511

30

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Fund

Exchange

Traded

Fund

0.2%

Shares

Value

($)

Equity

Fund

0.2%

SPDR

S&P

500

ETF

Trust(a)

5,667

2,594,296

Total

Exchange

Traded

Fund

(cost

$2,548,237)

2,594,296

Total

Investments

(cost

$818,446,909)

—

99.5%

1,210,556,807

Other

assets

in

excess

of

liabilities

—

0.5%

6,590,697

NET

ASSETS

—

100.0%

$

1,217,147,504

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

July

31,

2023.

The

total

value

of

securities

on

loan

as

of

July

31,

2023

was

$43,857,424,

which

was

collateralized

by

$45,037,353

in

the

form

of

U.S

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

4.38%,

and

maturity

dates

ranging

from

8/10/2023

–

2/15/2053.

ADR

American

Depositary

Receipt

CH

Switzerland

ETF

Exchange

Traded

Fund

NL

Netherlands

REIT

Real

Estate

Investment

Trust

UK

United

Kingdom

Nationwide

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

31

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

32

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

1,207,962,511

$

–

$

–

$

1,207,962,511

Exchange

Traded

Fund

2,594,296

–

–

2,594,296

Total

$

1,210,556,807

$

–

$

–

$

1,210,556,807

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

Mid

Cap

Growth

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

33

Common

Stocks

96.8%

Shares

Value

($)

Aerospace

&

Defense

6.2%

Axon

Enterprise,

Inc.*

43,801

8,143,920

HEICO

Corp.,

Class

A

42,603

5,979,331

14,123,251

Broadline

Retail

0.7%

Etsy,

Inc.*(a)

16,725

1,700,096

Building

Products

2.8%

Advanced

Drainage

Systems,

Inc.(a)

40,548

4,946,450

Fortune

Brands

Innovations,

Inc.

19,414

1,379,753

6,326,203

Capital

Markets

3.3%

Intercontinental

Exchange,

Inc.

42,431

4,871,079

Raymond

James

Financial,

Inc.

23,780

2,617,464

7,488,543

Commercial

Services

&

Supplies

5.5%

Copart,

Inc.*

118,969

10,515,670

Rollins,

Inc.

49,808

2,033,661

12,549,331

Distributors

3.1%

Pool

Corp.(a)

18,284

7,034,586

Electrical

Equipment

0.4%

Generac

Holdings,

Inc.*(a)

6,264

962,777

Electronic

Equipment,

Instruments

&

Components

7.8%

Amphenol

Corp.,

Class

A

88,444

7,810,490

Cognex

Corp.

20,139

1,099,992

Keysight

Technologies,

Inc.*

44,534

7,173,537

Trimble,

Inc.*

31,130

1,674,794

17,758,813

Financial

Services

4.5%

Fiserv,

Inc.*

53,821

6,792,748

Global

Payments,

Inc.

32,724

3,607,821

10,400,569

Food

Products

0.2%

Freshpet,

Inc.*(a)

8,066

593,174

Ground

Transportation

0.6%

JB

Hunt

Transport

Services,

Inc.

7,007

1,429,008

Health

Care

Equipment

&

Supplies

9.0%

Align

Technology,

Inc.*

4,926

1,861,486

Cooper

Cos.,

Inc.

(The)

6,502

2,543,973

IDEXX

Laboratories,

Inc.*

12,942

7,179,316

Shockwave

Medical,

Inc.*

7,045

1,835,927

STERIS

plc

31,590

7,125,124

20,545,826

Health

Care

Providers

&

Services

0.4%

HealthEquity,

Inc.*

13,038

885,802

Household

Products

2.0%

Church

&

Dwight

Co.,

Inc.

47,620

4,555,805

Insurance

1.4%

Ryan

Specialty

Holdings,

Inc.,

Class

A*

74,337

3,221,766

IT

Services

4.5%

EPAM

Systems,

Inc.*

13,914

3,294,974

Common

Stocks

Shares

Value

($)

IT

Services

Gartner,

Inc.*

19,955

7,055,889

10,350,863

Life

Sciences

Tools

&

Services

2.2%

Charles

River

Laboratories

International,

Inc.*

3,834

803,376

Repligen

Corp.*

24,226

4,156,213

4,959,589

Machinery

2.6%

IDEX

Corp.

26,001

5,871,286

Professional

Services

6.9%

Broadridge

Financial

Solutions,

Inc.

28,646

4,810,237

Paycom

Software,

Inc.

5,188

1,913,127

SS&C

Technologies

Holdings,

Inc.

25,273

1,472,152

Verisk

Analytics,

Inc.,

Class

A

33,631

7,699,481

15,894,997

Real

Estate

Management

&

Development

3.3%

CoStar

Group,

Inc.*

90,109

7,566,453

Semiconductors

&

Semiconductor

Equipment

0.6%

Monolithic

Power

Systems,

Inc.

2,307

1,290,743

Software

16.6%

ANSYS,

Inc.*

21,284

7,281,257

BlackLine,

Inc.*

17,486

1,015,587

Cadence

Design

Systems,

Inc.*

18,594

4,351,182

HubSpot,

Inc.*

7,637

4,433,660

Intuit,

Inc.

15,279

7,818,264

Roper

Technologies,

Inc.

12,848

6,334,706

Tyler

Technologies,

Inc.*

16,948

6,722,085

37,956,741

Specialty

Retail

8.3%

Burlington

Stores,

Inc.*

24,509

4,353,288

O'Reilly

Automotive,

Inc.*

10,837

10,032,786

Ulta

Beauty,

Inc.*

10,522

4,680,186

19,066,260

Textiles,

Apparel

&

Luxury

Goods

1.8%

Lululemon

Athletica,

Inc.*

10,746

4,067,683

Trading

Companies

&

Distributors

2.1%

Watsco,

Inc.(a)

12,578

4,756,874

Total

Common

Stocks

(cost

$94,025,568)

221,357,039

Rights

0.0%

†

Number

of

Rights

Health

Care

Equipment

&

Supplies

0.0%

†

ABIOMED,

Inc.,

CVR*^∞

15,020

0

Total

Rights

(cost

$15,320)

0

34

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Geneva

Mid

Cap

Growth

Fund

Repurchase

Agreement

1.5%

Principal

Amount

($)

Value

($)

CF

Secured,

LLC,

5.28%,

dated

7/31/2023,

due

8/1/2023,

repurchase

price

$3,520,448,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.63%,

maturing

8/8/2023

-

8/15/2052;

total

market

value

$3,590,857.

(b)

3,519,931

3,519,931

Total

Repurchase

Agreement

(cost

$3,519,931)

3,519,931

Total

Investments

(cost

$97,560,819)

—

98.3%

224,876,970

Other

assets

in

excess

of

liabilities

—

1.7%

3,845,805

NET

ASSETS

—

100.0%

$

228,722,775

*

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,

2023.

The

total

value

of

securities

on

loan

as

of

July

31,

2023

was

$9,904,364,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$3,519,931

and

by

$6,525,720

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

6.13%,

and

maturity

dates

ranging

from

8/15/2023

–

11/15/2052,

a

total

value

of

$10,045,651.

(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,

2023

was

$3,519,931.

CVR

Contingent

Value

Rights

Nationwide

Geneva

Mid

Cap

Growth

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

35

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.

36

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Geneva

Mid

Cap

Growth

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

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

221,357,039

$

–

$

–

$

221,357,039

Repurchase

Agreement

–

3,519,931

–

3,519,931

Rights

–

–

–

–

Total

$

221,357,039

$

3,519,931

$

–

$

224,876,970

As

of

July

31,

2023,

the

fund

held

one

rights

investment

that

was

categorized

as

a

Level

3

investment

which

was

valued

at

$0.

Rights

Total

Balance

as

of

10/31/2022

$

—

$

—

Accrued

Accretion/(Amortization)

—

—

Realized

Gains

(Losses)

—

—

Purchases

*

15,320

15,320

Sales

—

—

Change

in

Unrealized

Appreciation/Depreciation

(15,320)

(15,320)

Transfers

into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

7/31/2023

$

—

$

—

Change

in

Unrealized

Appreciation/Depreciation

for

Investments

Still

Held

as

of

7/31/2023

$

(15,320)

$

(15,320)

*

Purchases

include

all

purchases

of

securities

and

securities

received

in

corporate

actions.

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,

2023

(Unaudited)

-

Statement

of

Investments

-

37

Common

Stocks

100.0%

Shares

Value

($)

Aerospace

&

Defense

1.1%

Boeing

Co.

(The)*

5,518

1,317,974

Broadline

Retail

4.7%

Amazon.com,

Inc.*

40,879

5,464,705

Capital

Markets

2.2%

Blackstone,

Inc.

23,556

2,468,433

Nasdaq,

Inc.

653

32,970

2,501,403

Construction

Materials

1.2%

Martin

Marietta

Materials,

Inc.

3,186

1,422,421

Energy

Equipment

&

Services

4.9%

Schlumberger

NV

97,337

5,678,640

Entertainment

4.1

%

Netflix,

Inc.*

10,778

4,731,219

Financial

Services

2.9%

Visa,

Inc.,

Class

A(a)

14,362

3,414,278

Ground

Transportation

2.1%

Uber

Technologies,

Inc.*

49,110

2,428,981

Health

Care

Equipment

&

Supplies

5.8%

Dexcom,

Inc.*

10,209

1,271,633

IDEXX

Laboratories,

Inc.*

4,145

2,299,356

Intuitive

Surgical,

Inc.*

9,927

3,220,319

6,791,308

Health

Care

Providers

&

Services

5.1%

UnitedHealth

Group,

Inc.

11,770

5,959,975

Household

Durables

1.7%

DR

Horton,

Inc.

15,904

2,020,126

Household

Products

0.0%

†

Colgate-Palmolive

Co.

616

46,976

Insurance

2.5%

Arch

Capital

Group

Ltd.*

36,396

2,827,605

Chubb

Ltd.

264

53,964

2,881,569

Interactive

Media

&

Services

11.3%

Alphabet,

Inc.,

Class

C*

37,730

5,022,240

Meta

Platforms,

Inc.,

Class

A*

25,731

8,197,897

13,220,137

IT

Services

1.5%

Snowflake,

Inc.,

Class

A*

9,991

1,775,501

Life

Sciences

Tools

&

Services

0.0%

†

Syneos

Health,

Inc.*

655

27,778

Metals

&

Mining

0.1%

Teck

Resources

Ltd.,

Class

B

1,453

64,557

Pharmaceuticals

7.4%

Eli

Lilly

&

Co.

15,192

6,905,524

Zoetis,

Inc.,

Class

A

9,100

1,711,619

8,617,143

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

15.4%

Broadcom,

Inc.

4,226

3,797,695

Lam

Research

Corp.

6,291

4,520,021

Micron

Technology,

Inc.

897

64,037

NVIDIA

Corp.

20,564

9,609,351

17,991,104

Software

19.0%

Adobe,

Inc.*

167

91,210

AppLovin

Corp.,

Class

A*(a)

87,102

2,735,003

Intuit,

Inc.

4,193

2,145,558

Microsoft

Corp.

24,004

8,063,424

ServiceNow,

Inc.*

8,373

4,881,459

Synopsys,

Inc.*

4,091

1,848,314

Workday,

Inc.,

Class

A*

10,403

2,466,863

22,231,831

Technology

Hardware,

Storage

&

Peripherals

7.0%

Apple,

Inc.

41,835

8,218,486

Total

Common

Stocks

(cost

$96,363,703)

116,806,112

Repurchase

Agreement

0.3%

Principal

Amount

($)

CF

Secured,

LLC,

5.28%,

dated

7/31/2023,

due

8/1/2023,

repurchase

price

$397,563,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.63%,

maturing

8/8/2023

-

8/15/2052;

total

market

value

$405,514.(b)

397,504

397,504

Total

Repurchase

Agreement

(cost

$397,504)

397,504

Total

Investments

(cost

$96,761,207)

—

100.3%

117,203,616

Liabilities

in

excess

of

other

assets

—

(0.3)%

(342,570)

NET

ASSETS

—

100.0%

$

116,861,046

*

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,

2023.

The

total

value

of

securities

on

loan

as

of

July

31,

2023

was

$4,989,159,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$397,504

and

by

$4,662,505

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

6.13%,

and

maturity

dates

ranging

from

8/15/2023

–

11/15/2052,

a

total

value

of

$5,060,009.

(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,

2023

was

$397,504.

38

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

GQG

US

Quality

Equity

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

Nationwide

GQG

US

Quality

Equity

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

39

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

116,806,112

$

–

$

–

$

116,806,112

Repurchase

Agreement

–

397,504

–

397,504

Total

$

116,806,112

$

397,504

$

–

$

117,203,616

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.

40

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Loomis

All

Cap

Growth

Fund

Common

Stocks

98.5%

Shares

Value

($)

Aerospace

&

Defense

4.9%

Boeing

Co.

(The)*

38,434

9,179,961

Air

Freight

&

Logistics

1.4%

Expeditors

International

of

Washington,

Inc.

19,810

2,521,813

Automobile

Components

0.9

%

Mobileye

Global,

Inc.,

Class

A*(a)

42,432

1,620,054

Automobiles

4.4%

Tesla,

Inc.*

30,365

8,120,512

Beverages

5.0%

Boston

Beer

Co.,

Inc.

(The),

Class

A*

5,434

2,018,405

Monster

Beverage

Corp.*

128,155

7,367,631

9,386,036

Biotechnology

5.3%

Alnylam

Pharmaceuticals,

Inc.*

22,628

4,421,511

CRISPR

Therapeutics

AG*(a)

25,595

1,467,361

Regeneron

Pharmaceuticals,

Inc.*

5,235

3,883,899

9,772,771

Broadline

Retail

6.2%

Alibaba

Group

Holding

Ltd.,

ADR-CN*

20,536

2,097,958

Amazon.com,

Inc.*

70,148

9,377,384

11,475,342

Capital

Markets

4.3%

FactSet

Research

Systems,

Inc.

6,255

2,721,175

MSCI,

Inc.,

Class

A

5,175

2,836,314

SEI

Investments

Co.

39,040

2,459,130

8,016,619

Entertainment

6.3%

Netflix,

Inc.*

17,918

7,865,464

Walt

Disney

Co.

(The)*

42,482

3,776,225

11,641,689

Financial

Services

6.4%

Block,

Inc.,

Class

A*

30,102

2,424,114

PayPal

Holdings,

Inc.*

28,105

2,130,921

Visa,

Inc.,

Class

A(a)

30,659

7,288,564

11,843,599

Health

Care

Equipment

&

Supplies

1.0%

Intuitive

Surgical,

Inc.*

5,887

1,909,743

Health

Care

Technology

3.4%

Doximity,

Inc.,

Class

A*

95,383

3,408,035

Veeva

Systems,

Inc.,

Class

A*

14,484

2,957,922

6,365,957

Hotels,

Restaurants

&

Leisure

4.2%

Starbucks

Corp.

33,458

3,398,329

Yum

China

Holdings,

Inc.

42,159

2,572,542

Yum!

Brands,

Inc.

13,305

1,831,700

7,802,571

Interactive

Media

&

Services

13.2%

Alphabet,

Inc.,

Class

A*

50,760

6,736,867

Alphabet,

Inc.,

Class

C*

25,611

3,409,080

Meta

Platforms,

Inc.,

Class

A*

45,083

14,363,444

24,509,391

Common

Stocks

Shares

Value

($)

IT

Services

1.5%

Shopify,

Inc.,

Class

A*

41,231

2,786,391

Life

Sciences

Tools

&

Services

1.6%

Illumina,

Inc.*

15,696

3,015,986

Machinery

0.7%

Deere

&

Co.

3,255

1,398,348

Pharmaceuticals

3.3%

Novartis

AG,

ADR-CH

15,840

1,661,616

Novo

Nordisk

A/S,

ADR-DK

16,112

2,595,643

Roche

Holding

AG,

ADR

47,882

1,853,034

6,110,293

Semiconductors

&

Semiconductor

Equipment

9.5%

NVIDIA

Corp.

31,093

14,529,448

QUALCOMM,

Inc.

23,900

3,158,863

17,688,311

Software

14.3%

Autodesk,

Inc.*

24,544

5,203,083

Microsoft

Corp.

16,353

5,493,300

Oracle

Corp.

71,022

8,325,909

Salesforce,

Inc.*

16,828

3,786,468

Workday,

Inc.,

Class

A*

15,792

3,744,757

26,553,517

Textiles,

Apparel

&

Luxury

Goods

0.7%

Under

Armour,

Inc.,

Class

A*

157,183

1,266,895

Total

Common

Stocks

(cost

$98,884,351)

182,985,799

Repurchase

Agreement

0.4%

Principal

Amount

($)

CF

Secured,

LLC,

5.28%,

dated

7/31/2023,

due

8/1/2023,

repurchase

price

$807,007,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.63%,

maturing

8/8/2023

-

8/15/2052;

total

market

value

$823,147.(b)

806,889

806,889

Total

Repurchase

Agreement

(cost

$806,889)

806,889

Total

Investments

(cost

$99,691,240)

—

98.9%

183,792,688

Other

assets

in

excess

of

liabilities

—

1.1%

2,064,797

NET

ASSETS

—

100.0%

$

185,857,485

Nationwide

Loomis

All

Cap

Growth

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

41

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

July

31,

2023.

The

total

value

of

securities

on

loan

as

of

July

31,

2023

was

$8,096,677,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$806,889

and

by

$7,381,082

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

6.13%,

and

maturity

dates

ranging

from

8/15/2023

–

11/15/2052,

a

total

value

of

$8,187,971.

(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,

2023

was

$806,889.

ADR

American

Depositary

Receipt

CH

Switzerland

CN

China

DK

Denmark

42

-

Statement

of

Investments

-

July

31,

2023

(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,

2023

(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,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

182,985,799

$

–

$

–

$

182,985,799

Repurchase

Agreement

–

806,889

–

806,889

Total

$

182,985,799

$

806,889

$

–

$

183,792,688

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,

2023

(Unaudited)

-

Nationwide

Small

Company

Growth

Fund

Common

Stocks

97.5%

Shares

Value

($)

Biotechnology

5.1%

Ironwood

Pharmaceuticals,

Inc.,

Class

A*(a)

135,336

1,500,876

Vericel

Corp.*

177,266

6,367,395

7,868,271

Chemicals

0.1%

Balchem

Corp.(a)

812

109,409

Electrical

Equipment

3.3%

Vicor

Corp.*

54,618

5,039,603

Electronic

Equipment,

Instruments

&

Components

4.2%

Cognex

Corp.

119,680

6,536,922

Health

Care

Equipment

&

Supplies

8.3%

Glaukos

Corp.*

62,504

4,821,559

Inari

Medical,

Inc.*

11,438

652,767

Inogen,

Inc.*

73,923

603,951

Neogen

Corp.*(a)

57,347

1,329,877

OrthoPediatrics

Corp.*(a)

79,694

3,327,224

QuidelOrtho

Corp.*

5,162

450,952

Shockwave

Medical,

Inc.*

513

133,688

Tandem

Diabetes

Care,

Inc.*(a)

41,134

1,436,399

12,756,417

Health

Care

Technology

4.5%

Veeva

Systems,

Inc.,

Class

A*

33,835

6,909,784

Life

Sciences

Tools

&

Services

14.4%

10X

Genomics,

Inc.,

Class

A*(a)

77,251

4,865,268

Bio-Techne

Corp.

72,731

6,065,765

CryoPort,

Inc.*

179,279

2,881,013

Cytek

Biosciences,

Inc.*

309,886

2,776,579

Repligen

Corp.*

32,810

5,628,884

22,217,509

Machinery

4.4%

Energy

Recovery,

Inc.*

48,810

1,487,729

Helios

Technologies,

Inc.

83,907

5,302,922

6,790,651

Professional

Services

4.8%

Paycom

Software,

Inc.

20,156

7,432,726

Software

46.4%

Alarm.com

Holdings,

Inc.*

109,320

6,035,557

Alteryx,

Inc.,

Class

A*

10,945

453,780

ANSYS,

Inc.*

20,802

7,116,364

Appfolio,

Inc.,

Class

A*

38,191

6,896,913

Clearwater

Analytics

Holdings,

Inc.,

Class

A*

66,879

1,152,325

Datadog,

Inc.,

Class

A*

66,074

7,712,157

DoubleVerify

Holdings,

Inc.*

13,149

553,573

Enfusion,

Inc.,

Class

A*

287,485

3,119,212

Guidewire

Software,

Inc.*(a)

73,846

6,263,618

Manhattan

Associates,

Inc.*

33,893

6,460,684

nCino,

Inc.*(a)

85,162

2,754,991

Olo,

Inc.,

Class

A*

443,347

3,484,707

PROS

Holdings,

Inc.*(a)

28,418

1,079,884

Q2

Holdings,

Inc.*

80,959

2,871,616

Smartsheet,

Inc.,

Class

A*

142,918

6,345,559

Tyler

Technologies,

Inc.*(a)

16,821

6,671,713

Workiva,

Inc.,

Class

A*(a)

23,883

2,514,641

71,487,294

Common

Stocks

Shares

Value

($)

Trading

Companies

&

Distributors

2.0%

Xometry,

Inc.,

Class

A*(a)

148,690

3,086,804

Total

Common

Stocks

(cost

$105,445,591)

150,235,390

Rights

0.0%

†

Number

of

Rights

Health

Care

Equipment

&

Supplies

0.0%

†

ABIOMED,

Inc.,

CVR*^∞

17,107

0

Total

Rights

(cost

$17,449)

0

Repurchase

Agreement

1.6%

Principal

Amount

($)

CF

Secured,

LLC,

5.28%,

dated

7/31/2023,

due

8/1/2023,

repurchase

price

$2,499,837,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.63%,

maturing

8/8/2023

-

8/15/2052;

total

market

value

$2,549,834.

(b)

2,499,470

2,499,470

Total

Repurchase

Agreement

(cost

$2,499,470)

2,499,470

Total

Investments

(cost

$107,962,510)

—

99.1%

152,734,860

Other

assets

in

excess

of

liabilities

—

0.9%

1,380,158

NET

ASSETS

—

100.0%

$

154,115,018

*

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,

2023.

The

total

value

of

securities

on

loan

as

of

July

31,

2023

was

$17,893,427,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$2,499,470

and

by

$15,779,056

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

8/10/2023

–

2/15/2053,

a

total

value

of

$18,278,526.

(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,

2023

was

$2,499,470.

Nationwide

Small

Company

Growth

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

45

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

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.

46

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Small

Company

Growth

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,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

150,235,390

$

–

$

–

$

150,235,390

Repurchase

Agreement

–

2,499,470

–

2,499,470

Rights

–

–

–

–

Total

$

150,235,390

$

2,499,470

$

–

$

152,734,860

As

of

July

31,

2023,

the

fund

held

one

rights

investment

that

was

categorized

as

a

Level

3

investment

which

was

valued

at

$0.

Rights

Total

Balance

as

of

10/31/2022

$

—

$

—

Accrued

Accretion/(Amortization)

—

—

Realized

Gains

(Losses)

—

—

Purchases

*

17,449

17,449

Sales

—

—

Change

in

Unrealized

Appreciation/Depreciation

(17,449)

(17,449)

Transfers

into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

7/31/2023

$

—

$

—

Change

in

Unrealized

Appreciation/Depreciation

for

Investments

Still

Held

as

of

7/31/2023

$

(17,449)

$

(17,449)

*

Purchases

include

all

purchases

of

securities

and

securities

received

in

corporate

actions.

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,

2023

(Unaudited)

-

Statement

of

Investments

-

47

Common

Stocks

92.1%

Shares

Value

($)

Automobile

Components

2.8%

Dorman

Products,

Inc.*

71,400

6,046,866

Broadline

Retail

3.0%

Ollie's

Bargain

Outlet

Holdings,

Inc.*

87,300

6,362,424

Building

Products

8.5%

American

Woodmark

Corp.*

100,100

7,671,664

AZEK

Co.,

Inc.

(The),

Class

A*

143,500

4,477,200

CSW

Industrials,

Inc.

20,500

3,701,275

Hayward

Holdings,

Inc.*(a)

168,900

2,256,504

18,106,643

Capital

Markets

5.5%

Focus

Financial

Partners,

Inc.,

Class

A*

107,500

5,625,475

Virtus

Investment

Partners,

Inc.

29,600

6,089,608

11,715,083

Chemicals

4.3%

Element

Solutions,

Inc.

439,500

9,211,920

Commercial

Services

&

Supplies

3.7

%

SP

Plus

Corp.*

85,700

3,295,165

UniFirst

Corp.

28,436

4,615,163

7,910,328

Construction

&

Engineering

7.3%

API

Group

Corp.*

280,900

8,078,684

EMCOR

Group,

Inc.

34,700

7,461,888

15,540,572

Consumer

Staples

Distribution

&

Retail

3.2%

Grocery

Outlet

Holding

Corp.*

202,400

6,770,280

Electronic

Equipment,

Instruments

&

Components

4.9%

ePlus,

Inc.*

185,200

10,436,020

Food

Products

1.9%

Lancaster

Colony

Corp.(a)

21,650

4,170,439

Ground

Transportation

3.6%

Landstar

System,

Inc.(a)

37,600

7,654,984

Health

Care

Equipment

&

Supplies

3.3%

ICU

Medical,

Inc.*

39,300

7,002,474

Health

Care

Providers

&

Services

6.7%

Addus

HomeCare

Corp.*

125,000

11,446,250

DocGo,

Inc.*(a)

339,743

2,850,444

14,296,694

Hotels,

Restaurants

&

Leisure

2.6%

Wyndham

Hotels

&

Resorts,

Inc.

71,700

5,586,864

Insurance

3.7%

Enstar

Group

Ltd.*

31,200

7,983,456

IT

Services

1.0%

Thoughtworks

Holding,

Inc.*(a)

299,900

2,126,291

Machinery

3.1%

Hillman

Solutions

Corp.*

675,700

6,648,888

Personal

Care

Products

2.9%

Inter

Parfums,

Inc.

41,100

6,146,916

Professional

Services

4.8%

Verra

Mobility

Corp.,

Class

A*

489,600

10,276,704

Common

Stocks

Shares

Value

($)

Real

Estate

Management

&

Development

1.9%

Cushman

&

Wakefield

plc*

424,100

4,168,903

Software

4.4%

E2open

Parent

Holdings,

Inc.*(a)

723,000

3,723,450

MeridianLink,

Inc.*(a)

259,100

5,788,294

9,511,744

Specialty

Retail

5.0%

America's

Car-Mart,

Inc.*(a)

66,220

7,888,126

Leslie's,

Inc.*(a)

445,700

2,839,109

10,727,235

Trading

Companies

&

Distributors

4.0%

Beacon

Roofing

Supply,

Inc.*

98,600

8,447,062

Total

Common

Stocks

(cost

$156,853,393)

196,848,790

Repurchase

Agreement

0.1%

Principal

Amount

($)

CF

Secured,

LLC,

5.28%,

dated

7/31/2023,

due

8/1/2023,

repurchase

price

$303,436,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.63%,

maturing

8/8/2023

-

8/15/2052;

total

market

value

$309,504.(b)

303,391

303,391

Total

Repurchase

Agreement

(cost

$303,391)

303,391

Total

Investments

(cost

$157,156,784)

—

92.2%

197,152,181

Other

assets

in

excess

of

liabilities

—

7.8%

16,606,697

NET

ASSETS

—

100.0%

$

213,758,878

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

July

31,

2023.

The

total

value

of

securities

on

loan

as

of

July

31,

2023

was

$15,342,579,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$303,391

and

by

$15,484,352

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

8/10/2023

–

2/15/2053,

a

total

value

of

$15,787,743.

(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,

2023

was

$303,391.

48

-

Statement

of

Investments

-

July

31,

2023

(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,

2023

(Unaudited)

-

Statement

of

Investments

-

49

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

196,848,790

$

–

$

–

$

196,848,790

Repurchase

Agreement

–

303,391

–

303,391

Total

$

196,848,790

$

303,391

$

–

$

197,152,181

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,

2023

(Unaudited)

-

Statement

of

Investments

-

1

Common

Stocks

95

.8

%

Shares

Value

($)

Automobile

Components

4

.3

%

Dorman

Products,

Inc.*

211,933

17,948,606

Fox

Factory

Holding

Corp.*

406,686

45,508,163

63,456,769

Banks

0

.6

%

Axos

Financial,

Inc.*(a)

193,791

9,108,177

Biotechnology

0

.7

%

Avid

Bioservices,

Inc.*(a)

841,577

10,654,365

Broadline

Retail

1

.8

%

Ollie's

Bargain

Outlet

Holdings,

Inc.*

365,699

26,652,143

Building

Products

4

.7

%

AAON,

Inc.

394,316

41,505,702

Trex

Co.,

Inc.*(a)

418,505

28,935,436

70,441,138

Chemicals

2

.4

%

Balchem

Corp.(a)

268,833

36,222,558

Commercial

Services

&

Supplies

1

.6

%

Casella

Waste

Systems,

Inc.,

Class

A*

300,668

24,260,901

Communications

Equipment

1

.0

%

Digi

International,

Inc.*(a)

336,316

14,101,730

Construction

&

Engineering

2

.3

%

Construction

Partners,

Inc.,

Class

A*

1,135,294

33,377,644

Consumer

Staples

Distribution

&

Retail

0

.8

%

Grocery

Outlet

Holding

Corp.*

335,914

11,236,323

Diversified

Consumer

Services

1

.4

%

Bright

Horizons

Family

Solutions,

Inc.*

212,773

20,645,364

Electronic

Equipment,

Instruments

&

Components

4

.9

%

ePlus,

Inc.*

555,639

31,310,258

Novanta,

Inc.*

235,847

41,721,334

73,031,592

Financial

Services

1

.1

%

I3

Verticals,

Inc.,

Class

A*(a)

668,372

16,715,984

Food

Products

2

.0

%

J

&

J

Snack

Foods

Corp.

184,780

29,623,930

Ground

Transportation

1

.8

%

Marten

Transport

Ltd.(a)

1,197,072

27,125,652

Health

Care

Equipment

&

Supplies

8

.0

%

Globus

Medical,

Inc.,

Class

A*(a)

510,903

30,792,124

LeMaitre

Vascular,

Inc.

324,606

20,524,837

Masimo

Corp.*

109,903

13,441,137

Neogen

Corp.*

591,296

13,712,154

Omnicell,

Inc.*

356,046

22,484,305

STAAR

Surgical

Co.*(a)

339,752

18,608,217

119,562,774

Health

Care

Providers

&

Services

1

.4

%

HealthEquity,

Inc.*

293,855

19,964,509

Health

Care

Technology

1

.4

%

Certara,

Inc.*(a)

1,088,272

21,188,656

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

2

.4

%

Texas

Roadhouse,

Inc.,

Class

A

317,487

35,415,675

Household

Products

1

.2

%

WD-40

Co.(a)

78,600

18,038,700

Insurance

5

.2

%

Kinsale

Capital

Group,

Inc.

185,194

69,008,840

Palomar

Holdings,

Inc.*

125,485

7,599,372

76,608,212

IT

Services

1

.5

%

Perficient,

Inc.*(a)

346,394

22,096,473

Life

Sciences

Tools

&

Services

4

.0

%

Azenta,

Inc.*(a)

183,953

8,642,112

BioLife

Solutions,

Inc.*(a)

562,062

11,173,792

Bio-Techne

Corp.

365,041

30,444,419

Mesa

Laboratories,

Inc.(a)

70,507

9,071,431

59,331,754

Machinery

7

.6

%

Barnes

Group,

Inc.(a)

237,497

9,333,632

Donaldson

Co.,

Inc.

260,174

16,346,732

ESCO

Technologies,

Inc.

313,364

31,508,750

RBC

Bearings,

Inc.*(a)

206,981

46,788,055

SPX

Technologies,

Inc.*

114,227

9,664,747

113,641,916

Passenger

Airlines

1

.1

%

Allegiant

Travel

Co.*(a)

132,355

16,372,313

Professional

Services

7

.0

%

ExlService

Holdings,

Inc.*

297,717

41,963,211

Exponent,

Inc.

497,803

44,593,193

NV5

Global,

Inc.*

161,767

17,721,575

104,277,979

Semiconductors

&

Semiconductor

Equipment

3

.7

%

Onto

Innovation,

Inc.*

447,195

55,595,282

Software

17

.8

%

Agilysys,

Inc.*

104,171

7,670,111

Alarm.com

Holdings,

Inc.*(a)

462,486

25,533,852

Blackbaud,

Inc.*

379,259

28,615,092

BlackLine,

Inc.*(a)

305,804

17,761,096

Descartes

Systems

Group,

Inc.

(The)*

518,150

40,348,340

DoubleVerify

Holdings,

Inc.*

89,336

3,761,046

Envestnet,

Inc.*(a)

390,520

24,204,430

Fair

Isaac

Corp.*

80,752

67,667,753

SPS

Commerce,

Inc.*

164,647

29,700,672

Tyler

Technologies,

Inc.*(a)

50,441

20,006,414

265,268,806

Trading

Companies

&

Distributors

2

.1

%

SiteOne

Landscape

Supply,

Inc.*(a)

183,208

31,145,360

Total

Common

Stocks

(cost

$884,005,613)

1,425,162,679

2

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Geneva

Small

Cap

Growth

Fund

Repurchase

Agreement

0

.0

%

†

Principal

Amount

($)

Value

($)

CF

Secured,

LLC,

5.28%,

dated

7/31/2023,

due

8/1/2023,

repurchase

price

$427,154,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.63%,

maturing

8/8/2023

-

8/15/2052;

total

market

value

$435,697.(b)

427,091

427,091

Total

Repurchase

Agreement

(cost

$427,091)

427,091

Total

Investments

(cost

$884,432,704)

—

95.8%

1,425,589,770

Other

assets

in

excess

of

liabilities

—

4.2%

62,730,728

NET

ASSETS

—

100.0%

$

1,488,320,498

*

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,

2023.

The

total

value

of

securities

on

loan

as

of

July

31,

2023

was

$117,008,478,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$427,091

and

by

$120,096,574

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

8/10/2023

–

2/15/2053,

a

total

value

of

$120,523,665.

(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,

2023

was

$427,091.

Nationwide

Geneva

Small

Cap

Growth

Fund

-

July

31,

2023

(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.

4

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Geneva

Small

Cap

Growth

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

1,425,162,679

$

–

$

–

$

1,425,162,679

Repurchase

Agreement

–

427,091

–

427,091

Total

$

1,425,162,679

$

427,091

$

–

$

1,425,589,770

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Bond

Portfolio

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

1

Asset-Backed

Securities

6.2%

Principal

Amount

($)

Value

($)

CAYMAN

ISLANDS

2.9%

Other

2.9%

AB

BSL

CLO

1

Ltd.,

Series

2020-1A,

Class

A1R,

6.68%,

1/15/2035(a)(b)

635,000

627,054

Barings

CLO

Ltd.,

Series

2019-3A,

Class

A1R,

6.66%,

4/20/2031(a)(b)

3,500,000

3,486,144

Diameter

Capital

CLO

4

Ltd.,

Series

2022-

4A,

Class

A1,

7.71%,

1/15/2036(a)(b)

2,000,000

2,006,324

LCM

39

Ltd.,

Series

39A,

Class

A1,

7.27%,

10/15/2034(a)(b)

745,000

747,578

Oaktree

CLO

Ltd.,

Series

2021-1A,

Class

A1,

6.73%,

7/15/2034(a)(b)

3,500,000

3,452,120

OHA

Credit

Funding

6

Ltd.,

Series

2020-6A,

Class

AR,

6.73%,

7/20/2034(a)

(b)

3,300,000

3,285,599

Palmer

Square

CLO

Ltd.,

Series

2019-1A,

Class

A1R,

6.47%,

11/14/2034(a)(b)

4,000,000

3,987,184

Park

Blue

CLO

2022-II

Ltd.,

Series

2022-

2A,

Class

A1,

7.88%,

1/20/2035(a)(b)

1,500,000

1,512,915

PARK

BLUE

CLO

Ltd.,

Series

2023-3A,

Class

A1,

6.96%,

4/20/2036(a)

(b)

3,500,000

3,508,096

PPM

CLO

Ltd.,

Series

2022-6A,

Class

A,

7.78%,

1/20/2031(a)(b)

3,042,865

3,049,730

RR

26

Ltd.,

Series

2023-

26A,

Class

A1,

6.51%,

4/15/2038(a)(b)

2,200,000

2,208,721

27,871,465

JERSEY

0.6%

Other

0.6%

Benefit

Street

Partners

CLO

XXX

Ltd.,

Series

2023-30A,

Class

A,

7.45%,

4/25/2036(a)(b)

3,200,000

3,220,470

Halseypoint

CLO

7

Ltd.,

Series

2023-7A,

Class

A,

7.51%,

7/20/2036(a)

(b)

2,100,000

2,121,426

Silver

Point

CLO

1

Ltd.,

Series

2022-1A,

Class

A1,

7.78%,

1/20/2036(a)

(b)

1,100,000

1,106,157

6,448,053

UNITED

STATES

2.7%

Automobiles

1.4%

GMF

Floorplan

Owner

Revolving

Trust,

Series

2023-1,

Class

A1,

5.34%,

6/15/2028(b)

2,200,000

2,199,969

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

Hyundai

Auto

Lease

Securitization

Trust,

Series

2021-B,

Class

A4,

0.38%,

8/15/2025(b)

1,800,000

1,782,187

Hyundai

Auto

Receivables

Trust,

Series

2023-A,

Class

A2A,

5.19%,

12/15/2025

2,200,000

2,191,553

Nissan

Auto

Receivables

Owner

Trust,

Series

2023-A,

Class

A2A,

5.34%,

2/17/2026

2,200,000

2,192,346

Santander

Drive

Auto

Receivables

Trust

Series

2021-1,

Class

D,

1.13%,

11/16/2026

500,000

478,763

Series

2021-3,

Class

D,

1.33%,

9/15/2027

1,000,000

936,050

Toyota

Lease

Owner

Trust,

Series

2023-A,

Class

A2,

5.30%,

8/20/2025(b)

2,100,000

2,090,436

World

Omni

Auto

Receivables

Trust,

Series

2023-B,

Class

A2A,

5.25%,

11/16/2026

2,200,000

2,188,166

14,059,470

Credit

Card

0.9%

Barclays

Dryrock

Issuance

Trust,

Series

2023-

1,

Class

A,

4.72%,

2/15/2029

4,400,000

4,350,727

Capital

One

Multi-Asset

Execution

Trust,

Series

2022-A3,

Class

A,

4.95%,

10/15/2027

2,200,000

2,188,660

Discover

Card

Execution

Note

Trust,

Series

2023-

A1,

Class

A,

4.31%,

3/15/2028

2,300,000

2,254,116

8,793,503

Other

0.4%

Clover

CLO

LLC,

Series

2021-1A,

Class

A,

6.71%,

4/22/2034(a)(b)

4,500,000

4,453,924

27,306,897

Total

Asset-Backed

Securities

(cost  $61,344,190)

61,626,415

Collateralized

Mortgage

Obligations

1.0%

UNITED

STATES

1.0%

Connecticut

Avenue

Securities

Trust

Series

2019-R07,

Class

1M2,

7.28%,

10/25/2039(a)(b)

34,629

34,681

Series

2020-R01,

Class

1M2,

7.23%,

1/25/2040(a)(b)

98,267

98,943

2

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Bond

Portfolio

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

UNITED

STATES

Connecticut

Avenue

Securities

Trust

Series

2023-R03,

Class

2M2,

8.97%,

4/25/2043(a)(b)

514,218

536,772

Series

2023-R05,

Class

1M2,

8.17%,

6/25/2043(a)(b)

390,000

399,320

Series

2023-R06,

Class

1M2,

7.77%,

7/25/2043(a)(b)

400,000

402,688

FHLMC

STACR

Trust

Series

2019-HQA2,

Class

M2,

7.23%,

4/25/2049(a)(b)

885,857

889,720

Series

2019-DNA4,

Class

B1,

7.88%,

10/25/2049(a)(b)

280,000

280,700

FHLMC

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2023-HQA2,

Class

M1B,

8.42%,

6/25/2043(a)(b)

653,000

668,548

GNMA

REMIC,

Series

2021-135,

Class

A,

2.00%,

8/20/2051

7,939,497

6,538,210

Towd

Point

Mortgage

Trust,

Series

2020-1,

Class

A2A,

3.10%,

1/25/2060(a)(b)

770,000

655,628

10,505,210

0

Total

Collateralized

Mortgage

Obligations

(cost

$10,544,162)

10,505,210

Commercial

Mortgage-Backed

Securities

3.3%

UNITED

STATES

3.3%

BANK

Series

2019-BN17,

Class

A4,

3.71%,

4/15/2052

1,000,000

915,797

Series

2022-BNK39,

Class

A4,

2.93%,

2/15/2055(a)

1,900,000

1,597,794

Series

2022-BNK43,

Class

A5,

4.40%,

8/15/2055

1,250,000

1,173,589

Series

2017-BNK6,

Class

ASB,

3.29%,

7/15/2060

787,702

755,717

Series

2020-BN27,

Class

A5,

2.14%,

4/15/2063

796,000

633,253

Series

2022-BNK40,

Class

A4,

3.39%,

3/15/2064(a)

2,380,000

2,077,829

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

UNITED

STATES

Bank

of

America

Merrill

Lynch

Commercial

Mortgage

Trust

,

Series

2016-UB10,

Class

A4,

3.17%,

7/15/2049

735,000

679,904

BANK5

,

Series

2023-

5YR2,

Class

A3,

6.66%,

6/15/2028

2,300,000

2,389,211

BBCMS

Mortgage

Trust

,

Series

2021-C9,

Class

A5,

2.30%,

2/15/2054

2,939,000

2,384,113

Benchmark

Mortgage

Trust

Series

2018-B8,

Class

AS,

4.53%,

1/15/2052(a)

500,000

452,293

Series

2020-B16,

Class

A5,

2.73%,

2/15/2053

750,000

642,386

Series

2020-B21,

Class

A4,

1.70%,

12/17/2053

300,000

238,487

BX

Commercial

Mortgage

Trust

,

Series

2023-

VLT2,

Class

A,

7.50%,

6/15/2040(a)(b)

2,000,000

1,995,014

Citigroup

Commercial

Mortgage

Trust

Series

2023-PRM3,

Class

A,

6.36%,

7/10/2028(a)(b)

1,500,000

1,516,957

Series

2019-GC41,

Class

A4,

2.62%,

8/10/2056

500,000

430,707

FHLMC

Multifamily

Structured

Pass-

Through

Certificates

REMICS

Series

K077,

Class

A2,

3.85%,

5/25/2028(a)

2,000,000

1,923,885

Series

K086,

Class

A2,

3.86%,

11/25/2028(a)

1,000,000

961,932

Series

K126,

Class

A2,

2.07%,

1/25/2031

1,000,000

838,053

Series

KF153,

Class

AS,

5.75%,

2/25/2033(a)

800,000

798,263

FNMA

ACES

REMICS,

Series

2022-M1,

Class

A2,

1.67%,

10/25/2031(a)

1,000,000

798,048

GS

Mortgage

Securities

Trust

,

Series

2017-

GS7,

Class

A4,

3.43%,

8/10/2050

1,400,000

1,267,376

JPMBB

Commercial

Mortgage

Securities

Trust

Series

2014-C21,

Class

A5,

3.77%,

8/15/2047

752,000

733,103

Series

2015-C30,

Class

AS,

4.23%,

7/15/2048(a)

500,000

466,768

Series

2015-C31,

Class

A3,

3.80%,

8/15/2048

347,252

328,174

Nationwide

Bond

Portfolio

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

3

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

UNITED

STATES

JPMDB

Commercial

Mortgage

Securities

Trust

,

Series

2017-

C7,

Class

A5,

3.41%,

10/15/2050

500,000

455,669

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

Series

2015-

C25,

Class

A4,

3.37%,

10/15/2048

535,000

510,823

Morgan

Stanley

Capital

I

Trust

,

Series

2017-

H1,

Class

AS,

3.77%,

6/15/2050

500,000

451,473

Wells

Fargo

Commercial

Mortgage

Trust

Series

2019-C52,

Class

A5,

2.89%,

8/15/2052

530,000

458,272

Series

2019-C53,

Class

A4,

3.04%,

10/15/2052

1,475,000

1,286,316

Series

2020-C58,

Class

A4,

2.09%,

7/15/2053

2,815,000

2,258,613

Series

2016-C33,

Class

A4,

3.43%,

3/15/2059

1,225,000

1,151,514

Total

Commercial

Mortgage-Backed

Securities

(cost

$34,506,960)

32,571,333

Corporate

Bonds

39.5%

AUSTRALIA

0.1%

Banks

0.1%

Westpac

Banking

Corp.,

3.74%,

8/26/2025

385,000

373,619

BELGIUM

0.9%

Beverages

0.9%

Anheuser-Busch

Cos.

LLC,

4.70%,

2/1/2036(c)

3,025,000

2,932,876

Anheuser-Busch

InBev

Worldwide,

Inc.,

4.75%,

1/23/2029

5,775,000

5,750,565

8,683,441

CANADA

0.8%

Banks

0.5%

Bank

of

Montreal,

3.70%,

6/7/2025

670,000

648,493

Bank

of

Nova

Scotia

(The),

2.20%,

2/3/2025

1,000,000

950,608

Canadian

Imperial

Bank

of

Commerce,

1.25%,

6/22/2026

850,000

758,561

Royal

Bank

of

Canada

3.97%,

7/26/2024

380,000

373,553

2.05%,

1/21/2027

500,000

450,903

3.63%,

5/4/2027

150,000

141,872

Toronto-Dominion

Bank

(The),

0.75%,

1/6/2026

1,200,000

1,075,862

4,399,852

Corporate

Bonds

Principal

Amount

($)

Value

($)

CANADA

Capital

Markets

0.0%

†

Brookfield

Finance,

Inc.,

4.85%,

3/29/2029

300,000

289,001

Oil,

Gas

&

Consumable

Fuels

0.3%

Canadian

Natural

Resources

Ltd.,

3.85%,

6/1/2027

580,000

549,715

Enbridge,

Inc.

1.60%,

10/4/2026

400,000

358,194

4.25%,

12/1/2026

500,000

483,854

5.70%,

3/8/2033

847,000

858,619

2.50%,

8/1/2033

925,000

725,281

2,975,663

Professional

Services

0.0%

†

Thomson

Reuters

Corp.,

3.35%,

5/15/2026

100,000

95,033

Wireless

Telecommunication

Services

0.0%

†

Rogers

Communications,

Inc.,

3.20%,

3/15/2027

425,000

394,264

8,153,813

CHINA

0.3%

Semiconductors

&

Semiconductor

Equipment

0.3%

NXP

BV

3.15%,

5/1/2027

265,000

245,067

3.40%,

5/1/2030

2,725,000

2,415,054

2.50%,

5/11/2031

400,000

326,788

2,986,909

FRANCE

0.1%

Banks

0.1%

BPCE

SA,

4.63%,

9/12/2028(b)

1,250,000

1,184,760

GERMANY

0.1%

Capital

Markets

0.1%

Deutsche

Bank

AG

(SOFR

+

1.13%),

1.45%,

4/1/2025(d)

1,000,000

961,773

(SOFR

+

1.22%),

2.31%,

11/16/2027(d)

150,000

131,774

1,093,547

IRELAND

0.3%

Consumer

Finance

0.3%

AerCap

Ireland

Capital

DAC

3.00%,

10/29/2028

1,075,000

937,916

3.30%,

1/30/2032

764,000

626,873

3.40%,

10/29/2033

1,325,000

1,059,693

2,624,482

JAPAN

0.7%

Automobiles

0.1%

Honda

Motor

Co.

Ltd.,

2.53%,

3/10/2027

420,000

386,915

Banks

0.6%

Mitsubishi

UFJ

Financial

Group,

Inc.

1.41%,

7/17/2025

1,000,000

921,828

4

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Bond

Portfolio

Corporate

Bonds

Principal

Amount

($)

Value

($)

JAPAN

Banks

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.55%),

0.95%,

7/19/2025(d)

880,000

836,922

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.67%),

1.64%,

10/13/2027(d)

850,000

751,375

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.83%),

2.34%,

1/19/2028(d)

200,000

179,601

Mizuho

Financial

Group,

Inc.,

(CME

Term

SOFR

3

Month

+

1.24%),

2.84%,

7/16/2025(d)

400,000

387,285

Sumitomo

Mitsui

Financial

Group,

Inc.

0.95%,

1/12/2026

2,250,000

2,010,938

1.40%,

9/17/2026

260,000

229,643

5,317,592

Capital

Markets

0.0%

†

Nomura

Holdings,

Inc.,

5.10%,

7/3/2025

320,000

315,277

6,019,784

MEXICO

0.4%

Beverages

0.2%

Coca-Cola

Femsa

SAB

de

CV,

2.75%,

1/22/2030

1,852,000

1,641,798

Construction

&

Engineering

0.2%

Mexico

City

Airport

Trust,

Reg.

S,

3.88%,

4/30/2028

2,510,000

2,362,791

Metals

&

Mining

0.0%

†

Southern

Copper

Corp.,

3.88%,

4/23/2025

185,000

179,395

4,183,984

NETHERLANDS

0.0%

†

Banks

0.0%

†

Cooperatieve

Rabobank

UA,

4.38%,

8/4/2025

250,000

242,182

ING

Groep

NV,

3.95%,

3/29/2027

200,000

190,937

433,119

QATAR

0.1%

Oil,

Gas

&

Consumable

Fuels

0.1%

QatarEnergy,

Reg.

S,

2.25%,

7/12/2031

1,570,000

1,307,339

Corporate

Bonds

Principal

Amount

($)

Value

($)

SAUDI

ARABIA

0.2%

Oil,

Gas

&

Consumable

Fuels

0.2%

Saudi

Arabian

Oil

Co.,

Reg.

S,

3.50%,

4/16/2029

2,370,000

2,189,359

SOUTH

KOREA

0.0%

†

Metals

&

Mining

0.0%

†

POSCO,

5.75%,

1/17/2028(b)

350,000

354,029

SPAIN

0.6%

Banks

0.5%

Banco

Santander

SA

2.75%,

5/28/2025

400,000

378,436

1.85%,

3/25/2026

2,000,000

1,803,209

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.90%),

1.72%,

9/14/2027(d)

400,000

351,168

6.92%,

8/8/2033

2,400,000

2,400,000

4,932,813

Diversified

Telecommunication

Services

0.1%

Telefonica

Emisiones

SA,

4.67%,

3/6/2038

825,000

700,844

5,633,657

SWITZERLAND

0.2%

Capital

Markets

0.2%

UBS

Group

AG

3.75%,

3/26/2025

250,000

241,843

(SOFR

+

1.56%),

2.59%,

9/11/2025(b)(d)

793,000

760,882

(United

States

SOFR

Compounded

Index

+

0.98%),

1.31%,

2/2/2027(b)(d)

250,000

221,393

(SOFR

+

5.02%),

9.02%,

11/15/2033(b)(d)

975,000

1,185,982

2,410,100

UNITED

ARAB

EMIRATES

0.2%

Oil,

Gas

&

Consumable

Fuels

0.2%

Galaxy

Pipeline

Assets

Bidco

Ltd.,

Reg.

S,

2.63%,

3/31/2036

2,770,000

2,240,048

UNITED

KINGDOM

1.2%

Banks

0.8%

Barclays

plc

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.30%),

5.30%,

8/9/2026(d)

215,000

211,984

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.05%),

2.28%,

11/24/2027(d)

740,000

658,433

Nationwide

Bond

Portfolio

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

5

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

KINGDOM

Banks

HSBC

Holdings

plc

(SOFR

+

1.51%),

4.18%,

12/9/2025(d)

585,000

570,052

(SOFR

+

1.10%),

2.25%,

11/22/2027(d)

1,775,000

1,587,348

(SOFR

+

2.61%),

5.21%,

8/11/2028(d)

2,215,000

2,169,487

Lloyds

Banking

Group

plc

4.45%,

5/8/2025

200,000

194,893

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.75%),

4.72%,

8/11/2026(d)

730,000

714,801

(ICE

LIBOR

USD

3

Month

+

1.21%),

3.57%,

11/7/2028(d)

1,235,000

1,125,411

NatWest

Group

plc,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.27%),

5.52%,

9/30/2028(d)

1,200,000

1,178,890

8,411,299

Beverages

0.0%

†

Diageo

Capital

plc,

2.00%,

4/29/2030

400,000

335,151

Food

Products

0.1%

Unilever

Capital

Corp.,

2.90%,

5/5/2027

450,000

421,736

Tobacco

0.3%

BAT

Capital

Corp.

3.56%,

8/15/2027

300,000

278,629

2.26%,

3/25/2028

970,000

838,588

7.75%,

10/19/2032

110,000

122,074

BAT

International

Finance

plc

1.67%,

3/25/2026

1,500,000

1,359,448

4.45%,

3/16/2028

325,000

310,955

2,909,694

12,077,880

UNITED

STATES

33.3%

Aerospace

&

Defense

0.5%

Boeing

Co.

(The)

5.04%,

5/1/2027

200,000

198,365

3.38%,

6/15/2046

2,650,000

1,860,399

3.85%,

11/1/2048

450,000

330,480

Huntington

Ingalls

Industries,

Inc.,

3.48%,

12/1/2027

500,000

460,677

Lockheed

Martin

Corp.,

3.90%,

6/15/2032

540,000

505,865

RTX

Corp.

3.95%,

8/16/2025

800,000

781,055

4.05%,

5/4/2047

825,000

683,478

4,820,319

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Air

Freight

&

Logistics

0.1%

United

Parcel

Service,

Inc.,

3.90%,

4/1/2025

500,000

489,430

Automobiles

0.3%

General

Motors

Co.

4.20%,

10/1/2027

800,000

760,754

5.95%,

4/1/2049

1,375,000

1,287,542

Hyundai

Capital

America,

5.70%,

6/26/2030(b)

1,300,000

1,294,988

3,343,284

Banks

5.0%

Bank

of

America

Corp.,

Series

L,

3.95%,

4/21/2025

1,000,000

968,366

Bank

of

America

Corp.

(SOFR

+

0.65%),

1.53%,

12/6/2025(d)

1,300,000

1,222,516

(SOFR

+

1.15%),

1.32%,

6/19/2026(d)

550,000

505,267

(SOFR

+

1.75%),

4.83%,

7/22/2026(d)

635,000

626,627

(SOFR

+

1.01%),

1.20%,

10/24/2026(d)

1,000,000

905,380

(SOFR

+

0.96%),

1.73%,

7/22/2027(d)

2,000,000

1,791,960

(CME

Term

SOFR

3

Month

+

1.84%),

3.82%,

1/20/2028(d)

500,000

472,410

(SOFR

+

2.04%),

4.95%,

7/22/2028(d)

660,000

649,183

(SOFR

+

1.63%),

5.20%,

4/25/2029(d)

2,745,000

2,726,437

(SOFR

+

1.06%),

2.09%,

6/14/2029(d)

4,075,000

3,496,258

6.11%,

1/29/2037

4,500,000

4,738,177

Bank

of

America

Corp.,

Series

N,

(SOFR

+

0.91%),

1.66%,

3/11/2027(d)

200,000

180,287

Citigroup,

Inc.

(SOFR

+

1.37%),

4.14%,

5/24/2025(d)

580,000

572,599

4.40%,

6/10/2025

200,000

194,969

3.20%,

10/21/2026

1,000,000

937,563

(SOFR

+

0.77%),

1.46%,

6/9/2027(d)

4,150,000

3,699,174

4.45%,

9/29/2027

400,000

384,757

(SOFR

+

1.35%),

3.06%,

1/25/2033(d)

3,650,000

3,047,544

HSBC

USA,

Inc.,

3.75%,

5/24/2024

220,000

216,213

JPMorgan

Chase

&

Co.

(CME

Term

SOFR

3

Month

+

1.59%),

2.00%,

3/13/2026(d)

979,000

923,591

(SOFR

+

1.85%),

2.08%,

4/22/2026(d)

491,000

461,746

2.95%,

10/1/2026

753,000

705,588

(SOFR

+

0.80%),

1.05%,

11/19/2026(d)

1,000,000

903,095

6

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Bond

Portfolio

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Banks

(SOFR

+

0.89%),

1.58%,

4/22/2027(d)

218,000

196,270

(SOFR

+

0.77%),

1.47%,

9/22/2027(d)

1,000,000

885,288

(SOFR

+

1.89%),

2.18%,

6/1/2028(d)

1,850,000

1,646,595

(SOFR

+

1.99%),

4.85%,

7/25/2028(d)

1,665,000

1,641,959

(CME

Term

SOFR

3

Month

+

2.52%),

2.96%,

5/13/2031(d)

400,000

343,648

(SOFR

+

1.26%),

2.96%,

1/25/2033(d)

425,000

358,623

(SOFR

+

1.80%),

4.59%,

4/26/2033(d)

5,075,000

4,842,326

M&T

Bank

Corp.,

(SOFR

+

1.85%),

5.05%,

1/27/2034(d)

1,280,000

1,203,253

Truist

Financial

Corp.

3.70%,

6/5/2025

1,000,000

963,330

(SOFR

+

2.05%),

6.05%,

6/8/2027(d)

380,000

380,707

US

Bancorp

(SOFR

+

1.66%),

4.55%,

7/22/2028(c)(d)

170,000

163,475

(SOFR

+

2.02%),

5.78%,

6/12/2029(d)

1,025,000

1,028,730

Wells

Fargo

&

Co.

(SOFR

+

1.32%),

3.91%,

4/25/2026(d)

1,605,000

1,553,372

(SOFR

+

1.51%),

3.53%,

3/24/2028(d)

705,000

659,043

(SOFR

+

2.10%),

2.39%,

6/2/2028(d)

1,500,000

1,341,783

(CME

Term

SOFR

3

Month

+

1.26%),

2.57%,

2/11/2031(d)

3,680,000

3,108,451

(SOFR

+

2.10%),

4.90%,

7/25/2033(d)

366,000

350,819

50,997,379

Beverages

0.6%

Constellation

Brands,

Inc.

4.40%,

11/15/2025

800,000

784,071

4.75%,

12/1/2025(c)

500,000

493,997

Keurig

Dr

Pepper,

Inc.

3.40%,

11/15/2025

500,000

479,955

4.60%,

5/25/2028

1,800,000

1,765,540

3.95%,

4/15/2029

1,648,000

1,564,120

3.20%,

5/1/2030

470,000

419,270

PepsiCo,

Inc.,

3.60%,

2/18/2028

760,000

733,175

6,240,128

Biotechnology

0.8%

AbbVie,

Inc.

4.30%,

5/14/2036

742,000

682,225

4.25%,

11/21/2049

2,961,000

2,540,186

Amgen,

Inc.

5.25%,

3/2/2030

1,848,000

1,860,097

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Biotechnology

5.25%,

3/2/2033

1,882,000

1,878,291

Regeneron

Pharmaceuticals,

Inc.,

1.75%,

9/15/2030

1,546,000

1,236,271

8,197,070

Broadline

Retail

0.1%

Amazon.com,

Inc.,

3.10%,

5/12/2051

675,000

493,857

Building

Products

0.1%

Carlisle

Cos.,

Inc.,

2.75%,

3/1/2030

371,000

317,134

Carrier

Global

Corp.,

2.49%,

2/15/2027

378,000

345,156

662,290

Capital

Markets

2.9%

Ares

Capital

Corp.

3.88%,

1/15/2026

500,000

466,995

2.15%,

7/15/2026

2,350,000

2,058,715

2.88%,

6/15/2028

500,000

421,023

Barings

BDC,

Inc.,

3.30%,

11/23/2026

25,000

21,915

Blackstone

Private

Credit

Fund,

2.70%,

1/15/2025

130,000

122,403

Charles

Schwab

Corp.

(The)

3.63%,

4/1/2025

1,000,000

968,904

2.45%,

3/3/2027

205,000

185,154

CME

Group,

Inc.,

2.65%,

3/15/2032

60,000

51,097

FactSet

Research

Systems,

Inc.,

2.90%,

3/1/2027

925,000

853,238

FS

KKR

Capital

Corp.

3.40%,

1/15/2026

200,000

184,074

2.63%,

1/15/2027

500,000

430,692

3.25%,

7/15/2027

1,350,000

1,170,240

Golub

Capital

BDC,

Inc.,

2.50%,

8/24/2026

163,000

143,155

Intercontinental

Exchange,

Inc.,

3.65%,

5/23/2025

335,000

327,205

LPL

Holdings,

Inc.,

4.00%,

3/15/2029(b)

1,740,000

1,559,681

Morgan

Stanley

4.00%,

7/23/2025

200,000

194,791

5.00%,

11/24/2025

300,000

296,363

(SOFR

+

0.72%),

0.98%,

12/10/2026(d)

2,420,000

2,165,220

3.63%,

1/20/2027(c)

1,000,000

948,655

(SOFR

+

0.88%),

1.59%,

5/4/2027(d)

2,450,000

2,198,055

(SOFR

+

0.86%),

1.51%,

7/20/2027(d)

3,000,000

2,665,182

(SOFR

+

1.59%),

5.16%,

4/20/2029(d)

2,255,000

2,231,248

(CME

Term

SOFR

3

Month

+

1.89%),

4.43%,

1/23/2030(d)

4,700,000

4,486,210

Nationwide

Bond

Portfolio

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

7

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Capital

Markets

(SOFR

+

1.36%),

2.48%,

9/16/2036(d)

1,975,000

1,514,038

Nasdaq,

Inc.,

3.85%,

6/30/2026

200,000

193,138

Prospect

Capital

Corp.

3.71%,

1/22/2026

400,000

363,844

3.44%,

10/15/2028

150,000

118,533

S&P

Global,

Inc.

2.45%,

3/1/2027

870,000

803,299

4.75%,

8/1/2028

780,000

777,314

1.25%,

8/15/2030

500,000

393,378

28,313,759

Chemicals

0.8%

Cabot

Corp.,

4.00%,

7/1/2029

720,000

665,109

Celanese

US

Holdings

LLC

5.90%,

7/5/2024

2,375,000

2,370,767

6.05%,

3/15/2025

2,375,000

2,372,780

1.40%,

8/5/2026

230,000

201,202

6.33%,

7/15/2029

250,000

250,929

DuPont

de

Nemours,

Inc.,

4.49%,

11/15/2025

150,000

147,217

EIDP,

Inc.,

2.30%,

7/15/2030

395,000

329,198

Huntsman

International

LLC,

4.50%,

5/1/2029

1,020,000

947,106

Sherwin-Williams

Co.

(The),

3.45%,

6/1/2027

305,000

288,727

7,573,035

Commercial

Services

&

Supplies

0.5%

Cintas

Corp.

No.

2

3.45%,

5/1/2025

565,000

546,932

3.70%,

4/1/2027

4,000

3,855

Republic

Services,

Inc.,

3.95%,

5/15/2028

2,980,000

2,866,543

Waste

Connections,

Inc.,

3.20%,

6/1/2032

145,000

125,885

Waste

Management,

Inc.,

4.15%,

4/15/2032

1,025,000

973,283

4,516,498

Communications

Equipment

0.3%

Motorola

Solutions,

Inc.

4.60%,

2/23/2028

1,190,000

1,156,132

4.60%,

5/23/2029

1,658,000

1,611,385

2,767,517

Construction

&

Engineering

0.1%

Quanta

Services,

Inc.

2.90%,

10/1/2030

100,000

84,943

2.35%,

1/15/2032

505,000

400,000

484,943

Construction

Materials

0.0%

†

Martin

Marietta

Materials,

Inc.,

3.50%,

12/15/2027(c)

300,000

280,984

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Consumer

Finance

0.3%

American

Express

Co.

3.38%,

5/3/2024

220,000

216,212

3.95%,

8/1/2025

200,000

194,326

American

Honda

Finance

Corp.,

1.20%,

7/8/2025

1,000,000

925,192

Capital

One

Financial

Corp.,

3.75%,

7/28/2026

550,000

518,551

General

Motors

Financial

Co.,

Inc.

3.80%,

4/7/2025

70,000

67,961

4.35%,

1/17/2027

600,000

577,770

Toyota

Motor

Credit

Corp.,

3.95%,

6/30/2025

1,375,000

1,345,202

3,845,214

Distributors

0.1%

Genuine

Parts

Co.,

1.75%,

2/1/2025

1,000,000

943,832

Diversified

REITs

0.2%

Digital

Realty

Trust

LP,

3.70%,

8/15/2027

200,000

186,988

GLP

Capital

LP,

5.75%,

6/1/2028

510,000

499,715

Simon

Property

Group

LP,

1.38%,

1/15/2027

80,000

70,466

VICI

Properties

LP

4.38%,

5/15/2025

1,090,000

1,059,875

4.50%,

1/15/2028(b)

250,000

230,562

2,047,606

Diversified

Telecommunication

Services

1.8%

AT&T,

Inc.

1.70%,

3/25/2026

1,000,000

908,430

2.30%,

6/1/2027

2,505,000

2,243,730

1.65%,

2/1/2028

2,300,000

1,964,353

2.75%,

6/1/2031

6,475,000

5,375,931

4.85%,

3/1/2039

1,000,000

903,200

Sprint

Capital

Corp.,

8.75%,

3/15/2032

855,000

1,030,173

Verizon

Communications,

Inc.

0.85%,

11/20/2025

1,500,000

1,356,128

4.33%,

9/21/2028

3,839,000

3,687,155

2.55%,

3/21/2031

1,525,000

1,265,869

18,734,969

Electric

Utilities

1.0%

American

Electric

Power

Co.,

Inc.,

2.30%,

3/1/2030

100,000

82,882

Arizona

Public

Service

Co.,

2.20%,

12/15/2031

210,000

165,032

Commonwealth

Edison

Co.,

2.20%,

3/1/2030

149,000

125,757

Duke

Energy

Corp.

3.15%,

8/15/2027

600,000

556,247

4.30%,

3/15/2028

90,000

86,777

Entergy

Corp.,

0.90%,

9/15/2025

100,000

90,569

8

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Bond

Portfolio

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Electric

Utilities

Entergy

Texas,

Inc.,

4.00%,

3/30/2029

100,000

94,038

Eversource

Energy,

4.20%,

6/27/2024

665,000

655,956

Georgia

Power

Co.,

4.70%,

5/15/2032

390,000

376,642

Indiana

Michigan

Power

Co.,

3.85%,

5/15/2028

200,000

189,690

Interstate

Power

and

Light

Co.,

4.10%,

9/26/2028

100,000

95,490

NextEra

Energy

Capital

Holdings,

Inc.,

1.90%,

6/15/2028

2,495,000

2,155,589

NSTAR

Electric

Co.,

3.20%,

5/15/2027

100,000

94,075

Oncor

Electric

Delivery

Co.

LLC

4.15%,

6/1/2032

125,000

118,344

4.55%,

9/15/2032

160,000

154,421

Pacific

Gas

and

Electric

Co.

2.10%,

8/1/2027

300,000

258,626

3.30%,

8/1/2040

1,500,000

1,030,858

PacifiCorp,

2.70%,

9/15/2030

100,000

83,900

PPL

Capital

Funding,

Inc.,

3.10%,

5/15/2026

50,000

47,258

Southern

Co.

(The),

Series

21-B,

1.75%,

3/15/2028

550,000

471,130

Southwestern

Electric

Power

Co.,

Series

N,

1.65%,

3/15/2026

250,000

227,331

Tucson

Electric

Power

Co.,

1.50%,

8/1/2030

100,000

78,249

Union

Electric

Co.,

2.95%,

3/15/2030

100,000

88,511

Virginia

Electric

and

Power

Co.,

Series

B,

3.75%,

5/15/2027

185,000

177,670

Wisconsin

Power

and

Light

Co.

1.95%,

9/16/2031

35,000

27,713

3.95%,

9/1/2032

155,000

143,066

Xcel

Energy,

Inc.

3.35%,

12/1/2026

2,100,000

1,977,147

1.75%,

3/15/2027

850,000

753,781

10,406,749

Electrical

Equipment

0.2%

Eaton

Corp.,

4.15%,

3/15/2033

2,150,000

2,035,781

Electronic

Equipment,

Instruments

&

Components

0.0%

†

Allegion

US

Holding

Co.,

Inc.,

3.55%,

10/1/2027

60,000

55,666

CDW

LLC,

3.25%,

2/15/2029

125,000

109,024

164,690

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Energy

Equipment

&

Services

0.1%

Schlumberger

Finance

Canada

Ltd.,

1.40%,

9/17/2025

1,500,000

1,387,453

Entertainment

0.7%

Activision

Blizzard,

Inc.,

3.40%,

9/15/2026

410,000

391,609

Take-Two

Interactive

Software,

Inc.,

3.30%,

3/28/2024

16,000

15,719

Warnermedia

Holdings,

Inc.

6.41%,

3/15/2026

2,900,000

2,904,904

4.28%,

3/15/2032

3,825,000

3,392,563

6,704,795

Financial

Services

0.1%

Block

Financial

LLC,

2.50%,

7/15/2028

275,000

233,816

Fidelity

National

Information

Services,

Inc.,

4.50%,

7/15/2025(c)

45,000

44,146

Global

Payments,

Inc.,

5.30%,

8/15/2029

365,000

358,112

National

Rural

Utilities

Cooperative

Finance

Corp.

1.00%,

6/15/2026

100,000

89,286

1.35%,

3/15/2031

100,000

76,086

801,446

Food

Products

0.4%

Bunge

Ltd.

Finance

Corp.,

1.63%,

8/17/2025

1,300,000

1,203,146

Cargill,

Inc.,

4.75%,

4/24/2033(b)

1,400,000

1,378,585

General

Mills,

Inc.,

4.20%,

4/17/2028

250,000

241,666

Kraft

Heinz

Foods

Co.

3.88%,

5/15/2027

940,000

901,253

3.75%,

4/1/2030

525,000

486,648

McCormick

&

Co.,

Inc.,

0.90%,

2/15/2026

250,000

223,727

4,435,025

Gas

Utilities

0.1%

Atmos

Energy

Corp.

3.00%,

6/15/2027

50,000

46,681

1.50%,

1/15/2031

100,000

78,747

National

Fuel

Gas

Co.

5.50%,

1/15/2026

740,000

730,539

2.95%,

3/1/2031

200,000

163,066

ONE

Gas,

Inc.,

4.25%,

9/1/2032

195,000

183,264

Piedmont

Natural

Gas

Co.,

Inc.,

3.50%,

6/1/2029

100,000

91,132

1,293,429

Nationwide

Bond

Portfolio

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

9

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Health

Care

Equipment

&

Supplies

0.2%

Edwards

Lifesciences

Corp.,

4.30%,

6/15/2028

850,000

824,094

GE

HealthCare

Technologies,

Inc.,

6.38%,

11/22/2052

670,000

741,798

1,565,892

Health

Care

Providers

&

Services

2.2%

AmerisourceBergen

Corp.,

2.80%,

5/15/2030

100,000

86,815

Cardinal

Health,

Inc.,

3.75%,

9/15/2025

500,000

482,041

Centene

Corp.,

2.63%,

8/1/2031

800,000

639,688

Cigna

Group

(The),

2.40%,

3/15/2030

4,575,000

3,878,460

CVS

Health

Corp.

3.88%,

7/20/2025

500,000

485,946

1.30%,

8/21/2027

1,300,000

1,122,518

4.78%,

3/25/2038

3,950,000

3,644,657

HCA,

Inc.

5.25%,

6/15/2026

500,000

495,491

4.13%,

6/15/2029

270,000

250,493

Humana,

Inc.

3.70%,

3/23/2029

255,000

236,134

5.50%,

3/15/2053

425,000

419,702

Laboratory

Corp.

of

America

Holdings,

1.55%,

6/1/2026

1,846,000

1,664,352

UnitedHealth

Group,

Inc.

3.70%,

5/15/2027

140,000

135,232

5.30%,

2/15/2030

2,475,000

2,539,310

2.30%,

5/15/2031

1,970,000

1,659,616

5.35%,

2/15/2033(c)

2,075,000

2,149,645

5.88%,

2/15/2053

775,000

853,014

5.05%,

4/15/2053

1,046,000

1,028,651

21,771,765

Hotels,

Restaurants

&

Leisure

0.4%

Choice

Hotels

International,

Inc.,

3.70%,

12/1/2029

465,000

412,657

Marriott

International,

Inc.,

5.00%,

10/15/2027

170,000

169,055

Marriott

International,

Inc.,

Series

HH,

2.85%,

4/15/2031

2,400,000

2,031,846

McDonald's

Corp.,

3.50%,

7/1/2027

750,000

715,192

Starbucks

Corp.,

3.00%,

2/14/2032

1,125,000

971,971

4,300,721

Household

Durables

0.0%

†

NVR,

Inc.,

3.00%,

5/15/2030

300,000

259,599

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

Southern

Power

Co.,

4.15%,

12/1/2025

150,000

146,583

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Industrial

Conglomerates

0.2%

GE

Capital

International

Funding

Co.

Unlimited

Co.,

4.42%,

11/15/2035

2,025,000

1,908,633

Industrial

REITs

0.1%

Prologis

LP,

4.63%,

1/15/2033

1,375,000

1,337,795

Insurance

0.9%

Aflac,

Inc.,

3.60%,

4/1/2030

167,000

152,998

Aon

Corp.,

2.80%,

5/15/2030

200,000

173,173

Assurant,

Inc.,

4.90%,

3/27/2028

2,530,000

2,408,553

Brown

&

Brown,

Inc.

4.50%,

3/15/2029

910,000

860,131

4.20%,

3/17/2032

280,000

253,162

Enstar

Group

Ltd.,

3.10%,

9/1/2031

745,000

579,980

Marsh

&

McLennan

Cos.,

Inc.

4.38%,

3/15/2029

1,000,000

976,710

2.25%,

11/15/2030

2,700,000

2,248,406

Progressive

Corp.

(The)

2.50%,

3/15/2027

860,000

791,172

3.00%,

3/15/2032

230,000

200,464

Trinity

Acquisition

plc,

4.40%,

3/15/2026

250,000

241,134

Willis

North

America,

Inc.

4.50%,

9/15/2028

250,000

238,935

2.95%,

9/15/2029

200,000

173,800

9,298,618

Interactive

Media

&

Services

0.1%

Meta

Platforms,

Inc.,

3.50%,

8/15/2027

810,000

773,731

IT

Services

0.9%

International

Business

Machines

Corp.

4.00%,

7/27/2025

4,080,000

3,990,615

4.15%,

7/27/2027

3,760,000

3,661,162

6.50%,

1/15/2028

1,350,000

1,432,199

Kyndryl

Holdings,

Inc.

2.05%,

10/15/2026

5,000

4,355

2.70%,

10/15/2028

40,000

32,829

9,121,160

Life

Sciences

Tools

&

Services

0.0%

†

Agilent

Technologies,

Inc.,

2.75%,

9/15/2029

250,000

217,579

Machinery

0.3%

IDEX

Corp.,

2.63%,

6/15/2031

1,160,000

966,336

Westinghouse

Air

Brake

Technologies

Corp.,

3.20%,

6/15/2025

2,000,000

1,902,972

2,869,308

10

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Bond

Portfolio

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Media

0.7%

Charter

Communications

Operating

LLC,

3.75%,

2/15/2028

4,400,000

4,027,596

Comcast

Corp.

3.15%,

3/1/2026

1,000,000

957,088

3.75%,

4/1/2040

750,000

627,315

Fox

Corp.,

5.48%,

1/25/2039

675,000

624,599

Time

Warner

Cable

LLC,

5.88%,

11/15/2040

825,000

729,716

6,966,314

Metals

&

Mining

0.4%

Freeport-McMoRan,

Inc.,

4.13%,

3/1/2028

115,000

108,349

Reliance

Steel

&

Aluminum

Co.

1.30%,

8/15/2025

2,100,000

1,928,597

2.15%,

8/15/2030

620,000

506,175

Steel

Dynamics,

Inc.,

3.45%,

4/15/2030

730,000

649,891

3,193,012

Multi-Utilities

0.1%

Ameren

Corp.,

3.50%,

1/15/2031

200,000

178,572

Berkshire

Hathaway

Energy

Co.,

3.25%,

4/15/2028

50,000

46,188

CenterPoint

Energy,

Inc.,

2.95%,

3/1/2030(c)

100,000

87,275

Consumers

Energy

Co.,

3.80%,

11/15/2028

100,000

94,283

Dominion

Energy,

Inc.,

3.90%,

10/1/2025

100,000

96,680

Dominion

Energy,

Inc.,

Series

C,

3.38%,

4/1/2030

100,000

89,206

Sempra

3.25%,

6/15/2027

100,000

92,639

3.70%,

4/1/2029

200,000

184,039

Southern

Co.

Gas

Capital

Corp.,

Series

20-A,

1.75%,

1/15/2031

100,000

78,733

WEC

Energy

Group,

Inc.,

5.15%,

10/1/2027

180,000

179,897

1,127,512

Oil,

Gas

&

Consumable

Fuels

3.0%

Cheniere

Corpus

Christi

Holdings

LLC,

5.13%,

6/30/2027

4,270,000

4,225,386

Cheniere

Energy

Partners

LP,

5.95%,

6/30/2033(b)

575,000

581,837

Conoco

Funding

Co.,

7.25%,

10/15/2031

134,000

152,856

ConocoPhillips

Co.,

6.95%,

4/15/2029

1,981,000

2,199,541

Devon

Energy

Corp.

5.88%,

6/15/2028

1,450,000

1,451,707

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Oil,

Gas

&

Consumable

Fuels

4.50%,

1/15/2030

389,000

368,163

Energy

Transfer

LP,

2.90%,

5/15/2025

800,000

762,280

EQT

Corp.

3.90%,

10/1/2027

870,000

815,588

5.00%,

1/15/2029

810,000

765,963

+

0.00%),

7.00%,

2/1/2030(d)(e)

100,000

105,236

Kinder

Morgan,

Inc.,

1.75%,

11/15/2026

1,400,000

1,251,706

MPLX

LP

1.75%,

3/1/2026

2,080,000

1,897,785

4.25%,

12/1/2027

1,000,000

956,191

4.80%,

2/15/2029

1,308,000

1,269,378

2.65%,

8/15/2030

600,000

504,070

Northwest

Pipeline

LLC,

4.00%,

4/1/2027

2,000,000

1,904,570

Occidental

Petroleum

Corp.,

7.88%,

9/15/2031

502,000

564,122

ONEOK,

Inc.

2.20%,

9/15/2025

1,000,000

928,015

4.00%,

7/13/2027

800,000

761,437

4.55%,

7/15/2028

1,460,000

1,390,186

Ovintiv

Exploration,

Inc.,

5.38%,

1/1/2026

40,000

39,717

Pioneer

Natural

Resources

Co.,

1.13%,

1/15/2026

500,000

453,113

Targa

Resources

Corp.,

4.20%,

2/1/2033

220,000

196,492

Targa

Resources

Partners

LP

6.50%,

7/15/2027

106,000

106,486

5.00%,

1/15/2028

1,890,000

1,814,529

6.88%,

1/15/2029

500,000

508,730

Western

Midstream

Operating

LP,

5.45%,

4/1/2044

975,000

851,281

Williams

Cos.,

Inc.

(The)

4.65%,

8/15/2032(c)

1,000,000

953,830

5.65%,

3/15/2033

975,000

990,564

28,770,759

Pharmaceuticals

0.7%

Merck

&

Co.,

Inc.,

1.90%,

12/10/2028

3,000,000

2,623,634

Pfizer

Investment

Enterprises

Pte.

Ltd.,

4.75%,

5/19/2033

2,125,000

2,110,950

Utah

Acquisition

Sub,

Inc.,

3.95%,

6/15/2026

200,000

189,793

Zoetis,

Inc.

3.00%,

9/12/2027

450,000

420,009

3.90%,

8/20/2028

1,640,000

1,576,106

6,920,492

Real

Estate

Management

&

Development

0.1%

CBRE

Services,

Inc.,

4.88%,

3/1/2026

800,000

783,947

Nationwide

Bond

Portfolio

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

11

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Residential

REITs

0.1%

Camden

Property

Trust,

3.15%,

7/1/2029

100,000

89,788

ERP

Operating

LP,

2.85%,

11/1/2026

100,000

92,652

Invitation

Homes

Operating

Partnership

LP,

2.00%,

8/15/2031

1,450,000

1,119,532

1,301,972

Semiconductors

&

Semiconductor

Equipment

1.0%

Analog

Devices,

Inc.

1.70%,

10/1/2028

130,000

111,782

2.10%,

10/1/2031

105,000

86,617

Broadcom

Corp.,

3.88%,

1/15/2027

1,000,000

953,414

Broadcom,

Inc.

3.15%,

11/15/2025

1,650,000

1,572,894

1.95%,

2/15/2028(b)(c)

2,600,000

2,246,755

4.11%,

9/15/2028

580,000

549,475

3.50%,

2/15/2041(b)

2,650,000

1,972,813

Intel

Corp.,

5.20%,

2/10/2033

1,400,000

1,416,220

Texas

Instruments,

Inc.,

3.65%,

8/16/2032

1,055,000

972,821

Xilinx,

Inc.,

2.38%,

6/1/2030

250,000

215,597

10,098,388

Software

1.2%

Adobe,

Inc.,

2.30%,

2/1/2030

250,000

219,025

Fortinet,

Inc.,

1.00%,

3/15/2026

2,100,000

1,878,022

Intuit,

Inc.,

1.65%,

7/15/2030

54,000

43,869

Oracle

Corp.

2.50%,

4/1/2025

450,000

429,209

1.65%,

3/25/2026

1,250,000

1,140,546

2.30%,

3/25/2028

600,000

529,399

4.50%,

5/6/2028

1,100,000

1,074,370

4.65%,

5/6/2030

1,425,000

1,379,255

4.90%,

2/6/2033

1,244,000

1,203,668

6.90%,

11/9/2052

3,425,000

3,837,197

ServiceNow,

Inc.,

1.40%,

9/1/2030

575,000

456,033

VMware,

Inc.,

4.70%,

5/15/2030

35,000

33,228

12,223,821

Specialized

REITs

0.9%

American

Tower

Corp.

1.45%,

9/15/2026

210,000

186,179

2.75%,

1/15/2027

300,000

274,663

3.65%,

3/15/2027

580,000

545,018

Crown

Castle,

Inc.

1.35%,

7/15/2025

1,000,000

922,031

4.45%,

2/15/2026

200,000

195,089

2.90%,

3/15/2027

100,000

91,831

3.65%,

9/1/2027

728,000

681,308

Extra

Space

Storage

LP

3.50%,

7/1/2026

2,400,000

2,253,190

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Specialized

REITs

3.88%,

12/15/2027

300,000

277,704

3.90%,

4/1/2029

430,000

396,141

Public

Storage

3.09%,

9/15/2027

150,000

140,433

1.85%,

5/1/2028(c)

1,910,000

1,660,897

1.95%,

11/9/2028

600,000

517,004

3.39%,

5/1/2029

550,000

508,942

2.30%,

5/1/2031

950,000

788,526

9,438,956

Specialty

Retail

1.0%

AutoNation,

Inc.,

4.75%,

6/1/2030

1,250,000

1,176,267

Home

Depot,

Inc.

(The)

2.70%,

4/15/2025

200,000

192,057

2.88%,

4/15/2027

90,000

84,515

Lowe's

Cos.,

Inc.

3.35%,

4/1/2027

245,000

231,733

1.70%,

9/15/2028

6,100,000

5,216,971

1.70%,

10/15/2030

925,000

741,498

2.63%,

4/1/2031

1,305,000

1,102,738

4.25%,

4/1/2052

975,000

789,154

9,534,933

Technology

Hardware,

Storage

&

Peripherals

0.3%

Apple,

Inc.

1.40%,

8/5/2028

160,000

138,433

3.35%,

8/8/2032

210,000

195,026

Dell

International

LLC

6.10%,

7/15/2027

370,000

381,229

8.10%,

7/15/2036

825,000

960,332

HP,

Inc.

3.00%,

6/17/2027

35,000

32,406

4.00%,

4/15/2029

979,000

924,995

NetApp,

Inc.,

1.88%,

6/22/2025

75,000

69,955

2,702,376

Tobacco

0.5%

Altria

Group,

Inc.

2.35%,

5/6/2025

300,000

283,275

4.80%,

2/14/2029

927,000

904,266

Philip

Morris

International,

Inc.

1.50%,

5/1/2025

2,000,000

1,876,499

0.88%,

5/1/2026

2,050,000

1,834,693

4,898,733

Trading

Companies

&

Distributors

0.0%

†

Air

Lease

Corp.,

2.20%,

1/15/2027

165,000

147,852

Aircastle

Ltd.,

4.25%,

6/15/2026

75,000

71,259

219,111

Water

Utilities

0.0%

†

American

Water

Capital

Corp.,

2.95%,

9/1/2027

100,000

92,326

12

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Bond

Portfolio

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Water

Utilities

Essential

Utilities,

Inc.,

2.70%,

4/15/2030

50,000

42,410

134,736

Wireless

Telecommunication

Services

0.9%

T-Mobile

USA,

Inc.

3.50%,

4/15/2025

978,000

944,953

3.75%,

4/15/2027

525,000

498,146

2.88%,

2/15/2031

2,064,000

1,749,330

3.50%,

4/15/2031

6,021,000

5,292,666

8,485,095

332,353,023

Total

Corporate

Bonds

(cost

$408,145,053)

394,302,893

Municipal

Bonds

0.0%

CALIFORNIA

0.0%

†

Los

Angeles

Community

College

DistrictGO,

1.81%,

8/1/2030

200,000

166,663

University

of

CaliforniaRB,

Series

BG,1.61%,

5/15/2030

200,000

165,668

332,331

FLORIDA

0.0%

†

State

Board

of

Administration

Finance

Corp.RB,

Series

A,2.15%,

7/1/2030

75,000

62,249

MASSACHUSETTS

0.0%

†

Commonwealth

of

MassachusettsGO,

Series

A,4.91%,

5/1/2029

100,000

100,327

Total

Municipal

Bonds

(cost

$583,840)

494,907

Mortgage-Backed

Securities

41.1%

FHLMC

UMBS

Pool

Pool#

QB2929

2.00%,

9/1/2050

170,093

138,268

Pool#

QB4050

2.00%,

10/1/2050

898,451

730,346

Pool#

QB3891

2.00%,

10/1/2050

121,348

98,644

Pool#

RA3986

2.50%,

11/1/2050

1,481,233

1,254,481

Pool#

SD1384

2.50%,

11/1/2050

359,589

307,543

Pool#

SD8129

2.50%,

2/1/2051

3,643,924

3,088,797

Pool#

SD7536

2.50%,

2/1/2051

1,494,724

1,277,945

Pool#

SD8145

1.50%,

5/1/2051

4,581,644

3,527,147

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

(continued)

Pool#

QC5798

2.00%,

8/1/2051

629,416

510,984

Pool#

QD0652

2.00%,

11/1/2051

387,405

314,105

Pool#

SD8188

2.00%,

1/1/2052

726,130

588,234

Pool#

QD5182

2.00%,

1/1/2052

678,600

550,187

Pool#

QD5274

2.00%,

1/1/2052

73,961

60,053

Pool#

RA7467

2.00%,

2/1/2052

97,521

78,968

Pool#

SD8199

2.00%,

3/1/2052

1,050,329

850,513

Pool#

SD8211

2.00%,

5/1/2052

1,949,559

1,578,669

Pool#

SD8240

2.00%,

7/1/2052

386,609

313,059

Pool#

QE6096

2.00%,

7/1/2052

31,356

25,402

Pool#

SD8234

2.50%,

8/1/2052

992,635

836,605

Pool#

SD7555

3.00%,

8/1/2052

3,813,272

3,375,373

Pool#

SD1501

4.00%,

8/1/2052

1,188,625

1,110,137

Pool#

RA8029

2.00%,

9/1/2052

1,113,549

902,212

Pool#

RA7920

4.00%,

9/1/2052

1,547,665

1,444,910

Pool#

RA8213

6.00%,

11/1/2052

1,471,946

1,502,302

Pool#

RA8214

6.00%,

11/1/2052

996,262

1,014,357

Pool#

SD2056

6.00%,

12/1/2052

950,499

970,101

Pool#

SD2038

6.00%,

12/1/2052

821,866

836,795

Pool#

RA8419

6.00%,

1/1/2053

1,922,396

1,950,282

Pool#

RA8418

6.00%,

1/1/2053

1,882,703

1,916,969

Pool#

RA8417

6.00%,

1/1/2053

962,495

982,384

FNMA

Pool

Pool#

BF0676,3.50%,

9/1/2062

7,985,428

7,184,826

FNMA

UMBS

Pool

Pool#

BM5108

3.00%,

2/1/2033

1,031,186

968,066

Pool#

MA4106

1.50%,

7/1/2035

829,040

713,371

Pool#

CA9152

2.50%,

2/1/2036

2,277,754

2,070,495

Pool#

BT2234

2.00%,

4/1/2037

4,508,401

3,984,640

Pool#

CB3758

2.00%,

5/1/2037

2,473,080

2,185,835

Pool#

MA4685

1.50%,

6/1/2037

2,907,319

2,501,318

Pool#

FS0146

Nationwide

Bond

Portfolio

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

13

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

(continued)

3.50%,

9/1/2043

1,580,446

1,471,381

Pool#

BE3774

4.00%,

7/1/2047

908,988

864,145

Pool#

BM2007

4.00%,

9/1/2048

246,036

233,327

Pool#

CA2471

4.00%,

10/1/2048

889,098

843,165

Pool#

MA3692

3.50%,

7/1/2049

2,947,010

2,702,851

Pool#

FM2363

3.00%,

1/1/2050

813,293

723,818

Pool#

CA6032

2.50%,

6/1/2050

2,341,087

2,002,338

Pool#

CA6020

3.00%,

6/1/2050

1,897,508

1,668,664

Pool#

MA4158

2.00%,

10/1/2050

10,990,158

8,946,773

Pool#

CA7404

4.00%,

10/1/2050

3,823,923

3,595,158

Pool#

MA4182

2.00%,

11/1/2050

10,767,192

8,755,176

Pool#

MA4210

2.50%,

12/1/2050

485,980

413,076

Pool#

CA9190

2.00%,

2/1/2051

2,896,143

2,353,401

Pool#

FS2772

2.50%,

2/1/2051

149,952

128,271

Pool#

FM6554

2.00%,

3/1/2051

1,223,302

994,132

Pool#

BR6352

2.50%,

3/1/2051

688,903

589,094

Pool#

FM6834

2.00%,

4/1/2051

566,086

460,036

Pool#

BR7647

2.00%,

4/1/2051

72,636

58,973

Pool#

MA4325

2.00%,

5/1/2051

9,460,909

7,673,377

Pool#

FM8057

3.00%,

7/1/2051

3,991,527

3,530,970

Pool#

MA4398

2.00%,

8/1/2051

6,974,129

5,661,947

Pool#

MA4400

3.00%,

8/1/2051

3,741,887

3,283,816

Pool#

FM8779

2.50%,

9/1/2051

867,289

739,353

Pool#

MA4437

2.00%,

10/1/2051

1,029,174

834,231

Pool#

FM8997

2.50%,

10/1/2051

8,681,957

7,332,651

Pool#

CB1805

2.50%,

10/1/2051

3,471,033

2,965,866

Pool#

FM9450

2.00%,

11/1/2051

160,340

130,384

Pool#

CB2045

2.50%,

11/1/2051

2,040,029

1,743,142

Pool#

FM9492

2.50%,

11/1/2051

1,578,729

1,348,969

Pool#

BQ6858

2.00%,

12/1/2051

272,710

220,841

Pool#

FM9783

2.00%,

12/1/2051

31,217

25,324

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

(continued)

Pool#

FM9578

2.00%,

12/1/2051

30,936

25,091

Pool#

BV0465

2.00%,

1/1/2052

889,145

720,682

Pool#

BV3083

2.00%,

2/1/2052

1,212,564

983,152

Pool#

BU7272

2.00%,

2/1/2052

1,135,667

920,587

Pool#

BU1302

2.00%,

2/1/2052

94,975

77,026

Pool#

CB2809

2.50%,

2/1/2052

3,117,491

2,629,578

Pool#

BV3101

2.00%,

3/1/2052

2,887,266

2,338,517

Pool#

CB3156

2.00%,

3/1/2052

1,775,314

1,439,113

Pool#

BV4122

2.00%,

3/1/2052

1,697,314

1,375,353

Pool#

BT2296

2.00%,

3/1/2052

508,840

412,591

Pool#

CB3159

2.50%,

3/1/2052

8,054,065

6,796,151

Pool#

BV7769

2.00%,

4/1/2052

605,694

490,472

Pool#

MA4578

2.50%,

4/1/2052

2,872,049

2,420,355

Pool#

CB3368

3.00%,

4/1/2052

1,844,312

1,614,699

Pool#

BT2353

2.00%,

5/1/2052

1,218,162

987,834

Pool#

FS2530

2.00%,

6/1/2052

313,303

254,006

Pool#

CB3769

3.50%,

6/1/2052

1,322,740

1,198,578

Pool#

CB3915

4.50%,

6/1/2052

2,006,221

1,921,683

Pool#

BV7823

2.00%,

7/1/2052

984,691

798,019

Pool#

MA4750

2.00%,

7/1/2052

342,755

277,631

Pool#

CB5087

5.50%,

11/1/2052

13,365,846

13,408,301

Pool#

FS3440

6.00%,

12/1/2052

1,878,511

1,917,253

Pool#

CB5306

6.00%,

12/1/2052

1,328,506

1,352,638

Pool#

FS3441

6.00%,

12/1/2052

1,040,331

1,059,229

Pool#

CB6080

5.50%,

4/1/2053

2,879,678

2,864,077

FNMA/FHLMC

UMBS,

15

Year,

Single

Family

TBA

2.00%,

8/25/2038

1,000,000

883,633

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

1.50%,

8/25/2053

1,000,000

768,164

2.50%,

8/25/2053

13,000,000

10,953,262

3.50%,

8/25/2053

25,000,000

22,649,902

4.00%,

8/25/2053

20,000,000

18,669,531

4.50%,

8/25/2053

16,000,000

15,318,125

14

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Bond

Portfolio

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

(continued)

5.50%,

8/25/2053

29,000,000

28,798,360

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

Conventional

Pool

TBA

6.00%,

8/25/2053

1,000,000

1,005,937

GNMA

II

Pool

Pool#

MA0317

3.00%,

8/20/2042

432,171

392,631

Pool#

AC0071

3.50%,

10/20/2042

626,892

573,819

Pool#

MA2600

3.00%,

2/20/2045

466,153

423,301

Pool#

MA2825

3.00%,

5/20/2045

339,030

307,649

Pool#

MA4509

3.00%,

6/20/2047

435,736

393,251

Pool#

MA4718

3.00%,

9/20/2047

403,139

363,170

Pool#

MA4719

3.50%,

9/20/2047

1,579,624

1,468,559

Pool#

MA6409

3.00%,

1/20/2050

170,159

152,825

Pool#

MA6541

3.00%,

3/20/2050

2,577,566

2,313,799

Pool#

MA6710

3.00%,

6/20/2050

931,698

836,957

Pool#

785566

2.50%,

6/20/2051

1,046,268

891,502

Pool#

MA7535

3.00%,

8/20/2051

989,573

883,503

Pool#

785612

2.50%,

9/20/2051

2,699,655

2,300,390

Pool#

785668

2.50%,

9/20/2051

1,273,822

1,078,951

Pool#

785622

2.50%,

9/20/2051

796,706

675,045

Pool#

785660

2.50%,

10/20/2051

2,037,400

1,726,100

Pool#

785659

2.50%,

10/20/2051

1,980,739

1,673,100

Pool#

785702

2.50%,

10/20/2051

931,276

794,197

Pool#

MA7705

2.50%,

11/20/2051

3,817,817

3,291,927

Pool#

785764

2.50%,

11/20/2051

1,164,474

993,055

Pool#

785730

3.00%,

11/20/2051

3,011,906

2,663,910

Pool#

MA7707

3.50%,

11/20/2051

2,671,904

2,460,812

Pool#

MA7766

2.00%,

12/20/2051

20,571,687

17,206,008

Pool#

MA7767

2.50%,

12/20/2051

10,807,718

9,318,546

Pool#

785805

2.50%,

12/20/2051

1,984,894

1,683,910

Pool#

785790

2.50%,

12/20/2051

1,082,106

916,725

Pool#

785791

2.50%,

12/20/2051

1,001,062

849,368

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

(continued)

Pool#

785787

2.50%,

12/20/2051

967,129

824,837

Pool#

785788

2.50%,

12/20/2051

667,868

569,439

Pool#

MA7768

3.00%,

12/20/2051

2,695,517

2,402,470

Pool#

785831

2.50%,

1/20/2052

993,357

842,509

Pool#

785842

2.50%,

1/20/2052

814,645

690,183

Pool#

MA7881

2.50%,

2/20/2052

5,968,787

5,145,750

Pool#

MA7882

3.00%,

2/20/2052

3,091,084

2,751,240

Pool#

MA8150

4.00%,

7/20/2052

487,508

459,036

Pool#

MA8197

2.50%,

8/20/2052

460,929

397,453

Pool#

MA8198

3.00%,

8/20/2052

2,336,317

2,078,595

Pool#

MA8201

4.50%,

8/20/2052

265,356

255,419

Pool#

MA8643

3.00%,

2/20/2053

5,786,841

5,154,134

Pool#

MA8644

3.50%,

2/20/2053

4,869,270

4,478,520

GNMA

TBA

4.00%,

8/15/2053

5,000,000

4,709,375

4.50%,

8/15/2053

9,000,000

8,657,227

5.00%,

8/15/2053

8,000,000

7,838,750

5.50%,

8/15/2053

35,000,000

34,781,250

Total

Mortgage-Backed

Securities

(cost

$430,120,225)

410,037,700

Foreign

Government

Securities

0.8%

CANADA

0.0%

†

Province

of

Alberta,

1.30%,

7/22/2030

60,000

48,608

Province

of

British

Columbia,

1.30%,

1/29/2031

25,000

20,137

Province

of

Ontario

0.63%,

1/21/2026

50,000

45,098

2.30%,

6/15/2026

45,000

42,043

1.05%,

5/21/2027

25,000

21,906

2.00%,

10/2/2029

25,000

21,813

1.13%,

10/7/2030

40,000

31,904

Province

of

Quebec

0.60%,

7/23/2025

50,000

45,829

2.50%,

4/20/2026

50,000

47,132

2.75%,

4/12/2027

25,000

23,374

347,844

CHILE

0.0%

†

Republic

of

Chile,

3.25%,

9/21/2071

860,000

556,498

HUNGARY

0.1%

Hungary

Government

Bond,

Reg.

S,

6.13%,

5/22/2028

940,000

956,021

Nationwide

Bond

Portfolio

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

15

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

INDONESIA

0.3%

Republic

of

Indonesia

Reg.

S,

3.85%,

7/18/2027

2,010,000

1,935,148

3.35%,

3/12/2071

1,450,000

995,607

2,930,755

MEXICO

0.3%

United

Mexican

States

3.50%,

2/12/2034

1,470,000

1,234,082

3.75%,

4/19/2071

2,330,000

1,545,508

2,779,590

PANAMA

0.1%

Republic

of

Panama,

3.87%,

7/23/2060

900,000

597,677

Total

Foreign

Government

Securities

(cost

$7,726,185)

8,168,385

Supranational

0.2%

Asian

Development

Bank,

0.63%,

4/29/2025

1,000,000

925,678

European

Investment

Bank,

1.63%,

3/14/2025

1,000,000

945,620

Total

Supranational

(cost

$2,014,852)

1,871,298

U.S.

Treasury

Obligations

14.0%

U.S.

Treasury

Bonds

5.00%,

5/15/2037

1,000,000

1,115,781

1.88%,

2/15/2041

24,900,000

17,713,043

2.00%,

11/15/2041

40,000,000

28,703,125

3.38%,

8/15/2042

12,050,000

10,718,852

2.75%,

11/15/2042

6,500,000

5,237,578

3.00%,

5/15/2045

11,000,000

9,072,422

2.50%,

5/15/2046

2,000,000

1,498,984

2.25%,

8/15/2046

8,000,000

5,690,625

3.00%,

2/15/2047

2,934,700

2,407,600

3.00%,

2/15/2048

15,500,000

12,712,422

1.63%,

11/15/2050

7,000,000

4,216,680

2.25%,

2/15/2052

4,500,000

3,156,855

2.88%,

5/15/2052

2,500,000

2,013,184

3.00%,

8/15/2052

8,401,400

6,942,313

4.00%,

11/15/2052

12,120,000

12,108,637

U.S.

Treasury

Notes

4.13%,

7/31/2028

8,550,000

8,534,637

4.00%,

7/31/2030

8,600,000

8,566,406

Total

U.S.

Treasury

Obligations

(cost

$167,049,437)

140,409,144

Short-Term

Investment

7.9%

U.S.

Treasury

Obligation

7.9%

U.S.

Treasury

Bills,5.26%

9/12/2023

79,300,000

78,814,519

Total

Short-Term

Investment

(cost

$78,813,409)

78,814,519

Repurchase

Agreement

0.1%

Principal

Amount

($)

Value

($)

CF

Secured,

LLC

5.28%,

dated

7/31/2023,

due

8/1/2023,

repurchase

price

$892,319,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.63%,

maturing

8/8/2023

-

8/15/2052;

total

market

value

$910,165.

(f)

892,188

892,188

Total

Repurchase

Agreement

(cost

$892,188)

892,188

Total

Investments

Before

TBA

Sale

Commitments

(cost

$1,201,740,501)

—

114.1%

1,139,693,992

TBA

Sale

Commitments

  (5.4)%

Mortgage-Backed

Security

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

2.00%,

8/25/2053

(23,000,000)

(18,620,117)

3.00%,

8/25/2053

(16,000,000)

(13,998,125)

GNMA

TBA

2.00%,

8/15/2053

(3,000,000)

(2,507,813)

2.50%,

8/15/2053

(8,000,000)

(6,896,406)

3.00%,

8/15/2053

(13,000,000)

(11,564,414)

3.50%,

8/15/2053

(1,000,000)

(918,750)

Total

TBA

Sale

Commitment

(cost

$(54,336,114))

(54,505,625)

Total

Investments

(cost

$1,147,404,387)

—

108.7%

1,085,188,367

Liabilities

in

excess

of

other

assets

—

(8.7)%

(86,657,912)

NET

ASSETS

—

100.0%

$

998,530,455

†

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,

2023.

(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,

2023

was

$65,297,272

which

represents

6.54%

of

net

assets.

(c)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

July

31,

2023.

The

total

value

of

securities

on

loan

as

of

July

31,

2023

was

$869,428,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$892,188.

(d)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

July

31,

2023.

(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,

2023.

16

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Bond

Portfolio

(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,

2023

was

$892,188.

ACES

Alternative

Credit

Enhancement

Services

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

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:

USD

United

States

Dollar

Centrally

Cleared

Interest

rate

swap

contracts

outstanding

as

of

July

31,

2023

:

Floating

Rate

Index

Fixed

Rate

Pay/

Receive

Floating

Rate

Maturity

Date

Notional

Amount

Upfront

Payment

(Receipts)

($)

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

3

Month

STIBOR

quarterly

3.50%

annually

Pay

9/20/2025

SEK

149,950,000

(89,744)

1,969

(87,775)

1

Day

SARON

annually

2.00%

annually

Pay

9/20/2033

CHF

5,250,000

49,800

66,597

116,397

1

Day

SONIA

annually

4.00%

annually

Pay

9/20/2025

GBP

14,670,000

(620,440)

80,464

(539,976)

3

Month

STIBOR

quarterly

3.00%

annually

Rec

9/20/2033

SEK

39,090,000

(9,698)

28,104

18,406

6

Month

NIBOR

semi-annually

3.50%

annually

Rec

9/20/2033

NOK

46,450,000

99,158

95,428

194,586

3

Month

EURIBOR

quarterly

2.85%

annually

Rec

4/22/2028

EUR

18,260,000

(26,886)

1,161

(25,725)

6

Month

EURIBOR

semi-annually

1.56%

annually

Rec

7/6/2052

EUR

4,210,000

212,968

38,128

251,096

6

Month

EURIBOR

semi-annually

2.50%

annually

Rec

9/20/2053

EUR

1,530,000

29,833

29,175

59,008

6

Month

EURIBOR

semi-annually

3.25%

annually

Rec

9/20/2033

EUR

40,000

(797)

73

(724)

3

Month

BBR

quarterly

5.00%

semi-annually

Rec

9/20/2025

NZD

9,920,000

29,717

17,465

47,182

6

Month

EURIBOR

semi-annually

2.00%

annually

Rec

5/17/2053

EUR

4,110,000

5,635

44,615

50,250

1

Day

SOFR

annually

2.56%

annually

Rec

5/11/2053

USD

15,490,000

1,811

65,429

67,240

1

Day

REPO_CORRA

semi-annually

3.75%

semi-annually

Rec

9/20/2033

CAD

1,720,000

(34,033)

24,773

(9,260)

1

Day

TONAR

annually

0.50%

annually

Rec

9/20/2028

JPY

3,021,000,000

(244,724)

100,870

(143,854)

1

Day

TONAR

annually

0.75%

annually

Rec

9/20/2033

JPY

1,868,000,000

(180,545)

210,488

29,943

1

Day

SOFR

annually

2.08%

annually

Rec

7/28/2047

USD

18,990,000

269,615

88,451

358,066

1

Day

SOFR

annually

2.17%

annually

Rec

8/11/2052

USD

7,340,000

334,331

95,156

429,487

1

Day

SOFR

annually

2.68%

annually

Rec

7/28/2032

USD

9,720,000

149,488

96,020

245,508

Total

unrealized

appreciation

(24,511)

1,084,366

1,059,855

6

Month

EURIBOR

semi-annually

2.86%

annually

Pay

7/4/2037

EUR

4,990,000

(13,616)

(37,175)

(50,791)

3

Month

BBR

quarterly

4.50%

semi-annually

Pay

9/20/2033

NZD

3,380,000

18,116

(31,349)

(13,233)

6

Month

EURIBOR

semi-annually

3.00%

annually

Pay

5/15/2035

EUR

8,080,000

42,100

(49,514)

(7,414)

6

Month

BBR

semi-annually

4.00%

semi-annually

Pay

9/20/2033

AUD

13,040,000

(267,306)

(39,372)

(306,678)

1

Day

SOFR

annually

3.39%

annually

Pay

5/10/2038

USD

19,440,000

(22,549)

(66,844)

(89,393)

Nationwide

Bond

Portfolio

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

17

Floating

Rate

Index

Fixed

Rate

Pay/

Receive

Floating

Rate

Maturity

Date

Notional

Amount

Upfront

Payment

(Receipts)

($)

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

1

Day

REPO_CORRA

semi-annually

4.25%

semi-annually

Pay

9/20/2025

CAD

20,390,000

(111,347)

(50,635)

(161,982)

1

Day

SOFR

annually

3.42%

annually

Pay

3/31/2030

USD

14,780,000

(4,317)

(314,700)

(319,017)

1

Day

SOFR

annually

3.50%

annually

Pay

9/20/2033

USD

4,690,000

38,012

(101,918)

(63,906)

1

Day

ESTR

annually

2.67%

annually

Pay

4/22/2028

EUR

18,260,000

32,341

(6,760)

25,581

3

Month

BBR

quarterly

3.50%

quarterly

Rec

9/20/2025

AUD

9,120,000

92,557

(2,247)

90,310

1

Day

ESTR

annually

3.50%

annually

Rec

9/20/2025

EUR

35,260,000

(7,406)

(61,411)

(68,817)

1

Day

SONIA

annually

3.25%

annually

Rec

9/20/2033

GBP

970,000

110,570

(14,783)

95,787

1

Day

SOFR

annually

2.72%

annually

Pay

8/11/2037

USD

15,550,000

(396,312)

(11,919)

(408,231)

1

Day

SOFR

annually

2.91%

annually

Pay

7/28/2037

USD

23,760,000

(346,480)

(128,836)

(475,316)

Total

unrealized

depreciation

(835,637)

(917,463)

(1,753,100)

Net

unrealized

appreciation

(860,148)

166,903

(693,245)

–

–

–

As

of

July

31,

2023,

the

Fund

had

$2,158,189

segregated

as

collateral

for

interest

rate

swap

contracts.

Abbreviation

:

BBR

Bank

Bill

Reference

Rate

EURIBOR

Euro

Interbank

Offered

Rate

ESTR

Euro

Short-Term

Rate

NIBOR

Norwegian

Interbank

Offered

Rate

CORRA

Canadian

Overnight

Repo

Rate

Average

SARON

Swiss

Average

Rate

Overnight

SOFR

Secured

Overnight

Financing Rate

SONIA

Sterling

Overnight

Index

Average

STIBOR

Stockholm

Interbank

Offered

Rate

Currency:

AUD

Australian

dollar

CAD

Canadian

dollar

CHF

Swiss

franc

EUR

Euro

GBP

British

pound

JPY

Japanese

yen

NOK

Norwegian

krone

NZD

New

Zealand

dollar

SEK

Swedish

krona

USD

United

States

dollar

18

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Bond

Portfolio

Forward

Foreign

Currency

Contracts

outstanding

as

of

July

31,

2023:

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

($)

CHF

2,375,111

USD

2,677,114

Citibank

NA

9/20/2023

61,357

JPY

321,620,488

USD

2,275,547

BNP

Paribas

9/20/2023

3,232

USD

1,253,376

CAD

1,648,554

BNP

Paribas

9/20/2023

2,338

Total

unrealized

appreciation

66,927

USD

900,483

AUD

1,346,116

JPMorgan

Chase

Bank

9/20/2023

(5,297)

USD

1,234,426

EUR

1,127,833

NatWest

Market

Securities

INC

9/20/2023

(8,712)

USD

1,107,351

GBP

868,613

BNP

Paribas

9/20/2023

(7,623)

USD

876,146

NOK

9,442,711

Bank

of

America

NA

9/20/2023

(57,045)

USD

900,483

NZD

1,461,287

Barclays

Bank

plc

9/20/2023

(7,180)

USD

961,327

SEK

10,270,196

Barclays

Bank

plc

9/20/2023

(16,739)

Total

unrealized

depreciation

(102,596)

Net

unrealized

depreciation

(35,669)

Currency:

AUD

Australian

dollar

CAD

Canadian

dollar

CHF

Swiss

franc

EUR

Euro

GBP

British

pound

JPY

Japanese

yen

NOK

Norwegian

krone

NZD

New

Zealand

dollar

SEK

Swedish

krona

USD

United

States

dollar

Futures

contracts

outstanding

as

of

July

31,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

2

Year

Note

439

9/2023

USD

89,130,719

(534,969)

U.S.

Treasury

10

Year

Note

80

9/2023

USD

8,912,500

(59,399)

U.S.

Treasury

10

Year

Ultra

Note

87

9/2023

USD

10,177,641

(47,087)

3

Month

SONIA

17

9/2024

GBP

5,143,619

1,766

3

Month

SONIA

111

12/2024

GBP

33,654,249

17,208

Total

long

contracts

(622,481)

Short

Contracts

Euro-Bobl

(3)

9/2023

EUR

(382,263)

(1,044)

Euro-Buxl

(1)

9/2023

EUR

(147,971)

1,829

Euro-OAT

(5)

9/2023

EUR

(701,151)

(1,734)

U.S.

Treasury

5

Year

Note

(24)

9/2023

USD

(2,563,688)

440

U.S.

Treasury

Long

Bond

(69)

9/2023

USD

(8,586,188)

134,058

U.S.

Treasury

Ultra

Bond

(52)

9/2023

USD

(6,875,375)

51,781

Total

short

contracts

185,330

Net

contracts

(437,151)

As

of

July

31,

2023,

the

Fund

had

$21,000

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

EUR

Euro

GBP

British

Pound

USD

United

States

Dollar

Nationwide

Bond

Portfolio

-

July

31,

2023

(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.

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.

20

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Bond

Portfolio

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

July

31,

2023.

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)

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

or

selected

credit

markets while

maintaining

liquidity

to

satisfy

shareholder

activity,

to

manage

broad

credit

market

spread

exposure

and/or

to

create

synthetic

long

and

short

exposure

to

select

credit

and 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,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

61,626,415

$

–

$

61,626,415

Collateralized

Mortgage

Obligations

–

10,505,210

–

10,505,210

Commercial

Mortgage-Backed

Securities

–

32,571,333

–

32,571,333

Corporate

Bonds

–

394,302,893

–

394,302,893

Foreign

Government

Securities

–

8,168,385

–

8,168,385

Forward

Foreign

Currency

Contracts

–

66,927

–

66,927

Futures

Contracts

207,082

–

–

207,082

Interest

Rate

Swaps†

–

1,084,366

–

1,084,366

Mortgage-Backed

Securities

–

410,037,700

–

410,037,700

Municipal

Bonds

–

494,907

–

494,907

Repurchase

Agreement

–

892,188

–

892,188

Short-Term

Investment

–

78,814,519

–

78,814,519

Supranational

–

1,871,298

–

1,871,298

U.S.

Treasury

Obligations

–

140,409,144

–

140,409,144

Total

Assets

$

207,082

$

1,140,845,285

$

–

$

1,141,052,367

Liabilities:

Forward

Foreign

Currency

Contracts

$

–

$

(102,596)

$

–

$

(102,596)

Futures

Contracts

(644,233)

–

–

(644,233)

Interest

Rate

Swaps†

–

(917,463)

–

(917,463)

TBA

Sale

Commitments

–

(54,505,625)

–

(54,505,625)

Total

Liabilities

$

(644,233)

$

(55,525,684)

$

–

$

(56,169,917)

Total

$

(437,151)

$

1,085,319,601

$

–

$

1,084,882,450

†

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

Nationwide

Bond

Portfolio

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

21

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,

2023

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,

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

and/or

to

seek

to

protect

against

anticipated

changes

in

future

foreign

currency

exchange

rate,

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.

22

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Bond

Portfolio

(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.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

July

31,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

July

31,

2023:

Assets:

Fair

Value

Swap

Contracts†

Interest

rate

risk

Unrealized

appreciation

on

centrally

cleared

swap

contracts

$

1,084,366

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

appreciation

on

forward

foreign

currency

contracts

66,927

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

207,082

Total

$

1,358,375

Liabilities:

Swap

Contracts†

Interest

rate

risk

Unrealized

depreciation

on

centrally

cleared

swap

contracts

$

(917,463)

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

depreciation

on

forward

foreign

currency

contracts

(102,596)

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

(644,233)

Total

$

(1,664,292)

†

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

Multi-Cap

Portfolio

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

23

23

Asset-Backed

Securities

1.9%

Principal

Amount

($)

Value

($)

Airlines

0.1%

Blackbird

Capital

Aircraft,

Series

2021-1A,

Class

A,

2.44%,

7/15/2046(a)

1,190,388

1,026,793

Stonepeak

ABS,

Series

2021-1A,

Class

AA,

2.30%,

2/28/2033(a)

1,435,434

1,300,245

2,327,038

Automobiles

0.3%

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

Series

2021-2A,

Class

A,

1.66%,

2/20/2028(a)

5,000,000

4,347,900

Ford

Credit

Floorplan

Master

Owner

Trust,

Series

2020-2,

Class

A,

1.06%,

9/15/2027

2,040,000

1,857,028

Hertz

Vehicle

Financing

III

LP,

Series

2021-2A,

Class

B,

2.12%,

12/27/2027(a)

2,060,000

1,806,314

Hertz

Vehicle

Financing

LLC,

Series

2021-1A,

Class

B,

1.56%,

12/26/2025(a)

1,390,000

1,305,956

LAD

Auto

Receivables

Trust,

Series

2023-2A,

Class

A2,

5.93%,

6/15/2027(a)

1,340,000

1,336,651

Porsche

Financial

Auto

Securitization

Trust,

Series

2023-1A,

Class

A2,

5.42%,

12/22/2026(a)

1,590,000

1,583,686

SLM

Student

Loan

Trust,

Series

2005-9,

Class

A74,

5.92%,

1/25/2041(b)

369,478

362,412

12,599,947

Equipment

Loans

&

Leases

0.0%

†

Pawnee

Equipment

Receivables

LLC,

Series

2020-1,

Class

A,

1.37%,

11/17/2025(a)

2,392

2,389

Home

Equity

0.1%

CWABS,

Inc.

Asset-Backed

Certificates

Trust,

Series

2004-6,

Class

1A1,

5.95%,

12/25/2034(b)

724,135

697,766

Morgan

Stanley

ABS

Capital

I,

Inc.

Trust,

Series

2004-

HE8,

Class

M2,

6.43%,

9/25/2034(b)

897,017

869,817

Morgan

Stanley

Home

Equity

Loan

Trust,

Series

2006-2,

Class

A4,

5.97%,

2/25/2036(b)

395,948

388,291

Structured

Asset

Investment

Loan

Trust,

Series

2004-

7,

Class

A8,

6.61%,

8/25/2034(b)

809,079

793,190

2,749,064

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

1.1%

AMMC

CLO

21

Ltd.,

Series

2017-21A,

Class

A,

6.55%,

11/2/2030(a)(b)

575,168

572,622

AMMC

CLO

23

Ltd.,

Series

2020-23A,

Class

A1R,

6.61%,

10/17/2031(a)(b)

600,000

597,334

Arbor

Realty

Commercial

Real

Estate

Notes

Ltd.,

Series

2022-FL1,

Class

A,

6.52%,

1/15/2037(a)(b)

666,000

660,494

Ballyrock

CLO

Ltd.,

Series

2019-2A,

Class

A1BR,

6.58%,

11/20/2030(a)(b)

970,000

959,766

Barings

Private

Credit

Corp.

CLO

Ltd.,

Series

2023-

1A,

Class

A1,

0.00%,

7/15/2031(a)(b)

660,000

660,000

BCRED

MML

CLO

LLC,

Series

2021-1A,

Class

A,

7.05%,

1/15/2035(a)(b)

1,650,000

1,597,817

Carlyle

Global

Market

Strategies

CLO

Ltd.

Series

2014-3RA,

Class

A1A,

6.67%,

7/27/2031(a)

(b)

247,958

247,094

Series

2015-4A,

Class

A1R,

6.93%,

7/20/2032(a)(b)

1,100,000

1,097,373

CarVal

CLO

VII-C

Ltd.,

Series

2023-1A,

Class

A1,

7.53%,

1/20/2035(a)(b)

2,460,000

2,471,830

CBAM

Ltd.,

Series

2017-

1A,

Class

A1,

6.84%,

7/20/2030(a)(b)

914,479

910,839

Cerberus

Loan

Funding

XXVIII

LP,

Series

2020-1A,

Class

A,

7.42%,

10/15/2031(a)(b)

212,883

211,901

Diamond

Resorts

Owner

Trust,

Series

2019-

1A,

Class

A,

2.89%,

2/20/2032(a)

625,001

592,347

Dryden

41

Senior

Loan

Fund,

Series

2015-41A,

Class

BR,

6.87%,

4/15/2031(a)(b)

490,000

474,137

Foundation

Finance

Trust,

Series

2021-1A,

Class

A,

1.27%,

5/15/2041(a)

867,450

772,543

Galaxy

XXVI

CLO

Ltd.,

Series

2018-26A,

Class

A,

6.58%,

11/22/2031(a)(b)

450,000

447,782

GoldenTree

Loan

Opportunities

IX

Ltd.,

Series

2014-9A,

Class

BR2,

7.23%,

10/29/2029(a)(b)

620,000

618,249

Greywolf

CLO

V

Ltd.,

Series

2015-1A,

Class

A1R,

6.77%,

1/27/2031(a)(b)

900,000

898,246

GREYWOLF

CLO

VI

Ltd.,

Series

2018-1A,

Class

A2,

7.24%,

4/26/2031(a)(b)

1,200,000

1,182,922

24

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Grippen

Park

CLO

Ltd.,

Series

2017-1A,

Class

C,

7.89%,

1/20/2030(a)(b)

2,110,000

2,075,839

Halcyon

Loan

Advisors

Funding

Ltd.,

Series

2017-2A,

Class

A2,

7.27%,

1/17/2030(a)(b)

750,000

744,883

Hildene

Community

Funding

CDO

Ltd.,

Series

2015-

1A,

Class

ARR,

2.60%,

11/1/2035(a)

2,208,833

1,830,560

KKR

CLO

Ltd.,

Series

21,

Class

A,

6.57%,

4/15/2031(a)(b)

248,905

247,322

Myers

Park

CLO

Ltd.,

Series

2018-1A,

Class

B1,

7.19%,

10/20/2030(a)(b)

510,000

502,139

Neuberger

Berman

Loan

Advisers

CLO

24

Ltd.,

Series

2017-24A,

Class

AR,

6.60%,

4/19/2030(a)(b)

471,871

471,139

Neuberger

Berman

Loan

Advisers

CLO

29

Ltd.,

Series

2018-29A,

Class

A1,

6.71%,

10/19/2031(a)(b)

283,333

282,625

Neuberger

Berman

Loan

Advisers

CLO

40

Ltd.,

Series

2021-40A,

Class

A,

6.63%,

4/16/2033(a)(b)

350,000

348,467

Octagon

Investment

Partners

35

Ltd.,

Series

2018-

1A,

Class

A1A,

6.65%,

1/20/2031(a)(b)

955,062

953,152

Octagon

Investment

Partners

XXI

Ltd.,

Series

2014-

1A,

Class

AAR3,

6.32%,

2/14/2031(a)(b)

1,170,000

1,164,567

OHA

Loan

Funding

Ltd.,

Series

2013-2A,

Class

AR,

6.43%,

5/23/2031(a)(b)

500,000

498,238

Owl

Rock

CLO

I

Ltd.,

Series

2019-1A,

Class

A,

7.18%,

5/20/2031(a)(b)

1,810,000

1,798,868

Palmer

Square

CLO

Ltd.,

Series

2019-1A,

Class

A1R,

6.47%,

11/14/2034(a)(b)

1,500,000

1,495,194

PFS

Financing

Corp.,

Series

2021-B,

Class

A,

0.77%,

8/15/2026(a)

770,000

729,175

Sierra

Timeshare

Receivables

Funding

LLC,

Series

2020-2A,

Class

A,

1.33%,

7/20/2037(a)

405,705

376,438

Stratus

Static

CLO

Ltd.,

Series

2022-3A,

Class

A,

7.48%,

10/20/2031(a)(b)

2,467,811

2,473,598

Sunnova

Helios

II

Issuer

LLC,

Series

2018-1A,

Class

A,

4.87%,

7/20/2048(a)

2,061,960

1,885,785

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Sycamore

Tree

CLO

Ltd.,

Series

2023-2A,

Class

A,

7.66%,

4/20/2035(a)(b)

2,480,000

2,491,775

Symphony

CLO

XV

Ltd.,

Series

2014-15A,

Class

AR3,

6.65%,

1/17/2032(a)

(b)

350,000

348,185

Voya

CLO

Ltd.

Series

2018-2A,

Class

A1,

6.57%,

7/15/2031(a)(b)

1,155,000

1,151,194

Series

2018-4A,

Class

A1AR,

6.61%,

1/15/2032(a)

(b)

825,000

821,288

Whitebox

CLO

I

Ltd.,

Series

2019-1A,

Class

ANAR,

6.74%,

7/24/2032(a)(b)

330,000

329,108

Woodmont

Trust,

Series

2023-

12A,

Class

A1A,

7.62%,

7/25/2031(a)(b)

480,000

479,975

38,472,810

Student

Loan

0.3%

AccessLex

Institute,

Series

2007-A,

Class

A3,

5.70%,

5/25/2036(b)

1,670,552

1,620,708

Commonbond

Student

Loan

Trust,

Series

2021-

AGS,

Class

A,

1.20%,

3/25/2052(a)

1,244,745

1,017,671

ECMC

Group

Student

Loan

Trust,

Series

2020-

2A,

Class

A,

6.33%,

11/25/2069(a)(b)

1,236,566

1,223,100

Navient

Private

Education

Refi

Loan

Trust,

Series

2020-GA,

Class

A,

1.17%,

9/16/2069(a)

1,004,591

889,735

Navient

Student

Loan

Trust,

Series

2021-1A,

Class

A1B,

5.78%,

12/26/2069(a)(b)

1,803,973

1,754,092

SLM

Student

Loan

Trust,

Series

2005-7,

Class

A4,

5.47%,

10/25/2029(b)

50,769

50,566

SMB

Private

Education

Loan

Trust

Series

2017-A,

Class

B,

3.50%,

6/17/2041(a)

1,000,000

910,793

Series

2021-B,

Class

A,

1.31%,

7/17/2051(a)

893,156

787,117

Series

2021-A,

Class

APT2,

1.07%,

1/15/2053(a)

1,105,053

945,767

Series

2021-A,

Class

A2A1,

6.07%,

1/15/2053(a)(b)

1,484,631

1,449,464

10,649,013

Total

Asset-Backed

Securities

(cost

$69,646,133)

66,800,261

Nationwide

Multi-Cap

Portfolio

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

25

Closed

End

Funds

0.0%

†

Principal

Amount

($)

Value

($)

Diversified

REITs

0.0%

†

NexPoint

Diversified

Real

Estate

Trust

2,214

25,882

Total

Closed

End

Funds

(cost

$23,928)

25,882

Collateralized

Mortgage

Obligations

0.8%

Angel

Oak

Mortgage

Trust,

Series

2021-7,

Class

A3,

2.34%,

10/25/2066(a)(b)

3,287,153

2,697,307

Connecticut

Avenue

Securities

Trust,

Series

2019-R07,

Class

1M2,

7.28%,

10/25/2039(a)(b)

21,079

21,110

CSMC

Trust

Series

2021-AFC1,

Class

A1,

0.83%,

3/25/2056(a)(b)

308,224

236,710

Series

2021-AFC1,

Class

A3,

1.17%,

3/25/2056(a)(b)

308,224

218,485

Series

2021-NQM6,

Class

A3,

1.59%,

7/25/2066(a)(b)

1,469,865

1,147,721

Series

2022-7R,

Class

1A1,

7.57%,

10/25/2066(a)(b)

2,304,454

2,249,092

DSLA

Mortgage

Loan

Trust,

Series

2007-AR1,

Class

1A1B,

5.50%,

4/19/2047(b)

869,291

718,492

FHLMC

STACR

REMIC

Trust

Series

2021-DNA3,

Class

M2,

7.17%,

10/25/2033(a)

(b)

3,153,000

3,128,375

Series

2021-DNA5,

Class

M2,

6.72%,

1/25/2034(a)(b)

687,365

688,225

Series

2022-DNA3,

Class

M1B,

7.97%,

4/25/2042(a)

(b)

960,000

976,670

FNMA

REMICS,

Series

2015-65,

Class

CZ,

3.50%,

9/25/2045

920,436

769,763

FNMA

Series

2014-C02,

Class

1M2,

7.78%,

5/25/2024(b)

712,879

718,220

Series

2014-C02,

Class

2M2,

7.78%,

5/25/2024(b)

267,473

269,456

Series

2014-C03,

Class

1M2,

8.18%,

7/25/2024(b)

421,041

425,214

Series

2015-C03,

Class

1M2,

10.18%,

7/25/2025(b)

1,916,295

2,007,344

Legacy

Mortgage

Asset

Trust

Series

2020-RPL1,

Class

A1,

3.00%,

9/25/2059(a)(b)

1,299,697

1,192,506

Series

2020-GS2,

Class

A1,

5.75%,

3/25/2060(a)(c)

1,059,103

1,052,321

Series

2021-GS2,

Class

A1,

1.75%,

4/25/2061(a)(c)

406,671

376,986

Morgan

Stanley

Mortgage

Loan

Trust,

Series

2005-

2AR,

Class

A,

5.67%,

4/25/2035(b)

592,854

553,802

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

New

Residential

Mortgage

Loan

Trust

Series

2019-6A,

Class

B1,

4.00%,

9/25/2059(a)(b)

830,070

756,527

Series

2019-6A,

Class

B2,

4.25%,

9/25/2059(a)(b)

805,656

728,772

OBX

Trust,

Series

2021-

NQM2,

Class

A3,

1.56%,

5/25/2061(a)(b)

789,683

601,189

Residential

Mortgage

Loan

Trust,

Series

2020-2,

Class

A1,

1.65%,

5/25/2060(a)(b)

293,627

288,008

Seasoned

Credit

Risk

Transfer

Trust

Series

2017-1,

Class

M1,

4.00%,

1/25/2056(a)(b)

822,062

811,527

Series

2019-1,

Class

M,

4.75%,

7/25/2058(a)(b)

1,850,000

1,654,084

Series

2019-4,

Class

M,

4.50%,

2/25/2059(a)(b)

2,107,000

1,766,283

Towd

Point

Mortgage

Trust

Series

2019-HY1,

Class

B1,

7.56%,

10/25/2048(a)(b)

970,000

953,916

Series

2019-HY2,

Class

A1,

6.41%,

5/25/2058(a)(b)

728,115

727,441

WaMu

Mortgage

Pass-

Through

Certificates

Trust

Series

2004-AR9,

Class

A7,

4.88%,

8/25/2034(b)

1,317,328

1,253,620

Series

2005-AR13,

Class

A1A1,

5.99%,

10/25/2045(b)

481,458

455,303

Total

Collateralized

Mortgage

Obligations

(cost

$32,269,976)

29,444,469

Commercial

Mortgage-Backed

Securities

0.9%

BANK

Series

2017-BNK8,

Class

A4,

3.49%,

11/15/2050

1,200,000

1,081,499

Series

2017-BNK9,

Class

A4,

3.54%,

11/15/2054

1,406,400

1,296,353

Series

2017-BNK5,

Class

XA,

IO,

0.94%,

6/15/2060(b)

40,678,037

1,139,860

Series

2017-BNK5,

Class

A5,

3.39%,

6/15/2060

2,000,000

1,845,876

BPR

Trust,

Series

2021-

TY,

Class

B,

6.49%,

9/15/2038(a)(b)

780,000

728,699

BX

Commercial

Mortgage

Trust

Series

2021-ACNT,

Class

A,

6.19%,

11/15/2038(a)(b)

950,000

931,252

Series

2022-AHP,

Class

A,

6.21%,

1/17/2039(a)(b)

2,000,000

1,957,411

Series

2020-VIVA,

Class

E,

3.55%,

3/11/2044(a)(b)

2,140,000

1,637,786

BX

Trust

Series

2021-BXMF,

Class

A,

5.97%,

10/15/2026(a)(b)

1,310,000

1,280,047

Series

2019-MMP,

Class

A,

6.27%,

8/15/2036(a)(b)

2,009,942

1,970,824

26

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

CFK

Trust

Series

2020-MF2,

Class

E,

3.46%,

3/15/2039(a)(b)

2,670,000

2,082,442

Series

2020-MF2,

Class

F,

3.46%,

3/15/2039(a)(b)

1,500,000

1,093,220

DBJPM

Mortgage

Trust,

Series

2016-C1,

Class

B,

4.20%,

5/10/2049(b)

1,530,000

1,323,278

GNMA

REMICS

Series

2022-3,

Class

,

IO,

0.64%,

2/16/2061(b)

194,486

9,898

Series

2020-157,

Class

,

IO,

0.94%,

6/16/2062(b)

9,174,274

577,025

Series

2020-190,

Class

,

IO,

1.05%,

11/16/2062(b)

9,605,744

715,229

Hawaii

Hotel

Trust,

Series

2019-MAUI,

Class

F,

8.02%,

5/15/2038(a)(b)

2,040,000

1,983,726

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2020-NNN,

Class

GFX,

4.69%,

1/16/2037(a)

(b)

3,550,000

2,427,651

JPMDB

Commercial

Mortgage

Securities

Trust,

Series

2017-C5,

Class

B,

4.01%,

3/15/2050(b)

1,610,000

1,252,520

Morgan

Stanley

Capital

I

Trust

Series

2019-BPR,

Class

A,

7.21%,

5/15/2036(a)(b)

1,399,416

1,334,037

Series

2018-H4,

Class

XA,

IO,

0.83%,

12/15/2051(b)

20,543,195

682,755

OPG

Trust,

Series

2021-

PORT,

Class

A,

5.82%,

10/15/2036(a)(b)

1,331,685

1,297,066

STWD

Ltd.,

Series

2019-

FL1,

Class

A,

6.42%,

7/15/2038(a)(b)

417,950

410,071

TPGI

Trust,

Series

2021-

DGWD,

Class

A,

6.03%,

6/15/2026(a)(b)

1,149,403

1,127,796

UBS

Commercial

Mortgage

Trust,

Series

2018-

C11,

Class

B,

4.71%,

6/15/2051(b)

1,490,000

1,250,306

WMRK

Commercial

Mortgage

Trust,

Series

2022-

WMRK,

Class

A,

8.01%,

11/15/2027(a)(b)

2,560,000

2,558,385

Total

Commercial

Mortgage-Backed

Securities

(cost

$38,172,366)

33,995,012

Common

Stocks

63.0%

Shares

Aerospace

&

Defense

0.9%

AAR

Corp.

*

1,814

108,477

AeroVironment,

Inc.

*

1,175

111,930

AerSale

Corp.

*

872

13,089

Common

Stocks

Shares

Value

($)

Aerospace

&

Defense

Archer

Aviation,

Inc.,

Class A

*(d)

4,744

31,927

Astra

Space,

Inc.

*

1,017

417

Astronics

Corp.

*(d)

965

20,246

Axon

Enterprise,

Inc.

*

3,242

602,785

Boeing

Co.

(The)

*

26,546

6,340,512

BWX

Technologies,

Inc.

(d)

4,077

281,313

Byrna

Technologies,

Inc.

*

102

376

Cadre

Holdings,

Inc.

(d)

532

12,380

Curtiss-Wright

Corp.

1,753

335,454

Ducommun,

Inc.

*

441

22,112

Eve

Holding,

Inc.

*(d)

1,344

12,298

General

Dynamics

Corp.

12,297

2,749,363

HEICO

Corp.

5,821

890,625

Hexcel

Corp.

(d)

3,977

281,094

Howmet

Aerospace,

Inc.

18,412

941,590

Huntington

Ingalls

Industries,

Inc.

1,813

416,392

Kaman

Corp.

1,104

25,271

Kratos

Defense

&

Security

Solutions,

Inc.

*

5,991

90,404

L3Harris

Technologies,

Inc.

8,898

1,686,082

Leonardo

DRS,

Inc.

*(d)

1,493

24,918

Lockheed

Martin

Corp.

10,821

4,830,170

Mercury

Systems,

Inc.

*

2,349

89,215

Moog,

Inc.,

Class A

1,234

130,113

National

Presto

Industries,

Inc.

348

27,252

Northrop

Grumman

Corp.

6,789

3,021,105

Park

Aerospace

Corp.

821

11,929

Parsons

Corp.

*

1,846

91,229

Redwire

Corp.

*

119

433

Rocket

Lab

USA,

Inc.

*(d)

14,171

104,440

RTX

Corp.

69,028

6,069,632

Satellogic,

Inc.,

Class A

*

194

370

Spirit

AeroSystems

Holdings,

Inc.,

Class A

4,847

154,232

Terran

Orbital

Corp.

*

425

637

Textron,

Inc.

10,635

827,084

TransDigm

Group,

Inc.

2,547

2,291,587

Triumph

Group,

Inc.

*

4,315

54,585

V2X,

Inc.

*(d)

454

23,363

Vertical

Aerospace

Ltd.

*

288

541

Virgin

Galactic

Holdings,

Inc.

*(d)

10,624

45,471

Woodward,

Inc.

2,765

332,851

33,105,294

Air

Freight

&

Logistics

0.3%

Air

Transport

Services

Group,

Inc.

*(d)

3,423

69,008

CH

Robinson

Worldwide,

Inc.

(d)

5,422

543,176

Expeditors

International

of

Washington,

Inc.

7,320

931,836

FedEx

Corp.

10,927

2,949,744

Forward

Air

Corp.

(d)

1,257

149,382

GXO

Logistics,

Inc.

*

5,466

366,605

Hub

Group,

Inc.,

Class A

*

1,476

133,032

Radiant

Logistics,

Inc.

*

1,498

11,534

Nationwide

Multi-Cap

Portfolio

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

27

Common

Stocks

Shares

Value

($)

Air

Freight

&

Logistics

United

Parcel

Service,

Inc.,

Class B

34,203

6,400,407

11,554,724

Automobile

Components

0.1%

Adient

plc

*(d)

4,471

190,286

American

Axle

&

Manufacturing

Holdings,

Inc.

*(d)

4,493

42,459

Aptiv

plc

*

12,778

1,399,063

Atmus

Filtration

Technologies,

Inc.

*

6,478

154,500

Autoliv,

Inc.

508

51,272

BorgWarner,

Inc.

(d)

12,679

589,574

Dana,

Inc.

(d)

6,296

119,498

Dorman

Products,

Inc.

*

1,222

103,491

Fox

Factory

Holding

Corp.

*(d)

2,004

224,248

Garrett

Motion,

Inc.

*

358

2,785

Gentex

Corp.

11,292

379,185

Gentherm,

Inc.

*(d)

1,575

94,138

Goodyear

Tire

&

Rubber

Co.

(The)

*

13,121

210,986

Holley,

Inc.

*

280

1,772

LCI

Industries

(d)

1,155

157,392

Lear

Corp.

2,779

430,078

Luminar

Technologies,

Inc.,

Class A

*(d)

14,647

108,388

Magna

International,

Inc.

1,315

84,594

Modine

Manufacturing

Co.

*

2,841

106,708

Motorcar

Parts

of

America,

Inc.

*

110

987

Patrick

Industries,

Inc.

963

83,348

Phinia,

Inc.

*

1,742

49,421

QuantumScape

Corp.,

Class A

*(d)

14,039

186,859

Solid

Power,

Inc.

*(d)

11,341

32,435

Standard

Motor

Products,

Inc.

1,113

42,483

Stoneridge,

Inc.

*

1,046

21,380

Visteon

Corp.

*(d)

1,321

203,553

XPEL,

Inc.

Reg.

S*

1,049

85,210

5,156,093

Automobiles

1.2%

Canoo,

Inc.

*

2,025

1,307

Cenntro

Electric

Group

Ltd.

*

977

385

Faraday

Future

Intelligent

Electric,

Inc.

*

4,912

1,485

Fisker,

Inc.,

Class A

*(d)

9,679

59,720

Ford

Motor

Co.

(d)

184,758

2,440,653

General

Motors

Co.

65,214

2,502,261

Harley-Davidson,

Inc.

6,190

238,996

Livewire

Group,

Inc.

*

731

8,860

Lucid

Group,

Inc.

*(d)

34,292

260,962

Mullen

Automotive,

Inc.

*

817

106

NWTN,

Inc.,

Class B

*

1,441

14,453

Rivian

Automotive,

Inc.,

Class A

*(d)

25,048

692,327

Stellantis

NV

4,760

97,818

Tesla,

Inc.

*

131,773

35,240,053

Thor

Industries,

Inc.

(d)

2,404

277,638

Winnebago

Industries,

Inc.

(d)

1,319

90,747

Common

Stocks

Shares

Value

($)

Automobiles

Workhorse

Group,

Inc.

*(d)

2,627

3,494

41,931,265

Banks

2.1%

1st

Source

Corp.

1,235

57,921

ACNB

Corp.

48

1,666

Amalgamated

Financial

Corp.

568

11,337

Amerant

Bancorp,

Inc.,

Class A

3,039

60,233

American

National

Bankshares,

Inc.

463

19,113

Ameris

Bancorp

(d)

1,925

84,026

Ames

National

Corp.

571

10,997

Arrow

Financial

Corp.

701

14,104

Associated

Banc-Corp.

8,961

169,811

Atlantic

Union

Bankshares

Corp.

(d)

3,663

117,143

Axos

Financial,

Inc.

*

2,487

116,889

Banc

of

California,

Inc.

4,338

61,643

BancFirst

Corp.

1,147

114,585

Bancorp,

Inc.

(The)

*

297

11,256

Bank

First

Corp.

262

23,150

Bank

of

America

Corp.

330,021

10,560,672

Bank

of

Hawaii

Corp.

3,122

178,360

Bank

of

Marin

Bancorp

1,843

38,666

Bank

of

Montreal

1,765

164,004

Bank

of

Nova

Scotia

(The)

1,718

86,518

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

2,905

93,338

Bank

OZK

(d)

5,703

249,392

Bank7

Corp.

248

6,562

BankUnited,

Inc.

437

13,040

Banner

Corp.

676

32,184

Bar

Harbor

Bankshares

630

17,205

BCB

Bancorp,

Inc.

88

1,131

Berkshire

Hills

Bancorp,

Inc.

679

15,488

Blue

Foundry

Bancorp

*

145

1,480

BOK

Financial

Corp.

1,549

137,985

Bridgewater

Bancshares,

Inc.

*

991

10,614

Brookline

Bancorp,

Inc.

1,626

17,366

Burke

&

Herbert

Financial

Services

Corp.

(d)

468

25,267

Business

First

Bancshares,

Inc.

599

12,250

Byline

Bancorp,

Inc.

2,504

54,963

C&F

Financial

Corp.

218

12,258

Cadence

Bank

1,078

27,004

Cambridge

Bancorp

515

31,693

Camden

National

Corp.

584

20,195

Capital

Bancorp,

Inc.

351

7,073

Capital

City

Bank

Group,

Inc.

581

18,842

Capitol

Federal

Financial,

Inc.

3,924

26,016

Capstar

Financial

Holdings,

Inc.

630

9,374

Carter

Bankshares,

Inc.

*

967

14,205

Cathay

General

Bancorp

(d)

4,781

181,869

Central

Pacific

Financial

Corp.

155

2,827

Central

Valley

Community

Bancorp

662

11,320

Chemung

Financial

Corp.

232

9,897

ChoiceOne

Financial

Services,

Inc.

463

11,228

28

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Banks

Citigroup,

Inc.

94,836

4,519,884

Citizens

&

Northern

Corp.

587

12,444

Citizens

Financial

Group,

Inc.

(d)

23,730

765,530

Citizens

Financial

Services,

Inc.

(d)

310

21,847

City

Holding

Co.

88

8,704

Civista

Bancshares,

Inc.

689

12,567

CNB

Financial

Corp.

674

13,116

Coastal

Financial

Corp.

*

335

15,132

Codorus

Valley

Bancorp,

Inc.

636

13,986

Columbia

Banking

System,

Inc.

10,010

223,724

Columbia

Financial,

Inc.

*

2,260

39,505

Comerica,

Inc.

6,396

345,128

Commerce

Bancshares,

Inc.

(d)

6,104

324,611

Community

Bank

System,

Inc.

314

16,903

Community

Trust

Bancorp,

Inc.

1,069

41,028

ConnectOne

Bancorp,

Inc.

1,411

28,883

CrossFirst

Bankshares,

Inc.

*(d)

2,051

23,935

Cullen/Frost

Bankers,

Inc.

2,976

323,134

Customers

Bancorp,

Inc.

*(d)

551

23,131

CVB

Financial

Corp.

822

15,511

Dime

Community

Bancshares,

Inc.

2,826

63,302

Eagle

Bancorp,

Inc.

698

19,335

East

West

Bancorp,

Inc.

6,915

430,182

Eastern

Bankshares,

Inc.

8,704

122,900

Enterprise

Bancorp,

Inc.

410

13,054

Enterprise

Financial

Services

Corp.

2,781

114,021

Equity

Bancshares,

Inc.,

Class A

(d)

607

16,486

Esquire

Financial

Holdings,

Inc.

40

1,998

ESSA

Bancorp,

Inc.

576

9,573

Evans

Bancorp,

Inc.

347

10,313

Farmers

&

Merchants

Bancorp,

Inc.

74

1,578

Farmers

National

Banc

Corp.

(d)

2,888

39,710

FB

Financial

Corp.

2,814

99,672

Fidelity

D&D

Bancorp,

Inc.

309

15,679

Fifth

Third

Bancorp

33,001

960,329

Financial

Institutions,

Inc.

524

10,050

First

Bancorp

(d)

1,562

32,766

First

Bancorp,

Inc.

(The)

(d)

464

12,245

First

Bancshares,

Inc.

(The)

(d)

2,014

63,058

First

Bank

579

7,238

First

Busey

Corp.

4,468

96,777

First

Business

Financial

Services,

Inc.

46

1,564

First

Citizens

BancShares,

Inc.,

Class A

507

725,669

First

Commonwealth

Financial

Corp.

(d)

895

12,924

Common

Stocks

Shares

Value

($)

Banks

First

Community

Bankshares,

Inc.

(d)

723

24,314

First

Community

Corp.

489

9,658

First

Financial

Bancorp

(d)

1,022

23,598

First

Financial

Bankshares,

Inc.

(d)

6,645

216,561

First

Financial

Corp.

1,541

58,882

First

Foundation,

Inc.

5,391

39,408

First

Hawaiian,

Inc.

(d)

7,608

157,410

First

Horizon

Corp.

25,279

344,553

First

Internet

Bancorp

48

1,082

First

Interstate

BancSystem,

Inc.,

Class A

(d)

4,382

125,895

First

Merchants

Corp.

3,962

127,259

First

Mid

Bancshares,

Inc.

627

19,192

First

of

Long

Island

Corp.

(The)

(d)

943

13,145

Five

Star

Bancorp

59

1,456

Flushing

Financial

Corp.

691

10,904

FNB

Corp.

20,477

261,901

FS

Bancorp,

Inc.

439

13,609

Fulton

Financial

Corp.

(d)

12,961

185,342

German

American

Bancorp,

Inc.

(d)

3,086

90,914

Glacier

Bancorp,

Inc.

5,317

173,866

Great

Southern

Bancorp,

Inc.

490

27,112

Greene

County

Bancorp,

Inc.

40

1,378

Guaranty

Bancshares,

Inc.

380

12,080

Hancock

Whitney

Corp.

(d)

4,564

200,862

Hanmi

Financial

Corp.

983

18,677

HarborOne

Bancorp,

Inc.

3,058

32,078

HBT

Financial,

Inc.

394

7,817

Heartland

Financial

USA,

Inc.

2,800

96,152

Heritage

Commerce

Corp.

2,437

23,395

Heritage

Financial

Corp.

556

10,431

Hilltop

Holdings,

Inc.

(d)

2,698

83,449

Hingham

Institution

for

Savings

(d)

66

14,682

Home

Bancorp,

Inc.

325

11,577

Home

BancShares,

Inc.

9,989

242,833

HomeStreet,

Inc.

105

966

HomeTrust

Bancshares,

Inc.

652

15,850

Hope

Bancorp,

Inc.

675

7,331

Horizon

Bancorp,

Inc.

1,734

21,484

Huntington

Bancshares,

Inc.

69,540

851,170

Independent

Bank

Corp.

1,224

37,561

Independent

Bank

Group,

Inc.

1,817

81,529

International

Bancshares

Corp.

2,917

144,800

John

Marshall

Bancorp,

Inc.

72

1,368

JPMorgan

Chase

&

Co.

138,835

21,930,377

Kearny

Financial

Corp.

(d)

4,596

39,480

KeyCorp

44,895

552,657

Lakeland

Bancorp,

Inc.

5,020

75,852

Lakeland

Financial

Corp.

983

54,498

LCNB

Corp.

701

12,289

Live

Oak

Bancshares,

Inc.

2,090

79,148

Luther

Burbank

Corp.

1,158

11,927

M&T

Bank

Corp.

7,920

1,107,691

Macatawa

Bank

Corp.

1,846

18,183

MainStreet

Bancshares,

Inc.

462

11,028

Mercantile

Bank

Corp.

573

20,124

Nationwide

Multi-Cap

Portfolio

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

29

Common

Stocks

Shares

Value

($)

Banks

Metrocity

Bankshares,

Inc.

701

15,029

Metropolitan

Bank

Holding

Corp.

*(d)

259

11,730

Mid

Penn

Bancorp,

Inc.

287

6,745

Middlefield

Banc

Corp.

521

15,244

Midland

States

Bancorp,

Inc.

932

21,837

MidWestOne

Financial

Group,

Inc.

590

14,473

MVB

Financial

Corp.

354

9,059

National

Bank

Holdings

Corp.,

Class A

2,439

83,804

National

Bankshares,

Inc.

383

11,402

NBT

Bancorp,

Inc.

(d)

792

29,462

New

York

Community

Bancorp,

Inc.

33,396

463,203

Nicolet

Bankshares,

Inc.

(d)

597

49,939

Northeast

Bank

48

2,287

Northeast

Community

Bancorp,

Inc.

887

14,361

Northfield

Bancorp,

Inc.

4,399

53,580

Northrim

Bancorp,

Inc.

32

1,530

Northwest

Bancshares,

Inc.

2,106

26,030

Norwood

Financial

Corp.

489

15,575

NU

Holdings

Ltd.,

Class A

*

95,128

757,219

Oak

Valley

Bancorp

446

12,216

OceanFirst

Financial

Corp.

(d)

3,254

60,622

OFG

Bancorp

495

16,578

Old

National

Bancorp

14,849

252,878

Old

Second

Bancorp,

Inc.

3,372

53,918

Orange

County

Bancorp,

Inc.

339

15,269

Origin

Bancorp,

Inc.

1,929

62,885

Orrstown

Financial

Services,

Inc.

369

8,635

Pacific

Premier

Bancorp,

Inc.

1,755

44,823

PacWest

Bancorp

4,317

40,148

Park

National

Corp.

(d)

920

102,598

Pathward

Financial,

Inc.

361

18,758

Peapack-Gladstone

Financial

Corp.

(d)

1,727

50,480

Penns

Woods

Bancorp,

Inc.

454

12,244

Peoples

Bancorp,

Inc.

(d)

3,005

84,651

Peoples

Financial

Services

Corp.

(d)

296

13,672

Pinnacle

Financial

Partners,

Inc.

(d)

3,787

287,433

Pioneer

Bancorp,

Inc.

*

398

3,912

Plumas

Bancorp

363

13,133

PNC

Financial

Services

Group,

Inc.

(The)

19,146

2,620,896

Ponce

Financial

Group,

Inc.

*

1,356

12,516

Popular,

Inc.

(d)

3,544

257,117

Preferred

Bank

80

5,286

Premier

Financial

Corp.

2,384

51,637

Primis

Financial

Corp.

865

8,226

Princeton

Bancorp,

Inc.

337

10,080

Prosperity

Bancshares,

Inc.

4,472

283,167

Provident

Bancorp,

Inc.

89

860

Provident

Financial

Services,

Inc.

1,292

23,954

QCR

Holdings,

Inc.

1,008

51,640

RBB

Bancorp

686

10,064

Common

Stocks

Shares

Value

($)

Banks

Red

River

Bancshares,

Inc.

186

9,116

Regions

Financial

Corp.

(d)

47,121

959,855

Renasant

Corp.

1,312

40,593

Republic

Bancorp,

Inc.,

Class A

386

17,690

Royal

Bank

of

Canada

864

85,648

S&T

Bancorp,

Inc.

(d)

470

14,843

Sandy

Spring

Bancorp,

Inc.

2,778

67,978

Seacoast

Banking

Corp.

of

Florida

(d)

2,469

61,009

ServisFirst

Bancshares,

Inc.

2,736

163,284

Shore

Bancshares,

Inc.

894

10,639

Sierra

Bancorp

543

11,436

Simmons

First

National

Corp.,

Class A

(d)

4,037

81,507

SmartFinancial,

Inc.

(d)

600

15,072

South

Plains

Financial,

Inc.

437

11,733

Southern

First

Bancshares,

Inc.

*

337

10,171

Southern

Missouri

Bancorp,

Inc.

(d)

358

17,209

Southern

States

Bancshares,

Inc.

497

12,500

Southside

Bancshares,

Inc.

(d)

295

9,797

SouthState

Corp.

3,748

291,107

Stellar

Bancorp,

Inc.

(d)

2,294

57,029

Sterling

Bancorp,

Inc.

*

94

558

Stock

Yards

Bancorp,

Inc.

1,641

78,456

Summit

Financial

Group,

Inc.

520

11,731

Synovus

Financial

Corp.

7,320

248,148

Texas

Capital

Bancshares,

Inc.

*

2,591

165,435

Timberland

Bancorp,

Inc.

501

15,676

Tompkins

Financial

Corp.

(d)

1,357

81,637

Toronto-Dominion

Bank

(The)

2,471

162,938

Towne

Bank

4,985

126,021

TriCo

Bancshares

1,933

72,256

Triumph

Financial,

Inc.

*

1,249

88,567

Truist

Financial

Corp.

63,002

2,092,926

TrustCo

Bank

Corp.

108

3,282

Trustmark

Corp.

635

16,675

UMB

Financial

Corp.

(d)

2,233

158,543

United

Bankshares,

Inc.

(d)

6,576

219,901

United

Community

Banks,

Inc.

1,589

46,192

Unity

Bancorp,

Inc.

45

1,193

Univest

Financial

Corp.

2,133

41,594

US

Bancorp

(d)

72,753

2,886,839

Valley

National

Bancorp

(d)

21,073

216,209

Veritex

Holdings,

Inc.

720

15,487

Virginia

National

Bankshares

Corp.

313

11,340

Washington

Federal,

Inc.

5,425

168,392

Washington

Trust

Bancorp,

Inc.

1,516

48,603

Webster

Financial

Corp.

8,525

403,403

Wells

Fargo

&

Co.

189,175

8,732,318

WesBanco,

Inc.

3,080

86,271

West

Bancorp,

Inc.

673

13,500

Westamerica

Bancorp

373

18,348

Western

Alliance

Bancorp

5,074

263,594

Wintrust

Financial

Corp.

3,393

286,233

30

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Banks

WSFS

Financial

Corp.

(d)

1,387

60,681

Zions

Bancorp

NA

(d)

7,015

268,324

75,552,363

Beverages

0.9%

Boston

Beer

Co.,

Inc.

(The),

Class A

*

426

158,233

Brown-Forman

Corp.,

Class A

(d)

11,197

792,143

Celsius

Holdings,

Inc.

*

2,455

355,239

Coca-Cola

Co.

(The)

187,450

11,608,778

Coca-Cola

Consolidated,

Inc.

217

137,450

Constellation

Brands,

Inc.,

Class A

7,532

2,054,730

Duckhorn

Portfolio,

Inc.

(The)

*

2,698

33,941

Keurig

Dr

Pepper,

Inc.

47,143

1,603,333

MGP

Ingredients,

Inc.

(d)

699

79,693

Molson

Coors

Beverage

Co.,

Class B

8,201

572,184

Monster

Beverage

Corp.

*

34,975

2,010,713

National

Beverage

Corp.

*

881

46,561

PepsiCo,

Inc.

65,517

12,281,817

Primo

Water

Corp.

7,325

103,795

Vita

Coco

Co.,

Inc.

(The)

*

1,685

44,518

Zevia

PBC,

Class A

*

1,653

4,595

31,887,723

Biotechnology

1.5%

2seventy

bio,

Inc.

*(d)

3,533

26,815

4D

Molecular

Therapeutics,

Inc.

*

1,150

21,045

89bio,

Inc.

*

2,420

38,333

Aadi

Bioscience,

Inc.

*

96

512

AbbVie,

Inc.

83,098

12,429,799

Absci

Corp.

*

373

821

ACADIA

Pharmaceuticals,

Inc.

*

5,948

173,919

ACELYRIN,

Inc.

*

1,187

29,485

Acrivon

Therapeutics,

Inc.

*

85

1,057

Actinium

Pharmaceuticals,

Inc.

*

1,724

12,275

Acumen

Pharmaceuticals,

Inc.

*

165

1,221

Adicet

Bio,

Inc.

*

177

473

ADMA

Biologics,

Inc.

*

11,844

49,153

Aerovate

Therapeutics,

Inc.

*

94

1,640

Affimed

NV

*

761

449

Agenus,

Inc.

*

20,982

31,893

Agios

Pharmaceuticals,

Inc.

*(d)

2,473

65,584

Akero

Therapeutics,

Inc.

*(d)

2,434

105,636

Alaunos

Therapeutics,

Inc.

*

1,281

554

Aldeyra

Therapeutics,

Inc.

*

3,420

27,753

Alector,

Inc.

*

1,890

12,965

Alkermes

plc

*

7,753

227,008

Allakos,

Inc.

*

4,691

25,238

Allogene

Therapeutics,

Inc.

*(d)

5,364

26,605

Allovir,

Inc.

*(d)

998

3,283

Alnylam

Pharmaceuticals,

Inc.

*

5,825

1,138,205

Common

Stocks

Shares

Value

($)

Biotechnology

Alpine

Immune

Sciences,

Inc.

*

170

2,132

Altimmune,

Inc.

*

3,567

11,807

Alvotech

SA

*

277

2,715

ALX

Oncology

Holdings,

Inc.

*

408

2,493

Amgen,

Inc.

25,968

6,080,407

Amicus

Therapeutics,

Inc.

*

12,915

175,902

AnaptysBio,

Inc.

*

917

18,074

Anavex

Life

Sciences

Corp.

*(d)

6,008

49,566

Anika

Therapeutics,

Inc.

*

564

13,158

Annexon,

Inc.

*

3,212

11,081

Apellis

Pharmaceuticals,

Inc.

*

4,609

118,682

Apogee

Therapeutics,

Inc.

*

8,171

174,859

Arbutus

Biopharma

Corp.

*

716

1,554

Arcellx,

Inc.

*(d)

1,897

64,972

Arcturus

Therapeutics

Holdings,

Inc.

*

801

28,003

Arcus

Biosciences,

Inc.

*

2,930

58,307

Arcutis

Biotherapeutics,

Inc.

*

3,476

37,923

Ardelyx,

Inc.

*

15,342

60,447

Argenx

SE

,

ADR-NL*

416

209,864

Arrowhead

Pharmaceuticals,

Inc.

*

4,759

164,281

ARS

Pharmaceuticals,

Inc.

*(d)

1,888

13,877

Astria

Therapeutics,

Inc.

*(d)

1,849

16,567

Atara

Biotherapeutics,

Inc.

*

9,004

19,899

Aura

Biosciences,

Inc.

*

157

1,868

Aurinia

Pharmaceuticals,

Inc.

*

4,815

55,758

Avid

Bioservices,

Inc.

*(d)

3,877

49,083

Avidity

Biosciences,

Inc.

*

3,060

29,101

Avita

Medical,

Inc.

*(d)

1,804

36,531

Beam

Therapeutics,

Inc.

*(d)

3,122

96,376

BioAtla,

Inc.

*(d)

3,140

9,389

BioCryst

Pharmaceuticals,

Inc.

*

11,959

88,377

Biogen,

Inc.

*

6,782

1,832,429

Biohaven

Ltd.

*

3,180

63,218

BioMarin

Pharmaceutical,

Inc.

*

8,759

770,179

Biomea

Fusion,

Inc.

*(d)

1,491

33,175

BioVie,

Inc.

*

72

340

Bioxcel

Therapeutics,

Inc.

*(d)

473

4,323

Bluebird

Bio,

Inc.

*(d)

2,751

10,811

Blueprint

Medicines

Corp.

*

2,819

186,054

Bridgebio

Pharma,

Inc.

*

5,376

188,214

C4

Therapeutics,

Inc.

*

242

941

Cabaletta

Bio,

Inc.

*

1,848

25,170

CareDx,

Inc.

*(d)

3,105

33,875

Caribou

Biosciences,

Inc.

*(d)

500

3,595

Carisma

Therapeutics,

Inc.

1,768

9,812

Catalyst

Pharmaceuticals,

Inc.

*(d)

4,514

62,429

Celcuity,

Inc.

*

1,142

11,283

Celldex

Therapeutics,

Inc.

*

2,287

80,868

CEL-SCI

Corp.

*

255

405

Celularity,

Inc.,

Class A

*

492

200

Century

Therapeutics,

Inc.

*

142

433

Cerevel

Therapeutics

Holdings,

Inc.

*

2,362

72,254

Nationwide

Multi-Cap

Portfolio

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

31

Common

Stocks

Shares

Value

($)

Biotechnology

Chimerix,

Inc.

*

443

523

Chinook

Therapeutics,

Inc.

*

2,669

104,571

Cogent

Biosciences,

Inc.

*(d)

2,261

29,370

Coherus

Biosciences,

Inc.

*

7,429

35,808

Compass

Therapeutics,

Inc.

*

6,446

18,500

Crinetics

Pharmaceuticals,

Inc.

*

1,988

37,772

Cue

Biopharma,

Inc.

*(d)

2,535

9,684

Cullinan

Oncology,

Inc.

*(d)

979

10,368

Cytokinetics,

Inc.

*(d)

4,226

140,937

Day

One

Biopharmaceuticals,

Inc.

*

2,995

39,654

Deciphera

Pharmaceuticals,

Inc.

*

2,495

33,732

Denali

Therapeutics,

Inc.

*

5,451

154,972

Design

Therapeutics,

Inc.

*

3,283

26,724

Disc

Medicine,

Inc.

*(d)

563

27,925

Dynavax

Technologies

Corp.

*

7,160

100,168

Dyne

Therapeutics,

Inc.

*

188

2,290

Eagle

Pharmaceuticals,

Inc.

*

403

8,366

Editas

Medicine,

Inc.,

Class A

*

4,258

37,385

Emergent

BioSolutions,

Inc.

*

3,302

22,718

Enanta

Pharmaceuticals,

Inc.

*

1,847

35,038

Entrada

Therapeutics,

Inc.

*

1,524

26,472

EQRx,

Inc.

*(d)

11,726

20,051

Erasca,

Inc.

*(d)

5,127

13,535

Exact

Sciences

Corp.

*(d)

8,396

818,946

Exelixis,

Inc.

*

14,896

293,600

Fate

Therapeutics,

Inc.

*

4,810

19,865

Fennec

Pharmaceuticals,

Inc.

*

1,203

10,719

FibroGen,

Inc.

*

8,231

16,956

Foghorn

Therapeutics,

Inc.

*

1,708

15,645

G1

Therapeutics,

Inc.

*

258

619

Genelux

Corp.

*

297

6,258

Generation

Bio

Co.

*

1,328

6,746

Geron

Corp.

*

23,328

75,583

Gilead

Sciences,

Inc.

61,230

4,662,052

Gossamer

Bio,

Inc.

*

440

594

Graphite

Bio,

Inc.

*

2,022

5,116

Greenwich

Lifesciences,

Inc.

*

21

193

Gritstone

bio,

Inc.

*

6,273

12,358

Halozyme

Therapeutics,

Inc.

*

6,074

260,939

Heron

Therapeutics,

Inc.

*(d)

3,513

5,832

HilleVax,

Inc.

*

79

1,202

Horizon

Therapeutics

plc

*

10,533

1,056,144

Humacyte,

Inc.

*

321

1,053

Icosavax,

Inc.

*

171

1,510

Ideaya

Biosciences,

Inc.

*

2,255

50,422

IGM

Biosciences,

Inc.

*(d)

343

3,649

Immuneering

Corp.,

Class A

*(d)

1,470

14,935

ImmunityBio,

Inc.

*

1,373

3,021

ImmunoGen,

Inc.

*

11,450

204,039

Immunovant,

Inc.

*(d)

1,854

42,327

Incyte

Corp.

*

8,635

550,222

Inhibrx,

Inc.

*

2,033

40,762

Inovio

Pharmaceuticals,

Inc.

*

1,518

808

Inozyme

Pharma,

Inc.

*

2,401

12,245

Insmed,

Inc.

*(d)

5,907

130,486

Instil

Bio,

Inc.

*

423

231

Common

Stocks

Shares

Value

($)

Biotechnology

Intellia

Therapeutics,

Inc.

*(d)

4,071

172,325

Intercept

Pharmaceuticals,

Inc.

*(d)

1,031

11,135

Invivyd,

Inc.

*

220

326

Ionis

Pharmaceuticals,

Inc.

*(d)

6,656

275,758

Iovance

Biotherapeutics,

Inc.

*(d)

9,135

66,320

Ironwood

Pharmaceuticals,

Inc.,

Class A

*(d)

5,996

66,496

iTeos

Therapeutics,

Inc.

*

1,947

27,375

Janux

Therapeutics,

Inc.

*

133

1,862

KalVista

Pharmaceuticals,

Inc.

*(d)

607

6,131

Karuna

Therapeutics,

Inc.

*

1,632

326,025

Karyopharm

Therapeutics,

Inc.

*

3,519

6,334

Keros

Therapeutics,

Inc.

*

1,400

58,632

Kezar

Life

Sciences,

Inc.

*

1,228

2,751

Kiniksa

Pharmaceuticals

Ltd.,

Class A

*(d)

895

16,862

Kinnate

Biopharma,

Inc.

*

132

392

Kodiak

Sciences,

Inc.

*(d)

2,065

6,174

Kronos

Bio,

Inc.

*

225

432

Krystal

Biotech,

Inc.

*

1,006

129,875

Kura

Oncology,

Inc.

*

3,231

33,732

Kymera

Therapeutics,

Inc.

*

2,549

55,772

Larimar

Therapeutics,

Inc.

*

1,700

7,276

Lexicon

Pharmaceuticals,

Inc.

*(d)

2,830

5,688

Lineage

Cell

Therapeutics,

Inc.

*

9,559

14,625

Lyell

Immunopharma,

Inc.

*(d)

13,834

39,980

MacroGenics,

Inc.

*

5,274

25,157

Madrigal

Pharmaceuticals,

Inc.

*

595

122,153

MannKind

Corp.

*

12,096

55,279

MeiraGTx

Holdings

plc

*(d)

933

5,878

Merrimack

Pharmaceuticals,

Inc.

*

694

8,335

Mersana

Therapeutics,

Inc.

*(d)

1,887

2,312

MiMedx

Group,

Inc.

*

4,052

32,700

Mineralys

Therapeutics,

Inc.

*

101

1,427

Mirati

Therapeutics,

Inc.

*

2,219

67,169

Mirum

Pharmaceuticals,

Inc.

*

440

11,334

Moderna,

Inc.

*

15,762

1,854,557

Monte

Rosa

Therapeutics,

Inc.

*

234

1,654

MoonLake

Immunotherapeutics,

Class A

*

164

9,973

Morphic

Holding,

Inc.

*(d)

1,770

100,412

Myriad

Genetics,

Inc.

*

3,287

73,464

Natera,

Inc.

*

4,824

218,141

Neurocrine

Biosciences,

Inc.

*

4,498

458,301

Nkarta,

Inc.

*

711

1,628

Novavax,

Inc.

*(d)

4,024

37,343

Nurix

Therapeutics,

Inc.

*

1,034

10,040

Nuvalent,

Inc.,

Class A

*(d)

1,490

74,276

Nuvectis

Pharma,

Inc.

*

454

6,379

32

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Biotechnology

Ocugen,

Inc.

*

1,307

804

Olema

Pharmaceuticals,

Inc.

*

1,984

17,162

Omega

Therapeutics,

Inc.

*(d)

1,763

9,855

Organogenesis

Holdings,

Inc.,

Class A

*

1,152

4,919

ORIC

Pharmaceuticals,

Inc.

*(d)

2,772

23,174

Outlook

Therapeutics,

Inc.

*

738

1,277

Ovid

therapeutics,

Inc.

*

3,953

14,191

PDS

Biotechnology

Corp.

*

1,854

10,596

PepGen,

Inc.

*

113

677

PMV

Pharmaceuticals,

Inc.

*

951

6,219

Point

Biopharma

Global,

Inc.

*

2,980

26,641

Poseida

Therapeutics,

Inc.,

Class A

*(d)

4,833

8,361

Precigen,

Inc.

*(d)

3,150

4,378

Precision

BioSciences,

Inc.

*

513

296

Prelude

Therapeutics,

Inc.

*

70

274

Prime

Medicine,

Inc.

*

160

2,411

ProKidney

Corp.,

Class A

*(d)

4,278

54,844

Protagonist

Therapeutics,

Inc.

*

3,016

58,510

Protalix

BioTherapeutics,

Inc.

*

3,723

5,957

Prothena

Corp.

plc

*

1,916

131,955

PTC

Therapeutics,

Inc.

*

3,186

128,523

Rallybio

Corp.

*

95

568

RAPT

Therapeutics,

Inc.

*

2,318

55,400

Recursion

Pharmaceuticals,

Inc.,

Class A

*

7,397

104,446

Regeneron

Pharmaceuticals,

Inc.

*

4,872

3,614,585

REGENXBIO,

Inc.

*

2,145

40,755

Relay

Therapeutics,

Inc.

*(d)

4,312

54,331

Replimune

Group,

Inc.

*

1,884

39,696

REVOLUTION

Medicines,

Inc.

*

5,499

144,349

Rhythm

Pharmaceuticals,

Inc.

*(d)

1,598

28,508

Rigel

Pharmaceuticals,

Inc.

*

6,794

9,376

Rocket

Pharmaceuticals,

Inc.

*

3,581

64,637

Roivant

Sciences

Ltd.

*

10,153

121,633

Sage

Therapeutics,

Inc.

*

2,500

86,700

Sana

Biotechnology,

Inc.

*(d)

2,832

16,595

Sangamo

Therapeutics,

Inc.

*(d)

4,716

6,201

Sarepta

Therapeutics,

Inc.

*(d)

4,166

451,553

Savara,

Inc.

*

5,054

18,093

Scholar

Rock

Holding

Corp.

*

2,106

14,953

Seagen,

Inc.

*

6,589

1,263,638

Selecta

Biosciences,

Inc.

*(d)

8,310

9,058

Seres

Therapeutics,

Inc.

*(d)

1,723

8,288

Shattuck

Labs,

Inc.

*

201

512

SpringWorks

Therapeutics,

Inc.

*(d)

3,116

97,780

Stoke

Therapeutics,

Inc.

*(d)

631

4,190

Summit

Therapeutics,

Inc.

*(d)

8,336

17,506

Sutro

Biopharma,

Inc.

*

804

3,594

Syndax

Pharmaceuticals,

Inc.

*(d)

3,658

77,988

Tango

Therapeutics,

Inc.

*

299

1,011

Tenaya

Therapeutics,

Inc.

*

242

1,171

Common

Stocks

Shares

Value

($)

Biotechnology

TG

Therapeutics,

Inc.

*

6,319

130,740

Travere

Therapeutics,

Inc.

*

3,958

68,038

Twist

Bioscience

Corp.

*

3,003

73,093

Tyra

Biosciences,

Inc.

*

105

1,556

Ultragenyx

Pharmaceutical,

Inc.

*

3,160

136,259

United

Therapeutics

Corp.

*

2,119

514,324

UroGen

Pharma

Ltd.

*(d)

1,413

30,606

Vanda

Pharmaceuticals,

Inc.

*

2,042

11,803

Vaxart,

Inc.

*

791

647

Vaxcyte,

Inc.

*

4,150

199,449

Vaxxinity,

Inc.,

Class A

*(d)

3,043

8,186

Vera

Therapeutics,

Inc.,

Class A

*

157

2,947

Veracyte,

Inc.

*

3,421

93,906

Vericel

Corp.

*

2,340

84,053

Vertex

Pharmaceuticals,

Inc.

*

12,123

4,271,418

Verve

Therapeutics,

Inc.

*

2,478

50,774

Vigil

Neuroscience,

Inc.

*(d)

1,149

9,353

Viking

Therapeutics,

Inc.

*(d)

4,496

65,192

Vir

Biotechnology,

Inc.

*

3,163

44,535

Viridian

Therapeutics,

Inc.

*

1,933

36,263

Vor

BioPharma,

Inc.

*

2,819

8,513

Voyager

Therapeutics,

Inc.

*

2,280

21,250

X4

Pharmaceuticals,

Inc.

*

8,162

14,610

XBiotech,

Inc.

*

98

493

Xencor,

Inc.

*(d)

2,899

70,417

XOMA

Corp.

*

485

7,639

Y-mAbs

Therapeutics,

Inc.

*

1,164

7,089

Zentalis

Pharmaceuticals,

Inc.

*

2,517

67,229

Zura

Bio

Ltd.

*

503

3,461

Zymeworks,

Inc.

*(d)

3,886

28,989

52,247,583

Broadline

Retail

1.8%

1stdibs.com,

Inc.

*

146

596

Amazon.com,

Inc.

*

427,863

57,196,726

Big

Lots,

Inc.

(d)

1,190

12,197

ContextLogic,

Inc.,

Class A

*(d)

1,345

12,778

Coupang,

Inc.,

Class A

*

51,468

934,144

Dillard's,

Inc.,

Class A

(d)

193

66,207

eBay,

Inc.

25,298

1,126,014

Etsy,

Inc.

*(d)

5,714

580,828

Groupon,

Inc.,

Class A

*

98

774

Kohl's

Corp.

(d)

5,191

147,684

Macy's,

Inc.

(d)

12,562

208,404

Nordstrom,

Inc.

(d)

5,120

118,323

Ollie's

Bargain

Outlet

Holdings,

Inc.

*

2,915

212,445

Pan

Pacific

International

Holdings

Corp.

146,600

2,898,481

Qurate

Retail,

Inc. Series

A,*

2,050

2,091

Savers

Value

Village,

Inc.

*

1,210

29,246

63,546,938

Building

Products

0.5%

A

O

Smith

Corp.

5,917

429,752

AAON,

Inc.

(d)

2,080

218,941

Advanced

Drainage

Systems,

Inc.

(d)

2,949

359,749

Nationwide

Multi-Cap

Portfolio

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

33

Common

Stocks

Shares

Value

($)

Building

Products

Allegion

plc

(d)

4,055

473,867

American

Woodmark

Corp.

*

643

49,280

Apogee

Enterprises,

Inc.

970

48,044

Armstrong

World

Industries,

Inc.

2,065

159,748

AZEK

Co.,

Inc.

(The),

Class A

*

5,926

184,891

AZZ,

Inc.

1,370

60,732

Builders

FirstSource,

Inc.

*

5,972

862,536

Carlisle

Cos.,

Inc.

2,389

662,231

Carrier

Global

Corp.

41,247

2,456,259

CSW

Industrials,

Inc.

723

130,538

Daikin

Industries

Ltd.

13,400

2,707,798

Fortune

Brands

Innovations,

Inc.

5,996

426,136

Gibraltar

Industries,

Inc.

*

1,607

103,925

Griffon

Corp.

2,394

99,878

Hayward

Holdings,

Inc.

*(d)

4,445

59,385

Insteel

Industries,

Inc.

776

25,026

Janus

International

Group,

Inc.

*

3,046

34,785

JELD-WEN

Holding,

Inc.

*

5,180

92,256

Johnson

Controls

International

plc

32,498

2,260,236

Lennox

International,

Inc.

1,492

548,220

Masco

Corp.

10,596

642,965

Masonite

International

Corp.

*

1,010

105,595

Masterbrand,

Inc.

*

6,162

76,101

Owens

Corning

4,217

590,338

PGT

Innovations,

Inc.

*

2,642

75,588

Quanex

Building

Products

Corp.

1,316

37,032

Resideo

Technologies,

Inc.

*

6,789

127,090

Simpson

Manufacturing

Co.,

Inc.

1,989

314,262

Tecnoglass,

Inc.

118

5,555

Trane

Technologies

plc

10,780

2,149,963

Trex

Co.,

Inc.

*(d)

6,362

439,869

UFP

Industries,

Inc.

2,782

285,878

Zurn

Elkay

Water

Solutions

Corp.

(d)

6,932

211,010

17,515,459

Capital

Markets

1.7%

Affiliated

Managers

Group,

Inc.

1,658

229,865

AlTi

Global,

Inc.

*(d)

1,532

11,980

Ameriprise

Financial,

Inc.

4,968

1,731,100

Ares

Management

Corp.,

Class A

7,832

777,091

Artisan

Partners

Asset

Management,

Inc.,

Class A

(d)

5,877

243,837

AssetMark

Financial

Holdings,

Inc.

*

2,013

60,189

Avantax,

Inc.

*(d)

2,823

73,059

B.

Riley

Financial,

Inc.

822

45,646

Bakkt

Holdings,

Inc.

*

334

551

Bank

of

New

York

Mellon

Corp.

(The)

39,404

1,787,365

BGC

Group,

Inc.,

Class A

17,985

85,609

BlackRock,

Inc.

880

650,188

Common

Stocks

Shares

Value

($)

Capital

Markets

Blackstone,

Inc.

33,624

3,523,459

Blue

Owl

Capital,

Inc.,

Class A

22,540

277,693

Bridge

Investment

Group

Holdings,

Inc.,

Class A

173

2,164

Brightsphere

Investment

Group,

Inc.

6,282

133,681

Carlyle

Group,

Inc.

(The)

(d)

11,422

407,194

Cboe

Global

Markets,

Inc.

6,502

908,199

Charles

Schwab

Corp.

(The)

71,026

4,694,819

CME

Group,

Inc.

17,269

3,435,840

Cohen

&

Steers,

Inc.

2,144

137,881

Coinbase

Global,

Inc.,

Class A

*(d)

7,748

764,030

Diamond

Hill

Investment

Group,

Inc.

405

73,512

Donnelley

Financial

Solutions,

Inc.

*

1,275

60,307

Evercore,

Inc.,

Class A

(d)

2,198

296,862

FactSet

Research

Systems,

Inc.

1,971

857,464

Federated

Hermes,

Inc.,

Class B

501

16,949

Focus

Financial

Partners,

Inc.,

Class A

*

3,176

166,200

Forge

Global

Holdings,

Inc.

*(d)

7,853

22,852

Franklin

Resources,

Inc.

(d)

18,837

550,794

GCM

Grosvenor,

Inc.,

Class A

3,574

28,056

Gladstone

Investment

Corp.

193

2,636

Goldman

Sachs

Group,

Inc.

(The)

15,545

5,531,999

Hamilton

Lane,

Inc.,

Class A

2,264

200,206

Houlihan

Lokey,

Inc.,

Class A

2,961

295,656

Interactive

Brokers

Group,

Inc.,

Class A

5,005

437,087

Intercontinental

Exchange,

Inc.

24,977

2,867,360

Invesco

Ltd.

20,140

338,352

Janus

Henderson

Group

plc

8,113

238,117

Jefferies

Financial

Group,

Inc.

11,313

416,205

KKR

&

Co.,

Inc.

30,411

1,805,805

Lazard

Ltd.,

Class A

951

33,380

LPL

Financial

Holdings,

Inc.

3,774

865,605

MarketAxess

Holdings,

Inc.

1,801

484,865

Moelis

&

Co.,

Class A

(d)

5,906

288,390

Moody's

Corp.

7,741

2,730,638

Morgan

Stanley

58,183

5,327,235

Morningstar,

Inc.

1,201

276,806

MSCI,

Inc.,

Class A

3,739

2,049,271

Nasdaq,

Inc.

18,915

955,018

Northern

Trust

Corp.

10,432

835,812

Open

Lending

Corp.

*

5,560

62,772

Oppenheimer

Holdings,

Inc.,

Class A

38

1,448

P10,

Inc.,

Class A

247

2,927

Patria

Investments

Ltd.,

Class A

3,925

59,739

Perella

Weinberg

Partners,

Class A

(d)

4,262

42,109

Pershing

Square,

Escrow

*^∞

1,191

0

Piper

Sandler

Cos.

1,126

164,801

34

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Capital

Markets

PJT

Partners,

Inc.,

Class A

(d)

1,675

132,844

Raymond

James

Financial,

Inc.

(d)

9,686

1,066,110

Robinhood

Markets,

Inc.,

Class A

*(d)

30,784

395,882

S&P

Global,

Inc.

15,683

6,187,100

Sculptor

Capital

Management,

Inc.,

Class A

758

8,300

SEI

Investments

Co.

7,610

479,354

Silvercrest

Asset

Management

Group,

Inc.,

Class A

3,180

66,271

State

Street

Corp.

16,211

1,174,325

StepStone

Group,

Inc.,

Class A

4,116

115,536

Stifel

Financial

Corp.

6,140

390,136

StoneX

Group,

Inc.

*

1,052

96,795

SuRo

Capital

Corp.

*

157

639

T.

Rowe

Price

Group,

Inc.

(d)

11,975

1,476,038

TPG,

Inc.,

Class A

(d)

4,657

137,056

Tradeweb

Markets,

Inc.,

Class A

5,808

475,036

Trinity

Capital,

Inc.

195

2,847

Value

Line,

Inc.

40

2,143

Victory

Capital

Holdings,

Inc.,

Class A

3,138

104,056

Virtu

Financial,

Inc.,

Class A

6,147

114,088

Virtus

Investment

Partners,

Inc.

500

102,865

WisdomTree,

Inc.

1,386

9,647

XP,

Inc.,

Class A

*

13,912

375,763

61,281,506

Chemicals

1.3%

AdvanSix,

Inc.

1,336

53,587

Air

Products

&

Chemicals,

Inc.

10,743

3,280,160

Albemarle

Corp.

5,501

1,167,752

Alto

Ingredients,

Inc.

*

420

1,688

American

Vanguard

Corp.

1,202

21,708

Amyris,

Inc.

*(d)

5,860

5,197

Ashland,

Inc.

7,271

664,279

Aspen

Aerogels,

Inc.

*(d)

965

8,048

Avient

Corp.

4,042

163,822

Axalta

Coating

Systems

Ltd.

*

10,066

322,112

Balchem

Corp.

(d)

1,426

192,139

Cabot

Corp.

2,525

179,275

Celanese

Corp.,

Class A

4,584

574,788

CF

Industries

Holdings,

Inc.

9,183

753,741

Chase

Corp.

293

36,886

Chemours

Co.

(The)

(d)

6,947

256,900

Core

Molding

Technologies,

Inc.

*

514

12,398

Corteva,

Inc.

34,980

1,973,921

Danimer

Scientific,

Inc.,

Class A

*(d)

2,435

6,842

Dow,

Inc.

33,445

1,888,639

DuPont

de

Nemours,

Inc.

21,723

1,686,357

Eastman

Chemical

Co.

7,467

639,026

Ecolab,

Inc.

11,771

2,155,741

Ecovyst,

Inc.

*

5,338

65,604

Element

Solutions,

Inc.

10,480

219,661

FMC

Corp.

5,823

560,347

FutureFuel

Corp.

(d)

1,093

10,624

Common

Stocks

Shares

Value

($)

Chemicals

Ginkgo

Bioworks

Holdings,

Inc.,

Class A

*(d)

49,127

123,309

Hawkins,

Inc.

776

36,278

HB

Fuller

Co.

2,502

185,223

Huntsman

Corp.

11,555

343,992

Ingevity

Corp.

*

1,746

111,779

Innospec,

Inc.

(d)

1,312

140,568

International

Flavors

&

Fragrances,

Inc.

12,022

1,017,181

Intrepid

Potash,

Inc.

*(d)

384

10,560

Koppers

Holdings,

Inc.

813

31,105

Kronos

Worldwide,

Inc.

(d)

935

8,742

Linde

plc

23,184

9,057,293

Livent

Corp.

*(d)

8,321

204,863

Loop

Industries,

Inc.

*

92

286

LSB

Industries,

Inc.

*

3,798

42,424

LyondellBasell

Industries

NV,

Class A

12,135

1,199,666

Mativ

Holdings,

Inc.

(d)

2,363

37,194

Minerals

Technologies,

Inc.

1,364

83,681

Mitsui

Chemicals,

Inc.

124,300

3,569,547

Mosaic

Co.

(The)

15,521

632,636

NewMarket

Corp.

298

134,607

Olin

Corp.

(d)

5,996

345,849

Origin

Materials,

Inc.

*(d)

10,037

44,966

Orion

SA

2,073

45,440

Perimeter

Solutions

SA

*(d)

8,018

44,580

PPG

Industries,

Inc.

11,635

1,674,277

PureCycle

Technologies,

Inc.

*(d)

5,216

61,757

Quaker

Chemical

Corp.

637

127,642

Rayonier

Advanced

Materials,

Inc.

*

2,407

11,385

RPM

International,

Inc.

(d)

6,013

621,203

Scotts

Miracle-Gro

Co.

(The)

1,936

135,597

Sensient

Technologies

Corp.

1,899

121,612

Sherwin-Williams

Co.

(The)

11,211

3,099,842

Shin-Etsu

Chemical

Co.

Ltd.

159,000

5,237,529

Stepan

Co.

954

91,412

Trinseo

plc

(d)

1,850

32,597

Tronox

Holdings

plc

(d)

6,361

84,538

Westlake

Corp.

1,499

206,113

45,858,515

Commercial

Services

&

Supplies

0.4%

ABM

Industries,

Inc.

(d)

3,018

139,673

ACCO

Brands

Corp.

3,327

20,261

ACV

Auctions,

Inc.,

Class A

*

5,851

102,334

Aris

Water

Solutions,

Inc.,

Class A

(d)

2,913

31,839

Brady

Corp.,

Class A

267

13,772

BrightView

Holdings,

Inc.

*

1,253

9,661

Brink's

Co.

(The)

1,951

142,345

Casella

Waste

Systems,

Inc.,

Class A

*

2,473

199,546

CECO

Environmental

Corp.

*

2,142

25,790

Cimpress

plc

*

1,072

74,504

Cintas

Corp.

4,146

2,081,458

Civeo

Corp.

*

78

1,524

Clean

Harbors,

Inc.

*

2,380

395,699

CompX

International,

Inc.

68

1,539

Copart,

Inc.

*

21,361

1,888,099

Nationwide

Multi-Cap

Portfolio

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

35

Common

Stocks

Shares

Value

($)

Commercial

Services

&

Supplies

CoreCivic,

Inc.

*

4,654

45,144

Deluxe

Corp.

2,701

51,292

Driven

Brands

Holdings,

Inc.

*

2,117

54,767

Ennis,

Inc.

1,001

21,562

Enviri

Corp.

*

2,953

27,847

GEO

Group,

Inc.

(The)

*(d)

5,523

41,257

Healthcare

Services

Group,

Inc.

5,226

65,900

Heritage-Crystal

Clean,

Inc.

*

646

29,761

HNI

Corp.

2,575

74,907

Interface,

Inc.,

Class A

2,263

22,109

LanzaTech

Global,

Inc.

*(d)

2,018

13,077

Li-Cycle

Holdings

Corp.

*

8,155

49,175

Liquidity

Services,

Inc.

*

917

15,387

Matthews

International

Corp.,

Class A

(d)

1,586

72,797

MillerKnoll,

Inc.

3,703

72,468

Montrose

Environmental

Group,

Inc.

*

1,316

53,259

MSA

Safety,

Inc.

(d)

1,748

290,168

NL

Industries,

Inc.

355

2,059

OPENLANE,

Inc.

*

5,425

85,172

Performant

Financial

Corp.

*

4,462

13,698

Pitney

Bowes,

Inc.

(d)

2,008

7,912

RB

Global,

Inc.

7,209

464,836

Republic

Services,

Inc.,

Class A

9,743

1,472,265

Rollins,

Inc.

10,725

437,902

SP

Plus

Corp.

*

894

34,374

Steelcase,

Inc.,

Class A

4,632

39,696

Stericycle,

Inc.

*

4,345

184,619

Tetra

Tech,

Inc.

2,477

419,133

UniFirst

Corp.

792

128,542

Viad

Corp.

*

819

23,104

VSE

Corp.

62

3,332

Waste

Management,

Inc.

19,704

3,227,318

12,672,883

Communications

Equipment

0.5%

ADTRAN

Holdings,

Inc.

(d)

4,351

42,335

Arista

Networks,

Inc.

*

11,733

1,819,671

Aviat

Networks,

Inc.

*

65

1,987

CalAmp

Corp.

*

211

196

Calix,

Inc.

*

2,703

121,932

Cambium

Networks

Corp.

*(d)

220

3,564

Casa

Systems,

Inc.

*

204

231

Ciena

Corp.

*

6,853

289,197

Cisco

Systems,

Inc.

194,042

10,097,946

Clearfield,

Inc.

*(d)

572

26,735

CommScope

Holding

Co.,

Inc.

*

12,576

56,592

Comtech

Telecommunications

Corp.

1,015

10,312

Digi

International,

Inc.

*(d)

1,749

73,336

DZS,

Inc.

*(d)

476

1,794

Extreme

Networks,

Inc.

*

5,547

147,495

F5,

Inc.

*

2,842

449,718

Harmonic,

Inc.

*

5,154

76,898

Infinera

Corp.

*(d)

12,163

54,733

Inseego

Corp.

*

518

397

Juniper

Networks,

Inc.

17,487

486,139

KVH

Industries,

Inc.

*

1,244

10,649

Common

Stocks

Shares

Value

($)

Communications

Equipment

Lumentum

Holdings,

Inc.

*(d)

3,136

164,201

Motorola

Solutions,

Inc.

8,021

2,299,059

NETGEAR,

Inc.

*

1,174

16,013

NetScout

Systems,

Inc.

*

3,480

97,266

Ribbon

Communications,

Inc.

*

3,318

10,551

Ubiquiti,

Inc.

213

37,839

Viasat,

Inc.

*(d)

3,305

102,257

Viavi

Solutions,

Inc.

*

10,408

113,135

16,612,178

Construction

&

Engineering

0.2%

AECOM

6,276

546,012

Ameresco,

Inc.,

Class A

*

1,829

106,466

API

Group

Corp.

*

9,473

272,443

Arcosa,

Inc.

2,229

172,034

Argan,

Inc.

585

22,253

Bowman

Consulting

Group

Ltd.

*

724

25,087

Comfort

Systems

USA,

Inc.

1,628

283,223

Concrete

Pumping

Holdings,

Inc.

*

1,006

8,118

Construction

Partners,

Inc.,

Class A

*(d)

1,793

52,714

Dycom

Industries,

Inc.

*(d)

1,324

131,844

EMCOR

Group,

Inc.

2,213

475,884

Fluor

Corp.

*(d)

6,706

207,752

Granite

Construction,

Inc.

(d)

2,319

94,917

Great

Lakes

Dredge

&

Dock

Corp.

*

2,535

21,294

IES

Holdings,

Inc.

*

333

19,088

INNOVATE

Corp.

*

3,044

5,023

Limbach

Holdings,

Inc.

*

610

16,116

MasTec,

Inc.

*

2,873

338,296

MDU

Resources

Group,

Inc.

(d)

9,216

203,858

MYR

Group,

Inc.

*

787

112,195

Northwest

Pipe

Co.

*

342

11,142

Primoris

Services

Corp.

2,363

75,049

Quanta

Services,

Inc.

(d)

6,764

1,363,758

Southland

Holdings,

Inc.

*

22

175

Sterling

Infrastructure,

Inc.

*

1,411

84,646

Tutor

Perini

Corp.

*

1,597

13,495

Valmont

Industries,

Inc.

948

250,983

WillScot

Mobile

Mini

Holdings

Corp.

*

9,051

433,995

5,347,860

Construction

Materials

0.1%

Eagle

Materials,

Inc.

1,704

314,167

Knife

River

Corp.

*(d)

2,409

104,719

Martin

Marietta

Materials,

Inc.

2,933

1,309,467

Summit

Materials,

Inc.,

Class A

*

5,633

203,802

United

States

Lime

&

Minerals,

Inc.

81

16,654

Vulcan

Materials

Co.

6,657

1,467,869

3,416,678

Consumer

Finance

0.3%

Ally

Financial,

Inc.

13,621

415,985

American

Express

Co.

28,231

4,767,651

Atlanticus

Holdings

Corp.

*(d)

183

7,448

36

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Consumer

Finance

Bread

Financial

Holdings,

Inc.

2,578

107,167

Capital

One

Financial

Corp.

(d)

18,226

2,132,807

Credit

Acceptance

Corp.

*(d)

337

187,574

Discover

Financial

Services

12,770

1,347,874

Encore

Capital

Group,

Inc.

*

1,540

82,390

Enova

International,

Inc.

*

1,882

103,679

EZCORP,

Inc.,

Class A

*

301

2,727

FirstCash

Holdings,

Inc.

2,002

190,751

Green

Dot

Corp.,

Class A

*

512

10,010

LendingClub

Corp.

*

6,459

54,191

LendingTree,

Inc.

*

778

18,983

Moneylion,

Inc.

*

21

302

Navient

Corp.

5,907

112,469

Nelnet,

Inc.,

Class A

942

92,957

NerdWallet,

Inc.,

Class A

*(d)

3,896

43,674

OneMain

Holdings,

Inc.

5,976

271,788

Oportun

Financial

Corp.

*

139

855

PRA

Group,

Inc.

*

2,724

64,995

PROG

Holdings,

Inc.

*

2,260

91,711

Regional

Management

Corp.

399

12,964

SLM

Corp.

12,541

202,913

SoFi

Technologies,

Inc.

*(d)

42,874

490,907

Synchrony

Financial

21,354

737,567

Upstart

Holdings,

Inc.

*(d)

3,431

235,675

World

Acceptance

Corp.

*(d)

212

33,473

11,821,487

Consumer

Staples

Distribution

&

Retail

1.0%

Albertsons

Cos.,

Inc.,

Class A

15,988

347,419

Andersons,

Inc.

(The)

1,814

88,560

BJ's

Wholesale

Club

Holdings,

Inc.

*

6,260

415,101

Casey's

General

Stores,

Inc.

1,760

444,682

Chefs'

Warehouse,

Inc.

(The)

*(d)

1,639

59,561

Costco

Wholesale

Corp.

20,931

11,735,384

Dollar

General

Corp.

10,306

1,740,271

Dollar

Tree,

Inc.

*

9,765

1,507,032

Grocery

Outlet

Holding

Corp.

*

4,548

152,131

HF

Foods

Group,

Inc.

*

1,493

7,808

Ingles

Markets,

Inc.,

Class A

672

56,986

Kroger

Co.

(The)

34,243

1,665,580

Natural

Grocers

by

Vitamin

Cottage,

Inc.

352

4,382

Performance

Food

Group

Co.

*

7,140

426,686

PriceSmart,

Inc.

1,274

99,028

Rite

Aid

Corp.

*

320

518

SpartanNash

Co.

1,369

30,720

Sprouts

Farmers

Market,

Inc.

*(d)

6,744

264,702

Sysco

Corp.

27,069

2,065,635

Target

Corp.

21,656

2,955,394

United

Natural

Foods,

Inc.

*(d)

2,529

52,603

US

Foods

Holding

Corp.

*

10,616

453,622

Village

Super

Market,

Inc.,

Class A

257

5,983

Walgreens

Boots

Alliance,

Inc.

(d)

33,914

1,016,403

Walmart,

Inc.

67,567

10,801,261

Common

Stocks

Shares

Value

($)

Consumer

Staples

Distribution

&

Retail

Weis

Markets,

Inc.

621

41,197

36,438,649

Containers

&

Packaging

0.2%

Amcor

plc

70,206

720,313

AptarGroup,

Inc.

3,181

386,364

Ardagh

Group

SA,

Class A

*^∞(d)

742

4,400

Ardagh

Metal

Packaging

SA

9,274

35,056

Avery

Dennison

Corp.

3,825

703,838

Ball

Corp.

(d)

14,520

852,179

Berry

Global

Group,

Inc.

5,418

355,258

Crown

Holdings,

Inc.

5,039

467,418

Graphic

Packaging

Holding

Co.

(d)

13,806

334,105

Greif,

Inc.,

Class A

1,155

86,720

International

Paper

Co.

21,261

766,672

Myers

Industries,

Inc.

1,476

28,944

O-I

Glass,

Inc.

*

7,167

164,554

Packaging

Corp.

of

America

4,245

650,971

Pactiv

Evergreen,

Inc.

2,143

18,451

Ranpak

Holdings

Corp.,

Class A

*

2,553

16,365

Sealed

Air

Corp.

6,677

304,605

Silgan

Holdings,

Inc.

3,669

160,886

Sonoco

Products

Co.

4,464

261,769

TriMas

Corp.

(d)

2,472

63,679

Westrock

Co.

14,923

496,787

6,879,334

Distributors

0.1%

Genuine

Parts

Co.

7,525

1,171,793

LKQ

Corp.

14,083

771,608

Pool

Corp.

1,775

682,913

Weyco

Group,

Inc.

29

792

2,627,106

Diversified

Consumer

Services

0.1%

2U,

Inc.

*

4,245

20,291

ADT,

Inc.

(d)

13,768

87,840

Adtalem

Global

Education,

Inc.

*(d)

1,744

75,411

American

Public

Education,

Inc.

*

108

541

Beachbody

Co.,

Inc.

(The)

*

799

368

Bright

Horizons

Family

Solutions,

Inc.

*(d)

2,723

264,213

Carriage

Services,

Inc.,

Class A

695

22,497

Chegg,

Inc.

*

5,236

53,041

Coursera,

Inc.

*

6,139

96,321

Duolingo,

Inc.,

Class A

*(d)

1,339

207,799

European

Wax

Center,

Inc.,

Class A

*(d)

1,322

25,607

Frontdoor,

Inc.

*

3,883

135,594

Graham

Holdings

Co.,

Class B

219

128,498

Grand

Canyon

Education,

Inc.

*

1,580

171,509

H&R

Block,

Inc.

7,157

240,547

Laureate

Education,

Inc.

7,132

91,432

Lincoln

Educational

Services

Corp.

*

1,570

11,163

Nationwide

Multi-Cap

Portfolio

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

37

Common

Stocks

Shares

Value

($)

Diversified

Consumer

Services

Mister

Car

Wash,

Inc.

*(d)

5,506

54,675

Nerdy,

Inc.

*

481

2,376

OneSpaWorld

Holdings

Ltd.

*

3,920

50,352

Perdoceo

Education

Corp.

*

2,642

35,271

Rover

Group,

Inc.,

Class A

*

554

3,036

Service

Corp.

International

7,079

471,815

Strategic

Education,

Inc.

(d)

1,135

85,239

Stride,

Inc.

*

1,577

60,257

Udemy,

Inc.

*

4,972

58,719

WW

International,

Inc.

*

1,657

19,304

2,473,716

Diversified

REITs

0.0%

†

Alexander

&

Baldwin,

Inc.

5,764

110,669

Alpine

Income

Property

Trust,

Inc.

864

14,679

American

Assets

Trust,

Inc.

1,998

44,955

Armada

Hoffler

Properties,

Inc.

3,130

38,875

Belpointe

Prep

LLC

*

20

1,678

Broadstone

Net

Lease,

Inc.

8,236

134,247

CTO

Realty

Growth,

Inc.

783

13,702

Empire

State

Realty

Trust,

Inc.,

Class A

4,997

44,723

Essential

Properties

Realty

Trust,

Inc.

6,311

154,935

Gladstone

Commercial

Corp.

1,301

17,303

Global

Net

Lease,

Inc.

4,940

52,809

One

Liberty

Properties,

Inc.

695

14,199

Star

Holdings

*

683

10,648

WP

Carey,

Inc.

9,878

667,061

1,320,483

Diversified

Telecommunication

Services

0.4%

Anterix,

Inc.

*

968

27,172

AST

SpaceMobile,

Inc.,

Class A

*(d)

4,343

18,631

AT&T,

Inc.

337,464

4,899,977

ATN

International,

Inc.

440

15,990

Bandwidth,

Inc.,

Class A

*

773

11,711

Charge

Enterprises,

Inc.

*(d)

9,651

9,176

Cogent

Communications

Holdings,

Inc.

(d)

1,860

113,906

Consolidated

Communications

Holdings,

Inc.

*

2,908

10,411

EchoStar

Corp.,

Class A

*

1,123

21,820

Frontier

Communications

Parent,

Inc.

*(d)

11,081

201,785

Globalstar,

Inc.

*(d)

52,882

57,113

IDT

Corp.,

Class B

*

1,551

36,790

Iridium

Communications,

Inc.

5,706

299,850

Liberty

Latin

America

Ltd.,

Class A

*

9,873

82,677

Lumen

Technologies,

Inc.

41,046

73,472

Ooma,

Inc.

*

767

11,505

Radius

Global

Infrastructure,

Inc.

*

3,789

56,494

Verizon

Communications,

Inc.

200,433

6,830,757

12,779,237

Electric

Utilities

0.9%

ALLETE,

Inc.

2,657

152,591

Common

Stocks

Shares

Value

($)

Electric

Utilities

Alliant

Energy

Corp.

(d)

11,938

641,548

American

Electric

Power

Co.,

Inc.

26,509

2,246,373

Avangrid,

Inc.

(d)

3,509

130,114

Constellation

Energy

Corp.

17,121

1,654,745

Duke

Energy

Corp.

37,883

3,546,606

Edison

International

(d)

19,005

1,367,600

Entergy

Corp.

9,972

1,024,124

Evergy,

Inc.

10,616

636,641

Eversource

Energy

16,473

1,191,492

Exelon

Corp.

49,281

2,062,903

FirstEnergy

Corp.

28,174

1,109,774

Genie

Energy

Ltd.,

Class B

1,428

19,149

Hawaiian

Electric

Industries,

Inc.

(d)

5,214

200,165

IDACORP,

Inc.

2,247

231,037

MGE

Energy,

Inc.

1,811

145,315

NextEra

Energy,

Inc.

96,810

7,096,173

NRG

Energy,

Inc.

(d)

10,830

411,432

OGE

Energy

Corp.

(d)

9,499

343,389

Otter

Tail

Corp.

1,883

152,542

PG&E

Corp.

*(d)

85,480

1,505,303

Pinnacle

West

Capital

Corp.

5,282

437,455

PNM

Resources,

Inc.

3,550

159,111

Portland

General

Electric

Co.

4,209

200,643

PPL

Corp.

38,529

1,060,703

Southern

Co.

(The)

55,334

4,002,862

Xcel

Energy,

Inc.

27,491

1,724,510

33,454,300

Electrical

Equipment

0.7%

Acuity

Brands,

Inc.

(d)

1,509

249,347

Allied

Motion

Technologies,

Inc.

494

19,217

American

Superconductor

Corp.

*

167

1,683

AMETEK,

Inc.

10,949

1,736,511

Amprius

Technologies,

Inc.

*

61

458

Array

Technologies,

Inc.

*

6,910

131,635

Atkore,

Inc.

*

1,826

289,731

Babcock

&

Wilcox

Enterprises,

Inc.

*

507

2,778

Blink

Charging

Co.

*(d)

1,424

9,114

Bloom

Energy

Corp.,

Class A

*(d)

8,864

158,311

ChargePoint

Holdings,

Inc.

*(d)

13,018

112,736

Eaton

Corp.

plc

(d)

18,938

3,888,350

Emerson

Electric

Co.

28,006

2,558,348

Encore

Wire

Corp.

(d)

709

121,019

Energy

Vault

Holdings,

Inc.

*

400

1,340

EnerSys

1,932

209,274

Enovix

Corp.

*(d)

6,305

135,684

Eos

Energy

Enterprises,

Inc.

*(d)

7,780

19,139

ESS

Tech,

Inc.

*

310

598

Fluence

Energy,

Inc.,

Class A

*(d)

2,349

68,685

FREYR

Battery

SA

*

668

5,625

FTC

Solar,

Inc.

*

222

844

FuelCell

Energy,

Inc.

*(d)

19,037

41,691

Fuji

Electric

Co.

Ltd.

107,900

4,877,437

38

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Electrical

Equipment

Generac

Holdings,

Inc.

*

2,874

441,734

GrafTech

International

Ltd.

11,599

61,243

Hubbell,

Inc.,

Class B

2,538

791,856

LSI

Industries,

Inc.

1,895

23,877

NEXTracker,

Inc.,

Class A

*

1,857

78,644

Nidec

Corp.

60,300

3,579,588

NuScale

Power

Corp.

*

206

1,561

nVent

Electric

plc

7,917

418,651

Plug

Power,

Inc.

*(d)

24,633

323,185

Powell

Industries,

Inc.

378

22,975

Preformed

Line

Products

Co.

(d)

114

19,780

Regal

Rexnord

Corp.

3,071

479,629

Rockwell

Automation,

Inc.

5,692

1,914,163

Sensata

Technologies

Holding

plc

6,989

295,285

SES

AI

Corp.

*(d)

9,027

28,345

Shoals

Technologies

Group,

Inc.,

Class A

*

7,756

201,346

SKYX

Platforms

Corp.

*(d)

4,039

8,563

Stem,

Inc.

*(d)

8,393

59,338

SunPower

Corp.

*(d)

4,457

43,991

Sunrun,

Inc.

*(d)

9,867

187,276

Thermon

Group

Holdings,

Inc.

*

1,343

37,080

TPI

Composites,

Inc.

*

1,258

7,472

Vertiv

Holdings

Co.,

Class A

15,100

392,751

Vicor

Corp.

*

1,204

111,093

24,168,981

Electronic

Equipment,

Instruments

&

Components

0.6%

908

Devices,

Inc.

*(d)

412

2,868

Advanced

Energy

Industries,

Inc.

1,749

218,940

Aeva

Technologies,

Inc.

*(d)

4,253

5,316

Akoustis

Technologies,

Inc.

*(d)

1,176

2,811

Amphenol

Corp.,

Class A

27,769

2,452,280

Arlo

Technologies,

Inc.

*

3,025

34,364

Arrow

Electronics,

Inc.

*

2,624

374,025

Avnet,

Inc.

3,918

190,023

Badger

Meter,

Inc.

1,357

223,416

Bel

Fuse,

Inc.,

Class B

755

40,506

Belden,

Inc.

(d)

1,936

187,095

Benchmark

Electronics,

Inc.

1,184

31,388

CDW

Corp.

6,348

1,187,520

Climb

Global

Solutions,

Inc.

276

13,353

Cognex

Corp.

(d)

8,183

446,955

Coherent

Corp.

*

5,515

261,187

Corning,

Inc.

38,934

1,321,420

CTS

Corp.

1,352

60,340

Daktronics,

Inc.

*

2,590

18,622

ePlus,

Inc.

*

1,050

59,167

Evolv

Technologies

Holdings,

Inc.

*

454

2,987

Fabrinet

*

1,701

210,312

FARO

Technologies,

Inc.

*

704

11,679

Flex

Ltd.

*

2,662

72,832

Focus

Universal,

Inc.

*

160

288

Hamamatsu

Photonics

KK

41,900

2,020,050

Ibiden

Co.

Ltd.

36,900

2,242,811

Identiv,

Inc.

*

128

987

Common

Stocks

Shares

Value

($)

Electronic

Equipment,

Instruments

&

Components

Insight

Enterprises,

Inc.

*(d)

1,320

193,631

IPG

Photonics

Corp.

*

1,423

187,053

Iteris,

Inc.

*

2,832

11,781

Itron,

Inc.

*

2,146

168,826

Jabil,

Inc.

(d)

9,375

1,037,531

Keyence

Corp.

7,700

3,456,687

Keysight

Technologies,

Inc.

*

8,367

1,347,756

Kimball

Electronics,

Inc.

*(d)

975

28,451

Knowles

Corp.

*

4,742

86,636

Lightwave

Logic,

Inc.

*(d)

3,433

23,070

Littelfuse,

Inc.

(d)

1,140

347,244

Luna

Innovations,

Inc.

*

2,130

19,255

Methode

Electronics,

Inc.

(d)

1,582

53,218

MicroVision,

Inc.

*(d)

5,508

22,032

Mirion

Technologies,

Inc.,

Class A

*(d)

12,119

91,498

Napco

Security

Technologies,

Inc.

1,666

62,442

National

Instruments

Corp.

6,142

362,378

nLight,

Inc.

*

1,407

20,261

Novanta,

Inc.

*

1,664

294,362

OSI

Systems,

Inc.

*

767

91,449

Ouster,

Inc.

*

176

1,089

PAR

Technology

Corp.

*(d)

1,218

42,131

PC

Connection,

Inc.

454

21,978

Plexus

Corp.

*

1,277

125,772

Richardson

Electronics

Ltd.

794

10,957

Rogers

Corp.

*(d)

817

137,754

Sanmina

Corp.

*

2,586

158,936

ScanSource,

Inc.

*

685

20,612

SmartRent,

Inc.,

Class A

*(d)

11,065

44,039

TD

SYNNEX

Corp.

1,829

180,541

Teledyne

Technologies,

Inc.

*

2,145

824,817

Tingo

Group,

Inc.

*(d)

8,810

12,422

Trimble,

Inc.

*

11,629

625,640

TTM

Technologies,

Inc.

*

6,294

90,382

Vishay

Intertechnology,

Inc.

5,854

164,790

Vishay

Precision

Group,

Inc.

*

470

17,583

Vontier

Corp.

7,021

217,160

Vuzix

Corp.

*(d)

2,275

12,012

Zebra

Technologies

Corp.,

Class A

*

2,419

744,955

23,052,673

Energy

Equipment

&

Services

0.3%

Archrock,

Inc.

6,554

76,420

Atlas

Energy

Solutions,

Inc.,

Class A

1,183

23,364

Baker

Hughes

Co.,

Class A

48,051

1,719,745

Borr

Drilling

Ltd.

*

9,360

82,181

Bristow

Group,

Inc.,

Class A

*

377

11,600

Cactus,

Inc.,

Class A

(d)

2,896

147,059

ChampionX

Corp.

(d)

9,224

328,374

Core

Laboratories,

Inc.

(d)

1,890

49,121

Diamond

Offshore

Drilling,

Inc.

*(d)

5,334

84,437

DMC

Global,

Inc.

*

609

11,486

Dril-Quip,

Inc.

*(d)

1,935

50,097

Expro

Group

Holdings

NV

*

3,804

84,411

Forum

Energy

Technologies,

Inc.

*

650

17,686

Halliburton

Co.

42,419

1,657,734

Nationwide

Multi-Cap

Portfolio

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

39

Common

Stocks

Shares

Value

($)

Energy

Equipment

&

Services

Helix

Energy

Solutions

Group,

Inc.

*

7,101

68,170

Helmerich

&

Payne,

Inc.

4,747

212,523

KLX

Energy

Services

Holdings,

Inc.

*

840

9,853

Liberty

Energy,

Inc.,

Class A

7,321

120,577

Mammoth

Energy

Services,

Inc.

*

1,545

7,555

Nabors

Industries

Ltd.

*(d)

512

62,715

Newpark

Resources,

Inc.

*

3,252

17,951

NexTier

Oilfield

Solutions,

Inc.

*(d)

8,707

103,787

Nine

Energy

Service,

Inc.

*

101

508

Noble

Corp.

plc

*

5,034

263,127

NOV,

Inc.

18,671

374,914

Oceaneering

International,

Inc.

*

4,679

105,044

Oil

States

International,

Inc.

*

2,266

18,219

Patterson-UTI

Energy,

Inc.

(d)

9,702

153,680

ProFrac

Holding

Corp.,

Class A

*

318

4,093

ProPetro

Holding

Corp.

*

3,490

36,436

Ranger

Energy

Services,

Inc.

*

1,110

11,655

RPC,

Inc.

4,351

36,200

Schlumberger

NV

67,526

3,939,467

SEACOR

Marine

Holdings,

Inc.

*

1,597

18,349

Seadrill

Ltd.

*

2,002

97,918

Select

Water

Solutions,

Inc.,

Class A

2,690

22,623

Solaris

Oilfield

Infrastructure,

Inc.,

Class A

1,161

12,690

TechnipFMC

plc

*

18,361

336,741

TETRA

Technologies,

Inc.

*

5,405

24,268

Tidewater,

Inc.

*

2,228

140,609

US

Silica

Holdings,

Inc.

*

3,655

47,552

Valaris

Ltd.

*(d)

2,959

227,251

Weatherford

International

plc

*

3,304

274,562

11,092,752

Entertainment

1.0%

Activision

Blizzard,

Inc.

*

36,561

3,391,398

AMC

Entertainment

Holdings,

Inc.,

Class A

*(d)

8,308

41,291

Atlanta

Braves

Holdings,

Inc.,

Class A

*

2,177

91,123

Capcom

Co.

Ltd.

117,400

5,272,729

Cinemark

Holdings,

Inc.

*

4,335

72,351

Electronic

Arts,

Inc.

12,863

1,753,870

Endeavor

Group

Holdings,

Inc.,

Class A

*

1,127

26,597

IMAX

Corp.

*

1,997

36,765

Kartoon

Studios,

Inc.

*

175

380

Liberty

Media

Corp.-Liberty

Formula

One,

Class A

*

9,957

713,485

Lions

Gate

Entertainment

Corp.,

Class A

*

9,215

68,258

Live

Nation

Entertainment,

Inc.

*(d)

7,294

640,048

Loop

Media,

Inc.

*

2,417

5,559

Common

Stocks

Shares

Value

($)

Entertainment

Madison

Square

Garden

Entertainment

Corp.

*

1,677

58,427

Madison

Square

Garden

Sports

Corp.

905

192,539

Marcus

Corp.

(The)

(d)

1,467

22,885

Netflix,

Inc.

*

20,630

9,055,951

Playstudios,

Inc.

*(d)

3,546

17,482

Playtika

Holding

Corp.

*(d)

547

6,531

Reservoir

Media,

Inc.

*

185

1,010

ROBLOX

Corp.,

Class A

*

20,981

823,504

Roku,

Inc.,

Class A

*

5,815

559,810

Sciplay

Corp.,

Class A

*

125

2,450

Skillz,

Inc.

*

78

933

Sphere

Entertainment

Co.

*

877

37,229

Spotify

Technology

SA

*

6,550

978,635

Take-Two

Interactive

Software,

Inc.

*(d)

7,779

1,189,755

Vivid

Seats,

Inc.,

Class A

*

146

1,216

Walt

Disney

Co.

(The)

*

87,327

7,762,497

Warner

Bros

Discovery,

Inc.

*

103,558

1,353,503

Warner

Music

Group

Corp.,

Class A

736

23,221

World

Wrestling

Entertainment,

Inc.,

Class A

2,007

210,735

34,412,167

Financial

Services

2.5%

Acacia

Research

Corp.

*

2,520

10,055

Affirm

Holdings,

Inc.,

Class A

*(d)

10,083

195,509

Alerus

Financial

Corp.

523

10,345

A-Mark

Precious

Metals,

Inc.

120

4,895

Apollo

Global

Management,

Inc.

24,263

1,982,530

AvidXchange

Holdings,

Inc.

*

6,702

83,172

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class E

2,611

60,889

Berkshire

Hathaway,

Inc.,

Class B

*

83,163

29,270,049

Block,

Inc.,

Class A

*

25,539

2,056,656

Cannae

Holdings,

Inc.

*

5,206

106,098

Cantaloupe,

Inc.

*

3,111

23,986

Cass

Information

Systems,

Inc.

558

21,176

Compass

Diversified

Holdings

2,635

59,367

Corebridge

Financial,

Inc.

478

8,943

Enact

Holdings,

Inc.

178

4,842

Equitable

Holdings,

Inc.

18,959

543,934

Essent

Group

Ltd.

5,142

255,043

Euronet

Worldwide,

Inc.

*

2,211

194,281

EVERTEC,

Inc.

3,165

124,479

Federal

Agricultural

Mortgage

Corp.,

Class C

747

120,080

Fidelity

National

Information

Services,

Inc.

27,963

1,688,406

Finance

of

America

Cos.,

Inc.,

Class A

*

4,182

8,322

Fiserv,

Inc.

*

28,968

3,656,051

FleetCor

Technologies,

Inc.

*(d)

3,369

838,578

Flywire

Corp.

*(d)

3,960

135,194

40

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Financial

Services

Global

Payments,

Inc.

13,165

1,451,441

I3

Verticals,

Inc.,

Class A

*(d)

637

15,931

International

Money

Express,

Inc.

*

1,053

25,514

Jack

Henry

&

Associates,

Inc.

3,445

577,279

Jackson

Financial,

Inc.,

Class A

4,362

144,033

Marqeta,

Inc.,

Class A

*

22,653

126,404

Mastercard,

Inc.,

Class A

39,560

15,597,717

Merchants

Bancorp

(d)

519

16,406

MGIC

Investment

Corp.

14,150

236,871

Mr.

Cooper

Group,

Inc.

*

3,626

210,199

NewtekOne,

Inc.

1,545

27,501

NMI

Holdings,

Inc.,

Class A

*

3,952

105,558

Ocwen

Financial

Corp.

*

426

14,382

ORIX

Corp.

246,200

4,733,738

Pagseguro

Digital

Ltd.,

Class A

*

7,926

90,039

Paymentus

Holdings,

Inc.,

Class A

*

93

1,050

Payoneer

Global,

Inc.

*

9,561

50,865

PayPal

Holdings,

Inc.

*

52,893

4,010,347

Paysafe

Ltd.

*

2,438

29,329

Paysign,

Inc.

*

2,165

4,157

PennyMac

Financial

Services,

Inc.

(d)

1,299

97,724

Priority

Technology

Holdings,

Inc.

*(d)

515

2,317

Radian

Group,

Inc.

(d)

8,832

237,846

Remitly

Global,

Inc.

*(d)

4,067

78,412

Repay

Holdings

Corp.,

Class A

*

3,251

27,146

Rocket

Cos.,

Inc.,

Class A

*(d)

7,695

84,106

Security

National

Financial

Corp.,

Class A

*

828

7,071

Shift4

Payments,

Inc.,

Class A

*(d)

2,493

171,992

StoneCo

Ltd.,

Class A

*

11,751

170,272

TFS

Financial

Corp.

2,537

36,812

Toast,

Inc.,

Class A

*(d)

16,482

363,758

UWM

Holdings

Corp.,

Class A

(d)

5,301

34,775

Velocity

Financial,

Inc.

*

114

1,411

Visa,

Inc.,

Class A

(d)

77,537

18,432,871

Voya

Financial,

Inc.

5,385

399,890

Walker

&

Dunlop,

Inc.

(d)

1,603

145,841

Waterstone

Financial,

Inc.

1,475

20,576

Western

Union

Co.

(The)

16,585

202,005

WEX,

Inc.

*

1,999

378,511

89,824,977

Food

Products

0.7%

Ajinomoto

Co.,

Inc.

109,400

4,261,839

AppHarvest,

Inc.

*

756

60

Archer-Daniels-Midland

Co.

25,586

2,173,787

B&G

Foods,

Inc.

(d)

3,979

52,762

Benson

Hill,

Inc.

*

16,823

23,384

Beyond

Meat,

Inc.

*(d)

3,141

54,025

BRC,

Inc.,

Class A

*

338

1,548

Bunge

Ltd.

7,023

763,189

Calavo

Growers,

Inc.

(d)

653

24,638

Cal-Maine

Foods,

Inc.

(d)

1,639

75,705

Common

Stocks

Shares

Value

($)

Food

Products

Campbell

Soup

Co.

10,568

484,226

Conagra

Brands,

Inc.

24,640

808,438

Darling

Ingredients,

Inc.

*

7,381

511,134

Dole

plc

(d)

2,255

29,789

Flowers

Foods,

Inc.

8,704

215,076

Forafric

Global

plc

*

22

244

Fresh

Del

Monte

Produce,

Inc.

1,754

46,621

Freshpet,

Inc.

*(d)

2,125

156,272

General

Mills,

Inc.

28,642

2,140,703

Hain

Celestial

Group,

Inc.

(The)

*

3,378

42,799

Hershey

Co.

(The)

7,568

1,750,554

Hormel

Foods

Corp.

15,667

640,467

Hostess

Brands,

Inc.,

Class A

*

5,910

142,076

Ingredion,

Inc.

3,008

334,670

J

&

J

Snack

Foods

Corp.

726

116,392

J

M

Smucker

Co.

(The)

(d)

5,347

805,526

John

B

Sanfilippo

&

Son,

Inc.

648

70,574

Kellogg

Co.

12,350

826,092

Kraft

Heinz

Co.

(The)

40,291

1,457,728

Lamb

Weston

Holdings,

Inc.

6,681

692,352

Lancaster

Colony

Corp.

(d)

920

177,220

Limoneira

Co.

1,257

19,509

McCormick

&

Co.,

Inc.

(Non-Voting)

13,520

1,209,770

Mission

Produce,

Inc.

*

1,831

21,276

Mondelez

International,

Inc.,

Class A

66,742

4,947,584

Pilgrim's

Pride

Corp.

*

737

18,255

Post

Holdings,

Inc.

*(d)

2,313

197,299

Seaboard

Corp.

3

10,815

Seneca

Foods

Corp.,

Class A

*

234

9,024

Simply

Good

Foods

Co.

(The)

*(d)

4,207

162,853

Sovos

Brands,

Inc.

*

1,832

32,610

SunOpta,

Inc.

*

7,063

46,828

Tootsie

Roll

Industries,

Inc.

91

3,172

TreeHouse

Foods,

Inc.

*

2,465

127,219

Tyson

Foods,

Inc.,

Class A

13,085

729,096

Utz

Brands,

Inc.

3,214

53,834

Vital

Farms,

Inc.

*

149

1,743

Westrock

Coffee

Co.

*(d)

2,009

22,290

Whole

Earth

Brands,

Inc.

*

178

721

26,493,788

Gas

Utilities

0.1%

Atmos

Energy

Corp.

(d)

6,869

836,026

Brookfield

Infrastructure

Corp.,

Class A

4,123

192,627

Chesapeake

Utilities

Corp.

267

31,570

National

Fuel

Gas

Co.

4,039

214,511

New

Jersey

Resources

Corp.

4,362

194,981

Northwest

Natural

Holding

Co.

1,960

84,221

ONE

Gas,

Inc.

(d)

2,486

196,717

RGC

Resources,

Inc.

531

10,684

Southwest

Gas

Holdings,

Inc.

(d)

2,900

191,226

Spire,

Inc.

(d)

2,196

139,600

Star

Group

LP

173

2,346

Nationwide

Multi-Cap

Portfolio

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

41

Common

Stocks

Shares

Value

($)

Gas

Utilities

UGI

Corp.

9,641

260,211

2,354,720

Ground

Transportation

0.6%

ArcBest

Corp.

1,153

134,117

Avis

Budget

Group,

Inc.

*

955

210,377

Canadian

National

Railway

Co.

590

71,526

Canadian

Pacific

Kansas

City

Ltd.

1,043

85,828

Covenant

Logistics

Group,

Inc.,

Class A

422

23,109

CSX

Corp.

95,634

3,186,525

Daseke,

Inc.

*

1,525

11,864

FTAI

Infrastructure,

Inc.

(d)

7,144

25,361

Heartland

Express,

Inc.

1,914

31,294

Hertz

Global

Holdings,

Inc.

*

5,889

99,230

JB

Hunt

Transport

Services,

Inc.

3,907

796,794

Knight-Swift

Transportation

Holdings,

Inc.,

Class A

7,189

436,732

Landstar

System,

Inc.

1,699

345,899

Lyft,

Inc.,

Class A

*

14,585

185,375

Marten

Transport

Ltd.

(d)

2,957

67,006

Norfolk

Southern

Corp.

11,130

2,599,857

Old

Dominion

Freight

Line,

Inc.

4,653

1,951,887

PAM

Transportation

Services,

Inc.

*

35

905

RXO,

Inc.

*(d)

5,434

119,820

Ryder

System,

Inc.

2,899

296,133

Saia,

Inc.

*

1,256

531,464

Schneider

National,

Inc.,

Class B

2,129

65,594

TuSimple

Holdings,

Inc.,

Class A

*

7,372

17,250

Uber

Technologies,

Inc.

*

91,470

4,524,106

U-Haul

Holding

Co.

(d)

493

30,004

U-Haul

Holding

Co.

(Non-Voting)

3,824

218,771

Union

Pacific

Corp.

28,758

6,672,431

Universal

Logistics

Holdings,

Inc.

(d)

276

8,581

Werner

Enterprises,

Inc.

2,683

126,155

XPO,

Inc.

*

5,394

373,480

23,247,475

Health

Care

Equipment

&

Supplies

1.9%

Abbott

Laboratories

82,731

9,210,442

Accuray,

Inc.

*(d)

6,724

28,644

Alcon,

Inc.

1,010

85,769

Align

Technology,

Inc.

*

3,569

1,348,689

Alphatec

Holdings,

Inc.

*

3,476

61,421

AngioDynamics,

Inc.

*

1,464

12,722

Apyx

Medical

Corp.

*

179

1,001

Artivion,

Inc.

*(d)

1,431

24,928

Asahi

Intecc

Co.

Ltd.

106,200

2,183,106

AtriCure,

Inc.

*

2,250

124,537

Atrion

Corp.

28

15,697

Avanos

Medical,

Inc.

*

2,099

51,363

Axogen,

Inc.

*

1,381

11,932

Axonics,

Inc.

*

2,238

135,108

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

Baxter

International,

Inc.

25,476

1,152,279

Becton

Dickinson

&

Co.

13,751

3,831,304

Beyond

Air,

Inc.

*

1,699

6,133

Boston

Scientific

Corp.

*

67,673

3,508,845

Butterfly

Network,

Inc.

*(d)

6,256

16,078

Cerus

Corp.

*

15,208

46,689

ClearPoint

Neuro,

Inc.

*

1,645

11,301

CONMED

Corp.

1,373

166,202

Cooper

Cos.,

Inc.

(The)

2,297

898,724

Cue

Health,

Inc.

*

603

268

Cutera,

Inc.

*

679

13,587

CVRx,

Inc.

*

737

13,214

Dentsply

Sirona,

Inc.

10,052

417,359

Dexcom,

Inc.

*

18,192

2,265,996

Edwards

Lifesciences

Corp.

*

28,390

2,329,967

Embecta

Corp.

2,608

55,655

Enovis

Corp.

*

2,558

163,456

Envista

Holdings

Corp.

*

7,673

264,028

GE

HealthCare

Technologies,

Inc.

21,224

1,655,472

Glaukos

Corp.

*

2,187

168,705

Globus

Medical,

Inc.,

Class A

*(d)

3,835

231,135

Haemonetics

Corp.

*(d)

2,320

213,997

Hologic,

Inc.

*

12,340

980,043

Hoya

Corp.

24,000

2,783,440

ICU

Medical,

Inc.

*

902

160,718

IDEXX

Laboratories,

Inc.

*

3,878

2,151,243

Inari

Medical,

Inc.

*(d)

2,343

133,715

Inmode

Ltd.

*

3,118

133,793

Inogen,

Inc.

*

3,254

26,585

Inspire

Medical

Systems,

Inc.

*

1,337

384,802

Insulet

Corp.

*(d)

3,241

896,947

Integer

Holdings

Corp.

*

1,507

139,367

Integra

LifeSciences

Holdings

Corp.

*(d)

3,325

151,188

Intuitive

Surgical,

Inc.

*

16,466

5,341,570

iRadimed

Corp.

210

9,225

iRhythm

Technologies,

Inc.

*

1,426

149,816

KORU

Medical

Systems,

Inc.

*

2,317

6,024

Lantheus

Holdings,

Inc.

*(d)

3,136

271,233

LeMaitre

Vascular,

Inc.

960

60,701

LivaNova

plc

*

2,278

133,149

Masimo

Corp.

*

2,209

270,161

Medtronic

plc

64,741

5,681,670

Merit

Medical

Systems,

Inc.

*

2,620

195,635

Nano-X

Imaging

Ltd.

*

1,645

20,398

Neogen

Corp.

*(d)

10,020

232,364

Nevro

Corp.

*

1,668

41,683

Novocure

Ltd.

*(d)

4,889

159,577

NuVasive,

Inc.

*

2,520

103,849

Olympus

Corp.

277,000

4,522,599

Omnicell,

Inc.

*

2,071

130,784

OraSure

Technologies,

Inc.

*

2,505

11,824

Orchestra

BioMed

Holdings,

Inc.

*

114

669

Orthofix

Medical,

Inc.

*

1,111

21,876

OrthoPediatrics

Corp.

*(d)

493

20,583

Outset

Medical,

Inc.

*

2,971

61,143

Paragon

28,

Inc.

*

3,346

59,124

Penumbra,

Inc.

*

1,697

514,802

42

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

PROCEPT

BioRobotics

Corp.

*

1,824

62,819

Pulmonx

Corp.

*(d)

1,053

14,742

Pulse

Biosciences,

Inc.

*(d)

1,165

9,204

QuidelOrtho

Corp.

*

2,390

208,790

ResMed,

Inc.

6,810

1,514,203

RxSight,

Inc.

*

134

4,472

Sanara

Medtech,

Inc.

*(d)

271

11,344

Semler

Scientific,

Inc.

*

362

8,887

Senseonics

Holdings,

Inc.

*

2,486

2,252

Shockwave

Medical,

Inc.

*

1,688

439,893

SI-BONE,

Inc.

*(d)

1,184

30,500

Sight

Sciences,

Inc.

*

169

1,487

Silk

Road

Medical,

Inc.

*

2,701

61,691

STAAR

Surgical

Co.

*

2,263

123,945

Stereotaxis,

Inc.

*

367

569

STERIS

plc

4,670

1,053,318

Stryker

Corp.

17,111

4,849,429

Surmodics,

Inc.

*

536

17,190

Tactile

Systems

Technology,

Inc.

*

719

16,472

Tandem

Diabetes

Care,

Inc.

*(d)

3,067

107,100

Tela

Bio,

Inc.

*

1,052

10,299

Teleflex,

Inc.

(d)

2,209

554,835

Terumo

Corp.

69,800

2,286,058

TransMedics

Group,

Inc.

*

1,465

136,509

Treace

Medical

Concepts,

Inc.

*

1,946

44,349

UFP

Technologies,

Inc.

*(d)

297

57,816

Utah

Medical

Products,

Inc.

150

14,749

Varex

Imaging

Corp.

*

1,504

35,028

Vicarious

Surgical,

Inc.,

Class A

*

185

303

Zimmer

Biomet

Holdings,

Inc.

9,912

1,369,343

Zimvie,

Inc.

*

149

2,044

Zomedica

Corp.

*

5,733

1,204

Zynex,

Inc.

*(d)

790

7,710

69,746,607

Health

Care

Providers

&

Services

1.6%

23andMe

Holding

Co.,

Class A

*(d)

17,520

33,638

Acadia

Healthcare

Co.,

Inc.

*

4,227

334,060

Accolade,

Inc.

*

3,125

46,938

AdaptHealth

Corp.,

Class A

*(d)

4,429

60,854

Addus

HomeCare

Corp.

*

753

68,952

Agiliti,

Inc.

*(d)

1,039

17,840

agilon

health,

Inc.

*(d)

12,552

240,371

AirSculpt

Technologies,

Inc.

69

626

Alignment

Healthcare,

Inc.

*

6,022

37,397

Amedisys,

Inc.

*

1,490

135,352

AmerisourceBergen

Corp.

8,047

1,503,984

AMN

Healthcare

Services,

Inc.

*(d)

1,852

198,442

Apollo

Medical

Holdings,

Inc.

*

2,057

75,348

Aveanna

Healthcare

Holdings,

Inc.

*

288

498

Brookdale

Senior

Living,

Inc.

*

7,560

26,611

Cano

Health,

Inc.

*(d)

11,867

17,444

Cardinal

Health,

Inc.

12,880

1,178,134

Common

Stocks

Shares

Value

($)

Health

Care

Providers

&

Services

CareMax,

Inc.

*

460

1,099

Castle

Biosciences,

Inc.

*(d)

886

14,929

Centene

Corp.

*

25,622

1,744,602

Chemed

Corp.

692

360,594

Cigna

Group

(The)

13,771

4,063,822

Clover

Health

Investments

Corp.,

Class A

*

1,939

2,424

Community

Health

Systems,

Inc.

*(d)

7,453

32,719

CorVel

Corp.

*

356

72,823

Cross

Country

Healthcare,

Inc.

*

1,558

40,196

CVS

Health

Corp.

61,792

4,615,244

DaVita,

Inc.

*

2,510

255,995

DocGo,

Inc.

*(d)

3,230

27,100

Elevance

Health,

Inc.

11,339

5,347,813

Encompass

Health

Corp.

4,594

303,342

Enhabit,

Inc.

*(d)

2,595

35,629

Ensign

Group,

Inc.

(The)

(d)

2,413

233,747

Fulgent

Genetics,

Inc.

*(d)

954

37,044

GeneDx

Holdings

Corp.,

Class A

*

97

719

Guardant

Health,

Inc.

*

5,083

198,339

HCA

Healthcare,

Inc.

9,630

2,627,160

HealthEquity,

Inc.

*

3,907

265,442

Henry

Schein,

Inc.

*

6,105

481,013

Hims

&

Hers

Health,

Inc.

*

6,855

61,489

Humana,

Inc.

6,021

2,750,573

InfuSystem

Holdings,

Inc.

*(d)

1,311

13,530

Innovage

Holding

Corp.

*

107

770

Invitae

Corp.

*(d)

12,028

17,080

Joint

Corp.

(The)

*

504

6,804

Laboratory

Corp.

of

America

Holdings

4,182

894,655

LifeStance

Health

Group,

Inc.

*

6,732

63,213

McKesson

Corp.

6,436

2,589,846

ModivCare,

Inc.

*

844

36,917

Molina

Healthcare,

Inc.

*

2,699

821,819

National

HealthCare

Corp.

1,039

61,322

National

Research

Corp.

(d)

531

22,785

NeoGenomics,

Inc.

*(d)

6,920

119,924

Nutex

Health,

Inc.

*

1,930

808

OPKO

Health,

Inc.

*(d)

13,347

24,825

Option

Care

Health,

Inc.

*

7,883

266,288

Owens

&

Minor,

Inc.

*

4,071

78,326

Patterson

Cos.,

Inc.

4,178

137,414

Pediatrix

Medical

Group,

Inc.

*

4,377

60,096

Pennant

Group,

Inc.

(The)

*

1,029

11,813

PetIQ,

Inc.,

Class A

*

773

12,940

Premier,

Inc.,

Class A

5,513

152,986

Privia

Health

Group,

Inc.

*(d)

3,270

91,298

Progyny,

Inc.

*

3,558

148,582

Quest

Diagnostics,

Inc.

6,902

933,219

Quipt

Home

Medical

Corp.

*

2,675

14,204

R1

RCM,

Inc.

*

7,297

126,092

RadNet,

Inc.

*(d)

2,296

75,952

Select

Medical

Holdings

Corp.

4,506

135,225

Surgery

Partners,

Inc.

*(d)

3,049

117,783

Talkspace,

Inc.

*

564

976

Tenet

Healthcare

Corp.

*

4,644

347,046

UnitedHealth

Group,

Inc.

44,150

22,356,236

Nationwide

Multi-Cap

Portfolio

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

43

Common

Stocks

Shares

Value

($)

Health

Care

Providers

&

Services

Universal

Health

Services,

Inc.,

Class B

2,828

392,979

US

Physical

Therapy,

Inc.

(d)

570

66,274

Viemed

Healthcare,

Inc.

*

2,263

19,122

57,769,495

Health

Care

REITs

0.1%

CareTrust

REIT,

Inc.

5,273

109,626

Community

Healthcare

Trust,

Inc.

1,398

49,265

Diversified

Healthcare

Trust

9,015

18,841

Global

Medical

REIT,

Inc.

1,620

16,038

Healthcare

Realty

Trust,

Inc.,

Class A

17,021

332,420

Healthpeak

Properties,

Inc.

26,090

569,545

LTC

Properties,

Inc.

2,245

75,342

Medical

Properties

Trust,

Inc.

27,802

280,522

National

Health

Investors,

Inc.

2,127

116,794

Omega

Healthcare

Investors,

Inc.

13,283

423,728

Physicians

Realty

Trust

10,961

161,565

Sabra

Health

Care

REIT,

Inc.

11,195

145,423

Universal

Health

Realty

Income

Trust

497

23,722

Ventas,

Inc.

20,467

993,059

Welltower,

Inc.

23,419

1,923,871

5,239,761

Health

Care

Technology

0.1%

American

Well

Corp.,

Class A

*

16,179

39,639

Certara,

Inc.

*

5,470

106,501

Computer

Programs

&

Systems,

Inc.

*

528

13,844

Definitive

Healthcare

Corp.,

Class A

*(d)

2,392

28,297

Doximity,

Inc.,

Class A

*(d)

5,062

180,865

Evolent

Health,

Inc.,

Class A

*(d)

5,027

152,771

GoodRx

Holdings,

Inc.,

Class A

*

398

3,677

Health

Catalyst,

Inc.

*

3,560

49,947

HealthStream,

Inc.

1,505

33,832

Multiplan

Corp.

*

18,341

39,433

NextGen

Healthcare,

Inc.

*

2,727

45,350

OptimizeRx

Corp.

*

460

6,417

Phreesia,

Inc.

*

3,001

95,192

Schrodinger,

Inc.

*(d)

2,591

135,535

Sharecare,

Inc.

*

6,871

9,551

Simulations

Plus,

Inc.

(d)

532

26,494

Teladoc

Health,

Inc.

*(d)

7,575

225,508

Veeva

Systems,

Inc.,

Class A

*

6,810

1,390,738

Veradigm,

Inc.

*

5,664

76,577

2,660,168

Hotel

&

Resort

REITs

0.0%

†

Apple

Hospitality

REIT,

Inc.

10,050

155,775

Ashford

Hospitality

Trust,

Inc.

*

203

812

Braemar

Hotels

&

Resorts,

Inc.

311

1,151

Chatham

Lodging

Trust

1,905

18,288

DiamondRock

Hospitality

Co.

10,483

89,105

Common

Stocks

Shares

Value

($)

Hotel

&

Resort

REITs

Hersha

Hospitality

Trust,

Class A

1,296

8,113

Host

Hotels

&

Resorts,

Inc.

33,371

614,026

Park

Hotels

&

Resorts,

Inc.

10,160

138,481

Pebblebrook

Hotel

Trust

2,118

32,723

RLJ

Lodging

Trust

7,235

74,520

Ryman

Hospitality

Properties,

Inc.

2,534

241,465

Service

Properties

Trust

7,727

65,602

Summit

Hotel

Properties,

Inc.

3,329

21,439

Sunstone

Hotel

Investors,

Inc.

10,393

105,905

Xenia

Hotels

&

Resorts,

Inc.

5,534

70,282

1,637,687

Hotels,

Restaurants

&

Leisure

1.4%

Accel

Entertainment,

Inc.,

Class A

*

1,456

16,598

Airbnb,

Inc.,

Class A

*(d)

19,059

2,900,589

Aramark

13,182

532,157

Bally's

Corp.

*

1,203

19,585

Biglari

Holdings,

Inc.,

Class B

*

51

10,361

BJ's

Restaurants,

Inc.

*

1,326

49,937

Bloomin'

Brands,

Inc.

4,127

110,893

Bluegreen

Vacations

Holding

Corp.,

Class A

55

2,150

Booking

Holdings,

Inc.

*

1,746

5,187,017

Bowlero

Corp.

*(d)

1,039

12,603

Boyd

Gaming

Corp.

3,512

239,940

Brinker

International,

Inc.

*

1,811

71,136

Caesars

Entertainment,

Inc.

*

9,593

566,179

Carnival

Corp.

*(d)

46,930

884,161

Carrols

Restaurant

Group,

Inc.

*

2,436

14,348

Cava

Group,

Inc.

*

944

53,912

Century

Casinos,

Inc.

*(d)

1,461

11,615

Cheesecake

Factory,

Inc.

(The)

(d)

2,302

84,668

Chipotle

Mexican

Grill,

Inc.,

Class A

*

1,338

2,625,531

Choice

Hotels

International,

Inc.

(d)

1,325

173,244

Churchill

Downs,

Inc.

3,232

374,427

Chuy's

Holdings,

Inc.

*

716

29,779

Cracker

Barrel

Old

Country

Store,

Inc.

(d)

1,086

101,215

Darden

Restaurants,

Inc.

6,231

1,052,541

Dave

&

Buster's

Entertainment,

Inc.

*

1,959

89,722

Denny's

Corp.

*

2,125

24,990

Dine

Brands

Global,

Inc.

(d)

794

47,894

Domino's

Pizza,

Inc.

1,664

660,175

DoorDash,

Inc.,

Class A

*

13,987

1,269,880

DraftKings,

Inc.,

Class A

*

27,030

859,013

Dutch

Bros,

Inc.,

Class A

*

241

7,473

El

Pollo

Loco

Holdings,

Inc.

667

7,104

Everi

Holdings,

Inc.

*

3,745

55,576

Expedia

Group,

Inc.

*

6,728

824,382

F45

Training

Holdings,

Inc.

*

276

186

Fiesta

Restaurant

Group,

Inc.

*

1,174

9,040

44

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

First

Watch

Restaurant

Group,

Inc.

*

96

1,789

Genius

Sports

Ltd.

*

667

5,229

Global

Business

Travel

Group

I

*(d)

2,269

15,974

Golden

Entertainment,

Inc.

*

1,262

53,433

Hilton

Grand

Vacations,

Inc.

*(d)

3,635

169,028

Hilton

Worldwide

Holdings,

Inc.

12,750

1,982,498

Hyatt

Hotels

Corp.,

Class A

(d)

2,270

286,815

Inspired

Entertainment,

Inc.

*

143

1,800

International

Game

Technology

plc

4,462

150,950

Jack

in

the

Box,

Inc.

939

93,346

Krispy

Kreme,

Inc.

4,331

66,697

Kura

Sushi

USA,

Inc.,

Class A

*

161

16,021

Las

Vegas

Sands

Corp.

*

15,689

938,359

Life

Time

Group

Holdings,

Inc.

*

1,895

34,281

Light

&

Wonder,

Inc.

*

4,234

297,650

Lindblad

Expeditions

Holdings,

Inc.

*

1,027

12,139

Marriott

International,

Inc.,

Class A

12,064

2,434,636

Marriott

Vacations

Worldwide

Corp.

1,693

217,567

McDonald's

Corp.

34,380

10,080,216

MGM

Resorts

International

14,440

733,119

Monarch

Casino

&

Resort,

Inc.

735

50,950

Mondee

Holdings,

Inc.

*

3,134

26,827

Nathan's

Famous,

Inc.

204

16,340

NEOGAMES

SA

*

80

2,179

Noodles

&

Co.,

Class A

*

1,237

4,515

Norwegian

Cruise

Line

Holdings

Ltd.

*(d)

19,986

441,091

ONE

Group

Hospitality,

Inc.

(The)

*

309

2,277

Papa

John's

International,

Inc.

1,597

132,072

Penn

Entertainment,

Inc.

*(d)

7,055

185,476

Planet

Fitness,

Inc.,

Class A

*

3,919

264,689

PlayAGS,

Inc.

*

2,666

17,649

Portillo's,

Inc.,

Class A

*

2,927

67,467

Potbelly

Corp.

*

1,730

16,522

RCI

Hospitality

Holdings,

Inc.

(d)

409

28,528

Red

Robin

Gourmet

Burgers,

Inc.

*(d)

1,141

16,602

Red

Rock

Resorts,

Inc.,

Class A

(d)

2,069

100,347

Royal

Caribbean

Cruises

Ltd.

*(d)

10,952

1,194,973

Rush

Street

Interactive,

Inc.

*

4,074

15,603

Sabre

Corp.

*(d)

16,397

67,228

SeaWorld

Entertainment,

Inc.

*

1,690

93,575

Shake

Shack,

Inc.,

Class A

*(d)

1,776

137,924

Six

Flags

Entertainment

Corp.

*

3,448

82,407

Sonder

Holdings,

Inc.

*

1,046

617

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Starbucks

Corp.

53,128

5,396,211

Super

Group

SGHC

Ltd.

*

9,047

27,412

Sweetgreen,

Inc.,

Class A

*(d)

4,194

63,204

Target

Hospitality

Corp.

*(d)

1,799

22,973

Texas

Roadhouse,

Inc.,

Class A

3,271

364,880

TH

International

Ltd.

*

138

411

Travel

+

Leisure

Co.

3,443

140,233

Vacasa,

Inc.,

Class A

*

626

464

Vail

Resorts,

Inc.

1,889

444,841

Wendy's

Co.

(The)

11,087

238,260

Wingstop,

Inc.

1,376

231,966

Wyndham

Hotels

&

Resorts,

Inc.

4,060

316,355

Wynn

Resorts

Ltd.

4,846

528,117

Xponential

Fitness,

Inc.,

Class A

*(d)

303

6,399

Yum!

Brands,

Inc.

14,831

2,041,784

49,360,936

Household

Durables

0.5%

Beazer

Homes

USA,

Inc.

*

979

32,924

Cavco

Industries,

Inc.

*(d)

431

127,425

Century

Communities,

Inc.

1,471

113,591

Cricut,

Inc.,

Class A

(d)

3,433

40,715

DR

Horton,

Inc.

14,773

1,876,466

Dream

Finders

Homes,

Inc.,

Class A

*

127

3,238

Ethan

Allen

Interiors,

Inc.

938

29,519

Garmin

Ltd.

7,121

754,043

GoPro,

Inc.,

Class A

*

5,113

20,912

Green

Brick

Partners,

Inc.

*(d)

1,304

73,702

Helen

of

Troy

Ltd.

*

1,136

160,517

Hooker

Furnishings

Corp.

729

14,631

Hovnanian

Enterprises,

Inc.,

Class A

*

27

2,879

Installed

Building

Products,

Inc.

1,082

160,158

iRobot

Corp.

*

1,267

50,680

KB

Home

3,449

186,143

Landsea

Homes

Corp.

*

48

474

La-Z-Boy,

Inc.

2,252

70,645

Legacy

Housing

Corp.

*

340

8,065

Leggett

&

Platt,

Inc.

8,875

259,682

Lennar

Corp.,

Class A

(d)

12,764

1,612,540

LGI

Homes,

Inc.

*(d)

966

134,032

Lifetime

Brands,

Inc.

66

363

Lovesac

Co.

(The)

*(d)

315

9,223

M/I

Homes,

Inc.

*

1,375

137,500

MDC

Holdings,

Inc.

(d)

4,361

223,632

Meritage

Homes

Corp.

(d)

976

145,375

Mohawk

Industries,

Inc.

*

2,476

263,298

Newell

Brands,

Inc.

18,381

205,132

NVR,

Inc.

*

143

901,821

PulteGroup,

Inc.

10,674

900,779

Purple

Innovation,

Inc.,

Class A

(d)

2,248

7,014

Skyline

Champion

Corp.

*(d)

2,527

176,031

Snap

One

Holdings

Corp.

*

104

1,013

Sonos,

Inc.

*(d)

7,112

121,900

Sony

Group

Corp.

76,400

7,149,750

Nationwide

Multi-Cap

Portfolio

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

45

Common

Stocks

Shares

Value

($)

Household

Durables

Taylor

Morrison

Home

Corp.,

Class A

*

4,755

230,237

Tempur

Sealy

International,

Inc.

7,767

346,641

Toll

Brothers,

Inc.

5,317

427,115

TopBuild

Corp.

*

1,482

405,964

Traeger,

Inc.

*

323

1,441

Tri

Pointe

Homes,

Inc.

*

4,507

143,683

Universal

Electronics,

Inc.

*

71

793

Vizio

Holding

Corp.,

Class A

*(d)

6,236

46,458

VOXX

International

Corp.,

Class A

*(d)

995

9,194

Whirlpool

Corp.

(d)

2,523

363,968

17,951,306

Household

Products

0.8%

Central

Garden

&

Pet

Co.

*

2,481

95,405

Church

&

Dwight

Co.,

Inc.

13,088

1,252,129

Clorox

Co.

(The)

5,798

878,281

Colgate-Palmolive

Co.

39,589

3,019,057

Energizer

Holdings,

Inc.

(d)

3,230

115,311

Kimberly-Clark

Corp.

17,530

2,263,123

Oil-Dri

Corp.

of

America

325

20,400

Procter

&

Gamble

Co.

(The)

113,115

17,679,874

Reynolds

Consumer

Products,

Inc.

2,988

82,708

Spectrum

Brands

Holdings,

Inc.

2,782

218,137

Unicharm

Corp.

109,600

4,058,116

WD-40

Co.

(d)

637

146,191

29,828,732

Independent

Power

and

Renewable

Electricity

Producers

0.1%

AES

Corp.

(The)

31,198

674,813

Altus

Power,

Inc.,

Class A

*(d)

2,475

16,855

Brookfield

Renewable

Corp.,

Class A

(d)

6,239

194,469

Clearway

Energy,

Inc.,

Class A

4,799

124,377

Montauk

Renewables,

Inc.

*

4,657

40,749

NextEra

Energy

Partners

LP

517

28,151

Ormat

Technologies,

Inc.

2,494

202,762

Spruce

Power

Holding

Corp.

*

603

585

Sunnova

Energy

International,

Inc.

*(d)

5,534

97,730

Vistra

Corp.

17,499

491,022

1,871,513

Industrial

Conglomerates

0.4%

3M

Co.

25,976

2,896,324

General

Electric

Co.

51,173

5,846,003

Honeywell

International,

Inc.

32,414

6,292,530

15,034,857

Industrial

REITs

0.2%

Americold

Realty

Trust,

Inc.

12,607

408,719

EastGroup

Properties,

Inc.

1,956

346,564

First

Industrial

Realty

Trust,

Inc.

5,632

291,174

Industrial

Logistics

Properties

Trust

382

1,620

Common

Stocks

Shares

Value

($)

Industrial

REITs

Innovative

Industrial

Properties,

Inc.

1,207

95,631

LXP

Industrial

Trust

13,638

137,335

Plymouth

Industrial

REIT,

Inc.

2,876

65,486

Prologis,

Inc.

44,131

5,505,342

Rexford

Industrial

Realty,

Inc.

9,051

498,620

STAG

Industrial,

Inc.

8,144

295,627

Terreno

Realty

Corp.

3,477

206,325

7,852,443

Insurance

1.4%

Aflac,

Inc.

28,490

2,060,967

Allstate

Corp.

(The)

13,765

1,551,040

Ambac

Financial

Group,

Inc.

*

1,809

25,579

American

Equity

Investment

Life

Holding

Co.

3,697

198,418

American

Financial

Group,

Inc.

3,771

458,591

American

International

Group,

Inc.

34,769

2,095,875

AMERISAFE,

Inc.

1,778

92,669

Aon

plc,

Class A

9,541

3,038,808

Arch

Capital

Group

Ltd.

*

16,973

1,318,632

Argo

Group

International

Holdings

Ltd.

(d)

2,050

60,885

Arthur

J

Gallagher

&

Co.

10,050

2,158,740

Assurant,

Inc.

2,910

391,424

Assured

Guaranty

Ltd.

2,744

164,036

Axis

Capital

Holdings

Ltd.

3,615

199,259

Bright

Health

Group,

Inc.

*

16

202

Brighthouse

Financial,

Inc.

*

3,446

179,640

Brown

&

Brown,

Inc.

11,176

787,349

BRP

Group,

Inc.,

Class A

*

2,634

65,613

Chubb

Ltd.

17,168

3,509,311

Cincinnati

Financial

Corp.

7,287

783,935

Citizens,

Inc.,

Class A

*

269

691

CNA

Financial

Corp.

1,791

70,136

CNO

Financial

Group,

Inc.

(d)

5,599

144,006

Crawford

&

Co.,

Class A

638

6,131

Donegal

Group,

Inc.,

Class A

447

6,513

eHealth,

Inc.

*

443

3,349

Employers

Holdings,

Inc.

157

6,065

Enstar

Group

Ltd.

*(d)

577

147,643

Erie

Indemnity

Co.,

Class A

150

33,294

Everest

Group

Ltd.

1,963

707,681

F&G

Annuities

&

Life,

Inc.

(d)

856

22,427

Fidelity

National

Financial,

Inc.

12,038

471,528

First

American

Financial

Corp.

(d)

4,744

300,675

Genworth

Financial,

Inc.,

Class A

*

4,014

23,522

Global

Indemnity

Group

LLC,

Class A

40

1,375

Globe

Life,

Inc.

4,351

488,052

GoHealth,

Inc.,

Class A

*

260

4,815

Goosehead

Insurance,

Inc.,

Class A

*

985

65,867

Greenlight

Capital

Re

Ltd.,

Class A

*

1,493

15,348

Hagerty,

Inc.,

Class A

*

426

3,762

Hanover

Insurance

Group,

Inc.

(The)

1,672

189,739

46

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Insurance

Hartford

Financial

Services

Group,

Inc.

(The)

14,570

1,047,292

HCI

Group,

Inc.

276

17,336

Hippo

Holdings,

Inc.

*

73

1,256

Horace

Mann

Educators

Corp.

770

23,200

Investors

Title

Co.

73

11,428

James

River

Group

Holdings

Ltd.

213

3,938

Kemper

Corp.

2,897

147,660

Kingsway

Financial

Services,

Inc.

*

706

5,909

Kinsale

Capital

Group,

Inc.

1,016

378,592

Lemonade,

Inc.

*(d)

2,471

57,451

Lincoln

National

Corp.

8,018

224,825

Loews

Corp.

9,008

564,351

Maiden

Holdings

Ltd.

*

6,019

11,737

Manulife

Financial

Corp.

4,453

89,060

Markel

Group,

Inc.

*

628

910,418

Marsh

&

McLennan

Cos.,

Inc.

23,930

4,508,891

MBIA,

Inc.

*

2,769

24,201

Mercury

General

Corp.

1,487

47,852

MetLife,

Inc.

30,731

1,935,131

National

Western

Life

Group,

Inc.,

Class A

100

42,167

NI

Holdings,

Inc.

*

307

4,277

Old

Republic

International

Corp.

13,034

359,347

Oscar

Health,

Inc.,

Class A

*

5,526

41,556

Palomar

Holdings,

Inc.

*

888

53,777

Primerica,

Inc.

(d)

1,741

370,311

Principal

Financial

Group,

Inc.

12,348

986,235

ProAssurance

Corp.

587

9,862

Progressive

Corp.

(The)

27,558

3,471,757

Prudential

Financial,

Inc.

17,913

1,728,425

Reinsurance

Group

of

America,

Inc.

3,109

436,348

RenaissanceRe

Holdings

Ltd.

2,274

424,692

RLI

Corp.

1,898

253,212

Ryan

Specialty

Holdings,

Inc.,

Class A

*

4,111

178,171

Safety

Insurance

Group,

Inc.

111

7,992

Selective

Insurance

Group,

Inc.

(d)

2,824

291,409

Selectquote,

Inc.

*(d)

10,329

19,522

SiriusPoint

Ltd.

*

3,678

34,353

Skyward

Specialty

Insurance

Group,

Inc.

*

83

1,966

Stewart

Information

Services

Corp.

311

14,657

Tiptree,

Inc.,

Class A

960

14,179

Tokio

Marine

Holdings,

Inc.

239,700

5,492,107

Travelers

Cos.,

Inc.

(The)

11,897

2,053,541

Trupanion,

Inc.

*(d)

1,859

57,350

United

Fire

Group,

Inc.

(d)

885

21,275

United

Insurance

Holdings

Corp.

*

1,300

6,890

Universal

Insurance

Holdings,

Inc.

943

14,645

Unum

Group

9,316

452,851

W

R

Berkley

Corp.

10,066

620,972

Common

Stocks

Shares

Value

($)

Insurance

White

Mountains

Insurance

Group

Ltd.

(d)

117

181,001

Willis

Towers

Watson

plc

5,102

1,078,206

50,587,173

Interactive

Media

&

Services

3.0%

Alphabet,

Inc.,

Class A

*

527,036

70,042,730

Angi,

Inc.,

Class A

*

463

1,792

Bumble,

Inc.,

Class A

*

4,645

86,025

Cargurus,

Inc.,

Class A

*

4,478

101,472

Cars.com,

Inc.

*

2,736

62,408

Eventbrite,

Inc.,

Class A

*

3,479

40,043

EverQuote,

Inc.,

Class A

*

586

4,149

fuboTV,

Inc.

*(d)

8,257

27,826

Getty

Images

Holdings,

Inc.

*

1,110

5,506

Grindr,

Inc.

*

2,719

16,042

IAC,

Inc.

*

3,628

252,509

Liberty

TripAdvisor

Holdings,

Inc.,

Class A

*

423

322

Match

Group,

Inc.

*

13,084

608,537

MediaAlpha,

Inc.,

Class A

*

215

2,180

Meta

Platforms,

Inc.,

Class A

*

105,437

33,592,228

Nextdoor

Holdings,

Inc.

*(d)

10,289

31,999

Outbrain,

Inc.

*

180

956

Pinterest,

Inc.,

Class A

*

27,956

810,445

QuinStreet,

Inc.

*

1,525

13,542

Rumble,

Inc.

*

460

3,965

Shutterstock,

Inc.

(d)

1,216

62,563

Snap,

Inc.,

Class A

*

5,767

65,513

System1,

Inc.

*

1,745

4,991

Taboola.com

Ltd.

*

781

2,921

TripAdvisor,

Inc.

*(d)

5,148

96,010

TrueCar,

Inc.

*

3,738

9,158

Vimeo,

Inc.

*

8,159

33,615

Vinco

Ventures,

Inc.

*

2

1

Yelp,

Inc.,

Class A

*

3,239

145,917

Ziff

Davis,

Inc.

*

2,206

159,979

ZipRecruiter,

Inc.,

Class A

*

3,795

70,283

ZoomInfo

Technologies,

Inc.,

Class A

*(d)

14,461

369,768

106,725,395

IT

Services

1.3%

Accenture

plc,

Class A

(d)

29,994

9,488,602

Akamai

Technologies,

Inc.

*

7,220

682,290

Amdocs

Ltd.

5,674

531,313

BigBear.ai

Holdings,

Inc.

*

137

275

BigCommerce

Holdings,

Inc. Series

1,*

2,854

30,852

Brightcove,

Inc.

*

1,584

7,112

Cloudflare,

Inc.,

Class A

*(d)

13,494

927,982

Cognizant

Technology

Solutions

Corp.,

Class A

26,758

1,766,831

DigitalOcean

Holdings,

Inc.

*(d)

2,852

141,231

DXC

Technology

Co.

*

10,721

296,436

Edgio,

Inc.

*

797

626

EPAM

Systems,

Inc.

*

2,624

621,389

Fastly,

Inc.,

Class A

*(d)

6,580

120,875

Gartner,

Inc.

*

3,601

1,273,277

Globant

SA

*(d)

1,927

336,705

GoDaddy,

Inc.,

Class A

*

7,110

548,110

Nationwide

Multi-Cap

Portfolio

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

47

Common

Stocks

Shares

Value

($)

IT

Services

Grid

Dynamics

Holdings,

Inc.

*

3,785

39,440

Hackett

Group,

Inc.

(The)

984

22,878

Information

Services

Group,

Inc.

198

1,020

International

Business

Machines

Corp.

43,548

6,278,751

Kyndryl

Holdings,

Inc.

*

9,714

132,693

MongoDB,

Inc.,

Class A

*(d)

3,103

1,313,810

Nomura

Research

Institute

Ltd.

93,100

2,646,463

NTT

Data

Group

Corp.

245,900

3,420,397

Obic

Co.

Ltd.

19,900

3,258,727

Okta,

Inc.,

Class A

*

7,043

541,325

Otsuka

Corp.

73,400

3,056,234

Perficient,

Inc.

*(d)

1,608

102,574

Rackspace

Technology,

Inc.

*

2,342

5,433

SHIFT,

Inc.

*

19,100

4,524,290

Snowflake,

Inc.,

Class A

*

14,375

2,554,581

Squarespace,

Inc.,

Class A

*

2,568

85,103

Thoughtworks

Holding,

Inc.

*(d)

4,889

34,663

Tucows,

Inc.,

Class A

*

317

9,792

Twilio,

Inc.,

Class A

*(d)

7,996

527,976

Unisys

Corp.

*

2,513

13,671

VeriSign,

Inc.

*

4,214

888,943

46,232,670

Leisure

Products

0.1%

Acushnet

Holdings

Corp.

1,233

73,524

AMMO,

Inc.

*(d)

771

1,604

Brunswick

Corp.

3,240

279,644

Clarus

Corp.

(d)

742

6,604

Escalade,

Inc.

660

9,636

Funko,

Inc.,

Class A

*(d)

1,044

8,519

Hasbro,

Inc.

6,135

396,076

JAKKS

Pacific,

Inc.

*

479

9,982

Johnson

Outdoors,

Inc.,

Class A

230

13,598

Latham

Group,

Inc.

*

222

875

Malibu

Boats,

Inc.,

Class A

*

965

57,852

Marine

Products

Corp.

281

4,507

MasterCraft

Boat

Holdings,

Inc.

*

772

23,662

Mattel,

Inc.

*

16,647

354,581

Peloton

Interactive,

Inc.,

Class A

*(d)

14,178

137,668

Polaris,

Inc.

(d)

2,532

343,947

Smith

&

Wesson

Brands,

Inc.

2,551

32,474

Solo

Brands,

Inc.,

Class A

*

127

744

Sturm

Ruger

&

Co.,

Inc.

1,075

56,921

Topgolf

Callaway

Brands

Corp.

*(d)

6,441

128,627

Vista

Outdoor,

Inc.

*(d)

3,207

97,172

YETI

Holdings,

Inc.

*(d)

4,114

175,256

2,213,473

Life

Sciences

Tools

&

Services

0.9%

10X

Genomics,

Inc.,

Class A

*(d)

4,300

270,814

Adaptive

Biotechnologies

Corp.

*

7,483

63,157

Agilent

Technologies,

Inc.

15,235

1,855,166

Common

Stocks

Shares

Value

($)

Life

Sciences

Tools

&

Services

Akoya

Biosciences,

Inc.

*

101

697

Avantor,

Inc.

*

31,631

650,650

Azenta,

Inc.

*(d)

3,221

151,323

BioLife

Solutions,

Inc.

*(d)

1,273

25,307

Bionano

Genomics,

Inc.

*

1,777

1,044

Bio-Rad

Laboratories,

Inc.,

Class A

*

993

402,522

Bio-Techne

Corp.

7,325

610,905

Bruker

Corp.

4,898

336,591

Charles

River

Laboratories

International,

Inc.

*

2,359

494,305

Codexis,

Inc.

*

4,000

14,400

CryoPort,

Inc.

*

2,310

37,122

Cytek

Biosciences,

Inc.

*

5,227

46,834

Danaher

Corp.

31,033

7,915,277

Fortrea

Holdings,

Inc.

*(d)

4,133

132,091

Harvard

Bioscience,

Inc.

*

2,593

12,057

ICON

plc

*

3,822

960,889

Illumina,

Inc.

*

7,446

1,430,749

Inotiv,

Inc.

*

116

844

IQVIA

Holdings,

Inc.

*

8,655

1,936,643

Maravai

LifeSciences

Holdings,

Inc.,

Class A

*

5,520

62,431

MaxCyte,

Inc.

*

537

2,400

Medpace

Holdings,

Inc.

*

1,099

278,234

Mesa

Laboratories,

Inc.

366

47,090

Mettler-Toledo

International,

Inc.

*

1,016

1,277,590

NanoString

Technologies,

Inc.

*

1,511

7,192

Nautilus

Biotechnology,

Inc.,

Class A

*

270

888

OmniAb,

Inc.

*(d)

4,281

23,545

OmniAb,

Inc.

*^∞(d)

652

0

Pacific

Biosciences

of

California,

Inc.

*

11,520

152,179

Personalis,

Inc.

*

219

517

PhenomeX,

Inc.

*

460

253

QIAGEN

NV

*

9,154

428,590

Quanterix

Corp.

*

786

19,524

Quantum-Si,

Inc.

*

562

2,186

Repligen

Corp.

*

2,576

441,939

Revvity,

Inc.

5,926

728,602

Seer,

Inc.,

Class A

*

3,003

15,195

Singular

Genomics

Systems,

Inc.

*

264

209

SomaLogic,

Inc.

*(d)

1,014

2,484

Sotera

Health

Co.

*(d)

5,073

96,286

Syneos

Health,

Inc.

*

4,793

203,271

Thermo

Fisher

Scientific,

Inc.

18,180

9,974,639

Waters

Corp.

*

2,727

753,225

West

Pharmaceutical

Services,

Inc.

3,487

1,283,355

33,151,211

Machinery

1.3%

374Water,

Inc.

*(d)

4,264

8,485

3D

Systems

Corp.

*

6,655

57,965

AGCO

Corp.

2,917

388,253

Alamo

Group,

Inc.

496

96,105

Albany

International

Corp.,

Class A

1,456

140,184

48

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Machinery

Allison

Transmission

Holdings,

Inc.

4,059

238,223

Astec

Industries,

Inc.

1,177

58,144

Barnes

Group,

Inc.

2,520

99,036

Blue

Bird

Corp.

*(d)

688

14,407

Caterpillar,

Inc.

24,349

6,456,624

Chart

Industries,

Inc.

*(d)

1,967

358,309

CIRCOR

International,

Inc.

*

782

43,557

CNH

Industrial

NV

45,918

659,382

Columbus

McKinnon

Corp.

1,436

60,800

Commercial

Vehicle

Group,

Inc.

*

2,301

24,160

Crane

Co.

2,200

206,118

Crane

NXT

Co.

(d)

2,265

133,975

Cummins,

Inc.

6,684

1,743,187

Daifuku

Co.

Ltd.

87,000

1,853,877

Deere

&

Co.

12,842

5,516,923

Desktop

Metal,

Inc.,

Class A

*(d)

12,408

22,583

Donaldson

Co.,

Inc.

5,602

351,974

Douglas

Dynamics,

Inc.

1,159

35,987

Dover

Corp.

6,565

958,293

Energy

Recovery,

Inc.

*(d)

2,758

84,064

Enerpac

Tool

Group

Corp.,

Class A

2,863

78,675

EnPro

Industries,

Inc.

988

137,115

Esab

Corp.

2,578

177,109

ESCO

Technologies,

Inc.

(d)

1,241

124,783

Federal

Signal

Corp.

(d)

2,681

163,782

Flowserve

Corp.

6,158

232,526

Fortive

Corp.

16,829

1,318,552

Franklin

Electric

Co.,

Inc.

2,089

206,435

Gates

Industrial

Corp.

plc

*

6,006

81,802

Gencor

Industries,

Inc.

*

699

10,660

Gorman-Rupp

Co.

(The)

733

23,236

Graco,

Inc.

7,861

623,613

Greenbrier

Cos.,

Inc.

(The)

1,303

60,186

Helios

Technologies,

Inc.

1,542

97,454

Hillenbrand,

Inc.

3,052

158,521

Hillman

Solutions

Corp.

*

8,172

80,412

Hyliion

Holdings

Corp.

*

3,630

7,151

Hyster-Yale

Materials

Handling,

Inc.

368

17,576

Hyzon

Motors,

Inc.

*

457

932

IDEX

Corp.

3,529

796,883

Illinois

Tool

Works,

Inc.

14,677

3,864,748

Ingersoll

Rand,

Inc.

18,986

1,239,216

ITT,

Inc.

4,032

401,587

John

Bean

Technologies

Corp.

(d)

1,424

176,021

Kadant,

Inc.

547

121,899

Kennametal,

Inc.

(d)

4,045

123,292

Lincoln

Electric

Holdings,

Inc.

2,605

522,850

Lindsay

Corp.

539

71,434

Luxfer

Holdings

plc

987

12,495

Manitowoc

Co.,

Inc.

(The)

*

1,391

25,205

Markforged

Holding

Corp.

*

603

1,260

Mayville

Engineering

Co.,

Inc.

*

812

9,817

Microvast

Holdings,

Inc.

*(d)

2,621

7,522

Middleby

Corp.

(The)

*(d)

2,420

367,477

Miller

Industries,

Inc.

454

17,225

Common

Stocks

Shares

Value

($)

Machinery

Mueller

Industries,

Inc.

(d)

2,553

206,946

Mueller

Water

Products,

Inc.,

Class A

7,462

120,064

Nikola

Corp.

*(d)

14,939

39,887

Nordson

Corp.

2,671

672,050

Omega

Flex,

Inc.

99

8,862

Oshkosh

Corp.

3,068

282,471

Otis

Worldwide

Corp.

22,368

2,034,593

PACCAR,

Inc.

25,406

2,188,219

Parker-Hannifin

Corp.

6,013

2,465,390

Park-Ohio

Holdings

Corp.

606

11,678

Pentair

plc

(d)

7,611

528,964

Proterra,

Inc.

*(d)

16,308

27,561

Proto

Labs,

Inc.

*

836

27,713

RBC

Bearings,

Inc.

*(d)

1,300

293,865

REV

Group,

Inc.

1,076

13,913

Shyft

Group,

Inc.

(The)

1,388

20,029

SMC

Corp.

2,900

1,514,817

Snap-on,

Inc.

2,480

675,651

SPX

Technologies,

Inc.

*(d)

2,035

172,181

Standex

International

Corp.

618

91,816

Stanley

Black

&

Decker,

Inc.

7,242

718,913

Symbotic,

Inc.,

Class A

*

76

4,829

Tennant

Co.

917

73,580

Terex

Corp.

3,088

181,049

Timken

Co.

(The)

(d)

2,900

269,294

Titan

International,

Inc.

*

3,844

48,012

Toro

Co.

(The)

4,881

496,154

Trinity

Industries,

Inc.

(d)

3,833

100,501

Velo3D,

Inc.

*

524

1,200

Wabash

National

Corp.

2,675

63,344

Watts

Water

Technologies,

Inc.,

Class A

1,284

239,505

Westinghouse

Air

Brake

Technologies

Corp.

10,002

1,184,637

Xos,

Inc.

*

316

128

Xylem,

Inc.

11,188

1,261,447

47,009,329

Marine

Transportation

0.0%

†

Costamare,

Inc.

1,656

18,498

Diana

Shipping,

Inc.

508

1,981

Eagle

Bulk

Shipping,

Inc.

(d)

669

30,901

Genco

Shipping

&

Trading

Ltd.

2,165

31,393

Global

Ship

Lease,

Inc.,

Class A

196

4,206

Golden

Ocean

Group

Ltd.

(d)

4,424

34,684

Himalaya

Shipping

Ltd.

*

1,815

10,944

Kirby

Corp.

*

2,779

226,433

Matson,

Inc.

(d)

1,625

151,872

Pangaea

Logistics

Solutions

Ltd.

2,571

17,920

Safe

Bulkers,

Inc.

2,003

6,670

Star

Bulk

Carriers

Corp.

399

7,214

542,716

Media

0.5%

Advantage

Solutions,

Inc.

*

3,390

8,780

Altice

USA,

Inc.,

Class A

*

1,209

4,099

AMC

Networks,

Inc.,

Class A

*

2,013

25,404

Boston

Omaha

Corp.,

Class A

*

489

9,545

Nationwide

Multi-Cap

Portfolio

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

49

Common

Stocks

Shares

Value

($)

Media

Cable

One,

Inc.

252

182,433

Cardlytics,

Inc.

*

1,866

21,776

Charter

Communications,

Inc.,

Class A

*

4,818

1,952,205

Clear

Channel

Outdoor

Holdings,

Inc.

*

14,958

26,924

Comcast

Corp.,

Class A

195,196

8,834,571

comScore,

Inc.

*

399

309

Daily

Journal

Corp.

*

52

15,055

DISH

Network

Corp.,

Class A

*

11,276

89,419

Emerald

Holding,

Inc.

*

118

584

Entravision

Communications

Corp.,

Class A

2,429

11,611

EW

Scripps

Co.

(The),

Class A

*(d)

2,267

22,353

Fox

Corp.,

Class A

19,988

655,082

Gambling.com

Group

Ltd.

*

52

637

Gannett

Co.,

Inc.

*

5,522

15,572

Gray

Television,

Inc.

5,492

52,009

iHeartMedia,

Inc.,

Class A

*

3,520

16,650

Innovid

Corp.

*

477

572

Integral

Ad

Science

Holding

Corp.

*

1,790

37,322

Interpublic

Group

of

Cos.,

Inc.

(The)

18,209

623,294

John

Wiley

&

Sons,

Inc.,

Class A

1,868

63,942

Liberty

Broadband

Corp.,

Class A

*(d)

6,250

556,846

Liberty

Media

Corp.-Liberty

SiriusXM,

Class A

*

11,611

369,034

Magnite,

Inc.

*(d)

7,167

108,437

New

York

Times

Co.

(The),

Class A

(d)

7,732

315,156

News

Corp.,

Class A

(d)

23,482

466,831

Nexstar

Media

Group,

Inc.,

Class A

(d)

1,568

292,777

Omnicom

Group,

Inc.

10,078

852,800

Paramount

Global,

Class A

(d)

26,974

433,353

PubMatic,

Inc.,

Class A

*

3,091

61,789

Quotient

Technology,

Inc.

*

3,309

13,037

Scholastic

Corp.

1,606

69,363

Sinclair,

Inc.

(d)

597

8,304

Sirius

XM

Holdings,

Inc.

(d)

30,911

157,646

Stagwell,

Inc.,

Class A

*

2,983

20,016

TechTarget,

Inc.

*

1,540

50,019

TEGNA,

Inc.

10,097

170,639

Thryv

Holdings,

Inc.

*

2,394

56,738

Townsquare

Media,

Inc.,

Class A

774

9,273

Trade

Desk,

Inc.

(The),

Class A

*

20,788

1,897,113

Urban

One,

Inc.,

Class A

*

51

292

WideOpenWest,

Inc.

*(d)

1,819

14,989

18,594,600

Metals

&

Mining

0.3%

5E

Advanced

Materials,

Inc.

*(d)

808

2,836

Alcoa

Corp.

8,407

304,249

Alpha

Metallurgical

Resources,

Inc.

(d)

597

103,412

Common

Stocks

Shares

Value

($)

Metals

&

Mining

Arconic

Corp.

*

4,609

137,763

ATI,

Inc.

*

6,117

291,659

Caledonia

Mining

Corp.

plc

1,088

12,817

Carpenter

Technology

Corp.

2,329

139,414

Century

Aluminum

Co.

*(d)

2,337

21,734

Cleveland-Cliffs,

Inc.

*

23,476

414,351

Coeur

Mining,

Inc.

*

16,619

51,187

Commercial

Metals

Co.

5,402

309,102

Compass

Minerals

International,

Inc.

1,312

49,685

Constellium

SE,

Class A

*

4,376

83,538

Contango

ORE,

Inc.

*

247

4,594

Dakota

Gold

Corp.

*

328

964

Freeport-McMoRan,

Inc.

67,558

3,016,465

Gatos

Silver,

Inc.

*

277

1,438

Haynes

International,

Inc.

(d)

515

25,832

Hecla

Mining

Co.

(d)

28,530

164,333

i-80

Gold

Corp.

*

12,807

26,126

Ivanhoe

Electric,

Inc.

*

1,320

21,463

Kaiser

Aluminum

Corp.

629

51,075

Kinross

Gold

Corp.

17,958

89,431

Materion

Corp.

979

116,638

MP

Materials

Corp.

*(d)

5,040

120,204

Newmont

Corp.

(d)

37,664

1,616,539

Novagold

Resources,

Inc.

*

11,238

50,683

Nucor

Corp.

11,864

2,041,676

Olympic

Steel,

Inc.

(d)

337

18,801

Perpetua

Resources

Corp.

*

2,875

10,868

Piedmont

Lithium,

Inc.

*

916

50,252

Ramaco

Resources,

Inc.,

Class A

*

187

1,861

Reliance

Steel

&

Aluminum

Co.

(d)

2,769

810,929

Royal

Gold,

Inc.

(d)

3,108

373,395

Ryerson

Holding

Corp.

(d)

1,258

53,452

Schnitzer

Steel

Industries,

Inc.,

Class A

(d)

1,363

49,354

Southern

Copper

Corp.

4,163

364,013

SSR

Mining,

Inc.

8,489

123,600

Steel

Dynamics,

Inc.

7,456

794,661

SunCoke

Energy,

Inc.

3,341

29,668

TimkenSteel

Corp.

*

2,369

55,198

Tredegar

Corp.

1,045

7,231

United

States

Steel

Corp.

10,229

260,840

Warrior

Met

Coal,

Inc.

2,842

125,759

Worthington

Industries,

Inc.

1,447

107,975

12,507,065

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.1%

AFC

Gamma,

Inc.

96

1,327

AGNC

Investment

Corp.

27,785

283,129

Angel

Oak

Mortgage

REIT,

Inc.

110

1,043

Annaly

Capital

Management,

Inc.

22,407

450,157

Apollo

Commercial

Real

Estate

Finance,

Inc.

5,781

68,216

Arbor

Realty

Trust,

Inc.

971

16,420

Ares

Commercial

Real

Estate

Corp.

2,384

25,413

ARMOUR

Residential

REIT,

Inc.

10,856

55,474

50

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Mortgage

Real

Estate

Investment

Trusts

(REITs)

Blackstone

Mortgage

Trust,

Inc.,

Class A

7,054

162,171

BrightSpire

Capital,

Inc.,

Class A

4,702

34,607

Chicago

Atlantic

Real

Estate

Finance,

Inc.

70

1,067

Chimera

Investment

Corp.

13,581

85,289

Claros

Mortgage

Trust,

Inc.

(d)

5,764

71,012

Dynex

Capital,

Inc.

1,798

23,464

Ellington

Financial,

Inc.

1,461

19,753

Franklin

BSP

Realty

Trust,

Inc.

3,848

55,026

Granite

Point

Mortgage

Trust,

Inc.

300

1,719

Great

Ajax

Corp.

127

876

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

4,672

121,986

Invesco

Mortgage

Capital,

Inc.

2,846

34,180

KKR

Real

Estate

Finance

Trust,

Inc.

1,078

13,432

Ladder

Capital

Corp.,

Class A

6,131

67,380

MFA

Financial,

Inc.

6,277

70,679

New

York

Mortgage

Trust,

Inc.

5,081

51,572

Orchid

Island

Capital,

Inc.

1,957

20,392

PennyMac

Mortgage

Investment

Trust

3,777

48,270

Ready

Capital

Corp.

8,141

94,191

Redwood

Trust,

Inc.

4,960

37,349

Rithm

Capital

Corp.

19,524

196,802

Starwood

Property

Trust,

Inc.

14,207

294,653

TPG

RE

Finance

Trust,

Inc.

2,346

18,299

Two

Harbors

Investment

Corp.

5,582

74,855

2,500,203

Multi-Utilities

0.4%

Ameren

Corp.

12,459

1,067,363

Avista

Corp.

(d)

930

35,935

Black

Hills

Corp.

2,839

171,277

CenterPoint

Energy,

Inc.

30,193

908,507

CMS

Energy

Corp.

13,650

833,606

Consolidated

Edison,

Inc.

18,281

1,734,136

Dominion

Energy,

Inc.

39,475

2,113,886

DTE

Energy

Co.

9,680

1,106,424

NiSource,

Inc.

19,193

534,333

NorthWestern

Corp.

2,667

150,605

Public

Service

Enterprise

Group,

Inc.

25,218

1,591,760

Sempra

15,437

2,300,422

Unitil

Corp.

905

47,096

WEC

Energy

Group,

Inc.

15,026

1,350,236

13,945,586

Office

REITs

0.1%

Alexandria

Real

Estate

Equities,

Inc.

8,029

1,009,085

Boston

Properties,

Inc.

7,391

492,462

Brandywine

Realty

Trust

10,706

54,065

City

Office

REIT,

Inc.

1,720

9,408

Corporate

Office

Properties

Trust

5,304

137,904

Cousins

Properties,

Inc.

7,099

173,429

Douglas

Emmett,

Inc.

12,115

178,091

Common

Stocks

Shares

Value

($)

Office

REITs

Easterly

Government

Properties,

Inc.,

Class A

6,173

91,113

Equity

Commonwealth

5,741

112,466

Franklin

Street

Properties

Corp.

543

912

Highwoods

Properties,

Inc.

5,046

127,512

Hudson

Pacific

Properties,

Inc.

11,380

66,801

JBG

SMITH

Properties

5,838

97,670

Kilroy

Realty

Corp.

5,455

194,744

Office

Properties

Income

Trust

1,747

13,452

Orion

Office

REIT,

Inc.

1,690

10,985

Paramount

Group,

Inc.

6,421

33,646

Peakstone

Realty

Trust

1,845

46,752

Piedmont

Office

Realty

Trust,

Inc.,

Class A

7,485

55,688

Postal

Realty

Trust,

Inc.,

Class A

109

1,643

SL

Green

Realty

Corp.

3,735

140,847

Vornado

Realty

Trust

8,390

188,607

3,237,282

Oil,

Gas

&

Consumable

Fuels

2.3%

Amplify

Energy

Corp.

*

226

1,659

Antero

Midstream

Corp.

14,723

175,793

Antero

Resources

Corp.

*

13,231

353,929

APA

Corp.

14,571

589,980

Arch

Resources,

Inc.

735

94,403

Ardmore

Shipping

Corp.

424

5,970

Berry

Corp.

2,722

21,232

California

Resources

Corp.

(d)

3,393

181,017

Callon

Petroleum

Co.

*

16,535

621,055

Centrus

Energy

Corp.,

Class A

*

68

2,557

Cheniere

Energy,

Inc.

11,339

1,835,331

Chesapeake

Energy

Corp.

(d)

5,908

498,281

Chevron

Corp.

81,574

13,350,401

Chord

Energy

Corp.

1,933

303,192

Civitas

Resources,

Inc.

(d)

3,157

236,333

Clean

Energy

Fuels

Corp.

*(d)

11,025

54,353

CNX

Resources

Corp.

*(d)

7,573

154,489

Comstock

Resources,

Inc.

(d)

4,448

56,712

ConocoPhillips

57,423

6,759,836

CONSOL

Energy,

Inc.

(d)

1,603

119,456

Coterra

Energy,

Inc.

35,597

980,341

Crescent

Energy

Co.,

Class A

(d)

741

8,796

CVR

Energy,

Inc.

(d)

710

26,085

Delek

US

Holdings,

Inc.

3,284

90,606

Denbury,

Inc.

*

2,363

207,731

Devon

Energy

Corp.

30,285

1,635,390

DHT

Holdings,

Inc.

7,526

74,131

Diamondback

Energy,

Inc.

8,533

1,257,082

Dorian

LPG

Ltd.

1,504

44,729

DT

Midstream,

Inc.

4,416

236,344

Earthstone

Energy,

Inc.,

Class A

*

1,399

22,356

Empire

Petroleum

Corp.

*

60

540

Encore

Energy

Corp.

*

9,388

23,752

Energy

Fuels,

Inc.

*

8,152

52,010

Enviva,

Inc.

(d)

1,321

17,794

EOG

Resources,

Inc.

27,902

3,697,852

Nationwide

Multi-Cap

Portfolio

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

51

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

EQT

Corp.

(d)

16,831

709,932

Equitrans

Midstream

Corp.

20,274

210,241

Evolution

Petroleum

Corp.

2,091

19,530

Excelerate

Energy,

Inc.,

Class A

629

13,347

Exxon

Mobil

Corp.

191,406

20,526,379

FLEX

LNG

Ltd.

(d)

924

29,402

Frontline

plc

848

14,357

Gevo,

Inc.

*(d)

15,947

27,429

Golar

LNG

Ltd.

4,903

118,260

Granite

Ridge

Resources,

Inc.

(d)

1,848

13,472

Green

Plains,

Inc.

*

545

19,353

Gulfport

Energy

Corp.

*

428

43,849

Hallador

Energy

Co.

*

1,647

15,185

Hess

Corp.

13,147

1,994,794

Hess

Midstream

LP,

Class A

254

7,922

HF

Sinclair

Corp.

7,183

374,162

HighPeak

Energy,

Inc.

99

1,500

International

Seaways,

Inc.

1,532

65,707

Kinder

Morgan,

Inc.

92,896

1,645,188

Kinetik

Holdings,

Inc.,

Class A

(d)

452

16,272

KNOT

Offshore

Partners

LP

144

854

Kosmos

Energy

Ltd.

*

21,299

151,223

Magnolia

Oil

&

Gas

Corp.,

Class A

8,214

181,940

Marathon

Oil

Corp.

29,430

773,126

Marathon

Petroleum

Corp.

20,673

2,749,922

Matador

Resources

Co.

5,223

290,555

Murphy

Oil

Corp.

7,000

302,890

Navigator

Holdings

Ltd.

*

185

2,584

New

Fortress

Energy,

Inc.

(d)

2,964

84,622

NextDecade

Corp.

*

790

4,400

Nordic

American

Tankers

Ltd.

6,492

28,500

Northern

Oil

and

Gas,

Inc.

(d)

3,645

143,504

Occidental

Petroleum

Corp.

(d)

32,911

2,077,671

ONEOK,

Inc.

22,219

1,489,562

Overseas

Shipholding

Group,

Inc.,

Class A

*

4,164

17,031

Ovintiv,

Inc.

(d)

11,483

529,251

Par

Pacific

Holdings,

Inc.

*

3,169

99,760

PBF

Energy,

Inc.,

Class A

5,353

253,946

PDC

Energy,

Inc.

3,930

298,248

Peabody

Energy

Corp.

(d)

6,584

147,745

Permian

Resources

Corp.,

Class A

(d)

11,427

133,582

Phillips

66

(d)

21,635

2,413,384

Pioneer

Natural

Resources

Co.

11,025

2,488,012

Plains

GP

Holdings

LP,

Class A

1,123

17,620

Range

Resources

Corp.

(d)

11,038

346,924

REX

American

Resources

Corp.

*

1,114

41,240

Riley

Exploration

Permian,

Inc.

38

1,423

Ring

Energy,

Inc.

*

591

1,430

SandRidge

Energy,

Inc.

214

3,655

Scorpio

Tankers,

Inc.

2,563

120,564

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

SFL

Corp.

Ltd.

(d)

4,874

48,058

SilverBow

Resources,

Inc.

*(d)

1,310

46,911

Sitio

Royalties

Corp.

(d)

3,564

97,440

SM

Energy

Co.

5,657

205,293

Southwestern

Energy

Co.

*

50,399

326,586

Talos

Energy,

Inc.

*(d)

4,722

75,552

Targa

Resources

Corp.

10,230

838,758

Teekay

Corp.

*

397

2,644

Teekay

Tankers

Ltd.,

Class A

1,129

49,236

Tellurian,

Inc.

*(d)

30,418

52,319

Texas

Pacific

Land

Corp.

287

432,308

Tsakos

Energy

Navigation

Ltd.

128

2,683

Uranium

Energy

Corp.

*(d)

18,672

67,219

VAALCO

Energy,

Inc.

623

2,772

Valero

Energy

Corp.

16,961

2,186,442

Vertex

Energy,

Inc.

*(d)

4,844

25,528

Viper

Energy

Partners

LP

358

9,709

Vital

Energy,

Inc.

*(d)

803

42,382

Vitesse

Energy,

Inc.

(d)

1,549

39,019

W&T

Offshore,

Inc.

*

4,006

17,546

Williams

Cos.,

Inc.

(The)

60,237

2,075,165

World

Kinect

Corp.

(d)

3,230

72,804

81,569,341

Paper

&

Forest

Products

0.0%

†

Clearwater

Paper

Corp.

*

665

21,433

Glatfelter

Corp.

*

1,755

5,967

Louisiana-Pacific

Corp.

3,114

237,069

Sylvamo

Corp.

1,429

70,121

334,590

Passenger

Airlines

0.1%

Alaska

Air

Group,

Inc.

*

5,963

289,981

Allegiant

Travel

Co.

*(d)

737

91,167

American

Airlines

Group,

Inc.

*(d)

25,199

422,083

Blade

Air

Mobility,

Inc.

*

254

1,059

Copa

Holdings

SA,

Class A

167

19,709

Delta

Air

Lines,

Inc.

28,201

1,304,578

Frontier

Group

Holdings,

Inc.

*(d)

2,117

19,688

Hawaiian

Holdings,

Inc.

*(d)

1,891

21,917

JetBlue

Airways

Corp.

*(d)

15,791

122,696

Joby

Aviation,

Inc.

*(d)

14,633

130,965

SkyWest,

Inc.

*

1,836

80,766

Southwest

Airlines

Co.

(d)

25,676

877,092

Spirit

Airlines,

Inc.

5,219

95,508

Sun

Country

Airlines

Holdings,

Inc.

*

2,323

50,084

United

Airlines

Holdings,

Inc.

*

13,461

731,067

Wheels

Up

Experience,

Inc.

*

100

237

4,258,597

Personal

Care

Products

0.1%

Beauty

Health

Co.

(The)

*(d)

4,938

40,936

BellRing

Brands,

Inc.

*

5,971

214,657

Coty,

Inc.,

Class A

*(d)

16,969

204,307

Edgewell

Personal

Care

Co.

2,394

94,348

elf

Beauty,

Inc.

*

2,338

272,891

Estee

Lauder

Cos.,

Inc.

(The),

Class A

11,634

2,094,120

Herbalife

Ltd.

*

4,694

76,231

52

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Personal

Care

Products

Honest

Co.,

Inc.

(The)

*

290

438

Inter

Parfums,

Inc.

832

124,434

Kenvue,

Inc.

*

15,230

360,646

Medifast,

Inc.

(d)

630

64,191

Nature's

Sunshine

Products,

Inc.

*(d)

424

5,915

Nu

Skin

Enterprises,

Inc.,

Class A

2,465

72,446

Oddity

Tech

Ltd.,

Class A

*

654

34,852

Olaplex

Holdings,

Inc.

*

7,601

27,364

USANA

Health

Sciences,

Inc.

*

685

44,463

Veru,

Inc.

*

419

528

Waldencast

plc

*(d)

1,470

8,158

3,740,925

Pharmaceuticals

2.3%

Aclaris

Therapeutics,

Inc.

*

4,088

40,349

Amneal

Pharmaceuticals,

Inc.

*

3,724

11,917

Amphastar

Pharmaceuticals,

Inc.

*

1,759

106,754

Amylyx

Pharmaceuticals,

Inc.

*(d)

3,210

75,274

AN2

Therapeutics,

Inc.

*

69

560

ANI

Pharmaceuticals,

Inc.

*(d)

419

22,018

Arvinas,

Inc.

*

2,043

50,503

Assertio

Holdings,

Inc.

*

3,982

22,658

ATAI

Life

Sciences

NV

*

685

1,432

Atea

Pharmaceuticals,

Inc.

*

2,213

7,591

Athira

Pharma,

Inc.

*

201

587

Axsome

Therapeutics,

Inc.

*(d)

1,510

118,490

Biote

Corp.,

Class A

*

928

6,329

Bristol-Myers

Squibb

Co.

101,951

6,340,333

Cara

Therapeutics,

Inc.

*

1,575

5,245

Cassava

Sciences,

Inc.

*(d)

2,170

47,697

Catalent,

Inc.

*

8,436

409,315

Citius

Pharmaceuticals,

Inc.

*

8,147

8,065

Collegium

Pharmaceutical,

Inc.

*

1,365

31,067

Corcept

Therapeutics,

Inc.

*(d)

3,592

91,524

CorMedix,

Inc.

*

2,958

13,074

Cymabay

Therapeutics,

Inc.

*(d)

3,771

49,212

Daiichi

Sankyo

Co.

Ltd.

54,000

1,670,272

DICE

Therapeutics,

Inc.

*

1,834

86,198

Edgewise

Therapeutics,

Inc.

*

240

1,750

Elanco

Animal

Health,

Inc.

*

22,816

275,389

Eli

Lilly

&

Co.

39,873

18,124,272

Enliven

Therapeutics,

Inc.

*(d)

1,678

31,781

Esperion

Therapeutics,

Inc.

*

556

873

Evolus,

Inc.

*(d)

1,002

10,040

EyePoint

Pharmaceuticals,

Inc.

*

153

1,912

Fulcrum

Therapeutics,

Inc.

*

327

1,249

Harmony

Biosciences

Holdings,

Inc.

*

1,817

64,267

Harrow

Health,

Inc.

*(d)

1,890

41,731

Ikena

Oncology,

Inc.

*

1,536

7,910

Innoviva,

Inc.

*

1,391

18,848

Intra-Cellular

Therapies,

Inc.

*

4,354

269,251

Jazz

Pharmaceuticals

plc

*

2,733

356,438

Johnson

&

Johnson

123,644

20,714,079

Common

Stocks

Shares

Value

($)

Pharmaceuticals

Kyowa

Kirin

Co.

Ltd.

113,300

2,162,331

Ligand

Pharmaceuticals,

Inc.

*

858

57,426

Liquidia

Corp.

*(d)

4,210

32,501

Longboard

Pharmaceuticals,

Inc.

*

1,033

7,438

Marinus

Pharmaceuticals,

Inc.

*(d)

3,576

38,049

Merck

&

Co.,

Inc.

119,720

12,768,138

Mind

Medicine

MindMed,

Inc.

*

209

1,030

Nektar

Therapeutics,

Class A

*

1,094

586

NGM

Biopharmaceuticals,

Inc.

*

1,221

2,894

Nuvation

Bio,

Inc.

*

10,051

18,594

Ocular

Therapeutix,

Inc.

*

2,411

10,946

Omeros

Corp.

*(d)

4,393

19,110

Optinose,

Inc.

*

4,834

5,825

Organon

&

Co.

15,930

350,141

Pacira

BioSciences,

Inc.

*(d)

2,074

75,390

Perrigo

Co.

plc

6,226

228,121

Pfizer,

Inc.

272,264

9,817,840

Phathom

Pharmaceuticals,

Inc.

*

471

7,164

Phibro

Animal

Health

Corp.,

Class A

826

11,960

Pliant

Therapeutics,

Inc.

*

1,953

34,842

Prestige

Consumer

Healthcare,

Inc.

*

2,242

146,201

Reata

Pharmaceuticals,

Inc.,

Class A

*

1,354

224,195

Regencell

Bioscience

Holdings

Ltd.

*

14

266

Relmada

Therapeutics,

Inc.

*

164

430

Revance

Therapeutics,

Inc.

*(d)

3,802

89,841

Royalty

Pharma

plc,

Class A

17,225

540,520

Scilex

Holding

Co.

*

3,114

17,034

scPharmaceuticals,

Inc.

*(d)

2,029

17,104

SIGA

Technologies,

Inc.

(d)

2,210

12,685

Supernus

Pharmaceuticals,

Inc.

*

2,227

68,347

Taro

Pharmaceutical

Industries

Ltd.

*

542

19,810

Tarsus

Pharmaceuticals,

Inc.

*(d)

151

3,324

Terns

Pharmaceuticals,

Inc.

*

3,041

21,956

Theravance

Biopharma,

Inc.

*(d)

2,940

29,077

Theseus

Pharmaceuticals,

Inc.

*

93

313

Third

Harmonic

Bio,

Inc.

*

84

596

Trevi

Therapeutics,

Inc.

*

2,760

6,569

Ventyx

Biosciences,

Inc.

*(d)

1,957

72,507

Verrica

Pharmaceuticals,

Inc.

*(d)

1,532

8,947

Viatris,

Inc.

55,686

586,374

WaVe

Life

Sciences

Ltd.

*

3,920

17,130

Xeris

Biopharma

Holdings,

Inc.

*

748

1,952

Zevra

Therapeutics,

Inc.

*

2,300

11,224

Nationwide

Multi-Cap

Portfolio

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

53

Common

Stocks

Shares

Value

($)

Pharmaceuticals

Zoetis,

Inc.,

Class A

22,294

4,193,278

80,876,260

Professional

Services

0.8%

Alight,

Inc.,

Class A

*

18,336

179,326

ASGN,

Inc.

*

2,260

172,483

Asure

Software,

Inc.

*

108

1,473

Automatic

Data

Processing,

Inc.

20,417

5,048,307

Barrett

Business

Services,

Inc.

(d)

294

26,675

BlackSky

Technology,

Inc.,

Class A

*(d)

8,405

16,726

Booz

Allen

Hamilton

Holding

Corp.,

Class A

6,113

740,162

Broadridge

Financial

Solutions,

Inc.

5,774

969,570

CACI

International,

Inc.,

Class A

*

1,063

372,518

CBIZ,

Inc.

*

2,277

120,430

Ceridian

HCM

Holding,

Inc.

*(d)

7,033

498,007

Clarivate

plc

*

21,835

207,651

Concentrix

Corp.

2,019

168,062

Conduent,

Inc.

*

6,819

23,594

CRA

International,

Inc.

377

37,734

CSG

Systems

International,

Inc.

1,690

87,187

Dun

&

Bradstreet

Holdings,

Inc.

15,721

185,822

Equifax,

Inc.

(d)

5,965

1,217,337

ExlService

Holdings,

Inc.

*

1,525

214,949

Exponent,

Inc.

(d)

2,378

213,021

First

Advantage

Corp.

*(d)

1,838

27,570

FiscalNote

Holdings,

Inc.

*

4,733

15,524

Forrester

Research,

Inc.

*(d)

448

14,278

Franklin

Covey

Co.

*

504

24,016

FTI

Consulting,

Inc.

*

1,570

275,001

Genpact

Ltd.

7,364

265,767

Heidrick

&

Struggles

International,

Inc.

765

20,862

HireQuest,

Inc.

386

9,654

HireRight

Holdings

Corp.

*

101

1,082

Huron

Consulting

Group,

Inc.

*

930

87,950

IBEX

Holdings

Ltd.

*

56

1,112

ICF

International,

Inc.

882

103,714

Innodata,

Inc.

*

1,672

21,452

Insperity,

Inc.

(d)

1,634

192,240

Jacobs

Solutions,

Inc.

5,938

744,685

KBR,

Inc.

6,320

388,617

Kelly

Services,

Inc.,

Class A

1,358

24,879

Kforce,

Inc.

830

52,655

Korn

Ferry

2,483

130,804

Legalzoom.com,

Inc.

*

4,660

71,205

Leidos

Holdings,

Inc.

6,422

600,650

ManpowerGroup,

Inc.

2,474

195,149

Maximus,

Inc.

2,770

232,015

Mistras

Group,

Inc.

*

1,381

10,689

NV5

Global,

Inc.

*

654

71,646

Paychex,

Inc.

16,128

2,023,580

Paycom

Software,

Inc.

2,463

908,256

Paycor

HCM,

Inc.

*

2,975

79,908

Common

Stocks

Shares

Value

($)

Professional

Services

Paylocity

Holding

Corp.

*

2,004

454,607

Planet

Labs

PBC

*(d)

11,274

41,939

Recruit

Holdings

Co.

Ltd.

169,200

5,882,769

Resources

Connection,

Inc.

1,259

20,119

Robert

Half,

Inc.

5,039

373,642

Science

Applications

International

Corp.

2,493

302,501

Skillsoft

Corp.

*

476

628

Spire

Global,

Inc.

*

577

411

SS&C

Technologies

Holdings,

Inc.

10,298

599,858

Sterling

Check

Corp.

*

483

5,801

TaskUS,

Inc.,

Class A

*

155

1,869

TransUnion

9,091

724,462

TriNet

Group,

Inc.

*

1,830

192,571

TrueBlue,

Inc.

*

1,355

20,257

TTEC

Holdings,

Inc.

875

30,135

Upwork,

Inc.

*

6,070

63,310

Verisk

Analytics,

Inc.,

Class A

6,767

1,549,237

Verra

Mobility

Corp.,

Class A

*(d)

6,351

133,307

Willdan

Group,

Inc.

*

435

8,778

27,502,195

Real

Estate

Management

&

Development

0.1%

Anywhere

Real

Estate,

Inc.

*

6,168

51,688

CBRE

Group,

Inc.,

Class A

*

14,672

1,222,324

Compass,

Inc.,

Class A

*

17,203

72,081

CoStar

Group,

Inc.

*

20,060

1,684,438

Cushman

&

Wakefield

plc

*

7,484

73,568

DigitalBridge

Group,

Inc.

7,794

124,860

Doma

Holdings,

Inc.

*

27

223

Douglas

Elliman,

Inc.

2,483

5,487

eXp

World

Holdings,

Inc.

(d)

3,559

88,761

Five

Point

Holdings

LLC,

Class A

*

380

1,311

Forestar

Group,

Inc.

*

542

15,978

FRP

Holdings,

Inc.

*

287

16,465

Howard

Hughes

Corp.

(The)

*

1,599

135,004

Jones

Lang

LaSalle,

Inc.

*

2,212

368,409

Kennedy-Wilson

Holdings,

Inc.

(d)

5,602

92,433

Marcus

&

Millichap,

Inc.

(d)

1,889

69,289

Maui

Land

&

Pineapple

Co.,

Inc.

*

500

7,455

Newmark

Group,

Inc.,

Class A

8,460

58,543

Offerpad

Solutions,

Inc.

*

52

616

Opendoor

Technologies,

Inc.

*(d)

24,022

122,752

RE/MAX

Holdings,

Inc.,

Class A

102

2,010

Redfin

Corp.

*

5,635

84,412

RMR

Group,

Inc.

(The),

Class A

581

13,700

Seritage

Growth

Properties,

Class A

*

222

2,085

St

Joe

Co.

(The)

(d)

1,521

96,553

Tejon

Ranch

Co.

*

908

15,990

Transcontinental

Realty

Investors,

Inc.

*

7

245

WeWork,

Inc.

*

4,171

903

54

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Real

Estate

Management

&

Development

Zillow

Group,

Inc.,

Class A

*(d)

9,962

537,110

4,964,693

Residential

REITs

0.3%

American

Homes

4

Rent,

Class A

15,497

580,827

Apartment

Income

REIT

Corp.,

Class A

6,331

218,673

Apartment

Investment

and

Management

Co.,

Class A

8,011

66,732

AvalonBay

Communities,

Inc.

6,999

1,320,361

BRT

Apartments

Corp.

348

6,776

Camden

Property

Trust

4,773

520,687

Centerspace

708

43,988

Clipper

Realty,

Inc.

525

3,360

Elme

Communities

6,363

103,399

Equity

LifeStyle

Properties,

Inc.

10,770

766,609

Equity

Residential

17,724

1,168,720

Essex

Property

Trust,

Inc.

3,016

734,547

Independence

Realty

Trust,

Inc.

9,186

156,529

Invitation

Homes,

Inc.

28,625

1,016,187

Mid-America

Apartment

Communities,

Inc.

5,460

817,144

NexPoint

Residential

Trust,

Inc.

1,231

51,160

Sun

Communities,

Inc.

5,639

734,762

UDR,

Inc.

15,230

622,602

UMH

Properties,

Inc.

2,297

38,245

Veris

Residential,

Inc.

*

4,004

74,795

9,046,103

Retail

REITs

0.2%

Acadia

Realty

Trust

3,750

58,913

Agree

Realty

Corp.

3,630

235,151

Alexander's,

Inc.

82

15,856

Brixmor

Property

Group,

Inc.

13,747

312,607

CBL

&

Associates

Properties,

Inc.

918

19,985

Federal

Realty

Investment

Trust

3,751

380,802

Getty

Realty

Corp.

368

11,894

InvenTrust

Properties

Corp.

3,639

88,573

Kimco

Realty

Corp.

28,507

577,552

Kite

Realty

Group

Trust

9,805

224,338

Macerich

Co.

(The)

11,024

140,556

Necessity

Retail

REIT,

Inc.

(The),

Class A

4,391

31,176

NETSTREIT

Corp.

3,371

60,307

NNN

REIT,

Inc.

8,232

351,342

Phillips

Edison

&

Co.,

Inc.

5,402

190,745

Realty

Income

Corp.

33,466

2,040,422

Regency

Centers

Corp.

8,148

533,938

Retail

Opportunity

Investments

Corp.

7,202

106,086

RPT

Realty

3,015

32,773

Saul

Centers,

Inc.

479

18,466

Simon

Property

Group,

Inc.

15,270

1,902,642

SITE

Centers

Corp.

9,227

129,639

Spirit

Realty

Capital,

Inc.

6,206

250,288

Common

Stocks

Shares

Value

($)

Retail

REITs

Tanger

Factory

Outlet

Centers,

Inc.

4,859

113,749

Urban

Edge

Properties

6,444

109,612

Urstadt

Biddle

Properties,

Inc.,

Class A

1,237

28,055

Whitestone

REIT

1,602

16,533

7,982,000

Semiconductors

&

Semiconductor

Equipment

4.1%

ACM

Research,

Inc.,

Class A

*

3,599

47,147

Advanced

Micro

Devices,

Inc.

*

75,470

8,633,768

Advantest

Corp.

42,900

5,943,419

Aehr

Test

Systems

*(d)

1,107

57,741

Allegro

MicroSystems,

Inc.

*(d)

3,203

165,307

Alpha

&

Omega

Semiconductor

Ltd.

*

674

22,161

Ambarella,

Inc.

*(d)

1,702

141,981

Amkor

Technology,

Inc.

4,569

132,912

Analog

Devices,

Inc.

23,819

4,752,605

Applied

Materials,

Inc.

39,778

6,029,947

Atomera,

Inc.

*

530

4,574

Axcelis

Technologies,

Inc.

*

1,503

301,322

AXT,

Inc.

*

241

750

Broadcom,

Inc.

18,421

16,554,032

CEVA,

Inc.

*(d)

1,028

27,921

Cirrus

Logic,

Inc.

*

2,579

208,383

Cohu,

Inc.

*

2,348

102,490

Credo

Technology

Group

Holding

Ltd.

*(d)

5,061

85,885

Diodes,

Inc.

*

2,039

192,665

Disco

Corp.

3,400

638,646

Enphase

Energy,

Inc.

*

6,248

948,634

Entegris,

Inc.

(d)

6,965

764,152

First

Solar,

Inc.

*

4,975

1,031,815

FormFactor,

Inc.

*

3,704

137,641

GLOBALFOUNDRIES,

Inc.

*

3,688

234,889

Ichor

Holdings

Ltd.

*(d)

1,254

48,555

Impinj,

Inc.

*(d)

1,057

70,417

indie

Semiconductor,

Inc.,

Class A

*(d)

6,261

59,354

Intel

Corp.

196,689

7,035,566

inTEST

Corp.

*

712

15,066

KLA

Corp.

6,432

3,305,726

Kopin

Corp.

*

593

1,133

Kulicke

&

Soffa

Industries,

Inc.

(d)

2,469

147,844

Lam

Research

Corp.

6,317

4,538,701

Lattice

Semiconductor

Corp.

*

6,398

581,834

MACOM

Technology

Solutions

Holdings,

Inc.

*

2,449

171,234

Marvell

Technology,

Inc.

40,245

2,621,157

Maxeon

Solar

Technologies

Ltd.

*

1,673

41,306

MaxLinear,

Inc.,

Class A

*(d)

3,476

85,753

Meta

Materials,

Inc.

*

2,488

618

Microchip

Technology,

Inc.

25,368

2,383,070

Micron

Technology,

Inc.

51,484

3,675,443

MKS

Instruments,

Inc.

(d)

2,984

325,763

Monolithic

Power

Systems,

Inc.

2,130

1,191,714

Nationwide

Multi-Cap

Portfolio

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

55

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

Navitas

Semiconductor

Corp.

*(d)

3,498

37,009

NVE

Corp.

(d)

344

27,248

NVIDIA

Corp.

113,001

52,804,237

ON

Semiconductor

Corp.

*

20,309

2,188,295

Onto

Innovation,

Inc.

*(d)

2,250

279,720

PDF

Solutions,

Inc.

*

1,530

70,365

Photronics,

Inc.

*

3,597

95,141

Power

Integrations,

Inc.

2,660

258,392

Qorvo,

Inc.

*

4,683

515,224

QUALCOMM,

Inc.

53,396

7,057,349

Rambus,

Inc.

*

6,440

403,208

Semtech

Corp.

*

3,491

101,937

Silicon

Laboratories,

Inc.

*

1,481

220,876

SiTime

Corp.

*(d)

789

101,789

SkyWater

Technology,

Inc.

*

88

861

Skyworks

Solutions,

Inc.

7,463

853,543

SMART

Global

Holdings,

Inc.

*

1,913

50,886

SolarEdge

Technologies,

Inc.

*

332

80,165

Synaptics,

Inc.

*

1,800

162,558

Teradyne,

Inc.

(d)

7,393

834,965

Texas

Instruments,

Inc.

43,325

7,798,500

Transphorm,

Inc.

*

136

424

Ultra

Clean

Holdings,

Inc.

*(d)

2,028

77,267

Universal

Display

Corp.

2,168

316,268

Veeco

Instruments,

Inc.

*

2,484

69,949

Wolfspeed,

Inc.

*(d)

5,837

384,658

148,251,875

Software

5.9%

8x8,

Inc.

*

6,843

32,436

A10

Networks,

Inc.

3,769

58,495

ACI

Worldwide,

Inc.

*

5,155

119,544

Adeia,

Inc.

5,142

61,807

Adobe,

Inc.

*

21,803

11,908,144

Agilysys,

Inc.

*

986

72,599

Alarm.com

Holdings,

Inc.

*

2,282

125,989

Alkami

Technology,

Inc.

*

214

3,612

Altair

Engineering,

Inc.,

Class A

*

2,468

184,952

Alteryx,

Inc.,

Class A

*

2,618

108,542

American

Software,

Inc.,

Class A

1,182

13,628

Amplitude,

Inc.,

Class A

*(d)

3,753

43,460

ANSYS,

Inc.

*

4,104

1,403,978

Appfolio,

Inc.,

Class A

*

917

165,601

Appian

Corp.,

Class A

*

1,725

88,872

Applied

Digital

Corp.

*

317

3,037

AppLovin

Corp.,

Class A

*(d)

10,247

321,756

Arteris,

Inc.

*

106

805

Asana,

Inc.,

Class A

*

3,421

83,062

Aspen

Technology,

Inc.

*(d)

1,306

233,121

Atlassian

Corp.,

Class A

*

6,848

1,245,925

Aurora

Innovation,

Inc.

*(d)

9,499

31,157

Autodesk,

Inc.

*

10,517

2,229,499

AvePoint,

Inc.

*(d)

6,993

43,357

Bentley

Systems,

Inc.,

Class B

(d)

9,034

486,752

BILL

Holdings,

Inc.

*(d)

4,822

604,389

Bit

Digital,

Inc.

*

4,794

21,237

Black

Knight,

Inc.

*

7,340

516,149

Blackbaud,

Inc.

*

2,044

154,220

Common

Stocks

Shares

Value

($)

Software

BlackLine,

Inc.

*

2,516

146,129

Blend

Labs,

Inc.,

Class A

*

918

1,212

Box,

Inc.,

Class A

*

6,555

204,844

Braze,

Inc.,

Class A

*(d)

1,678

76,282

C3.ai,

Inc.,

Class A

*(d)

3,322

139,524

Cadence

Design

Systems,

Inc.

*

13,128

3,072,083

CCC

Intelligent

Solutions

Holdings,

Inc.

*

8,579

94,541

Cerence,

Inc.

*(d)

1,953

54,313

Check

Point

Software

Technologies

Ltd.

*

1,779

235,202

Cipher

Mining,

Inc.

*

245

931

Cleanspark,

Inc.

*

610

3,666

Clear

Secure,

Inc.,

Class A

3,749

88,889

Clearwater

Analytics

Holdings,

Inc.,

Class A

*

374

6,444

CommVault

Systems,

Inc.

*

2,173

169,342

Confluent,

Inc.,

Class A

*(d)

8,638

298,356

Consensus

Cloud

Solutions,

Inc.

*(d)

274

8,880

CoreCard

Corp.

*

518

12,447

Couchbase,

Inc.

*(d)

1,353

22,582

Crowdstrike

Holdings,

Inc.,

Class A

*

9,948

1,608,194

CS

Disco,

Inc.

*(d)

2,288

22,285

Datadog,

Inc.,

Class A

*

12,934

1,509,656

Digimarc

Corp.

*(d)

470

13,912

Digital

Turbine,

Inc.

*

4,493

48,704

DocuSign,

Inc.,

Class A

*

9,501

511,344

Dolby

Laboratories,

Inc.,

Class A

2,958

262,108

Domo,

Inc.,

Class B

*

958

17,119

DoubleVerify

Holdings,

Inc.

*(d)

5,247

220,899

Dropbox,

Inc.,

Class A

*(d)

12,242

329,922

Dynatrace,

Inc.

*

10,327

564,784

E2open

Parent

Holdings,

Inc.

*(d)

10,873

55,996

Ebix,

Inc.

(d)

993

30,743

eGain

Corp.

*

805

5,933

Elastic

NV

*

3,622

240,682

Enfusion,

Inc.,

Class A

*

163

1,769

EngageSmart,

Inc.

*

1,501

28,459

Envestnet,

Inc.

*

319

19,772

Everbridge,

Inc.

*

2,015

62,143

EverCommerce,

Inc.

*

124

1,448

Expensify,

Inc.,

Class A

*(d)

3,850

31,031

Fair

Isaac

Corp.

*

1,141

956,124

Five9,

Inc.

*

3,330

292,207

ForgeRock,

Inc.,

Class A

*

2,514

51,914

Fortinet,

Inc.

*

31,050

2,413,206

Freshworks,

Inc.,

Class A

*(d)

7,491

139,782

Gen

Digital,

Inc.

26,098

507,606

Gitlab,

Inc.,

Class A

*

2,466

122,388

Guidewire

Software,

Inc.

*(d)

3,956

335,548

HashiCorp,

Inc.,

Class A

*(d)

4,237

125,458

HubSpot,

Inc.

*

2,167

1,258,052

Informatica,

Inc.,

Class A

*

3,370

64,165

Instructure

Holdings,

Inc.

*

85

2,309

Intapp,

Inc.

*

590

24,225

56

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Software

InterDigital,

Inc.

1,254

116,233

Intuit,

Inc.

12,887

6,594,278

Jamf

Holding

Corp.

*(d)

3,353

72,827

JFrog

Ltd.

*

388

11,939

Kaltura,

Inc.

*

5,503

11,116

Latch,

Inc.

*

607

1,056

LivePerson,

Inc.

*

3,589

17,048

LiveRamp

Holdings,

Inc.

*

3,201

91,356

LiveVox

Holdings,

Inc.

*

107

311

Manhattan

Associates,

Inc.

*

2,920

556,610

Marathon

Digital

Holdings,

Inc.

*(d)

6,613

114,868

Matterport,

Inc.

*

16,035

54,359

MeridianLink,

Inc.

*

108

2,413

MicroCloud

Hologram,

Inc.

*

56

169

Microsoft

Corp.

357,366

120,046,387

MicroStrategy,

Inc.,

Class A

*(d)

510

223,319

Mitek

Systems,

Inc.

*

921

9,403

Model

N,

Inc.

*(d)

1,793

59,743

N-able,

Inc.

*

2,703

38,031

nCino,

Inc.

*(d)

3,176

102,744

NCR

Corp.

*(d)

5,669

152,383

New

Relic,

Inc.

*

2,657

223,135

NextNav,

Inc.

*

156

501

Nutanix,

Inc.,

Class A

*(d)

10,800

326,160

Olo,

Inc.,

Class A

*

6,856

53,888

ON24,

Inc.

914

8,089

OneSpan,

Inc.

*

1,710

23,495

Oracle

Corp.

72,585

8,509,140

PagerDuty,

Inc.

*(d)

4,071

105,520

Palantir

Technologies,

Inc.,

Class A

*

87,641

1,738,797

Palo

Alto

Networks,

Inc.

*(d)

14,046

3,510,938

Pegasystems,

Inc.

1,766

93,156

Perfect

Corp.

*

285

1,300

Porch

Group,

Inc.

*

456

620

PowerSchool

Holdings,

Inc.,

Class A

*(d)

2,587

62,528

Procore

Technologies,

Inc.

*

3,991

302,717

Progress

Software

Corp.

1,968

118,198

PROS

Holdings,

Inc.

*(d)

2,657

100,966

PTC,

Inc.

*

5,105

744,360

Q2

Holdings,

Inc.

*

2,772

98,323

Qualys,

Inc.

*

1,767

245,260

Rapid7,

Inc.

*(d)

2,567

117,851

Red

Violet,

Inc.

*

54

1,118

Rimini

Street,

Inc.

*

930

2,530

RingCentral,

Inc.,

Class A

*

4,016

166,102

Riot

Platforms,

Inc.

*

7,505

138,993

Roper

Technologies,

Inc.

5,002

2,466,236

Salesforce,

Inc.

*

44,759

10,071,223

Samsara,

Inc.,

Class A

*

625

17,462

Sapiens

International

Corp.

NV

2,035

54,823

Semantix,

Inc.,

Class A

*

284

551

SEMrush

Holdings,

Inc.,

Class A

*(d)

2,196

23,300

SentinelOne,

Inc.,

Class A

*(d)

8,972

149,563

ServiceNow,

Inc.

*

9,600

5,596,800

Smartsheet,

Inc.,

Class A

*

5,915

262,626

Smith

Micro

Software,

Inc.

*

304

345

Common

Stocks

Shares

Value

($)

Software

SolarWinds

Corp.

*

989

10,424

SoundHound

AI,

Inc.

*(d)

10,086

23,500

SoundThinking,

Inc.

*

319

7,248

Splunk,

Inc.

*

7,482

810,525

Sprinklr,

Inc.,

Class A

*

3,750

52,650

Sprout

Social,

Inc.,

Class A

*(d)

2,253

128,736

SPS

Commerce,

Inc.

*

1,727

311,533

Synopsys,

Inc.

*

7,560

3,415,608

Telos

Corp.

*

289

725

Tenable

Holdings,

Inc.

*

5,280

256,925

Teradata

Corp.

*

4,779

271,686

Terawulf,

Inc.

*

439

1,282

Tyler

Technologies,

Inc.

*

1,971

781,758

UiPath,

Inc.,

Class A

*(d)

17,695

319,926

Unity

Software,

Inc.

*(d)

13,239

606,876

Upland

Software,

Inc.

*

168

664

Varonis

Systems,

Inc.,

Class B

*

5,110

146,657

Verint

Systems,

Inc.

*

3,141

117,379

Veritone,

Inc.

*(d)

1,072

4,947

Vertex,

Inc.,

Class A

*

225

4,671

Viant

Technology,

Inc.,

Class A

*

763

3,693

VMware,

Inc.,

Class A

*

10,166

1,602,467

Weave

Communications,

Inc.

*

186

2,232

WM

Technology,

Inc.

*

433

481

Workday,

Inc.,

Class A

*

9,372

2,222,382

Workiva,

Inc.,

Class A

*

2,224

234,165

Xperi,

Inc.

*(d)

1,257

16,492

Yext,

Inc.

*

5,574

54,179

ZeroFox

Holdings,

Inc.

*

421

484

Zeta

Global

Holdings

Corp.,

Class A

*

7,686

70,865

Zoom

Video

Communications,

Inc.,

Class A

*

11,462

840,738

Zscaler,

Inc.

*

4,096

656,916

Zuora,

Inc.,

Class A

*

7,292

85,535

213,559,235

Specialized

REITs

0.6%

American

Tower

Corp.

21,903

4,168,360

Crown

Castle,

Inc.

20,372

2,206,084

CubeSmart

10,424

451,985

Digital

Realty

Trust,

Inc.

13,718

1,709,537

EPR

Properties

3,421

152,713

Equinix,

Inc.

4,401

3,564,458

Extra

Space

Storage,

Inc.

9,801

1,367,926

Farmland

Partners,

Inc.

2,803

32,206

Four

Corners

Property

Trust,

Inc.

4,069

107,015

Gaming

and

Leisure

Properties,

Inc.

11,660

553,384

Gladstone

Land

Corp.

817

13,677

Iron

Mountain,

Inc.

13,539

831,295

Lamar

Advertising

Co.,

Class A

4,055

400,228

National

Storage

Affiliates

Trust

3,386

114,413

Outfront

Media,

Inc.

6,936

107,230

PotlatchDeltic

Corp.

3,569

191,405

Public

Storage

7,659

2,157,923

Nationwide

Multi-Cap

Portfolio

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

57

Common

Stocks

Shares

Value

($)

Specialized

REITs

Rayonier,

Inc.

6,817

225,779

Safehold,

Inc.

1,441

35,636

SBA

Communications

Corp.,

Class A

5,036

1,102,632

Uniti

Group,

Inc.

12,041

67,189

VICI

Properties,

Inc.,

Class A

46,406

1,460,861

Weyerhaeuser

Co.

34,755

1,183,755

22,205,691

Specialty

Retail

1.5%

1-800-Flowers.com,

Inc.,

Class A

*(d)

1,266

10,989

Aaron's

Co.,

Inc.

(The)

1,262

19,965

Abercrombie

&

Fitch

Co.,

Class A

*(d)

2,295

90,905

Academy

Sports

&

Outdoors,

Inc.

(d)

3,485

208,368

Advance

Auto

Parts,

Inc.

2,789

207,474

American

Eagle

Outfitters,

Inc.

8,763

123,120

America's

Car-Mart,

Inc.

*

240

28,589

Arhaus,

Inc.,

Class A

*

302

3,461

Arko

Corp.

(d)

3,759

31,350

Asbury

Automotive

Group,

Inc.

*(d)

983

221,765

AutoNation,

Inc.

*

1,402

225,694

AutoZone,

Inc.

*

924

2,293,109

BARK,

Inc.

*

542

780

Barnes

&

Noble

Education,

Inc.

*

207

304

Bath

&

Body

Works,

Inc.

10,711

396,950

Best

Buy

Co.,

Inc.

9,226

766,219

Big

5

Sporting

Goods

Corp.

1,620

15,503

Boot

Barn

Holdings,

Inc.

*

1,402

131,648

Buckle,

Inc.

(The)

(d)

1,727

63,139

Build-A-Bear

Workshop,

Inc.

80

1,964

Burlington

Stores,

Inc.

*

3,048

541,386

Caleres,

Inc.

(d)

1,489

40,263

Camping

World

Holdings,

Inc.,

Class A

(d)

1,818

58,231

CarMax,

Inc.

*(d)

7,373

609,084

CarParts.com,

Inc.

*

979

4,915

Carvana

Co.,

Class A

*(d)

4,006

184,076

Cato

Corp.

(The),

Class A

919

7,812

Chewy,

Inc.,

Class A

*

572

19,391

Chico's

FAS,

Inc.

*

4,808

29,329

Children's

Place,

Inc.

(The)

*(d)

286

8,992

Citi

Trends,

Inc.

*

48

905

Conn's,

Inc.

*

82

403

Container

Store

Group,

Inc.

(The)

*

199

728

Designer

Brands,

Inc.,

Class A

4,191

41,700

Destination

XL

Group,

Inc.

*

353

1,821

Dick's

Sporting

Goods,

Inc.

(d)

2,811

396,351

Duluth

Holdings,

Inc.,

Class B

*

571

4,145

EVgo,

Inc.,

Class A

*(d)

3,789

16,558

Farfetch

Ltd.,

Class A

*

1,996

11,537

Five

Below,

Inc.

*(d)

2,575

536,476

Floor

&

Decor

Holdings,

Inc.,

Class A

*(d)

4,930

566,211

Foot

Locker,

Inc.

(d)

3,830

102,912

Common

Stocks

Shares

Value

($)

Specialty

Retail

Franchise

Group,

Inc.

(d)

942

28,034

GameStop

Corp.,

Class A

*(d)

12,574

279,143

Gap,

Inc.

(The)

(d)

11,193

115,288

Genesco,

Inc.

*

480

13,541

GNC

Holdings,

Inc.

*∞

3,942

0

Group

1

Automotive,

Inc.

614

158,737

GrowGeneration

Corp.

*(d)

1,933

7,693

Guess?,

Inc.

1,705

35,788

Haverty

Furniture

Cos.,

Inc.

703

25,027

Hibbett,

Inc.

921

42,734

Home

Depot,

Inc.

(The)

47,722

15,931,512

J

Jill,

Inc.

*

302

6,855

JOANN,

Inc.

66

74

Lands'

End,

Inc.

*(d)

432

4,052

Lazydays

Holdings,

Inc.

*

840

11,012

Leslie's,

Inc.

*(d)

7,915

50,419

Lithia

Motors,

Inc.,

Class A

1,252

388,784

LL

Flooring

Holdings,

Inc.

*

172

676

Lowe's

Cos.,

Inc.

28,116

6,586,735

Lulu's

Fashion

Lounge

Holdings,

Inc.

*

68

167

MarineMax,

Inc.

*(d)

822

33,151

Monro,

Inc.

(d)

1,231

45,116

Murphy

USA,

Inc.

904

277,555

National

Vision

Holdings,

Inc.

*

3,368

72,850

Nitori

Holdings

Co.

Ltd.

43,200

5,316,279

ODP

Corp.

(The)

*

1,817

90,632

OneWater

Marine,

Inc.,

Class A

*

230

8,660

O'Reilly

Automotive,

Inc.

*

2,864

2,651,463

Overstock.com,

Inc.

*(d)

2,334

85,121

Penske

Automotive

Group,

Inc.

(d)

952

153,672

Petco

Health

&

Wellness

Co.,

Inc.,

Class A

*(d)

4,359

35,569

PetMed

Express,

Inc.

955

13,991

RealReal,

Inc.

(The)

*

476

1,304

Rent

the

Runway,

Inc.,

Class A

*

215

398

Revolve

Group,

Inc.,

Class A

*(d)

2,134

42,082

RH

*

774

300,444

Ross

Stores,

Inc.

15,849

1,816,929

RumbleON,

Inc.,

Class B

*

60

616

Sally

Beauty

Holdings,

Inc.

*(d)

5,983

71,617

Shimamura

Co.

Ltd.

26,500

2,625,361

Shoe

Carnival,

Inc.

846

22,512

Signet

Jewelers

Ltd.

(d)

2,075

167,017

Sleep

Number

Corp.

*

700

19,383

Sonic

Automotive,

Inc.,

Class A

(d)

817

39,126

Sportsman's

Warehouse

Holdings,

Inc.

*(d)

1,628

10,256

Stitch

Fix,

Inc.,

Class A

*

2,238

11,436

Tilly's,

Inc.,

Class A

*(d)

855

7,413

TJX

Cos.,

Inc.

(The)

55,549

4,806,655

Tractor

Supply

Co.

(d)

5,128

1,148,621

Ulta

Beauty,

Inc.

*

2,356

1,047,949

Upbound

Group,

Inc.

2,432

84,220

Urban

Outfitters,

Inc.

*

2,889

105,073

58

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Specialty

Retail

Valvoline,

Inc.

7,864

298,596

Victoria's

Secret

&

Co.

*

3,617

74,112

Vroom,

Inc.

*

745

1,721

Warby

Parker,

Inc.,

Class A

*(d)

5,577

83,320

Wayfair,

Inc.,

Class A

*(d)

3,833

298,476

Williams-Sonoma,

Inc.

(d)

3,064

424,793

Winmark

Corp.

114

41,434

Zumiez,

Inc.

*

1,472

27,762

54,073,478

Technology

Hardware,

Storage

&

Peripherals

4.0%

Apple,

Inc.

708,452

139,175,396

Avid

Technology,

Inc.

*(d)

1,214

28,942

Corsair

Gaming,

Inc.

*

1,843

34,059

CPI

Card

Group,

Inc.

*

346

8,446

Dell

Technologies,

Inc.,

Class C

1,482

78,428

Eastman

Kodak

Co.

*

782

4,293

Hewlett

Packard

Enterprise

Co.

60,522

1,051,872

HP,

Inc.

41,274

1,355,025

Intevac,

Inc.

*

1,692

6,057

IonQ,

Inc.

*(d)

7,467

143,740

NetApp,

Inc.

10,065

785,171

Pure

Storage,

Inc.,

Class A

*

13,264

490,635

Quantum

Corp.

*

589

636

Stratasys

Ltd.

*

346

6,273

Super

Micro

Computer,

Inc.

*(d)

3,791

1,252,054

Turtle

Beach

Corp.

*

463

5,209

Western

Digital

Corp.

*

14,946

636,102

Xerox

Holdings

Corp.

5,790

92,524

145,154,862

Textiles,

Apparel

&

Luxury

Goods

0.4%

Allbirds,

Inc.,

Class A

*

674

1,011

Asics

Corp.

118,000

3,721,904

Capri

Holdings

Ltd.

*

5,715

210,941

Carter's,

Inc.

1,886

141,469

Columbia

Sportswear

Co.

1,466

115,242

Crocs,

Inc.

*

2,833

306,956

Deckers

Outdoor

Corp.

*

1,240

674,176

Figs,

Inc.,

Class A

*

6,407

47,156

Fossil

Group,

Inc.

*

1,923

5,346

G-III

Apparel

Group

Ltd.

*

1,747

36,180

Hanesbrands,

Inc.

17,042

89,811

Kontoor

Brands,

Inc.

(d)

2,599

110,094

Lanvin

Group

Holdings

Ltd.

*

218

981

Levi

Strauss

&

Co.,

Class A

500

7,535

Lululemon

Athletica,

Inc.

*

5,240

1,983,497

Movado

Group,

Inc.

672

19,286

NIKE,

Inc.,

Class B

56,285

6,213,301

Oxford

Industries,

Inc.

740

79,809

PLBY

Group,

Inc.

*

297

573

PVH

Corp.

2,920

261,749

Ralph

Lauren

Corp.,

Class A

1,961

257,538

Rocky

Brands,

Inc.

205

4,125

Skechers

USA,

Inc.,

Class A

*

6,452

358,602

Steven

Madden

Ltd.

(d)

3,740

124,841

Superior

Group

of

Cos.,

Inc.

66

622

Tapestry,

Inc.

11,070

477,671

Common

Stocks

Shares

Value

($)

Textiles,

Apparel

&

Luxury

Goods

Under

Armour,

Inc.,

Class A

*(d)

17,643

136,617

Unifi,

Inc.

*

91

720

Vera

Bradley,

Inc.

*

1,874

12,631

VF

Corp.

16,510

327,063

Wolverine

World

Wide,

Inc.

(d)

4,478

56,736

15,784,183

Tobacco

0.3%

22nd

Century

Group,

Inc.

*

84

292

Altria

Group,

Inc.

88,075

4,000,367

Ispire

Technology,

Inc.

*

83

766

Philip

Morris

International,

Inc.

73,929

7,372,200

Turning

Point

Brands,

Inc.

396

9,445

Universal

Corp.

1,278

64,628

Vector

Group

Ltd.

6,969

91,433

11,539,131

Trading

Companies

&

Distributors

0.3%

Air

Lease

Corp.,

Class A

4,560

193,070

Alta

Equipment

Group,

Inc.

710

11,467

Applied

Industrial

Technologies,

Inc.

1,822

264,172

Beacon

Roofing

Supply,

Inc.

*

7,944

680,562

BlueLinx

Holdings,

Inc.

*(d)

320

30,157

Boise

Cascade

Co.

1,837

190,111

Core

&

Main,

Inc.,

Class A

*

3,709

117,242

Custom

Truck

One

Source,

Inc.

*(d)

781

5,405

Distribution

Solutions

Group,

Inc.

*

301

16,687

DXP

Enterprises,

Inc.

*

629

23,889

EVI

Industries,

Inc.

*

344

8,751

Fastenal

Co.

28,733

1,684,041

Ferguson

plc

9,743

1,574,664

FTAI

Aviation

Ltd.

5,281

170,101

GATX

Corp.

(d)

1,600

200,576

Global

Industrial

Co.

507

14,450

GMS,

Inc.

*

1,848

136,179

H&E

Equipment

Services,

Inc.

1,530

74,327

Herc

Holdings,

Inc.

1,266

169,429

Hudson

Technologies,

Inc.

*

225

2,045

Karat

Packaging,

Inc.

33

671

Lavoro

Ltd.,

Class A

*

680

3,658

McGrath

RentCorp

1,169

112,668

MRC

Global,

Inc.

*

3,165

35,733

MSC

Industrial

Direct

Co.,

Inc.,

Class A

(d)

2,201

222,125

NOW,

Inc.

*

5,851

66,643

Rush

Enterprises,

Inc.,

Class A

2,049

133,440

SiteOne

Landscape

Supply,

Inc.

*(d)

2,079

353,430

Textainer

Group

Holdings

Ltd.

1,481

60,869

Titan

Machinery,

Inc.

*

761

24,291

Transcat,

Inc.

*

253

21,222

Triton

International

Ltd.

2,503

211,028

United

Rentals,

Inc.

3,231

1,501,381

Univar

Solutions,

Inc.

*

7,184

259,630

Veritiv

Corp.

581

81,416

Watsco,

Inc.

(d)

1,573

594,893

WESCO

International,

Inc.

2,027

355,880

Nationwide

Multi-Cap

Portfolio

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

59

Common

Stocks

Shares

Value

($)

Trading

Companies

&

Distributors

Willis

Lease

Finance

Corp.

*

197

8,331

WW

Grainger,

Inc.

2,084

1,539,013

Xometry,

Inc.,

Class A

*(d)

1,780

36,953

11,190,600

Water

Utilities

0.1%

American

States

Water

Co.

1,744

154,187

American

Water

Works

Co.,

Inc.

(d)

10,344

1,525,016

Artesian

Resources

Corp.,

Class A

(d)

299

13,622

Cadiz,

Inc.

*

2,926

12,114

California

Water

Service

Group

(d)

2,682

142,200

Consolidated

Water

Co.

Ltd.

(d)

1,085

21,223

Essential

Utilities,

Inc.

11,302

477,961

Global

Water

Resources,

Inc.

442

5,613

Middlesex

Water

Co.

104

8,364

Pure

Cycle

Corp.

*

782

9,634

SJW

Group

(d)

1,491

105,056

York

Water

Co.

(The)

1,068

44,140

2,519,130

Wireless

Telecommunication

Services

0.1%

Gogo,

Inc.

*

3,108

46,838

KORE

Group

Holdings,

Inc.

*

215

269

Shenandoah

Telecommunications

Co.

3,672

68,556

Spok

Holdings,

Inc.

1,285

18,838

Telephone

&

Data

Systems,

Inc.

4,676

37,502

T-Mobile

US,

Inc.

*

26,176

3,606,267

United

States

Cellular

Corp.

*

80

1,417

3,779,687

Total

Common

Stocks

(cost

$1,604,835,618)

2,264,661,691

Corporate

Bonds

5.6%

Principal

Amount

($)

Aerospace

&

Defense

0.2%

Boeing

Co.

(The)

,

1.43%,

2/4/2024

820,000

801,166

4.88%,

5/1/2025

1,300,000

1,283,523

2.75%,

2/1/2026

400,000

374,676

L3Harris

Technologies,

Inc.

,

5.40%,

1/15/2027

1,600,000

1,604,008

Northrop

Grumman

Corp.

,

2.93%,

1/15/2025

1,780,000

1,715,493

RTX

Corp.

,

3.15%,

12/15/2024

50,000

48,410

5,827,276

Automobiles

0.1%

Ford

Motor

Co.

,

3.25%,

2/12/2032

790,000

624,601

General

Motors

Co.

,

6.13%,

10/1/2025

1,340,000

1,354,573

Corporate

Bonds

Principal

Amount

($)

Value

($)

Automobiles

Nissan

Motor

Acceptance

Co.

LLC

,

2.00%,

3/9/2026(a)

50,000

44,698

Nissan

Motor

Co.

Ltd.

,

3.04%,

9/15/2023(a)

1,640,000

1,633,831

3,657,703

Banks

1.4%

Banco

Santander

SA

,

2.75%,

5/28/2025

800,000

756,872

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.00%),

4.17%,

3/24/2028(e)

800,000

753,636

Bank

of

America

Corp.

,

(SOFR

+

1.11%),

3.84%,

4/25/2025(e)

60,000

59,109

(SOFR

+

1.15%),

1.32%,

6/19/2026(e)

1,020,000

937,041

(SOFR

+

0.96%),

1.73%,

7/22/2027(e)

1,220,000

1,093,096

Bank

of

Montreal

,

1.85%,

5/1/2025

2,710,000

2,542,777

Bank

of

Nova

Scotia

(The)

,

1.30%,

6/11/2025

1,440,000

1,334,217

5.45%,

6/12/2025

1,490,000

1,485,739

5.25%,

6/12/2028

1,520,000

1,518,096

BNP

Paribas

SA

,

(CME

Term

SOFR

3

Month

+

1.37%),

2.82%,

11/19/2025(a)(e)

3,750,000

3,590,095

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.50%),

5.33%,

6/12/2029(a)(e)

1,650,000

1,636,333

Citigroup,

Inc.

,

(SOFR

+

1.37%),

4.14%,

5/24/2025(e)

1,290,000

1,273,539

(SOFR

+

2.84%),

3.11%,

4/8/2026(e)

1,070,000

1,024,137

(SOFR

+

0.77%),

1.12%,

1/28/2027(e)

750,000

669,887

(SOFR

+

0.77%),

1.46%,

6/9/2027(e)

950,000

846,799

Cooperatieve

Rabobank

UA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.22%),

3.65%,

4/6/2028(a)(e)

2,380,000

2,212,357

Credit

Agricole

SA

,

(SOFR

+

1.68%),

1.91%,

6/16/2026(a)(e)

2,200,000

2,043,069

Danske

Bank

A/S

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.45%),

3.77%,

3/28/2025(a)(e)

1,270,000

1,247,495

60

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

DNB

Bank

ASA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.72%),

1.54%,

5/25/2027(a)(e)

1,470,000

1,300,408

HSBC

Holdings

plc

,

(SOFR

+

0.71%),

0.98%,

5/24/2025(e)

200,000

191,184

JPMorgan

Chase

&

Co.

,

(SOFR

+

1.85%),

2.08%,

4/22/2026(e)

2,790,000

2,623,768

(SOFR

+

0.89%),

1.58%,

4/22/2027(e)

750,000

675,241

Lloyds

Banking

Group

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.50%),

3.87%,

7/9/2025(e)

720,000

704,551

Mitsubishi

UFJ

Financial

Group,

Inc.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.13%),

3.84%,

4/17/2026(e)

340,000

327,845

Morgan

Stanley

Bank

NA

,

4.75%,

4/21/2026

390,000

385,197

National

Securities

Clearing

Corp.

,

5.15%,

5/30/2025(a)

830,000

829,138

Nordea

Bank

Abp

,

0.63%,

5/24/2024(a)

1,210,000

1,161,142

PNC

Financial

Services

Group,

Inc.

(The)

,

(SOFR

+

1.32%),

5.81%,

6/12/2026(e)

1,460,000

1,460,709

Royal

Bank

of

Canada

,

3.38%,

4/14/2025

2,310,000

2,228,208

Santander

UK

Group

Holdings

plc

,

(SOFR

+

0.99%),

1.67%,

6/14/2027(e)

650,000

569,349

Sumitomo

Mitsui

Financial

Group,

Inc.

,

(CME

Term

SOFR

3

Month

+

1.06%),

6.37%,

10/16/2023(e)

1,430,000

1,431,600

Swedbank

AB

,

3.36%,

4/4/2025(a)

1,170,000

1,124,540

Toronto-Dominion

Bank

(The)

,

1.15%,

6/12/2025

60,000

55,489

5.52%,

7/17/2028

1,310,000

1,323,528

Truist

Financial

Corp.

,

(SOFR

+

2.05%),

6.05%,

6/8/2027(e)

710,000

711,321

(SOFR

+

0.86%),

1.89%,

6/7/2029(e)

620,000

519,589

US

Bancorp

,

1.45%,

5/12/2025

1,090,000

1,017,732

(SOFR

+

0.73%),

2.22%,

1/27/2028(e)

160,000

142,851

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

US

Bancorp,

(SOFR

+

2.02%),

5.78%,

6/12/2029(e)

720,000

722,620

Wells

Fargo

&

Co.

,

(SOFR

+

1.32%),

3.91%,

4/25/2026(e)

700,000

677,483

(SOFR

+

2.00%),

2.19%,

4/30/2026(e)

1,430,000

1,344,761

(SOFR

+

1.74%),

5.57%,

7/25/2029(e)

2,560,000

2,573,568

Westpac

Banking

Corp.

,

1.15%,

6/3/2026

630,000

563,877

49,689,993

Beverages

0.0%

†

Constellation

Brands,

Inc.

,

3.60%,

5/9/2024

220,000

216,177

5.00%,

2/2/2026

430,000

425,447

641,624

Biotechnology

0.1%

AbbVie,

Inc.

,

2.60%,

11/21/2024

340,000

327,312

3.80%,

3/15/2025

750,000

730,672

2.95%,

11/21/2026

2,130,000

1,998,125

3,056,109

Broadline

Retail

0.1%

Amazon.com,

Inc.

,

3.30%,

4/13/2027

290,000

276,453

1.20%,

6/3/2027

1,200,000

1,056,476

eBay,

Inc.

,

1.40%,

5/10/2026

760,000

687,534

Prosus

NV

,

3.06%,

7/13/2031(a)

1,050,000

824,316

2,844,779

Building

Products

0.0%

†

Carrier

Global

Corp.

,

2.24%,

2/15/2025

153,000

145,344

Capital

Markets

0.4%

Bank

of

New

York

Mellon

Corp.

(The)

,

1.60%,

4/24/2025

760,000

713,363

Charles

Schwab

Corp.

(The)

,

1.15%,

5/13/2026

910,000

809,205

(SOFR

+

2.21%),

5.64%,

5/19/2029(e)

460,000

464,024

Credit

Suisse

AG

,

2.95%,

4/9/2025

3,620,000

3,426,007

Goldman

Sachs

Group,

Inc.

(The)

,

3.50%,

4/1/2025

830,000

800,535

3.75%,

5/22/2025

3,880,000

3,747,453

Morgan

Stanley

,

(SOFR

+

0.46%),

5.76%,

1/25/2024(e)

1,150,000

1,149,553

(SOFR

+

1.16%),

3.62%,

4/17/2025(e)

1,300,000

1,278,312

(SOFR

+

1.99%),

2.19%,

4/28/2026(e)

1,480,000

1,392,487

Nationwide

Multi-Cap

Portfolio

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

61

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Morgan

Stanley,

(SOFR

+

0.86%),

1.51%,

7/20/2027(e)

680,000

604,108

UBS

Group

AG

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.55%),

4.49%,

5/12/2026(a)(e)

330,000

320,595

14,705,642

Chemicals

0.1%

MEGlobal

BV

,

2.63%,

4/28/2028(a)

780,000

684,347

OCP

SA

,

Reg.

S,

4.50%,

10/22/2025

930,000

901,124

Orbia

Advance

Corp.

SAB

de

CV

,

1.88%,

5/11/2026(a)

860,000

764,014

2.88%,

5/11/2031(a)

250,000

198,706

2,548,191

Consumer

Finance

0.2%

AerCap

Ireland

Capital

DAC

,

2.45%,

10/29/2026

940,000

845,329

American

Express

Co.

,

3.38%,

5/3/2024

740,000

727,258

3.95%,

8/1/2025

1,610,000

1,564,326

(SOFR

+

0.97%),

5.39%,

7/28/2027(e)

460,000

459,743

4.05%,

5/3/2029

130,000

124,095

(SOFR

+

1.28%),

5.28%,

7/27/2029(e)

460,000

459,548

John

Deere

Capital

Corp.

,

4.95%,

7/14/2028

1,080,000

1,087,948

PACCAR

Financial

Corp.

,

1.10%,

5/11/2026

430,000

388,075

5,656,322

Diversified

Telecommunication

Services

0.1%

CCO

Holdings

LLC

,

4.50%,

8/15/2030(a)

220,000

186,405

Verizon

Communications,

Inc.

,

2.63%,

8/15/2026

700,000

651,030

2.10%,

3/22/2028

1,700,000

1,486,981

2.36%,

3/15/2032

2,101,000

1,677,697

4,002,113

Electric

Utilities

0.3%

Comision

Federal

de

Electricidad

,

4.75%,

2/23/2027(a)

1,050,000

1,006,268

FirstEnergy

Corp.

,

Series

A,

1.60%,

1/15/2026

2,500,000

2,268,156

Pacific

Gas

and

Electric

Co.

,

3.25%,

2/16/2024

4,070,000

4,005,236

Perusahaan

Listrik

Negara

PT

,

5.45%,

5/21/2028(a)

880,000

882,538

Southern

California

Edison

Co.

,

Series

E,

3.70%,

8/1/2025

1,360,000

1,316,644

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Southern

California

Edison

Co.,

4.90%,

6/1/2026

1,520,000

1,504,346

10,983,188

Entertainment

0.0%

†

Warnermedia

Holdings,

Inc.

,

3.64%,

3/15/2025

700,000

676,519

6.41%,

3/15/2026

210,000

210,355

3.76%,

3/15/2027

670,000

627,140

1,514,014

Financial

Services

0.2%

Nationwide

Building

Society

,

0.55%,

1/22/2024(a)

1,460,000

1,423,599

NTT

Finance

Corp.

,

1.16%,

4/3/2026(a)

1,510,000

1,356,710

PayPal

Holdings,

Inc.

,

1.65%,

6/1/2025

2,280,000

2,137,859

Shell

International

Finance

BV

,

(ICE

LIBOR

USD

3

Month

+

0.40%),

5.72%,

11/13/2023(e)

1,210,000

1,210,999

2.88%,

5/10/2026

280,000

266,227

6,395,394

Food

Products

0.0%

†

Mondelez

International,

Inc.

,

1.50%,

5/4/2025

440,000

411,731

Ground

Transportation

0.0%

†

Canadian

Pacific

Railway

Co.

,

1.75%,

12/2/2026

1,360,000

1,224,771

Health

Care

Equipment

&

Supplies

0.0%

†

Becton

Dickinson

&

Co.

,

3.36%,

6/6/2024

454,000

444,741

Health

Care

Providers

&

Services

0.2%

Cigna

Group

(The)

,

3.25%,

4/15/2025

40,000

38,480

CVS

Health

Corp.

,

3.88%,

7/20/2025

3,060,000

2,973,991

5.00%,

1/30/2029

1,660,000

1,652,767

Elevance

Health,

Inc.

,

4.90%,

2/8/2026

1,020,000

1,007,354

Humana,

Inc.

,

4.50%,

4/1/2025

90,000

88,667

McKesson

Corp.

,

4.90%,

7/15/2028

1,840,000

1,840,229

UnitedHealth

Group,

Inc.

,

1.15%,

5/15/2026

300,000

271,592

3.70%,

5/15/2027

780,000

753,436

8,626,516

Hotels,

Restaurants

&

Leisure

0.1%

Las

Vegas

Sands

Corp.

,

2.90%,

6/25/2025

260,000

244,566

3.50%,

8/18/2026

185,000

172,969

McDonald's

Corp.

,

3.30%,

7/1/2025

910,000

879,278

1.45%,

9/1/2025

80,000

74,203

62

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Corporate

Bonds

Principal

Amount

($)

Value

($)

Hotels,

Restaurants

&

Leisure

McDonald’s

Corp.,

3.70%,

1/30/2026

900,000

870,650

2,241,666

Industrial

Conglomerates

0.1%

3M

Co.

,

(ICE

LIBOR

USD

3

Month

+

0.30%),

5.62%,

2/14/2024(e)

1,430,000

1,428,979

Honeywell

International,

Inc.

,

1.10%,

3/1/2027

500,000

442,464

1,871,443

Insurance

0.1%

American

International

Group,

Inc.

,

2.50%,

6/30/2025

44,000

41,791

Guardian

Life

Global

Funding

,

1.10%,

6/23/2025(a)

150,000

137,094

MassMutual

Global

Funding

II

,

4.15%,

8/26/2025(a)

200,000

194,945

New

York

Life

Global

Funding

,

0.95%,

6/24/2025(a)

100,000

92,050

Northwestern

Mutual

Global

Funding

,

4.90%,

6/12/2028(a)

2,120,000

2,099,772

Principal

Life

Global

Funding

II

,

1.25%,

6/23/2025(a)

510,000

467,181

3,032,833

Media

0.2%

Charter

Communications

Operating

LLC

,

(CME

Term

SOFR

3

Month

+

1.91%),

6.95%,

2/1/2024(e)

2,510,000

2,522,954

4.91%,

7/23/2025

1,050,000

1,031,428

Comcast

Corp.

,

3.95%,

10/15/2025

1,120,000

1,093,526

4.15%,

10/15/2028

270,000

261,247

CSC

Holdings

LLC

,

4.13%,

12/1/2030(a)

210,000

151,835

4.50%,

11/15/2031(a)

700,000

502,175

DISH

DBS

Corp.

,

5.25%,

12/1/2026(a)

150,000

122,851

5.75%,

12/1/2028(a)

640,000

492,492

Fox

Corp.

,

3.05%,

4/7/2025

1,370,000

1,319,535

3.50%,

4/8/2030

130,000

116,688

7,614,731

Metals

&

Mining

0.1%

ArcelorMittal

SA

,

6.55%,

11/29/2027

540,000

558,057

Freeport-McMoRan,

Inc.

,

4.55%,

11/14/2024

640,000

628,784

Glencore

Funding

LLC

,

4.13%,

3/12/2024(a)

470,000

463,835

5.40%,

5/8/2028(a)

1,160,000

1,154,904

Southern

Copper

Corp.

,

3.88%,

4/23/2025

940,000

911,521

Corporate

Bonds

Principal

Amount

($)

Value

($)

Metals

&

Mining

Vale

Overseas

Ltd.

,

6.88%,

11/21/2036

130,000

138,495

3,855,596

Oil,

Gas

&

Consumable

Fuels

0.7%

Continental

Resources,

Inc.

,

3.80%,

6/1/2024

450,000

441,357

2.27%,

11/15/2026(a)

270,000

241,611

4.38%,

1/15/2028

480,000

454,472

Coterra

Energy,

Inc.

,

3.90%,

5/15/2027

440,000

419,212

Devon

Energy

Corp.

,

5.25%,

9/15/2024

560,000

557,556

5.85%,

12/15/2025

1,810,000

1,821,782

5.25%,

10/15/2027

820,000

811,136

Ecopetrol

SA

,

5.38%,

6/26/2026

810,000

779,576

Energy

Transfer

LP

,

4.50%,

11/1/2023

1,160,000

1,155,152

4.50%,

4/15/2024

360,000

356,492

2.90%,

5/15/2025

1,420,000

1,353,046

Enterprise

Products

Operating

LLC

,

3.90%,

2/15/2024

520,000

514,687

3.75%,

2/15/2025

640,000

623,860

3.70%,

2/15/2026

60,000

57,952

4.15%,

10/16/2028

590,000

565,329

EQM

Midstream

Partners

LP

,

6.50%,

7/1/2027(a)

900,000

895,719

EQT

Corp.

,

6.13%,

2/1/2025(c)

438,000

438,232

3.13%,

5/15/2026(a)

315,000

291,690

3.90%,

10/1/2027

820,000

768,715

5.00%,

1/15/2029

20,000

18,913

Kinder

Morgan

Energy

Partners

LP

,

4.30%,

5/1/2024

1,250,000

1,234,921

Kinder

Morgan,

Inc.

,

4.30%,

6/1/2025

730,000

713,561

MPLX

LP

,

4.00%,

2/15/2025

80,000

77,849

4.88%,

6/1/2025

720,000

710,468

1.75%,

3/1/2026

850,000

775,537

Occidental

Petroleum

Corp.

,

5.88%,

9/1/2025

648,000

649,098

3.00%,

2/15/2027

264,000

237,600

8.50%,

7/15/2027

1,372,000

1,488,071

Petrobras

Global

Finance

BV

,

5.75%,

2/1/2029

370,000

361,419

Petroleos

del

Peru

SA

,

4.75%,

6/19/2032(a)

1,190,000

909,672

Pioneer

Natural

Resources

Co.

,

1.13%,

1/15/2026

2,130,000

1,930,260

Sinopec

Group

Overseas

Development

2014

Ltd.

,

4.38%,

4/10/2024(a)

860,000

852,303

Transcontinental

Gas

Pipe

Line

Co.

LLC

,

7.85%,

2/1/2026

990,000

1,037,927

Nationwide

Multi-Cap

Portfolio

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

63

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Western

Midstream

Operating

LP

,

3.95%,

6/1/2025

410,000

395,360

4.50%,

3/1/2028

490,000

465,845

Williams

Cos.,

Inc.

(The)

,

4.30%,

3/4/2024

610,000

604,105

4.55%,

6/24/2024

700,000

692,047

25,702,532

Paper

&

Forest

Products

0.0%

†

Suzano

Austria

GmbH

,

5.75%,

7/14/2026(a)

1,030,000

1,031,166

Personal

Care

Products

0.1%

Haleon

UK

Capital

plc

,

3.13%,

3/24/2025

540,000

518,255

Haleon

US

Capital

LLC

,

3.38%,

3/24/2027

890,000

837,602

Kenvue,

Inc.

,

5.05%,

3/22/2028(a)

890,000

897,760

2,253,617

Pharmaceuticals

0.2%

AstraZeneca

plc

,

(ICE

LIBOR

USD

3

Month

+

0.67%),

6.00%,

8/17/2023(e)

1,896,000

1,895,318

Merck

&

Co.,

Inc.

,

1.45%,

6/24/2030

90,000

73,042

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

4.45%,

5/19/2026

2,910,000

2,874,589

Pfizer,

Inc.

,

0.80%,

5/28/2025

1,020,000

947,615

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

3.15%,

10/1/2026

1,470,000

1,329,859

4.75%,

5/9/2027

500,000

466,084

5.13%,

5/9/2029

300,000

274,875

7,861,382

Professional

Services

0.0%

†

Automatic

Data

Processing,

Inc.

,

1.70%,

5/15/2028

650,000

570,543

Semiconductors

&

Semiconductor

Equipment

0.2%

Broadcom,

Inc.

,

3.15%,

11/15/2025

720,000

686,354

3.14%,

11/15/2035(a)

830,000

636,756

Intel

Corp.

,

1.60%,

8/12/2028

1,020,000

881,995

5.13%,

2/10/2030

200,000

201,603

Microchip

Technology,

Inc.

,

0.98%,

9/1/2024

610,000

578,963

NXP

BV

,

2.70%,

5/1/2025

1,810,000

1,722,025

Texas

Instruments,

Inc.

,

1.75%,

5/4/2030

340,000

285,265

TSMC

Arizona

Corp.

,

1.75%,

10/25/2026

850,000

764,382

5,757,343

Corporate

Bonds

Principal

Amount

($)

Value

($)

Software

0.1%

Oracle

Corp.

,

2.50%,

4/1/2025

840,000

801,190

4.50%,

5/6/2028

1,330,000

1,299,011

2,100,201

Specialty

Retail

0.1%

AutoZone,

Inc.

,

5.05%,

7/15/2026

1,140,000

1,136,921

Home

Depot,

Inc.

(The)

,

2.50%,

4/15/2027

10,000

9,284

2.88%,

4/15/2027

160,000

150,249

Lowe's

Cos.,

Inc.

,

2.50%,

4/15/2026

420,000

393,489

1.70%,

9/15/2028

770,000

658,536

2,348,479

Tobacco

0.1%

Altria

Group,

Inc.

,

2.35%,

5/6/2025

920,000

868,711

4.40%,

2/14/2026

146,000

143,341

2.63%,

9/16/2026

860,000

802,062

BAT

Capital

Corp.

,

3.56%,

8/15/2027

430,000

399,368

BAT

International

Finance

plc

,

1.67%,

3/25/2026

1,060,000

960,676

5.93%,

2/2/2029

460,000

460,000

Philip

Morris

International,

Inc.

,

1.50%,

5/1/2025

90,000

84,442

0.88%,

5/1/2026

580,000

519,084

4,237,684

Trading

Companies

&

Distributors

0.0%

†

Air

Lease

Corp.

,

0.70%,

2/15/2024

750,000

728,882

3.38%,

7/1/2025

90,000

85,867

1.88%,

8/15/2026

490,000

439,014

5.30%,

2/1/2028

260,000

257,078

1,510,841

Transportation

Infrastructure

0.0%

†

DP

World

Crescent

Ltd.

,

4.85%,

9/26/2028(a)

950,000

937,984

Wireless

Telecommunication

Services

0.1%

Sprint

LLC

,

7.13%,

6/15/2024

2,439,000

2,461,953

T-Mobile

USA,

Inc.

,

3.50%,

4/15/2025

1,290,000

1,246,410

3.50%,

4/15/2031

840,000

738,389

4,446,752

Total

Corporate

Bonds

(cost

$210,035,055)

199,750,244

Exchange

Traded

Funds

1.7%

Shares

Debt

Funds

0.1%

Vanguard

Intermediate-Term

Corporate

Bond

ETF

52,005

4,113,596

64

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Exchange

Traded

Funds

Shares

Value

($)

Equity

Funds

1.6%

Invesco

QQQ

Trust

7,124

2,733,336

iShares

Core

S&P

500

ETF

5,257

2,419,166

iShares

Russell

1000

ETF

90,923

22,928,053

Vanguard

High

Dividend

Yield

ETF

26,851

2,962,471

Vanguard

Russell

1000

109,947

22,928,347

Vanguard

Small-Cap

ETF(d)

7,353

1,534,939

55,506,312

Total

Exchange

Traded

Funds

(cost

$57,471,918)

59,619,908

Foreign

Government

Securities

0.2%

Principal

Amount

($)

ARGENTINA

0.0%

†

Argentine

Republic,

1.00%,

7/9/2029

33,130

11,124

0.75%,

7/9/2030(c)

200

69

Provincia

de

Buenos

Aires,

Reg.

S,

5.25%,

9/1/2037(c)

670,000

259,625

5.25%,

9/1/2037(a)(c)

301,247

116,733

387,551

COLOMBIA

0.0%

†

Republic

of

Colombia,

3.25%,

4/22/2032

750,000

573,573

MEXICO

0.1%

Mex

Bonos

Desarr

Fix

Rt,

8.00%,

11/7/2047

MXN

26,410,000

1,436,060

United

Mexican

States,

3.50%,

2/12/2034

1,510,000

1,267,662

2,703,722

PANAMA

0.0%

†

Republic

of

Panama,

3.88%,

3/17/2028

1,000,000

942,589

RUSSIA

0.1%

Russian

Federation,

6.90%,

5/23/2029(f)

RUB

334,155,000

1,815,545

7.65%,

4/10/2030(f)

144,850,000

528,880

7.25%,

5/10/2034(f)

2,250,000

8,216

2,352,641

SENEGAL

0.0%

†

Republic

of

Senegal,

Reg.

S,

6.25%,

7/30/2024

300,000

297,690

6.25%,

5/23/2033(a)

250,000

214,920

512,610

URUGUAY

0.0%

†

Oriental

Republic

of

Uruguay,

4.38%,

1/23/2031

390,000

381,656

5.75%,

10/28/2034

910,000

978,250

1,359,906

Total

Foreign

Government

Securities

(cost

$13,202,266)

8,832,592

Mortgage-Backed

Securities

1.4%

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

RB5131

2.00%,

10/1/2041

863,505

729,441

Pool#

RB5141

2.00%,

1/1/2042

89,341

75,377

Pool#

RB5145

2.00%,

2/1/2042

180,293

152,073

Pool#

QK1354

2.00%,

2/1/2042

178,813

150,703

Pool#

SD2866

4.00%,

7/1/2049

98,297

93,329

Pool#

SD7521

2.50%,

7/1/2050

1,214,388

1,040,276

Pool#

SI2048

2.50%,

7/1/2050

98,843

83,784

Pool#

SD2588

4.00%,

7/1/2050

96,741

91,824

Pool#

QB4985

2.00%,

11/1/2050

150,438

122,291

Pool#

RA3913

2.50%,

11/1/2050

219,289

187,847

Pool#

SD7534

2.50%,

2/1/2051

977,580

842,897

Pool#

RA4532

2.50%,

2/1/2051

435,312

369,531

Pool#

SD8146

2.00%,

5/1/2051

501,307

407,125

Pool#

SD0781

3.00%,

11/1/2051

671,138

588,944

Pool#

QD2260

3.00%,

12/1/2051

84,627

74,364

Pool#

QD7333

3.00%,

2/1/2052

92,596

81,218

Pool#

SD8209

1.50%,

3/1/2052

1,579,772

1,214,248

Pool#

SD1549

3.50%,

4/1/2052

1,414,589

1,282,705

Pool#

RA7186

4.00%,

4/1/2052

1,085,595

1,021,005

Pool#

RA7185

4.00%,

4/1/2052

638,387

598,844

Pool#

SD8214

3.50%,

5/1/2052

839,121

760,238

Pool#

SD2549

4.00%,

7/1/2052

95,507

90,244

Pool#

SD1807

4.50%,

7/1/2052

675,599

648,247

Pool#

QF3213

4.50%,

11/1/2052

382,334

366,027

Pool#

SD2251

4.50%,

11/1/2052

290,981

278,571

Pool#

QF4924

6.00%,

12/1/2052

189,478

192,630

Pool#

SD2384

6.50%,

2/1/2053

473,253

484,217

Pool#

SD2452

6.50%,

2/1/2053

187,416

191,552

Pool#

SD2578

6.00%,

3/1/2053

97,009

97,588

Pool#

SD2688

5.50%,

4/1/2053

296,046

294,796

Pool#

QG1295

5.50%,

4/1/2053

99,708

99,217

Nationwide

Multi-Cap

Portfolio

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

65

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

SD2762

5.50%,

5/1/2053

295,837

294,296

Pool#

SD3382

5.00%,

6/1/2053

200,000

195,480

FNMA

Pool

Pool#

AN4927

3.45%,

3/1/2029

18,958

17,854

Pool#

AN5386

3.25%,

5/1/2029

19,316

17,984

Pool#

AM8700

2.93%,

6/1/2030

18,808

17,246

Pool#

BF0301

4.50%,

8/1/2058

298,745

287,478

FNMA

UMBS

Pool

Pool#

MA4422

2.00%,

9/1/2041

1,358,644

1,141,829

Pool#

MA4446

2.00%,

10/1/2041

426,036

359,892

Pool#

MA4474

2.00%,

11/1/2041

173,833

146,202

Pool#

MA4540

2.00%,

2/1/2042

89,637

75,610

Pool#

MA4570

2.00%,

3/1/2042

90,449

76,214

Pool#

MA4606

2.00%,

5/1/2042

92,274

77,811

Pool#

FM3049

4.00%,

4/1/2044

376,501

359,225

Pool#

FS4448

4.00%,

12/1/2044

96,893

92,495

Pool#

FS1248

3.00%,

2/1/2047

1,101,170

988,313

Pool#

CA2472

4.00%,

10/1/2048

175,958

166,433

Pool#

CA5371

4.00%,

3/1/2050

169,342

160,086

Pool#

BK2620

2.50%,

6/1/2050

62,932

53,649

Pool#

BQ3331

2.00%,

8/1/2050

155,100

126,409

Pool#

BQ4926

2.00%,

10/1/2050

223,859

182,023

Pool#

CA7257

2.50%,

10/1/2050

151,539

129,602

Pool#

FM5313

2.50%,

10/1/2050

81,920

69,812

Pool#

CA9220

2.00%,

2/1/2051

1,169,147

949,679

Pool#

CA8779

2.00%,

2/1/2051

489,481

397,691

Pool#

BR4052

2.00%,

2/1/2051

156,616

127,325

Pool#

CA8955

2.50%,

2/1/2051

420,198

356,256

Pool#

FS1631

2.50%,

2/1/2051

269,739

228,691

Pool#

MA4305

2.00%,

4/1/2051

993,204

806,636

Pool#

FM9441

2.00%,

4/1/2051

172,278

140,084

Pool#

FS4645

4.00%,

11/1/2051

97,023

90,768

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

FM9413

4.00%,

11/1/2051

69,513

65,125

Pool#

BU2591

2.00%,

12/1/2051

371,132

300,541

Pool#

FS1107

2.50%,

12/1/2051

259,112

220,619

Pool#

FS0439

2.50%,

1/1/2052

356,199

302,292

Pool#

CB2664

3.00%,

1/1/2052

906,011

794,306

Pool#

FS0551

2.50%,

2/1/2052

90,172

77,048

Pool#

FS4314

2.00%,

3/1/2052

97,423

79,336

Pool#

FS0736

2.50%,

3/1/2052

89,472

76,242

Pool#

FS0957

3.00%,

3/1/2052

734,290

642,441

Pool#

CB3282

3.50%,

4/1/2052

1,180,304

1,070,266

Pool#

FS2707

3.50%,

4/1/2052

1,128,869

1,023,620

Pool#

BV5405

4.00%,

4/1/2052

85,591

80,620

Pool#

CB3880

5.00%,

6/1/2052

90,963

89,414

Pool#

BW0048

5.00%,

7/1/2052

180,773

176,824

Pool#

CB4418

5.50%,

8/1/2052

85,441

85,133

Pool#

BX2186

4.50%,

11/1/2052

488,710

467,887

Pool#

FS3977

4.50%,

11/1/2052

382,634

366,424

Pool#

FS3813

4.50%,

11/1/2052

280,281

268,335

Pool#

CB5156

6.50%,

11/1/2052

93,823

96,562

Pool#

CB5892

4.50%,

3/1/2053

96,675

92,549

Pool#

FS4454

6.00%,

4/1/2053

95,625

96,438

Pool#

FS4524

5.00%,

5/1/2053

97,726

95,517

Pool#

FS4573

6.00%,

5/1/2053

291,778

294,918

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

2.00%,

8/25/2053

100,000

80,957

2.50%,

8/25/2053

5,600,000

4,718,328

3.00%,

8/25/2053

2,500,000

2,187,207

4.00%,

8/25/2053

500,000

466,738

5.00%,

8/25/2053

1,100,000

1,074,520

GNMA

I

Pool

Pool#

783669

,

3.00%,

9/15/2042

49,953

45,137

GNMA

II

Pool

Pool#

784106

3.50%,

1/20/2046

78,837

73,667

Pool#

MA5194

5.00%,

5/20/2048

116,646

115,994

Pool#

784985

3.50%,

9/20/2048

48,882

45,314

66

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

MA5597

5.00%,

11/20/2048

254,191

252,860

Pool#

MA5817

4.00%,

3/20/2049

65,533

62,364

Pool#

MA5876

4.00%,

4/20/2049

51,977

49,436

Pool#

MA5878

5.00%,

4/20/2049

166,264

164,846

Pool#

BS1728

4.00%,

1/20/2050

38,958

37,679

Pool#

BM7534

3.50%,

2/20/2050

60,420

55,493

Pool#

BS1742

4.00%,

2/20/2050

31,398

30,296

Pool#

BS1757

4.00%,

3/20/2050

29,768

28,780

Pool#

BS8420

4.00%,

4/20/2050

128,638

122,157

Pool#

BT1888

2.50%,

12/20/2050

240,348

207,160

Pool#

BS8546

2.50%,

12/20/2050

145,153

122,548

Pool#

MA7192

2.00%,

2/20/2051

958,132

803,206

Pool#

CD8312

2.50%,

5/20/2051

154,739

131,095

Pool#

MA7368

3.00%,

5/20/2051

336,390

300,774

Pool#

MA7471

2.00%,

7/20/2051

246,539

206,747

Pool#

MA7590

3.00%,

9/20/2051

1,350,350

1,205,677

Pool#

MA7648

2.00%,

10/20/2051

87,111

72,847

Pool#

MA7649

2.50%,

10/20/2051

1,287,446

1,110,488

Pool#

786082

3.00%,

11/20/2051

89,980

80,397

Pool#

MA7826

2.00%,

1/20/2052

180,596

151,025

Pool#

BZ4383

3.00%,

1/20/2052

133,289

117,219

Pool#

785944

3.00%,

2/20/2052

450,399

402,019

Pool#

786077

3.00%,

3/20/2052

88,452

78,771

Pool#

786107

3.00%,

3/20/2052

88,193

78,768

Pool#

MA7989

3.50%,

4/20/2052

1,961,630

1,801,734

Pool#

786429

4.00%,

6/20/2052

95,970

90,844

Pool#

MA8100

4.00%,

6/20/2052

94,778

89,243

Pool#

CK9592

4.00%,

6/20/2052

94,710

89,433

Pool#

MA8197

2.50%,

8/20/2052

553,114

476,944

Pool#

MA8428

5.00%,

11/20/2052

486,723

477,226

Pool#

MA8429

5.50%,

11/20/2052

486,527

483,799

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

786474

5.00%,

1/20/2053

97,232

95,981

Pool#

MA8642

2.50%,

2/20/2053

1,353,098

1,168,571

Pool#

MA8798

4.00%,

4/20/2053

99,074

93,288

GNMA

TBA

2.00%,

8/15/2053

100,000

83,594

4.00%,

8/15/2053

700,000

659,312

4.50%,

8/15/2053

1,700,000

1,635,254

5.00%,

8/15/2053

700,000

685,891

Total

Mortgage-Backed

Securities

(cost

$51,455,455)

50,318,311

Purchased

Options

0.0%

†

Number

of

Contracts

Put

Options

0.0%

†

Equity

Funds

0.0%

†

Invesco

QQQ

Trust

1

8/18/2023

at

USD

353.00,

American

Style,

Notional

Amount:

USD

60,857,200

JPMorgan

Chase

Bank

NA*

1,724

65,939

0

Future

Interest

Rate

Options

0.0%

†

3

Month

SOFR

10/13/2023

at

USD

97.00,

American

Style,

Notional

Amount:

USD

17,750,000

Exchange

Traded*

71

206,344

3

Month

SOFR

12/15/2023

at

USD

96.00,

American

Style,

Notional

Amount:

USD

48,000,000

Exchange

Traded*

192

226,800

3

Month

SOFR

12/15/2023

at

USD

95.88,

American

Style,

Notional

Amount:

USD

20,500,000

Exchange

Traded*

82

83,025

0

516,169

Call

Options

0.0%

†

Future

Interest

Rate

Options

0.0%

†

3

Month

SOFR

6/14/2024

at

USD

95.13,

American

Style,

Notional

Amount:

USD

7,250,000

Exchange

Traded*

29

36,250

3

Month

SOFR

9/13/2024

at

USD

95.38,

American

Style,

Notional

Amount:

USD

3,000,000

Exchange

Traded*

12

20,025

3

Month

SOFR

6/14/2024

at

USD

95.38,

American

Style,

Notional

Amount:

USD

3,000,000

Exchange

Traded*

12

12,225

Nationwide

Multi-Cap

Portfolio

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

67

Purchased

Options

Number

of

Contracts

Value

($)

Call

Options

Future

Interest

Rate

Options

3

Month

SOFR

9/12/2025

at

USD

96.63,

American

Style,

Notional

Amount:

USD

8,250,000

Exchange

Traded*

33

56,719

3

Month

SOFR

6/13/2025

at

USD

96.63,

American

Style,

Notional

Amount:

USD

8,750,000

Exchange

Traded*

35

54,469

3

Month

SOFR

3/14/2025

at

USD

96.50,

American

Style,

Notional

Amount:

USD

8,750,000

Exchange

Traded*

35

49,875

3

Month

SOFR

3/14/2025

at

USD

97.25,

American

Style,

Notional

Amount:

USD

31,250,000

Exchange

Traded*

125

105,469

3

Month

SOFR

12/13/2024

at

USD

97.25,

American

Style,

Notional

Amount:

USD

34,750,000

Exchange

Traded*

139

89,481

3

Month

SOFR

12/13/2024

at

USD

96.25,

American

Style,

Notional

Amount:

USD

8,250,000

Exchange

Traded*

33

43,519

3

Month

SOFR

9/13/2024

at

USD

95.25,

American

Style,

Notional

Amount:

USD

6,500,000

Exchange

Traded*

26

47,287

3

Month

SOFR

9/13/2024

at

USD

96.00,

American

Style,

Notional

Amount:

USD

8,250,000

Exchange

Traded*

33

35,887

3

Month

SOFR

9/13/2024

at

USD

97.25,

American

Style,

Notional

Amount:

USD

20,500,000

Exchange

Traded*

82

34,850

3

Month

SOFR

6/14/2024

at

USD

97.25,

American

Style,

Notional

Amount:

USD

13,750,000

Exchange

Traded*

55

13,062

3

Month

SOFR

6/14/2024

at

USD

97.75,

American

Style,

Notional

Amount:

USD

32,000,000

Exchange

Traded*

128

20,000

3

Month

SOFR

3/15/2024

at

USD

97.75,

American

Style,

Notional

Amount:

USD

36,250,000

Exchange

Traded*

145

9,969

Purchased

Options

Number

of

Contracts

Value

($)

Call

Options

Future

Interest

Rate

Options

3

Month

SOFR

3/15/2024

at

USD

95.38,

American

Style,

Notional

Amount:

USD

3,000,000

Exchange

Traded*

12

6,000

3

Month

SOFR

3/15/2024

at

USD

95.00,

American

Style,

Notional

Amount:

USD

13,000,000

Exchange

Traded*

52

36,400

3

Month

SOFR

9/15/2023

at

USD

97.25,

American

Style,

Notional

Amount:

USD

12,000,000

Exchange

Traded*

48

300

3

Month

SOFR

12/15/2023

at

USD

97.50,

American

Style,

Notional

Amount:

USD

26,000,000

Exchange

Traded*

104

3,900

3

Month

SOFR

12/12/2025

at

USD

97.50,

American

Style,

Notional

Amount:

USD

2,250,000

Exchange

Traded*

9

9,169

3

Month

SOFR

9/12/2025

at

USD

97.50,

American

Style,

Notional

Amount:

USD

2,500,000

Exchange

Traded*

10

9,500

3

Month

SOFR

6/13/2025

at

USD

97.25,

American

Style,

Notional

Amount:

USD

2,250,000

Exchange

Traded*

9

9,169

3

Month

SOFR

3/14/2025

at

USD

97.00,

American

Style,

Notional

Amount:

USD

1,750,000

Exchange

Traded*

7

7,087

3

Month

SOFR

6/14/2024

at

USD

98.50,

American

Style,

Notional

Amount:

USD

4,250,000

Exchange

Traded*

17

1,381

0

711,993

Total

Purchased

Options

(cost

$3,357,435)

1,294,101

Rights

0.0%

†

Number

of

Rights

Biotechnology

0.0%

†

Achillion

Pharmaceuticals,

Inc.,

CVR*^∞

5,788

2,662

Aduro

Biotech,

Inc.

CVR*^∞

429

0

Akouos,

Inc.,

CVR*^∞

134

0

Albireo

Pharma,

Inc.,

CVR*^∞

131

0

68

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Rights

Number

of

Rights

Value

($)

Biotechnology

Oncternal

Therapeutics,

Inc.,

CVR*^∞

31

32

Radius

Health,

Inc.,

CVR*^∞

294

24

2,718

Diversified

Consumer

Services

0.0%

†

Jounce

Therapeutics,

Inc.

CVR*

∞

510

0

Financial

Services

0.0%

†

Contra

Costa

County

Board

of

Education,

CVR*^∞

289

0

Health

Care

Equipment

&

Supplies

0.0%

†

ABIOMED,

Inc.,

CVR*^∞

2,271

0

IT

Services

0.0%

†

Flexion,

Inc.*^∞

1,208

0

Pharmaceuticals

0.0%

†

CinCor

Pharma,

Inc.,

CVR*^∞

103

0

Total

Rights

(cost

$15,836)

2,718

U.S.

Government

Agency

Security

0.0%

†

Principal

Amount

($)

FFCB,

3.38%,

8/26/2024

1,860,000

1,823,185

Total

U.S.

Government

Agency

Security

(cost

$1,858,313)

1,823,185

U.S.

Treasury

Obligations

1.3%

U.S.

Treasury

Bonds

1.13%,

8/15/2040

1,350,000

848,813

1.38%,

11/15/2040

1,660,000

1,086,327

4.00%,

11/15/2042

2,960,000

2,882,762

3.88%,

5/15/2043

2,450,000

2,342,047

3.00%,

2/15/2049

1,440,000

1,184,119

2.88%,

5/15/2049

400,000

321,516

1.25%,

5/15/2050

1,890,000

1,030,345

1.38%,

8/15/2050

3,020,000

1,701,817

1.63%,

11/15/2050

1,860,500

1,120,733

2.38%,

5/15/2051

690,000

498,094

1.88%,

11/15/2051

9,066,700

5,800,917

2.25%,

2/15/2052

5,511,000

3,866,096

2.88%,

5/15/2052

3,070,000

2,472,189

3.00%,

8/15/2052

1,820,000

1,503,917

4.00%,

11/15/2052

1,680,000

1,678,425

3.63%,

2/15/2053

2,100,000

1,958,578

3.63%,

5/15/2053

3,870,000

3,615,427

U.S.

Treasury

Inflation

Linked

Notes,

1.13%,

1/15/2033

(g)

5,260,000

5,130,942

U.S.

Treasury

Notes

2.75%,

5/31/2029

3,609,400

3,348,706

3.25%,

6/30/2029

3,530,000

3,364,393

4.00%,

7/31/2030

1,880,000

1,872,656

Total

U.S.

Treasury

Obligations

(cost

$56,242,766)

47,628,819

Preferred

Stock

0.0%

†

Shares

Value

($)

Entertainment

0.0%

†

AMC

Entertainment

Holdings,

Inc.,

0.00%,

*(h)

41,467

76,714

Total

Preferred

Stock

(cost

$99,934)

76,714

Short-Term

Investments

12.5%

Principal

Amount

($)

Commercial

Paper

12.3%

American

Elec

Pwr

Co.,

5.40%,

8/23/2023

1,500,000

1,494,755

American

Honda

Finance

Corp.,

5.71%,

10/23/2023

37,500,000

37,006,500

Brookfield

Infrastructure

Holdings

Canada,

Inc.,

6.20%,

9/12/2023

23,500,000

23,343,597

Cigna

Holding

Co.,

5.53%,

10/3/2023

2,600,000

2,574,388

Credit

Agricole

Corporate

and

Investment

Bank,

5.26%,

8/1/2023

37,900,000

37,894,444

Engie

SA,

5.42%,

10/6/2023

35,900,000

35,542,612

General

Motors

Financial

Co.,

Inc.

5.61%,

8/17/2023

22,600,000

22,539,029

5.63%,

8/23/2023

1,000,000

996,331

5.68%,

10/25/2023

7,500,000

7,391,192

Healthpeak

Op

LLC

Corp.,

5.47%,

8/9/2023

9,050,000

9,037,579

Humana,

Inc.,

5.42%,

8/9/2023(a)

10,050,000

10,036,282

Marriott

International,

Inc.,

5.52%,

8/15/2023

18,850,000

18,806,331

Mizuho

Bank

Ltd.,

5.50%,

9/6/2023

28,250,000

28,092,054

National

Fuel

Gas

Co.,

6.08%,

8/8/2023

6,350,000

6,342,295

Oglethorpe

Pwr

Corp.,

5.57%,

8/22/2023

15,250,000

15,195,705

Ovintiv,

Inc.,

6.14%,

8/21/2023

22,850,000

22,773,277

Parker

Hannifin

Corp.,

5.51%,

8/18/2023

37,050,000

36,948,668

Parker-Hannifin

Corp.,

5.53%,

8/21/2023(a)

9,500,000

9,469,676

Syngenta

Wilmington,

0.00%,

8/29/2023

9,550,000

9,503,339

TransCanada

PipeLines

Ltd.

5.66%,

9/14/2023

18,500,000

18,367,263

5.56%,

9/19/2023(a)

13,600,000

13,494,732

VW

Credit,

Inc.,

5.45%,

8/23/2023(a)

33,250,000

33,133,737

White

Plains

Capital

Co

LLC,

5.85%,

9/12/2023(a)

40,000,000

39,729,960

Nationwide

Multi-Cap

Portfolio

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

69

V1

Short-Term

Investments

Principal

Amount

($)

Value

($)

Commercial

Paper

439,713,746

U.S.

Government

Agency

Securities

0.2%

FHLB

5.05%,

8/9/2023

4,780,000

4,774,619

4.98%,

9/20/2023

940,000

933,368

5.16%,

10/19/2023

2,340,000

2,313,896

Total

U.S.

Government

Agency

Securities

(cost

$8,022,653)

8,021,883

Total

Short-Term

Investments

(cost

$447,799,019)

447,735,629

Repurchase

Agreement

0.3%

CF

Secured,

LLC

5.28%,

dated

7/31/2023,

due

8/1/2023,

repurchase

price

$10,120,238,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.63%,

maturing

8/8/2023

-

8/15/2052;

total

market

value

$10,322,642.

(i)

10,118,753

10,118,753

Total

Repurchase

Agreement

(cost

$10,118,753)

10,118,753

Total

Investments

(cost

$2,596,604,771)

—

89.6%

3,222,128,289

Other

assets

in

excess

of

liabilities

—

10.4%

373,721,455

NET

ASSETS

—

100.0%

$

3,595,849,744

*

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,

2023

was

$248,494,590

which

represents

6.91%

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,

2023.

(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,

2023.

(d)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

July

31,

2023.

The

total

value

of

securities

on

loan

as

of

July

31,

2023

was

$38,234,942,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$10,118,753

and

by

$28,960,824

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

8/10/2023

–

2/15/2053,

a

total

value

of

$39,079,577.

(e)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

July

31,

2023.

(f)

Security

in

default.

(g)

Principal

amounts

are

not

adjusted

for

inflation.

(h)

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,

2023.

(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,

2023

was

$10,118,753.

ADR

American

Depositary

Receipt

CDO

Collateralized

Debt

Obligations

CLO

Collateralized

Loan

Obligations

CVR

Contingent

Value

Rights

ETF

Exchange

Traded

Fund

FFCB

Federal

Farm

Credit

Bank

FHLB

Federal

Home

Loan

Bank

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

GP

General

Partnership

ICE

Intercontinental

Exchange

IO

Interest

only

LIBOR

London

Interbank

Offered

Rate

NL

Netherlands

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

REMICS

Real

Estate

Mortgage

Investment

Conduits

SOFR

Secured

Overnight

Financing

Rate

TBA

To

Be

Announced;

Security

is

subject

to

delayed

delivery

UMBS

Uniform

Mortgage-Backed

Securities

Currency:

CHF

Switzerland

Franc

EUR

Euro

GBP

British

Pound

JPY

Japanese

Yen

NOK

Norwegian

Krone

RUB

Russia

Ruble

USD

United

States

Dollar

70

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Centrally

Cleared

Credit

default

swap

contracts

outstanding

-

sell

protection

as

of

July

31,

2023

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

40-V1

5.00

Quarterly

6/20/2028

4.09

USD

7,905,000

(30,289)

356,710

326,421

Markit

CDX

North

American

Investment

Grade

Index

Series

40-V1

1.00

Quarterly

6/20/2028

0.63

USD

12,369,000

61,877

151,727

213,604

Total

unrealized

depreciation

31,588

508,437

540,025

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

Nationwide

Multi-Cap

Portfolio

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

71

Centrally

Cleared

Interest

rate

swap

contracts

outstanding

as

of

July

31,

2023

:

Floating

Rate

Index

Fixed

Rate

Pay/

Receive

Floating

Rate

Maturity

Date

Notional

Amount

Upfront

Payment

(Receipts)

($)

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

1

Day

SOFR

annually

3.05%

annually

Rec

2/15/2048

USD

3,058,000

140,391

102,472

242,863

1

Day

SOFR

annually

2.97%

annually

Rec

6/29/2055

USD

2,685,000

(4,863)

98,299

93,436

1

Day

FEDERAL_FUNDS_

H15

At

Termination

5.34%

At

Termination

Rec

11/1/2023

USD

122,148,000

1,262

4,899

6,161

1

Day

SOFR

annually

2.60%

annually

Rec

USD

4,963,000

73,296

288,991

362,287

1

Day

SOFR

annually

2.60%

annually

Rec

2/15/2048

USD

6,895,000

462,897

601,644

1,064,541

1

Day

SOFR

annually

2.85%

annually

Rec

2/15/2029

USD

13,923,000

(68,602)

942,043

873,441

1

Day

SOFR

annually

3.15%

annually

Rec

5/15/2048

USD

9,046,000

76

525,049

525,125

Total

unrealized

appreciation

604,457

2,563,397

3,167,854

1

Day

SOFR

annually

3.13%

annually

Pay

6/29/2030

USD

11,272,000

3,042

(111,900)

(108,858)

1

Day

SOFR

annually

2.77%

annually

Pay

USD

11,959,000

(48,490)

(470,997)

(519,487)

Total

unrealized

depreciation

(45,448)

(582,897)

(628,345)

Net

unrealized

appreciation

559,009

1,980,500

2,539,509

–

–

–

Abbreviation

:

SOFR

Secured

Overnight

Financing Rate

Currency:

USD

United

States

dollar

OTC

Total

return

swap

contracts

outstanding

as

of

July

31,

2023

:

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

+

0.4%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/17/2024

USD

469,492

—

12,293

12,293

Black

Knight,

Inc.

1

Day

USD

SOFR

+

0.2%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/17/2024

USD

563,830

—

87,043

87,043

ForgeRock,

Inc.

1

Day

USD

SOFR

+

0.2%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/17/2024

USD

466,236

—

9,556

9,556

ForgeRock,

Inc.

1

Day

USD

SOFR

+

0.2%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/17/2024

USD

464,198

—

2,380

2,380

Franchise

Group,

Inc.

1

Day

USD

SOFR

+

0.15%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/17/2024

USD

928,165

—

4,959

4,959

72

-

Statement

of

Investments

-

July

31,

2023

(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

($)

Franchise

Group,

Inc.

1

Day

USD

SOFR

+

0.12%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/17/2024

USD

436,690

—

2,338

2,338

Globus

Medical,

Inc.

Decreases

in

total

return

of

reference

entity

1

Day

USD

SOFR

-

0.1%

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/17/2024

USD

831,367

—

28,085

28,085

Globus

Medical,

Inc.

Decreases

in

total

return

of

reference

entity

1

Day

USD

SOFR

-

0.1%

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/17/2024

USD

801,138

—

20,645

20,645

National

Instruments

Corp.

1

Day

USD

SOFR

+

0.3%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/17/2024

USD

445,818

—

18,589

18,589

Russell

1000

Index

1

Day

USD

FEDERAL_

FUNDS_H15

+

0.18%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Bank

of

America

NA

10/3/2023

USD

473,991,118

—

14,012,473

14,012,473

Russell

1000

Index

1

Day

USD

FEDERAL_

FUNDS_H15

+

0.22%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Bank

of

America

NA

10/3/2023

USD

4,052,396

—

119,686

119,686

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

8/25/2023

USD

120,697,234

—

1,013,245

1,013,245

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

11/10/2023

USD

443,410,675

—

17,817,933

17,817,933

Russell

3000

Index

1

Day

USD

SOFR

+

0.51%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Goldman

Sachs

1/23/2024

USD

397,616,935

—

1,461,754

1,461,754

Nationwide

Multi-Cap

Portfolio

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

73

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

($)

Syneos

Health,

Inc.

1

Day

USD

SOFR

+

0.2%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/17/2024

USD

392,747

—

415

415

VMware,

Inc.

1

Day

USD

SOFR

+

0.2%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/17/2024

USD

470,593

—

4,741

4,741

Total

unrealized

appreciation

—

34,616,135

34,616,135

Activision

Blizzard,

Inc.

1

Day

USD

SOFR

+

0.2%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/17/2024

USD

1,023,073

—

(6,760)

(6,760)

Activision

Blizzard,

Inc.

1

Day

USD

SOFR

+

0.3%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/17/2024

USD

1,021,582

—

(6,785)

(6,785)

Albertsons

Cos.,

Inc.

1

Day

USD

SOFR

+

0.2%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/17/2024

USD

326,128

—

(2,804)

(2,804)

Albertsons

Cos.,

Inc.

1

Day

USD

SOFR

+

0.2%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/17/2024

USD

559,964

—

(5,272)

(5,272)

Albertsons

Cos.,

Inc.

1

Day

USD

SOFR

+

0.2%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/17/2024

USD

461,169

—

(7,383)

(7,383)

Amedisys,

Inc.

1

Day

USD

SOFR

+

0.2%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/17/2024

USD

465,783

—

(2,147)

(2,147)

Amedisys,

Inc.

1

Day

USD

SOFR

+

0.4%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/17/2024

USD

936,532

—

(3,024)

(3,024)

Amedisys,

Inc.

1

Day

USD

SOFR

+

0.2%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/17/2024

USD

920,768

—

(3,561)

(3,561)

Black

Knight,

Inc.

1

Day

USD

SOFR

+

0.2%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/17/2024

USD

856,155

—

(4,065)

(4,065)

74

-

Statement

of

Investments

-

July

31,

2023

(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

($)

Black

Knight,

Inc.

1

Day

USD

SOFR

+

0.2%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/17/2024

USD

399,507

—

(5,372)

(5,372)

Consumer

Staples

Select

Sector

SPDR

Fund

Decreases

in

total

return

of

reference

entity

1

Day

USD

SOFR

+

0.15%

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/17/2024

USD

302,757

—

(6,375)

(6,375)

Energy

Select

Sector

SPDR

Fund

Decreases

in

total

return

of

reference

entity

1

Day

USD

SOFR

+

0.15%

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/17/2024

USD

462,784

—

(34,424)

(34,424)

Focus

Financial

Partners,

Inc.

1

Day

USD

SOFR

+

0.32%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/17/2024

USD

587,232

—

(844)

(844)

Horizon

Therapeutics

plc

1

Day

USD

SOFR

+

0.2%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/17/2024

USD

1,025,856

—

(38,619)

(38,619)

iRobot

Corp.

1

Day

USD

SOFR

+

0.2%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/17/2024

USD

158,555

—

(29,957)

(29,957)

iRobot

Corp.

1

Day

USD

SOFR

+

0.4%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/17/2024

USD

189,001

—

(31,659)

(31,659)

iRobot

Corp.

1

Day

USD

SOFR

+

0.2%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/17/2024

USD

191,855

—

(36,877)

(36,877)

NuVasive,

Inc.

1

Day

USD

SOFR

+

0.2%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/17/2024

USD

744,389

—

(32,897)

(32,897)

NuVasive,

Inc.

1

Day

USD

SOFR

+

0.2%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/17/2024

USD

775,368

—

(43,210)

(43,210)

Nationwide

Multi-Cap

Portfolio

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

75

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

($)

PNM

Resources,

Inc.

1

Day

USD

SOFR

+

0.32%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/17/2024

USD

355,468

—

(7,788)

(7,788)

PNM

Resources,

Inc.

1

Day

USD

SOFR

+

0.2%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/17/2024

USD

893,409

—

(19,538)

(19,538)

Russell

1000

Index

Decreases

in

total

return

of

reference

entity

1

Day

USD

FEDERAL_

FUNDS_

H15

+

0.54%

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

10/3/2023

USD

8,011,989

—

(17,723)

(17,723)

Russell

1000

Index

Decreases

in

total

return

of

reference

entity

1

Day

USD

FEDERAL_

FUNDS_

H15

+

0.22%

Increases

in

total

return

of

reference

entity

Monthly

Bank

of

America

NA

10/3/2023

USD

2,567,549

—

(75,832)

(75,832)

Russell

1000

Index

Decreases

in

total

return

of

reference

entity

1

Day

USD

FEDERAL_

FUNDS_

H15

+

0.15%

Increases

in

total

return

of

reference

entity

Monthly

Bank

of

America

NA

10/3/2023

USD

5,490,842

—

(162,459)

(162,459)

Russell

1000

Index

Decreases

in

total

return

of

reference

entity

1

Day

USD

FEDERAL_

FUNDS_

H15

+

0.3%

Increases

in

total

return

of

reference

entity

Monthly

Bank

of

America

NA

10/3/2023

USD

38,899,907

—

(1,146,853)

(1,146,853)

S&P

Global,

Inc.

Decreases

in

total

return

of

reference

entity

1

Day

USD

SOFR

+

0.25%

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/25/2023

USD

121,473,972

—

(850,176)

(850,176)

Seagen,

Inc.

1

Day

USD

SOFR

+

0.4%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/17/2024

USD

280,733

—

(9,350)

(9,350)

Seagen,

Inc.

1

Day

USD

SOFR

+

0.2%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/17/2024

USD

380,182

—

(11,874)

(11,874)

76

-

Statement

of

Investments

-

July

31,

2023

(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

($)

Seagen,

Inc.

1

Day

USD

SOFR

+

0.2%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/17/2024

USD

380,380

—

(11,881)

(11,881)

Seagen,

Inc.

1

Day

USD

SOFR

+

0.2%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/17/2024

USD

657,218

—

(20,527)

(20,527)

Spirit

Airlines,

Inc.

1

Day

USD

SOFR

+

0.2%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/17/2024

USD

107,428

—

(601)

(601)

Spirit

Airlines,

Inc.

1

Day

USD

SOFR

+

0.3%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/17/2024

USD

372,819

—

(2,097)

(2,097)

Spirit

Airlines,

Inc.

1

Day

USD

SOFR

+

0.4%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/17/2024

USD

376,247

—

(14,934)

(14,934)

Tower

Semiconductor

Ltd.

1

Day

USD

SOFR

+

0.2%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/17/2024

USD

261,261

—

(4,687)

(4,687)

Tower

Semiconductor

Ltd.

1

Day

USD

SOFR

+

0.2%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/17/2024

USD

380,629

—

(7,015)

(7,015)

VMware,

Inc.

1

Day

USD

SOFR

+

0.2%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/17/2024

USD

170,843

—

(2,010)

(2,010)

VMware,

Inc.

1

Day

USD

SOFR

+

0.2%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/17/2024

USD

305,862

—

(3,598)

(3,598)

Total

unrealized

depreciation

—

(2,670,978)

(2,670,978)

Net

unrealized

appreciation

—

31,945,157

31,945,157

*

There

are

no

upfront

payments

(receipts)

on

the

swap

contracts

listed

above.

As

of

July

31,

2023,

the

Fund

had

$5,231,800

segregated

as

collateral

for

swap

contracts.

Abbreviation

:

SOFR

Secured

Overnight

Financing Rate

Currency:

USD

United

States

dollar

Nationwide

Multi-Cap

Portfolio

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

77

Forward

Foreign

Currency

Contracts

outstanding

as

of

July

31,

2023:

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

($)

JPY

579,000,000

USD

4,073,305

Morgan

Stanley

Co.,

Inc.

9/20/2023

29,085

USD

129,176,983

JPY

17,733,000,000

Morgan

Stanley

Co.,

Inc.

9/20/2023

3,533,305

CAD

1,690,916

USD

1,277,358

Goldman

Sachs

Bank

USA

10/20/2023

6,328

USD

45,647

EUR

41,000

Bank

of

America

NA

10/20/2023

389

USD

119,304

EUR

108,000

Goldman

Sachs

Bank

USA

10/20/2023

90

Total

unrealized

appreciation

3,569,197

JPY

282,741,620

USD

2,038,284

Goldman

Sachs

Bank

USA

10/20/2023

(25,619)

USD

92,802

MXN

1,612,825

Goldman

Sachs

Bank

USA

10/20/2023

(2,091)

Total

unrealized

depreciation

(27,710)

Net

unrealized

appreciation

3,541,487

Currency:

CAD

Canadian

dollar

EUR

Euro

JPY

Japanese

yen

MXN

Mexican

peso

USD

United

States

dollar

Futures

contracts

outstanding

as

of

July

31,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

EURO

STOXX

50

Index

66

9/2023

EUR

3,262,612

90,241

Euro-Bobl

21

9/2023

EUR

2,675,842

(23,276)

NASDAQ

100

E-Mini

Index

254

9/2023

USD

80,556,100

3,967,622

Russell

2000

E-Mini

Index

26

9/2023

USD

2,617,680

22,037

Russell

2000

E-Mini

Index

208

9/2023

USD

20,941,440

854,115

Russell

2000

E-Mini

Index

333

9/2023

USD

33,526,440

1,865,716

S&P

500

E-Mini

Index

353

9/2023

USD

81,445,925

3,300,565

S&P

500

Micro

E-Mini

Index

895

9/2023

USD

20,649,888

103,372

TOPIX

Index

45

9/2023

JPY

7,360,560

396,655

U.S.

Treasury

2

Year

Note

19

9/2023

USD

3,857,594

(6,555)

U.S.

Treasury

5

Year

Note

53

9/2023

USD

5,661,477

(16,212)

U.S.

Treasury

10

Year

Note

73

9/2023

USD

8,132,656

59,229

U.S.

Treasury

10

Year

Note

840

9/2023

USD

93,581,250

(1,709,230)

U.S.

Treasury

Long

Bond

21

9/2023

USD

2,613,188

(50,879)

U.S.

Treasury

Ultra

Bond

351

9/2023

USD

46,408,781

(943,747)

3

Month

SOFR

230

3/2025

USD

55,125,250

(44,216)

3

Month

SOFR

42

3/2026

USD

10,129,350

8,837

Total

long

contracts

7,874,274

Short

Contracts

TOPIX

Index

(717)

9/2023

JPY

(117,278,248)

(7,985,203)

U.S.

Treasury

2

Year

Note

(413)

9/2023

USD

(83,851,906)

1,378,937

U.S.

Treasury

5

Year

Note

(1,834)

9/2023

USD

(195,908,454)

2,881,979

U.S.

Treasury

10

Year

Ultra

Note

(366)

9/2023

USD

(42,816,281)

1,139,460

U.S.

Treasury

Long

Bond

(207)

9/2023

USD

(25,758,563)

447,385

3

Month

SOFR

(349)

3/2024

USD

(82,560,313)

702,002

Total

short

contracts

(1,435,440)

Net

contracts

6,438,834

As

of

July

31,

2023,

the

Fund

had

$19,387,703

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

EUR

Euro

JPY

Japanese

Yen

USD

United

States

Dollar

78

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Written

Call

Options

Contracts

as

of

July

31,

2023

:

D

escription

Counterparty

Number

of

Contracts

Notional

Amount

Exercise

  Price  

Expiration

Date

Value

($)  

Invesco

QQQ

Trust

1

JPMorgan

Chase

Bank

NA

1,724

USD

68,270,400

USD

396.00

8/18/2023

(297,237)

Total

written

call

options

contracts

(297,237)

Written

Put

Options

Contracts

as

of

July

31,

2023

:

D

escription

Counterparty

Number

of

Contracts

Notional

Amount

Exercise

  Price  

Expiration

Date

Value

($)  

3

Month

SOFR

Exchange

Traded

109

USD

27,250,000

USD

95.25

12/15/2023

(42,919)

3

Month

SOFR

Exchange

Traded

385

USD

96,250,000

USD

95.38

12/15/2023

(185,281)

3

Month

SOFR

Exchange

Traded

71

USD

17,750,000

USD

96.25

10/13/2023

(95,850)

3

Month

SOFR

Exchange

Traded

71

USD

17,750,000

USD

96.50

10/13/2023

(129,575)

Invesco

QQQ

Trust

1

JPMorgan

Chase

Bank

NA

1,724

USD

57,409,200

USD

333.00

8/18/2023

(23,959)

Total

written

put

options

contracts

(477,584)

Total

Written

Options

Contracts

(Premiums

Received

($1,038,565))

(774,821)

Currency:

USD

United

States

dollar

Nationwide

Multi-Cap

Portfolio

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

79

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

80

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

66,800,261

$

–

$

66,800,261

Closed

End

Funds

25,882

–

–

25,882

Collateralized

Mortgage

Obligations

–

29,444,469

–

29,444,469

Commercial

Mortgage-Backed

Securities

–

33,995,012

–

33,995,012

  Common

Stocks

Aerospace

&

Defense

33,105,294

–

–

33,105,294

Air

Freight

&

Logistics

11,554,724

–

–

11,554,724

Automobile

Components

5,156,093

–

–

5,156,093

Automobiles

41,931,265

–

–

41,931,265

Banks

75,552,363

–

–

75,552,363

Beverages

31,887,723

–

–

31,887,723

Biotechnology

52,247,583

–

–

52,247,583

Broadline

Retail

60,648,457

2,898,481

–

63,546,938

Building

Products

14,807,661

2,707,798

–

17,515,459

Capital

Markets

61,281,506

–

–

61,281,506

Chemicals

37,051,439

8,807,076

–

45,858,515

Commercial

Services

&

Supplies

12,672,883

–

–

12,672,883

Communications

Equipment

16,612,178

–

–

16,612,178

Construction

&

Engineering

5,347,860

–

–

5,347,860

Construction

Materials

3,416,678

–

–

3,416,678

Consumer

Finance

11,821,487

–

–

11,821,487

Consumer

Staples

Distribution

&

Retail

36,438,649

–

–

36,438,649

Containers

&

Packaging

6,874,934

–

4,400

6,879,334

Distributors

2,627,106

–

–

2,627,106

Diversified

Consumer

Services

2,473,716

–

–

2,473,716

Diversified

REITs

1,320,483

–

–

1,320,483

Diversified

Telecommunication

Services

12,779,237

–

–

12,779,237

Electric

Utilities

33,454,300

–

–

33,454,300

Electrical

Equipment

15,711,956

8,457,025

–

24,168,981

Electronic

Equipment,

Instruments

&

Components

15,333,125

7,719,548

–

23,052,673

Energy

Equipment

&

Services

11,092,752

–

–

11,092,752

Entertainment

29,139,438

5,272,729

–

34,412,167

Financial

Services

85,091,239

4,733,738

–

89,824,977

Food

Products

22,231,949

4,261,839

–

26,493,788

Gas

Utilities

2,354,720

–

–

2,354,720

Ground

Transportation

23,247,475

–

–

23,247,475

Health

Care

Equipment

&

Supplies

57,971,404

11,775,203

–

69,746,607

Health

Care

Providers

&

Services

57,769,495

–

–

57,769,495

Health

Care

REITs

5,239,761

–

–

5,239,761

Health

Care

Technology

2,660,168

–

–

2,660,168

Hotel

&

Resort

REITs

1,637,687

–

–

1,637,687

Hotels,

Restaurants

&

Leisure

49,360,936

–

–

49,360,936

Household

Durables

10,801,556

7,149,750

–

17,951,306

Household

Products

25,770,616

4,058,116

–

29,828,732

Independent

Power

and

Renewable

Electricity

Producers

1,871,513

–

–

1,871,513

Industrial

Conglomerates

15,034,857

–

–

15,034,857

Industrial

REITs

7,852,443

–

–

7,852,443

Insurance

45,095,066

5,492,107

–

50,587,173

Interactive

Media

&

Services

106,725,395

–

–

106,725,395

IT

Services

29,326,559

16,906,111

–

46,232,670

Leisure

Products

2,213,473

–

–

2,213,473

Life

Sciences

Tools

&

Services

33,151,211

–

–

33,151,211

Machinery

43,640,635

3,368,694

–

47,009,329

Marine

Transportation

542,716

–

–

542,716

Media

18,594,600

–

–

18,594,600

Metals

&

Mining

12,507,065

–

–

12,507,065

Mortgage

Real

Estate

Investment

Trusts

(REITs)

2,500,203

–

–

2,500,203

Nationwide

Multi-Cap

Portfolio

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

81

Level

1

Level

2

Level

3

Total

Assets:

Multi-Utilities

$

13,945,586

$

–

$

–

$

13,945,586

Office

REITs

3,237,282

–

–

3,237,282

Oil,

Gas

&

Consumable

Fuels

81,569,341

–

–

81,569,341

Paper

&

Forest

Products

334,590

–

–

334,590

Passenger

Airlines

4,258,597

–

–

4,258,597

Personal

Care

Products

3,740,925

–

–

3,740,925

Pharmaceuticals

77,043,657

3,832,603

–

80,876,260

Professional

Services

21,619,426

5,882,769

–

27,502,195

Real

Estate

Management

&

Development

4,964,693

–

–

4,964,693

Residential

REITs

9,046,103

–

–

9,046,103

Retail

REITs

7,982,000

–

–

7,982,000

Semiconductors

&

Semiconductor

Equipment

141,669,810

6,582,065

–

148,251,875

Software

213,559,235

–

–

213,559,235

Specialized

REITs

22,205,691

–

–

22,205,691

Specialty

Retail

46,131,838

7,941,640

–

54,073,478

Technology

Hardware,

Storage

&

Peripherals

145,154,862

–

–

145,154,862

Textiles,

Apparel

&

Luxury

Goods

12,062,279

3,721,904

–

15,784,183

Tobacco

11,539,131

–

–

11,539,131

Trading

Companies

&

Distributors

11,190,600

–

–

11,190,600

Water

Utilities

2,519,130

–

–

2,519,130

Wireless

Telecommunication

Services

3,779,687

–

–

3,779,687

Total

Common

Stocks

$

2,143,088,095

$

121,569,196

$

4,400

$

2,264,661,691

Corporate

Bonds

–

199,750,244

–

199,750,244

Credit

Default

Swaps†

–

508,437

–

508,437

Exchange

Traded

Funds

59,619,908

–

–

59,619,908

Foreign

Government

Securities  

–

6,479,951

2,352,641

8,832,592

Forward

Foreign

Currency

Contracts

–

3,569,197

–

3,569,197

Futures

Contracts

17,218,152

–

–

17,218,152

Interest

Rate

Swaps†

–

2,563,397

–

2,563,397

Mortgage-Backed

Securities

–

50,318,311

–

50,318,311

Preferred

Stock

76,714

–

–

76,714

Purchased

Options  

1,228,162

65,939

–

1,294,101

Repurchase

Agreement

–

10,118,753

–

10,118,753

Rights  

–

–

2,718

2,718

Short-Term

Investments

–

447,735,629

–

447,735,629

Total

Return

Swaps†

–

34,616,135

–

34,616,135

U.S.

Government

Agency

Security

–

1,823,185

–

1,823,185

U.S.

Treasury

Obligations

–

47,628,819

–

47,628,819

Total

Assets

$

2,221,256,913

$

1,056,986,935

$

2,359,759

$

3,280,603,607

Liabilities:

Forward

Foreign

Currency

Contracts

$

–

$

(27,710)

$

–

$

(27,710)

Futures

Contracts

(10,779,318)

–

–

(10,779,318)

Interest

Rate

Swaps†

–

(582,897)

–

(582,897)

Total

Return

Swaps†

–

(2,670,978)

–

(2,670,978)

Written

Options

(453,625)

(321,196)

–

(774,821)

Total

Liabilities

$

(11,232,943)

$

(3,602,781)

$

–

$

(14,835,724)

Total

$

2,210,023,970

$

1,053,384,154

$

2,359,759

$

3,265,767,883

†

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,

2023,

the

fund

held

two

common

stock

investments

and

seven

rights

investments

that

were

categorized

as

Level

3

investments

which

were

each

valued

at

$0.

82

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

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,

2023.

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

and

equity

movements,

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

Foreign

Government

Securities

Rights

Total

Balance

as

of

10/31/2022

$

5,624

$

3,684,063

$

—

$

3,689,687

Accrued

Accretion/(Amortization)

—

—

—

—

Realized

Gains

(Losses)

—

—

12,375

12,375

Purchases

*

—

—

2,422

2,422

Sales

—

—

(12,375)

(12,375)

Change

in

Unrealized

Appreciation/Depreciation

(1,224)

(1,331,422)

(2,422)

(1,335,068)

Transfers

into

Level

3

—

—

2,718

2,718

Transfers

out

of

Level

3

—

—

—

—

Balance

as

of

7/31/2023

$

4,400

$

2,352,641

$

2,718

$

2,359,759

Change

in

Unrealized

Appreciation/Depreciation

for

Investments

Still

Held

as

of

7/31/2023

$

(1,224)

$

(1,331,422)

$

(2,422)

$

(1,335,068)

*

Purchases

include

all

purchases

of

securities

and

securities

received

in

corporate

actions.

Nationwide

Multi-Cap

Portfolio

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

83

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

or

selected

credit

markets while

maintaining

liquidity

to

satisfy

shareholder

activity,

to

manage

broad

credit

market

spread

exposure

and/or

to

create

synthetic

long

and

short

exposure

to

select

credit

and 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.

84

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

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,

2023

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

or

to

obtain

exposure

to

a

domestic

or

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.

Total

return

swaps

are

designed

to

function

as

a

portfolio

of

direct

investments

in

long

and

short

equity

positions.

This

means

that

a

Fund

has

the

ability

to

trade

in

and

out

of

these

long

and

short

positions

within

the

swap

and

will

receive

the

economic

benefits

and

risks

equivalent

to

direct

investment

in

these

positions,

subject

to

certain

adjustments

due

to

events

related

to

the

counterparty.

Benefits

and

risks

include

capital

appreciation

(depreciation),

corporate

actions

and

dividends

received

and

paid,

all

of

which

are

reflected

in

the

swap’s

market

value.

The

market

value

may

also

include

interest

charges

and

credits

(“financing

fees”)

related

to

the

notional

values

of

the

long

and

short

positions

and

cash

balances

within

the

swap.

These

interest

charges

and

credits

are

based

on

a

specified

benchmark

rate

plus

or

minus

a

specified

spread

determined

based

upon

the

country

and/or

currency

of

the

positions

in

the

portfolio.

Positions

within

the

swap

and

financing

fees

are

reset

periodically.

During

a

reset,

any

unrealized

appreciation

(depreciation)

on

positions

and

accrued

financing

fees

become

available

for

cash

settlement

between

a

Fund

and

the

counterparty.

Cash

settlement

in

and

out

of

the

swap

may

occur

at

a

reset

date

or

any

other

date,

at

the

discretion

of

a

Fund

and

the

counterparty,

over

the

life

of

the

agreement.

Certain

swaps

have

no

stated

expiration

and

can

be

terminated

by

either

party

at

any

time.

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

Nationwide

Multi-Cap

Portfolio

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

85

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.

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,

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

and/or

to

seek

to

protect

against

anticipated

changes

in

future

foreign

currency

exchange

rate,

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.

86

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

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,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

July

31,

2023:

Assets:

Fair

Value

Purchased

Options

Equity

risk

Investment

securities,

at

value

$

65,939

Interest

rate

risk

Investment

securities,

at

value

1,228,162

Swap

Contracts†

Credit

risk

Unrealized

appreciation

on

centrally

cleared

swaps

Contracts

508,437

Equity

risk

Swap

contracts,

at

value

34,616,135

Interest

rate

risk

Unrealized

appreciation

on

centrally

cleared

swaps

contracts

2,563,397

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

appreciation

on

forward

foreign

currency

contracts

3,569,197

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

10,600,323

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

6,617,829

Total

$

59,769,419

Liabilities:

Written

Options

Equity

risk

Written

options,

at

value

$

(321,196)

Interest

rate

risk

Written

options,

at

value

(453,625)

Swap

Contracts†

Equity

risk

Swap

Contracts,

at

value

(2,670,978)

Interest

rate

risk

Unrealized

depreciation

on

centrally

cleared

swaps

contracts

(582,897)

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

depreciation

on

forward

foreign

currency

contracts

(27,710)

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

(7,985,203)

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

(2,794,115)

Total

$

(14,835,724)

†

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

U.S.

130/30

Equity

Portfolio

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

87

Common

Stocks

97.5%

Shares

Value

($)

Aerospace

&

Defense

0.3%

Textron,

Inc.

21,544

1,675,477

Air

Freight

&

Logistics

1.1%

FedEx

Corp.

19,830

5,353,109

Automobile

Components

1.0%

Lear

Corp.

33,315

5,155,829

Automobiles

2.9%

Ford

Motor

Co.

432,644

5,715,227

General

Motors

Co.

228,780

8,778,289

14,493,516

Banks

1.6%

Comerica,

Inc.

60,143

3,245,316

KeyCorp

388,283

4,779,764

8,025,080

Beverages

1.5%

Monster

Beverage

Corp.*

128,068

7,362,629

Biotechnology

3.6%

Exelixis

,

Inc.*

198,207

3,906,660

Incyte

Corp.*

56,019

3,569,531

Ionis

Pharmaceuticals,

Inc.*

25,393

1,052,032

Mirati

Therapeutics,

Inc.*

12,525

379,132

Neurocrine

Biosciences,

Inc.*

33,527

3,416,066

Ultragenyx

Pharmaceutical,

Inc.*

26,552

1,144,922

Vertex

Pharmaceuticals,

Inc.*

12,466

4,392,270

17,860,613

Broadline

Retail

1.2%

Amazon.com,

Inc.*

43,123

5,764,683

Building

Products

1.7%

Trane

Technologies

plc

42,321

8,440,500

Capital

Markets

1.8%

Evercore

,

Inc.,

Class

A

4,574

617,764

FactSet

Research

Systems,

Inc.

10,845

4,718,009

Interactive

Brokers

Group,

Inc.,

Class

A

39,357

3,437,047

8,772,820

Chemicals

3.0%

Dow,

Inc.

111,466

6,294,485

Eastman

Chemical

Co.

27,676

2,368,512

FMC

Corp.

25,736

2,476,575

Huntsman

Corp.

131,300

3,908,801

15,048,373

Communications

Equipment

1.2%

F5,

Inc.*

14,071

2,226,595

Juniper

Networks,

Inc.

133,840

3,720,752

5,947,347

Construction

&

Engineering

1.1%

AECOM

59,973

5,217,651

Consumer

Finance

1.6%

SLM

Corp.

145,059

2,347,054

Synchrony

Financial

163,905

5,661,279

8,008,333

Consumer

Staples

Distribution

&

Retail

2.7%

Kroger

Co.

(The)

111,086

5,403,223

Common

Stocks

Shares

Value

($)

Consumer

Staples

Distribution

&

Retail

Target

Corp.

59,426

8,109,866

13,513,089

Containers

&

Packaging

0.3%

Sealed

Air

Corp.

28,064

1,280,280

Electric

Utilities

2.3%

Constellation

Energy

Corp.

16,155

1,561,381

NRG

Energy,

Inc.

123,969

4,709,582

Pinnacle

West

Capital

Corp.

60,659

5,023,779

11,294,742

Entertainment

1.1%

Live

Nation

Entertainment,

Inc.*

62,091

5,448,485

Financial

Services

4.0%

Fidelity

National

Information

Services,

Inc.

117,150

7,073,517

Mastercard

,

Inc.,

Class

A

31,985

12,611,046

19,684,563

Ground

Transportation

0.8%

Landstar

System,

Inc.

3,448

701,979

Lyft,

Inc.,

Class

A*

236,534

3,006,347

3,708,326

Health

Care

Equipment

&

Supplies

1.8%

Edwards

Lifesciences

Corp.*

87,373

7,170,702

Tandem

Diabetes

Care,

Inc.*

48,543

1,695,122

8,865,824

Health

Care

Providers

&

Services

4.8%

DaVita,

Inc.*

58,593

5,975,900

Elevance

Health,

Inc.

1,541

726,782

Humana,

Inc.

16,452

7,515,767

McKesson

Corp.

4,558

1,834,139

Molina

Healthcare,

Inc.*

8,084

2,461,497

Premier,

Inc.,

Class

A

63,176

1,753,134

Tenet

Healthcare

Corp.*

48,961

3,658,856

23,926,075

Hotels,

Restaurants

&

Leisure

5.3%

Airbnb,

Inc.,

Class

A*

14,782

2,249,672

Booking

Holdings,

Inc.*

2,227

6,615,972

Domino's

Pizza,

Inc.

14,940

5,927,296

Expedia

Group,

Inc.*

54,876

6,723,956

MGM

Resorts

International

94,308

4,788,017

26,304,913

Independent

Power

and

Renewable

Electricity

Producers

0.9%

Vistra

Corp.

164,780

4,623,727

Insurance

6.4%

Allstate

Corp.

(The)

65,035

7,328,144

Brighthouse

Financial,

Inc.*

26,608

1,387,075

Brown

&

Brown,

Inc.

6,030

424,813

Everest

Group

Ltd.

10,560

3,806,986

Hanover

Insurance

Group,

Inc.

(The)

12,024

1,364,483

Lincoln

National

Corp.

172,040

4,824,002

Progressive

Corp.

(The)

35,144

4,427,441

Reinsurance

Group

of

America,

Inc.

25,686

3,605,030

W

R

Berkley

Corp.

74,914

4,621,445

31,789,419

88

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

U.S.

130/30

Equity

Portfolio

Common

Stocks

Shares

Value

($)

Interactive

Media

&

Services

5.2%

Alphabet,

Inc.,

Class

C*

63,462

8,447,427

Meta

Platforms,

Inc.,

Class

A*

47,236

15,049,390

Snap,

Inc.,

Class

A*

185,046

2,102,122

25,598,939

IT

Services

4.0%

Cognizant

Technology

Solutions

Corp.,

Class

A

84,121

5,554,510

EPAM

Systems,

Inc.*

1,452

343,848

GoDaddy

,

Inc.,

Class

A*

39,523

3,046,828

Kyndryl

Holdings,

Inc.*

147,067

2,008,935

Okta

,

Inc.,

Class

A*

23,521

1,807,824

Twilio

,

Inc.,

Class

A*

21,520

1,420,966

VeriSign,

Inc.*

25,848

5,452,635

19,635,546

Machinery

3.1%

AGCO

Corp.

32,281

4,296,601

Oshkosh

Corp.

41,089

3,783,064

Otis

Worldwide

Corp.

78,457

7,136,449

15,216,114

Metals

&

Mining

0.1%

MP

Materials

Corp.*

17,471

416,683

Multi-Utilities

0.5%

DTE

Energy

Co.

22,529

2,575,065

Oil,

Gas

&

Consumable

Fuels

2.6%

Marathon

Oil

Corp.

105,725

2,777,396

Marathon

Petroleum

Corp.

16,807

2,235,667

Valero

Energy

Corp.

61,395

7,914,429

12,927,492

Pharmaceuticals

0.7%

Organon

&

Co.

156,865

3,447,893

Professional

Services

0.3%

Insperity

,

Inc.

8,266

972,495

TriNet

Group,

Inc.*

6,026

634,116

1,606,611

Residential

REITs

0.8%

Camden

Property

Trust

36,922

4,027,821

Semiconductors

&

Semiconductor

Equipment

3.3%

Cirrus

Logic,

Inc.*

31,429

2,539,463

Intel

Corp.

59,792

2,138,760

NVIDIA

Corp.

5,074

2,371,029

Qorvo

,

Inc.*

52,144

5,736,883

Teradyne,

Inc.

30,923

3,492,444

16,278,579

Software

10.9%

Adobe,

Inc.*

4,095

2,236,566

Atlassian

Corp.,

Class

A*

28,867

5,252,062

Crowdstrike

Holdings,

Inc.,

Class

A*

26,502

4,284,313

DocuSign,

Inc.,

Class

A*

28,814

1,550,770

Dropbox,

Inc.,

Class

A*

112,034

3,019,316

Fortinet,

Inc.*

107,362

8,344,175

Informatica

,

Inc.,

Class

A*

4,571

87,032

Microsoft

Corp.

54,886

18,437,305

New

Relic,

Inc.*

28,029

2,353,875

Nutanix

,

Inc.,

Class

A*

73,149

2,209,100

Pegasystems

,

Inc.

7,026

370,622

Qualys

,

Inc.*

12,108

1,680,590

Common

Stocks

Shares

Value

($)

Software

Smartsheet

,

Inc.,

Class

A*

34,191

1,518,080

Tenable

Holdings,

Inc.*

26,301

1,279,807

Zscaler

,

Inc.*

8,656

1,388,249

54,011,862

Specialized

REITs

0.1%

SBA

Communications

Corp.,

Class

A

2,378

520,663

Specialty

Retail

2.3%

Advance

Auto

Parts,

Inc.

45,651

3,395,978

AutoZone,

Inc.*

3,220

7,991,138

11,387,116

Technology

Hardware,

Storage

&

Peripherals

9.6%

Apple,

Inc.

197,651

38,828,539

Dell

Technologies,

Inc.,

Class

C

126,120

6,674,270

HP,

Inc.

59,020

1,937,627

47,440,436

Total

Investments

(cost

$437,739,640)

—

97.5%

482,656,223

Other

assets

in

excess

of

liabilities

—

2.5%

12,222,615

NET

ASSETS

—

100.0%

$

494,878,838

*

Denotes

a

non-income

producing

security.

REIT

Real

Estate

Investment

Trust

Nationwide

U.S.

130/30

Equity

Portfolio

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

89

OTC

Total

return

swap

contracts

outstanding

as

of

July

31,

2023

:

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Advance

Auto

Parts,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

5,185

9,074

9,074

AGCO

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

7,287

4,081

4,081

Allison

Transmission

Holdings,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

54,540

58,903

58,903

Alphabet,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/28/2024

3,448

11,172

11,172

American

Airlines

Group,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

234,311

42,176

42,176

APA

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

11,546

14,548

14,548

Apple,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

32,851

106,109

106,109

Autodesk,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

31,692

80,181

80,181

AutoNation,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

7,995

36,457

36,457

Bank

of

New

York

Mellon

Corp.

(The)

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

64,165

41,066

41,066

Booking

Holdings,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

1,168

17,403

17,403

Brighthouse

Financial,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

19,918

9,959

9,959

Builders

FirstSource

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/28/2024

13,068

38,289

38,289

Camden

Property

Trust

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

995

1,294

1,294

Casella

Waste

Systems,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/28/2024

2,707

4,548

4,548

Churchill

Downs,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/28/2024

20,610

61,212

61,212

Cirrus

Logic,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/28/2024

7,451

10,059

10,059

Comerica,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

8,536

19,633

19,633

Constellation

Energy

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2024

55,541

68,315

68,315

90

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

U.S.

130/30

Equity

Portfolio

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

DaVita,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

755

1,480

1,480

DocuSign,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

6,414

11,609

11,609

Dow,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/28/2024

12,983

19,864

19,864

Dropbox,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

108,375

26,010

26,010

DTE

Energy

Co.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

27,433

25,033

25,033

EPAM

Systems,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

655

6,524

6,524

Evercore

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

20,592

22,651

22,651

Everest

Group

Ltd.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

4,803

12,824

12,824

Exelixis

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

39,867

4,385

4,385

F5,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

17,999

48,417

48,417

FedEx

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

12,726

74,320

74,320

FMC

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

13,889

22,222

22,222

Gen

Digital,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

128,723

6,436

6,436

GoDaddy

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

20,008

64,226

64,226

Halozyme

Therapeutics,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

34,436

18,940

18,940

Healthcare

Realty

Trust,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/28/2024

136,039

21,766

21,766

Humana,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/28/2024

400

2,686

2,686

Huntsman

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2024

26,432

22,930

22,930

Incyte

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

30,042

31,244

31,244

Nationwide

U.S.

130/30

Equity

Portfolio

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

91

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Informatica

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2024

2,687

1,720

1,720

Intel

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

70,269

85,728

85,728

Interactive

Brokers

Group,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

17,456

8,379

8,379

Ionis

Pharmaceuticals,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/29/2023

14,583

42,728

42,728

KLA

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

17,563

554,991

554,991

Kroger

Co.

(The)

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

7,118

3,844

3,844

Lamb

Weston

Holdings,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

33

47

47

Lear

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2024

3,975

9,818

9,818

Lennar

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

15,605

21,613

21,613

Lincoln

National

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

23,670

22,960

22,960

Lyft,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/28/2024

46,277

35,171

35,171

Marathon

Petroleum

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

49,210

169,282

169,282

Meta

Platforms,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

2,047

14,104

14,104

MGM

Resorts

International

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

7,353

5,000

5,000

Microsoft

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

11,668

60,674

60,674

Mirati

Therapeutics,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

9,127

14,877

14,877

Motorola

Solutions,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

8,309

42,044

42,044

MP

Materials

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

22,499

11,699

11,699

New

Relic,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

26,599

292,057

292,057

92

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

U.S.

130/30

Equity

Portfolio

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

NRG

Energy,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

24,836

26,016

26,016

NVIDIA

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

5,747

47,807

47,807

NVR,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

769

3,637

3,637

Organon

&

Co.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

17,032

1,703

1,703

Oshkosh

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

18,801

47,943

47,943

Pegasystems

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

2,160

7,560

7,560

Qualys

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

12,494

22,114

22,114

Robinhood

Markets,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

103,992

65,515

65,515

Roku,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

20,768

583,165

583,165

S&P

Global,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

7,194

8,417

8,417

Sarepta

Therapeutics,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

28,478

81,732

81,732

ServiceNow

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

5,628

130,063

130,063

Shoals

Technologies

Group,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

20,959

5,869

5,869

Silicon

Laboratories,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2024

16,099

78,402

78,402

SLM

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

130,639

58,788

58,788

Smartsheet

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

8,816

23,803

23,803

SS&C

Technologies

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

26,497

84,790

84,790

Tandem

Diabetes

Care,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

11,873

4,037

4,037

Tenable

Holdings,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

40,575

58,428

58,428

Nationwide

U.S.

130/30

Equity

Portfolio

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

93

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Teradyne,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

30,101

69,834

69,834

Textron,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

38,849

49,347

49,347

TriNet

Group,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2024

1,273

5,385

5,385

Twilio

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

11,687

57,617

57,617

Ultragenyx

Pharmaceutical,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

41,813

47,249

47,249

VeriSign,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

3,065

4,596

4,596

VICI

Properties,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/28/2024

80,771

4,845

4,845

Vistra

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

54,741

8,977

8,977

–

–

Total

unrealized

appreciation

4,062,421

4,062,421

–

–

Acadia

Healthcare

Co.,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/28/2024

14,258

(80,843)

(80,843)

Advanced

Micro

Devices,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

22,097

(53,848)

(53,848)

Affirm

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.57%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

20,909

(61,891)

(61,891)

Alnylam

Pharmaceuticals,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

5,163

(2,736)

(2,736)

Analog

Devices,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

12,561

(16,521)

(16,521)

Annaly

Capital

Management,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

130,964

(87,746)

(87,746)

Applied

Industrial

Technologies,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2024

17,697

(42,119)

(42,119)

AppLovin

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

13,609

(19,325)

(19,325)

Aspen

Technology,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2024

8,468

(46,489)

(46,489)

Atlanta

Braves

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

672

(2,130)

(2,130)

Azenta

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/28/2024

20,102

(16,082)

(16,082)

94

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

U.S.

130/30

Equity

Portfolio

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Badger

Meter,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

12,562

(26,631)

(26,631)

Bentley

Systems,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

66,096

(72,706)

(72,706)

Biogen,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

9,402

(69,575)

(69,575)

Blackstone,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

30,039

(69,090)

(69,090)

Carlyle

Group,

Inc.

(The)

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

74,606

(101,464)

(101,464)

Ceridian

HCM

Holding,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2024

4,874

(3,899)

(3,899)

Chord

Energy

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

9,146

(24,237)

(24,237)

Civitas

Resources,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

16,480

(63,448)

(63,448)

Cleveland-Cliffs,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

20,449

(10,838)

(10,838)

Cognex

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2024

12,135

(7,645)

(7,645)

Cognizant

Technology

Solutions

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/28/2024

8,341

(2,169)

(2,169)

Coherent

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/28/2024

44,725

(9,840)

(9,840)

Columbia

Banking

System,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

83,803

(45,254)

(45,254)

CoStar

Group,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2024

20,502

(78,113)

(78,113)

Credit

Acceptance

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.57%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2024

1,434

(23,690)

(23,690)

Danaher

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/28/2024

10,537

(632)

(632)

Dell

Technologies,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

24,325

(10,217)

(10,217)

DISH

Network

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

342,722

(325,586)

(325,586)

DXC

Technology

Co.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

18,154

(6,535)

(6,535)

Nationwide

U.S.

130/30

Equity

Portfolio

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

95

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Eastman

Chemical

Co.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

30,052

(37,264)

(37,264)

Edwards

Lifesciences

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/28/2024

4,043

(2,426)

(2,426)

Ensign

Group,

Inc.

(The)

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

25,751

(168,208)

(168,208)

Entegris

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/28/2024

18,150

(54,450)

(54,450)

Exact

Sciences

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

7,626

(2,517)

(2,517)

FactSet

Research

Systems,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

606

(242)

(242)

Fair

Isaac

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

2,597

(45,837)

(45,837)

Fiserv,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2024

22,259

(60,099)

(60,099)

Floor

&

Decor

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

11,226

(49,058)

(49,058)

Ford

Motor

Co.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

88,847

(32,873)

(32,873)

Freshpet

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

41,303

(212,710)

(212,710)

Frontier

Communications

Parent,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

115,010

(139,162)

(139,162)

H&R

Block,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/28/2024

79,584

(64,463)

(64,463)

Hilton

Grand

Vacations,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

40,489

(49,801)

(49,801)

HP,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

14,294

(715)

(715)

ICU

Medical,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

14,334

(63,500)

(63,500)

Insperity

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/28/2024

11,456

(30,817)

(30,817)

Joby

Aviation,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

1.07%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

47,526

(55,130)

(55,130)

Karuna

Therapeutics,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

1,048

(1,394)

(1,394)

96

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

U.S.

130/30

Equity

Portfolio

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Kite

Realty

Group

Trust

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

80,981

(29,153)

(29,153)

KKR

&

Co.,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

49,455

(12,364)

(12,364)

Leggett

&

Platt,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

31,842

(5,841)

(5,841)

Liberty

Media

Corp-

Liberty

Formula

One

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

12,938

(13,197)

(13,197)

Lithia

Motors,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/28/2024

3,676

(9,153)

(9,153)

Lucid

Group,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.57%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

29,379

(21,153)

(21,153)

Marvell

Technology,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

15,632

(20,322)

(20,322)

Masimo

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

13,917

(66,802)

(66,802)

McKesson

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

13,601

(34,955)

(34,955)

Medical

Properties

Trust,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.70%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

321,190

(44,967)

(44,967)

Mister

Car

Wash,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

212,500

(48,875)

(48,875)

MKS

Instruments,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2024

15,816

(72,279)

(72,279)

Molina

Healthcare,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

11,454

(32,644)

(32,644)

Monster

Beverage

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

17,856

(1,250)

(1,250)

MSA

Safety,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2024

14,238

(997)

(997)

Mueller

Industries,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2024

18,459

(13,844)

(13,844)

nCino

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/28/2024

23,425

(33,966)

(33,966)

New

York

Community

Bancorp,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2024

274,265

(235,868)

(235,868)

Omega

Healthcare

Investors,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/28/2024

39,026

(16,001)

(16,001)

Nationwide

U.S.

130/30

Equity

Portfolio

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

97

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Paycor

HCM,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2024

44,295

(49,167)

(49,167)

Pinnacle

West

Capital

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

1,504

(519)

(519)

Plug

Power,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

1.07%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

21,798

(32,043)

(32,043)

Polaris,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2024

10,235

(15,455)

(15,455)

Pool

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2024

3,948

(11,212)

(11,212)

RBC

Bearings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

8,282

(48,450)

(48,450)

Reinsurance

Group

of

America,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

8,223

(3,043)

(3,043)

Repligen

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

14,058

(8,083)

(8,083)

Rockwell

Automation,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

3,361

(12,781)

(12,781)

SBA

Communications

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

20,146

(69,504)

(69,504)

SoFi

Technologies,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.45%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

27,337

(64,515)

(64,515)

Sotera

Health

Co.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

66,579

(13,982)

(13,982)

SPS

Commerce,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

4,408

(33,369)

(33,369)

Sunrun

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

62,829

(40,211)

(40,211)

Super

Micro

Computer,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

9,901

(29,010)

(29,010)

T

Rowe

Price

Group,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/28/2024

23,300

(143,295)

(143,295)

Teledyne

Technologies,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

5,895

(33,955)

(33,955)

TFS

Financial

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

9,769

(8,011)

(8,011)

Trade

Desk,

Inc.

(The)

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

9,046

(53,190)

(53,190)

98

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

U.S.

130/30

Equity

Portfolio

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Vaxcyte

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

16,811

(30,764)

(30,764)

Viasat

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

42,153

(64,073)

(64,073)

W

R

Berkley

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

11,646

(8,152)

(8,152)

Warner

Bros

Discovery,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/28/2024

221,416

(172,704)

(172,704)

Webster

Financial

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

52,592

(51,014)

(51,014)

Wolfspeed

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/28/2024

14,527

(56,509)

(56,509)

YETI

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2024

18,918

(24,025)

(24,025)

Zurn

Elkay

Water

Solutions

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

41,508

(26,979)

(26,979)

–

–

Total

unrealized

depreciation

(4,269,611)

(4,269,611)

–

–

Net

unrealized

depreciation

(207,190)

(207,190)

Financing

Costs

of

Swap

Contracts

(99,349)

(99,349)

Total

Unrealized

Appreciation

(Depreciation)

including

Financing

Costs

of

Swap

Contracts

(306,539)

(306,539)

OBFR

Overnight

Bank

Funding

Rate

Nationwide

U.S.

130/30

Equity

Portfolio

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

99

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

100

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

U.S.

130/30

Equity

Portfolio

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

July

31,

2023.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using swap

contracts.

(a)

Swap

Contracts             

Total

Return

Swap

Contracts

— The

Fund

entered

into

total

return

swap

contracts

to

take

long

and

short

positions

in

equities

or to

obtain

exposure

to

a

foreign

market

and/or

foreign

index

without

owning

such

securities

or

investing

directly

in

that

foreign

market

and/or

foreign

index,

as

applicable,

to

meet the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Total

return

swap

contracts

are

agreements

in

which

the

Fund

and

the

counterparty

each

agree

to

pay

the

other

party

the

difference

between

the

relative

investment

performance

that

would

have

been

achieved

if

the

notional

amount

of

the

total

return

swap

contract

had

been

invested

in

the

particular

foreign

market

and/or

foreign

indices

and

the

return

for

payments

equal

to

the

fixed

or

floating

rate

of

interest.

The

counterparty

to

a

total

return

swap

contract

is

a

financial

institution. The

Fund

has

segregated

liquid

assets

to

cover

its

obligations

under

the

total

return

swap

contract.

Total

return

swaps

are

designed

to

function

as

a

portfolio

of

direct

investments

in

long

and

short

equity

positions.

This

means

that the

Fund

has

the

ability

to

trade

in

and

out

of

these

long

and

short

positions

within

the

swap

and

will

receive

the

economic

benefits

and

risks

equivalent

to

direct

investment

in

these

positions,

subject

to

certain

adjustments

due

to

events

related

to

the

counterparty.

Benefits

and

risks

include

capital

appreciation

(depreciation),

corporate

actions

and

dividends

received

and

paid,

all

of

which

are

reflected

in

the

swap’s

market

value.

The

market

value

also

includes

interest

charges

and

credits

(“financing

fees”)

related

to

the

notional

values

of

the

long

and

short

positions

and

cash

balances

within

the

swap.

These

interest

charges

and

credits

are

based

on

a

specified

benchmark

rate

plus

or

minus

a

specified

spread

determined

based

upon

the

country

and/or

currency

of

the

positions

in

the

portfolio.

Positions

within

the

swap

and

financing

fees

are

reset

periodically.

During

a

reset,

any

unrealized

appreciation

(depreciation)

on

positions

and

accrued

financing

fees

become

available

for

cash

settlement

between the

Fund

and

the

counterparty.

Cash

settlement

in

and

out

of

the

swap

may

occur

at

a

reset

date

or

any

other

date,

at

the

discretion

of

the

Fund

and

the

counterparty,

over

the

life

of

the

agreement.

Certain

swaps

have

no

stated

expiration

and

can

be

terminated

by

either

party

at

any

time.

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.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

482,656,223

$

–

$

–

$

482,656,223

Total

Return

Swaps†

–

4,062,421

–

4,062,421

Total

Assets

$

482,656,223

$

4,062,421

$

–

$

486,718,644

Liabilities:

Total

Return

Swaps†

$

–

$

(4,368,960)

$

–

$

(4,368,960)

Total

Liabilities

$

–

$

(4,368,960)

$

–

$

(4,368,960)

Total

$

482,656,223

$

(306,539)

$

–

$

482,349,684

†

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

Nationwide

U.S.

130/30

Equity

Portfolio

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

101

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

July

31,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

July

31,

2023:

Assets:

Fair

Value

Swap

Contracts

Equity

risk

Swap

contracts,

at

value

$

4,062,421

Total

$

4,062,421

Liabilities:

Swap

Contracts

Equity

risk

Swap

Contracts,

at

value

$

(4,368,960)

Total

$

(4,368,960)

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.

102

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Fundamental

All

Cap

Equity

Portfolio

Common

Stocks

95.3%

Shares

Value

($)

Aerospace

&

Defense

1.3%

AAR

Corp.*

276

16,505

AeroVironment,

Inc.*

173

16,480

Archer

Aviation,

Inc.,

Class

A*

2,555

17,195

Astronics

Corp.*

553

11,602

Boeing

Co.

(The)*

7,514

1,794,719

Cadre

Holdings,

Inc.

516

12,007

Ducommun,

Inc.*

237

11,883

Kaman

Corp.

484

11,079

Kratos

Defense

&

Security

Solutions,

Inc.*

31,710

478,504

L3Harris

Technologies,

Inc.

11,874

2,250,004

Leonardo

DRS,

Inc.*

822

13,719

Moog,

Inc.,

Class

A

234

24,673

Northrop

Grumman

Corp.

2,850

1,268,250

Parsons

Corp.*

348

17,198

Rocket

Lab

USA,

Inc.*

2,189

16,133

TransDigm

Group,

Inc.

6,737

6,061,414

Triumph

Group,

Inc.*

980

12,397

V2X,

Inc.*

236

12,145

Virgin

Galactic

Holdings,

Inc.*

3,129

13,392

12,059,299

Air

Freight

&

Logistics

0.1%

Air

Transport

Services

Group,

Inc.*

711

14,334

FedEx

Corp.

2,591

699,440

Forward

Air

Corp.

198

23,530

GXO

Logistics,

Inc.*

8,551

573,516

Hub

Group,

Inc.,

Class

A*

251

22,623

1,333,443

Automobile

Components

0.5%

Adient

plc*

784

33,367

American

Axle

&

Manufacturing

Holdings,

Inc.*

1,516

14,326

Aptiv

plc*

27,829

3,046,997

Dana,

Inc.

1,026

19,473

Dorman

Products,

Inc.*

202

17,107

Fox

Factory

Holding

Corp.*

369

41,291

Gentherm,

Inc.*

295

17,632

Goodyear

Tire

&

Rubber

Co.

(The)*

2,375

38,190

LCI

Industries

196

26,709

Luminar

Technologies,

Inc.,

Class

A*

2,450

18,130

Mobileye

Global,

Inc.,

Class

A*

17,878

682,582

Modine

Manufacturing

Co.*

451

16,940

Patrick

Industries,

Inc.

312

27,004

Solid

Power,

Inc.*

4,549

13,010

Standard

Motor

Products,

Inc.

311

11,871

Stoneridge,

Inc.*

591

12,080

Visteon

Corp.*

242

37,290

XPEL,

Inc.

Reg.

S*

203

16,490

4,090,489

Automobiles

1.5%

Fisker,

Inc.,

Class

A*

2,291

14,136

General

Motors

Co.

13,733

526,935

Tesla,

Inc.*

48,033

12,845,465

Winnebago

Industries,

Inc.

250

17,200

13,403,736

Common

Stocks

Shares

Value

($)

Banks

3.7%

1st

Source

Corp.

261

12,241

Amerant

Bancorp,

Inc.,

Class

A

603

11,951

Ameris

Bancorp

535

23,353

Associated

Banc-Corp.

1,163

22,039

Atlantic

Union

Bankshares

Corp.

549

17,557

Axos

Financial,

Inc.*

477

22,419

Banc

of

California,

Inc.

918

13,045

BancFirst

Corp.

165

16,484

Bancorp,

Inc.

(The)*

429

16,259

Bank

First

Corp.

134

11,840

Bank

of

America

Corp.

219,065

7,010,080

Bank

of

Hawaii

Corp.

307

17,539

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

464

14,908

BankUnited,

Inc.

638

19,038

Banner

Corp.

374

17,806

BCB

Bancorp,

Inc.

380

4,883

Berkshire

Hills

Bancorp,

Inc.

645

14,712

Brookline

Bancorp,

Inc.

1,175

12,549

Burke

&

Herbert

Financial

Services

Corp.

95

5,129

Byline

Bancorp,

Inc.

602

13,214

C&F

Financial

Corp.

86

4,836

Cadence

Bank

1,569

39,303

Camden

National

Corp.

361

12,483

Capital

City

Bank

Group,

Inc.

360

11,675

Capitol

Federal

Financial,

Inc.

1,827

12,113

Cathay

General

Bancorp

667

25,373

Central

Pacific

Financial

Corp.

666

12,148

Citizens

Financial

Group,

Inc.

34,678

1,118,712

City

Holding

Co.

147

14,540

Coastal

Financial

Corp.*

267

12,060

Columbia

Financial,

Inc.*

644

11,257

Community

Bank

System,

Inc.

424

22,824

Community

Trust

Bancorp,

Inc.

318

12,205

ConnectOne

Bancorp,

Inc.

650

13,306

CrossFirst

Bankshares,

Inc.*

1,035

12,078

Customers

Bancorp,

Inc.*

481

20,192

CVB

Financial

Corp.

1,038

19,587

Dime

Community

Bancshares,

Inc.

568

12,723

Eagle

Bancorp,

Inc.

467

12,936

East

West

Bancorp,

Inc.

35,853

2,230,415

Eastern

Bankshares,

Inc.

1,203

16,986

Enterprise

Financial

Services

Corp.

334

13,694

Farmers

National

Banc

Corp.

870

11,963

FB

Financial

Corp.

431

15,266

First

Bancorp

1,780

34,108

First

Bancshares,

Inc.

(The)

482

15,091

First

Busey

Corp.

644

13,949

First

Commonwealth

Financial

Corp.

1,028

14,844

First

Community

Bankshares,

Inc.

369

12,409

First

Financial

Bancorp

730

16,856

First

Financial

Bankshares,

Inc.

1,079

35,165

First

Foundation,

Inc.

2,664

19,474

Nationwide

Fundamental

All

Cap

Equity

Portfolio

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

103

Common

Stocks

Shares

Value

($)

Banks

First

Interstate

BancSystem,

Inc.,

Class

A

628

18,042

First

Merchants

Corp.

523

16,799

First

Mid

Bancshares,

Inc.

416

12,734

Fulton

Financial

Corp.

1,237

17,689

German

American

Bancorp,

Inc.

414

12,196

Glacier

Bancorp,

Inc.

959

31,359

Great

Southern

Bancorp,

Inc.

217

12,007

Hancock

Whitney

Corp.

780

34,328

Hanmi

Financial

Corp.

687

13,053

Heartland

Financial

USA,

Inc.

439

15,075

Heritage

Commerce

Corp.

1,279

12,278

Heritage

Financial

Corp.

665

12,475

Hilltop

Holdings,

Inc.

470

14,537

Home

BancShares,

Inc.

1,804

43,855

HomeStreet,

Inc.

1,085

9,982

Hope

Bancorp,

Inc.

1,483

16,105

Horizon

Bancorp,

Inc.

1,026

12,712

Independent

Bank

Corp.

309

18,617

Independent

Bank

Group,

Inc.

349

15,660

International

Bancshares

Corp.

388

19,260

JPMorgan

Chase

&

Co.

81,957

12,945,928

Kearny

Financial

Corp.

1,558

13,383

Lakeland

Bancorp,

Inc.

939

14,188

Lakeland

Financial

Corp.

258

14,304

Live

Oak

Bancshares,

Inc.

473

17,913

M&T

Bank

Corp.

7,184

1,004,754

Mercantile

Bank

Corp.

348

12,222

Metropolitan

Bank

Holding

Corp.*

284

12,862

Midland

States

Bancorp,

Inc.

521

12,207

National

Bank

Holdings

Corp.,

Class

A

423

14,534

National

Bankshares,

Inc.

162

4,823

NBT

Bancorp,

Inc.

397

14,768

Nicolet

Bankshares,

Inc.

181

15,141

Northeast

Community

Bancorp,

Inc.

605

9,795

Northfield

Bancorp,

Inc.

1,003

12,217

Northwest

Bancshares,

Inc.

1,211

14,968

OceanFirst

Financial

Corp.

815

15,183

OFG

Bancorp

425

14,233

Old

National

Bancorp

2,576

43,869

Old

Second

Bancorp,

Inc.

770

12,312

Origin

Bancorp,

Inc.

442

14,409

Pacific

Premier

Bancorp,

Inc.

704

17,980

PacWest

Bancorp

1,923

17,884

Park

National

Corp.

128

14,275

Pathward

Financial,

Inc.

257

13,354

Peapack-Gladstone

Financial

Corp.

400

11,692

Peoples

Bancorp,

Inc.

515

14,508

PNC

Financial

Services

Group,

Inc.

(The)

24,097

3,298,638

Preferred

Bank

187

12,357

Premier

Financial

Corp.

639

13,841

Princeton

Bancorp,

Inc.

161

4,816

Provident

Financial

Services,

Inc.

767

14,220

QCR

Holdings,

Inc.

254

13,012

Common

Stocks

Shares

Value

($)

Banks

RBB

Bancorp

342

5,017

Renasant

Corp.

561

17,357

S&T

Bancorp,

Inc.

475

15,001

Sandy

Spring

Bancorp,

Inc.

587

14,364

Seacoast

Banking

Corp.

of

Florida

643

15,889

ServisFirst

Bancshares,

Inc.

350

20,888

Sierra

Bancorp

250

5,265

Simmons

First

National

Corp.,

Class

A

986

19,907

Southside

Bancshares,

Inc.

425

14,114

SouthState

Corp.

692

53,748

Stellar

Bancorp,

Inc.

578

14,369

Stock

Yards

Bancorp,

Inc.

300

14,343

Texas

Capital

Bancshares,

Inc.*

370

23,625

Timberland

Bancorp,

Inc.

334

10,451

Tompkins

Financial

Corp.

198

11,912

Towne

Bank

652

16,483

TriCo

Bancshares

369

13,793

Triumph

Financial,

Inc.*

224

15,884

TrustCo

Bank

Corp.

391

11,883

Trustmark

Corp.

604

15,861

UMB

Financial

Corp.

349

24,779

United

Bankshares,

Inc.

1,125

37,620

United

Community

Banks,

Inc.

942

27,384

Univest

Financial

Corp.

613

11,954

Valley

National

Bancorp

3,775

38,732

Veritex

Holdings,

Inc.

723

15,552

Virginia

National

Bankshares

Corp.

151

5,471

Washington

Federal,

Inc.

553

17,165

Washington

Trust

Bancorp,

Inc.

407

13,048

Wells

Fargo

&

Co.

78,769

3,635,977

WesBanco,

Inc.

508

14,229

Westamerica

Bancorp

309

15,200

WSFS

Financial

Corp.

455

19,906

33,394,141

Beverages

1.1%

Coca-Cola

Co.

(The)

9,658

598,120

Coca-Cola

Consolidated,

Inc.

40

25,336

Coca-Cola

Europacific

Partners

plc

29,710

1,883,317

Constellation

Brands,

Inc.,

Class

A

18,868

5,147,190

Duckhorn

Portfolio,

Inc.

(The)*

913

11,486

Keurig

Dr

Pepper,

Inc.

75,704

2,574,693

MGP

Ingredients,

Inc.

146

16,646

National

Beverage

Corp.*

274

14,481

Primo

Water

Corp.

1,178

16,692

Vita

Coco

Co.,

Inc.

(The)*

454

11,995

10,299,956

Biotechnology

2.6%

2seventy

bio,

Inc.*

1,124

8,531

4D

Molecular

Therapeutics,

Inc.*

656

12,005

89bio,

Inc.*

810

12,830

AbbVie,

Inc.

30,900

4,622,022

ACADIA

Pharmaceuticals,

Inc.*

1,064

31,111

104

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Fundamental

All

Cap

Equity

Portfolio

Common

Stocks

Shares

Value

($)

Biotechnology

ADMA

Biologics,

Inc.*

3,117

12,936

Agenus,

Inc.*

7,191

10,930

Agios

Pharmaceuticals,

Inc.*

526

13,949

Akero

Therapeutics,

Inc.*

430

18,662

Alkermes

plc*

1,478

43,276

Allogene

Therapeutics,

Inc.*

2,215

10,986

Amicus

Therapeutics,

Inc.*

2,418

32,933

Anavex

Life

Sciences

Corp.*

1,479

12,202

Arcellx,

Inc.*

419

14,351

Arcturus

Therapeutics

Holdings,

Inc.*

346

12,096

Arcus

Biosciences,

Inc.*

719

14,308

Arcutis

Biotherapeutics,

Inc.*

1,122

12,241

Ardelyx,

Inc.*

3,404

13,412

Arrowhead

Pharmaceuticals,

Inc.*

870

30,032

Aurinia

Pharmaceuticals,

Inc.*

1,296

15,008

Avid

Bioservices,

Inc.*

910

11,521

Avidity

Biosciences,

Inc.*

1,170

11,127

Avita

Medical,

Inc.*

639

12,940

Beam

Therapeutics,

Inc.*

526

16,238

BioCryst

Pharmaceuticals,

Inc.*

1,921

14,196

Biogen,

Inc.*

12,301

3,323,607

Biohaven

Ltd.*

654

13,001

BioMarin

Pharmaceutical,

Inc.*

29,241

2,571,161

Blueprint

Medicines

Corp.*

489

32,274

Bridgebio

Pharma,

Inc.*

1,021

35,745

CareDx,

Inc.*

1,160

12,656

Catalyst

Pharmaceuticals,

Inc.*

1,030

14,245

Celldex

Therapeutics,

Inc.*

453

16,018

Cerevel

Therapeutics

Holdings,

Inc.*

562

17,192

Chinook

Therapeutics,

Inc.*

485

19,002

Cogent

Biosciences,

Inc.*

966

12,548

Crinetics

Pharmaceuticals,

Inc.*

723

13,737

Cytokinetics,

Inc.*

802

26,747

Day

One

Biopharmaceuticals,

Inc.*

995

13,174

Deciphera

Pharmaceuticals,

Inc.*

858

11,600

Denali

Therapeutics,

Inc.*

1,059

30,107

Dynavax

Technologies

Corp.*

1,165

16,298

Dyne

Therapeutics,

Inc.*

1,084

13,203

Editas

Medicine,

Inc.,

Class

A*

1,339

11,756

Entrada

Therapeutics,

Inc.*

283

4,916

EQRx,

Inc.*

6,275

10,730

Geron

Corp.*

5,351

17,337

Gilead

Sciences,

Inc.

60,861

4,633,957

Halozyme

Therapeutics,

Inc.*

1,163

49,962

Ideaya

Biosciences,

Inc.*

650

14,534

ImmunoGen,

Inc.*

2,224

39,632

Immunovant,

Inc.*

617

14,086

Inhibrx,

Inc.*

468

9,383

Insmed,

Inc.*

989

21,847

Intellia

Therapeutics,

Inc.*

822

34,795

Iovance

Biotherapeutics,

Inc.*

1,898

13,779

Ironwood

Pharmaceuticals,

Inc.,

Class

A*

1,779

19,729

Common

Stocks

Shares

Value

($)

Biotechnology

Keros

Therapeutics,

Inc.*

334

13,988

Kiniksa

Pharmaceuticals

Ltd.,

Class

A*

774

14,582

Krystal

Biotech,

Inc.*

172

22,205

Kura

Oncology,

Inc.*

1,074

11,213

Kymera

Therapeutics,

Inc.*

546

11,946

Lyell

Immunopharma,

Inc.*

3,743

10,817

Madrigal

Pharmaceuticals,

Inc.*

120

24,636

MannKind

Corp.*

3,208

14,661

MiMedx

Group,

Inc.*

1,532

12,363

Mirati

Therapeutics,

Inc.*

8,810

266,679

Mirum

Pharmaceuticals,

Inc.*

446

11,489

Moderna,

Inc.*

5,700

670,662

Morphic

Holding,

Inc.*

284

16,111

Myriad

Genetics,

Inc.*

729

16,293

Neurocrine

Biosciences,

Inc.*

21,867

2,228,029

Novavax,

Inc.*

1,460

13,549

Nurix

Therapeutics,

Inc.*

1,201

11,662

Nuvalent,

Inc.,

Class

A*

324

16,151

Point

Biopharma

Global,

Inc.*

1,284

11,479

Prime

Medicine,

Inc.*

790

11,905

ProKidney

Corp.,

Class

A*

1,029

13,192

Protagonist

Therapeutics,

Inc.*

717

13,910

Prothena

Corp.

plc*

363

25,000

PTC

Therapeutics,

Inc.*

596

24,043

RAPT

Therapeutics,

Inc.*

573

13,695

Recursion

Pharmaceuticals,

Inc.,

Class

A*

1,085

15,320

Regeneron

Pharmaceuticals,

Inc.*

1,555

1,153,670

REGENXBIO,

Inc.*

654

12,426

Relay

Therapeutics,

Inc.*

1,166

14,692

Replimune

Group,

Inc.*

573

12,073

REVOLUTION

Medicines,

Inc.*

811

21,289

Rhythm

Pharmaceuticals,

Inc.*

673

12,006

Rocket

Pharmaceuticals,

Inc.*

770

13,898

Sage

Therapeutics,

Inc.*

417

14,462

Sana

Biotechnology,

Inc.*

2,024

11,861

Seres

Therapeutics,

Inc.*

2,614

12,573

SpringWorks

Therapeutics,

Inc.*

562

17,636

Summit

Therapeutics,

Inc.*

2,432

5,107

Syndax

Pharmaceuticals,

Inc.*

658

14,029

TG

Therapeutics,

Inc.*

1,242

25,697

Twist

Bioscience

Corp.*

591

14,385

Vaxcyte,

Inc.*

771

37,054

Vera

Therapeutics,

Inc.,

Class

A*

697

13,083

Veracyte,

Inc.*

580

15,921

Vericel

Corp.*

425

15,266

Vertex

Pharmaceuticals,

Inc.*

5,182

1,825,826

Verve

Therapeutics,

Inc.*

710

14,548

Viking

Therapeutics,

Inc.*

919

13,325

Vir

Biotechnology,

Inc.*

1,249

17,586

Viridian

Therapeutics,

Inc.*

691

12,963

Xencor,

Inc.*

571

13,870

Zentalis

Pharmaceuticals,

Inc.*

553

14,771

Zymeworks,

Inc.*

649

4,842

22,979,040

Nationwide

Fundamental

All

Cap

Equity

Portfolio

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

105

Common

Stocks

Shares

Value

($)

Broadline

Retail

2.6%

Amazon.com,

Inc.*

174,342

23,306,038

Dillard's,

Inc.,

Class

A

45

15,437

23,321,475

Building

Products

0.9%

AAON,

Inc.

415

43,683

Allegion

plc

15,440

1,804,319

American

Woodmark

Corp.*

185

14,178

Apogee

Enterprises,

Inc.

305

15,107

AZZ,

Inc.

325

14,407

CSW

Industrials,

Inc.

123

22,208

Fortune

Brands

Innovations,

Inc.

5,959

423,506

Gibraltar

Industries,

Inc.*

262

16,944

Griffon

Corp.

399

16,646

Insteel

Industries,

Inc.

355

11,449

Janus

International

Group,

Inc.*

1,296

14,800

JELD-WEN

Holding,

Inc.*

824

14,676

Johnson

Controls

International

plc

15,546

1,081,224

Masonite

International

Corp.*

159

16,624

Masterbrand,

Inc.*

7,138

88,154

PGT

Innovations,

Inc.*

595

17,023

Quanex

Building

Products

Corp.

514

14,464

Resideo

Technologies,

Inc.*

1,163

21,771

Simpson

Manufacturing

Co.,

Inc.

392

61,936

Trane

Technologies

plc

20,123

4,013,331

UFP

Industries,

Inc.

658

67,616

Zurn

Elkay

Water

Solutions

Corp.

1,271

38,689

7,832,755

Capital

Markets

1.9%

Artisan

Partners

Asset

Management,

Inc.,

Class

A

500

20,745

Avantax,

Inc.*

547

14,156

BGC

Group,

Inc.,

Class

A

2,954

14,061

BlackRock,

Inc.

2,332

1,722,998

Blackstone,

Inc.

8,032

841,673

Brightsphere

Investment

Group,

Inc.

537

11,427

Brookfield

Corp.

7,773

271,278

Cohen

&

Steers,

Inc.

253

16,270

Diamond

Hill

Investment

Group,

Inc.

64

11,617

Donnelley

Financial

Solutions,

Inc.*

293

13,859

Focus

Financial

Partners,

Inc.,

Class

A*

498

26,060

Goldman

Sachs

Group,

Inc.

(The)

9,587

3,411,726

Hamilton

Lane,

Inc.,

Class

A

297

26,264

Intercontinental

Exchange,

Inc.

21,506

2,468,889

Moelis

&

Co.,

Class

A

560

27,345

MSCI,

Inc.,

Class

A

5,052

2,768,900

Nasdaq,

Inc.

10,168

513,382

Open

Lending

Corp.*

1,270

14,338

P10,

Inc.,

Class

A

1,016

12,040

Patria

Investments

Ltd.,

Class

A

749

11,400

Common

Stocks

Shares

Value

($)

Capital

Markets

Piper

Sandler

Cos.

126

18,441

PJT

Partners,

Inc.,

Class

A

211

16,734

S&P

Global,

Inc.

10,105

3,986,524

StepStone

Group,

Inc.,

Class

A

514

14,428

StoneX

Group,

Inc.*

183

16,838

Tradeweb

Markets,

Inc.,

Class

A

14,769

1,207,957

Victory

Capital

Holdings,

Inc.,

Class

A

411

13,629

Virtus

Investment

Partners,

Inc.

65

13,372

WisdomTree,

Inc.

1,961

13,649

17,520,000

Chemicals

1.7%

AdvanSix,

Inc.

376

15,081

Air

Products

&

Chemicals,

Inc.

2,850

870,191

Albemarle

Corp.

1,296

275,115

American

Vanguard

Corp.

664

11,992

Ashland,

Inc.

3,109

284,038

Avient

Corp.

751

30,438

Axalta

Coating

Systems

Ltd.*

12,178

389,696

Balchem

Corp.

270

36,380

Cabot

Corp.

480

34,080

Chase

Corp.

112

14,100

Ecolab,

Inc.

3,368

616,816

Ecovyst,

Inc.*

26,835

329,802

Element

Solutions,

Inc.

26,947

564,809

FMC

Corp.

5,441

523,587

Hawkins,

Inc.

289

13,511

HB

Fuller

Co.

456

33,758

Ingevity

Corp.*

270

17,285

Innospec,

Inc.

178

19,071

Koppers

Holdings,

Inc.

322

12,320

Linde

plc

18,230

7,121,914

Livent

Corp.*

1,710

42,100

LSB

Industries,

Inc.*

1,110

12,399

Mativ

Holdings,

Inc.

776

12,214

Minerals

Technologies,

Inc.

297

18,221

Origin

Materials,

Inc.*

2,688

12,042

Orion

SA

635

13,919

Perimeter

Solutions

SA*

2,172

12,076

PureCycle

Technologies,

Inc.*

1,312

15,534

Quaker

Chemical

Corp.

108

21,641

Sensient

Technologies

Corp.

360

23,054

Sherwin-Williams

Co.

(The)

14,267

3,944,826

Stepan

Co.

172

16,481

Trinseo

plc

678

11,946

Tronox

Holdings

plc

1,157

15,377

15,385,814

Commercial

Services

&

Supplies

0.1%

ABM

Industries,

Inc.

539

24,945

ACCO

Brands

Corp.

2,092

12,740

ACV

Auctions,

Inc.,

Class

A*

1,091

19,082

Brink's

Co.

(The)

378

27,579

Casella

Waste

Systems,

Inc.,

Class

A*

482

38,893

Cimpress

plc*

218

15,151

CoreCivic,

Inc.*

1,526

14,802

Deluxe

Corp.

651

12,362

Ennis,

Inc.

582

12,536

106

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Fundamental

All

Cap

Equity

Portfolio

Common

Stocks

Shares

Value

($)

Commercial

Services

&

Supplies

Enviri

Corp.*

1,230

11,599

GEO

Group,

Inc.

(The)*

1,670

12,475

Healthcare

Services

Group,

Inc.

979

12,345

Heritage-Crystal

Clean,

Inc.*

255

11,748

HNI

Corp.

498

14,487

Interface,

Inc.,

Class

A

1,277

12,476

Li-Cycle

Holdings

Corp.*

2,094

12,627

Matthews

International

Corp.,

Class

A

293

13,449

MillerKnoll,

Inc.

769

15,049

Montrose

Environmental

Group,

Inc.*

328

13,274

OPENLANE,

Inc.*

1,060

16,642

Pitney

Bowes,

Inc.

3,163

12,462

SP

Plus

Corp.*

296

11,381

Steelcase,

Inc.,

Class

A

1,479

12,675

UniFirst

Corp.

106

17,204

Viad

Corp.*

423

11,933

Waste

Connections,

Inc.

4,923

694,980

1,084,896

Communications

Equipment

0.9%

ADTRAN

Holdings,

Inc.

1,167

11,355

Calix,

Inc.*

503

22,690

Cisco

Systems,

Inc.

127,538

6,637,078

Clearfield,

Inc.*

248

11,592

CommScope

Holding

Co.,

Inc.*

2,979

13,406

Digi

International,

Inc.*

346

14,508

Extreme

Networks,

Inc.*

1,116

29,674

Harmonic,

Inc.*

1,048

15,636

Infinera

Corp.*

3,036

13,662

Motorola

Solutions,

Inc.

4,146

1,188,368

NetScout

Systems,

Inc.*

550

15,372

Viavi

Solutions,

Inc.*

1,715

18,642

7,991,983

Construction

&

Engineering

0.0%

†

Ameresco,

Inc.,

Class

A*

279

16,241

API

Group

Corp.*

1,911

54,960

Arcosa,

Inc.

402

31,026

Argan,

Inc.

303

11,526

Comfort

Systems

USA,

Inc.

356

61,933

Construction

Partners,

Inc.,

Class

A*

486

14,289

Dycom

Industries,

Inc.*

244

24,298

Fluor

Corp.*

1,234

38,229

Granite

Construction,

Inc.

385

15,758

Great

Lakes

Dredge

&

Dock

Corp.*

1,497

12,575

IES

Holdings,

Inc.*

207

11,865

MYR

Group,

Inc.*

125

17,820

Primoris

Services

Corp.

535

16,992

Sterling

Infrastructure,

Inc.*

282

16,917

344,429

Construction

Materials

0.1%

Martin

Marietta

Materials,

Inc.

1,814

809,878

Summit

Materials,

Inc.,

Class

A*

1,029

37,229

Common

Stocks

Shares

Value

($)

Construction

Materials

United

States

Lime

&

Minerals,

Inc.

57

11,720

858,827

Consumer

Finance

0.6%

American

Express

Co.

18,870

3,186,766

Bread

Financial

Holdings,

Inc.

453

18,831

Discover

Financial

Services

19,929

2,103,506

Encore

Capital

Group,

Inc.*

267

14,284

Enova

International,

Inc.*

292

16,086

FirstCash

Holdings,

Inc.

315

30,013

Green

Dot

Corp.,

Class

A*

704

13,763

LendingClub

Corp.*

1,398

11,729

Navient

Corp.

864

16,451

Nelnet,

Inc.,

Class

A

144

14,210

PRA

Group,

Inc.*

503

12,002

PROG

Holdings,

Inc.*

459

18,626

Upstart

Holdings,

Inc.*

655

44,992

World

Acceptance

Corp.*

82

12,947

5,514,206

Consumer

Staples

Distribution

&

Retail

1.4%

Andersons,

Inc.

(The)

295

14,402

Chefs'

Warehouse,

Inc.

(The)*

381

13,846

Dollar

Tree,

Inc.*

23,838

3,678,918

Ingles

Markets,

Inc.,

Class

A

169

14,331

Performance

Food

Group

Co.*

31,137

1,860,747

PriceSmart,

Inc.

208

16,168

SpartanNash

Co.

538

12,073

Sprouts

Farmers

Market,

Inc.*

885

34,736

Target

Corp.

16,040

2,188,979

United

Natural

Foods,

Inc.*

689

14,331

Walmart,

Inc.

28,101

4,492,226

Weis

Markets,

Inc.

217

14,396

12,355,153

Containers

&

Packaging

0.5%

Avery

Dennison

Corp.

16,197

2,980,410

Crown

Holdings,

Inc.

10,623

985,390

Greif,

Inc.,

Class

A

195

14,424

Greif,

Inc.,

Class

B

186

14,707

Myers

Industries,

Inc.

599

11,746

O-I

Glass,

Inc.*

1,340

30,766

TriMas

Corp.

509

13,112

4,050,555

Diversified

Consumer

Services

0.0%

†

Adtalem

Global

Education,

Inc.*

392

16,950

Carriage

Services,

Inc.,

Class

A

349

11,297

Chegg,

Inc.*

1,522

15,418

Coursera,

Inc.*

1,244

19,518

Duolingo,

Inc.,

Class

A*

276

42,832

European

Wax

Center,

Inc.,

Class

A*

605

11,719

Frontdoor,

Inc.*

615

21,476

Graham

Holdings

Co.,

Class

B

28

16,429

Laureate

Education,

Inc.

1,324

16,974

OneSpaWorld

Holdings

Ltd.*

1,008

12,948

Perdoceo

Education

Corp.*

904

12,068

Rover

Group,

Inc.,

Class

A*

2,331

12,774

Strategic

Education,

Inc.

206

15,471

Stride,

Inc.*

374

14,290

Nationwide

Fundamental

All

Cap

Equity

Portfolio

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

107

Common

Stocks

Shares

Value

($)

Diversified

Consumer

Services

Udemy,

Inc.*

1,299

15,341

WW

International,

Inc.*

1,187

13,829

269,334

Diversified

REITs

0.0%

†

Alexander

&

Baldwin,

Inc.

736

14,131

American

Assets

Trust,

Inc.

648

14,580

Broadstone

Net

Lease,

Inc.

1,416

23,081

Empire

State

Realty

Trust,

Inc.,

Class

A

2,404

21,516

Essential

Properties

Realty

Trust,

Inc.

1,762

43,257

One

Liberty

Properties,

Inc.

466

9,520

126,085

Diversified

Telecommunication

Services

0.2%

Anterix,

Inc.*

410

11,509

AT&T,

Inc.

103,384

1,501,136

Cogent

Communications

Holdings,

Inc.

342

20,944

EchoStar

Corp.,

Class

A*

616

11,969

Globalstar,

Inc.*

11,159

12,052

Liberty

Latin

America

Ltd.,

Class

C*

1,401

11,656

Lumen

Technologies,

Inc.

8,648

15,480

Radius

Global

Infrastructure,

Inc.*

953

14,209

1,598,955

Electric

Utilities

1.5%

ALLETE,

Inc.

482

27,681

Alliant

Energy

Corp.

4,923

264,562

American

Electric

Power

Co.,

Inc.

6,219

526,998

Constellation

Energy

Corp.

4,146

400,711

Duke

Energy

Corp.

9,069

849,040

Entergy

Corp.

2,850

292,695

Exelon

Corp.

12,696

531,455

FirstEnergy

Corp.

68,704

2,706,251

Genie

Energy

Ltd.,

Class

B

696

9,333

MGE

Energy,

Inc.

287

23,029

NextEra

Energy,

Inc.

62,506

4,581,690

Otter

Tail

Corp.

506

40,991

PG&E

Corp.*

26,688

469,976

PNM

Resources,

Inc.

1,043

46,747

Portland

General

Electric

Co.

823

39,232

Xcel

Energy,

Inc.

37,255

2,337,006

13,147,397

Electrical

Equipment

1.3%

Allied

Motion

Technologies,

Inc.

295

11,476

AMETEK,

Inc.

11,919

1,890,353

Array

Technologies,

Inc.*

1,241

23,641

Atkore,

Inc.*

356

56,487

Bloom

Energy

Corp.,

Class

A*

1,649

29,451

Eaton

Corp.

plc

18,360

3,769,675

Emerson

Electric

Co.

10,623

970,411

Encore

Wire

Corp.

173

29,529

EnerSys

363

39,320

Enovix

Corp.*

1,183

25,458

Fluence

Energy,

Inc.,

Class

A*

495

14,474

FuelCell

Energy,

Inc.*

6,321

13,843

GrafTech

International

Ltd.

2,480

13,094

Common

Stocks

Shares

Value

($)

Electrical

Equipment

NEXTracker,

Inc.,

Class

A*

414

17,533

nVent

Electric

plc

35,757

1,890,830

Powell

Industries,

Inc.

194

11,791

Preformed

Line

Products

Co.

67

11,625

Rockwell

Automation,

Inc.

7,436

2,500,653

Shoals

Technologies

Group,

Inc.,

Class

A*

1,496

38,836

Stem,

Inc.*

2,006

14,183

SunPower

Corp.*

1,293

12,762

Thermon

Group

Holdings,

Inc.*

513

14,164

TPI

Composites,

Inc.*

1,200

7,128

Vicor

Corp.*

241

22,237

11,428,954

Electronic

Equipment,

Instruments

&

Components

0.7%

Advanced

Energy

Industries,

Inc.

322

40,308

Amphenol

Corp.,

Class

A

17,101

1,510,189

Arlo

Technologies,

Inc.*

1,296

14,723

Badger

Meter,

Inc.

234

38,526

Bel

Fuse,

Inc.,

Class

B

203

10,891

Belden,

Inc.

466

45,034

Benchmark

Electronics,

Inc.

533

14,130

CDW

Corp.

17,676

3,306,649

Climb

Global

Solutions,

Inc.

96

4,644

CTS

Corp.

336

14,996

ePlus,

Inc.*

234

13,186

Evolv

Technologies

Holdings,

Inc.*

1,916

12,607

Fabrinet*

344

42,532

Insight

Enterprises,

Inc.*

255

37,406

Itron,

Inc.*

377

29,659

Kimball

Electronics,

Inc.*

399

11,643

Knowles

Corp.*

940

17,174

Lightwave

Logic,

Inc.*

1,654

11,115

Methode

Electronics,

Inc.

442

14,869

MicroVision,

Inc.*

3,138

12,552

Mirion

Technologies,

Inc.,

Class

A*

1,791

13,522

Napco

Security

Technologies,

Inc.

382

14,317

nLight,

Inc.*

808

11,635

Novanta,

Inc.*

320

56,608

OSI

Systems,

Inc.*

135

16,096

PAR

Technology

Corp.*

358

12,383

PC

Connection,

Inc.

255

12,345

Plexus

Corp.*

209

20,584

Rogers

Corp.*

139

23,437

Sanmina

Corp.*

484

29,747

ScanSource,

Inc.*

403

12,126

SmartRent,

Inc.,

Class

A*

3,129

12,453

Trimble,

Inc.*

6,737

362,451

TTM

Technologies,

Inc.*

1,021

14,662

Vishay

Intertechnology,

Inc.

1,157

32,570

Vishay

Precision

Group,

Inc.*

311

11,634

5,859,403

Energy

Equipment

&

Services

0.2%

Archrock,

Inc.

1,325

15,449

Atlas

Energy

Solutions,

Inc.,

Class

A

247

4,878

Borr

Drilling

Ltd.*

2,106

18,491

Bristow

Group,

Inc.,

Class

A*

399

12,277

108

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Fundamental

All

Cap

Equity

Portfolio

Common

Stocks

Shares

Value

($)

Energy

Equipment

&

Services

Cactus,

Inc.,

Class

A

542

27,523

ChampionX

Corp.

2,060

73,336

Core

Laboratories,

Inc.

581

15,100

Diamond

Offshore

Drilling,

Inc.*

1,090

17,255

Dril-Quip,

Inc.*

471

12,194

Expro

Group

Holdings

NV*

756

16,776

Helix

Energy

Solutions

Group,

Inc.*

1,692

16,243

Helmerich

&

Payne,

Inc.

855

38,278

Liberty

Energy,

Inc.,

Class

A

1,383

22,778

Mammoth

Energy

Services,

Inc.*

965

4,719

Nabors

Industries

Ltd.*

124

15,189

NexTier

Oilfield

Solutions,

Inc.*

1,505

17,940

Noble

Corp.

plc*

984

51,434

Oceaneering

International,

Inc.*

815

18,297

Oil

States

International,

Inc.*

1,386

11,143

Patterson-UTI

Energy,

Inc.

1,777

28,148

ProPetro

Holding

Corp.*

1,428

14,908

Ranger

Energy

Services,

Inc.*

459

4,819

RPC,

Inc.

1,363

11,340

Schlumberger

NV

25,911

1,511,648

Seadrill

Ltd.*

411

20,102

Select

Water

Solutions,

Inc.,

Class

A

1,443

12,136

TETRA

Technologies,

Inc.*

2,810

12,617

Tidewater,

Inc.*

407

25,686

US

Silica

Holdings,

Inc.*

1,084

14,103

Valaris

Ltd.*

520

39,936

Weatherford

International

plc*

632

52,519

2,157,262

Entertainment

1.8%

Activision

Blizzard,

Inc.*

31,870

2,956,261

Cinemark

Holdings,

Inc.*

1,074

17,925

Electronic

Arts,

Inc.

25,640

3,496,014

IMAX

Corp.*

716

13,182

Lions

Gate

Entertainment

Corp.,

Class

A*

1,303

10,007

Lions

Gate

Entertainment

Corp.,

Class

B*

1,707

12,495

Live

Nation

Entertainment,

Inc.*

21,422

1,879,780

Madison

Square

Garden

Entertainment

Corp.*

409

14,250

Sphere

Entertainment

Co.*

310

13,160

Walt

Disney

Co.

(The)*

24,356

2,165,005

Warner

Bros

Discovery,

Inc.*

128,187

1,675,404

World

Wrestling

Entertainment,

Inc.,

Class

A

33,684

3,536,820

15,790,303

Financial

Services

3.9%

A-Mark

Precious

Metals,

Inc.

294

11,992

Apollo

Global

Management,

Inc.

10,364

846,842

AvidXchange

Holdings,

Inc.*

1,393

17,287

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

504

11,753

Common

Stocks

Shares

Value

($)

Financial

Services

Berkshire

Hathaway,

Inc.,

Class

B*

11,958

4,208,738

Cannae

Holdings,

Inc.*

673

13,716

Cantaloupe,

Inc.*

1,499

11,557

Cass

Information

Systems,

Inc.

296

11,233

Compass

Diversified

Holdings

635

14,307

Enact

Holdings,

Inc.

442

12,022

Equitable

Holdings,

Inc.

45,085

1,293,489

Essent

Group

Ltd.

909

45,086

EVERTEC,

Inc.

462

18,170

Federal

Agricultural

Mortgage

Corp.,

Class

C

91

14,628

Fidelity

National

Information

Services,

Inc.

31,041

1,874,256

Fiserv,

Inc.*

41,293

5,211,590

Flywire

Corp.*

810

27,653

I3

Verticals,

Inc.,

Class

A*

478

11,955

International

Money

Express,

Inc.*

464

11,243

Jack

Henry

&

Associates,

Inc.

11,751

1,969,115

Jackson

Financial,

Inc.,

Class

A

642

21,199

Marqeta,

Inc.,

Class

A*

3,608

20,133

Mastercard,

Inc.,

Class

A

3,605

1,421,379

Merchants

Bancorp

410

12,960

Mr.

Cooper

Group,

Inc.*

562

32,579

NMI

Holdings,

Inc.,

Class

A*

607

16,213

Pagseguro

Digital

Ltd.,

Class

A*

1,680

19,085

Payoneer

Global,

Inc.*

2,740

14,577

PayPal

Holdings,

Inc.*

53,730

4,073,809

PennyMac

Financial

Services,

Inc.

206

15,497

Radian

Group,

Inc.

1,336

35,979

Remitly

Global,

Inc.*

875

16,870

Repay

Holdings

Corp.,

Class

A*

1,466

12,241

StoneCo

Ltd.,

Class

A*

2,430

35,211

Visa,

Inc.,

Class

A

58,192

13,833,984

Walker

&

Dunlop,

Inc.

258

23,473

35,241,821

Food

Products

1.4%

B&G

Foods,

Inc.

872

11,563

Beyond

Meat,

Inc.*

777

13,364

Calavo

Growers,

Inc.

326

12,300

Cal-Maine

Foods,

Inc.

323

14,919

Dole

plc

1,089

14,386

Fresh

Del

Monte

Produce,

Inc.

536

14,247

Hain

Celestial

Group,

Inc.

(The)*

1,105

14,000

Hostess

Brands,

Inc.,

Class

A*

1,047

25,170

J

&

J

Snack

Foods

Corp.

117

18,758

John

B

Sanfilippo

&

Son,

Inc.

123

13,396

Lamb

Weston

Holdings,

Inc.

24,529

2,541,940

Lancaster

Colony

Corp.

171

32,940

McCormick

&

Co.,

Inc.

(Non-Voting)

27,940

2,500,071

Mission

Produce,

Inc.*

970

11,271

Mondelez

International,

Inc.,

Class

A

72,147

5,348,257

Nationwide

Fundamental

All

Cap

Equity

Portfolio

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

109

Common

Stocks

Shares

Value

($)

Food

Products

Simply

Good

Foods

Co.

(The)*

29,544

1,143,648

Sovos

Brands,

Inc.*

628

11,179

SunOpta,

Inc.*

1,876

12,438

TreeHouse

Foods,

Inc.*

407

21,005

Utz

Brands,

Inc.

37,052

620,621

12,395,473

Gas

Utilities

0.0%

†

Brookfield

Infrastructure

Corp.,

Class

A

1,068

49,897

Chesapeake

Utilities

Corp.

213

25,185

New

Jersey

Resources

Corp.

1,068

47,740

Northwest

Natural

Holding

Co.

320

13,750

ONE

Gas,

Inc.

527

41,701

Southwest

Gas

Holdings,

Inc.

500

32,970

Spire,

Inc.

398

25,301

236,544

Ground

Transportation

1.1%

ArcBest

Corp.

191

22,217

Canadian

National

Railway

Co.

1,036

125,594

CSX

Corp.

84,210

2,805,877

Heartland

Express,

Inc.

728

11,903

Marten

Transport

Ltd.

678

15,363

Old

Dominion

Freight

Line,

Inc.

6,098

2,558,050

RXO,

Inc.*

900

19,845

Saia,

Inc.*

7,063

2,988,638

TuSimple

Holdings,

Inc.,

Class

A*

4,105

9,606

Uber

Technologies,

Inc.*

27,984

1,384,089

Werner

Enterprises,

Inc.

465

21,864

9,963,046

Health

Care

Equipment

&

Supplies

2.6%

Alphatec

Holdings,

Inc.*

793

14,012

Artivion,

Inc.*

698

12,159

AtriCure,

Inc.*

348

19,262

Atrion

Corp.

21

11,773

Avanos

Medical,

Inc.*

546

13,361

Axonics,

Inc.*

364

21,975

Boston

Scientific

Corp.*

111,248

5,768,209

Cerus

Corp.*

4,150

12,740

CONMED

Corp.

278

33,652

Cooper

Cos.,

Inc.

(The)

12,118

4,741,289

Dexcom,

Inc.*

14,510

1,807,366

Embecta

Corp.

714

15,237

Glaukos

Corp.*

406

31,319

Haemonetics

Corp.*

592

54,606

Inari

Medical,

Inc.*

410

23,399

Inmode

Ltd.*

681

29,222

Integer

Holdings

Corp.*

246

22,750

Intuitive

Surgical,

Inc.*

9,910

3,214,804

iRadimed

Corp.

218

9,577

iRhythm

Technologies,

Inc.*

259

27,210

Lantheus

Holdings,

Inc.*

624

53,970

LeMaitre

Vascular,

Inc.

216

13,658

LivaNova

plc*

398

23,263

Medtronic

plc

37,052

3,251,683

Merit

Medical

Systems,

Inc.*

484

36,140

Nano-X

Imaging

Ltd.*

832

10,317

Neogen

Corp.*

1,878

43,551

Nevro

Corp.*

498

12,445

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

NuVasive,

Inc.*

382

15,742

Omnicell,

Inc.*

373

23,555

Orthofix

Medical,

Inc.*

571

11,243

OrthoPediatrics

Corp.*

267

11,147

Outset

Medical,

Inc.*

617

12,698

Paragon

28,

Inc.*

677

11,963

PROCEPT

BioRobotics

Corp.*

376

12,949

Pulmonx

Corp.*

938

13,132

RxSight,

Inc.*

375

12,514

SI-BONE,

Inc.*

469

12,081

Silk

Road

Medical,

Inc.*

580

13,247

STAAR

Surgical

Co.*

392

21,470

Surmodics,

Inc.*

364

11,673

Tactile

Systems

Technology,

Inc.*

524

12,005

TransMedics

Group,

Inc.*

256

23,854

Treace

Medical

Concepts,

Inc.*

590

13,446

UFP

Technologies,

Inc.*

73

14,210

Utah

Medical

Products,

Inc.

51

5,015

Varex

Imaging

Corp.*

606

14,114

Zimmer

Biomet

Holdings,

Inc.

28,970

4,002,205

Zimvie,

Inc.*

352

4,829

23,602,041

Health

Care

Providers

&

Services

2.9%

23andMe

Holding

Co.,

Class

A*

6,359

12,209

Accolade,

Inc.*

868

13,037

AdaptHealth

Corp.,

Class

A*

1,020

14,015

Addus

HomeCare

Corp.*

152

13,919

Agiliti,

Inc.*

702

12,053

Alignment

Healthcare,

Inc.*

1,958

12,159

AmerisourceBergen

Corp.

12,255

2,290,459

AMN

Healthcare

Services,

Inc.*

341

36,538

Apollo

Medical

Holdings,

Inc.*

413

15,128

Brookdale

Senior

Living,

Inc.*

3,286

11,567

Centene

Corp.*

38,334

2,610,162

Community

Health

Systems,

Inc.*

2,725

11,963

CorVel

Corp.*

78

15,956

Cross

Country

Healthcare,

Inc.*

424

10,939

CVS

Health

Corp.

40,737

3,042,647

DocGo,

Inc.*

1,353

11,352

Elevance

Health,

Inc.

4,146

1,955,378

Enhabit,

Inc.*

852

11,698

Ensign

Group,

Inc.

(The)

476

46,110

Fulgent

Genetics,

Inc.*

295

11,455

Guardant

Health,

Inc.*

935

36,484

HCA

Healthcare,

Inc.

3,627

989,482

HealthEquity,

Inc.*

746

50,683

Hims

&

Hers

Health,

Inc.*

1,719

15,419

Humana,

Inc.

9,356

4,274,101

LifeStance

Health

Group,

Inc.*

1,562

14,667

McKesson

Corp.

2,073

834,175

ModivCare,

Inc.*

230

10,060

National

HealthCare

Corp.

199

11,745

National

Research

Corp.

377

16,177

NeoGenomics,

Inc.*

1,080

18,716

OPKO

Health,

Inc.*

5,784

10,758

110

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Fundamental

All

Cap

Equity

Portfolio

Common

Stocks

Shares

Value

($)

Health

Care

Providers

&

Services

Option

Care

Health,

Inc.*

1,502

50,738

Owens

&

Minor,

Inc.*

732

14,084

Patterson

Cos.,

Inc.

654

21,510

Pediatrix

Medical

Group,

Inc.*

998

13,703

PetIQ,

Inc.,

Class

A*

726

12,153

Privia

Health

Group,

Inc.*

619

17,282

Progyny,

Inc.*

645

26,935

Quest

Diagnostics,

Inc.

4,146

560,581

RadNet,

Inc.*

484

16,011

Select

Medical

Holdings

Corp.

963

28,900

Surgery

Partners,

Inc.*

516

19,933

UnitedHealth

Group,

Inc.

16,588

8,399,666

US

Physical

Therapy,

Inc.

115

13,371

25,636,078

Health

Care

REITs

0.3%

CareTrust

REIT,

Inc.

1,471

30,582

Community

Healthcare

Trust,

Inc.

390

13,743

Diversified

Healthcare

Trust

6,476

13,535

LTC

Properties,

Inc.

407

13,659

National

Health

Investors,

Inc.

469

25,753

Physicians

Realty

Trust

1,883

27,755

Sabra

Health

Care

REIT,

Inc.

1,807

23,473

Universal

Health

Realty

Income

Trust

241

11,503

Ventas,

Inc.

49,846

2,418,528

2,578,531

Health

Care

Technology

0.0%

†

American

Well

Corp.,

Class

A*

5,476

13,416

Definitive

Healthcare

Corp.,

Class

A*

1,028

12,161

Evolent

Health,

Inc.,

Class

A*

915

27,807

Health

Catalyst,

Inc.*

928

13,020

HealthStream,

Inc.

507

11,397

Multiplan

Corp.*

6,082

13,076

NextGen

Healthcare,

Inc.*

703

11,691

Phreesia,

Inc.*

452

14,338

Schrodinger,

Inc.*

441

23,069

Sharecare,

Inc.*

7,582

10,539

Simulations

Plus,

Inc.

244

12,151

Veradigm,

Inc.*

1,058

14,304

176,969

Hotel

&

Resort

REITs

0.0%

†

Apple

Hospitality

REIT,

Inc.

2,665

41,308

Braemar

Hotels

&

Resorts,

Inc.

1,332

4,928

DiamondRock

Hospitality

Co.

2,033

17,280

RLJ

Lodging

Trust

1,413

14,554

Ryman

Hospitality

Properties,

Inc.

661

62,987

Service

Properties

Trust

2,745

23,305

Summit

Hotel

Properties,

Inc.

1,844

11,875

Xenia

Hotels

&

Resorts,

Inc.

1,128

14,326

190,563

Hotels,

Restaurants

&

Leisure

2.4%

Accel

Entertainment,

Inc.,

Class

A*

1,034

11,788

Bally's

Corp.*

761

12,389

BJ's

Restaurants,

Inc.*

337

12,691

Bloomin'

Brands,

Inc.

674

18,110

Booking

Holdings,

Inc.*

1,036

3,077,749

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Brinker

International,

Inc.*

420

16,498

Cheesecake

Factory,

Inc.

(The)

447

16,441

Chuy's

Holdings,

Inc.*

288

11,978

Cracker

Barrel

Old

Country

Store,

Inc.

169

15,751

Dave

&

Buster's

Entertainment,

Inc.*

355

16,259

Denny's

Corp.*

1,051

12,360

Dine

Brands

Global,

Inc.

239

14,416

Domino's

Pizza,

Inc.

6,344

2,516,919

DraftKings,

Inc.,

Class

A*

21,765

691,692

Everi

Holdings,

Inc.*

960

14,246

Expedia

Group,

Inc.*

19,018

2,330,276

Golden

Entertainment,

Inc.*

267

11,305

Hilton

Grand

Vacations,

Inc.*

701

32,596

International

Game

Technology

plc

1,220

41,273

Jack

in

the

Box,

Inc.

170

16,900

Krispy

Kreme,

Inc.

903

13,906

Kura

Sushi

USA,

Inc.,

Class

A*

127

12,638

Las

Vegas

Sands

Corp.*

17,878

1,069,283

Life

Time

Group

Holdings,

Inc.*

672

12,156

Light

&

Wonder,

Inc.*

811

57,013

Marriott

International,

Inc.,

Class

A

5,700

1,150,317

McDonald's

Corp.

23,582

6,914,242

Monarch

Casino

&

Resort,

Inc.

199

13,795

Nathan's

Famous,

Inc.

61

4,886

Papa

John's

International,

Inc.

265

21,915

Portillo's,

Inc.,

Class

A*

606

13,968

RCI

Hospitality

Holdings,

Inc.

170

11,858

Red

Rock

Resorts,

Inc.,

Class

A

372

18,042

Sabre

Corp.*

3,755

15,396

SeaWorld

Entertainment,

Inc.*

318

17,608

Shake

Shack,

Inc.,

Class

A*

303

23,531

Six

Flags

Entertainment

Corp.*

721

17,232

Soho

House

&

Co.,

Inc.*

78,885

470,943

Super

Group

SGHC

Ltd.*

3,515

10,650

Sweetgreen,

Inc.,

Class

A*

927

13,970

Travel

+

Leisure

Co.

19,433

791,506

Xponential

Fitness,

Inc.,

Class

A*

605

12,778

Yum!

Brands,

Inc.

17,235

2,372,742

21,952,012

Household

Durables

0.5%

Beazer

Homes

USA,

Inc.*

419

14,091

Cavco

Industries,

Inc.*

72

21,287

Century

Communities,

Inc.

219

16,911

Cricut,

Inc.,

Class

A

958

11,362

Dream

Finders

Homes,

Inc.,

Class

A*

461

11,755

Ethan

Allen

Interiors,

Inc.

386

12,147

GoPro,

Inc.,

Class

A*

2,837

11,603

Green

Brick

Partners,

Inc.*

295

16,673

Helen

of

Troy

Ltd.*

194

27,412

Hovnanian

Enterprises,

Inc.,

Class

A*

163

17,379

Nationwide

Fundamental

All

Cap

Equity

Portfolio

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

111

Common

Stocks

Shares

Value

($)

Household

Durables

Installed

Building

Products,

Inc.

194

28,716

iRobot

Corp.*

299

11,960

KB

Home

854

46,090

La-Z-Boy,

Inc.

450

14,117

Lennar

Corp.,

Class

A

28,837

3,657,397

LGI

Homes,

Inc.*

173

24,004

M/I

Homes,

Inc.*

206

20,600

MDC

Holdings,

Inc.

607

31,127

Meritage

Homes

Corp.

337

50,196

Skyline

Champion

Corp.*

448

31,208

Sonos,

Inc.*

1,020

17,483

Taylor

Morrison

Home

Corp.,

Class

A*

1,100

53,262

Toll

Brothers,

Inc.

2,332

187,330

Tri

Pointe

Homes,

Inc.*

1,018

32,454

Vizio

Holding

Corp.,

Class

A*

1,603

11,942

4,378,506

Household

Products

1.1%

Central

Garden

&

Pet

Co.,

Class

A*

373

14,256

Colgate-Palmolive

Co.

34,413

2,624,335

Energizer

Holdings,

Inc.

558

19,921

Oil-Dri

Corp.

of

America

77

4,833

Procter

&

Gamble

Co.

(The)

45,577

7,123,685

WD-40

Co.

110

25,245

9,812,275

Independent

Power

and

Renewable

Electricity

Producers

0.1%

Montauk

Renewables,

Inc.*

1,402

12,268

NextEra

Energy

Partners

LP

1,036

56,410

Ormat

Technologies,

Inc.

478

38,861

Sunnova

Energy

International,

Inc.*

5,265

92,980

Vistra

Corp.

11,660

327,180

527,699

Industrial

Conglomerates

0.7%

Brookfield

Business

Corp.,

Class

A

595

12,210

General

Electric

Co.

31,583

3,608,042

Honeywell

International,

Inc.

12,955

2,514,954

6,135,206

Industrial

REITs

0.3%

Innovative

Industrial

Properties,

Inc.

208

16,480

LXP

Industrial

Trust

2,273

22,889

Prologis,

Inc.

23,579

2,941,480

Terreno

Realty

Corp.

709

42,072

3,022,921

Insurance

2.9%

Allstate

Corp.

(The)

60,100

6,772,068

Ambac

Financial

Group,

Inc.*

855

12,090

American

Equity

Investment

Life

Holding

Co.

662

35,529

American

International

Group,

Inc.

24,874

1,499,405

AMERISAFE,

Inc.

262

13,655

Arch

Capital

Group

Ltd.*

30,840

2,395,960

Common

Stocks

Shares

Value

($)

Insurance

Argo

Group

International

Holdings

Ltd.

477

14,167

Assurant,

Inc.

12,437

1,672,901

BRP

Group,

Inc.,

Class

A*

557

13,875

Chubb

Ltd.

10,704

2,188,005

CNO

Financial

Group,

Inc.

935

24,048

Employers

Holdings,

Inc.

385

14,873

Enstar

Group

Ltd.*

100

25,588

F&G

Annuities

&

Life,

Inc.

457

11,973

Genworth

Financial,

Inc.,

Class

A*

3,778

22,139

Globe

Life,

Inc.

20,194

2,265,161

Goosehead

Insurance,

Inc.,

Class

A*

210

14,043

Horace

Mann

Educators

Corp.

487

14,673

James

River

Group

Holdings

Ltd.

632

11,686

Lemonade,

Inc.*

614

14,275

Marsh

&

McLennan

Cos.,

Inc.

7,436

1,401,091

Mercury

General

Corp.

390

12,550

MetLife,

Inc.

25,133

1,582,625

National

Western

Life

Group,

Inc.,

Class

A

34

14,337

Oscar

Health,

Inc.,

Class

A*

1,727

12,987

Palomar

Holdings,

Inc.*

241

14,595

ProAssurance

Corp.

732

12,298

Progressive

Corp.

(The)

43,012

5,418,652

Safety

Insurance

Group,

Inc.

205

14,760

Selective

Insurance

Group,

Inc.

534

55,103

Selectquote,

Inc.*

2,588

4,891

SiriusPoint

Ltd.*

1,512

14,122

Stewart

Information

Services

Corp.

313

14,752

Trupanion,

Inc.*

462

14,253

United

Fire

Group,

Inc.

507

12,188

25,635,318

Interactive

Media

&

Services

5.2%

Alphabet,

Inc.,

Class

A*

173,187

22,985,379

Alphabet,

Inc.,

Class

C*

111,250

14,808,487

Bumble,

Inc.,

Class

A*

886

16,409

Cargurus,

Inc.,

Class

A*

723

16,383

Cars.com,

Inc.*

650

14,827

Eventbrite,

Inc.,

Class

A*

1,145

13,179

fuboTV,

Inc.*

4,270

14,390

Match

Group,

Inc.*

74,029

3,443,089

Meta

Platforms,

Inc.,

Class

A*

16,124

5,137,106

Nextdoor

Holdings,

Inc.*

4,086

12,708

QuinStreet,

Inc.*

1,324

11,757

Shutterstock,

Inc.

267

13,737

Vimeo,

Inc.*

3,045

12,545

Yelp,

Inc.,

Class

A*

569

25,633

Ziff

Davis,

Inc.*

396

28,718

ZipRecruiter,

Inc.,

Class

A*

787

14,575

46,568,922

IT

Services

0.5%

Accenture

plc,

Class

A

13,140

4,156,839

BigCommerce

Holdings,

Inc.,

Series

1*

1,161

12,550

DigitalOcean

Holdings,

Inc.*

535

26,493

Fastly,

Inc.,

Class

A*

948

17,415

112

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Fundamental

All

Cap

Equity

Portfolio

Common

Stocks

Shares

Value

($)

IT

Services

Grid

Dynamics

Holdings,

Inc.*

1,111

11,577

Hackett

Group,

Inc.

(The)

505

11,741

Perficient,

Inc.*

277

17,670

Squarespace,

Inc.,

Class

A*

463

15,344

Thoughtworks

Holding,

Inc.*

1,740

12,337

Wix.com

Ltd.*

2,591

244,383

4,526,349

Leisure

Products

0.1%

Acushnet

Holdings

Corp.

293

17,472

Malibu

Boats,

Inc.,

Class

A*

248

14,868

Marine

Products

Corp.

290

4,652

MasterCraft

Boat

Holdings,

Inc.*

422

12,934

Peloton

Interactive,

Inc.,

Class

A*

48,971

475,508

Smith

&

Wesson

Brands,

Inc.

926

11,788

Sturm

Ruger

&

Co.,

Inc.

264

13,979

Topgolf

Callaway

Brands

Corp.*

1,216

24,283

Vista

Outdoor,

Inc.*

574

17,392

592,876

Life

Sciences

Tools

&

Services

0.9%

Adaptive

Biotechnologies

Corp.*

26,675

225,137

Avantor,

Inc.*

36,275

746,177

BioLife

Solutions,

Inc.*

586

11,650

CryoPort,

Inc.*

765

12,294

Cytek

Biosciences,

Inc.*

1,622

14,533

IQVIA

Holdings,

Inc.*

3,887

869,755

Mesa

Laboratories,

Inc.

96

12,351

Mettler-Toledo

International,

Inc.*

1,712

2,152,789

OmniAb,

Inc.*

2,279

12,535

Pacific

Biosciences

of

California,

Inc.*

2,144

28,322

Quanterix

Corp.*

491

12,196

Thermo

Fisher

Scientific,

Inc.

5,182

2,843,156

Waters

Corp.*

5,426

1,498,715

8,439,610

Machinery

2.2%

3D

Systems

Corp.*

1,538

13,396

Alamo

Group,

Inc.

83

16,082

Albany

International

Corp.,

Class

A

251

24,166

Astec

Industries,

Inc.

301

14,869

Barnes

Group,

Inc.

389

15,288

Caterpillar,

Inc.

18,593

4,930,306

Chart

Industries,

Inc.*

397

72,318

CIRCOR

International,

Inc.*

254

14,148

Columbus

McKinnon

Corp.

342

14,480

Cummins,

Inc.

7,268

1,895,494

Deere

&

Co.

3,109

1,335,626

Desktop

Metal,

Inc.,

Class

A*

6,590

11,994

Douglas

Dynamics,

Inc.

389

12,078

Energy

Recovery,

Inc.*

555

16,916

Enerpac

Tool

Group

Corp.,

Class

A

763

20,967

EnPro

Industries,

Inc.

166

23,037

Esab

Corp.

9,069

623,040

ESCO

Technologies,

Inc.

188

18,903

Common

Stocks

Shares

Value

($)

Machinery

Federal

Signal

Corp.

479

29,262

Fortive

Corp.

29,516

2,312,579

Franklin

Electric

Co.,

Inc.

399

39,429

Gorman-Rupp

Co.

(The)

415

13,156

Greenbrier

Cos.,

Inc.

(The)

320

14,781

Helios

Technologies,

Inc.

262

16,558

Hillenbrand,

Inc.

587

30,489

Hillman

Solutions

Corp.*

1,736

17,082

Hyster-Yale

Materials

Handling,

Inc.

254

12,131

Illinois

Tool

Works,

Inc.

10,859

2,859,392

ITT,

Inc.

21,486

2,140,006

John

Bean

Technologies

Corp.

261

32,262

Kadant,

Inc.

88

19,611

Kennametal,

Inc.

562

17,130

Lindsay

Corp.

112

14,843

Manitowoc

Co.,

Inc.

(The)*

629

11,397

Mueller

Industries,

Inc.

652

52,851

Mueller

Water

Products,

Inc.,

Class

A

1,167

18,777

Nikola

Corp.*

5,747

15,345

Otis

Worldwide

Corp.

6,737

612,798

Proto

Labs,

Inc.*

410

13,592

Shyft

Group,

Inc.

(The)

569

8,211

SPX

Technologies,

Inc.*

375

31,729

Standex

International

Corp.

148

21,988

Tennant

Co.

177

14,203

Terex

Corp.

689

40,396

Titan

International,

Inc.*

960

11,990

Trinity

Industries,

Inc.

641

16,807

Wabash

National

Corp.

767

18,163

Watts

Water

Technologies,

Inc.,

Class

A

316

58,944

Xylem,

Inc.

16,880

1,903,220

19,492,230

Marine

Transportation

0.0%

†

Costamare,

Inc.

1,241

13,862

Eagle

Bulk

Shipping,

Inc.

273

12,610

Genco

Shipping

&

Trading

Ltd.

886

12,847

Golden

Ocean

Group

Ltd.

1,662

13,030

Matson,

Inc.

252

23,552

Pangaea

Logistics

Solutions

Ltd.

1,426

9,939

85,840

Media

0.2%

AMC

Networks,

Inc.,

Class

A*

891

11,244

Boston

Omaha

Corp.,

Class

A*

620

12,102

Clear

Channel

Outdoor

Holdings,

Inc.*

7,370

13,266

EW

Scripps

Co.

(The),

Class

A*

1,192

11,753

Gray

Television,

Inc.

1,323

12,529

iHeartMedia,

Inc.,

Class

A*

2,682

12,686

Integral

Ad

Science

Holding

Corp.*

584

12,176

Interpublic

Group

of

Cos.,

Inc.

(The)

51,577

1,765,481

John

Wiley

&

Sons,

Inc.,

Class

A

423

14,479

Magnite,

Inc.*

1,148

17,369

PubMatic,

Inc.,

Class

A*

635

12,694

Nationwide

Fundamental

All

Cap

Equity

Portfolio

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

113

Common

Stocks

Shares

Value

($)

Media

Scholastic

Corp.

313

13,518

Sinclair,

Inc.

854

11,879

TechTarget,

Inc.*

351

11,401

TEGNA,

Inc.

1,831

30,944

Thryv

Holdings,

Inc.*

485

11,495

1,975,016

Metals

&

Mining

0.6%

Alpha

Metallurgical

Resources,

Inc.

101

17,495

Arconic

Corp.*

794

23,733

ATI,

Inc.*

1,144

54,546

Barrick

Gold

Corp.

22,801

394,229

BHP

Group

Ltd.,

ADR-AU

7,255

454,526

Carpenter

Technology

Corp.

377

22,567

Century

Aluminum

Co.*

1,366

12,704

Coeur

Mining,

Inc.*

4,594

14,150

Commercial

Metals

Co.

1,327

75,931

Compass

Minerals

International,

Inc.

402

15,224

Constellium

SE,

Class

A*

940

17,945

Freeport-McMoRan,

Inc.

28,502

1,272,614

Haynes

International,

Inc.

240

12,038

Hecla

Mining

Co.

5,253

30,257

Ivanhoe

Electric,

Inc.*

756

12,293

Kaiser

Aluminum

Corp.

181

14,697

Materion

Corp.

164

19,539

Novagold

Resources,

Inc.*

3,208

14,468

Nucor

Corp.

3,627

624,170

Olympic

Steel,

Inc.

218

12,162

Piedmont

Lithium,

Inc.*

259

14,209

Ryerson

Holding

Corp.

333

14,149

Schnitzer

Steel

Industries,

Inc.,

Class

A

366

13,253

Steel

Dynamics,

Inc.

23,688

2,524,667

SunCoke

Energy,

Inc.

1,420

12,610

TimkenSteel

Corp.*

621

14,469

Warrior

Met

Coal,

Inc.

412

18,231

Worthington

Industries,

Inc.

231

17,237

5,744,113

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.1%

Apollo

Commercial

Real

Estate

Finance,

Inc.

1,215

14,337

Arbor

Realty

Trust,

Inc.

1,437

24,300

Ares

Commercial

Real

Estate

Corp.

1,097

11,694

ARMOUR

Residential

REIT,

Inc.

2,789

14,252

Blackstone

Mortgage

Trust,

Inc.,

Class

A

1,460

33,565

BrightSpire

Capital,

Inc.,

Class

A

1,634

12,026

Chimera

Investment

Corp.

2,354

14,783

Claros

Mortgage

Trust,

Inc.

1,145

14,106

Dynex

Capital,

Inc.

944

12,319

Ellington

Financial,

Inc.

839

11,343

Franklin

BSP

Realty

Trust,

Inc.

1,000

14,300

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

839

21,906

Invesco

Mortgage

Capital,

Inc.

1,011

12,142

Common

Stocks

Shares

Value

($)

Mortgage

Real

Estate

Investment

Trusts

(REITs)

KKR

Real

Estate

Finance

Trust,

Inc.

916

11,413

Ladder

Capital

Corp.,

Class

A

1,239

13,617

MFA

Financial,

Inc.

1,220

13,737

New

York

Mortgage

Trust,

Inc.

1,143

11,602

PennyMac

Mortgage

Investment

Trust

1,010

12,908

Ready

Capital

Corp.

1,426

16,499

Redwood

Trust,

Inc.

1,727

13,004

Starwood

Property

Trust,

Inc.

15,028

311,681

TPG

RE

Finance

Trust,

Inc.

1,596

12,449

Two

Harbors

Investment

Corp.

1,062

14,242

642,225

Multi-Utilities

1.0%

Ameren

Corp.

28,482

2,440,053

Avista

Corp.

601

23,223

Black

Hills

Corp.

579

34,931

CenterPoint

Energy,

Inc.

20,469

615,912

Dominion

Energy,

Inc.

11,660

624,393

DTE

Energy

Co.

4,664

533,095

NiSource,

Inc.

50,046

1,393,281

NorthWestern

Corp.

657

37,101

Public

Service

Enterprise

Group,

Inc.

10,105

637,827

Sempra

4,923

733,625

Unitil

Corp.

266

13,843

WEC

Energy

Group,

Inc.

19,115

1,717,674

8,804,958

Office

REITs

0.0%

†

Brandywine

Realty

Trust

3,576

18,059

Corporate

Office

Properties

Trust

1,482

38,532

Douglas

Emmett,

Inc.

1,205

17,713

Easterly

Government

Properties,

Inc.,

Class

A

976

14,406

Equity

Commonwealth

1,048

20,530

Hudson

Pacific

Properties,

Inc.

2,983

17,510

JBG

SMITH

Properties

1,035

17,316

Office

Properties

Income

Trust

1,838

14,153

Paramount

Group,

Inc.

2,363

12,382

Peakstone

Realty

Trust

396

10,035

Piedmont

Office

Realty

Trust,

Inc.,

Class

A

1,608

11,963

192,599

Oil,

Gas

&

Consumable

Fuels

4.1%

Amplify

Energy

Corp.*

691

5,072

Ardmore

Shipping

Corp.

984

13,855

Berry

Corp.

1,590

12,402

California

Resources

Corp.

672

35,851

Callon

Petroleum

Co.*

477

17,916

Centrus

Energy

Corp.,

Class

A*

332

12,483

Cheniere

Energy,

Inc.

3,887

629,150

Chesapeake

Energy

Corp.

14,522

1,224,785

Chevron

Corp.

41,112

6,728,390

Chord

Energy

Corp.

462

72,460

Civitas

Resources,

Inc.

769

57,567

Clean

Energy

Fuels

Corp.*

2,361

11,640

CNX

Resources

Corp.*

1,276

26,030

Comstock

Resources,

Inc.

1,168

14,892

114

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Fundamental

All

Cap

Equity

Portfolio

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

ConocoPhillips

12,481

1,469,263

Crescent

Energy

Co.,

Class

A

1,040

12,345

CVR

Energy,

Inc.

425

15,615

Delek

US

Holdings,

Inc.

565

15,588

Denbury,

Inc.*

415

36,483

Devon

Energy

Corp.

42,961

2,319,894

DHT

Holdings,

Inc.

1,634

16,095

Dorian

LPG

Ltd.

650

19,331

DT

Midstream,

Inc.

2,332

124,809

Earthstone

Energy,

Inc.,

Class

A*

790

12,624

Energy

Fuels,

Inc.*

2,380

15,184

EOG

Resources,

Inc.

29,587

3,921,165

EQT

Corp.

17,360

732,245

Equitrans

Midstream

Corp.

3,838

39,800

Evolution

Petroleum

Corp.

568

5,305

Exxon

Mobil

Corp.

92,421

9,911,228

FLEX

LNG

Ltd.

394

12,537

Gevo,

Inc.*

2,725

4,687

Golar

LNG

Ltd.

790

19,055

Green

Plains,

Inc.*

485

17,222

Gulfport

Energy

Corp.*

135

13,831

International

Seaways,

Inc.

649

27,836

Kinetik

Holdings,

Inc.,

Class

A

330

11,880

Kosmos

Energy

Ltd.*

3,579

25,411

Magnolia

Oil

&

Gas

Corp.,

Class

A

1,455

32,228

Marathon

Oil

Corp.

93,878

2,466,175

Marathon

Petroleum

Corp.

21,247

2,826,276

Matador

Resources

Co.

1,016

56,520

Murphy

Oil

Corp.

1,322

57,203

Nordic

American

Tankers

Ltd.

3,163

13,886

Northern

Oil

and

Gas,

Inc.

582

22,913

ONEOK,

Inc.

5,959

399,491

Par

Pacific

Holdings,

Inc.*

491

15,457

PBF

Energy,

Inc.,

Class

A

1,200

56,928

Permian

Resources

Corp.,

Class

A

2,109

24,654

Phillips

66

8,291

924,861

Pioneer

Natural

Resources

Co.

4,146

935,628

PrimeEnergy

Resources

Corp.*

52

5,000

REX

American

Resources

Corp.*

332

12,291

Ring

Energy,

Inc.*

2,112

5,111

SandRidge

Energy,

Inc.

746

12,742

Scorpio

Tankers,

Inc.

749

35,233

SFL

Corp.

Ltd.

1,530

15,086

SilverBow

Resources,

Inc.*

377

13,500

Sitio

Royalties

Corp.

613

16,759

SM

Energy

Co.

1,030

37,379

Talos

Energy,

Inc.*

934

14,944

Targa

Resources

Corp.

5,959

488,578

Teekay

Corp.*

780

5,195

Teekay

Tankers

Ltd.,

Class

A

319

13,912

Tellurian,

Inc.*

7,834

13,474

Uranium

Energy

Corp.*

4,395

15,822

VAALCO

Energy,

Inc.

2,813

12,518

Vital

Energy,

Inc.*

245

12,931

Vitesse

Energy,

Inc.

498

12,545

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

Williams

Cos.,

Inc.

(The)

21,247

731,959

World

Kinect

Corp.

618

13,930

36,983,055

Paper

&

Forest

Products

0.0%

†

Clearwater

Paper

Corp.*

363

11,700

Sylvamo

Corp.

372

18,254

29,954

Passenger

Airlines

0.1%

Allegiant

Travel

Co.*

129

15,957

Delta

Air

Lines,

Inc.

21,247

982,886

Hawaiian

Holdings,

Inc.*

1,011

11,717

JetBlue

Airways

Corp.*

2,862

22,238

Joby

Aviation,

Inc.*

2,286

20,460

SkyWest,

Inc.*

397

17,464

Spirit

Airlines,

Inc.

873

15,976

Sun

Country

Airlines

Holdings,

Inc.*

635

13,691

1,100,389

Personal

Care

Products

0.1%

Beauty

Health

Co.

(The)*

1,484

12,302

BellRing

Brands,

Inc.*

1,190

42,781

Edgewell

Personal

Care

Co.

432

17,025

elf

Beauty,

Inc.*

466

54,392

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

3,433

617,940

Herbalife

Ltd.*

970

15,753

Inter

Parfums,

Inc.

143

21,387

Medifast,

Inc.

150

15,283

Nu

Skin

Enterprises,

Inc.,

Class

A

490

14,401

USANA

Health

Sciences,

Inc.*

187

12,138

823,402

Pharmaceuticals

3.2%

Aclaris

Therapeutics,

Inc.*

1,131

11,163

Amneal

Pharmaceuticals,

Inc.*

1,465

4,688

Amphastar

Pharmaceuticals,

Inc.*

304

18,450

Amylyx

Pharmaceuticals,

Inc.*

637

14,938

ANI

Pharmaceuticals,

Inc.*

221

11,614

Arvinas,

Inc.*

610

15,079

AstraZeneca

plc,

ADR-UK

30,653

2,197,820

Axsome

Therapeutics,

Inc.*

252

19,774

Bristol-Myers

Squibb

Co.

87,556

5,445,108

Cassava

Sciences,

Inc.*

553

12,155

Collegium

Pharmaceutical,

Inc.*

536

12,199

Corcept

Therapeutics,

Inc.*

699

17,811

Cymabay

Therapeutics,

Inc.*

1,244

16,234

DICE

Therapeutics,

Inc.*

355

16,685

Eli

Lilly

&

Co.

21,570

9,804,644

Enliven

Therapeutics,

Inc.*

610

11,553

Harmony

Biosciences

Holdings,

Inc.*

404

14,289

Harrow

Health,

Inc.*

547

12,078

Innoviva,

Inc.*

926

12,547

Intra-Cellular

Therapies,

Inc.*

878

54,296

Johnson

&

Johnson

48,809

8,176,972

Ligand

Pharmaceuticals,

Inc.*

209

13,988

Marinus

Pharmaceuticals,

Inc.*

1,207

12,842

Merck

&

Co.,

Inc.

9,083

968,702

Nationwide

Fundamental

All

Cap

Equity

Portfolio

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

115

Common

Stocks

Shares

Value

($)

Pharmaceuticals

Pacira

BioSciences,

Inc.*

389

14,140

Pliant

Therapeutics,

Inc.*

809

14,433

Prestige

Consumer

Healthcare,

Inc.*

537

35,018

Reata

Pharmaceuticals,

Inc.,

Class

A*

259

42,885

Revance

Therapeutics,

Inc.*

722

17,061

Supernus

Pharmaceuticals,

Inc.*

457

14,025

Tarsus

Pharmaceuticals,

Inc.*

500

11,005

Theravance

Biopharma,

Inc.*

1,224

12,105

Ventyx

Biosciences,

Inc.*

475

17,599

Zoetis,

Inc.,

Class

A

8,032

1,510,739

28,584,639

Professional

Services

1.1%

Alight,

Inc.,

Class

A*

3,334

32,607

ASGN,

Inc.*

407

31,062

Barrett

Business

Services,

Inc.

182

16,513

Booz

Allen

Hamilton

Holding

Corp.,

Class

A

18,683

2,262,138

CBIZ,

Inc.*

348

18,406

Conduent,

Inc.*

3,444

11,916

CRA

International,

Inc.

113

11,310

CSG

Systems

International,

Inc.

271

13,981

Equifax,

Inc.

6,478

1,322,030

ExlService

Holdings,

Inc.*

293

41,298

Exponent,

Inc.

440

39,415

First

Advantage

Corp.*

755

11,325

Franklin

Covey

Co.*

260

12,389

Heidrick

&

Struggles

International,

Inc.

421

11,481

Huron

Consulting

Group,

Inc.*

166

15,699

ICF

International,

Inc.

139

16,345

Insperity,

Inc.

352

41,413

Jacobs

Solutions,

Inc.

4,146

519,950

Kelly

Services,

Inc.,

Class

A

667

12,219

Kforce,

Inc.

220

13,957

Korn

Ferry

395

20,809

Legalzoom.com,

Inc.*

1,019

15,570

Maximus,

Inc.

539

45,147

NV5

Global,

Inc.*

128

14,022

Planet

Labs

PBC*

3,563

13,254

Resources

Connection,

Inc.

729

11,649

TransUnion

19,174

1,527,976

TriNet

Group,

Inc.*

312

32,832

TrueBlue,

Inc.*

643

9,613

TTEC

Holdings,

Inc.

372

12,812

Upwork,

Inc.*

1,410

14,706

Verisk

Analytics,

Inc.,

Class

A

14,696

3,364,502

Verra

Mobility

Corp.,

Class

A*

1,153

24,201

9,562,547

Real

Estate

Management

&

Development

0.0%

†

Anywhere

Real

Estate,

Inc.*

2,246

18,822

Compass,

Inc.,

Class

A*

5,159

21,616

Cushman

&

Wakefield

plc*

1,452

14,273

eXp

World

Holdings,

Inc.

832

20,750

Forestar

Group,

Inc.*

445

13,119

Kennedy-Wilson

Holdings,

Inc.

983

16,220

Marcus

&

Millichap,

Inc.

333

12,214

Newmark

Group,

Inc.,

Class

A

2,407

16,656

Common

Stocks

Shares

Value

($)

Real

Estate

Management

&

Development

Opendoor

Technologies,

Inc.*

8,019

40,977

RE/MAX

Holdings,

Inc.,

Class

A

481

9,481

Redfin

Corp.*

1,612

24,148

St

Joe

Co.

(The)

309

19,615

227,891

Residential

REITs

0.8%

American

Homes

4

Rent,

Class

A

17,101

640,945

Apartment

Investment

and

Management

Co.,

Class

A

1,616

13,461

AvalonBay

Communities,

Inc.

11,312

2,134,009

Elme

Communities

862

14,008

Equity

LifeStyle

Properties,

Inc.

42,306

3,011,341

Equity

Residential

6,478

427,159

Independence

Realty

Trust,

Inc.

1,875

31,950

Invitation

Homes,

Inc.

16,065

570,308

NexPoint

Residential

Trust,

Inc.

298

12,385

Veris

Residential,

Inc.*

836

15,616

6,871,182

Retail

REITs

0.3%

Acadia

Realty

Trust

904

14,202

CBL

&

Associates

Properties,

Inc.

525

11,429

Getty

Realty

Corp.

707

22,850

InvenTrust

Properties

Corp.

584

14,214

Kite

Realty

Group

Trust

1,909

43,678

Macerich

Co.

(The)

2,815

35,891

NETSTREIT

Corp.

782

13,990

Phillips

Edison

&

Co.,

Inc.

1,273

44,950

Retail

Opportunity

Investments

Corp.

1,142

16,822

RPT

Realty

1,717

18,664

Simon

Property

Group,

Inc.

20,666

2,574,984

Tanger

Factory

Outlet

Centers,

Inc.

1,406

32,914

Urban

Edge

Properties

976

16,602

Whitestone

REIT

1,170

12,074

2,873,264

Semiconductors

&

Semiconductor

Equipment

6.6%

ACM

Research,

Inc.,

Class

A*

903

11,829

Advanced

Micro

Devices,

Inc.*

15,806

1,808,206

Aehr

Test

Systems*

293

15,283

Alpha

&

Omega

Semiconductor

Ltd.*

379

12,462

Ambarella,

Inc.*

297

24,776

Amkor

Technology,

Inc.

836

24,319

Analog

Devices,

Inc.

14,769

2,946,859

Applied

Materials,

Inc.

47,109

7,141,253

ASML

Holding

NV

(Registered),

NYRS-NL

1,036

742,201

Axcelis

Technologies,

Inc.*

309

61,948

Broadcom,

Inc.

1,757

1,578,928

CEVA,

Inc.*

452

12,276

Cohu,

Inc.*

411

17,940

Credo

Technology

Group

Holding

Ltd.*

1,030

17,479

116

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Fundamental

All

Cap

Equity

Portfolio

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

Diodes,

Inc.*

393

37,135

Enphase

Energy,

Inc.*

12,035

1,827,274

Entegris,

Inc.

7,255

795,946

FormFactor,

Inc.*

602

22,370

Ichor

Holdings

Ltd.*

395

15,294

Impinj,

Inc.*

198

13,191

indie

Semiconductor,

Inc.,

Class

A*

1,577

14,950

KLA

Corp.

5,543

2,848,825

Kulicke

&

Soffa

Industries,

Inc.

456

27,305

Lam

Research

Corp.

2,591

1,861,608

MACOM

Technology

Solutions

Holdings,

Inc.*

472

33,002

Marvell

Technology,

Inc.

49,045

3,194,301

Maxeon

Solar

Technologies

Ltd.*

439

10,839

MaxLinear,

Inc.,

Class

A*

559

13,791

MKS

Instruments,

Inc.

18,566

2,026,850

Navitas

Semiconductor

Corp.*

1,519

16,071

NVE

Corp.

151

11,961

NVIDIA

Corp.

49,374

23,071,977

ON

Semiconductor

Corp.*

9,587

1,032,999

Onto

Innovation,

Inc.*

469

58,306

PDF

Solutions,

Inc.*

324

14,901

Photronics,

Inc.*

652

17,245

Power

Integrations,

Inc.

511

49,639

QUALCOMM,

Inc.

23,320

3,082,204

Rambus,

Inc.*

1,013

63,424

Semtech

Corp.*

592

17,286

Silicon

Laboratories,

Inc.*

285

42,505

SiTime

Corp.*

133

17,158

SMART

Global

Holdings,

Inc.*

558

14,843

Synaptics,

Inc.*

350

31,609

Texas

Instruments,

Inc.

23,079

4,154,220

Ultra

Clean

Holdings,

Inc.*

456

17,374

Veeco

Instruments,

Inc.*

539

15,178

58,887,340

Software

9.7%

8x8,

Inc.*

2,704

12,817

A10

Networks,

Inc.

1,003

15,567

ACI

Worldwide,

Inc.*

906

21,010

Adeia,

Inc.

1,222

14,688

Agilysys,

Inc.*

209

15,389

Alarm.com

Holdings,

Inc.*

358

19,765

Alkami

Technology,

Inc.*

721

12,170

Altair

Engineering,

Inc.,

Class

A*

453

33,948

Amplitude,

Inc.,

Class

A*

1,054

12,205

Appfolio,

Inc.,

Class

A*

165

29,797

Appian

Corp.,

Class

A*

342

17,620

Applied

Digital

Corp.*

1,240

11,879

Asana,

Inc.,

Class

A*

757

18,380

Aurora

Innovation,

Inc.*

4,294

14,084

Autodesk,

Inc.*

4,405

933,816

AvePoint,

Inc.*

2,370

14,694

Black

Knight,

Inc.*

6,219

437,320

Blackbaud,

Inc.*

376

28,369

BlackLine,

Inc.*

470

27,298

Box,

Inc.,

Class

A*

1,228

38,375

Braze,

Inc.,

Class

A*

325

14,774

C3.ai,

Inc.,

Class

A*

499

20,958

Common

Stocks

Shares

Value

($)

Software

Cadence

Design

Systems,

Inc.*

12,074

2,825,437

Cerence,

Inc.*

564

15,685

Check

Point

Software

Technologies

Ltd.*

2,332

308,314

Cleanspark,

Inc.*

1,502

9,027

Clear

Secure,

Inc.,

Class

A

735

17,427

CommVault

Systems,

Inc.*

372

28,990

Consensus

Cloud

Solutions,

Inc.*

354

11,473

Couchbase,

Inc.*

742

12,384

Crowdstrike

Holdings,

Inc.,

Class

A*

6,996

1,130,973

Digital

Turbine,

Inc.*

1,133

12,282

DocuSign,

Inc.,

Class

A*

37,811

2,034,988

Domo,

Inc.,

Class

B*

723

12,920

Dynatrace,

Inc.*

42,120

2,303,543

Ebix,

Inc.

449

13,901

EngageSmart,

Inc.*

771

14,618

Envestnet,

Inc.*

421

26,094

Everbridge,

Inc.*

468

14,433

Expensify,

Inc.,

Class

A*

1,528

12,316

Fair

Isaac

Corp.*

2,700

2,262,519

ForgeRock,

Inc.,

Class

A*

704

14,538

Freshworks,

Inc.,

Class

A*

1,364

25,452

Instructure

Holdings,

Inc.*

449

12,199

Intapp,

Inc.*

298

12,236

InterDigital,

Inc.

224

20,763

Intuit,

Inc.

14,788

7,567,020

Jamf

Holding

Corp.*

657

14,270

LiveRamp

Holdings,

Inc.*

595

16,981

Marathon

Digital

Holdings,

Inc.*

1,436

24,943

Matterport,

Inc.*

3,640

12,340

MeridianLink,

Inc.*

539

12,041

Microsoft

Corp.

147,722

49,622,774

MicroStrategy,

Inc.,

Class

A*

103

45,102

Mitek

Systems,

Inc.*

1,116

11,394

Model

N,

Inc.*

411

13,695

N-able,

Inc.*

1,015

14,281

Olo,

Inc.,

Class

A*

1,637

12,867

OneSpan,

Inc.*

846

11,624

Oracle

Corp.

21,506

2,521,148

PagerDuty,

Inc.*

681

17,652

Palo

Alto

Networks,

Inc.*

9,625

2,405,865

PowerSchool

Holdings,

Inc.,

Class

A*

613

14,816

Progress

Software

Corp.

407

24,444

PROS

Holdings,

Inc.*

408

15,504

Q2

Holdings,

Inc.*

506

17,948

Qualys,

Inc.*

322

44,694

Rapid7,

Inc.*

467

21,440

Riot

Platforms,

Inc.*

1,463

27,095

Salesforce,

Inc.*

34,140

7,681,841

Sapiens

International

Corp.

NV

437

11,773

ServiceNow,

Inc.*

4,146

2,417,118

Smartsheet,

Inc.,

Class

A*

20,988

931,867

SolarWinds

Corp.*

1,145

12,068

SoundHound

AI,

Inc.*

2,948

6,869

Sprinklr,

Inc.,

Class

A*

1,020

14,321

Nationwide

Fundamental

All

Cap

Equity

Portfolio

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

117

Common

Stocks

Shares

Value

($)

Software

Sprout

Social,

Inc.,

Class

A*

400

22,856

SPS

Commerce,

Inc.*

342

61,693

Tenable

Holdings,

Inc.*

982

47,784

Varonis

Systems,

Inc.,

Class

B*

890

25,543

Verint

Systems,

Inc.*

501

18,722

Workiva,

Inc.,

Class

A*

433

45,591

Xperi,

Inc.*

926

12,149

Yext,

Inc.*

1,465

14,240

Zeta

Global

Holdings

Corp.,

Class

A*

1,589

14,651

Zuora,

Inc.,

Class

A*

1,344

15,765

86,762,224

Specialized

REITs

0.4%

CubeSmart

46,842

2,031,069

Farmland

Partners,

Inc.

902

10,364

Four

Corners

Property

Trust,

Inc.

42,861

1,127,244

Gladstone

Land

Corp.

684

11,450

Outfront

Media,

Inc.

1,052

16,264

PotlatchDeltic

Corp.

663

35,557

Safehold,

Inc.

486

12,019

Uniti

Group,

Inc.

3,745

20,897

Weyerhaeuser

Co.

11,660

397,140

3,662,004

Specialty

Retail

2.6%

Aaron's

Co.,

Inc.

(The)

752

11,897

Abercrombie

&

Fitch

Co.,

Class

A*

460

18,221

Academy

Sports

&

Outdoors,

Inc.

656

39,222

American

Eagle

Outfitters,

Inc.

1,449

20,358

America's

Car-Mart,

Inc.*

102

12,150

Arko

Corp.

1,432

11,943

Asbury

Automotive

Group,

Inc.*

199

44,894

Boot

Barn

Holdings,

Inc.*

222

20,846

Buckle,

Inc.

(The)

404

14,770

Caleres,

Inc.

452

12,222

Camping

World

Holdings,

Inc.,

Class

A

450

14,414

Carvana

Co.,

Class

A*

1,044

47,972

Chico's

FAS,

Inc.*

2,057

12,548

Designer

Brands,

Inc.,

Class

A

1,249

12,428

Farfetch

Ltd.,

Class

A*

118,671

685,918

Foot

Locker,

Inc.

650

17,466

Franchise

Group,

Inc.

398

11,844

Group

1

Automotive,

Inc.

137

35,419

Guess?,

Inc.

598

12,552

Haverty

Furniture

Cos.,

Inc.

349

12,424

Hibbett,

Inc.

296

13,734

Home

Depot,

Inc.

(The)

22,103

7,378,866

Leslie's,

Inc.*

2,197

13,995

Lowe's

Cos.,

Inc.

16,066

3,763,782

MarineMax,

Inc.*

306

12,341

Monro,

Inc.

366

13,414

National

Vision

Holdings,

Inc.*

683

14,773

ODP

Corp.

(The)*

339

16,909

Overstock.com,

Inc.*

28,683

1,046,069

RealReal,

Inc.

(The)*

128,258

351,427

Revolve

Group,

Inc.,

Class

A*

618

12,187

Common

Stocks

Shares

Value

($)

Specialty

Retail

Ross

Stores,

Inc.

21,506

2,465,448

Sally

Beauty

Holdings,

Inc.*

1,152

13,789

Signet

Jewelers

Ltd.

353

28,413

Sleep

Number

Corp.*

307

8,501

Sonic

Automotive,

Inc.,

Class

A

231

11,063

TJX

Cos.,

Inc.

(The)

43,271

3,744,240

Ulta

Beauty,

Inc.*

4,748

2,111,910

Urban

Outfitters,

Inc.*

479

17,421

Warby

Parker,

Inc.,

Class

A*

97,128

1,451,092

Winmark

Corp.

39

14,175

23,573,057

Technology

Hardware,

Storage

&

Peripherals

7.0%

Apple,

Inc.

308,031

60,512,690

Avid

Technology,

Inc.*

478

11,396

Corsair

Gaming,

Inc.*

709

13,102

Dell

Technologies,

Inc.,

Class

C

36,415

1,927,082

IonQ,

Inc.*

1,478

28,451

Super

Micro

Computer,

Inc.*

435

143,667

Xerox

Holdings

Corp.

1,068

17,067

62,653,455

Textiles,

Apparel

&

Luxury

Goods

0.5%

Capri

Holdings

Ltd.*

59,484

2,195,554

Figs,

Inc.,

Class

A*

1,931

14,212

G-III

Apparel

Group

Ltd.*

570

11,805

Hanesbrands,

Inc.

3,013

15,878

Kontoor

Brands,

Inc.

403

17,071

Movado

Group,

Inc.

424

12,169

NIKE,

Inc.,

Class

B

18,656

2,059,436

Oxford

Industries,

Inc.

129

13,913

Steven

Madden

Ltd.

583

19,461

Wolverine

World

Wide,

Inc.

1,147

14,532

4,374,031

Tobacco

0.0%

†

Universal

Corp.

290

14,665

Vector

Group

Ltd.

2,033

26,673

41,338

Trading

Companies

&

Distributors

0.1%

Applied

Industrial

Technologies,

Inc.

342

49,587

Beacon

Roofing

Supply,

Inc.*

420

35,981

BlueLinx

Holdings,

Inc.*

122

11,497

Boise

Cascade

Co.

455

47,088

DXP

Enterprises,

Inc.*

303

11,508

FTAI

Aviation

Ltd.

848

27,314

GATX

Corp.

305

38,235

GMS,

Inc.*

326

24,023

H&E

Equipment

Services,

Inc.

300

14,574

Herc

Holdings,

Inc.

264

35,331

McGrath

RentCorp

177

17,059

MRC

Global,

Inc.*

1,306

14,745

NOW,

Inc.*

1,285

14,636

Rush

Enterprises,

Inc.,

Class

A

302

19,534

Rush

Enterprises,

Inc.,

Class

B

168

11,543

Textainer

Group

Holdings

Ltd.

642

26,386

Titan

Machinery,

Inc.*

382

12,193

Transcat,

Inc.*

140

11,743

Triton

International

Ltd.

647

54,549

118

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Fundamental

All

Cap

Equity

Portfolio

Common

Stocks

Shares

Value

($)

Trading

Companies

&

Distributors

United

Rentals,

Inc.

1,814

842,930

Veritiv

Corp.

123

17,236

Xometry,

Inc.,

Class

A*

573

11,895

1,349,587

Water

Utilities

0

.0%

†

American

States

Water

Co.

292

25,816

California

Water

Service

Group

444

23,541

Consolidated

Water

Co.

Ltd.

470

9,193

Middlesex

Water

Co.

170

13,672

Pure

Cycle

Corp.*

376

4,632

SJW

Group

228

16,065

York

Water

Co.

(The)

273

11,283

104,202

Wireless

Telecommunication

Services

0.5%

Gogo,

Inc.*

800

12,056

Shenandoah

Telecommunications

Co.

626

11,687

Telephone

&

Data

Systems,

Inc.

1,484

11,902

T-Mobile

US,

Inc.*

33,943

4,676,327

4,711,972

Total

Common

Stocks

(cost

$845,476,434)

855,923,164

Exchange

Traded

Funds

2.7%

Equity

Funds  2.7%

iShares

Russell

1000

ETF

11,557

2,914,329

iShares

Russell

2000

ETF

107,996

21,459,885

24,374,214

Total

Exchange

Traded

Funds

(cost

$23,891,994)

24,374,214

Master

Limited

Partnership

0.1%

Hotels,

Restaurants

&

Leisure

0.1%

Cedar

Fair

LP

20,469

797,267

Total

Master

Limited

Partnership

(cost  $734,223)

797,267

Total

Investments

(cost

$870,102,651)

—

98.1%

881,094,645

Other

assets

in

excess

of

liabilities

—

1.9%

17,457,608

NET

ASSETS

—

100.0%

$

898,552,253

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

ADR

American

Depositary

Receipt

ETF

Exchange

Traded

Fund

NL

Netherlands

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

UK

United

Kingdom

Nationwide

Fundamental

All

Cap

Equity

Portfolio

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

119

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.

120

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Fundamental

All

Cap

Equity

Portfolio

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

855,923,164

$

–

$

–

$

855,923,164

Exchange

Traded

Funds

24,374,214

–

–

24,374,214

Master

Limited

Partnership

797,267

–

–

797,267

Total

$

881,094,645

$

–

$

–

$

881,094,645

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,

2023

(Unaudited)

-

Statement

of

Investments

-

1

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

104,650

90,591

Total

Asset-Backed

Securities

(cost  $104,650)

90,591

Corporate

Bonds

89.5%

BELGIUM

0.4%

Distributors

0.4%

Azelis

Finance

NV,

5.75%,

3/15/2028(a)

EUR

185,000

206,289

BERMUDA

0.4%

Energy

Equipment

&

Services

0.4%

Seadrill

Finance

Ltd.,

8.38%,

8/1/2030(a)

200,000

204,140

BRAZIL

4.1%

Commercial

Services

&

Supplies

0.3%

Atento

Luxco

1

SA

20.00%,

2/17/2025(a)(b)

150,849

150,849

8.00%,

2/10/2026(a)

611,000

12,220

163,069

Ground

Transportation

0.7%

Simpar

Europe

SA,

5.20%,

1/26/2031(a)

370,000

299,225

Marine

Transportation

0.4%

Hidrovias

International

Finance

SARL,

4.95%,

2/8/2031(a)

245,000

197,229

Oil,

Gas

&

Consumable

Fuels

1.6%

Acu

Petroleo

Luxembourg

Sarl,

7.50%,

1/13/2032(a)

490,810

439,107

MC

Brazil

Downstream

Trading

SARL,

7.25%,

6/30/2031(a)

434,813

282,269

721,376

Passenger

Airlines

0.4%

Azul

Secured

Finance

LLP,

11.93%,

8/28/2028(a)

200,000

201,250

Water

Utilities

0.7%

Aegea

Finance

Sarl,

6.75%,

5/20/2029(a)

340,000

321,886

1,904,035

CANADA

4.9%

Commercial

Services

&

Supplies

1.1%

Garda

World

Security

Corp.

9.50%,

11/1/2027(a)(c)

216,000

211,433

6.00%,

6/1/2029(a)

380,000

316,183

527,616

Corporate

Bonds

Principal

Amount

($)

Value

($)

CANADA

Distributors

0.3%

Ritchie

Bros

Holdings,

Inc.

6.75%,

3/15/2028(a)

50,000

50,625

7.75%,

3/15/2031(a)

75,000

78,165

128,790

Energy

Equipment

&

Services

0.5%

Enerflex

Ltd.,

9.00%,

10/15/2027(a)

220,000

221,363

Oil,

Gas

&

Consumable

Fuels

3.0%

Baytex

Energy

Corp.

8.75%,

4/1/2027(a)

217,000

222,385

8.50%,

4/30/2030(a)

300,000

303,999

International

Petroleum

Corp.,

Reg.

S,

7.25%,

2/1/2027(a)

467,000

434,077

Strathcona

Resources

Ltd.,

6.88%,

8/1/2026(a)

(c)

327,000

287,116

Vermilion

Energy,

Inc.,

6.88%,

5/1/2030(a)

200,000

185,450

1,433,027

2,310,796

CAYMAN

ISLANDS

1.2%

Consumer

Finance

1.2%

Global

Aircraft

Leasing

Co.

Ltd.,

6.50%,

9/15/2024(a)(b)

606,442

571,517

COLOMBIA

2.1%

Passenger

Airlines

2.1%

ABRA

Global

Finance

0.00%,

3/2/2028(a)(b)

163,970

144,772

6.00%,

3/2/2028(a)(b)

990,023

813,416

958,188

CYPRUS

1.4%

Consumer

Finance

1.4%

ASG

Finance

Designated

Activity

Co.,

7.88%,

12/3/2024(a)

660,000

640,200

CZECH

REPUBLIC

0.3%

Hotels,

Restaurants

&

Leisure

0.3%

Allwyn

Entertainment

Financing

UK

plc,

7.25%,

4/30/2030(a)

EUR

135,000

151,234

EGYPT

0.9%

Oil,

Gas

&

Consumable

Fuels

0.9%

Energean

plc,

6.50%,

4/30/2027(a)

475,000

432,725

FRANCE

2.9%

Chemicals

0.5%

Lune

Holdings

Sarl,

5.63%,

11/15/2028(a)

EUR

250,000

222,955

Commercial

Services

&

Supplies

0.4%

IPD

3

BV,

8.00%,

6/15/2028(a)

EUR

160,000

181,198

2

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Amundi

Global

High

Yield

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

FRANCE

Health

Care

Providers

&

Services

0.9%

Chrome

Bidco

SASU,

3.50%,

5/31/2028(a)

EUR

455,000

433,986

Real

Estate

Management

&

Development

1.1%

Emeria

SASU,

7.75%,

3/31/2028(a)

EUR

485,000

493,263

1,331,402

GERMANY

2.0%

Automobile

Components

0.5%

IHO

Verwaltungs

GmbH,

8.75%,

5/15/2028(a)(b)

EUR

200,000

230,345

Building

Products

0.7%

HT

Troplast

GmbH,

9.38%,

7/15/2028(a)

EUR

295,000

323,860

Pharmaceuticals

0.8%

Cheplapharm

Arzneimittel

GmbH,

7.50%,

5/15/2030(a)

EUR

320,000

358,407

912,612

GHANA

0.8%

Oil,

Gas

&

Consumable

Fuels

0.8%

Tullow

Oil

plc,

10.25%,

5/15/2026(a)

470,000

382,110

HONG

KONG

0.7%

Transportation

Infrastructure

0.7%

Seaspan

Corp.,

5.50%,

8/1/2029(a)

420,000

342,300

IRELAND

0.7%

Consumer

Finance

0.7%

GGAM

Finance

Ltd.

7.75%,

5/15/2026(a)

50,000

50,392

8.00%,

6/15/2028(a)

250,000

253,425

303,817

ISRAEL

1.3%

Banks

0.7%

Bank

Leumi

Le-Israel

BM,

Reg.

S,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.47%),

7.13%,

7/18/2033(a)(d)

315,000

310,275

Pharmaceuticals

0.6%

Teva

Pharmaceutical

Finance

Netherlands

III

BV,

7.88%,

9/15/2029

260,000

270,656

580,931

ITALY

2.5%

Banks

0.5%

Intesa

Sanpaolo

SpA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.60%),

4.20%,

6/1/2032(a)(d)

305,000

234,881

Corporate

Bonds

Principal

Amount

($)

Value

($)

ITALY

Containers

&

Packaging

0.5%

Guala

Closures

SpA,

3.25%,

6/15/2028(a)

EUR

265,000

252,033

Hotels,

Restaurants

&

Leisure

0.5%

Lottomatica

SpA

9.75%,

9/30/2027(a)

EUR

115,000

137,032

7.13%,

6/1/2028(a)

EUR

100,000

112,699

249,731

Specialty

Retail

1.0%

Shiba

Bidco

SpA,

4.50%,

10/31/2028(a)

EUR

500,000

491,202

1,227,847

LUXEMBOURG

0.8%

Financial

Services

0.8%

Garfunkelux

Holdco

3

SA

6.75%,

11/1/2025(a)

EUR

160,000

128,059

7.75%,

11/1/2025(a)

GBP

270,000

249,137

377,196

MEXICO

3.9%

Consumer

Finance

0.1%

Credito

Real

SAB

de

CV

SOFOM

ER,

8.00%,

1/21/2028(a)(e)

350,000

38,500

Diversified

Telecommunication

Services

0.8%

Total

Play

Telecomunicaciones

SA

de

CV,

7.50%,

11/12/2025(a)

520,000

355,515

Financial

Services

0.1%

Unifin

Financiera

SAB

de

CV,

8.38%,

1/27/2028(a)

(e)

830,000

38,339

Hotels,

Restaurants

&

Leisure

1.6%

Food

Service

Project

SA,

5.50%,

1/21/2027(a)

EUR

330,000

344,693

Grupo

Posadas

SAB

de

CV,

5.00%,

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

499,744

425,102

769,795

Passenger

Airlines

1.3%

Grupo

Aeromexico

SAB

de

CV,

8.50%,

3/17/2027(a)

650,000

588,828

1,790,977

MOLDOVA,

REPUBLIC

OF

0.5%

Food

Products

0.5%

Aragvi

Finance

International

DAC,

8.45%,

4/29/2026(a)

360,000

245,556

NIGERIA

0.7%

Diversified

Telecommunication

Services

0.7%

IHS

Holding

Ltd.

5.63%,

11/29/2026(a)

200,000

174,508

Nationwide

Amundi

Global

High

Yield

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

3

Corporate

Bonds

Principal

Amount

($)

Value

($)

NIGERIA

Diversified

Telecommunication

Services

6.25%,

11/29/2028(a)

200,000

164,880

339,388

PARAGUAY

0.5%

Food

Products

0.5%

Frigorifico

Concepcion

SA,

7.70%,

7/21/2028(a)

245,000

209,475

PORTUGAL

0.9%

Passenger

Airlines

0.9%

Transportes

Aereos

Portugueses

SA,

5.63%,

12/2/2024(a)

EUR

400,000

433,299

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)(d)(e)(g)

325,000

0

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

6.36%),

7.60%,

2/17/2027^∞(a)(d)(e)(g)

530,000

0

0

SINGAPORE

1.9%

Consumer

Finance

1.9%

Avation

Capital

SA,

6.50%,

10/31/2026(a)(b)

1,014,228

878,726

SPAIN

0.6%

Hotels,

Restaurants

&

Leisure

0.6%

Cirsa

Finance

International

Sarl,

10.38%,

11/30/2027(a)

EUR

240,000

284,990

SWEDEN

0.6%

Commercial

Services

&

Supplies

0.6%

Intrum

AB,

9.25%,

3/15/2028(a)

EUR

280,000

267,453

SWITZERLAND

1.0%

Passenger

Airlines

1.0%

VistaJet

Malta

Finance

plc

7.88%,

5/1/2027(a)(c)

280,000

259,621

9.50%,

6/1/2028(a)

15,000

14,326

6.38%,

2/1/2030(a)

205,000

173,526

447,473

TURKEY

0.6%

Metals

&

Mining

0.3%

Eldorado

Gold

Corp.,

6.25%,

9/1/2029(a)

177,000

158,436

Passenger

Airlines

0.3%

Pegasus

Hava

Tasimaciligi

A/S,

9.25%,

4/30/2026(a)

140,000

141,260

299,696

Corporate

Bonds

Principal

Amount

($)

Value

($)

UKRAINE

0.3%

Metals

&

Mining

0.3%

Metinvest

BV,

7.75%,

10/17/2029(a)

265,000

153,700

UNITED

ARAB

EMIRATES

0.8%

Energy

Equipment

&

Services

0.8%

Shelf

Drilling

Holdings

Ltd.,

8.25%,

2/15/2025(a)

371,000

354,305

UNITED

KINGDOM

2.1%

Capital

Markets

1.1%

Sherwood

Financing

plc,

6.00%,

11/15/2026(a)

GBP

495,000

529,946

Oil,

Gas

&

Consumable

Fuels

1.0%

Harbour

Energy

plc,

5.50%,

10/15/2026(a)

220,000

204,070

SCC

Power

plc

4.00%,

12/31/2028(a)(b)

731,292

235,679

0.00%,

5/17/2032(a)(b)

396,115

35,673

475,422

1,005,368

UNITED

STATES

46.5%

Aerospace

&

Defense

0.2%

Triumph

Group,

Inc.,

9.00%,

3/15/2028(a)

95,000

97,578

Air

Freight

&

Logistics

0.3%

Rand

Parent

LLC,

8.50%,

2/15/2030(a)(c)

170,000

159,853

Western

Global

Airlines

LLC,

10.38%,

8/15/2025(a)

720,000

3,600

163,453

Automobile

Components

1.3%

Dana

Financing

Luxembourg

Sarl,

8.50%,

7/15/2031(a)

EUR

200,000

230,895

Dealer

Tire

LLC,

8.00%,

2/1/2028(a)(c)

388,000

356,835

587,730

Chemicals

4.3%

Mativ

Holdings,

Inc.,

6.88%,

10/1/2026(a)

576,000

501,589

Olympus

Water

US

Holding

Corp.

9.63%,

11/15/2028(a)

EUR

200,000

212,142

9.75%,

11/15/2028(a)

325,000

314,438

Rain

CII

Carbon

LLC,

7.25%,

4/1/2025(a)

331,000

329,345

SCIL

IV

LLC

4.38%,

11/1/2026(a)

EUR

230,000

232,989

5.38%,

11/1/2026(a)

265,000

243,577

9.50%,

7/15/2028(a)

EUR

140,000

156,679

1,990,759

Commercial

Services

&

Supplies

2.0%

Allied

Universal

Holdco

LLC,

9.75%,

7/15/2027(a)

485,000

444,788

4

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Amundi

Global

High

Yield

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Commercial

Services

&

Supplies

Neptune

Bidco

US,

Inc.,

9.29%,

4/15/2029(a)

210,000

193,169

Prime

Security

Services

Borrower

LLC,

6.25%,

1/15/2028(a)

300,000

282,429

920,386

Construction

Materials

0.3%

Knife

River

Corp.,

7.75%,

5/1/2031(a)

160,000

163,160

Consumer

Finance

1.4%

Ford

Motor

Credit

Co.

LLC,

4.13%,

8/17/2027

520,000

475,831

OneMain

Finance

Corp.,

9.00%,

1/15/2029

205,000

208,301

684,132

Containers

&

Packaging

0.7%

OI

European

Group

BV,

6.25%,

5/15/2028(a)

EUR

100,000

113,313

Owens-Brockway

Glass

Container,

Inc.,

7.25%,

5/15/2031(a)

195,000

198,163

311,476

Distributors

0.4%

Windsor

Holdings

III

LLC,

8.50%,

6/15/2030(a)

185,000

185,925

Diversified

REITs

1.0%

Uniti

Group

LP

10.50%,

2/15/2028(a)

30,000

29,820

6.00%,

1/15/2030(a)

635,000

419,894

449,714

Diversified

Telecommunication

Services

1.9%

CCO

Holdings

LLC

7.38%,

3/1/2031(a)(c)

60,000

59,658

4.75%,

2/1/2032(a)

405,000

334,372

Level

3

Financing,

Inc.,

10.50%,

5/15/2030(a)

176,000

182,312

Windstream

Escrow

LLC,

7.75%,

8/15/2028(a)

400,000

336,905

913,247

Electrical

Equipment

0.7%

Energizer

Gamma

Acquisition

BV,

3.50%,

6/30/2029(a)

EUR

340,000

304,826

Energy

Equipment

&

Services

1.4%

Nabors

Industries

Ltd.,

7.50%,

1/15/2028(a)

200,000

183,447

Noble

Finance

II

LLC,

8.00%,

4/15/2030(a)

60,000

61,725

Transocean

Titan

Financing

Ltd.,

8.38%,

2/1/2028(a)

40,000

41,300

Transocean,

Inc.,

8.75%,

2/15/2030(a)

120,000

124,588

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Energy

Equipment

&

Services

Valaris

Ltd.,

8.38%,

4/30/2030(a)

235,000

240,452

651,512

Financial

Services

3.2%

Freedom

Mortgage

Corp.

8.13%,

11/15/2024(a)

354,000

352,116

6.63%,

1/15/2027(a)

165,000

145,173

Provident

Funding

Associates

LP,

6.38%,

6/15/2025(a)

565,000

500,346

United

Wholesale

Mortgage

LLC,

5.75%,

6/15/2027(a)

530,000

495,884

1,493,519

Ground

Transportation

2.1%

Avis

Budget

Finance

plc,

7.25%,

7/31/2030(a)

EUR

255,000

280,484

Carriage

Purchaser,

Inc.,

7.88%,

10/15/2029(a)

665,000

523,608

XPO

Escrow

Sub

LLC,

7.50%,

11/15/2027(a)

195,000

201,579

1,005,671

Health

Care

Providers

&

Services

1.3%

Owens

&

Minor,

Inc.,

6.63%,

4/1/2030(a)

275,000

251,756

Surgery

Center

Holdings,

Inc.,

10.00%,

4/15/2027(a)

101,000

103,359

US

Acute

Care

Solutions

LLC,

6.38%,

3/1/2026(a)

265,000

231,565

586,680

Hotels,

Restaurants

&

Leisure

4.5%

Brinker

International,

Inc.,

8.25%,

7/15/2030(a)(c)

205,000

206,121

Carnival

Holdings

Bermuda

Ltd.,

10.38%,

5/1/2028(a)

35,000

38,190

Carnival

plc,

1.00%,

10/28/2029

EUR

303,000

220,290

Mohegan

Tribal

Gaming

Authority,

8.00%,

2/1/2026(a)

209,000

193,325

NCL

Corp.

Ltd.

5.88%,

3/15/2026(a)

395,000

373,772

7.75%,

2/15/2029(a)

180,000

172,344

Royal

Caribbean

Cruises

Ltd.

11.63%,

8/15/2027(a)

220,000

240,223

7.25%,

1/15/2030(a)

35,000

35,378

Viking

Cruises

Ltd.,

5.88%,

9/15/2027(a)

298,000

278,657

VOC

Escrow

Ltd.,

5.00%,

2/15/2028(a)

285,000

264,804

2,023,104

Nationwide

Amundi

Global

High

Yield

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

5

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Household

Durables

0.6%

Beazer

Homes

USA,

Inc.,

7.25%,

10/15/2029

275,000

270,272

Household

Products

0.5%

Spectrum

Brands,

Inc.,

3.88%,

3/15/2031(a)

280,000

230,932

Independent

Power

and

Renewable

Electricity

Producers

0.9%

Clearway

Energy

Operating

LLC,

3.75%,

2/15/2031(a)

310,000

256,927

Talen

Energy

Supply

LLC,

8.63%,

6/1/2030(a)

145,000

150,492

407,419

Machinery

1.1%

Park-Ohio

Industries,

Inc.,

6.63%,

4/15/2027

130,000

114,255

Trinity

Industries,

Inc.,

7.75%,

7/15/2028(a)

400,000

406,991

521,246

Media

2.6%

Clear

Channel

Outdoor

Holdings,

Inc.

7.75%,

4/15/2028(a)(c)

175,000

146,341

7.50%,

6/1/2029(a)(c)

440,000

350,244

CSC

Holdings

LLC,

4.63%,

12/1/2030(a)

400,000

200,942

McGraw-Hill

Education,

Inc.,

8.00%,

8/1/2029(a)

378,000

325,080

Stagwell

Global

LLC,

5.63%,

8/15/2029(a)

231,000

196,550

1,219,157

Metals

&

Mining

2.2%

Coeur

Mining,

Inc.,

5.13%,

2/15/2029(a)

380,000

315,301

Constellium

SE,

3.13%,

7/15/2029(a)

EUR

253,000

238,186

TMS

International

Corp.,

6.25%,

4/15/2029(a)(c)

560,000

468,300

1,021,787

Oil,

Gas

&

Consumable

Fuels

5.8%

Aethon

United

BR

LP,

8.25%,

2/15/2026(a)

275,000

272,910

Ascent

Resources

Utica

Holdings

LLC,

5.88%,

6/30/2029(a)(c)

325,000

293,376

Civitas

Resources,

Inc.

8.38%,

7/1/2028(a)

175,000

179,998

8.75%,

7/1/2031(a)

175,000

181,125

Crestwood

Midstream

Partners

LP,

7.38%,

2/1/2031(a)

205,000

204,480

Delek

Logistics

Partners

LP,

7.13%,

6/1/2028(a)

425,000

393,125

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Oil,

Gas

&

Consumable

Fuels

Energy

Transfer

LP,

Series

G,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.31%),

7.13%,

5/15/2030(d)(g)

300,000

263,490

Harvest

Midstream

I

LP,

7.50%,

9/1/2028(a)

364,000

357,734

Matador

Resources

Co.,

6.88%,

4/15/2028(a)

195,000

193,792

Venture

Global

LNG,

Inc.

8.13%,

6/1/2028(a)

100,000

101,638

8.38%,

6/1/2031(a)

190,000

192,796

2,634,464

Passenger

Airlines

0.4%

Spirit

Loyalty

Cayman

Ltd.,

8.00%,

9/20/2025(a)

195,000

196,722

Pharmaceuticals

1.5%

P&L

Development

LLC,

7.75%,

11/15/2025(a)

315,000

271,842

Par

Pharmaceutical,

Inc.,

7.50%,

4/1/2027(a)(e)(f)

585,000

429,925

701,767

Software

1.0%

AthenaHealth

Group,

Inc.,

6.50%,

2/15/2030(a)(c)

563,000

477,036

Specialized

REITs

0.7%

Iron

Mountain,

Inc.,

7.00%,

2/15/2029(a)

345,000

346,187

Specialty

Retail

1.4%

Staples,

Inc.,

7.50%,

4/15/2026(a)

168,000

138,792

White

Cap

Buyer

LLC,

6.88%,

10/15/2028(a)

550,000

495,501

634,293

Textiles,

Apparel

&

Luxury

Goods

0.3%

Hanesbrands,

Inc.,

9.00%,

2/15/2031(a)(c)

120,000

122,697

Trading

Companies

&

Distributors

0.5%

Fortress

Transportation

and

Infrastructure

Investors

LLC,

9.75%,

8/1/2027(a)

225,000

234,262

21,551,113

ZAMBIA

1.2%

Metals

&

Mining

1.2%

First

Quantum

Minerals

Ltd.,

8.63%,

6/1/2031(a)

535,000

547,706

Total

Corporate

Bonds

(cost

$49,348,456)

41,646,564

6

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Amundi

Global

High

Yield

Fund

Common

Stock

0.6%

Shares

Value

($)

MEXICO

0.6%

Passenger

Airlines

0.6%

Grupo

Aeromexico

SAB

de

CV

*^∞

27,837

265,985

Total

Common

Stock

(cost

$455,000)

265,985

Warrants

0.0%

†

Number

of

Warrants

UNITED

KINGDOM

0.0%

†

Trading

Companies

&

Distributors

0.0%

†

Avation

plc,

expiring

10/31/2026*

24,413

15,705

Total

Warrants

(cost

$0)

15,705

Loan

Participations

2.9%

Principal

Amount

($)

UNITED

STATES

2.9%

Auto

Components

1.8%

First

Brands

Group

LLC,

1st

Lien

Term

Loan,

(SOFR

+

5.00%),

10.88%,

3/30/2027

(d)

858,826

847,911

Metal

Fabrication/Hardware

0.7%

Grinding

Media,

Inc.

(Molycop

Ltd.),

1st

Lien

Term

Loan,

(SOFR

+

4.00%),

9.53%,

10/12/2028

(d)

324,225

316,930

Oil

&

Gas

Services

0.4%

ProFrac

Holdings

II

LLC,

Term

Loan,

(SOFR

+

7.25%),

12.78%,

3/4/2025

(d)

198,468

198,220

Total

Loan

Participations

(cost

$1,368,285)

1,363,061

Convertible

Bonds

0.5%

Hotels,

Restaurants

&

Leisure

0.3%

DraftKings

Holdings,

Inc.,

0.00%,

3/15/2028

(h)

215,000

165,335

Semiconductors

&

Semiconductor

Equipment

0.2%

ON

Semiconductor

Corp.,

0.50%,

3/1/2029

(a)

65,000

79,149

Total

Convertible

Bond

(cost  $279,760)

244,484

Repurchase

Agreement

5.6%

Principal

Amount

($)

Value

($)

CF

Secured,

LLC

5.28%,

dated

7/31/2023,

due

8/1/2023,

repurchase

price

$2,602,822,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.63%,

maturing

8/8/2023

-

8/15/2052;

total

market

value

$2,654,878.

(i)

2,602,440

2,602,440

Total

Repurchase

Agreement

(cost

$2,602,440)

2,602,440

Total

Investments

(cost

$54,158,591)

—

99.3%

46,228,830

Other

assets

in

excess

of

liabilities

—

0.7%

333,432

NET

ASSETS

—

100.0%

$

46,562,262

*

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,

2023

was

$39,902,618

which

represents

85.70%

of

net

assets.

(b)

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.

(c)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

July

31,

2023.

The

total

value

of

securities

on

loan

as

of

July

31,

2023

was

$2,482,788,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$2,602,440.

(d)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

July

31,

2023.

(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,

2023.

(g)

Perpetual

Bond

Security.

The

rate

reflected

in

the

Statement

of

Investments

is

the

rate

in

effect

on

July

31,

2023.

The

maturity

date

reflects

the

next

call

date.

(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,

2023

was

$2,602,440.

Nationwide

Amundi

Global

High

Yield

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

7

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

SOFR

Secured

Overnight

Financing

Rate

Currency:

EUR

Euro

GBP

British

Pound

USD

United

States

Dollar

8

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Amundi

Global

High

Yield

Fund

Centrally

Cleared

Credit

default

swap

contracts

outstanding

-

buy

protection

as

of

July

31,

2023

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

40-V1

5.00

Quarterly

6/20/2028

4.09

USD

10,560,000

(154,858)

(281,196)

(436,054)

(154,858)

(281,196)

(436,054)

As

of

July

31,

2023,

the

Fund

had

$569,505

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,

2023:

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

($)

USD

7,205,826

EUR

6,437,682

JPMorgan

Chase

Bank

8/24/2023

119,260

USD

784,928

GBP

609,995

JPMorgan

Chase

Bank

8/24/2023

1,998

Total

unrealized

appreciation

121,258

USD

128,083

MXN

2,230,000

HSBC

BANK

USA,

N.A.

9/29/2023

(3,661)

USD

31,875

MXN

555,000

JPMorgan

Chase

Bank

9/29/2023

(913)

Total

unrealized

depreciation

(4,574)

Net

unrealized

appreciation

116,684

Currency:

EUR

Euro

GBP

British

pound

MXN

Mexican

peso

USD

United

States

dollar

Nationwide

Amundi

Global

High

Yield

Fund

-

July

31,

2023

(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.

10

-

Statement

of

Investments

-

July

31,

2023

(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,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Security

$

–

$

90,591

$

–

$

90,591

Common

Stock

–

–

265,985

265,985

Convertible

Bonds

–

244,484

–

244,484

  Corporate

Bonds

Aerospace

&

Defense

–

97,578

–

97,578

Air

Freight

&

Logistics

–

163,453

–

163,453

Automobile

Components

–

818,075

–

818,075

Banks

–

545,156

–

545,156

Building

Products

–

323,860

–

323,860

Capital

Markets

–

529,946

–

529,946

Chemicals

–

2,213,714

–

2,213,714

Commercial

Services

&

Supplies

–

2,059,722

–

2,059,722

Construction

Materials

–

163,160

–

163,160

Consumer

Finance

–

3,116,892

–

3,116,892

Containers

&

Packaging

–

563,509

–

563,509

Distributors

–

521,004

–

521,004

Diversified

REITs

–

449,714

–

449,714

Diversified

Telecommunication

Services

–

1,608,150

–

1,608,150

Electrical

Equipment

–

304,826

–

304,826

Energy

Equipment

&

Services

–

1,431,320

–

1,431,320

Financial

Services

–

1,909,054

–

1,909,054

Food

Products

–

455,031

–

455,031

Ground

Transportation

–

1,304,896

–

1,304,896

Health

Care

Providers

&

Services

–

1,020,666

–

1,020,666

Hotels,

Restaurants

&

Leisure

–

3,478,854

–

3,478,854

Household

Durables

–

270,272

–

270,272

Household

Products

–

230,932

–

230,932

Independent

Power

and

Renewable

Electricity

Producers

–

407,419

–

407,419

Machinery

–

521,246

–

521,246

Marine

Transportation

–

197,229

–

197,229

Media

–

1,219,157

–

1,219,157

Metals

&

Mining

–

1,881,629

–

1,881,629

Oil,

Gas

&

Consumable

Fuels

–

6,079,124

–

6,079,124

Passenger

Airlines

–

2,967,020

–

2,967,020

Pharmaceuticals

–

1,330,830

–

1,330,830

Real

Estate

Management

&

Development

–

493,263

–

493,263

Software

–

477,036

–

477,036

Specialized

REITs

–

346,187

–

346,187

Specialty

Retail

–

1,125,495

–

1,125,495

Textiles,

Apparel

&

Luxury

Goods

–

122,697

–

122,697

Trading

Companies

&

Distributors

–

234,262

–

234,262

Transportation

Infrastructure

–

342,300

–

342,300

Water

Utilities

–

321,886

–

321,886

Total

Corporate

Bonds

$

–

$

41,646,564

$

–

$

41,646,564

Forward

Foreign

Currency

Contracts

–

121,258

–

121,258

Loan

Participations

–

1,363,061

–

1,363,061

Repurchase

Agreement

–

2,602,440

–

2,602,440

Warrants

15,705

–

–

15,705

Total

Assets

$

15,705

$

46,068,398

$

265,985

$

46,350,088

Liabilities:

Credit

Default

Swaps†

$

–

$

(281,196)

$

–

$

(281,196)

Forward

Foreign

Currency

Contracts

–

(4,574)

–

(4,574)

Total

Liabilities

$

–

$

(285,770)

$

–

$

(285,770)

Total

$

15,705

$

45,782,628

$

265,985

$

46,064,318

Nationwide

Amundi

Global

High

Yield

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

11

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

July

31,

2023.

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

or

selected

credit

markets while

maintaining

liquidity

to

satisfy

shareholder

activity,

to

manage

broad

credit

market

spread

exposure

and/or

to

create

synthetic

long

and

short

exposure

to

select

credit

and 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,

2023

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.

†

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).

Common

Stocks

Total

Balance

as

of

10/31/2022

$

—

$

—

Accrued

Accretion/(Amortization)

—

—

Realized

Gains

(Losses)

—

—

Purchases

—

—

Sales

—

—

Change

in

Unrealized

Appreciation/Depreciation

11,767

11,767

Transfers

into

Level

3

254,218

254,218

Transfers

out

of

Level

3

—

—

Balance

as

of

7/31/2023

$

265,985

$

265,985

Change

in

Unrealized

Appreciation/Depreciation

for

Investments

Still

Held

as

of

7/31/2023

$

11,767

$

11,767

As

of

July

31,

2023,

the

fund

held

two

corporate

bond

investments

that

were

categorized

as

Level

3

investments

which

were

each

valued

at

$0.

12

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Amundi

Global

High

Yield

Fund

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,

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

and/or

to

seek

to

protect

against

anticipated

changes

in

future

foreign

currency

exchange

rate,

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,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

July

31,

2023:

Assets:

Fair

Value

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

appreciation

on

forward

foreign

currency

contracts

$

121,258

Total

$

121,258

Liabilities:

Swap

Contracts†

Credit

risk

Unrealized

depreciation

on

centrally

cleared

swap

contracts

$

(281,196)

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

depreciation

on

forward

foreign

currency

contracts

(4,574)

Total

$

(285,770)

†

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

Amundi

Strategic

Income

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

13

Asset-Backed

Securities

6.2%

Principal

Amount

($)

Value

($)

CAYMAN

ISLANDS

0.6%

Other

0.6%

MF1

Ltd.,

Series

2021-

FL7,

Class

D,

7.89%,

10/16/2036(a)(b)

715,000

669,799

Race

Point

VIII

CLO

Ltd.,

Series

2013-8A,

Class

CR2,

7.43%,

2/20/2030(a)(b)

350,000

342,450

1,012,249

UNITED

STATES

5.6%

Airlines

0.7%

American

Airlines

Pass-

Through

Trust,

Series

2021-1,

Class

B,

3.95%,

7/11/2030

136,500

118,162

Blackbird

Capital

Aircraft,

Series

2021-1A,

Class

B,

3.45%,

7/15/2046(b)

1,040,764

860,306

United

Airlines

Pass-

Through

Trust,

Series

2020-1,

Class

B,

4.88%,

1/15/2026

128,654

124,174

1,102,642

Automobiles

1.4%

Foursight

Capital

Automobile

Receivables

Trust

Series

2021-2,

Class

E,

3.35%,

10/15/2027(b)

290,000

267,969

Series

2021-2,

Class

F,

4.19%,

2/15/2029(b)

240,000

222,277

JPMorgan

Chase

Bank

NA-CACLN

Series

2021-2,

Class

F,

4.39%,

12/26/2028(b)

770,000

714,658

Series

2021-3,

Class

F,

3.69%,

2/26/2029(b)

550,000

482,939

Santander

Bank

Auto

Credit-Linked

Notes,

Series

2022-A,

Class

D,

9.97%,

5/15/2032(b)

625,000

604,900

2,292,743

Credit

Card

0.4%

Continental

Credit

Card

ABS

LLC,

Series

2019-

1A,

Class

C,

6.16%,

8/15/2026(b)

725,000

696,022

Other

3.1%

AMSR

Trust

Series

2022-SFR3,

Class

E1,

4.00%,

10/17/2039(b)

490,000

424,677

Arbor

Realty

Commercial

Real

Estate

Notes

Ltd.,

Series

2021-FL4,

Class

E,

8.74%,

11/15/2036(a)

(b)

775,000

720,746

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

FirstKey

Homes

Trust,

Series

2022-SFR2,

Class

E1,

4.50%,

7/17/2039(b)

245,000

218,769

Progress

Residential

Trust

Series

2021-SFR8,

Class

G,

4.01%,

10/17/2038(b)

1,020,000

867,797

Series

2021-SFR7,

Class

F,

3.83%,

8/17/2040(b)

840,000

692,695

Series

2021-SFR9,

Class

F,

4.05%,

11/17/2040(b)

390,000

319,098

Tricon

American

Homes,

Series

2020-SFR1,

Class

F,

4.88%,

7/17/2038(b)

570,000

532,638

Tricon

American

Homes

Trust,

Series

2017-

SFR2,

Class

F,

5.10%,

1/17/2036(b)

740,000

730,223

Tricon

Residential

Trust,

Series

2022-SFR2,

Class

E,

7.51%,

7/17/2040(b)

345,000

338,584

4,845,227

8,936,634

Total

Asset-Backed

Securities

(cost  $10,871,667)

9,948,883

Collateralized

Mortgage

Obligations

15.3%

BERMUDA

5.1%

Bellemeade

RE

Ltd.,

Series

2021-3A,

Class

B1,

8.92%,

9/25/2031(a)(b)

1,030,000

992,346

Eagle

RE

Ltd.,

Series

2021-2,

Class

M2,

9.32%,

4/25/2034(a)(b)

1,370,000

1,390,930

Home

RE

Ltd.,

Series

2020-1,

Class

B1,

12.41%,

10/25/2030(a)

(b)

160,000

163,634

Oaktown

Re

III

Ltd.,

Series

2019-1A,

Class

B1B,

9.53%,

7/25/2029(a)(b)

1,520,000

1,541,062

Oaktown

Re

VII

Ltd.,

Series

2021-2,

Class

B1,

9.47%,

4/25/2034(a)(b)

700,000

702,195

Radnor

RE

Ltd.

Series

2023-1,

Class

M1A,

0.00%,

7/25/2033(a)(b)

1,270,000

1,273,175

Series

2023-1,

Class

M1B,

0.00%,

7/25/2033(a)(b)

330,000

332,475

14

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Amundi

Strategic

Income

Fund

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

BERMUDA

Radnor

RE

Ltd.

Series

2021-1,

Class

M2,

8.22%,

12/27/2033(a)(b)

1,230,000

1,212,251

Triangle

Re

Ltd.,

Series

2021-3,

Class

B1,

10.02%,

2/25/2034(a)(b)

440,000

426,079

8,034,147

0

UNITED

STATES

10.2%

Connecticut

Avenue

Securities

Trust

Series

2022-R02,

Class

2M2,

8.07%,

1/25/2042(a)(b)

330,000

331,644

Series

2023-R03,

Class

2M1,

7.57%,

4/25/2043(a)(b)

1,219,221

1,236,996

Series

2023-R06,

Class

1M1,

6.77%,

7/25/2043(a)(b)

680,000

681,700

FARM

Mortgage

Trust,

Series

2021-1,

Class

B,

3.24%,

7/25/2051(a)(b)

313,120

215,226

FHLMC

REMICS

Series

4395,

Class

TI,

IO,

4.00%,

5/15/2026

17,891

357

Series

4097,

Class

CI,

IO,

3.00%,

8/15/2027

147,386

5,827

Series

4123,

Class

DI,

IO,

3.00%,

10/15/2027

390,057

16,308

Series

4244,

Class

AI,

IO,

4.50%,

8/15/2028

30,125

627

FHLMC

STACR

REMIC

Trust,

Series

2020-

DNA6,

Class

B2,

10.72%,

12/25/2050(a)

(b)

790,000

806,244

FHLMC

STACR

Trust

Series

2018-HQA2,

Class

B2,

16.18%,

10/25/2048(a)(b)

1,090,000

1,364,371

Series

2019-HRP1,

Class

B1,

9.23%,

2/25/2049(a)(b)

1,100,000

1,127,500

Series

2019-DNA3,

Class

B2,

13.33%,

7/25/2049(a)(b)

720,000

794,429

FHLMC

Structured

Agency

Credit

Risk

Debt

Notes

Series

2023-DNA2,

Class

M1A,

7.17%,

4/25/2043(a)(b)

2,150,730

2,180,893

Series

2023-HQA2,

Class

M1B,

8.42%,

6/25/2043(a)(b)

2,180,000

2,231,905

Series

2020-HQA5,

Class

B2,

12.47%,

11/25/2050(a)(b)

630,000

701,255

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

UNITED

STATES

FHLMC

Structured

Agency

Credit

Risk

Debt

Notes

Flagstar

Mortgage

Trust,

Series

2021-4,

Class

AX1,

IO,

0.21%,

6/1/2051(a)(b)

43,179,966

450,795

FNMA

REMICS

Series

2012-130,

Class

UI,

IO,

3.00%,

12/25/2027

177,673

6,871

Series

2012-150,

Class

BI,

IO,

3.00%,

1/25/2028

185,127

7,835

Series

2013-5,

Class

YI,

IO,

3.00%,

2/25/2028

190,350

7,225

Series

2009-31,

Class

PI,

IO,

5.00%,

11/25/2038

39,199

2,245

GCAT

Trust,

Series

2021-

CM1,

Class

M1,

2.28%,

4/25/2065(a)(b)

530,000

414,584

GNMA

REMICS

Series

2013-84,

Class

SC,

IO,

1.26%,

3/16/2040(a)

46,418

2,046

Series

2011-135,

Class

QI,

IO,

4.50%,

6/16/2041

63,215

6,271

Series

2012-140,

Class

IC,

IO,

3.50%,

11/20/2042

100,890

15,305

Series

2016-5,

Class

CS,

IO,

0.78%,

1/20/2046(a)

103,817

7,779

Series

2016-20,

Class

SB,

IO,

0.73%,

2/20/2046(a)

100,524

7,386

Series

2016-17,

Class

JS,

IO,

0.73%,

2/20/2046(a)

81,927

6,362

Series

2016-81,

Class

,

IO,

4.00%,

6/20/2046

60,635

11,182

Series

2016-88,

Class

SM,

IO,

0.73%,

7/20/2046(a)

106,987

11,270

Series

2016-108,

Class

QI,

IO,

4.00%,

8/20/2046

101,370

20,322

Series

2016-118,

Class

DS,

IO,

0.73%,

9/20/2046(a)

129,539

15,542

Series

2016-145,

Class

UI,

IO,

3.50%,

10/20/2046

63,778

11,136

Series

2019-159,

Class

HI,

IO,

3.50%,

12/20/2049

1,156,934

213,810

Series

2019-159,

Class

CI,

IO,

3.50%,

12/20/2049

402,032

70,501

Nationwide

Amundi

Strategic

Income

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

15

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

UNITED

STATES

GNMA

REMICS

Hundred

Acre

Wood

Trust,

Series

2021-INV1,

Class

AX1,

IO,

0.22%,

7/25/2051(a)(b)

16,180,782

173,914

JP

Morgan

Mortgage

Trust

Series

2021-10,

Class

AX1,

IO,

0.12%,

12/25/2051(a)(b)

30,196,677

182,080

Series

2021-8,

Class

AX1,

IO,

0.12%,

12/25/2051(a)(b)

27,140,350

153,696

STACR

Trust

Series

2018-HRP2,

Class

B1,

9.38%,

2/25/2047(a)(b)

1,310,000

1,398,774

Series

2018-HRP2,

Class

B2,

15.68%,

2/25/2047(a)(b)

1,380,000

1,596,880

16,489,093

0

Total

Collateralized

Mortgage

Obligations

(cost

$23,363,056)

24,523,240

Commercial

Mortgage-Backed

Securities

5.0%

UNITED

STATES

5.0%

BX

Trust

,

Series

2021-

ARIA,

Class

D,

7.23%,

10/15/2036(a)(b)

850,000

804,367

Commercial

Mortgage

Trust

,

Series

2015-

CR26,

Class

D,

3.47%,

10/10/2048(a)

1,350,000

872,779

CSAIL

Commercial

Mortgage

Trust

,

Series

2015-C4,

Class

D,

3.56%,

11/15/2048(a)

250,000

199,266

FHLMC

Multifamily

Structured

Credit

Risk

REMICS

Series

2021-MN1,

Class

M2,

8.82%,

1/25/2051(a)

(b)

700,000

630,968

Series

2021-MN3,

Class

M2,

9.07%,

11/25/2051(a)(b)

815,000

764,948

GS

Mortgage

Securities

Corp.

Trust

Series

2021-IP,

Class

D,

7.44%,

10/15/2036(a)(b)

350,000

316,374

Series

2021-IP,

Class

E,

8.89%,

10/15/2036(a)(b)

150,000

134,205

GS

Mortgage

Securities

Trust

,

Series

2016-

GS4,

Class

D,

3.23%,

11/10/2049(a)(b)

1,340,000

911,200

Med

Trust

,

Series

2021-

MDLN,

Class

F,

9.34%,

11/15/2038(a)(b)

547,373

516,520

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

UNITED

STATES

Morgan

Stanley

Capital

I

Trust

,

Series

2016-

UBS9,

Class

D,

3.00%,

3/15/2049(b)

420,000

297,050

Multifamily

Connecticut

Avenue

Securities

Trust

,

Series

2019-

01,

Class

M10,

8.43%,

10/25/2049(a)(b)

468,543

461,238

SLG

Office

Trust

,

Series

2021-OVA,

Class

E,

2.85%,

7/15/2041(b)

1,975,000

1,403,861

UBS

Commercial

Mortgage

Trust

,

Series

2017-C4,

Class

C,

4.53%,

10/15/2050(a)

810,000

675,524

Total

Commercial

Mortgage-Backed

Securities

(cost

$9,479,732)

7,988,300

Corporate

Bonds

59.2%

BERMUDA

5.3%

Financial

Services

2.9%

Alamo

Re

Ltd.

Series

A,

(3

Month

Treasury

Bill

Rate

+

7.18%),

12.53%,

6/7/2024(b)(c)

250,000

246,625

Series

A,

(T-BILL

1MO

+

8.50%),

13.85%,

6/7/2026(b)(c)

250,000

252,250

Aquila

Re

I

Ltd.,

Series

A-1,

(3

Month

Treasury

Bill

Rate

+

5.25%),

10.46%,

6/8/2026(b)(c)

250,000

249,000

Aquila

Re

I

Ltd.,

Series

C-1,

(3

Month

Treasury

Bill

Rate

+

9.25%),

14.46%,

6/8/2026(b)(c)

250,000

253,125

Baldwin

Re

Ltd.,

Series

A,

(3

Month

Treasury

Bill

Rate

+

2.25%),

7.60%,

7/7/2025(b)(c)

250,000

244,700

Cape

Lookout

Re

Ltd.,

Series

A,

(T-BILL

1MO

+

6.50%),

11.88%,

4/28/2026(b)(c)

250,000

252,625

Citrus

Re

Ltd,

Series

A,

(3

Month

Treasury

Bill

Rate

+

6.75%),

12.01%,

6/7/2026(b)(c)

250,000

250,725

Four

Lakes

Re

Ltd.,

Series

A,

(3

Month

Treasury

Bill

Rate

+

6.50%),

11.77%,

1/7/2026(b)(c)

250,000

249,175

Hypatia

Ltd.,

Series

A,

(3

Month

Treasury

Bill

Rate

+

9.50%),

14.91%,

4/8/2026(b)(c)

250,000

255,550

16

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Amundi

Strategic

Income

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

BERMUDA

Financial

Services

Locke

Tavern

Re

Ltd.,

Series

A,

(3

Month

Treasury

Bill

Rate

+

4.75%),

4.75%,

4/9/2026(b)(c)

500,000

505,750

Mona

Lisa

Re

Ltd.,

Series

B,

(3

Month

Treasury

Bill

Rate

+

12.50%),

17.77%,

1/8/2026(b)(c)

250,000

269,000

Mystic

Re

IV

Ltd.,

Series

B,

(3

Month

Treasury

Bill

Rate

+

11.60%),

11.69%,

1/8/2025(b)(c)

250,000

235,525

Mystic

Re

IV

Ltd.,

Series

A,

(3

Month

Treasury

Bill

Rate

+

9.25%),

14.52%,

1/8/2026(b)(c)

250,000

247,025

Sanders

Re

III

Ltd.

Series

A,

(3

Month

Treasury

Bill

Rate

+

3.50%),

8.76%,

4/7/2026(b)(c)

250,000

233,575

Series

A,

(3

Month

Treasury

Bill

Rate

+

8.00%),

13.14%,

6/5/2026(b)(c)

500,000

509,500

Sanders

Re

III

Ltd.,

(3

Month

Treasury

Bill

Rate

+

5.75%),

11.01%,

4/7/2027(b)(c)

250,000

245,975

Ursa

Re

Ltd.,

Series

Aa,

(3

Month

Treasury

Bill

Rate

+

5.50%),

10.83%,

12/6/2025(b)(c)

250,000

250,000

4,750,125

Insurance

2.4%

Bonanza

RE

Ltd.,

Series

2020,

(3

Month

Treasury

Bill

Rate

+

4.87%),

10.19%,

2/20/2024(b)(c)

450,000

418,410

Bonanza

RE

Ltd.,

Series

2022,

(3

Month

Treasury

Bill

Rate

+

5.75%),

11.11%,

3/16/2025(b)(c)

250,000

175,000

Bonanza

RE

Ltd.,

Series

A,

(3

Month

Treasury

Bill

Rate

+

8.25%),

13.58%,

1/8/2026(b)(c)

250,000

246,900

First

Coast

Re

IV

Ltd.,

Series

A,

(3

Month

Treasury

Bill

Rate

+

9.00%),

9.00%,

4/7/2026(b)(c)

250,000

249,625

FloodSmart

Re

Ltd.,

Series

A,

(T-BILL

1MO

+

16.25%),

21.54%,

3/11/2026(b)(c)

500,000

514,700

Corporate

Bonds

Principal

Amount

($)

Value

($)

BERMUDA

Insurance

Integrity

Re

Ltd.,

Series

A,

(T-BILL

1MO

+

12.00%),

17.34%,

6/6/2025(b)(c)

250,000

253,650

Merna

Reinsurance

II

Ltd.,

Series

A,

(3

Month

Treasury

Bill

Rate

+

7.75%),

13.02%,

7/7/2026(b)(c)

250,000

247,700

Merna

Reinsurance

II

Ltd.,

Series

B,

(3

Month

Treasury

Bill

Rate

+

10.25%),

15.52%,

7/7/2026(b)(c)

250,000

258,925

Purple

Re

Ltd.,

Series

A,

(T-BILL

1MO

+

10.00%),

15.27%,

6/5/2026(b)(c)

250,000

249,700

Solomon

Re

Ltd.,

Series

A,

(3

Month

Treasury

Bill

Rate

+

5.25%),

10.47%,

6/8/2026(b)(c)

500,000

500,300

Titania

RE

Ltd.,

Series

A,

(T-BILL

1MO

+

12.25%),

17.61%,

2/27/2026(b)(c)

250,000

264,350

Torrey

Pines

Re

Ltd.,

Series

A,

(3

Month

Treasury

Bill

Rate

+

5.00%),

10.37%,

6/5/2026(b)(c)

250,000

251,625

3,630,885

8,381,010

BRAZIL

1.3%

Electric

Utilities

0.3%

Light

Servicos

de

Eletricidade

SA,

4.38%,

6/18/2026(b)

995,000

447,750

Food

Products

0.6%

Minerva

Luxembourg

SA,

4.38%,

3/18/2031(b)

1,210,000

987,596

Oil,

Gas

&

Consumable

Fuels

0.4%

MC

Brazil

Downstream

Trading

SARL,

7.25%,

6/30/2031(b)

1,043,552

677,445

2,112,791

CAMEROON

0.2%

Oil,

Gas

&

Consumable

Fuels

0.2%

Golar

LNG

Ltd.,

7.00%,

10/20/2025(b)

346,055

338,269

CANADA

2.0%

Banks

1.2%

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

1,258,241

Nationwide

Amundi

Strategic

Income

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

17

Corporate

Bonds

Principal

Amount

($)

Value

($)

CANADA

Banks

Federation

des

Caisses

Desjardins

du

Quebec,

5.70%,

3/14/2028(b)

705,000

709,529

1,967,770

Multi-Utilities

0.4%

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

568,900

Oil,

Gas

&

Consumable

Fuels

0.4%

International

Petroleum

Corp.,

Reg.

S,

7.25%,

2/1/2027(b)

616,000

572,572

3,109,242

CAYMAN

ISLANDS

0.3%

Financial

Services

0.1%

Long

Point

Re

IV

Ltd.,

Series

2022,

(3

Month

Treasury

Bill

Rate

+

4.25%),

9.51%,

6/1/2026(b)(c)

250,000

248,000

Insurance

0.2%

Residential

Reinsurance

2020

Ltd.,

Series

3,

(3

Month

Treasury

Bill

Rate

+

8.24%),

13.45%,

12/6/2024(b)(c)

250,000

241,900

Vitality

Re

XIII

Ltd.,

Series

A,

(3

Month

Treasury

Bill

Rate

+

2.00%),

7.28%,

1/6/2026(b)(c)

250,000

244,775

486,675

734,675

COLOMBIA

0.7%

Passenger

Airlines

0.7%

ABRA

Global

Finance,

6.00%,

3/2/2028(b)(d)

1,327,025

1,090,301

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)

655,000

502,019

FRANCE

1.5%

Banks

1.1%

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

1,329,131

Corporate

Bonds

Principal

Amount

($)

Value

($)

FRANCE

Banks

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.90%),

4.03%,

1/21/2043(b)(c)

670,000

459,664

1,788,795

Diversified

Telecommunication

Services

0.4%

Altice

France

SA,

5.13%,

7/15/2029(b)

930,000

651,293

2,440,088

GERMANY

1.0%

Automobiles

1.0%

Mercedes-Benz

Finance

North

America

LLC,

5.05%,

8/3/2033(b)

1,610,000

1,602,884

GHANA

0.4%

Oil,

Gas

&

Consumable

Fuels

0.4%

Tullow

Oil

plc,

10.25%,

5/15/2026(b)

855,000

695,115

HONG

KONG

0.2%

Financial

Services

0.2%

Black

Kite

Re

Ltd.,

Series

A,

(3

Month

Treasury

Bill

Rate

+

6.90%),

12.11%,

6/9/2025(b)(c)

250,000

249,700

IRELAND

1.3%

Consumer

Finance

0.9%

AerCap

Ireland

Capital

DAC,

3.30%,

1/30/2032

545,000

447,180

Avolon

Holdings

Funding

Ltd.,

6.38%,

5/4/2028(b)

920,000

916,954

1,364,134

Financial

Services

0.4%

Atlas

Capital

DAC,

Series

A,

(SOFR

+

7.25%),

12.60%,

6/5/2026(b)(c)

250,000

251,825

Queen

Street

2023

RE

DAC,

Series

A,

(3

Month

Treasury

Bill

Rate

+

7.50%),

12.60%,

12/8/2025(b)(c)

250,000

250,675

502,500

1,866,634

ITALY

3.1%

Banks

1.6%

Intesa

Sanpaolo

SpA

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

4.40%),

8.25%,

11/21/2033(b)(c)

760,000

808,649

18

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Amundi

Strategic

Income

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

ITALY

Banks

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.90%),

7.78%,

6/20/2054(b)(c)

685,000

692,988

UniCredit

SpA,

(USD

ICE

Swap

Rate

5

Year

+

3.70%),

5.86%,

6/19/2032(b)(c)

1,260,000

1,157,752

2,659,389

Electric

Utilities

1.1%

Enel

Finance

International

NV,

5.00%,

6/15/2032(b)

1,915,000

1,823,810

Household

Durables

0.4%

International

Design

Group

SpA,

6.50%,

11/15/2025(b)

EUR

585,000

623,654

5,106,853

JAPAN

2.1%

Banks

0.6%

Mizuho

Financial

Group,

Inc.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.40%),

5.67%,

9/13/2033(c)(f)

950,000

953,460

Capital

Markets

1.5%

Nomura

Holdings,

Inc.

5.61%,

7/6/2029

2,000,000

1,976,268

6.09%,

7/12/2033

450,000

457,249

2,433,517

3,386,977

MEXICO

1.9%

Diversified

Telecommunication

Services

0.2%

Total

Play

Telecomunicaciones

SA

de

CV,

6.38%,

9/20/2028(b)

665,000

381,494

Hotels,

Restaurants

&

Leisure

0.5%

Grupo

Posadas

SAB

de

CV,

5.00%,

12/30/2027(b)(g)

940,606

800,116

Oil,

Gas

&

Consumable

Fuels

0.5%

Petroleos

Mexicanos,

6.70%,

2/16/2032

1,076,000

829,060

Passenger

Airlines

0.7%

Grupo

Aeromexico

SAB

de

CV,

8.50%,

3/17/2027(b)

1,210,000

1,096,127

3,106,797

Corporate

Bonds

Principal

Amount

($)

Value

($)

NETHERLANDS

1.3%

Banks

0.7%

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

1,056,676

Chemicals

0.6%

OCI

NV,

6.70%,

3/16/2033(b)

1,035,000

1,021,925

2,078,601

NORWAY

0.8%

Oil,

Gas

&

Consumable

Fuels

0.8%

Aker

BP

ASA,

6.00%,

6/13/2033(b)

1,235,000

1,240,986

SINGAPORE

0.8%

Consumer

Finance

0.7%

Avation

Capital

SA,

6.50%,

10/31/2026(b)(d)

1,255,096

1,087,414

Financial

Services

0.1%

Easton

Re

Pte.

Ltd.,

Series

A,

(3

Month

Treasury

Bill

Rate

+

4.53%),

9.72%,

1/8/2024(b)(c)

250,000

248,100

1,335,514

SPAIN

0.6%

Banks

0.6%

Banco

Santander

SA,

6.92%,

8/8/2033

600,000

600,000

CaixaBank

SA,

(SOFR

+

2.70%),

6.21%,

1/18/2029(b)(c)

265,000

266,145

866,145

SWITZERLAND

1.7%

Capital

Markets

0.7%

UBS

Group

AG,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.20%),

5.96%,

1/12/2034(b)(c)

1,110,000

1,125,675

Passenger

Airlines

1.0%

VistaJet

Malta

Finance

plc,

9.50%,

6/1/2028(b)

1,570,000

1,499,413

2,625,088

UNITED

ARAB

EMIRATES

0.3%

Energy

Equipment

&

Services

0.3%

Shelf

Drilling

Holdings

Ltd.,

8.25%,

2/15/2025(b)

490,000

467,950

Nationwide

Amundi

Strategic

Income

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

19

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

KINGDOM

4.7%

Banks

3.9%

Barclays

plc

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.30%),

7.39%,

11/2/2028(c)

1,025,000

1,078,161

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.00%),

5.75%,

8/9/2033(c)(f)

615,000

602,163

HSBC

Holdings

plc,

(SOFR

+

3.35%),

7.39%,

11/3/2028(c)

1,030,000

1,087,882

Lloyds

Banking

Group

plc

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.91%),

8.00%,

9/27/2029(c)(e)

590,000

552,240

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.30%),

4.98%,

8/11/2033(c)

460,000

432,805

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.75%),

7.95%,

11/15/2033(c)

870,000

948,622

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

807,634

Standard

Chartered

plc,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.58%),

6.30%,

7/6/2034(b)(c)

670,000

682,633

6,192,140

Financial

Services

0.1%

Sussex

Capital

UK

Pcc

Ltd.,

(3

Month

Treasury

Bill

Rate

+

8.38%),

13.72%,

1/8/2025(b)(c)

250,000

240,275

Ground

Transportation

0.3%

Ashtead

Capital,

Inc.,

5.95%,

10/15/2033(b)

470,000

468,753

Hotels,

Restaurants

&

Leisure

0.2%

Deuce

Finco

plc,

5.50%,

6/15/2027(b)

GBP

370,000

406,660

Oil,

Gas

&

Consumable

Fuels

0.2%

SCC

Power

plc

4.00%,

12/31/2028(b)(d)

734,589

236,742

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

KINGDOM

Oil,

Gas

&

Consumable

Fuels

0.00%,

5/17/2032(b)(d)

397,901

35,833

272,575

7,580,403

UNITED

STATES

27.4%

Aerospace

&

Defense

0.4%

Boeing

Co.

(The),

5.81%,

5/1/2050

590,000

593,414

Air

Freight

&

Logistics

0.3%

Rand

Parent

LLC,

8.50%,

2/15/2030(b)(f)

490,000

460,754

Western

Global

Airlines

LLC,

10.38%,

8/15/2025(b)

880,000

4,400

465,154

Automobile

Components

0.4%

Dealer

Tire

LLC,

8.00%,

2/1/2028(b)

757,000

696,196

Automobiles

1.1%

Ford

Motor

Co.,

6.10%,

8/19/2032(f)

210,000

203,169

Hyundai

Capital

America,

5.68%,

6/26/2028(b)

1,500,000

1,494,778

1,697,947

Banks

4.4%

Bank

of

America

Corp.,

(SOFR

+

1.91%),

5.29%,

4/25/2034(c)

720,000

714,505

Citigroup,

Inc.,

(SOFR

+

2.66%),

6.17%,

5/25/2034(c)

690,000

700,916

Comerica

Bank,

(SOFR

+

2.61%),

5.33%,

8/25/2033(c)

550,000

478,129

JPMorgan

Chase

&

Co.,

(SOFR

+

2.08%),

4.91%,

7/25/2033(c)

1,010,000

986,900

PNC

Financial

Services

Group,

Inc.

(The),

(SOFR

+

1.93%),

5.07%,

1/24/2034(c)

310,000

299,083

Truist

Financial

Corp.,

(SOFR

+

2.24%),

4.92%,

7/28/2033(c)

1,255,000

1,149,135

US

Bancorp

(SOFR

+

2.11%),

4.97%,

7/22/2033(c)

700,000

646,495

(SOFR

+

2.09%),

5.85%,

10/21/2033(c)(f)

1,080,000

1,093,664

Wells

Fargo

&

Co.,

(SOFR

+

1.99%),

5.56%,

7/25/2034(c)

950,000

953,747

7,022,574

20

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Amundi

Strategic

Income

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Building

Products

0.1%

Fortune

Brands

Innovations,

Inc.,

4.50%,

3/25/2052

185,000

145,357

Capital

Markets

2.9%

Bank

of

New

York

Mellon

Corp.

(The),

(SOFR

+

1.51%),

4.71%,

2/1/2034(c)

230,000

219,359

Charles

Schwab

Corp.

(The),

(SOFR

+

2.50%),

5.85%,

5/19/2034(c)

435,000

448,262

Morgan

Stanley

(SOFR

+

2.62%),

5.30%,

4/20/2037(c)

715,000

678,528

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.43%),

5.95%,

1/19/2038(c)

740,000

736,140

Northern

Trust

Corp.,

6.13%,

11/2/2032

1,576,000

1,642,524

State

Street

Corp.,

(SOFR

+

1.89%),

5.16%,

5/18/2034(c)

973,000

955,370

4,680,183

Chemicals

1.4%

Albemarle

Corp.

5.05%,

6/1/2032

402,000

384,505

5.65%,

6/1/2052

558,000

524,180

Celanese

US

Holdings

LLC,

6.38%,

7/15/2032(f)

910,000

920,514

Trinseo

Materials

Operating

SCA,

5.13%,

4/1/2029(b)

505,000

296,900

2,126,099

Consumer

Finance

3.3%

Ally

Financial,

Inc.

(SOFR

+

3.26%),

6.99%,

6/13/2029(c)

640,000

644,741

8.00%,

11/1/2031

749,000

794,688

Capital

One

Financial

Corp.

(SOFR

+

2.60%),

5.82%,

2/1/2034(c)

275,000

267,237

(SOFR

+

2.86%),

6.38%,

6/8/2034(c)

770,000

777,347

Ford

Motor

Credit

Co.

LLC

7.35%,

3/6/2030

200,000

207,043

3.63%,

6/17/2031

1,500,000

1,239,926

General

Motors

Financial

Co.,

Inc.,

6.40%,

1/9/2033

1,365,000

1,404,152

5,335,134

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Diversified

REITs

0.6%

Uniti

Group

LP,

6.00%,

1/15/2030(b)

1,550,000

1,024,938

Diversified

Telecommunication

Services

0.4%

Windstream

Escrow

LLC,

7.75%,

8/15/2028(b)

650,000

547,470

Electric

Utilities

0.6%

Duke

Energy

Corp.,

5.00%,

8/15/2052(f)

1,105,000

1,003,876

Electrical

Equipment

0.7%

Energizer

Gamma

Acquisition

BV,

3.50%,

6/30/2029(b)

EUR

610,000

546,894

Regal

Rexnord

Corp.,

6.30%,

2/15/2030(b)

595,000

594,025

1,140,919

Energy

Equipment

&

Services

0.3%

Transocean

Titan

Financing

Ltd.,

8.38%,

2/1/2028(b)

120,000

123,900

Transocean,

Inc.,

8.75%,

2/15/2030(b)

355,000

368,572

492,472

Financial

Services

0.7%

Gateway

Re

Ltd.

Series

A,

(T-BILL

1MO

+

13.00%),

18.35%,

2/24/2026(b)(c)

250,000

260,325

Series

A,

(T-BILL

1MO

+

10.00%),

15.36%,

7/8/2026(b)(c)

500,000

499,250

Lightning

Re,

Series

2023,

(3

Month

Treasury

Bill

Rate

+

11.00%),

16.19%,

3/31/2026(b)(c)

250,000

256,950

1,016,525

Food

Products

0.7%

JBS

USA

LUX

SA

5.75%,

4/1/2033(b)

355,000

341,161

6.50%,

12/1/2052(b)

705,000

689,057

1,030,218

Gas

Utilities

0.6%

KeySpan

Gas

East

Corp.,

5.99%,

3/6/2033(b)

1,035,000

1,037,514

Ground

Transportation

0.2%

Penske

Truck

Leasing

Co.

LP,

6.20%,

6/15/2030(b)

360,000

363,547

Health

Care

Providers

&

Services

0.5%

CVS

Health

Corp.,

5.25%,

2/21/2033

875,000

870,485

Hotels,

Restaurants

&

Leisure

0.3%

Viking

Ocean

Cruises

Ship

VII

Ltd.,

5.63%,

2/15/2029(b)

505,000

469,766

Nationwide

Amundi

Strategic

Income

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

21

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Insurance

1.3%

Farmers

Exchange

Capital

III,

(ICE

LIBOR

USD

3

Month

+

3.45%),

5.45%,

10/15/2054(b)(c)

1,070,000

933,651

Liberty

Mutual

Insurance

Co.,

7.70%,

10/15/2097(b)

420,000

459,455

Metropolitan

Life

Global

Funding

I,

5.15%,

3/28/2033(b)

685,000

679,795

2,072,901

Media

1.1%

Clear

Channel

Outdoor

Holdings,

Inc.,

7.50%,

6/1/2029(b)(f)

1,610,000

1,281,576

CSC

Holdings

LLC,

4.63%,

12/1/2030(b)

800,000

401,884

Diamond

Sports

Group

LLC,

6.63%,

8/15/2027(b)(h)

322,000

7,537

1,690,997

Office

REITs

0.9%

Corporate

Office

Properties

LP,

2.90%,

12/1/2033

1,850,000

1,323,361

Highwoods

Realty

LP

3.05%,

2/15/2030

49,000

38,300

2.60%,

2/1/2031(f)

51,000

37,554

1,399,215

Oil,

Gas

&

Consumable

Fuels

1.5%

Civitas

Resources,

Inc.

8.38%,

7/1/2028(b)

540,000

555,422

8.75%,

7/1/2031(b)

540,000

558,900

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)

859,000

754,461

Midwest

Connector

Capital

Co.

LLC,

4.63%,

4/1/2029(b)

587,000

543,612

2,412,395

Passenger

Airlines

0.4%

American

Airlines,

Inc.,

5.75%,

4/20/2029(b)

190,000

183,942

Spirit

Loyalty

Cayman

Ltd.,

8.00%,

9/20/2025(b)

535,000

539,724

723,666

Pharmaceuticals

0.0%

†

Tricida,

Inc.

3.50%,

5/15/2027∞

1,430,000

0

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Real

Estate

Management

&

Development

0.3%

Kennedy-Wilson,

Inc.,

4.75%,

2/1/2030

565,000

440,830

Residential

REITs

0.8%

Sun

Communities

Operating

LP,

5.70%,

1/15/2033

1,330,000

1,307,261

Semiconductors

&

Semiconductor

Equipment

0.2%

Foundry

JV

Holdco

LLC,

5.88%,

1/25/2034(b)

410,000

405,892

Specialty

Retail

0.3%

AutoNation,

Inc.,

3.85%,

3/1/2032(f)

495,000

419,773

Wireless

Telecommunication

Services

0.7%

T-Mobile

USA,

Inc.,

5.05%,

7/15/2033

1,110,000

1,086,301

43,719,019

Total

Corporate

Bonds

(cost

$102,810,175)

94,637,061

Foreign

Government

Security

0.3%

SERBIA

0.3%

Republic

of

Serbia,

2.05%,

9/23/2036

(b)

EUR

600,000

417,128

Total

Foreign

Government

Security

(cost

$685,714)

417,128

Common

Stock

0.1%

Shares

MEXICO

0.1%

Passenger

Airlines

0.1%

Grupo

Aeromexico

SAB

de

CV

*^∞(f)

21,107

201,679

Total

Common

Stock

(cost

$345,000)

201,679

Warrants

0.0%

†

Number

of

Warrants

UNITED

KINGDOM

0.0%

†

Trading

Companies

&

Distributors

0.0%

†

Avation

plc,

expiring

10/31/2026*

21,088

13,567

Total

Warrants

(cost

$0)

13,567

Loan

Participations

0.5%

Principal

Amount

($)

UNITED

STATES

0.5%

Media

0.5%

Radiate

Holdco

LLC,

Term

Loan,

(ICE

LIBOR

USD

1

Month

+

3.25%),

8.68%,

9/25/2026

(c)

822,475

690,739

22

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Amundi

Strategic

Income

Fund

Loan

Participations

Principal

Amount

($)

Value

($)

Oil

&

Gas

Services

0.0%

†

ProFrac

Holdings

II

LLC,

Term

Loan,

(SOFR

+

7.25%),

12.78%,

3/4/2025

(c)

42,561

42,508

Total

Loan

Participations

(cost

$864,530)

733,247

Convertible

Bond

0.7%

Passenger

Airlines

0.7%

Air

Canada,

4.00%,

7/1/2025

803,000

1,086,983

Total

Convertible

Bond

(cost  $830,703)

1,086,983

Convertible

Preferred

Stock

0.4%

Banks

0.4%

Wells

Fargo

&

Co.,

7.50%,

(f)

500

589,495

Total

Convertible

Preferred

Stock

(cost  $703,260)

589,495

Short-Term

Investments

6.7%

U.S.

Treasury

Obligations

6.7%

U.S.

Treasury

Bills,5.22%

8/24/2023

10,800,000

10,762,676

Total

Short-Term

Investment

(cost

$10,763,060)

10,762,676

Repurchase

Agreement

2.1%

CF

Secured,

LLC

5.28%,

dated

7/31/2023,

due

8/1/2023,

repurchase

price

$3,396,314,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.63%,

maturing

8/8/2023

-

8/15/2052;

total

market

value

$3,464,240.

(i)

3,395,816

3,395,816

Total

Repurchase

Agreement

(cost

$3,395,816)

3,395,816

Total

Investments

(cost

$164,112,713)

—

96.5%

154,298,075

Other

assets

in

excess

of

liabilities

—

3.5%

5,514,592

NET

ASSETS

—

100.0%

$

159,812,667

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

July

31,

2023.

(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,

2023

was

$94,330,727

which

represents

59.03%

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,

2023.

(d)

PIK-Payment-in-kind

security.

Income

may

be

in

cash

or

additional

notes,

at

the

discretion

of

the

issuer.

The

rate

disclosed

is

the

cash

rate.

(e)

Perpetual

Bond

Security.

The

rate

reflected

in

the

Statement

of

Investments

is

the

rate

in

effect

on

July

31,

2023.

The

maturity

date

reflects

the

next

call

date.

(f)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

July

31,

2023.

The

total

value

of

securities

on

loan

as

of

July

31,

2023

was

$7,049,382,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$3,395,816

and

by

$4,024,387

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

4.38%,

and

maturity

dates

ranging

from

11/15/2023

–

11/15/2052,

a

total

value

of

$7,420,203.

(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,

2023.

(h)

Security

in

default.

(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,

2023

was

$3,395,816.

CLO

Collateralized

Loan

Obligations

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

ICE

Intercontinental

Exchange

IO

Interest

only

LIBOR

London

Interbank

Offered

Rate

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

REMICS

Real

Estate

Mortgage

Investment

Conduits

SOFR

Secured

Overnight

Financing

Rate

Currency:

EUR

Euro

GBP

British

Pound

USD

United

States

Dollar

Nationwide

Amundi

Strategic

Income

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

23

Centrally

Cleared

Credit

default

swap

contracts

outstanding

-

buy

protection

as

of

July

31,

2023

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

40-V1

5.00

Quarterly

6/20/2028

4.09

USD

38,800,000

(563,542)

(1,038,624)

(1,602,166)

Markit

CDX

North

American

Investment

Grade

Index

Series

40-V1

1.00

Quarterly

6/20/2028

0.63

USD

17,250,000

(155,287)

(142,608)

(297,895)

(718,829)

(1,181,232)

(1,900,061)

As

of

July

31,

2023,

the

Fund

had

$2,303,708

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

24

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Amundi

Strategic

Income

Fund

Forward

Foreign

Currency

Contracts

outstanding

as

of

July

31,

2023:

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

($)

USD

1,603,472

EUR

1,432,541

JPMorgan

Chase

Bank

8/24/2023

26,538

USD

402,535

GBP

312,824

JPMorgan

Chase

Bank

8/24/2023

1,025

Total

unrealized

appreciation

27,563

USD

41,583

MXN

724,000

HSBC

Bank,

N.A.

9/29/2023

(1,190)

USD

200,875

MXN

3,497,135

JPMorgan

Chase

Bank

9/29/2023

(5,730)

Total

unrealized

depreciation

(6,920)

Net

unrealized

appreciation

20,643

Currency:

EUR

Euro

GBP

British

pound

MXN

Mexican

peso

USD

United

States

dollar

Futures

contracts

outstanding

as

of

July

31,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

2

Year

Note

56

9/2023

USD

11,369,750

(158,902)

U.S.

Treasury

5

Year

Note

77

9/2023

USD

8,225,164

(137,711)

U.S.

Treasury

Long

Bond

13

9/2023

USD

1,617,688

(31,028)

Total

long

contracts

(327,641)

Short

Contracts

Euro-Bobl

(9)

9/2023

EUR

(1,146,790)

13,629

Euro-Bund

(23)

9/2023

EUR

(3,363,370)

52,543

U.S.

Treasury

10

Year

Note

(47)

9/2023

USD

(5,236,094)

124,895

U.S.

Treasury

10

Year

Ultra

Note

(311)

9/2023

USD

(36,382,141)

704,666

U.S.

Treasury

Ultra

Bond

(27)

9/2023

USD

(3,569,906)

59,530

Total

short

contracts

955,263

Net

contracts

627,622

As

of

July

31,

2023,

the

Fund

had

$1,146,572

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

EUR

Euro

USD

United

States

Dollar

Nationwide

Amundi

Strategic

Income

Fund

-

July

31,

2023

(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,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

9,948,883

$

–

$

9,948,883

Collateralized

Mortgage

Obligations

–

24,523,240

–

24,523,240

Commercial

Mortgage-Backed

Securities

–

7,988,300

–

7,988,300

Common

Stock

–

–

201,679

201,679

Convertible

Bond

–

1,086,983

–

1,086,983

Convertible

Preferred

Stock

589,495

–

–

589,495

Corporate

Bonds

–

94,637,061

–

94,637,061

Foreign

Government

Security

–

417,128

–

417,128

Forward

Foreign

Currency

Contracts

–

27,563

–

27,563

26

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Amundi

Strategic

Income

Fund

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

The

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,

2023.

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

or

selected

credit

markets while

maintaining

liquidity

to

satisfy

shareholder

activity,

to

manage

broad

credit

market

spread

exposure

and/or

to

create

synthetic

long

and

short

exposure

to

select

credit

and 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,

Level

1

Level

2

Level

3

Total

Assets:

Futures

Contracts

$

955,263

$

–

$

–

$

955,263

Loan

Participations

–

733,247

–

733,247

Repurchase

Agreement

–

3,395,816

–

3,395,816

Short-Term

Investments

–

10,762,676

–

10,762,676

Warrants

13,567

–

–

13,567

Total

Assets

$

1,558,325

$

153,520,897

$

201,679

$

155,280,901

Liabilities:

Credit

Default

Swaps†

$

–

$

(1,181,232)

$

–

$

(1,181,232)

Forward

Foreign

Currency

Contracts

–

(6,920)

–

(6,920)

Futures

Contracts

(327,641)

–

–

(327,641)

Total

Liabilities

$

(327,641)

$

(1,188,152)

$

–

$

(1,515,793)

Total

$

1,230,684

$

152,332,745

$

201,679

$

153,765,108

†

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).

Common

Stocks

Total

Balance

as

of

10/31/2022

$

—

$

—

Accrued

Accretion/(Amortization)

—

—

Realized

Gains

(Losses)

—

—

Purchases

—

—

Sales

—

—

Change

in

Unrealized

Appreciation/Depreciation

8,922

8,922

Transfers

into

Level

3

192,757

192,757

Transfers

out

of

Level

3

—

—

Balance

as

of

7/31/2023

$

201,679

$

201,679

Change

in

Unrealized

Appreciation/Depreciation

for

Investments

Still

Held

as

of

7/31/2023

$

8,922

$

8,922

Nationwide

Amundi

Strategic

Income

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

27

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,

2023

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,

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

and/or

to

seek

to

protect

against

anticipated

changes

in

future

foreign

currency

exchange

rate,

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

28

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Amundi

Strategic

Income

Fund

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,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

July

31,

2023:

Assets:

Fair

Value

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

appreciation

on

forward

foreign

currency

contracts

$

27,563

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

955,263

Total

$

982,826

Liabilities:

Swap

Contracts†

Credit

risk

Unrealized

depreciation

on

centrally

cleared

swap

contracts

$

(1,181,232)

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

depreciation

on

forward

foreign

currency

contracts

(6,920)

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

(327,641)

Total

$

(1,515,793)

†

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Bailard

International

Equities

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

29

Common

Stocks

98.7%

Shares

Value

($)

AUSTRALIA

5.4%

Banks

0.5%

National

Australia

Bank

Ltd.

50,000

956,168

Broadline

Retail

0.6%

Wesfarmers

Ltd.

32,000

1,071,008

Capital

Markets

0.4%

Macquarie

Group

Ltd.

6,000

706,809

Consumer

Staples

Distribution

&

Retail

0.5%

Coles

Group

Ltd.

70,000

856,014

Metals

&

Mining

3.4%

BHP

Group

Ltd.

100,000

3,118,132

Glencore

plc

225,000

1,366,202

Rio

Tinto

plc

27,000

1,783,303

6,267,637

9,857,636

BRAZIL

0.4%

Oil,

Gas

&

Consumable

Fuels

0.4%

Petroleo

Brasileiro

SA,

ADR

50,000

734,000

CANADA

0.7%

Oil,

Gas

&

Consumable

Fuels

0.7%

Suncor

Energy,

Inc.

40,000

1,251,583

CHINA

0.7%

Automobiles

0.3%

BYD

Co.

Ltd.

,

Class

H

15,000

532,010

Interactive

Media

&

Services

0.4%

Tencent

Holdings

Ltd.

15,000

688,468

1,220,478

COLOMBIA

0.3%

Oil,

Gas

&

Consumable

Fuels

0.3%

Ecopetrol

SA,

ADR

40,000

468,800

DENMARK

4.2%

Air

Freight

&

Logistics

0.6%

DSV

A/S

5,500

1,096,662

Beverages

0.7%

Carlsberg

A/S

,

Class

B

8,000

1,200,255

Marine

Transportation

0.7%

AP

Moller

-

Maersk

A/S

,

Class

B

600

1,231,469

Pharmaceuticals

2.2%

Novo

Nordisk

A/S

,

Class

B

25,000

4,032,289

7,560,675

FINLAND

1.4%

Banks

0.8%

Nordea

Bank

Abp

135,000

1,526,702

Machinery

0.6%

Kone

OYJ

,

Class

B

20,000

1,023,994

2,550,696

FRANCE

11.7%

Aerospace

&

Defense

0.5%

Airbus

SE

6,000

883,950

Banks

1.1%

BNP

Paribas

SA

30,000

1,978,821

Building

Products

0.7%

Cie

de

Saint-Gobain

20,000

1,349,578

Common

Stocks

Shares

Value

($)

FRANCE

Chemicals

1.3%

Air

Liquide

SA

13,000

2,332,163

Construction

&

Engineering

0.4%

Vinci

SA

6,500

763,899

Consumer

Staples

Distribution

&

Retail

0.4%

Carrefour

SA

40,000

799,525

Insurance

0.6%

AXA

SA

35,000

1,075,926

IT

Services

0.8%

Capgemini

SE

7,500

1,361,541

Oil,

Gas

&

Consumable

Fuels

1.3%

TotalEnergies

SE

40,000

2,429,773

Personal

Care

Products

1.3%

L'Oreal

SA

5,000

2,323,683

Textiles,

Apparel

&

Luxury

Goods

3.3%

Hermes

International

900

1,991,489

LVMH

Moet

Hennessy

Louis

Vuitton

SE

4,000

3,734,305

5,725,794

21,024,653

GERMANY

7.9%

Air

Freight

&

Logistics

0.9%

DHL

Group

33,000

1,695,169

Automobiles

0.9%

Bayerische

Motoren

Werke

AG

13,000

1,584,677

Construction

Materials

0.5%

Heidelberg

Materials

AG

12,000

972,202

Diversified

Telecommunication

Services

0.5%

Deutsche

Telekom

AG

(Registered)

40,000

872,595

Household

Products

0.5%

Henkel

AG

&

Co.

KGaA

(Preference)

12,000

925,689

Industrial

Conglomerates

1.4%

Siemens

AG

(Registered)

15,000

2,555,918

Insurance

1.4%

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

7,000

2,636,819

Pharmaceuticals

0.5%

Bayer

AG

(Registered)

15,000

876,277

Semiconductors

&

Semiconductor

Equipment

0.8%

Infineon

Technologies

AG

32,500

1,429,176

Software

0.5%

SAP

SE

6,000

820,625

14,369,147

HONG

KONG

0.9%

Insurance

0.4%

AIA

Group

Ltd.

75,000

749,472

Real

Estate

Management

&

Development

0.5%

CK

Asset

Holdings

Ltd.

140,000

808,827

1,558,299

30

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Bailard

International

Equities

Fund

Common

Stocks

Shares

Value

($)

IRELAND

0.9%

Construction

Materials

0.9%

CRH

plc

27,000

1,618,388

ITALY

5.0%

Automobiles

0.7%

Ferrari

NV

4,000

1,281,980

Banks

2.0%

Intesa

Sanpaolo

SpA

550,000

1,590,677

UniCredit

SpA

80,000

2,024,388

3,615,065

Electric

Utilities

1.0%

Enel

SpA

275,000

1,898,168

Electrical

Equipment

0.8%

Prysmian

SpA

35,000

1,397,523

Insurance

0.5%

Assicurazioni

Generali

SpA

40,000

852,596

9,045,332

JAPAN

24.9%

Automobile

Components

1.2%

Denso

Corp.

20,000

1,391,633

Sumitomo

Electric

Industries

Ltd.

60,000

768,718

2,160,351

Automobiles

2.4%

Honda

Motor

Co.

Ltd.

50,000

1,596,021

Mazda

Motor

Corp.

100,000

995,152

Suzuki

Motor

Corp.

20,000

802,166

Toyota

Motor

Corp.

60,000

1,006,837

4,400,176

Banks

1.3%

Mitsubishi

UFJ

Financial

Group,

Inc.

200,000

1,613,524

Sumitomo

Mitsui

Financial

Group,

Inc.

15,000

706,897

2,320,421

Beverages

0.5%

Kirin

Holdings

Co.

Ltd.

65,000

961,136

Chemicals

0.9%

Shin-Etsu

Chemical

Co.

Ltd.

50,000

1,647,022

Consumer

Staples

Distribution

&

Retail

0.6%

Seven

&

i

Holdings

Co.

Ltd.

25,000

1,039,885

Electrical

Equipment

0.8%

Mitsubishi

Electric

Corp.

100,000

1,401,795

Electronic

Equipment,

Instruments

&

Components

0.5%

Murata

Manufacturing

Co.

Ltd.

14,000

827,044

Entertainment

0.5%

Nintendo

Co.

Ltd.

20,000

906,191

Financial

Services

0.5%

ORIX

Corp.

50,000

961,360

Health

Care

Equipment

&

Supplies

1.0%

Hoya

Corp.

6,500

753,848

Olympus

Corp.

60,000

979,625

1,733,473

Household

Durables

1.4%

Panasonic

Holdings

Corp.

80,000

987,221

Sekisui

Chemical

Co.

Ltd.

40,000

608,010

Sony

Group

Corp.

10,000

935,831

2,531,062

Common

Stocks

Shares

Value

($)

JAPAN

Industrial

Conglomerates

0.9%

Hitachi

Ltd.

24,000

1,570,795

Insurance

0.6%

Dai-ichi

Life

Holdings,

Inc.

50,000

1,022,039

IT

Services

1.3%

Fujitsu

Ltd.

7,000

906,376

NEC

Corp.

30,000

1,518,295

2,424,671

Machinery

0.6%

Komatsu

Ltd.

40,000

1,118,687

Metals

&

Mining

0.6%

Nippon

Steel

Corp.

50,000

1,142,319

Personal

Care

Products

0.4%

Kao

Corp.

20,000

761,276

Pharmaceuticals

0.7%

Astellas

Pharma,

Inc.

90,000

1,313,665

Professional

Services

0.8%

Recruit

Holdings

Co.

Ltd.

43,000

1,495,030

Semiconductors

&

Semiconductor

Equipment

2.3%

Advantest

Corp.

8,000

1,108,330

Renesas

Electronics

Corp.

*

75,000

1,458,965

Tokyo

Electron

Ltd.

10,500

1,569,142

4,136,437

Specialty

Retail

0.4%

Fast

Retailing

Co.

Ltd.

3,000

751,645

Technology

Hardware,

Storage

&

Peripherals

0.6%

Canon,

Inc.

40,000

1,033,187

Trading

Companies

&

Distributors

3.0%

ITOCHU

Corp.

32,500

1,316,127

Mitsubishi

Corp.

35,000

1,790,870

Mitsui

&

Co.

Ltd.

35,000

1,370,962

Sumitomo

Corp.

(a)

40,000

858,018

5,335,977

Wireless

Telecommunication

Services

1.1%

KDDI

Corp.

35,000

1,030,915

SoftBank

Corp.

80,000

887,425

1,918,340

44,913,984

LUXEMBOURG

0.6%

Metals

&

Mining

0.6%

ArcelorMittal

SA

40,000

1,158,079

NETHERLANDS

6.5%

Banks

1.0%

ING

Groep

NV

130,000

1,897,381

Consumer

Staples

Distribution

&

Retail

1.0%

Koninklijke

Ahold

Delhaize

NV

50,000

1,726,508

Oil,

Gas

&

Consumable

Fuels

1.0%

Shell

plc

60,000

1,825,852

Professional

Services

1.5%

Randstad

NV

20,000

1,171,713

Wolters

Kluwer

NV

13,000

1,631,810

2,803,523

Semiconductors

&

Semiconductor

Equipment

2.0%

ASML

Holding

NV

(Registered),

NYRS

5,000

3,582,050

11,835,314

Nationwide

Bailard

International

Equities

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

31

Common

Stocks

Shares

Value

($)

NEW

ZEALAND

0.4%

Diversified

Telecommunication

Services

0.4%

Spark

New

Zealand

Ltd.

230,000

740,482

POLAND

0.5%

Oil,

Gas

&

Consumable

Fuels

0.5%

ORLEN

SA

*

50,000

892,715

PORTUGAL

0.6%

Consumer

Staples

Distribution

&

Retail

0.6%

Jeronimo

Martins

SGPS

SA

40,000

1,087,260

SINGAPORE

1.0%

Semiconductors

&

Semiconductor

Equipment

1.0%

STMicroelectronics

NV

35,000

1,871,814

SOUTH

AFRICA

0.4%

Metals

&

Mining

0.4%

Anglo

American

plc

25,000

767,404

SOUTH

KOREA

1.0%

Banks

0.4%

KB

Financial

Group,

Inc.

20,000

799,258

Technology

Hardware,

Storage

&

Peripherals

0.6%

Samsung

Electronics

Co.

Ltd.

20,000

1,096,228

1,895,486

SPAIN

3.0%

Banks

0.9%

Banco

Bilbao

Vizcaya

Argentaria

SA

200,000

1,584,668

Construction

&

Engineering

0.4%

ACS

Actividades

de

Construccion

y

Servicios

SA

(a)

21,000

734,072

Electric

Utilities

0.4%

Iberdrola

SA

65,000

812,003

Gas

Utilities

0.7%

Naturgy

Energy

Group

SA

(a)

40,000

1,220,142

Specialty

Retail

0.6%

Industria

de

Diseno

Textil

SA

30,000

1,147,018

5,497,903

SWEDEN

1.6%

Machinery

1.6%

Atlas

Copco

AB

,

Class

B

125,000

1,545,219

Volvo

AB

,

Class

B

60,000

1,326,209

2,871,428

SWITZERLAND

2.4%

Capital

Markets

0.5%

UBS

Group

AG

(Registered)

40,000

885,615

Insurance

0.8%

Zurich

Insurance

Group

AG

3,000

1,447,383

Pharmaceuticals

1.1%

Novartis

AG

(Registered)

20,000

2,096,825

4,429,823

TAIWAN

0.5%

Semiconductors

&

Semiconductor

Equipment

0.5%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

10,000

991,500

UNITED

KINGDOM

8.9%

Aerospace

&

Defense

0.5%

BAE

Systems

plc

80,000

956,330

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Banks

1.2%

Barclays

plc

450,000

894,556

HSBC

Holdings

plc

150,000

1,243,407

2,137,963

Beverages

0.5%

Diageo

plc

20,000

872,662

Capital

Markets

0.8%

3i

Group

plc

60,000

1,521,087

Household

Products

0.4%

Reckitt

Benckiser

Group

plc

10,000

748,984

Industrial

Conglomerates

0.5%

CK

Hutchison

Holdings

Ltd.

150,000

926,320

Oil,

Gas

&

Consumable

Fuels

1.5%

BP

plc

400,000

2,479,026

Personal

Care

Products

1.2%

Unilever

plc

40,000

2,150,864

Pharmaceuticals

1.0

%

AstraZeneca

plc,

ADR

25,000

1,792,500

Professional

Services

0.4%

RELX

plc

22,500

757,260

Textiles,

Apparel

&

Luxury

Goods

0.9%

Burberry

Group

plc

60,000

1,710,212

16,053,208

UNITED

STATES

6.9%

Automobiles

1.0%

Stellantis

NV

85,000

1,741,403

Construction

Materials

0.6%

Holcim

Ltd.

15,000

1,041,574

Electrical

Equipment

1.2%

Schneider

Electric

SE

12,500

2,229,467

Food

Products

1.6%

Nestle

SA

(Registered)

23,000

2,825,168

Pharmaceuticals

1.8%

Roche

Holding

AG

6,000

1,860,248

Sanofi

15,000

1,601,947

3,462,195

Trading

Companies

&

Distributors

0.7%

Ferguson

plc

8,000

1,284,189

12,583,996

Total

Common

Stocks

(cost

$141,283,146)

178,850,083

Exchange

Traded

Fund

0.3%

UNITED

STATES

0.3%

VanEck

Vietnam

ETF

(a)

35,000

526,750

Total

Exchange

Traded

Fund

(cost

$622,056)

526,750

Total

Investments

(cost

$141,905,202)

—

99.0%

179,376,833

Other

assets

in

excess

of

liabilities

—

1.0%

1,762,133

NET

ASSETS

—

100.0%

$

181,138,966

32

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Bailard

International

Equities

Fund

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

July

31,

2023.

The

total

value

of

securities

on

loan

as

of

July

31,

2023

was

$2,166,384,

which

was

collateralized

by

$2,432,062

in

the

form

of

U.S

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

3.63%,

and

maturity

dates

ranging

from

8/10/2023

–

2/15/2053.

ADR

American

Depositary

Receipt

ETF

Exchange

Traded

Fund

NYRS

New

York

Registry

Shares

Preference

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

Nationwide

Bailard

International

Equities

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

33

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

34

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Bailard

International

Equities

Fund

Level

1

Level

2

Level

3

Total

Assets:

  Common

Stocks

Aerospace

&

Defense

$

–

$

1,840,280

$

–

$

1,840,280

Air

Freight

&

Logistics

–

2,791,831

–

2,791,831

Automobile

Components

–

2,160,351

–

2,160,351

Automobiles

–

9,540,246

–

9,540,246

Banks

–

16,816,447

–

16,816,447

Beverages

–

3,034,053

–

3,034,053

Broadline

Retail

–

1,071,008

–

1,071,008

Building

Products

–

1,349,578

–

1,349,578

Capital

Markets

–

3,113,511

–

3,113,511

Chemicals

–

3,979,185

–

3,979,185

Construction

&

Engineering

–

1,497,971

–

1,497,971

Construction

Materials

–

3,632,164

–

3,632,164

Consumer

Staples

Distribution

&

Retail

–

5,509,192

–

5,509,192

Diversified

Telecommunication

Services

–

1,613,077

–

1,613,077

Electric

Utilities

–

2,710,171

–

2,710,171

Electrical

Equipment

–

5,028,785

–

5,028,785

Electronic

Equipment,

Instruments

&

Components

–

827,044

–

827,044

Entertainment

–

906,191

–

906,191

Financial

Services

–

961,360

–

961,360

Food

Products

–

2,825,168

–

2,825,168

Gas

Utilities

–

1,220,142

–

1,220,142

Health

Care

Equipment

&

Supplies

–

1,733,473

–

1,733,473

Household

Durables

–

2,531,062

–

2,531,062

Household

Products

–

1,674,673

–

1,674,673

Industrial

Conglomerates

–

5,053,033

–

5,053,033

Insurance

–

7,784,235

–

7,784,235

Interactive

Media

&

Services

–

688,468

–

688,468

IT

Services

–

3,786,212

–

3,786,212

Machinery

–

5,014,109

–

5,014,109

Marine

Transportation

–

1,231,469

–

1,231,469

Metals

&

Mining

–

9,335,439

–

9,335,439

Oil,

Gas

&

Consumable

Fuels

2,454,383

7,627,366

–

10,081,749

Personal

Care

Products

–

5,235,823

–

5,235,823

Pharmaceuticals

1,792,500

11,781,251

–

13,573,751

Professional

Services

–

5,055,813

–

5,055,813

Real

Estate

Management

&

Development

–

808,827

–

808,827

Semiconductors

&

Semiconductor

Equipment

4,573,550

7,437,427

–

12,010,977

Software

–

820,625

–

820,625

Specialty

Retail

–

1,898,663

–

1,898,663

Technology

Hardware,

Storage

&

Peripherals

–

2,129,415

–

2,129,415

Textiles,

Apparel

&

Luxury

Goods

–

7,436,006

–

7,436,006

Trading

Companies

&

Distributors

–

6,620,166

–

6,620,166

Wireless

Telecommunication

Services

–

1,918,340

–

1,918,340

Total

Common

Stocks

$

8,820,433

$

170,029,650

$

–

$

178,850,083

Exchange

Traded

Fund

526,750

–

–

526,750

Total

$

9,347,183

$

170,029,650

$

–

$

179,376,833

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Global

Sustainable

Equity

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

35

Common

Stocks

99.9%

Shares

Value

($)

BRAZIL

0.9%

Broadline

Retail

0.9%

MercadoLibre,

Inc.

*

1,503

1,860,789

CANADA

1.9%

Ground

Transportation

1.9%

Canadian

Pacific

Kansas

City

Ltd.

49,319

4,058,461

CHINA

1

.2%

Automobiles

0.8%

Li

Auto,

Inc.,

ADR

*

38,132

1,632,049

Chemicals

0.0%

†

Tianhe

Chemicals

Group

Ltd.

*^∞

2,702,000

0

Hotels,

Restaurants

&

Leisure

0.4%

Meituan

,

Class

B

Reg.

S

*(a)

46,480

884,285

2,516,334

DENMARK

1.0%

Biotechnology

1.0%

Genmab

A/S

*

5,319

2,193,583

FINLAND

0.5%

Machinery

0.5%

Metso

Oyj

92,356

1,049,799

FRANCE

3.8%

Automobile

Components

1.1%

Cie

Generale

des

Etablissements

Michelin

SCA

75,034

2,452,883

Food

Products

1.1%

Danone

SA

39,015

2,383,075

Insurance

1.6%

AXA

SA

110,951

3,410,716

8,246,674

GERMANY

1.0%

Machinery

1.0%

Knorr-Bremse

AG

30,876

2,172,386

INDIA

1.4%

Banks

1.4%

Axis

Bank

Ltd.,

GDR

Reg.

S

52,167

3,052,520

INDONESIA

0.7%

Banks

0.7%

Bank

Mandiri

Persero

Tbk.

PT

4,211,100

1,599,999

ITALY

0.6%

Electrical

Equipment

0.6%

Prysmian

SpA

32,315

1,290,313

JAPAN

4.8%

Banks

1.2%

Mitsubishi

UFJ

Financial

Group,

Inc.

328,200

2,647,792

Diversified

Telecommunication

Services

0.9%

Nippon

Telegraph

&

Telephone

Corp.

1,695,000

1,942,447

Household

Durables

1.3%

Sony

Group

Corp.

30,400

2,844,927

Wireless

Telecommunication

Services

1.4%

SoftBank

Group

Corp.

58,800

3,000,125

10,435,291

Common

Stocks

Shares

Value

($)

NETHERLANDS

1.8%

Health

Care

Equipment

&

Supplies

1.8%

Koninklijke

Philips

NV

*

193,882

4,034,848

NORWAY

1.9%

Oil,

Gas

&

Consumable

Fuels

1.9%

Equinor

ASA

137,106

4,176,645

SWITZERLAND

2.0%

Food

Products

0.8%

Barry

Callebaut

AG

(Registered)

973

1,823,950

Health

Care

Equipment

&

Supplies

1.2%

Alcon,

Inc.

30,351

2,579,243

4,403,193

UNITED

KINGDOM

9.3%

Capital

Markets

2.3%

London

Stock

Exchange

Group

plc

45,712

4,959,856

Electronic

Equipment,

Instruments

&

Components

1.4%

Spectris

plc

68,048

3,062,517

Personal

Care

Products

1.4%

Unilever

plc

58,293

3,137,970

Pharmaceuticals

1.5%

AstraZeneca

plc

23,461

3,365,831

Software

1.1%

Sage

Group

plc

(The)

194,837

2,342,318

Trading

Companies

&

Distributors

1.6%

Ashtead

Group

plc

46,345

3,425,178

20,293,670

UNITED

STATES

67.1%

Automobile

Components

1.7%

Aptiv

plc

*

33,221

3,637,367

Automobiles

0.7%

Rivian

Automotive,

Inc.

,

Class

A

*(b)

56,430

1,559,725

Banks

1.2%

Wells

Fargo

&

Co.

55,225

2,549,186

Biotechnology

2.4%

AbbVie,

Inc.

11,214

1,677,390

Vertex

Pharmaceuticals,

Inc.

*

10,417

3,670,326

5,347,716

Broadline

Retail

2.3%

Amazon.com,

Inc.

*

37,665

5,035,057

Capital

Markets

2.3%

Ameriprise

Financial,

Inc.

14,129

4,923,250

Chemicals

4.9%

CF

Industries

Holdings,

Inc.

26,247

2,154,354

Ecolab,

Inc.

17,279

3,164,476

Linde

plc

14,086

5,502,977

10,821,807

Commercial

Services

&

Supplies

3.3%

Montrose

Environmental

Group,

Inc.

*

58,748

2,377,532

MSA

Safety,

Inc.

15,432

2,561,712

Waste

Management,

Inc.

14,456

2,367,748

7,306,992

Consumer

Finance

0.7%

SLM

Corp.

99,934

1,616,932

36

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Global

Sustainable

Equity

Fund

Common

Stocks

Shares

Value

($)

UNITED

STATES

Consumer

Staples

Distribution

&

Retail

1.4%

Costco

Wholesale

Corp.

5,617

3,149,283

Electrical

Equipment

1.8%

Regal

Rexnord

Corp.

13,877

2,167,310

Shoals

Technologies

Group,

Inc.

,

Class

A

*

65,933

1,711,621

3,878,931

Electronic

Equipment,

Instruments

&

Components

1.1%

Zebra

Technologies

Corp.

,

Class

A

*

7,565

2,329,717

Entertainment

2.9%

Netflix,

Inc.

*

7,462

3,275,594

Take-Two

Interactive

Software,

Inc.

*

19,606

2,998,542

6,274,136

Financial

Services

3.4%

Fidelity

National

Information

Services,

Inc.

26,800

1,618,184

Visa,

Inc.

,

Class

A

(b)

24,002

5,705,995

7,324,179

Health

Care

Providers

&

Services

3.4%

Laboratory

Corp.

of

America

Holdings

11,060

2,366,066

UnitedHealth

Group,

Inc.

9,930

5,028,254

7,394,320

Hotels,

Restaurants

&

Leisure

1.4%

Starbucks

Corp.

30,233

3,070,766

Industrial

REITs

0.7%

Prologis,

Inc.

13,072

1,630,732

Insurance

1.8%

Marsh

&

McLennan

Cos.,

Inc.

(b)

20,671

3,894,830

Interactive

Media

&

Services

2.3%

Alphabet,

Inc.

,

Class

A

*

38,531

5,113,834

IT

Services

1.2%

Snowflake,

Inc.

,

Class

A

*

14,487

2,574,485

Leisure

Products

0.7%

Brunswick

Corp.

18,284

1,578,092

Life

Sciences

Tools

&

Services

1.0%

Bio-Rad

Laboratories,

Inc.

,

Class

A

*

5,405

2,190,971

Machinery

1.3%

Ingersoll

Rand,

Inc.

42,983

2,805,500

Oil,

Gas

&

Consumable

Fuels

2.3%

Hess

Corp.

32,909

4,993,283

Personal

Care

Products

0.8%

Kenvue,

Inc.

*(b)

69,400

1,643,392

Pharmaceuticals

2.0%

Eli

Lilly

&

Co.

9,562

4,346,407

Semiconductors

&

Semiconductor

Equipment

4.9%

Advanced

Micro

Devices,

Inc.

*

22,662

2,592,533

Micron

Technology,

Inc.

32,131

2,293,832

MKS

Instruments,

Inc.

(b)

9,756

1,065,063

ON

Semiconductor

Corp.

*

18,201

1,961,158

Universal

Display

Corp.

(b)

18,647

2,720,224

10,632,810

Common

Stocks

Shares

Value

($)

UNITED

STATES

Software

11.2%

Adobe,

Inc.

*

11,207

6,120,927

Cadence

Design

Systems,

Inc.

*

9,054

2,118,727

Five9,

Inc.

*

21,280

1,867,320

Microsoft

Corp.

29,493

9,907,289

Salesforce,

Inc.

*

13,083

2,943,806

Splunk,

Inc.

*

16,528

1,790,478

24,748,547

Specialty

Retail

2.0%

TJX

Cos.,

Inc.

(The)

49,821

4,311,011

146,683,258

Total

Common

Stocks

(cost

$183,536,311)

218,067,763

Repurchase

Agreement

0.9%

Principal

Amount

($)

CF

Secured,

LLC,

5.28%,

dated

7/31/2023,

due

8/1/2023,

repurchase

price

$1,942,710,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.63%,

maturing

8/8/2023

-

8/15/2052;

total

market

value

$1,981,564.(c)

1,942,425

1,942,425

Total

Repurchase

Agreement

(cost

$1,942,425)

1,942,425

Total

Investments

(cost

$185,478,736)

—

100.8%

220,010,188

Liabilities

in

excess

of

other

assets

—

(0.8)%

(1,687,222)

NET

ASSETS

—

100.0%

$

218,322,966

*

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,

2023

was

$884,285

which

represents

0.41%

of

net

assets.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

July

31,

2023.

The

total

value

of

securities

on

loan

as

of

July

31,

2023

was

$8,747,481,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$1,942,425

and

by

$6,981,835

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

6.13%,

and

maturity

dates

ranging

from

8/15/2023

–

11/15/2052,

a

total

value

of

$8,924,260.

(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,

2023

was

$1,942,425.

Nationwide

Global

Sustainable

Equity

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

37

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.

REIT

Real

Estate

Investment

Trust

38

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Global

Sustainable

Equity

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

Nationwide

Global

Sustainable

Equity

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

39

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,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

  Common

Stocks

Automobile

Components

$

3,637,367

$

2,452,883

$

–

$

6,090,250

Automobiles

3,191,774

–

–

3,191,774

Banks

2,549,186

7,300,311

–

9,849,497

Biotechnology

5,347,716

2,193,583

–

7,541,299

Broadline

Retail

6,895,846

–

–

6,895,846

Capital

Markets

4,923,250

4,959,856

–

9,883,106

Chemicals

10,821,807

–

–

10,821,807

Commercial

Services

&

Supplies

7,306,992

–

–

7,306,992

Consumer

Finance

1,616,932

–

–

1,616,932

Consumer

Staples

Distribution

&

Retail

3,149,283

–

–

3,149,283

Diversified

Telecommunication

Services

–

1,942,447

–

1,942,447

Electrical

Equipment

3,878,931

1,290,313

–

5,169,244

Electronic

Equipment,

Instruments

&

Components

2,329,717

3,062,517

–

5,392,234

Entertainment

6,274,136

–

–

6,274,136

Financial

Services

7,324,179

–

–

7,324,179

Food

Products

–

4,207,025

–

4,207,025

Ground

Transportation

4,058,461

–

–

4,058,461

Health

Care

Equipment

&

Supplies

–

6,614,091

–

6,614,091

Health

Care

Providers

&

Services

7,394,320

–

–

7,394,320

Hotels,

Restaurants

&

Leisure

3,070,766

884,285

–

3,955,051

Household

Durables

–

2,844,927

–

2,844,927

Industrial

REITs

1,630,732

–

–

1,630,732

Insurance

3,894,830

3,410,716

–

7,305,546

Interactive

Media

&

Services

5,113,834

–

–

5,113,834

IT

Services

2,574,485

–

–

2,574,485

Leisure

Products

1,578,092

–

–

1,578,092

Life

Sciences

Tools

&

Services

2,190,971

–

–

2,190,971

Machinery

2,805,500

3,222,185

–

6,027,685

Oil,

Gas

&

Consumable

Fuels

4,993,283

4,176,645

–

9,169,928

Personal

Care

Products

1,643,392

3,137,970

–

4,781,362

Pharmaceuticals

4,346,407

3,365,831

–

7,712,238

Semiconductors

&

Semiconductor

Equipment

10,632,810

–

–

10,632,810

Software

24,748,547

2,342,318

–

27,090,865

Specialty

Retail

4,311,011

–

–

4,311,011

Trading

Companies

&

Distributors

–

3,425,178

–

3,425,178

Wireless

Telecommunication

Services

–

3,000,125

–

3,000,125

Total

Common

Stocks

$

154,234,557

$

63,833,206

$

–

$

218,067,763

Repurchase

Agreement

–

1,942,425

–

1,942,425

Total

$

154,234,557

$

65,775,631

$

–

$

220,010,188

As

of

July

31,

2023,

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.

40

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

International

Small

Cap

Fund

Common

Stocks

93.7%

Shares

Value

($)

AUSTRALIA

4.7%

Chemicals

0.2%

Nufarm

Ltd.

380,377

1,378,131

Construction

Materials

0.1%

CSR

Ltd.

143,457

553,089

Consumer

Finance

0.4%

Credit

Corp.

Group

Ltd.

(a)

146,112

2,321,702

Containers

&

Packaging

0.4%

Orora

Ltd.

994,151

2,404,232

Diversified

REITs

0.5%

Stockland

1,040,960

2,958,140

Financial

Services

1.2%

Liberty

Financial

Group

Ltd.

Reg.

S

(a)

754,853

1,986,084

Omni

Bridgeway

Ltd.

*(a)

1,098,772

2,081,772

Tyro

Payments

Ltd.

*

2,854,549

2,681,430

6,749,286

Metals

&

Mining

0.9%

Bellevue

Gold

Ltd.

*

2,922,403

2,869,228

Genesis

Minerals

Ltd.

*

208,967

207,318

IGO

Ltd.

246,325

2,287,540

5,364,086

Oil,

Gas

&

Consumable

Fuels

0.3%

Whitehaven

Coal

Ltd.

436,558

2,033,550

Software

0.1%

SiteMinder

Ltd.

*

264,931

748,406

Specialized

REITs

0.4%

National

Storage

REIT

1,773,205

2,770,055

Trading

Companies

&

Distributors

0.2%

Seven

Group

Holdings

Ltd.

85,377

1,505,486

Transportation

Infrastructure

0.0%

†

Atlas

Arteria

Ltd.

51,171

216,193

29,002,356

AUSTRIA

1.6%

Banks

1.4%

Addiko

Bank

AG

174,726

2,363,179

BAWAG

Group

AG

Reg.

S

(b)

135,197

6,583,956

8,947,135

Construction

Materials

0.2%

Wienerberger

AG

37,108

1,217,387

10,164,522

BELGIUM

0.7%

Banks

0.7%

KBC

Ancora

89,644

4,191,025

BRAZIL

3.0%

Financial

Services

0.3%

Pagseguro

Digital

Ltd.

,

Class

A

*

92,459

1,050,334

StoneCo

Ltd.

,

Class

A

*

68,880

998,071

2,048,405

Ground

Transportation

0.4%

Rumo

SA

524,798

2,579,182

IT

Services

0.5%

Locaweb

Servicos

de

Internet

SA

Reg.

S

(b)

1,870,700

2,931,406

Software

0.5%

TOTVS

SA

517,400

3,235,425

Common

Stocks

Shares

Value

($)

BRAZIL

Water

Utilities

0.5%

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

SABESP

232,800

2,860,308

Wireless

Telecommunication

Services

0.8%

TIM

SA

1,718,500

5,211,376

18,866,102

BURKINA

FASO

0.4%

Metals

&

Mining

0.4%

Endeavour

Mining

plc

109,588

2,647,764

CANADA

4.8%

Chemicals

0.3%

EcoSynthetix,

Inc.

*

549,825

1,609,468

Entertainment

0.1%

Boat

Rocker

Media,

Inc.

*

667,303

915,951

Financial

Services

0.6%

Nuvei

Corp.

Reg.

S

*

104,176

3,553,443

Metals

&

Mining

0.4%

Faraday

Copper

Corp.

*(a)

1,420,723

937,344

Stelco

Holdings,

Inc.

41,563

1,515,451

2,452,795

Oil,

Gas

&

Consumable

Fuels

1.0%

Advantage

Energy

Ltd.

*

114,495

807,495

Enerplus

Corp.

85,607

1,432,139

MEG

Energy

Corp.

*(a)

142,429

2,539,344

Parex

Resources,

Inc.

55,889

1,238,022

6,017,000

Real

Estate

Management

&

Development

1.1%

Colliers

International

Group,

Inc.

(a)

74,796

7,572,906

Residential

REITs

0.4%

Boardwalk

REIT

49,163

2,442,398

Software

0.9%

Lightspeed

Commerce,

Inc.

*

311,418

5,473,749

30,037,710

CHILE

0.4%

Metals

&

Mining

0.4%

Lundin

Mining

Corp.

243,188

2,174,335

CHINA

2.2%

Automobile

Components

0.2%

Minth

Group

Ltd.

474,347

1,514,789

Consumer

Staples

Distribution

&

Retail

0.0%

†

Dada

Nexus

Ltd.,

ADR

*

33,863

226,543

Gas

Utilities

0.5%

Beijing

Enterprises

Holdings

Ltd.

766,000

3,039,713

Independent

Power

and

Renewable

Electricity

Producers

0.3%

China

Datang

Corp.

Renewable

Power

Co.

Ltd.

,

Class

H

5,116,000

1,659,565

Interactive

Media

&

Services

0.1%

Kanzhun

Ltd.,

ADR

*

49,058

916,403

Machinery

0.3%

Airtac

International

Group

58,432

1,736,696

Real

Estate

Management

&

Development

0.7%

Wharf

Holdings

Ltd.

(The)

818,481

1,911,755

Yuexiu

Property

Co.

Ltd.

1,346,000

1,767,421

3,679,176

Nationwide

International

Small

Cap

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

41

Common

Stocks

Shares

Value

($)

CHINA

Software

0.1%

Kingdee

International

Software

Group

Co.

Ltd.

*

337,186

586,140

13,359,025

DENMARK

1.0%

Biotechnology

0.7%

Ascendis

Pharma

A/S,

ADR

*

24,112

2,173,697

Zealand

Pharma

A/S

*

69,327

2,408,731

4,582,428

Marine

Transportation

0.3%

Dfds

A/S

46,298

1,661,261

6,243,689

EGYPT

0.4%

Oil,

Gas

&

Consumable

Fuels

0.4%

Energean

plc

162,037

2,409,749

FINLAND

0.6%

Automobile

Components

0.1%

Nokian

Renkaat

OYJ

77,283

719,267

Chemicals

0.4%

Kemira

OYJ

134,800

2,110,179

Machinery

0.1%

Wartsila

OYJ

Abp

62,083

780,402

3,609,848

FRANCE

4.2%

Automobile

Components

0.1%

Valeo

18,154

410,981

Construction

Materials

0.3%

Imerys

SA

15,472

537,351

Vicat

SA

29,892

1,014,845

1,552,196

Diversified

REITs

0.1%

ICADE

8,451

344,236

Energy

Equipment

&

Services

0.6%

Technip

Energies

NV

116,283

2,653,226

Vallourec

SA

*

94,764

1,236,974

3,890,200

Financial

Services

0.2%

Wendel

SE

10,771

1,064,448

Gas

Utilities

0.3%

Rubis

SCA

85,472

2,108,465

Ground

Transportation

0.4%

ALD

SA

Reg.

S

(b)

239,052

2,540,890

Household

Durables

0.5%

Kaufman

&

Broad

SA

106,942

2,946,487

Media

0.9%

JCDecaux

SE

*

330,025

6,189,263

Oil,

Gas

&

Consumable

Fuels

0.2%

Gaztransport

Et

Technigaz

SA

8,909

1,086,113

Passenger

Airlines

0.6%

Air

France-KLM

*

2,154,406

3,716,220

25,849,499

GERMANY

3.9%

Aerospace

&

Defense

1.1%

Hensoldt

AG

189,825

6,453,671

Common

Stocks

Shares

Value

($)

GERMANY

Biotechnology

0.2%

Immatics

NV

*

104,780

1,247,930

Electronic

Equipment,

Instruments

&

Components

0.6%

Jenoptik

AG

114,107

3,688,484

Financial

Services

0.2%

Hypoport

SE

*(a)

6,848

1,431,115

Life

Sciences

Tools

&

Services

0.2%

Evotec

SE

*

54,641

1,440,482

Machinery

0.2%

KION

Group

AG

30,063

1,259,777

Professional

Services

0.3%

Bertrandt

AG

33,420

1,754,528

Semiconductors

&

Semiconductor

Equipment

0.8%

AIXTRON

SE

124,474

4,943,340

Transportation

Infrastructure

0.3%

Hamburger

Hafen

und

Logistik

AG

165,015

2,168,759

24,388,086

HONG

KONG

1.3%

Banks

0.8%

Dah

Sing

Financial

Holdings

Ltd.

1,886,136

4,652,651

Hotels,

Restaurants

&

Leisure

0.5%

Melco

Resorts

&

Entertainment

Ltd.,

ADR

*

232,031

3,160,262

7,812,913

INDIA

0.3%

Hotels,

Restaurants

&

Leisure

0.3%

MakeMyTrip

Ltd.

*(a)

48,724

1,401,789

Zomato

Ltd.

*

601,920

615,753

2,017,542

IRELAND

0.2%

Banks

0.2%

Permanent

TSB

Group

Holdings

plc

*

609,273

1,528,776

ISRAEL

1.5%

IT

Services

1.1%

Wix.com

Ltd.

*

70,538

6,653,144

Real

Estate

Management

&

Development

0.4%

Melisron

Ltd.

39,805

2,630,605

9,283,749

ITALY

2.8%

Banks

0.2%

BPER

Banca

363,718

1,259,213

Construction

Materials

0.2%

Buzzi

SpA

53,570

1,522,528

Electrical

Equipment

0.1%

Eurogroup

Laminations

SpA

*

97,222

535,120

Financial

Services

0.7%

BFF

Bank

SpA

Reg.

S

(b)

382,270

4,311,829

Gas

Utilities

0.5%

Italgas

SpA

549,406

3,240,442

Life

Sciences

Tools

&

Services

0.5%

Stevanato

Group

SpA

97,193

3,035,337

42

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

International

Small

Cap

Fund

Common

Stocks

Shares

Value

($)

ITALY

Textiles,

Apparel

&

Luxury

Goods

0.6%

OVS

SpA

Reg.

S

(b)

1,302,781

3,579,385

17,483,854

JAPAN

26.5%

Automobile

Components

0.5%

Ichikoh

Industries

Ltd.

49,900

187,992

Koito

Manufacturing

Co.

Ltd.

48,800

899,402

Musashi

Seimitsu

Industry

Co.

Ltd.

102,500

1,274,942

Nifco,

Inc.

21,195

631,301

2,993,637

Banks

1.8%

Bank

of

Kyoto

Ltd.

(The)

105,216

6,202,540

Shiga

Bank

Ltd.

(The)

200,700

4,296,212

10,498,752

Broadline

Retail

1.3%

ASKUL

Corp.

127,100

1,779,378

Ryohin

Keikaku

Co.

Ltd.

476,100

6,231,868

8,011,246

Building

Products

0.1%

Sekisui

Jushi

Corp.

38,400

603,440

Chemicals

2.5%

Air

Water,

Inc.

95,500

1,344,643

Daicel

Corp.

78,400

726,223

Denka

Co.

Ltd.

22,400

442,800

JSR

Corp.

86,182

2,466,628

Kansai

Paint

Co.

Ltd.

66,800

1,094,865

Lintec

Corp.

32,100

529,357

Mitsubishi

Gas

Chemical

Co.,

Inc.

56,100

839,476

Nippon

Shokubai

Co.

Ltd.

14,400

554,300

NOF

Corp.

28,400

1,225,437

Resonac

Holdings

Corp.

42,100

689,050

Shin-Etsu

Polymer

Co.

Ltd.

80,100

795,314

Sumitomo

Bakelite

Co.

Ltd.

17,600

765,720

Teijin

Ltd.

56,100

599,107

Tokyo

Ohka

Kogyo

Co.

Ltd.

39,800

2,512,966

14,585,886

Construction

&

Engineering

1.2%

COMSYS

Holdings

Corp.

55,700

1,113,239

EXEO

Group,

Inc.

59,700

1,241,574

JGC

Holdings

Corp.

82,900

1,180,380

Kumagai

Gumi

Co.

Ltd.

30,700

695,896

Kyudenko

Corp.

31,800

916,368

MIRAIT

ONE

Corp.

55,800

716,584

SHO-BOND

Holdings

Co.

Ltd.

17,300

702,769

Toyo

Construction

Co.

Ltd.

60,600

460,011

Yokogawa

Bridge

Holdings

Corp.

35,600

640,163

7,666,984

Construction

Materials

0.1%

Taiheiyo

Cement

Corp.

31,600

660,056

Consumer

Finance

1.3%

Marui

Group

Co.

Ltd.

443,500

7,943,565

Containers

&

Packaging

0

.2%

FP

Corp.

62,400

1,313,447

Diversified

Telecommunication

Services

0.2%

JTOWER,

Inc.

*

26,081

1,331,866

Electric

Utilities

0.7%

Kyushu

Electric

Power

Co.,

Inc.

*

649,500

4,397,236

Common

Stocks

Shares

Value

($)

JAPAN

Electronic

Equipment,

Instruments

&

Components

0.2%

Taiyo

Yuden

Co.

Ltd.

51,900

1,548,312

Entertainment

0.2%

Square

Enix

Holdings

Co.

Ltd.

22,054

1,021,766

Financial

Services

0.3%

GMO

Financial

Gate,

Inc.

25,325

2,099,276

Food

Products

1.2%

Toyo

Suisan

Kaisha

Ltd.

174,200

7,216,452

Ground

Transportation

0.5%

Fukuyama

Transporting

Co.

Ltd.

120,000

3,391,795

Health

Care

Equipment

&

Supplies

0.8%

Asahi

Intecc

Co.

Ltd.

161,300

3,315,772

Mani,

Inc.

(a)

139,000

1,786,977

5,102,749

Hotels,

Restaurants

&

Leisure

0.4%

Kyoritsu

Maintenance

Co.

Ltd.

(a)

66,415

2,604,200

Household

Durables

0.9%

Casio

Computer

Co.

Ltd.

228,800

1,955,348

Nikon

Corp.

291,000

3,844,045

5,799,393

Industrial

Conglomerates

0.8%

Hikari

Tsushin,

Inc.

32,200

4,776,075

Industrial

REITs

0.7%

LaSalle

Logiport

REIT

4,194

4,492,350

IT

Services

0.2%

Simplex

Holdings,

Inc.

53,160

1,073,130

Leisure

Products

0.0%

†

Sega

Sammy

Holdings,

Inc.

10,700

234,093

Machinery

2.5%

Amada

Co.

Ltd.

153,000

1,505,524

DMG

Mori

Co.

Ltd.

69,300

1,178,384

Ebara

Corp.

35,300

1,667,726

Fuji

Corp.

71,400

1,306,744

Giken

Ltd.

(a)

18,500

273,684

IHI

Corp.

54,700

1,344,929

Japan

Steel

Works

Ltd.

(The)

21,500

447,596

Kawasaki

Heavy

Industries

Ltd.

69,600

1,774,945

Max

Co.

Ltd.

43,600

816,735

Miura

Co.

Ltd.

34,000

858,125

NSK

Ltd.

107,800

683,891

Shibaura

Machine

Co.

Ltd.

17,200

550,271

Sumitomo

Heavy

Industries

Ltd.

55,200

1,356,660

THK

Co.

Ltd.

57,200

1,146,036

14,911,250

Media

0.9%

Hakuhodo

DY

Holdings,

Inc.

501,854

5,770,168

Professional

Services

1.7%

dip

Corp.

62,300

1,572,588

en

Japan,

Inc.

129,400

2,558,584

TechnoPro

Holdings,

Inc.

216,100

5,591,185

Visional,

Inc.

*(a)

13,719

754,725

10,477,082

Real

Estate

Management

&

Development

1.4%

Daito

Trust

Construction

Co.

Ltd.

24,840

2,669,998

Heiwa

Real

Estate

Co.

Ltd.

49,900

1,393,881

SRE

Holdings

Corp.

*(a)

33,300

860,267

Tokyu

Fudosan

Holdings

Corp.

659,500

3,924,138

8,848,284

Nationwide

International

Small

Cap

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

43

Common

Stocks

Shares

Value

($)

JAPAN

Residential

REITs

0.4%

Comforia

Residential

REIT,

Inc.

1,100

2,635,024

Semiconductors

&

Semiconductor

Equipment

0.7%

Ulvac,

Inc.

104,300

4,477,838

Software

0.2%

Sansan,

Inc.

*(a)

119,281

1,265,607

Specialty

Retail

1.0%

K's

Holdings

Corp.

(a)

40,300

370,062

Shimamura

Co.

Ltd.

60,400

5,983,842

6,353,904

Textiles,

Apparel

&

Luxury

Goods

0.5%

Asics

Corp.

99,500

3,138,386

Trading

Companies

&

Distributors

0.7%

Inaba

Denki

Sangyo

Co.

Ltd.

50,100

1,112,683

Sojitz

Corp.

98,180

2,332,523

Yamazen

Corp.

77,600

659,742

4,104,948

Transportation

Infrastructure

0.4%

Japan

Airport

Terminal

Co.

Ltd.

55,000

2,563,410

163,911,607

JERSEY

0.6%

Metals

&

Mining

0.3%

Metals

Acquisition

Ltd.

,

Class

A

*(a)

161,495

1,668,243

Oil,

Gas

&

Consumable

Fuels

0.3%

Ithaca

Energy

plc

955,060

2,162,846

3,831,089

MEXICO

0.2%

Real

Estate

Management

&

Development

0.2%

Corp.

Inmobiliaria

Vesta

SAB

de

CV

404,258

1,466,627

NETHERLANDS

1.9%

Biotechnology

0.5%

Merus

NV

*(a)

116,083

3,046,018

Capital

Markets

0.1%

Flow

Traders

Ltd.

28,791

626,611

Chemicals

0.1%

Corbion

NV

30,639

720,658

Hotels,

Restaurants

&

Leisure

0.2%

DP

Eurasia

NV

Reg.

S

*(a)(b)

1,967,237

1,186,587

Oil,

Gas

&

Consumable

Fuels

0.1%

Koninklijke

Vopak

NV

21,877

824,381

Semiconductors

&

Semiconductor

Equipment

0.9%

BE

Semiconductor

Industries

NV

43,000

5,138,535

11,542,790

NEW

ZEALAND

0.2%

Building

Products

0.2%

Fletcher

Building

Ltd.

346,482

1,200,481

NORWAY

0.6%

Banks

0.3%

Sparebanken

Vest

206,304

2,174,154

Common

Stocks

Shares

Value

($)

NORWAY

Industrial

Conglomerates

0.3%

Aker

ASA

,

Class

A

28,473

1,808,855

3,983,009

PORTUGAL

0.3%

Banks

0.3%

Banco

Comercial

Portugues

SA

,

Class

R

*

7,459,259

2,035,460

SINGAPORE

1.8%

Ground

Transportation

0.1%

ComfortDelGro

Corp.

Ltd.

847,500

802,901

Real

Estate

Management

&

Development

0.5%

UOL

Group

Ltd.

598,000

3,164,170

Specialized

REITs

0.5%

Keppel

DC

REIT

2,044,300

3,367,188

Transportation

Infrastructure

0.7%

SATS

Ltd.

*

1,814,129

3,820,808

11,155,067

SLOVENIA

0.4%

Banks

0.4%

Nova

Ljubljanska

Banka

dd,

GDR

Reg.

S

152,968

2,664,748

SOUTH

AFRICA

0.3%

Oil,

Gas

&

Consumable

Fuels

0.3%

Thungela

Resources

Ltd.

212,114

1,597,721

SOUTH

KOREA

0.2%

Automobile

Components

0.2%

Hankook

Tire

&

Technology

Co.

Ltd.

22,545

685,277

Hanon

Systems

3,843

25,717

SNT

Motiv

Co.

Ltd.

16,581

627,873

1,338,867

SPAIN

0.6%

Office

REITs

0.1%

Arima

Real

Estate

SOCIMI

SA

*

71,868

632,025

Pharmaceuticals

0.5%

Almirall

SA

294,190

2,824,201

3,456,226

SWEDEN

3.0%

Containers

&

Packaging

0.3%

Billerud

Aktiebolag

221,634

1,886,029

Health

Care

Equipment

&

Supplies

0.6%

Cellavision

AB

56,081

1,168,959

Surgical

Science

Sweden

AB

*(a)

111,822

2,606,605

3,775,564

Machinery

1.2%

Trelleborg

AB

,

Class

B

286,328

7,604,783

Metals

&

Mining

0.3%

SSAB

AB

,

Class

A

313,937

1,993,315

Real

Estate

Management

&

Development

0.6%

Castellum

AB

217,858

2,484,741

Catena

AB

28,555

1,096,377

3,581,118

18,840,809

44

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

International

Small

Cap

Fund

Common

Stocks

Shares

Value

($)

SWITZERLAND

2.3%

Life

Sciences

Tools

&

Services

1.8%

Siegfried

Holding

AG

(Registered)

5,540

4,896,323

Tecan

Group

AG

(Registered)

15,598

6,207,625

11,103,948

Specialty

Retail

0.5%

Dufry

AG

(Registered)

*

63,675

3,284,459

14,388,407

TAIWAN

0.9%

Electronic

Equipment,

Instruments

&

Components

0.3%

Chroma

ATE,

Inc.

239,209

2,100,828

Semiconductors

&

Semiconductor

Equipment

0.6%

Nanya

Technology

Corp.

1,424,000

3,283,294

5,384,122

UNITED

ARAB

EMIRATES

0.1

%

Financial

Services

0.1%

Network

International

Holdings

plc

Reg.

S

*(b)

132,254

656,091

UNITED

KINGDOM

19.6%

Biotechnology

1.3%

Abcam

plc,

ADR

*

201,631

4,726,230

Immunocore

Holdings

plc,

ADR

*(a)

46,470

3,066,091

7,792,321

Broadline

Retail

0.5%

B&M

European

Value

Retail

SA

473,014

3,358,754

Capital

Markets

0.6%

Allfunds

Group

plc

396,033

2,579,303

Impax

Asset

Management

Group

plc

159,492

1,125,198

3,704,501

Chemicals

0.2%

Elementis

plc

*

714,845

1,014,041

Synthomer

plc

*

441,163

472,027

1,486,068

Commercial

Services

&

Supplies

0.6%

Smart

Metering

Systems

plc

400,852

3,584,748

Construction

Materials

0.0%

†

Marshalls

plc

73,645

253,766

Consumer

Staples

Distribution

&

Retail

0.6%

Ocado

Group

plc

*

323,362

3,888,786

Electronic

Equipment,

Instruments

&

Components

0.8%

Spectris

plc

116,367

5,237,126

Energy

Equipment

&

Services

0.1%

Subsea

7

SA

50,635

679,910

Food

Products

0.8%

Cranswick

plc

60,260

2,579,180

Tate

&

Lyle

plc

238,351

2,284,708

4,863,888

Ground

Transportation

0.3%

Mobico

Group

plc

1,390,055

1,665,511

Health

Care

Equipment

&

Supplies

0.6%

ConvaTec

Group

plc

Reg.

S

(b)

1,399,889

3,745,837

Hotels,

Restaurants

&

Leisure

2.2%

Greggs

plc

99,834

3,539,422

Restaurant

Group

plc

(The)

*

4,727,140

2,587,516

SSP

Group

plc

*

972,962

3,141,825

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Hotels,

Restaurants

&

Leisure

Trainline

plc

Reg.

S

*(b)

1,367,316

4,621,259

13,890,022

Household

Durables

0.4%

Berkeley

Group

Holdings

plc

27,162

1,515,830

Taylor

Wimpey

plc

748,057

1,099,065

2,614,895

Insurance

2.5%

Beazley

plc

1,314,199

9,256,936

Sabre

Insurance

Group

plc

Reg.

S

(a)(b)

3,149,711

5,576,197

14,833,133

IT

Services

0.8%

Softcat

plc

267,157

5,141,790

Machinery

3.1%

IMI

plc

454,839

9,518,449

Rotork

plc

2,222,845

8,804,544

18,322,993

Oil,

Gas

&

Consumable

Fuels

0.2%

Harbour

Energy

plc

280,868

961,899

Pharmaceuticals

0.5%

Verona

Pharma

plc,

ADR

*(a)

154,409

3,410,895

Real

Estate

Management

&

Development

0.4%

Savills

plc

179,524

2,244,782

Residential

REITs

0.1%

UNITE

Group

plc

(The)

32,512

405,983

Retail

REITs

1.2%

Hammerson

plc

2,547,623

869,685

Shaftesbury

Capital

plc

4,466,112

6,875,914

7,745,599

Specialized

REITs

0.2%

Safestore

Holdings

plc

126,561

1,442,100

Specialty

Retail

0.4%

WH

Smith

plc

145,641

2,789,071

Trading

Companies

&

Distributors

0.6%

RS

GROUP

plc

385,032

3,873,562

Water

Utilities

0.6%

Pennon

Group

plc

383,416

3,459,392

121,397,332

UNITED

STATES

0.2%

Building

Products

0.2%

Reliance

Worldwide

Corp.

Ltd.

455,923

1,295,197

Total

Common

Stocks

(cost

$542,481,263)

581,216,194

Exchange

Traded

Fund

4.8%

UNITED

STATES

4.8%

iShares

MSCI

EAFE

Small-Cap

ETF

488,220

29,927,886

Total

Exchange

Traded

Fund

(cost

$28,355,939)

29,927,886

Nationwide

International

Small

Cap

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

45

Rights

0.0%

†

Number

of

Rights

Value

($)

FRANCE

0.0%

†

Biotechnology

0.0%

†

Clementia

Pharmaceuticals,

Inc.,

CVR*^∞

16,268

0

Total

Rights

(cost

$0)

0

Repurchase

Agreement

1.1%

Principal

Amount

($)

CF

Secured,

LLC,

5.28%,

dated

7/31/2023,

due

8/1/2023,

repurchase

price

$6,753,934,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.63%,

maturing

8/8/2023

-

8/15/2052;

total

market

value

$6,889,013.(c)

6,752,943

6,752,943

Total

Repurchase

Agreement

(cost

$6,752,943)

6,752,943

Total

Investments

(cost

$577,590,145)

—

99.6%

617,897,023

Other

assets

in

excess

of

liabilities

—

0.4%

2,674,809

NET

ASSETS

—

100.0%

$

620,571,832

*

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,

2023.

The

total

value

of

securities

on

loan

as

of

July

31,

2023

was

$15,005,341,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$6,752,943

and

by

$9,332,187

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

5.35%,

and

maturity

dates

ranging

from

8/10/2023

–

2/15/2053,

a

total

value

of

$16,085,130.

(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,

2023

was

$35,733,437

which

represents

5.76%

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,

2023

was

$6,752,943.

ADR

American

Depositary

Receipt

CVR

Contingent

Value

Rights

ETF

Exchange

Traded

Fund

GDR

Global

Depositary

Receipt

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

46

-

Statement

of

Investments

-

July

31,

2023

(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,

2023

(Unaudited)

-

Statement

of

Investments

-

47

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

2023.

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

$

–

$

6,453,671

$

–

$

6,453,671

Automobile

Components

–

6,977,541

–

6,977,541

Banks

–

37,951,914

–

37,951,914

Biotechnology

14,259,966

2,408,731

–

16,668,697

Broadline

Retail

–

11,370,000

–

11,370,000

Building

Products

–

3,099,118

–

3,099,118

Capital

Markets

–

4,331,112

–

4,331,112

Chemicals

1,609,468

20,280,922

–

21,890,390

Commercial

Services

&

Supplies

–

3,584,748

–

3,584,748

Construction

&

Engineering

–

7,666,984

–

7,666,984

Construction

Materials

–

5,759,022

–

5,759,022

Consumer

Finance

–

10,265,267

–

10,265,267

Consumer

Staples

Distribution

&

Retail

226,543

3,888,786

–

4,115,329

Containers

&

Packaging

–

5,603,708

–

5,603,708

Diversified

REITs

–

3,302,376

–

3,302,376

Diversified

Telecommunication

Services

–

1,331,866

–

1,331,866

Electric

Utilities

–

4,397,236

–

4,397,236

Electrical

Equipment

–

535,120

–

535,120

Electronic

Equipment,

Instruments

&

Components

2,100,828

10,473,922

–

12,574,750

Energy

Equipment

&

Services

–

4,570,110

–

4,570,110

Entertainment

–

1,937,717

–

1,937,717

Financial

Services

5,601,848

16,312,045

–

21,913,893

Food

Products

–

12,080,340

–

12,080,340

Gas

Utilities

–

8,388,620

–

8,388,620

Ground

Transportation

2,579,182

8,401,097

–

10,980,279

Health

Care

Equipment

&

Supplies

–

12,624,150

–

12,624,150

Hotels,

Restaurants

&

Leisure

5,748,638

17,109,975

–

22,858,613

Household

Durables

–

11,360,775

–

11,360,775

Independent

Power

and

Renewable

Electricity

Producers

–

1,659,565

–

1,659,565

Industrial

Conglomerates

–

6,584,930

–

6,584,930

Industrial

REITs

–

4,492,350

–

4,492,350

Insurance

–

14,833,133

–

14,833,133

Interactive

Media

&

Services

916,403

–

–

916,403

IT

Services

9,584,550

6,214,920

–

15,799,470

Leisure

Products

–

234,093

–

234,093

Life

Sciences

Tools

&

Services

3,035,337

12,544,430

–

15,579,767

Machinery

–

44,615,901

–

44,615,901

Marine

Transportation

–

1,661,261

–

1,661,261

Media

–

11,959,431

–

11,959,431

Metals

&

Mining

8,943,137

7,357,401

–

16,300,538

Office

REITs

–

632,025

–

632,025

Oil,

Gas

&

Consumable

Fuels

6,017,000

11,076,259

–

17,093,259

Passenger

Airlines

–

3,716,220

–

3,716,220

Pharmaceuticals

3,410,895

2,824,201

–

6,235,096

Professional

Services

–

12,231,610

–

12,231,610

Real

Estate

Management

&

Development

9,039,533

24,148,135

–

33,187,668

Residential

REITs

2,442,398

3,041,007

–

5,483,405

Retail

REITs

–

7,745,599

–

7,745,599

Semiconductors

&

Semiconductor

Equipment

–

17,843,007

–

17,843,007

Software

8,709,174

2,600,153

–

11,309,327

Specialized

REITs

–

7,579,343

–

7,579,343

Specialty

Retail

–

12,427,434

–

12,427,434

Textiles,

Apparel

&

Luxury

Goods

–

6,717,771

–

6,717,771

Trading

Companies

&

Distributors

–

9,483,996

–

9,483,996

Transportation

Infrastructure

–

8,769,170

–

8,769,170

Water

Utilities

2,860,308

3,459,392

–

6,319,700

48

-

Statement

of

Investments

-

July

31,

2023

(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:

Wireless

Telecommunication

Services

$

5,211,376

$

–

$

–

$

5,211,376

Total

Common

Stocks

$

92,296,584

$

488,919,610

$

–

$

581,216,194

Exchange

Traded

Fund

$

29,927,886

$

–

$

–

$

29,927,886

Repurchase

Agreement

–

6,752,943

–

6,752,943

Rights

–

–

–

–

Total

$

122,224,470

$

495,672,553

$

–

$

617,897,023

As

of

July

31,

2023,

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

Janus

Henderson

Overseas

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

49

Common

Stocks

96.8%

Shares

Value

($)

AUSTRIA

3.2%

Banks

3.2%

Erste

Group

Bank

AG

41,213

1,557,017

CANADA

7.1%

Metals

&

Mining

3.7%

Teck

Resources

Ltd.

,

Class

B

(a)

40,316

1,791,007

Oil,

Gas

&

Consumable

Fuels

3.4%

Canadian

Natural

Resources

Ltd.

27,153

1,650,902

3,441,909

CHINA

6.7%

Biotechnology

0.3%

Zai

Lab

Ltd.,

ADR

*(a)

4,348

130,701

Broadline

Retail

2.9%

JD.com,

Inc.

,

Class

A

69,528

1,430,257

Ground

Transportation

0.9%

Full

Truck

Alliance

Co.

Ltd.,

ADR

*

57,807

432,974

Hotels,

Restaurants

&

Leisure

2.6%

Yum

China

Holdings,

Inc.

20,234

1,237,381

3,231,313

DENMARK

0.5%

Biotechnology

0.5%

Ascendis

Pharma

A/S,

ADR

*

2,888

260,353

FRANCE

9.5%

Aerospace

&

Defense

0.8%

Airbus

SE

2,559

377,005

Banks

4.4%

BNP

Paribas

SA

31,694

2,090,559

Oil,

Gas

&

Consumable

Fuels

3.1%

Gaztransport

Et

Technigaz

SA

2,951

359,762

TotalEnergies

SE

18,918

1,149,161

1,508,923

Textiles,

Apparel

&

Luxury

Goods

1.2%

LVMH

Moet

Hennessy

Louis

Vuitton

SE

643

600,289

4,576,776

GERMANY

6.0%

Automobiles

1.0%

Dr

Ing

hc

F

Porsche

AG

(Preference)

3,890

475,509

Diversified

Telecommunication

Services

3.4%

Deutsche

Telekom

AG

(Registered)

75,255

1,641,679

Pharmaceuticals

1.6%

Bayer

AG

(Registered)

13,067

763,354

2,880,542

HONG

KONG

2.9%

Insurance

2.9%

AIA

Group

Ltd.

138,875

1,387,773

IRELAND

0.6%

Banks

0.6%

Permanent

TSB

Group

Holdings

plc

*(a)

107,772

270,420

Common

Stocks

Shares

Value

($)

ITALY

2.7%

Banks

2.2%

UniCredit

SpA

42,670

1,079,759

Textiles,

Apparel

&

Luxury

Goods

0.5%

PRADA

SpA

34,700

246,202

1,325,961

JAPAN

11.6%

Commercial

Services

&

Supplies

2.4%

Secom

Co.

Ltd.

17,068

1,144,801

Electronic

Equipment,

Instruments

&

Components

2.7%

Keyence

Corp.

2,922

1,311,745

Ground

Transportation

1.3%

Central

Japan

Railway

Co.

4,996

637,189

Health

Care

Equipment

&

Supplies

1.7%

Hoya

Corp.

7,095

822,854

Insurance

3.5%

Dai-ichi

Life

Holdings,

Inc.

81,502

1,665,965

5,582,554

NETHERLANDS

7.6%

Beverages

3.0%

Heineken

NV

14,814

1,452,456

Biotechnology

1.4%

Argenx

SE,

ADR

*

1,294

652,797

Semiconductors

&

Semiconductor

Equipment

3.2%

ASML

Holding

NV

2,184

1,563,504

3,668,757

SOUTH

KOREA

1.1%

Semiconductors

&

Semiconductor

Equipment

1.1%

SK

Hynix,

Inc.

5,297

513,218

SWEDEN

1.3%

Electronic

Equipment,

Instruments

&

Components

1.3%

Hexagon

AB

,

Class

B

63,563

613,684

SWITZERLAND

1.0%

Pharmaceuticals

1.0%

Novartis

AG

(Registered)

4,647

487,197

TAIWAN

3.2%

Semiconductors

&

Semiconductor

Equipment

3

.2%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

87,000

1,566,783

UNITED

KINGDOM

20.1%

Aerospace

&

Defense

3.5%

BAE

Systems

plc

140,198

1,675,945

Banks

2.5%

NatWest

Group

plc

392,217

1,228,970

Beverages

1.9

%

Diageo

plc

21,271

928,120

Hotels,

Restaurants

&

Leisure

4.5%

Entain

plc

121,857

2,170,572

Insurance

1.3%

Beazley

plc

89,120

627,742

Personal

Care

Products

3.2%

Unilever

plc

28,338

1,523,779

50

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Janus

Henderson

Overseas

Fund

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Pharmaceuticals

3.2%

AstraZeneca

plc

10,676

1,531,632

9,686,760

UNITED

STATES

11.7%

Entertainment

2.5%

Atlanta

Braves

Holdings,

Inc.

,

Class

C

*

466

18,976

Liberty

Media

Corp.-Liberty

Formula

One

,

Class

C

*

16,101

1,168,932

1,187,908

Metals

&

Mining

0.8%

Freeport-McMoRan,

Inc.

8,619

384,838

Pharmaceuticals

3.0%

Sanofi

13,786

1,472,296

Textiles,

Apparel

&

Luxury

Goods

2.8%

Samsonite

International

SA

Reg.

S

*(b)

452,422

1,344,553

Trading

Companies

&

Distributors

2.6%

Ferguson

plc

7,729

1,240,688

5,630,283

Total

Common

Stocks

(cost

$37,421,587)

46,681,300

Repurchase

Agreement

0.8%

Principal

Amount

($)

CF

Secured,

LLC,

5.28%,

dated

7/31/2023,

due

8/1/2023,

repurchase

price

$,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.63%,

maturing

8/8/2023

-

8/15/2052;

total

market

value

$344,163.(c)

399,707

399,707

Total

Repurchase

Agreement

(cost

$399,707)

399,707

Total

Investments

(cost

$37,821,294)

—

97.6%

47,081,007

Other

assets

in

excess

of

liabilities

—

2.4%

1,176,409

NET

ASSETS

—

100.0%

$

48,257,416

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

July

31,

2023.

The

total

value

of

securities

on

loan

as

of

July

31,

2023

was

$1,992,982,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$399,707

and

by

$1,769,479

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

3.63%,

and

maturity

dates

ranging

from

8/10/2023

–

2/15/2053,

a

total

value

of

$2,169,186.

(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,

2023

was

$1,344,553

which

represents

2.79%

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,

2023

was

$399,707.

ADR

American

Depositary

Receipt

Preference

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

Nationwide

Janus

Henderson

Overseas

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

51

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

52

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Janus

Henderson

Overseas

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

2023.

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

$

–

$

2,052,950

$

–

$

2,052,950

Automobiles

–

475,509

–

475,509

Banks

–

6,226,725

–

6,226,725

Beverages

–

2,380,576

–

2,380,576

Biotechnology

1,043,851

–

–

1,043,851

Broadline

Retail

–

1,430,257

–

1,430,257

Commercial

Services

&

Supplies

–

1,144,801

–

1,144,801

Diversified

Telecommunication

Services

–

1,641,679

–

1,641,679

Electronic

Equipment,

Instruments

&

Components

–

1,925,429

–

1,925,429

Entertainment

1,187,908

–

–

1,187,908

Ground

Transportation

432,974

637,189

–

1,070,163

Health

Care

Equipment

&

Supplies

–

822,854

–

822,854

Hotels,

Restaurants

&

Leisure

–

3,407,953

–

3,407,953

Insurance

–

3,681,480

–

3,681,480

Metals

&

Mining

2,175,845

–

–

2,175,845

Oil,

Gas

&

Consumable

Fuels

1,650,902

1,508,923

–

3,159,825

Personal

Care

Products

–

1,523,779

–

1,523,779

Pharmaceuticals

–

4,254,479

–

4,254,479

Semiconductors

&

Semiconductor

Equipment

–

3,643,505

–

3,643,505

Textiles,

Apparel

&

Luxury

Goods

–

2,191,044

–

2,191,044

Trading

Companies

&

Distributors

–

1,240,688

–

1,240,688

Total

Common

Stocks

$

6,491,480

$

40,189,820

$

–

$

46,681,300

Repurchase

Agreement

–

399,707

–

399,707

Total

$

6,491,480

$

40,589,527

$

–

$

47,081,007

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,

2023

(Unaudited)

-

Statement

of

Investments

-

1

Asset-Backed

Securities

0.1%

Principal

Amount

($)

Value

($)

Airlines

0.1%

United

Airlines

Pass-Through

Trust,

Series

2013-1,

Class

A,

4.30%,

8/15/2025

144,545

138,909

Credit

Card

0.0%

†

BA

Credit

Card

Trust,

Series

2021-A1,

Class

A1,

0.44%,

9/15/2026

50,000

48,218

Total

Asset-Backed

Securities

(cost

$193,727)

187,127

Commercial

Mortgage-Backed

Securities

1.7%

BBCMS

Mortgage

Trust,

Series

2017-C1,

Class

A4,

3.67%,

2/15/2050

450,000

418,129

Citigroup

Commercial

Mortgage

Trust

Series

2013-GC17,

Class

A4,

4.13%,

11/10/2046

601,215

597,211

Series

2014-GC25,

Class

A4,

3.64%,

10/10/2047

500,000

481,902

FHLMC

Multifamily

Structured

Pass-Through

Certificates

REMICS

Series

K066,

Class

A2,

3.12%,

6/25/2027

250,000

234,850

Series

K739,

Class

A2,

1.34%,

9/25/2027

620,000

543,783

Series

K-1510,

Class

A3,

3.79%,

1/25/2034

200,000

184,523

FNMA

ACES

REMICS,

Series

2020-M5,

Class

A2,

2.21%,

1/25/2030

1,062,723

920,257

JPMCC

Commercial

Mortgage

Securities

Trust,

Series

2017-JP7,

Class

A5,

3.45%,

9/15/2050

750,000

681,476

Morgan

Stanley

Capital

I

Trust

Series

2016-UBS9,

Class

A4,

3.59%,

3/15/2049

450,000

420,412

Series

2019-H6,

Class

A4,

3.42%,

6/15/2052

150,000

133,438

Total

Commercial

Mortgage-Backed

Securities

(cost

$5,168,690)

4,615,981

Corporate

Bonds

24.8%

Aerospace

&

Defense

0.4%

Boeing

Co.

(The)

,

3.10%,

5/1/2026

200,000

188,847

3.20%,

3/1/2029

100,000

90,519

5.15%,

5/1/2030

50,000

49,576

5.71%,

5/1/2040

200,000

199,907

5.81%,

5/1/2050

25,000

25,145

General

Dynamics

Corp.

,

4.25%,

4/1/2040

50,000

45,491

Corporate

Bonds

Principal

Amount

($)

Value

($)

Aerospace

&

Defense

L3Harris

Technologies,

Inc.

,

4.85%,

4/27/2035

55,000

52,317

Leidos,

Inc.

,

2.30%,

2/15/2031

50,000

40,013

Lockheed

Martin

Corp.

,

4.09%,

9/15/2052

100,000

86,459

4.15%,

6/15/2053

10,000

8,646

4.30%,

6/15/2062

10,000

8,668

Northrop

Grumman

Corp.

,

4.75%,

6/1/2043

100,000

92,721

RTX

Corp.

,

4.13%,

11/16/2028

200,000

192,034

4.50%,

6/1/2042

100,000

90,433

3.75%,

11/1/2046

50,000

39,143

3.03%,

3/15/2052

50,000

34,051

1,243,970

Air

Freight

&

Logistics

0.2%

FedEx

Corp.

,

4.25%,

5/15/2030

100,000

95,466

4.55%,

4/1/2046

100,000

86,275

United

Parcel

Service,

Inc.

,

2.20%,

9/1/2024

250,000

241,495

6.20%,

1/15/2038

40,000

44,784

5.30%,

4/1/2050

50,000

52,172

520,192

Automobile

Components

0.1%

Aptiv

plc

,

5.40%,

3/15/2049

50,000

44,866

BorgWarner,

Inc.

,

3.38%,

3/15/2025

70,000

67,429

2.65%,

7/1/2027

25,000

22,793

Lear

Corp.

,

3.80%,

9/15/2027(a)

123,000

115,549

250,637

Automobiles

0.1%

General

Motors

Co.

,

6.25%,

10/2/2043

150,000

147,384

Honda

Motor

Co.

Ltd.

,

2.97%,

3/10/2032

20,000

17,804

Mercedes-Benz

Finance

North

America

LLC

,

8.50%,

1/18/2031

50,000

61,844

227,032

Banks

4.8%

Banco

Santander

SA

,

4.25%,

4/11/2027

200,000

190,161

Bank

of

America

Corp.

,

4.25%,

10/22/2026(a)

145,000

140,024

(SOFR

+

1.05%),

2.55%,

2/4/2028(b)

200,000

181,195

(CME

Term

SOFR

3

Month

+

1.30%),

3.42%,

12/20/2028(b)

241,000

221,884

(CME

Term

SOFR

3

Month

+

1.33%),

3.97%,

3/5/2029(b)

50,000

47,040

(SOFR

+

2.15%),

2.59%,

4/29/2031(b)

100,000

84,049

2

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Bank

of

America

Corp.,

(SOFR

+

1.32%),

2.69%,

4/22/2032(b)

200,000

165,657

(SOFR

+

1.21%),

2.57%,

10/20/2032(b)

200,000

162,317

(SOFR

+

1.33%),

2.97%,

2/4/2033(b)

95,000

79,360

(SOFR

+

1.83%),

4.57%,

4/27/2033(b)

40,000

37,604

(SOFR

+

2.16%),

5.02%,

7/22/2033(b)

45,000

43,937

(CME

Term

SOFR

3

Month

+

2.08%),

4.24%,

4/24/2038(b)

95,000

84,083

(SOFR

+

1.93%),

2.68%,

6/19/2041(b)

170,000

120,401

5.88%,

2/7/2042

25,000

26,643

(CME

Term

SOFR

3

Month

+

2.25%),

4.44%,

1/20/2048(b)

100,000

89,114

(CME

Term

SOFR

3

Month

+

3.41%),

4.08%,

3/20/2051(b)

70,000

58,351

(SOFR

+

1.56%),

2.97%,

7/21/2052(b)

30,000

20,559

Bank

of

Montreal

,

5.20%,

2/1/2028

50,000

50,094

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.40%),

3.09%,

1/10/2037(b)

25,000

19,580

Bank

of

Nova

Scotia

(The)

,

2.70%,

8/3/2026

250,000

231,930

Barclays

plc

,

(SOFR

+

2.21%),

5.83%,

5/9/2027(b)

200,000

198,877

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.30%),

7.39%,

11/2/2028(b)

200,000

210,373

(ICE

LIBOR

USD

3

Month

+

1.90%),

4.97%,

5/16/2029(b)

250,000

239,756

BNP

Paribas

SA

,

4.25%,

10/15/2024

250,000

244,807

Canadian

Imperial

Bank

of

Commerce

,

3.60%,

4/7/2032

30,000

26,995

Citigroup,

Inc.

,

3.70%,

1/12/2026

250,000

240,328

3.40%,

5/1/2026

200,000

190,220

(SOFR

+

1.28%),

3.07%,

2/24/2028(b)

10,000

9,219

(CME

Term

SOFR

3

Month

+

1.41%),

3.52%,

10/27/2028(b)

100,000

92,794

(CME

Term

SOFR

3

Month

+

1.60%),

3.98%,

3/20/2030(b)

100,000

92,716

(SOFR

+

1.17%),

2.56%,

5/1/2032(b)

80,000

65,328

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Citigroup,

Inc.,

6.63%,

6/15/2032

142,000

149,966

8.13%,

7/15/2039

40,000

50,758

(CME

Term

SOFR

3

Month

+

2.10%),

4.28%,

4/24/2048(b)

90,000

77,928

4.65%,

7/23/2048

100,000

90,192

Citizens

Financial

Group,

Inc.

,

2.85%,

7/27/2026

90,000

82,287

Comerica,

Inc.

,

4.00%,

2/1/2029

15,000

13,176

Cooperatieve

Rabobank

UA

,

3.75%,

7/21/2026

250,000

235,859

Fifth

Third

Bancorp

,

3.95%,

3/14/2028

70,000

65,035

(SOFR

+

1.66%),

4.34%,

4/25/2033(b)

20,000

18,033

HSBC

Holdings

plc

,

(SOFR

+

1.51%),

4.18%,

12/9/2025(b)

200,000

194,890

(SOFR

+

1.54%),

1.64%,

4/18/2026(b)

200,000

185,543

(CME

Term

SOFR

3

Month

+

1.81%),

4.04%,

3/13/2028(b)

200,000

188,621

(SOFR

+

3.35%),

7.39%,

11/3/2028(b)

200,000

211,239

(CME

Term

SOFR

3

Month

+

1.80%),

4.58%,

6/19/2029(b)

200,000

188,761

4.95%,

3/31/2030

200,000

195,807

6.50%,

9/15/2037

100,000

101,017

ING

Groep

NV

,

(SOFR

+

1.83%),

4.02%,

3/28/2028(b)

200,000

189,030

JPMorgan

Chase

&

Co.

,

3.13%,

1/23/2025

250,000

242,043

(SOFR

+

0.49%),

0.77%,

8/9/2025(b)

100,000

94,657

(SOFR

+

1.16%),

2.30%,

10/15/2025(b)

250,000

239,389

3.30%,

4/1/2026

250,000

238,383

(SOFR

+

1.32%),

4.08%,

4/26/2026(b)

100,000

97,644

(SOFR

+

1.56%),

4.32%,

4/26/2028(b)

190,000

184,074

(SOFR

+

1.99%),

4.85%,

7/25/2028(b)

150,000

147,924

(CME

Term

SOFR

3

Month

+

1.59%),

4.45%,

12/5/2029(b)

25,000

24,094

(CME

Term

SOFR

3

Month

+

1.42%),

3.70%,

5/6/2030(b)

80,000

73,568

(CME

Term

SOFR

3

Month

+

1.51%),

2.74%,

10/15/2030(b)

100,000

86,775

(SOFR

+

2.04%),

2.52%,

4/22/2031(b)

125,000

105,740

Nationwide

Bond

Index

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

3

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

JPMorgan

Chase

&

Co.,

(CME

Term

SOFR

3

Month

+

1.25%),

2.58%,

4/22/2032(b)

100,000

82,947

(SOFR

+

1.26%),

2.96%,

1/25/2033(b)

35,000

29,534

(SOFR

+

2.08%),

4.91%,

7/25/2033(b)

50,000

48,856

(SOFR

+

2.58%),

5.72%,

9/14/2033(b)

50,000

50,770

6.40%,

5/15/2038

120,000

134,355

(SOFR

+

1.46%),

3.16%,

4/22/2042(b)

50,000

37,862

(CME

Term

SOFR

3

Month

+

1.64%),

3.96%,

11/15/2048(b)

145,000

119,298

(SOFR

+

2.44%),

3.11%,

4/22/2051(b)

60,000

42,243

KeyBank

NA

,

5.85%,

11/15/2027

250,000

245,096

Korea

Development

Bank

(The)

,

4.38%,

2/15/2028

200,000

195,665

Kreditanstalt

fuer

Wiederaufbau

,

0.63%,

1/22/2026

100,000

90,513

3.63%,

4/1/2026(a)

200,000

194,880

3.75%,

2/15/2028

100,000

97,581

2.88%,

4/3/2028

200,000

187,791

1.75%,

9/14/2029

100,000

86,860

Lloyds

Banking

Group

plc

,

4.50%,

11/4/2024

250,000

244,973

(ICE

LIBOR

USD

3

Month

+

1.21%),

3.57%,

11/7/2028(b)

200,000

182,253

Manufacturers

&

Traders

Trust

Co.

,

4.65%,

1/27/2026

250,000

240,847

Mitsubishi

UFJ

Financial

Group,

Inc.

,

3.75%,

7/18/2039

200,000

168,631

Mizuho

Financial

Group,

Inc.

,

3.17%,

9/11/2027

250,000

229,383

National

Australia

Bank

Ltd.

,

3.38%,

1/14/2026

250,000

239,837

NatWest

Group

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.90%),

1.64%,

6/14/2027(b)

200,000

177,098

Oesterreichische

Kontrollbank

AG

,

4.13%,

1/20/2026

70,000

68,911

PNC

Financial

Services

Group,

Inc.

(The)

,

2.55%,

1/22/2030

100,000

84,417

(SOFR

+

1.93%),

5.07%,

1/24/2034(b)

40,000

38,591

Royal

Bank

of

Canada

,

2.05%,

1/21/2027

100,000

90,180

5.00%,

2/1/2033

70,000

68,736

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Santander

Holdings

USA,

Inc.

,

4.40%,

7/13/2027

100,000

95,036

Santander

UK

Group

Holdings

plc

,

(SOFR

+

2.75%),

6.83%,

11/21/2026(b)

200,000

202,699

Sumitomo

Mitsui

Financial

Group,

Inc.

,

5.46%,

1/13/2026

200,000

199,717

3.20%,

9/17/2029

250,000

219,248

Toronto-Dominion

Bank

(The)

,

1.25%,

12/13/2024

100,000

94,277

4.11%,

6/8/2027

150,000

144,106

4.46%,

6/8/2032

60,000

56,489

Truist

Financial

Corp.

,

(SOFR

+

1.46%),

4.26%,

7/28/2026(b)

10,000

9,678

(SOFR

+

0.61%),

1.27%,

3/2/2027(b)

50,000

44,569

1.95%,

6/5/2030

50,000

39,839

(SOFR

+

2.24%),

4.92%,

7/28/2033(b)

10,000

9,157

(SOFR

+

2.30%),

6.12%,

10/28/2033(b)

40,000

41,006

(SOFR

+

1.85%),

5.12%,

1/26/2034(b)

40,000

38,228

US

Bancorp

,

Series

X,

3.15%,

4/27/2027

250,000

232,277

(SOFR

+

2.11%),

4.97%,

7/22/2033(b)

25,000

23,089

(SOFR

+

2.26%),

5.84%,

6/12/2034(b)

60,000

60,839

Wells

Fargo

&

Co.

,

(SOFR

+

1.56%),

4.54%,

8/15/2026(b)

40,000

39,122

(CME

Term

SOFR

3

Month

+

1.43%),

2.88%,

10/30/2030(b)

100,000

86,565

(CME

Term

SOFR

3

Month

+

1.26%),

2.57%,

2/11/2031(b)

250,000

211,172

(SOFR

+

1.50%),

3.35%,

3/2/2033(b)

50,000

42,806

(SOFR

+

2.10%),

4.90%,

7/25/2033(b)

90,000

86,267

(SOFR

+

1.99%),

5.56%,

7/25/2034(b)

130,000

130,513

5.61%,

1/15/2044

240,000

231,623

(CME

Term

SOFR

3

Month

+

4.50%),

5.01%,

4/4/2051(b)

60,000

55,970

Westpac

Banking

Corp.

,

5.46%,

11/18/2027

130,000

132,318

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.75%),

2.67%,

11/15/2035(b)

30,000

23,121

3.13%,

11/18/2041

65,000

43,446

13,509,114

4

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Beverages

0.5%

Anheuser-Busch

Cos.

LLC

,

4.90%,

2/1/2046

230,000

217,982

Anheuser-Busch

InBev

Worldwide,

Inc.

,

4.75%,

1/23/2029

100,000

99,577

5.45%,

1/23/2039

80,000

82,366

5.55%,

1/23/2049

100,000

103,774

Brown-Forman

Corp.

,

4.75%,

4/15/2033

20,000

20,032

Coca-Cola

Co.

(The)

,

2.90%,

5/25/2027

100,000

94,346

2.60%,

6/1/2050

100,000

68,696

Constellation

Brands,

Inc.

,

5.25%,

11/15/2048

50,000

47,525

Diageo

Capital

plc

,

2.38%,

10/24/2029

200,000

174,091

Keurig

Dr

Pepper,

Inc.

,

4.42%,

12/15/2046

20,000

16,948

4.50%,

4/15/2052

30,000

26,265

Molson

Coors

Beverage

Co.

,

4.20%,

7/15/2046

50,000

41,055

PepsiCo,

Inc.

,

2.25%,

3/19/2025

100,000

95,608

4.45%,

5/15/2028

100,000

100,283

3.45%,

10/6/2046

75,000

61,068

2.75%,

10/21/2051

50,000

35,201

1,284,817

Biotechnology

0.3%

AbbVie,

Inc.

,

4.30%,

5/14/2036

100,000

91,944

4.70%,

5/14/2045

50,000

45,330

4.25%,

11/21/2049

175,000

150,129

Amgen,

Inc.

,

5.25%,

3/2/2033

80,000

79,842

2.80%,

8/15/2041

80,000

56,584

5.60%,

3/2/2043

60,000

59,668

4.66%,

6/15/2051

170,000

149,854

5.75%,

3/2/2063

60,000

60,312

Biogen,

Inc.

,

4.05%,

9/15/2025

95,000

92,250

3.15%,

5/1/2050

30,000

20,230

Gilead

Sciences,

Inc.

,

4.75%,

3/1/2046

150,000

140,572

946,715

Broadline

Retail

0.2%

Alibaba

Group

Holding

Ltd.

,

2.13%,

2/9/2031(a)

200,000

162,677

Amazon.com,

Inc.

,

1.65%,

5/12/2028

200,000

174,910

3.60%,

4/13/2032

25,000

23,169

4.70%,

12/1/2032

25,000

25,110

2.50%,

6/3/2050

50,000

32,566

3.95%,

4/13/2052

25,000

21,432

4.25%,

8/22/2057

150,000

132,519

4.10%,

4/13/2062

25,000

21,312

eBay,

Inc.

,

4.00%,

7/15/2042

50,000

39,867

633,562

Corporate

Bonds

Principal

Amount

($)

Value

($)

Building

Products

0.1%

Carrier

Global

Corp.

,

2.49%,

2/15/2027

23,000

21,002

2.72%,

2/15/2030

100,000

86,271

Fortune

Brands

Innovations,

Inc.

,

3.25%,

9/15/2029

50,000

44,234

Johnson

Controls

International

plc

,

4.90%,

12/1/2032

100,000

98,872

Masco

Corp.

,

3.13%,

2/15/2051

30,000

18,856

Owens

Corning

,

4.30%,

7/15/2047

10,000

8,190

Trane

Technologies

Global

Holding

Co.

Ltd.

,

5.75%,

6/15/2043

20,000

20,261

297,686

Capital

Markets

1.5%

Ares

Capital

Corp.

,

3.88%,

1/15/2026

60,000

56,039

Bank

of

New

York

Mellon

Corp.

(The)

,

2.05%,

1/26/2027(a)

100,000

90,420

Series

J,

1.90%,

1/25/2029

100,000

84,478

(United

States

SOFR

Compounded

Index

+

2.07%),

5.83%,

10/25/2033(b)

20,000

20,712

Blackstone

Private

Credit

Fund

,

4.00%,

1/15/2029

50,000

42,997

Brookfield

Finance

I

UK

plc

,

2.34%,

1/30/2032

100,000

77,744

Brookfield

Finance,

Inc.

,

4.85%,

3/29/2029

60,000

57,800

Charles

Schwab

Corp.

(The)

,

0.90%,

3/11/2026

100,000

88,840

1.95%,

12/1/2031

50,000

38,867

CME

Group,

Inc.

,

5.30%,

9/15/2043

50,000

51,515

Credit

Suisse

AG

,

5.00%,

7/9/2027

250,000

241,633

Deutsche

Bank

AG

,

(SOFR

+

3.19%),

6.12%,

7/14/2026(b)

200,000

199,070

(SOFR

+

1.32%),

2.55%,

1/7/2028(b)

200,000

175,716

Goldman

Sachs

Group,

Inc.

(The)

,

3.50%,

4/1/2025

300,000

289,350

(SOFR

+

0.91%),

1.95%,

10/21/2027(b)

200,000

178,384

(SOFR

+

1.11%),

2.64%,

2/24/2028(b)

25,000

22,636

(CME

Term

SOFR

3

Month

+

1.69%),

4.41%,

4/23/2039(b)

250,000

220,857

6.25%,

2/1/2041

200,000

214,594

Intercontinental

Exchange,

Inc.

,

4.35%,

6/15/2029

20,000

19,393

Nationwide

Bond

Index

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

5

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Intercontinental

Exchange,

Inc.,

4.60%,

3/15/2033(a)

20,000

19,161

4.95%,

6/15/2052

20,000

19,132

3.00%,

9/15/2060

50,000

31,973

5.20%,

6/15/2062

20,000

19,564

Jefferies

Financial

Group,

Inc.

,

4.15%,

1/23/2030

50,000

45,581

Moody's

Corp.

,

3.75%,

2/25/2052

40,000

31,205

Morgan

Stanley

,

4.35%,

9/8/2026

250,000

241,578

(SOFR

+

1.00%),

2.48%,

1/21/2028(b)

130,000

117,609

(CME

Term

SOFR

3

Month

+

1.89%),

4.43%,

1/23/2030(b)

50,000

47,726

(SOFR

+

1.14%),

2.70%,

1/22/2031(b)

40,000

34,130

7.25%,

4/1/2032

100,000

114,746

(SOFR

+

1.29%),

2.94%,

1/21/2033(b)

50,000

41,613

(SOFR

+

2.56%),

6.34%,

10/18/2033(b)

80,000

85,062

(SOFR

+

1.87%),

5.25%,

4/21/2034(b)

100,000

98,714

4.38%,

1/22/2047

250,000

223,329

Nasdaq,

Inc.

,

5.55%,

2/15/2034

90,000

90,809

Nomura

Holdings,

Inc.

,

2.33%,

1/22/2027

200,000

177,530

Northern

Trust

Corp.

,

3.65%,

8/3/2028

50,000

47,320

1.95%,

5/1/2030

50,000

41,487

Raymond

James

Financial,

Inc.

,

4.65%,

4/1/2030

100,000

97,678

S&P

Global,

Inc.

,

2.70%,

3/1/2029

10,000

9,007

2.90%,

3/1/2032

50,000

43,247

State

Street

Corp.

,

3.30%,

12/16/2024

155,000

150,573

(SOFR

+

1.57%),

4.82%,

1/26/2034(b)

40,000

38,480

UBS

Group

AG

,

3.75%,

3/26/2025

250,000

241,843

4,280,142

Chemicals

0.3%

Cabot

Corp.

,

4.00%,

7/1/2029

30,000

27,713

Celanese

US

Holdings

LLC

,

6.38%,

7/15/2032(a)

50,000

50,578

CF

Industries,

Inc.

,

5.15%,

3/15/2034

60,000

57,513

Dow

Chemical

Co.

(The)

,

4.25%,

10/1/2034

86,000

77,958

6.90%,

5/15/2053

25,000

28,274

DuPont

de

Nemours,

Inc.

,

5.32%,

11/15/2038

30,000

29,738

5.42%,

11/15/2048

25,000

24,627

Corporate

Bonds

Principal

Amount

($)

Value

($)

Chemicals

Eastman

Chemical

Co.

,

4.65%,

10/15/2044

50,000

41,826

Ecolab,

Inc.

,

2.13%,

2/1/2032

100,000

82,355

FMC

Corp.

,

6.38%,

5/18/2053

15,000

14,963

International

Flavors

&

Fragrances,

Inc.

,

5.00%,

9/26/2048

20,000

17,095

Lubrizol

Corp.

(The)

,

6.50%,

10/1/2034

13,000

15,005

LyondellBasell

Industries

NV

,

4.63%,

2/26/2055

60,000

48,749

Mosaic

Co.

(The)

,

5.45%,

11/15/2033

50,000

49,292

Nutrien

Ltd.

,

5.88%,

12/1/2036

50,000

50,366

5.00%,

4/1/2049

20,000

17,830

PPG

Industries,

Inc.

,

2.80%,

8/15/2029

100,000

89,160

Sherwin-Williams

Co.

(The)

,

4.50%,

6/1/2047

50,000

43,701

Westlake

Corp.

,

4.38%,

11/15/2047

40,000

31,193

797,936

Commercial

Services

&

Supplies

0.1%

Republic

Services,

Inc.

,

1.45%,

2/15/2031

55,000

43,006

3.05%,

3/1/2050

50,000

35,119

Waste

Connections,

Inc.

,

4.20%,

1/15/2033

60,000

56,102

Waste

Management,

Inc.

,

4.15%,

7/15/2049

50,000

43,183

177,410

Communications

Equipment

0.1%

Cisco

Systems,

Inc.

,

2.50%,

9/20/2026

150,000

141,531

5.90%,

2/15/2039

40,000

44,051

Juniper

Networks,

Inc.

,

3.75%,

8/15/2029

50,000

45,750

Motorola

Solutions,

Inc.

,

4.00%,

9/1/2024

16,000

15,668

2.30%,

11/15/2030

35,000

28,152

275,152

Construction

&

Engineering

0.0%

†

Quanta

Services,

Inc.

,

2.90%,

10/1/2030

50,000

42,471

Construction

Materials

0.0%

†

Martin

Marietta

Materials,

Inc.

,

4.25%,

12/15/2047

50,000

41,428

Vulcan

Materials

Co.

,

3.90%,

4/1/2027

100,000

96,258

137,686

Consumer

Finance

0.8%

AerCap

Ireland

Capital

DAC

,

3.65%,

7/21/2027

150,000

138,470

3.00%,

10/29/2028

200,000

174,496

6

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Finance

Ally

Financial,

Inc.

,

8.00%,

11/1/2031

30,000

31,830

American

Express

Co.

,

3.63%,

12/5/2024

150,000

146,085

(SOFR

+

1.00%),

4.99%,

5/1/2026(b)

100,000

98,838

3.13%,

5/20/2026

300,000

284,901

(SOFR

+

1.84%),

5.04%,

5/1/2034(b)

100,000

98,079

American

Honda

Finance

Corp.

,

1.50%,

1/13/2025

50,000

47,388

2.25%,

1/12/2029

50,000

43,730

Capital

One

Financial

Corp.

,

3.75%,

3/9/2027

250,000

233,872

(SOFR

+

2.06%),

4.93%,

5/10/2028(b)

45,000

43,244

Caterpillar

Financial

Services

Corp.

,

4.35%,

5/15/2026

50,000

49,373

Discover

Financial

Services

,

4.50%,

1/30/2026

100,000

96,332

General

Motors

Financial

Co.,

Inc.

,

1.25%,

1/8/2026

200,000

180,232

2.35%,

2/26/2027

50,000

44,883

John

Deere

Capital

Corp.

,

0.70%,

1/15/2026

100,000

90,401

PACCAR

Financial

Corp.

,

1.80%,

2/6/2025

100,000

94,775

Synchrony

Financial

,

4.50%,

7/23/2025

80,000

76,123

Toyota

Motor

Credit

Corp.

,

3.95%,

6/30/2025

45,000

44,025

3.65%,

1/8/2029

100,000

94,677

4.45%,

6/29/2029

50,000

49,242

2,160,996

Consumer

Staples

Distribution

&

Retail

0.3%

Dollar

General

Corp.

,

4.13%,

4/3/2050

50,000

38,340

Dollar

Tree,

Inc.

,

2.65%,

12/1/2031

25,000

20,508

3.38%,

12/1/2051

25,000

16,740

Kroger

Co.

(The)

,

7.50%,

4/1/2031(a)

90,000

102,044

Sysco

Corp.

,

6.60%,

4/1/2050

50,000

56,655

Target

Corp.

,

2.50%,

4/15/2026

250,000

236,851

3.90%,

11/15/2047

50,000

41,942

Walgreens

Boots

Alliance,

Inc.

,

3.20%,

4/15/2030(a)

70,000

59,593

Walmart,

Inc.

,

1.80%,

9/22/2031

100,000

82,755

2.65%,

9/22/2051

100,000

70,096

4.50%,

9/9/2052

100,000

96,371

821,895

Corporate

Bonds

Principal

Amount

($)

Value

($)

Containers

&

Packaging

0.1%

International

Paper

Co.

,

4.40%,

8/15/2047

25,000

20,734

Sonoco

Products

Co.

,

1.80%,

2/1/2025(a)

50,000

46,971

2.25%,

2/1/2027

45,000

40,204

2.85%,

2/1/2032

50,000

41,551

WRKCo,

Inc.

,

4.20%,

6/1/2032

40,000

36,521

185,981

Diversified

Consumer

Services

0.1%

Massachusetts

Institute

of

Technology

,

Series

G,

2.29%,

7/1/2051

100,000

62,284

Northwestern

University

,

Series

2017,

3.66%,

12/1/2057

12,000

9,610

President

and

Fellows

of

Harvard

College

,

3.15%,

7/15/2046

50,000

38,191

University

of

Notre

Dame

du

Lac

,

Series

2017,

3.39%,

2/15/2048

30,000

23,970

Yale

University

,

Series

2020,

2.40%,

4/15/2050

26,000

16,799

150,854

Diversified

REITs

0.2%

Digital

Realty

Trust

LP

,

4.45%,

7/15/2028

100,000

94,975

GLP

Capital

LP

,

5.38%,

4/15/2026

200,000

196,272

Simon

Property

Group

LP

,

2.65%,

2/1/2032

100,000

81,225

4.75%,

3/15/2042

60,000

52,046

STORE

Capital

Corp.

,

2.70%,

12/1/2031

50,000

35,022

VICI

Properties

LP

,

4.75%,

2/15/2028

10,000

9,533

5.13%,

5/15/2032

10,000

9,410

5.63%,

5/15/2052

20,000

18,327

WP

Carey,

Inc.

,

3.85%,

7/15/2029

50,000

45,244

542,054

Diversified

Telecommunication

Services

0.7%

AT&T,

Inc.

,

1.65%,

2/1/2028

100,000

85,407

4.30%,

2/15/2030

50,000

46,820

2.25%,

2/1/2032

100,000

78,539

2.55%,

12/1/2033

207,000

159,953

3.50%,

6/1/2041

100,000

74,457

3.65%,

9/15/2059

398,000

266,262

Bell

Telephone

Co.

of

Canada

(The)

,

4.30%,

7/29/2049

50,000

41,120

British

Telecommunications

plc

,

9.62%,

12/15/2030(c)

35,000

43,019

Nationwide

Bond

Index

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

7

Corporate

Bonds

Principal

Amount

($)

Value

($)

Diversified

Telecommunication

Services

Deutsche

Telekom

International

Finance

BV

,

8.75%,

6/15/2030(c)

50,000

59,171

Orange

SA

,

5.50%,

2/6/2044

50,000

49,981

Sprint

Capital

Corp.

,

6.88%,

11/15/2028

100,000

106,005

Telefonica

Emisiones

SA

,

7.05%,

6/20/2036

100,000

109,240

Verizon

Communications,

Inc.

,

4.33%,

9/21/2028

100,000

96,045

1.75%,

1/20/2031

100,000

78,395

2.55%,

3/21/2031

250,000

207,519

4.50%,

8/10/2033

80,000

74,753

3.85%,

11/1/2042

175,000

139,170

2.99%,

10/30/2056

210,000

129,345

1,845,201

Electric

Utilities

1

.6%

AEP

Transmission

Co.

LLC

,

3.75%,

12/1/2047

50,000

39,973

American

Electric

Power

Co.,

Inc.

,

5.63%,

3/1/2033

40,000

40,723

Appalachian

Power

Co.

,

Series

Y,

4.50%,

3/1/2049

90,000

74,786

Arizona

Public

Service

Co.

,

2.20%,

12/15/2031

100,000

78,587

CenterPoint

Energy

Houston

Electric

LLC

,

3.95%,

3/1/2048

100,000

82,301

Cleveland

Electric

Illuminating

Co.

(The)

,

5.50%,

8/15/2024

200,000

199,074

Commonwealth

Edison

Co.

,

5.30%,

2/1/2053

90,000

90,818

DTE

Electric

Co.

,

Series

A,

3.00%,

3/1/2032

10,000

8,621

3.70%,

3/15/2045

80,000

62,979

Series

B,

3.65%,

3/1/2052

10,000

7,736

Duke

Energy

Corp.

,

3.30%,

6/15/2041

80,000

58,903

4.20%,

6/15/2049

150,000

120,022

5.00%,

8/15/2052

50,000

45,424

Duke

Energy

Ohio,

Inc.

,

3.70%,

6/15/2046

100,000

75,085

Duke

Energy

Progress

LLC

,

5.25%,

3/15/2033

50,000

50,667

Emera

US

Finance

LP

,

3.55%,

6/15/2026

150,000

142,766

Entergy

Arkansas

LLC

,

3.50%,

4/1/2026

100,000

96,045

4.20%,

4/1/2049

50,000

41,366

Entergy

Louisiana

LLC

,

4.00%,

3/15/2033

50,000

45,423

Entergy

Texas,

Inc.

,

5.00%,

9/15/2052

25,000

23,272

Evergy

Metro,

Inc.

,

Series

2019,

4.13%,

4/1/2049

50,000

39,991

Eversource

Energy

,

Series

H,

3.15%,

1/15/2025

75,000

72,298

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Eversource

Energy,

3.45%,

1/15/2050

100,000

73,500

Exelon

Corp.

,

4.05%,

4/15/2030

200,000

186,982

5.63%,

6/15/2035

100,000

101,194

Florida

Power

&

Light

Co.

,

5.25%,

2/1/2041

45,000

44,872

4.13%,

6/1/2048

90,000

76,863

Fortis,

Inc.

,

3.06%,

10/4/2026

100,000

92,662

Georgia

Power

Co.

,

4.65%,

5/16/2028

100,000

98,279

4.95%,

5/17/2033

100,000

98,530

4.30%,

3/15/2042

50,000

43,139

Iberdrola

International

BV

,

5.81%,

3/15/2025

82,000

82,224

Kentucky

Utilities

Co.

,

5.13%,

11/1/2040

50,000

47,924

NextEra

Energy

Capital

Holdings,

Inc.

,

4.45%,

6/20/2025

25,000

24,595

1.88%,

1/15/2027

45,000

40,375

4.63%,

7/15/2027

25,000

24,559

2.75%,

11/1/2029

100,000

87,248

2.44%,

1/15/2032

25,000

20,310

5.05%,

2/28/2033

40,000

39,272

Northern

States

Power

Co.

,

4.13%,

5/15/2044

50,000

42,174

Ohio

Power

Co.

,

4.15%,

4/1/2048

50,000

40,844

Oklahoma

Gas

and

Electric

Co.

,

5.40%,

1/15/2033

30,000

30,355

Oncor

Electric

Delivery

Co.

LLC

,

5.30%,

6/1/2042

50,000

50,212

4.60%,

6/1/2052

25,000

22,655

Pacific

Gas

and

Electric

Co.

,

2.50%,

2/1/2031

250,000

197,560

4.50%,

7/1/2040

100,000

78,696

4.95%,

7/1/2050

50,000

39,986

PacifiCorp

,

6.00%,

1/15/2039

25,000

24,990

Public

Service

Electric

and

Gas

Co.

,

3.95%,

5/1/2042

100,000

83,806

Southern

California

Edison

Co.

,

5.30%,

3/1/2028

50,000

50,324

Series

08-A,

5.95%,

2/1/2038

30,000

30,805

4.00%,

4/1/2047

100,000

80,181

Series

B,

4.88%,

3/1/2049

50,000

44,532

Southern

Co.

(The)

,

3.25%,

7/1/2026

210,000

198,563

4.40%,

7/1/2046

150,000

127,908

Tampa

Electric

Co.

,

3.63%,

6/15/2050

40,000

29,547

Union

Electric

Co.

,

2.63%,

3/15/2051

100,000

62,581

8

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Virginia

Electric

and

Power

Co.

,

2.30%,

11/15/2031

50,000

40,677

4.45%,

2/15/2044

150,000

128,969

Series

C,

4.63%,

5/15/2052

50,000

44,467

Wisconsin

Power

and

Light

Co.

,

3.00%,

7/1/2029

100,000

89,787

Xcel

Energy,

Inc.

,

6.50%,

7/1/2036

123,000

130,032

4,349,039

Electrical

Equipment

0.1%

Eaton

Corp.

,

4.00%,

11/2/2032

100,000

93,484

Regal

Rexnord

Corp.

,

6.30%,

2/15/2030(d)

50,000

49,918

Rockwell

Automation,

Inc.

,

2.80%,

8/15/2061

5,000

3,175

146,577

Electronic

Equipment,

Instruments

&

Components

0.1%

Amphenol

Corp.

,

2.80%,

2/15/2030

100,000

87,711

CDW

LLC

,

3.57%,

12/1/2031

30,000

25,393

Corning,

Inc.

,

5.35%,

11/15/2048

70,000

67,040

Flex

Ltd.

,

3.75%,

2/1/2026

200,000

190,816

370,960

Energy

Equipment

&

Services

0.1%

Baker

Hughes

Holdings

LLC

,

2.06%,

12/15/2026(a)

35,000

31,712

4.08%,

12/15/2047

50,000

41,051

Halliburton

Co.

,

5.00%,

11/15/2045(a)

90,000

82,384

NOV,

Inc.

,

3.95%,

12/1/2042

50,000

37,321

192,468

Entertainment

0.3%

Activision

Blizzard,

Inc.

,

2.50%,

9/15/2050

50,000

32,546

Netflix,

Inc.

,

4.88%,

4/15/2028

100,000

98,772

Take-Two

Interactive

Software,

Inc.

,

4.00%,

4/14/2032

10,000

9,132

TWDC

Enterprises

18

Corp.

,

3.00%,

7/30/2046

60,000

42,256

Walt

Disney

Co.

(The)

,

2.00%,

9/1/2029

100,000

85,218

2.65%,

1/13/2031

100,000

86,018

3.50%,

5/13/2040

60,000

48,965

2.75%,

9/1/2049

100,000

66,045

Warnermedia

Holdings,

Inc.

,

3.76%,

3/15/2027

50,000

46,801

4.05%,

3/15/2029

50,000

45,884

4.28%,

3/15/2032

25,000

22,174

5.05%,

3/15/2042

30,000

24,941

Corporate

Bonds

Principal

Amount

($)

Value

($)

Entertainment

Warnermedia

Holdings,

Inc.,

5.14%,

3/15/2052

170,000

138,181

746,933

Financial

Services

0.4%

Corebridge

Financial,

Inc.

,

3.85%,

4/5/2029

100,000

91,670

3.90%,

4/5/2032

25,000

22,018

Equitable

Holdings,

Inc.

,

7.00%,

4/1/2028

92,000

96,292

Fidelity

National

Information

Services,

Inc.

,

2.25%,

3/1/2031

50,000

40,809

3.10%,

3/1/2041

30,000

21,368

Fiserv,

Inc.

,

3.50%,

7/1/2029

50,000

46,009

2.65%,

6/1/2030

80,000

68,255

Global

Payments,

Inc.

,

4.15%,

8/15/2049

50,000

37,648

Mastercard,

Inc.

,

2.00%,

11/18/2031

50,000

41,289

3.95%,

2/26/2048

50,000

43,375

National

Rural

Utilities

Cooperative

Finance

Corp.

,

3.40%,

2/7/2028

50,000

46,667

5.80%,

1/15/2033

50,000

52,190

PayPal

Holdings,

Inc.

,

2.40%,

10/1/2024

35,000

33,759

4.40%,

6/1/2032

100,000

96,575

Shell

International

Finance

BV

,

6.38%,

12/15/2038

150,000

168,537

4.38%,

5/11/2045

50,000

44,914

Visa,

Inc.

,

4.30%,

12/14/2045(a)

100,000

92,675

Voya

Financial,

Inc.

,

3.65%,

6/15/2026

100,000

94,255

1,138,305

Food

Products

0.3%

Archer-Daniels-Midland

Co.

,

2.50%,

8/11/2026

100,000

94,048

2.90%,

3/1/2032

25,000

21,675

Campbell

Soup

Co.

,

4.15%,

3/15/2028(a)

50,000

48,102

4.80%,

3/15/2048

10,000

9,005

Conagra

Brands,

Inc.

,

5.40%,

11/1/2048

50,000

47,021

General

Mills,

Inc.

,

2.88%,

4/15/2030

100,000

88,104

Hershey

Co.

(The)

,

3.13%,

11/15/2049

50,000

36,360

J

M

Smucker

Co.

(The)

,

4.25%,

3/15/2035

40,000

36,122

JBS

USA

LUX

SA

,

3.00%,

5/15/2032(d)

30,000

23,532

5.75%,

4/1/2033(d)

50,000

48,051

6.50%,

12/1/2052(d)

15,000

14,660

Kellogg

Co.

,

3.25%,

4/1/2026

40,000

38,193

Kraft

Heinz

Foods

Co.

,

4.88%,

10/1/2049

120,000

109,295

Nationwide

Bond

Index

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

9

Corporate

Bonds

Principal

Amount

($)

Value

($)

Food

Products

Mead

Johnson

Nutrition

Co.

,

4.13%,

11/15/2025

110,000

107,471

Mondelez

International,

Inc.

,

2.63%,

9/4/2050

50,000

32,494

Pilgrim's

Pride

Corp.

,

6.25%,

7/1/2033

30,000

29,791

Tyson

Foods,

Inc.

,

5.10%,

9/28/2048

50,000

45,016

Unilever

Capital

Corp.

,

2.13%,

9/6/2029

100,000

87,135

5.90%,

11/15/2032(a)

50,000

54,571

970,646

Gas

Utilities

0.1%

Atmos

Energy

Corp.

,

4.13%,

10/15/2044

50,000

42,115

ONE

Gas,

Inc.

,

2.00%,

5/15/2030

100,000

82,682

Piedmont

Natural

Gas

Co.,

Inc.

,

3.50%,

6/1/2029

50,000

45,566

Southern

California

Gas

Co.

,

6.35%,

11/15/2052

40,000

44,092

Southwest

Gas

Corp.

,

3.18%,

8/15/2051

25,000

15,860

Washington

Gas

Light

Co.

,

3.65%,

9/15/2049

10,000

7,298

237,613

Ground

Transportation

0.4%

Burlington

Northern

Santa

Fe

LLC

,

5.05%,

3/1/2041

100,000

97,831

4.90%,

4/1/2044

70,000

67,609

2.88%,

6/15/2052

25,000

16,903

Canadian

National

Railway

Co.

,

6.90%,

7/15/2028

118,000

128,027

6.20%,

6/1/2036

30,000

32,822

Canadian

Pacific

Railway

Co.

,

2.45%,

12/2/2031(a)

50,000

43,736

3.10%,

12/2/2051

35,000

24,442

4.20%,

11/15/2069

25,000

19,478

6.13%,

9/15/2115

10,000

10,226

CSX

Corp.

,

5.50%,

4/15/2041

50,000

50,655

3.95%,

5/1/2050

100,000

81,728

Norfolk

Southern

Corp.

,

2.55%,

11/1/2029

50,000

43,508

2.30%,

5/15/2031

100,000

82,953

4.45%,

6/15/2045

50,000

43,313

Ryder

System,

Inc.

,

2.90%,

12/1/2026

90,000

82,586

Union

Pacific

Corp.

,

3.60%,

9/15/2037

100,000

85,146

3.25%,

2/5/2050

80,000

59,465

3.84%,

3/20/2060

90,000

71,400

1,041,828

Health

Care

Equipment

&

Supplies

0.2%

Abbott

Laboratories

,

3.88%,

9/15/2025(a)

45,000

44,067

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Equipment

&

Supplies

Abbott

Laboratories,

4.90%,

11/30/2046

100,000

99,855

Baxter

International,

Inc.

,

2.60%,

8/15/2026

100,000

92,336

1.92%,

2/1/2027

70,000

62,501

2.27%,

12/1/2028

50,000

43,106

Becton

Dickinson

&

Co.

,

4.69%,

12/15/2044

44,000

40,226

Boston

Scientific

Corp.

,

4.70%,

3/1/2049

34,000

31,495

DH

Europe

Finance

II

Sarl

,

2.60%,

11/15/2029

45,000

39,946

GE

HealthCare

Technologies,

Inc.

,

5.91%,

11/22/2032

100,000

103,931

Koninklijke

Philips

NV

,

5.00%,

3/15/2042

20,000

18,085

Medtronic,

Inc.

,

4.63%,

3/15/2045

50,000

47,907

Stryker

Corp.

,

2.90%,

6/15/2050

50,000

33,932

657,387

Health

Care

Providers

&

Services

1.2%

Advocate

Health

&

Hospitals

Corp.

,

4.27%,

8/15/2048

21,000

18,260

Aetna,

Inc.

,

3.88%,

8/15/2047(a)

50,000

38,380

AmerisourceBergen

Corp.

,

4.25%,

3/1/2045

50,000

41,181

Ascension

Health

,

Series

B,

3.11%,

11/15/2039

100,000

77,403

Baylor

Scott

&

White

Holdings

,

Series

2021,

2.84%,

11/15/2050

100,000

66,172

Cardinal

Health,

Inc.

,

4.37%,

6/15/2047

50,000

40,929

Centene

Corp.

,

3.00%,

10/15/2030

80,000

66,934

2.50%,

3/1/2031

40,000

32,006

Children's

Health

System

of

Texas

,

2.51%,

8/15/2050

100,000

61,439

Cigna

Group

(The)

,

4.13%,

11/15/2025

200,000

195,291

4.80%,

8/15/2038

50,000

46,863

3.40%,

3/15/2050

125,000

90,481

CommonSpirit

Health

,

2.78%,

10/1/2030

62,000

52,493

4.19%,

10/1/2049

25,000

20,225

CVS

Health

Corp.

,

5.00%,

2/20/2026(a)

100,000

99,657

4.30%,

3/25/2028(a)

59,000

57,141

3.75%,

4/1/2030

100,000

91,406

2.13%,

9/15/2031

90,000

71,968

4.78%,

3/25/2038

75,000

69,202

5.05%,

3/25/2048

150,000

136,817

5.88%,

6/1/2053

35,000

35,505

Elevance

Health,

Inc.

,

4.75%,

2/15/2033

60,000

58,370

4.65%,

8/15/2044

150,000

133,900

10

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Providers

&

Services

HCA,

Inc.

,

4.50%,

2/15/2027

250,000

242,968

3.63%,

3/15/2032(d)

100,000

86,897

5.50%,

6/15/2047

20,000

18,674

4.63%,

3/15/2052(d)

70,000

57,477

Humana,

Inc.

,

3.95%,

8/15/2049

50,000

39,796

Kaiser

Foundation

Hospitals

,

4.15%,

5/1/2047

50,000

43,192

Series

2021,

3.00%,

6/1/2051

100,000

69,291

Laboratory

Corp.

of

America

Holdings

,

2.95%,

12/1/2029

50,000

43,986

McKesson

Corp.

,

1.30%,

8/15/2026

100,000

89,466

3.95%,

2/16/2028

100,000

96,291

Memorial

Sloan-Kettering

Cancer

Center

,

Series

2020,

2.96%,

1/1/2050

29,000

19,933

Northwell

Healthcare,

Inc.

,

4.26%,

11/1/2047

20,000

16,207

NYU

Langone

Hospitals

,

4.78%,

7/1/2044

100,000

91,435

Piedmont

Healthcare,

Inc.

,

Series

2032,

2.04%,

1/1/2032

100,000

78,190

Providence

St

Joseph

Health

Obligated

Group

,

Series

A,

3.93%,

10/1/2048

15,000

11,446

Quest

Diagnostics,

Inc.

,

4.20%,

6/30/2029

50,000

48,071

Stanford

Health

Care

,

Series

2018,

3.80%,

11/15/2048

12,000

9,576

Sutter

Health

,

Series

2018,

4.09%,

8/15/2048

36,000

29,261

UnitedHealth

Group,

Inc.

,

3.38%,

4/15/2027

250,000

238,048

3.88%,

12/15/2028

200,000

192,115

5.35%,

2/15/2033(a)

50,000

51,799

2.75%,

5/15/2040

60,000

44,294

3.05%,

5/15/2041

50,000

38,080

4.25%,

4/15/2047

60,000

52,326

3.25%,

5/15/2051

100,000

73,577

5.88%,

2/15/2053

20,000

22,013

3.13%,

5/15/2060

50,000

34,215

5.20%,

4/15/2063

30,000

29,560

3,470,207

Health

Care

REITs

0.1%

Healthcare

Realty

Holdings

LP

,

3.10%,

2/15/2030

50,000

42,847

Healthpeak

OP

LLC

,

3.40%,

2/1/2025

19,000

18,317

2.88%,

1/15/2031

50,000

42,246

Omega

Healthcare

Investors,

Inc.

,

4.50%,

4/1/2027

100,000

94,572

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

REITs

Ventas

Realty

LP

,

3.00%,

1/15/2030

70,000

59,800

Welltower

OP

LLC

,

3.10%,

1/15/2030(a)

100,000

87,225

345,007

Hotel

&

Resort

REITs

0.0%

†

Host

Hotels

&

Resorts

LP

,

Series

H,

3.38%,

12/15/2029

50,000

43,043

Hotels,

Restaurants

&

Leisure

0.3%

Booking

Holdings,

Inc.

,

4.63%,

4/13/2030

50,000

49,016

Expedia

Group,

Inc.

,

3.80%,

2/15/2028(a)

50,000

47,000

3.25%,

2/15/2030

65,000

57,178

Marriott

International,

Inc.

,

Series

EE,

5.75%,

5/1/2025

56,000

56,289

Series

R,

3.13%,

6/15/2026

200,000

188,442

McDonald's

Corp.

,

3.50%,

7/1/2027

100,000

95,359

3.70%,

2/15/2042

40,000

32,543

4.88%,

12/9/2045

50,000

47,542

3.63%,

9/1/2049

50,000

38,821

Starbucks

Corp.

,

3.80%,

8/15/2025

100,000

97,234

3.50%,

11/15/2050

100,000

74,809

784,233

Household

Durables

0.2%

DR

Horton,

Inc.

,

2.50%,

10/15/2024

85,000

81,899

Lennar

Corp.

,

5.88%,

11/15/2024

300,000

300,836

MDC

Holdings,

Inc.

,

2.50%,

1/15/2031

50,000

39,221

PulteGroup,

Inc.

,

5.00%,

1/15/2027

100,000

98,590

Whirlpool

Corp.

,

3.70%,

5/1/2025

100,000

96,829

617,375

Household

Products

0.1%

Church

&

Dwight

Co.,

Inc.

,

5.00%,

6/15/2052

10,000

9,659

Colgate-Palmolive

Co.

,

3.70%,

8/1/2047

50,000

42,600

Kimberly-Clark

Corp.

,

2.88%,

2/7/2050

50,000

35,418

Procter

&

Gamble

Co.

(The)

,

3.00%,

3/25/2030

100,000

92,095

179,772

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

Constellation

Energy

Generation

LLC

,

5.60%,

6/15/2042

50,000

48,239

Oglethorpe

Power

Corp.

,

5.05%,

10/1/2048

25,000

22,103

70,342

Nationwide

Bond

Index

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

11

Corporate

Bonds

Principal

Amount

($)

Value

($)

Industrial

Conglomerates

0.1%

3M

Co.

,

3.63%,

10/15/2047

30,000

22,922

4.00%,

9/14/2048(a)

40,000

34,388

General

Electric

Co.

,

Series

A,

6.75%,

3/15/2032

100,000

112,273

Honeywell

International,

Inc.

,

3.81%,

11/21/2047

50,000

41,950

Pentair

Finance

Sarl

,

5.90%,

7/15/2032

30,000

30,923

242,456

Industrial

REITs

0.0

%

†

Prologis

LP

,

2.88%,

11/15/2029

40,000

35,149

1.25%,

10/15/2030

100,000

77,539

2.13%,

10/15/2050

30,000

16,703

129,391

Insurance

0.7%

Allstate

Corp.

(The)

,

4.20%,

12/15/2046

50,000

40,180

American

International

Group,

Inc.

,

5.13%,

3/27/2033

100,000

98,322

4.75%,

4/1/2048

40,000

35,963

Aon

Global

Ltd.

,

4.75%,

5/15/2045

50,000

44,212

Arch

Capital

Finance

LLC

,

4.01%,

12/15/2026

250,000

238,765

Arthur

J

Gallagher

&

Co.

,

5.75%,

3/2/2053

20,000

20,032

Athene

Holding

Ltd.

,

4.13%,

1/12/2028

100,000

92,668

Berkshire

Hathaway

Finance

Corp.

,

2.88%,

3/15/2032

100,000

87,850

4.40%,

5/15/2042

150,000

141,843

Brighthouse

Financial,

Inc.

,

5.63%,

5/15/2030

50,000

48,541

Chubb

INA

Holdings,

Inc.

,

4.35%,

11/3/2045

100,000

89,387

CNA

Financial

Corp.

,

3.90%,

5/1/2029(a)

50,000

46,256

Enstar

Group

Ltd.

,

3.10%,

9/1/2031

40,000

31,140

Everest

Reinsurance

Holdings,

Inc.

,

3.50%,

10/15/2050

50,000

35,202

Globe

Life,

Inc.

,

2.15%,

8/15/2030

50,000

39,969

Hartford

Financial

Services

Group,

Inc.

(The)

,

6.10%,

10/1/2041

50,000

50,853

Lincoln

National

Corp.

,

4.35%,

3/1/2048

50,000

36,473

Manulife

Financial

Corp.

,

4.15%,

3/4/2026

100,000

97,498

Markel

Group,

Inc.

,

5.00%,

5/20/2049

50,000

44,880

Marsh

&

McLennan

Cos.,

Inc.

,

4.90%,

3/15/2049

50,000

47,143

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

MetLife,

Inc.

,

5.70%,

6/15/2035

86,000

89,240

4.13%,

8/13/2042

50,000

42,304

5.00%,

7/15/2052

25,000

23,442

Principal

Financial

Group,

Inc.

,

3.70%,

5/15/2029

50,000

46,041

Progressive

Corp.

(The)

,

3.95%,

3/26/2050

50,000

40,486

Prudential

Financial,

Inc.

,

6.63%,

6/21/2040

100,000

109,337

3.70%,

3/13/2051

30,000

22,965

Travelers

Cos.,

Inc.

(The)

,

4.00%,

5/30/2047

15,000

12,523

Travelers

Property

Casualty

Corp.

,

6.38%,

3/15/2033

80,000

88,051

Willis

North

America,

Inc.

,

4.65%,

6/15/2027

50,000

48,495

2.95%,

9/15/2029

30,000

26,070

1,916,131

Interactive

Media

&

Services

0.1%

Alphabet,

Inc.

,

2.05%,

8/15/2050

50,000

30,813

Meta

Platforms,

Inc.

,

3.85%,

8/15/2032

100,000

93,061

4.45%,

8/15/2052

35,000

30,534

5.60%,

5/15/2053

35,000

36,039

4.65%,

8/15/2062

25,000

22,107

212,554

IT

Services

0.1%

International

Business

Machines

Corp.

,

3.50%,

5/15/2029

100,000

92,787

1.95%,

5/15/2030

100,000

82,737

4.25%,

5/15/2049

100,000

85,134

260,658

Leisure

Products

0.0%

†

Hasbro,

Inc.

,

3.55%,

11/19/2026

20,000

18,782

3.90%,

11/19/2029

50,000

45,499

64,281

Life

Sciences

Tools

&

Services

0.1%

Agilent

Technologies,

Inc.

,

2.75%,

9/15/2029

100,000

87,032

Danaher

Corp.

,

2.60%,

10/1/2050

75,000

49,530

Revvity,

Inc.

,

3.30%,

9/15/2029

50,000

44,839

Thermo

Fisher

Scientific,

Inc.

,

1.75%,

10/15/2028

40,000

34,552

2.60%,

10/1/2029

65,000

57,608

273,561

Machinery

0.2%

Caterpillar,

Inc.

,

3.25%,

9/19/2049

75,000

58,426

CNH

Industrial

Capital

LLC

,

3.95%,

5/23/2025

200,000

194,211

12

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Machinery

Deere

&

Co.

,

3.90%,

6/9/2042

100,000

89,886

Illinois

Tool

Works,

Inc.

,

4.88%,

9/15/2041

50,000

49,228

nVent

Finance

Sarl

,

5.65%,

5/15/2033(a)

50,000

49,060

Otis

Worldwide

Corp.

,

3.11%,

2/15/2040

50,000

38,530

Parker-Hannifin

Corp.

,

3.25%,

6/14/2029

100,000

90,973

Snap-on,

Inc.

,

3.10%,

5/1/2050

50,000

36,508

Stanley

Black

&

Decker,

Inc.

,

3.00%,

5/15/2032

10,000

8,529

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.66%),

4.00%,

3/15/2060(b)

50,000

38,254

Westinghouse

Air

Brake

Technologies

Corp.

,

4.95%,

9/15/2028(c)

20,000

19,472

673,077

Media

0.7%

Charter

Communications

Operating

LLC

,

3.75%,

2/15/2028(a)

250,000

228,841

2.25%,

1/15/2029

25,000

20,735

2.80%,

4/1/2031

200,000

161,771

3.50%,

3/1/2042

50,000

33,254

5.75%,

4/1/2048

20,000

17,135

4.80%,

3/1/2050

30,000

22,734

3.70%,

4/1/2051

100,000

63,465

5.25%,

4/1/2053

50,000

40,508

Comcast

Corp.

,

4.15%,

10/15/2028

60,000

58,055

3.40%,

4/1/2030

100,000

91,655

1.50%,

2/15/2031(a)

100,000

79,211

4.80%,

5/15/2033(a)

60,000

59,377

3.75%,

4/1/2040

90,000

75,278

3.97%,

11/1/2047

146,000

120,485

4.70%,

10/15/2048

180,000

165,934

2.89%,

11/1/2051

100,000

66,521

4.95%,

10/15/2058

12,000

11,442

2.99%,

11/1/2063

19,000

11,943

Discovery

Communications

LLC

,

5.20%,

9/20/2047

50,000

41,021

Fox

Corp.

,

5.48%,

1/25/2039

50,000

46,267

Omnicom

Group,

Inc.

,

3.60%,

4/15/2026

250,000

239,996

Paramount

Global

,

5.50%,

5/15/2033

82,000

73,913

4.38%,

3/15/2043

50,000

34,682

Time

Warner

Cable

LLC

,

6.75%,

6/15/2039

90,000

86,739

WPP

Finance

2010

,

3.75%,

9/19/2024

250,000

242,890

2,093,852

Corporate

Bonds

Principal

Amount

($)

Value

($)

Metals

&

Mining

0.2%

ArcelorMittal

SA

,

6.55%,

11/29/2027

25,000

25,836

6.80%,

11/29/2032

25,000

25,813

Barrick

North

America

Finance

LLC

,

5.70%,

5/30/2041

40,000

40,403

BHP

Billiton

Finance

USA

Ltd.

,

5.00%,

9/30/2043

50,000

49,603

Freeport-McMoRan,

Inc.

,

5.45%,

3/15/2043

25,000

23,278

Newmont

Corp.

,

2.60%,

7/15/2032

60,000

48,798

Nucor

Corp.

,

3.85%,

4/1/2052

40,000

31,274

Rio

Tinto

Alcan,

Inc.

,

5.75%,

6/1/2035

80,000

82,135

Southern

Copper

Corp.

,

6.75%,

4/16/2040

50,000

55,750

Teck

Resources

Ltd.

,

5.20%,

3/1/2042

50,000

43,941

Vale

Overseas

Ltd.

,

8.25%,

1/17/2034

80,000

93,237

520,068

Multi-Utilities

0.4%

Berkshire

Hathaway

Energy

Co.

,

3.50%,

2/1/2025

250,000

242,869

6.13%,

4/1/2036

60,000

63,076

4.45%,

1/15/2049

50,000

42,404

4.25%,

10/15/2050

100,000

80,804

4.60%,

5/1/2053

20,000

16,950

Black

Hills

Corp.

,

3.05%,

10/15/2029

25,000

21,573

CMS

Energy

Corp.

,

3.00%,

5/15/2026

50,000

46,794

Consolidated

Edison

Co.

of

New

York,

Inc.

,

6.15%,

11/15/2052

45,000

49,451

3.70%,

11/15/2059

100,000

72,431

Consumers

Energy

Co.

,

3.75%,

2/15/2050

50,000

39,464

DTE

Energy

Co.

,

4.88%,

6/1/2028

50,000

49,388

NiSource,

Inc.

,

4.38%,

5/15/2047

50,000

42,031

Puget

Sound

Energy,

Inc.

,

3.25%,

9/15/2049

50,000

35,123

San

Diego

Gas

&

Electric

Co.

,

6.00%,

6/1/2039

30,000

30,824

Sempra

,

4.00%,

2/1/2048

50,000

38,971

Southern

Co.

Gas

Capital

Corp.

,

Series

20-A,

1.75%,

1/15/2031

50,000

39,367

WEC

Energy

Group,

Inc.

,

1.80%,

10/15/2030

100,000

79,336

990,856

Nationwide

Bond

Index

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

13

Corporate

Bonds

Principal

Amount

($)

Value

($)

Office

REITs

0.1%

Alexandria

Real

Estate

Equities,

Inc.

,

1.88%,

2/1/2033

40,000

29,412

4.00%,

2/1/2050

50,000

37,831

Boston

Properties

LP

,

2.75%,

10/1/2026

150,000

135,307

Kilroy

Realty

LP

,

3.05%,

2/15/2030

50,000

39,724

242,274

Oil,

Gas

&

Consumable

Fuels

1

.7%

Apache

Corp.

,

5.10%,

9/1/2040

40,000

33,990

BP

Capital

Markets

America,

Inc.

,

4.23%,

11/6/2028

150,000

146,172

1.75%,

8/10/2030

200,000

163,422

2.72%,

1/12/2032

100,000

84,811

Canadian

Natural

Resources

Ltd.

,

6.25%,

3/15/2038

35,000

35,864

Cenovus

Energy,

Inc.

,

6.75%,

11/15/2039

15,000

15,772

3.75%,

2/15/2052

35,000

24,989

Cheniere

Corpus

Christi

Holdings

LLC

,

5.13%,

6/30/2027

100,000

98,955

2.74%,

12/31/2039

25,000

19,580

Cheniere

Energy

Partners

LP

,

4.00%,

3/1/2031

50,000

44,494

Chevron

Corp.

,

2.95%,

5/16/2026

250,000

238,614

Chevron

USA,

Inc.

,

3.90%,

11/15/2024

250,000

245,678

CNOOC

Petroleum

North

America

ULC

,

6.40%,

5/15/2037

50,000

54,766

ConocoPhillips

Co.

,

3.76%,

3/15/2042

50,000

41,858

4.03%,

3/15/2062

60,000

48,369

Devon

Energy

Corp.

,

5.00%,

6/15/2045

50,000

44,045

Diamondback

Energy,

Inc.

,

4.25%,

3/15/2052

25,000

19,417

Enbridge

Energy

Partners

LP

,

7.38%,

10/15/2045

50,000

57,834

Enbridge,

Inc.

,

5.70%,

3/8/2033

40,000

40,549

Energy

Transfer

LP

,

4.75%,

1/15/2026

100,000

98,152

5.55%,

2/15/2028

50,000

50,194

5.25%,

4/15/2029

100,000

99,091

3.75%,

5/15/2030

150,000

135,866

5.40%,

10/1/2047

25,000

22,110

5.00%,

5/15/2050

100,000

84,616

Enterprise

Products

Operating

LLC

,

2.80%,

1/31/2030

30,000

26,306

4.45%,

2/15/2043

45,000

39,417

4.95%,

10/15/2054

150,000

136,421

Equinor

ASA

,

3.70%,

4/6/2050

100,000

80,195

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Exxon

Mobil

Corp.

,

2.71%,

3/6/2025

250,000

240,591

2.99%,

3/19/2025

200,000

193,031

3.00%,

8/16/2039

50,000

39,174

4.11%,

3/1/2046

100,000

87,311

Hess

Corp.

,

4.30%,

4/1/2027

100,000

96,514

5.60%,

2/15/2041

25,000

23,859

Kinder

Morgan

Energy

Partners

LP

,

5.80%,

3/15/2035

80,000

79,570

5.00%,

3/1/2043

40,000

34,586

Kinder

Morgan,

Inc.

,

4.80%,

2/1/2033

50,000

47,403

5.55%,

6/1/2045

50,000

46,685

5.45%,

8/1/2052

25,000

23,085

Magellan

Midstream

Partners

LP

,

4.25%,

9/15/2046

50,000

36,977

Marathon

Oil

Corp.

,

6.80%,

3/15/2032

52,000

54,782

Marathon

Petroleum

Corp.

,

3.80%,

4/1/2028

50,000

46,861

4.50%,

4/1/2048

30,000

23,736

MPLX

LP

,

4.50%,

4/15/2038

25,000

21,548

5.20%,

12/1/2047

30,000

26,405

4.70%,

4/15/2048

50,000

41,428

4.95%,

3/14/2052

25,000

21,235

Occidental

Petroleum

Corp.

,

6.63%,

9/1/2030

50,000

52,439

6.45%,

9/15/2036(a)

50,000

52,492

ONEOK,

Inc.

,

4.95%,

7/13/2047

50,000

41,471

5.20%,

7/15/2048

30,000

25,828

Ovintiv,

Inc.

,

6.50%,

2/1/2038

30,000

30,016

Phillips

66

,

5.88%,

5/1/2042

60,000

62,214

Plains

All

American

Pipeline

LP

,

4.70%,

6/15/2044

50,000

39,583

Sabine

Pass

Liquefaction

LLC

,

5.00%,

3/15/2027

250,000

247,609

Suncor

Energy,

Inc.

,

4.00%,

11/15/2047

40,000

30,747

3.75%,

3/4/2051

25,000

18,253

Targa

Resources

Corp.

,

5.20%,

7/1/2027

25,000

24,821

6.25%,

7/1/2052

25,000

24,830

TotalEnergies

Capital

International

SA

,

3.46%,

2/19/2029

100,000

93,314

3.46%,

7/12/2049

50,000

38,098

TransCanada

PipeLines

Ltd.

,

5.10%,

3/15/2049

90,000

82,642

Valero

Energy

Corp.

,

6.63%,

6/15/2037

70,000

75,304

Western

Midstream

Operating

LP

,

4.30%,

2/1/2030(c)

100,000

90,878

14

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Western

Midstream

Operating

LP,

+

0.00%),

5.50%,

2/1/2050(b)(c)

20,000

16,961

Williams

Cos.,

Inc.

(The)

,

2.60%,

3/15/2031

25,000

20,726

6.30%,

4/15/2040

25,000

26,177

5.40%,

3/4/2044

100,000

91,864

4,602,595

Paper

&

Forest

Products

0.1%

Georgia-Pacific

LLC

,

8.88%,

5/15/2031

50,000

61,510

Suzano

Austria

GmbH

,

3.75%,

1/15/2031

100,000

85,762

147,272

Passenger

Airlines

0.0%

†

Southwest

Airlines

Co.

,

2.63%,

2/10/2030

25,000

21,388

Personal

Care

Products

0.0%

†

Estee

Lauder

Cos.,

Inc.

(The)

,

3.13%,

12/1/2049

30,000

21,564

Kenvue,

Inc.

,

4.90%,

3/22/2033(d)

100,000

100,666

122,230

Pharmaceuticals

0.8%

AstraZeneca

plc

,

4.38%,

8/17/2048

100,000

91,417

Bristol-Myers

Squibb

Co.

,

3.40%,

7/26/2029

200,000

186,382

3.55%,

3/15/2042

50,000

40,830

3.90%,

3/15/2062

70,000

55,152

Eli

Lilly

&

Co.

,

2.25%,

5/15/2050

60,000

38,224

4.95%,

2/27/2063

30,000

30,093

GlaxoSmithKline

Capital,

Inc.

,

5.38%,

4/15/2034

90,000

94,270

Johnson

&

Johnson

,

4.95%,

5/15/2033(a)

287,000

301,918

Merck

&

Co.,

Inc.

,

4.30%,

5/17/2030

100,000

97,708

4.15%,

5/18/2043

100,000

90,278

4.00%,

3/7/2049

100,000

86,915

Novartis

Capital

Corp.

,

2.20%,

8/14/2030

100,000

85,948

2.75%,

8/14/2050

50,000

35,552

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

4.45%,

5/19/2028

150,000

147,468

4.65%,

5/19/2030

100,000

98,985

5.30%,

5/19/2053

150,000

154,131

Pfizer,

Inc.

,

1.75%,

8/18/2031

100,000

80,975

4.13%,

12/15/2046

150,000

133,256

Royalty

Pharma

plc

,

3.55%,

9/2/2050

40,000

26,899

Sanofi

,

3.63%,

6/19/2028

50,000

48,318

Corporate

Bonds

Principal

Amount

($)

Value

($)

Pharmaceuticals

Takeda

Pharmaceutical

Co.

Ltd.

,

2.05%,

3/31/2030

200,000

165,983

Utah

Acquisition

Sub,

Inc.

,

5.25%,

6/15/2046

20,000

16,147

Viatris,

Inc.

,

4.00%,

6/22/2050

50,000

33,796

Zoetis,

Inc.

,

4.50%,

11/13/2025

115,000

113,123

4.70%,

2/1/2043

50,000

46,186

2,299,954

Professional

Services

0.1%

Automatic

Data

Processing,

Inc.

,

1.25%,

9/1/2030(a)

100,000

80,428

Broadridge

Financial

Solutions,

Inc.

,

3.40%,

6/27/2026

80,000

75,640

Concentrix

Corp.

,

6.85%,

8/2/2033

20,000

19,337

Thomson

Reuters

Corp.

,

3.35%,

5/15/2026

140,000

133,046

308,451

Residential

REITs

0.2%

AvalonBay

Communities,

Inc.

,

3.45%,

6/1/2025

100,000

96,703

Camden

Property

Trust

,

3.35%,

11/1/2049

10,000

7,233

ERP

Operating

LP

,

2.85%,

11/1/2026

250,000

231,630

Essex

Portfolio

LP

,

3.00%,

1/15/2030

50,000

42,883

Spirit

Realty

LP

,

4.00%,

7/15/2029

25,000

22,354

UDR,

Inc.

,

3.20%,

1/15/2030

50,000

44,423

445,226

Retail

REITs

0.1%

Brixmor

Operating

Partnership

LP

,

4.13%,

5/15/2029

50,000

45,076

Federal

Realty

OP

LP

,

3.20%,

6/15/2029

100,000

86,524

Kimco

Realty

OP

LLC

,

4.45%,

9/1/2047

50,000

40,414

NNN

REIT,

Inc.

,

3.50%,

4/15/2051

25,000

17,105

Realty

Income

Corp.

,

3.25%,

6/15/2029

90,000

80,725

269,844

Semiconductors

&

Semiconductor

Equipment

0.7%

Analog

Devices,

Inc.

,

2.10%,

10/1/2031

65,000

53,620

Applied

Materials,

Inc.

,

5.85%,

6/15/2041

50,000

54,380

Broadcom,

Inc.

,

4.15%,

11/15/2030

128,000

117,678

4.93%,

5/15/2037(a)(d)

171,000

155,376

Nationwide

Bond

Index

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

15

Corporate

Bonds

Principal

Amount

($)

Value

($)

Semiconductors

&

Semiconductor

Equipment

Broadcom,

Inc.,

3.50%,

2/15/2041(d)

50,000

37,223

Intel

Corp.

,

3.70%,

7/29/2025

150,000

146,000

4.88%,

2/10/2026

50,000

49,814

3.75%,

3/25/2027

100,000

96,415

4.88%,

2/10/2028

35,000

34,884

2.45%,

11/15/2029

100,000

87,646

5.13%,

2/10/2030

50,000

50,401

5.20%,

2/10/2033

50,000

50,579

2.80%,

8/12/2041

45,000

31,750

3.73%,

12/8/2047

65,000

50,761

3.05%,

8/12/2051

100,000

66,682

5.70%,

2/10/2053

20,000

20,391

3.10%,

2/15/2060

35,000

22,487

KLA

Corp.

,

3.30%,

3/1/2050

50,000

37,063

Lam

Research

Corp.

,

3.80%,

3/15/2025

145,000

141,895

2.88%,

6/15/2050

55,000

37,955

Micron

Technology,

Inc.

,

4.19%,

2/15/2027

100,000

96,016

5.88%,

9/15/2033(a)

50,000

49,742

NVIDIA

Corp.

,

3.50%,

4/1/2050

40,000

32,167

NXP

BV

,

4.30%,

6/18/2029

50,000

47,203

5.00%,

1/15/2033

50,000

48,067

QUALCOMM,

Inc.

,

1.65%,

5/20/2032

100,000

78,595

4.65%,

5/20/2035

100,000

99,699

Texas

Instruments,

Inc.

,

4.15%,

5/15/2048

45,000

40,413

5.00%,

3/14/2053

35,000

34,927

TSMC

Arizona

Corp.

,

2.50%,

10/25/2031

200,000

166,957

2,036,786

Software

0.5%

Adobe,

Inc.

,

3.25%,

2/1/2025

70,000

68,071

Microsoft

Corp.

,

3.50%,

2/12/2035

65,000

59,989

3.70%,

8/8/2046

50,000

43,445

2.92%,

3/17/2052

250,000

182,637

Oracle

Corp.

,

2.65%,

7/15/2026

45,000

41,972

4.65%,

5/6/2030

80,000

77,432

2.88%,

3/25/2031

200,000

170,046

6.25%,

11/9/2032(a)

20,000

21,149

4.30%,

7/8/2034

100,000

90,635

3.60%,

4/1/2040

100,000

77,019

6.90%,

11/9/2052

20,000

22,407

5.55%,

2/6/2053

100,000

95,893

3.85%,

4/1/2060

100,000

69,754

Roper

Technologies,

Inc.

,

1.00%,

9/15/2025

60,000

54,757

1.75%,

2/15/2031

100,000

79,224

Salesforce,

Inc.

,

2.90%,

7/15/2051

50,000

34,536

ServiceNow,

Inc.

,

1.40%,

9/1/2030

75,000

59,483

Corporate

Bonds

Principal

Amount

($)

Value

($)

Software

VMware,

Inc.

,

2.20%,

8/15/2031

100,000

78,384

Workday,

Inc.

,

3.80%,

4/1/2032

30,000

26,942

1,353,775

Specialized

REITs

0.2%

American

Tower

Corp.

,

3.70%,

10/15/2049

100,000

71,239

Crown

Castle,

Inc.

,

2.25%,

1/15/2031

30,000

24,394

4.00%,

11/15/2049

60,000

45,196

CubeSmart

LP

,

2.25%,

12/15/2028

40,000

33,897

2.50%,

2/15/2032

45,000

35,736

Equinix,

Inc.

,

2.63%,

11/18/2024

30,000

28,825

3.20%,

11/18/2029

35,000

30,845

2.15%,

7/15/2030

100,000

81,008

Public

Storage

,

1.50%,

11/9/2026

55,000

49,360

2.25%,

11/9/2031

50,000

40,891

441,391

Specialty

Retail

0.3%

AutoNation,

Inc.

,

2.40%,

8/1/2031

25,000

19,207

AutoZone,

Inc.

,

4.75%,

2/1/2033

35,000

33,504

Home

Depot,

Inc.

(The)

,

2.70%,

4/15/2030

100,000

88,335

3.25%,

4/15/2032

25,000

22,406

5.88%,

12/16/2036

25,000

27,107

4.40%,

3/15/2045

100,000

89,869

4.50%,

12/6/2048(a)

100,000

91,987

Lowe's

Cos.,

Inc.

,

3.65%,

4/5/2029

100,000

93,160

3.75%,

4/1/2032

85,000

77,075

5.00%,

4/15/2040

30,000

28,187

4.05%,

5/3/2047

40,000

32,085

3.00%,

10/15/2050

80,000

52,356

4.25%,

4/1/2052

35,000

28,329

TJX

Cos.,

Inc.

(The)

,

3.88%,

4/15/2030

100,000

95,159

778,766

Technology

Hardware,

Storage

&

Peripherals

0.4%

Apple,

Inc.

,

2.50%,

2/9/2025

170,000

163,702

2.45%,

8/4/2026

190,000

178,050

3.00%,

11/13/2027(a)

100,000

94,215

1.65%,

5/11/2030

25,000

20,979

1.65%,

2/8/2031

200,000

164,982

3.85%,

5/4/2043

110,000

97,706

4.38%,

5/13/2045

145,000

136,490

2.65%,

2/8/2051

100,000

68,419

2.80%,

2/8/2061

60,000

40,167

Dell

International

LLC

,

3.38%,

12/15/2041(d)

25,000

17,771

8.35%,

7/15/2046

30,000

37,631

16

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Technology

Hardware,

Storage

&

Peripherals

Hewlett

Packard

Enterprise

Co.

,

6.35%,

10/15/2045(c)

25,000

26,132

HP,

Inc.

,

4.00%,

4/15/2029

10,000

9,448

6.00%,

9/15/2041(a)

50,000

50,800

1,106,492

Textiles,

Apparel

&

Luxury

Goods

0.0%

†

NIKE,

Inc.

,

2.85%,

3/27/2030

50,000

44,902

3.38%,

11/1/2046

30,000

23,639

68,541

Tobacco

0.3%

Altria

Group,

Inc.

,

2.45%,

2/4/2032

50,000

39,355

3.88%,

9/16/2046

170,000

121,345

BAT

Capital

Corp.

,

3.22%,

8/15/2024

150,000

145,984

4.39%,

8/15/2037

100,000

79,029

3.98%,

9/25/2050

50,000

33,883

Philip

Morris

International,

Inc.

,

5.13%,

11/15/2024

20,000

19,934

5.00%,

11/17/2025(a)

20,000

19,949

5.13%,

11/17/2027(a)

20,000

20,045

5.63%,

11/17/2029

20,000

20,460

5.38%,

2/15/2033

50,000

49,853

4.13%,

3/4/2043

100,000

81,529

Reynolds

American,

Inc.

,

4.45%,

6/12/2025

100,000

97,929

5.70%,

8/15/2035

75,000

70,729

800,024

Trading

Companies

&

Distributors

0.1%

Air

Lease

Corp.

,

3.63%,

12/1/2027

150,000

139,019

GATX

Corp.

,

4.00%,

6/30/2030

100,000

91,289

230,308

Water

Utilities

0.0%

†

American

Water

Capital

Corp.

,

4.30%,

9/1/2045

50,000

42,195

Wireless

Telecommunication

Services

0.2%

America

Movil

SAB

de

CV

,

6.38%,

3/1/2035

83,000

89,841

Rogers

Communications,

Inc.

,

2.95%,

3/15/2025

10,000

9,528

3.20%,

3/15/2027

10,000

9,277

5.00%,

3/15/2044

100,000

87,352

T-Mobile

USA,

Inc.

,

4.80%,

7/15/2028

20,000

19,610

3.88%,

4/15/2030

100,000

91,874

5.05%,

7/15/2033

20,000

19,573

4.38%,

4/15/2040

100,000

88,237

4.50%,

4/15/2050

100,000

85,452

5.65%,

1/15/2053

30,000

30,145

5.75%,

1/15/2054

10,000

10,213

5.80%,

9/15/2062

25,000

25,131

Corporate

Bonds

Principal

Amount

($)

Value

($)

Wireless

Telecommunication

Services

Vodafone

Group

plc

,

6.15%,

2/27/2037

40,000

41,636

4.25%,

9/17/2050

90,000

71,628

679,497

Total

Corporate

Bonds

(cost

$76,334,707)

69,067,132

Foreign

Government

Securities

1.6%

CANADA

0.2%

Province

of

Alberta,

3.30%,

3/15/2028

100,000

94,795

Province

of

New

Brunswick,

3.63%,

2/24/2028

100,000

95,645

Province

of

Ontario,

1.13%,

10/7/2030

200,000

159,518

Province

of

Quebec,

3.63%,

4/13/2028

100,000

96,324

7.50%,

9/15/2029

50,000

57,904

504,186

CHILE

0.1%

Republic

of

Chile,

3.10%,

1/22/2061

200,000

130,060

HUNGARY

0.0%

†

Hungary

Government

Bond,

7.63%,

3/29/2041

26,000

29,421

INDONESIA

0.1%

Republic

of

Indonesia,

1.85%,

3/12/2031

200,000

161,834

3.55%,

3/31/2032

200,000

180,794

342,628

ISRAEL

0.1%

State

of

Israel

Government

Bond,

2.75%,

7/3/2030

200,000

175,540

4.50%,

1/17/2033

200,000

193,740

369,280

ITALY

0.1%

Italian

Republic

Government

Bond,

2.38%,

10/17/2024

200,000

191,513

2.88%,

10/17/2029

200,000

173,711

365,224

JAPAN

0.1%

Japan

Bank

for

International

Cooperation,

4.25%,

1/26/2026

200,000

196,616

2.00%,

10/17/2029

200,000

171,766

368,382

MEXICO

0.3%

United

Mexican

States,

3.75%,

1/11/2028

200,000

189,417

4.50%,

4/22/2029

200,000

193,594

Nationwide

Bond

Index

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

17

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

5.00%,

4/27/2051

300,000

259,622

5.75%,

10/12/2110

50,000

44,594

687,227

PANAMA

0.1%

Republic

of

Panama,

3.16%,

1/23/2030

200,000

175,131

6.70%,

1/26/2036

200,000

213,716

388,847

PERU

0.1%

Republic

of

Peru,

3.00%,

1/15/2034

120,000

98,505

3.30%,

3/11/2041

120,000

91,075

189,580

PHILIPPINES

0.1%

Republic

of

Philippines,

6.38%,

10/23/2034

250,000

277,184

POLAND

0.0%

†

Republic

of

Poland,

4.88%,

10/4/2033

100,000

98,730

SOUTH

KOREA

0.2%

Export-Import

Bank

of

Korea,

2.88%,

1/21/2025

350,000

337,333

Republic

of

Korea,

2.50%,

6/19/2029

200,000

180,919

518,252

SWEDEN

0.1%

Svensk

Exportkredit

AB,

2.25%,

3/22/2027

200,000

183,980

URUGUAY

0.0%

†

Oriental

Republic

of

Uruguay,

5.10%,

6/18/2050

100,000

99,738

Total

Foreign

Government

Securities

(cost

$4,898,588)

4,552,719

Mortgage-Backed

Securities

26.8%

FHLMC

Gold

Pool

Pool#

C00351

8.00%,

7/1/2024

19

19

Pool#

D60780

8.00%,

6/1/2025

154

154

Pool#

G30267

5.00%,

8/1/2025

16,861

16,663

Pool#

J18127

3.00%,

3/1/2027

40,696

39,248

Pool#

J18702

3.00%,

3/1/2027

34,760

33,587

Pool#

J19106

3.00%,

5/1/2027

15,324

14,791

Pool#

C00566

7.50%,

12/1/2027

201

204

Pool#

C18271

7.00%,

11/1/2028

736

736

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

C00678

7.00%,

11/1/2028

164

166

Pool#

C00836

7.00%,

7/1/2029

158

161

Pool#

C31285

7.00%,

9/1/2029

297

297

Pool#

C37436

8.00%,

1/1/2030

502

520

Pool#

C36429

7.00%,

2/1/2030

322

320

Pool#

C36306

7.00%,

2/1/2030

214

212

Pool#

C00921

7.50%,

2/1/2030

340

350

Pool#

G01108

7.00%,

4/1/2030

119

121

Pool#

C37703

7.50%,

4/1/2030

203

203

Pool#

J32255

3.00%,

7/1/2030

13,019

12,388

Pool#

C41561

8.00%,

8/1/2030

1,031

1,033

Pool#

C01051

8.00%,

9/1/2030

541

562

Pool#

C43550

7.00%,

10/1/2030

741

737

Pool#

C44017

7.50%,

10/1/2030

240

239

Pool#

C43967

8.00%,

10/1/2030

349

348

Pool#

C44957

8.00%,

11/1/2030

467

467

Pool#

C01106

7.00%,

12/1/2030

2,489

2,552

Pool#

C01103

7.50%,

12/1/2030

255

267

Pool#

C46932

7.50%,

1/1/2031

353

352

Pool#

C01116

7.50%,

1/1/2031

226

233

Pool#

G01217

7.00%,

3/1/2031

2,603

2,675

Pool#

C48206

7.50%,

3/1/2031

935

933

Pool#

C91366

4.50%,

4/1/2031

36,938

36,141

Pool#

G18605

3.00%,

6/1/2031

6,027

5,666

Pool#

C91377

4.50%,

6/1/2031

19,355

18,938

Pool#

C53324

7.00%,

6/1/2031

861

856

Pool#

C54792

7.00%,

7/1/2031

723

718

Pool#

J35107

2.50%,

8/1/2031

18,970

17,511

Pool#

G01309

7.00%,

8/1/2031

308

314

Pool#

G01311

7.00%,

9/1/2031

2,445

2,493

Pool#

C01222

7.00%,

9/1/2031

355

367

18

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G01315

7.00%,

9/1/2031

89

92

Pool#

J35522

2.50%,

10/1/2031

76,625

70,851

Pool#

C58694

7.00%,

10/1/2031

2,403

2,399

Pool#

C60012

7.00%,

11/1/2031

358

356

Pool#

C61298

8.00%,

11/1/2031

1,335

1,334

Pool#

J35957

2.50%,

12/1/2031

141,726

131,059

Pool#

C61105

7.00%,

12/1/2031

2,919

2,905

Pool#

C63171

7.00%,

1/1/2032

2,112

2,127

Pool#

V61548

2.50%,

2/1/2032

161,503

149,342

Pool#

G01391

7.00%,

4/1/2032

4,423

4,572

Pool#

C01345

7.00%,

4/1/2032

1,654

1,711

Pool#

C01370

8.00%,

4/1/2032

402

412

Pool#

G16285

3.50%,

5/1/2032

10,834

10,375

Pool#

C01381

8.00%,

5/1/2032

5,335

5,518

Pool#

C68290

7.00%,

6/1/2032

1,329

1,330

Pool#

C68300

7.00%,

6/1/2032

499

496

Pool#

G01449

7.00%,

7/1/2032

2,810

2,910

Pool#

C69908

7.00%,

8/1/2032

13,537

13,616

Pool#

C91558

3.50%,

9/1/2032

42,678

40,631

Pool#

G16407

2.50%,

1/1/2033

57,023

52,592

Pool#

G01536

7.00%,

3/1/2033

4,606

4,741

Pool#

G30646

3.00%,

5/1/2033

72,413

67,416

Pool#

G30642

3.00%,

5/1/2033

36,185

33,688

Pool#

K90535

3.00%,

5/1/2033

16,422

15,289

Pool#

A16419

6.50%,

11/1/2033

8,837

9,058

Pool#

A16522

6.50%,

12/1/2033

5,045

5,171

Pool#

A21356

6.50%,

4/1/2034

27,451

28,301

Pool#

C01851

6.50%,

4/1/2034

10,892

11,215

Pool#

A24301

6.50%,

5/1/2034

16,627

16,975

Pool#

A22067

6.50%,

5/1/2034

8,356

8,649

Pool#

A24988

6.50%,

7/1/2034

6,598

6,735

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G01741

6.50%,

10/1/2034

3,705

3,822

Pool#

G08023

6.50%,

11/1/2034

7,870

8,256

Pool#

G08064

6.50%,

4/1/2035

4,012

4,242

Pool#

G01947

7.00%,

5/1/2035

3,748

3,845

Pool#

A39759

5.50%,

11/1/2035

2,664

2,707

Pool#

A40376

5.50%,

12/1/2035

1,392

1,398

Pool#

A42305

5.50%,

1/1/2036

5,056

5,109

Pool#

A41548

7.00%,

1/1/2036

4,121

4,086

Pool#

G08111

5.50%,

2/1/2036

7,819

8,012

Pool#

A43861

5.50%,

3/1/2036

21,275

21,214

Pool#

G08116

5.50%,

3/1/2036

10,472

10,742

Pool#

A43534

6.50%,

3/1/2036

1,242

1,268

Pool#

A48735

5.50%,

5/1/2036

4,376

4,354

Pool#

G08136

6.50%,

6/1/2036

4,426

4,633

Pool#

A53039

6.50%,

10/1/2036

28,310

28,926

Pool#

C91982

3.50%,

3/1/2038

38,150

35,937

Pool#

G04251

6.50%,

4/1/2038

1,873

1,960

Pool#

G04569

6.50%,

8/1/2038

2,635

2,711

Pool#

A84252

6.50%,

1/1/2039

11,445

11,820

Pool#

A84287

6.50%,

1/1/2039

7,105

7,327

Pool#

G60342

4.50%,

5/1/2042

56,674

55,796

Pool#

G07158

3.50%,

10/1/2042

63,246

58,927

Pool#

Q12051

3.50%,

10/1/2042

56,116

52,300

Pool#

G07163

3.50%,

10/1/2042

53,386

49,755

Pool#

Q11532

3.50%,

10/1/2042

45,247

42,144

Pool#

Q12052

3.50%,

10/1/2042

24,113

22,473

Pool#

C09020

3.50%,

11/1/2042

210,463

196,030

Pool#

G07264

3.50%,

12/1/2042

90,513

84,280

Pool#

Q14292

3.50%,

1/1/2043

25,295

23,568

Pool#

Q14881

3.50%,

1/1/2043

19,852

18,473

Pool#

V80002

2.50%,

4/1/2043

151,424

130,050

Nationwide

Bond

Index

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

19

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

Q16915

3.00%,

4/1/2043

275,325

247,378

Pool#

Q17675

3.50%,

4/1/2043

118,999

110,904

Pool#

G07410

3.50%,

7/1/2043

48,502

45,202

Pool#

Q20332

3.50%,

7/1/2043

9,235

8,583

Pool#

G07946

4.00%,

7/1/2044

50,742

48,460

Pool#

Q28607

3.50%,

9/1/2044

46,216

42,908

Pool#

G61231

3.50%,

9/1/2044

7,294

6,785

Pool#

G08609

3.50%,

10/1/2044

18,270

16,936

Pool#

Q30833

4.00%,

1/1/2045

4,587

4,367

Pool#

V81873

4.00%,

8/1/2045

8,574

8,161

Pool#

G08669

4.00%,

9/1/2045

46,703

44,439

Pool#

Q38357

4.00%,

1/1/2046

2,933

2,790

Pool#

G61365

4.50%,

1/1/2046

39,394

38,540

Pool#

G08697

3.00%,

3/1/2046

71,793

64,235

Pool#

Q39440

4.00%,

3/1/2046

2,680

2,548

Pool#

G08704

4.50%,

4/1/2046

7,003

6,851

Pool#

Q40097

4.50%,

4/1/2046

1,247

1,218

Pool#

Q40718

3.50%,

5/1/2046

13,128

12,153

Pool#

G08707

4.00%,

5/1/2046

57,377

54,541

Pool#

G08708

4.50%,

5/1/2046

4,765

4,662

Pool#

Q40728

4.50%,

5/1/2046

417

404

Pool#

Q41548

3.00%,

7/1/2046

14,048

12,586

Pool#

Q41903

3.50%,

7/1/2046

72,732

67,330

Pool#

Q41491

3.50%,

7/1/2046

7,456

6,872

Pool#

Q41935

3.50%,

7/1/2046

6,386

5,912

Pool#

G61791

4.00%,

7/1/2046

8,321

7,926

Pool#

Q41947

4.50%,

7/1/2046

1,624

1,586

Pool#

G08715

3.00%,

8/1/2046

99,299

88,476

Pool#

Q42596

3.50%,

8/1/2046

62,832

58,351

Pool#

Q42203

3.50%,

8/1/2046

10,837

10,050

Pool#

Q42393

3.50%,

8/1/2046

9,437

8,685

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G61323

3.00%,

9/1/2046

127,705

114,746

Pool#

G08721

3.00%,

9/1/2046

73,701

65,656

Pool#

V82617

3.50%,

9/1/2046

47,375

43,715

Pool#

G08722

3.50%,

9/1/2046

10,409

9,650

Pool#

G60733

4.50%,

9/1/2046

20,655

20,207

Pool#

G60722

3.00%,

10/1/2046

196,089

174,716

Pool#

Q44035

3.00%,

10/1/2046

94,326

84,007

Pool#

G61815

4.00%,

10/1/2046

5,246

4,992

Pool#

G61257

3.00%,

11/1/2046

181,597

161,441

Pool#

Q44452

3.00%,

11/1/2046

41,800

37,187

Pool#

G08732

3.00%,

11/1/2046

11,911

10,582

Pool#

Q44473

3.50%,

11/1/2046

9,317

8,558

Pool#

Q44223

3.50%,

11/1/2046

5,941

5,458

Pool#

G08734

4.00%,

11/1/2046

94,524

89,804

Pool#

G08737

3.00%,

12/1/2046

520,232

463,283

Pool#

G60989

3.00%,

12/1/2046

76,925

68,535

Pool#

Q45878

3.00%,

12/1/2046

13,769

12,244

Pool#

G61862

3.50%,

12/1/2046

11,776

10,902

Pool#

G08741

3.00%,

1/1/2047

107,092

95,369

Pool#

G08747

3.00%,

2/1/2047

181,373

161,493

Pool#

G08748

3.50%,

2/1/2047

16,934

15,596

Pool#

Q47484

3.50%,

4/1/2047

19,131

17,711

Pool#

G60988

3.00%,

5/1/2047

431,301

384,531

Pool#

Q48098

3.50%,

5/1/2047

61,175

56,632

Pool#

G61390

3.00%,

6/1/2047

165,599

147,476

Pool#

G61339

3.00%,

8/1/2047

39,652

35,319

Pool#

Q53085

3.00%,

9/1/2047

29,239

26,253

Pool#

G61622

3.00%,

10/1/2047

97,838

87,162

Pool#

G08785

4.00%,

10/1/2047

3,929

3,702

Pool#

Q52075

4.00%,

11/1/2047

66,483

63,308

Pool#

T65458

3.50%,

2/1/2048

69,348

62,219

20

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G08800

3.50%,

2/1/2048

8,929

8,202

Pool#

G08801

4.00%,

2/1/2048

26,109

24,789

Pool#

Q54727

3.50%,

3/1/2048

24,993

22,959

Pool#

Q55401

5.00%,

4/1/2048

5,493

5,463

Pool#

G08817

4.00%,

6/1/2048

5,533

5,241

Pool#

G08827

4.50%,

7/1/2048

42,156

41,135

Pool#

Q57401

4.50%,

7/1/2048

14,138

13,863

Pool#

Q57402

4.50%,

7/1/2048

5,124

5,037

Pool#

G08831

4.00%,

8/1/2048

45,468

43,169

Pool#

G67716

4.50%,

10/1/2048

52,205

51,259

Pool#

G61846

4.00%,

1/1/2049

77

73

Pool#

V85279

3.50%,

4/1/2049

19,463

17,957

FHLMC

Non

Gold

Pool

Pool#

1B8478

4.91%,

7/1/2041(e)

13,813

13,817

Pool#

2B0108

4.15%,

1/1/2042(e)

929

910

FHLMC

UMBS

Pool

Pool#

SB0383

2.50%,

4/1/2032

323,191

298,499

Pool#

SB8500

2.50%,

7/1/2035

229,919

209,814

Pool#

SB0479

2.50%,

10/1/2035

51,827

47,272

Pool#

RC1826

2.00%,

2/1/2036

232,644

205,709

Pool#

SB8092

1.50%,

3/1/2036

56,199

48,356

Pool#

RC1887

2.00%,

3/1/2036

362,470

320,889

Pool#

RC2045

2.00%,

6/1/2036

18,775

16,601

Pool#

QN8913

2.00%,

12/1/2036

64,532

57,122

Pool#

RC2402

2.00%,

1/1/2037

84,404

74,760

Pool#

RC2399

2.00%,

1/1/2037

63,500

56,383

Pool#

SB8140

1.50%,

2/1/2037

153,204

131,811

Pool#

SB8144

1.50%,

3/1/2037

176,677

152,005

Pool#

QN9700

1.50%,

3/1/2037

33,570

28,882

Pool#

SB8148

2.00%,

4/1/2037

67,036

59,245

Pool#

SB8158

2.00%,

6/1/2037

68,044

60,138

Pool#

ZM2339

3.50%,

1/1/2047

58,899

54,146

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

RA3022

2.50%,

6/1/2050

208,202

176,476

Pool#

SD7521

2.50%,

7/1/2050

539,728

462,345

Pool#

SD8074

3.00%,

7/1/2050

37,321

32,919

Pool#

SD7523

2.50%,

8/1/2050

254,793

217,986

Pool#

RA3382

3.00%,

8/1/2050

197,636

173,959

Pool#

SD1143

4.50%,

9/1/2050

92,713

90,136

Pool#

SD0514

2.00%,

10/1/2050

207,692

169,371

Pool#

RA3723

2.00%,

10/1/2050

112,802

91,696

Pool#

RA3932

2.50%,

11/1/2050

234,999

200,502

Pool#

RA3987

2.50%,

11/1/2050

128,059

108,624

Pool#

RA4351

2.50%,

1/1/2051

282,424

239,300

Pool#

RA4410

2.50%,

1/1/2051

200,550

169,995

Pool#

RA4652

2.00%,

2/1/2051

1,291,907

1,049,589

Pool#

RA4493

2.00%,

2/1/2051

812,439

659,045

Pool#

QB9104

2.00%,

2/1/2051

339,056

275,516

Pool#

RA4737

2.00%,

3/1/2051

1,014,043

824,007

Pool#

RA4718

2.00%,

3/1/2051

566,312

460,091

Pool#

RA4727

2.00%,

3/1/2051

321,811

261,399

Pool#

SD7537

2.00%,

3/1/2051

145,644

118,373

Pool#

SD8140

2.00%,

4/1/2051

1,423,685

1,153,792

Pool#

SD0576

2.50%,

4/1/2051

67,479

57,178

Pool#

SD8145

1.50%,

5/1/2051

907,684

698,774

Pool#

QC2070

2.00%,

5/1/2051

63,453

51,747

Pool#

RA5436

2.00%,

6/1/2051

193,799

157,266

Pool#

RA5398

2.00%,

7/1/2051

237,960

194,055

Pool#

RA6091

2.00%,

10/1/2051

198,822

161,966

Pool#

RA6236

2.00%,

11/1/2051

224,505

182,080

Pool#

SD8182

2.00%,

12/1/2051

894,579

724,420

Pool#

RA6959

2.50%,

3/1/2052

45,417

38,299

Pool#

QE0374

2.50%,

4/1/2052

259,753

219,071

Pool#

RA7154

4.00%,

4/1/2052

48,726

45,509

Nationwide

Bond

Index

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

21

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

SD8212

2.50%,

5/1/2052

243,277

205,000

Pool#

RA7933

5.00%,

9/1/2052

71,485

70,268

Pool#

SD7557

4.50%,

12/1/2052

145,997

141,304

Pool#

SD2248

5.00%,

1/1/2053

73,893

72,635

Pool#

SD2660

5.00%,

4/1/2053

144,910

141,819

Pool#

SD2661

5.50%,

4/1/2053

65,568

65,151

Pool#

SD2905

5.50%,

5/1/2053

37,820

37,636

Pool#

SD2890

5.50%,

5/1/2053

37,682

37,714

Pool#

SD3148

5.00%,

6/1/2053

149,477

146,767

Pool#

SD3085

5.50%,

6/1/2053

22,839

22,781

FNMA

Pool

Pool#

AC9890

4.68%,

4/1/2040(e)

79,041

76,934

Pool#

AJ1249

4.07%,

9/1/2041(e)

24,609

24,941

Pool#

AL1437

4.07%,

1/1/2042(e)

6,818

6,739

Pool#

AK0714

4.24%,

2/1/2042(e)

1,908

1,872

Pool#

AP1961

5.95%,

8/1/2042(e)

14,330

14,377

Pool#

BF0206

4.00%,

2/1/2047

33,144

31,331

Pool#

BF0200

3.50%,

11/1/2051

183,195

168,254

FNMA

UMBS

Pool

Pool#

AA2549

4.00%,

4/1/2024

2,246

2,207

Pool#

AC1374

4.00%,

8/1/2024

4,631

4,565

Pool#

AC1529

4.50%,

9/1/2024

2,137

2,100

Pool#

AD0244

4.50%,

10/1/2024

1,865

1,839

Pool#

AH1361

3.50%,

12/1/2025

20,263

19,811

Pool#

AH1518

3.50%,

12/1/2025

10,150

9,918

Pool#

AE6384

4.00%,

1/1/2026

1,861

1,814

Pool#

AP4746

3.00%,

8/1/2027

23,395

22,532

Pool#

AP4640

3.00%,

9/1/2027

21,352

20,537

Pool#

AQ5096

3.00%,

11/1/2027

35,198

33,835

Pool#

AQ4532

3.00%,

11/1/2027

30,488

29,310

Pool#

AQ3758

3.00%,

11/1/2027

22,332

21,452

Pool#

AB6886

3.00%,

11/1/2027

14,807

14,242

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AS0487

2.50%,

9/1/2028

76,407

72,493

Pool#

930998

4.50%,

4/1/2029

1,958

1,914

Pool#

MA0243

5.00%,

11/1/2029

5,554

5,535

Pool#

AL8077

3.50%,

12/1/2029

6,339

6,064

Pool#

MA0268

5.00%,

12/1/2029

5,709

5,690

Pool#

AD5655

5.00%,

5/1/2030

13,405

13,359

Pool#

MA0443

5.00%,

5/1/2030

7,160

7,135

Pool#

AB1038

5.00%,

5/1/2030

6,253

6,231

Pool#

AS5420

3.00%,

7/1/2030

29,947

28,458

Pool#

MA0559

5.00%,

9/1/2030

2,609

2,600

Pool#

AZ9234

3.50%,

10/1/2030

6,759

6,465

Pool#

AH1515

4.00%,

12/1/2030

116,262

112,870

Pool#

AD0716

6.50%,

12/1/2030

74,315

75,839

Pool#

MA0641

4.00%,

2/1/2031

109,741

106,539

Pool#

560868

7.50%,

2/1/2031

323

321

Pool#

BC5968

2.50%,

4/1/2031

26,405

24,388

Pool#

BC4430

3.00%,

4/1/2031

9,400

8,908

Pool#

AL8566

3.00%,

6/1/2031

30,282

28,430

Pool#

AL8565

3.00%,

6/1/2031

27,538

25,858

Pool#

AS8028

2.50%,

9/1/2031

84,120

77,683

Pool#

607212

7.50%,

10/1/2031

1,886

1,880

Pool#

BM3814

2.50%,

12/1/2031

45,238

41,780

Pool#

AS8609

3.00%,

1/1/2032

38,275

35,931

Pool#

AL9585

3.50%,

1/1/2032

10,016

9,616

Pool#

BM4624

3.00%,

2/1/2032

33,046

31,029

Pool#

AS8767

3.00%,

2/1/2032

29,784

27,961

Pool#

AL9871

3.00%,

2/1/2032

13,283

12,473

Pool#

BM3269

2.50%,

4/1/2032

75,756

69,957

Pool#

BM4088

3.00%,

6/1/2032

28,862

27,097

Pool#

MA1107

3.50%,

7/1/2032

27,988

26,661

Pool#

BH6610

3.50%,

7/1/2032

8,441

8,073

22

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BM1669

3.00%,

8/1/2032

16,265

15,271

Pool#

BM5167

3.50%,

9/1/2032

6,506

6,223

Pool#

BH9391

3.50%,

10/1/2032

7,493

7,170

Pool#

BM3977

3.00%,

12/1/2032

61,197

57,456

Pool#

CA0951

3.00%,

12/1/2032

40,891

38,384

Pool#

FM1661

2.50%,

1/1/2033

168,866

157,042

Pool#

BM4338

2.50%,

1/1/2033

74,945

69,210

Pool#

656559

6.50%,

2/1/2033

8,777

8,951

Pool#

694846

6.50%,

4/1/2033

4,018

4,101

Pool#

AB9402

3.00%,

5/1/2033

98,203

91,317

Pool#

AB9403

3.00%,

5/1/2033

36,549

33,986

Pool#

MA1527

3.00%,

8/1/2033

168,141

156,350

Pool#

750229

6.50%,

10/1/2033

11,100

11,320

Pool#

725228

6.00%,

3/1/2034

225,614

232,325

Pool#

788027

6.50%,

9/1/2034

13,974

14,251

Pool#

FM4900

2.00%,

12/1/2035

55,899

49,713

Pool#

CA8789

2.00%,

2/1/2036

341,893

302,331

Pool#

CA9145

2.00%,

2/1/2036

278,850

246,565

Pool#

FM5571

2.00%,

2/1/2036

154,191

137,125

Pool#

CA9475

2.00%,

3/1/2036

89,818

79,421

Pool#

CB0262

2.00%,

4/1/2036

1,821,607

1,610,672

Pool#

FM8538

2.00%,

8/1/2036

20,716

18,337

Pool#

AL4260

5.50%,

9/1/2036

18,100

18,479

Pool#

MA4441

1.50%,

10/1/2036

41,796

35,961

Pool#

FS0180

2.00%,

12/1/2036

131,055

115,835

Pool#

FS0155

2.00%,

12/1/2036

63,573

56,273

Pool#

BU1381

2.00%,

12/1/2036

42,966

38,026

Pool#

CB2709

2.00%,

1/1/2037

106,263

94,061

Pool#

MA4535

1.50%,

2/1/2037

286,765

246,723

Pool#

MA4566

1.50%,

3/1/2037

490,876

422,330

Pool#

MA4581

1.50%,

4/1/2037

75,893

65,295

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

CB3441

2.50%,

4/1/2037

34,182

31,019

Pool#

FS2497

1.50%,

8/1/2037

41,089

35,352

Pool#

955194

7.00%,

11/1/2037

72,118

75,244

Pool#

AB1735

3.50%,

11/1/2040

4,726

4,399

Pool#

AB2067

3.50%,

1/1/2041

147,479

137,946

Pool#

AB2068

3.50%,

1/1/2041

84,058

78,268

Pool#

932888

3.50%,

1/1/2041

60,224

56,070

Pool#

932891

3.50%,

1/1/2041

10,652

9,916

Pool#

AI9920

4.00%,

9/1/2041

4,276

4,081

Pool#

AI9851

4.50%,

9/1/2041

21,843

21,422

Pool#

AJ5431

4.50%,

10/1/2041

48,456

47,598

Pool#

AJ4861

4.00%,

12/1/2041

66,559

63,658

Pool#

AX5316

4.50%,

1/1/2042

7,453

7,329

Pool#

AL2499

4.50%,

1/1/2042

2,440

2,401

Pool#

AW8167

3.50%,

2/1/2042

167,272

155,714

Pool#

AB5185

3.50%,

5/1/2042

128,948

120,037

Pool#

AO3575

4.50%,

5/1/2042

44,528

43,671

Pool#

AP2092

4.50%,

8/1/2042

11,213

10,830

Pool#

AP7489

4.00%,

9/1/2042

210,126

200,944

Pool#

AL2782

4.50%,

9/1/2042

29,979

29,479

Pool#

AL2677

3.50%,

11/1/2042

78,490

73,067

Pool#

MA1273

3.50%,

12/1/2042

97,260

90,484

Pool#

AR8213

3.50%,

4/1/2043

88,932

82,786

Pool#

AB9238

3.00%,

5/1/2043

318,483

285,808

Pool#

AB9237

3.00%,

5/1/2043

253,910

227,859

Pool#

AB9236

3.00%,

5/1/2043

58,318

52,335

Pool#

AB9362

3.50%,

5/1/2043

218,869

203,428

Pool#

AT4145

3.00%,

6/1/2043

123,689

110,998

Pool#

AB9814

3.00%,

7/1/2043

310,731

278,851

Pool#

AS0255

4.50%,

8/1/2043

84,985

83,043

Pool#

AS0516

3.00%,

9/1/2043

119,191

106,960

Nationwide

Bond

Index

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

23

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BM4222

3.00%,

1/1/2044

162,833

146,141

Pool#

AW1006

4.00%,

5/1/2044

62,905

60,563

Pool#

AL7767

4.50%,

6/1/2044

4,011

3,852

Pool#

AS3946

4.00%,

12/1/2044

199,286

190,192

Pool#

BM3611

4.00%,

1/1/2045

31,784

30,392

Pool#

BM3804

3.50%,

2/1/2045

17,685

16,428

Pool#

AL9555

4.00%,

2/1/2045

447,569

428,074

Pool#

AL6889

4.50%,

2/1/2045

32,026

31,295

Pool#

BM3931

3.00%,

3/1/2045

36,212

32,499

Pool#

BM3664

3.00%,

5/1/2045

162,019

145,411

Pool#

AS4921

3.50%,

5/1/2045

222,940

206,327

Pool#

BM5562

4.00%,

6/1/2045

52,827

50,476

Pool#

AL7207

4.50%,

8/1/2045

41,087

40,149

Pool#

AS6362

4.50%,

12/1/2045

6,959

6,800

Pool#

AS6474

3.50%,

1/1/2046

64,738

59,940

Pool#

AS6539

3.50%,

1/1/2046

59,735

55,308

Pool#

AL9849

3.50%,

1/1/2046

49,202

45,718

Pool#

AL9781

4.50%,

2/1/2046

63,157

61,887

Pool#

BM4621

3.50%,

3/1/2046

38,288

35,642

Pool#

BC0823

3.50%,

4/1/2046

38,025

35,162

Pool#

AL8833

4.00%,

6/1/2046

66,842

64,308

Pool#

AS7545

3.50%,

7/1/2046

55,465

51,156

Pool#

MA2705

3.00%,

8/1/2046

143,383

127,702

Pool#

BC1489

3.00%,

8/1/2046

20,987

18,742

Pool#

AS7760

4.00%,

8/1/2046

60,223

57,180

Pool#

AS7770

4.50%,

8/1/2046

4,723

4,617

Pool#

AL8947

3.50%,

9/1/2046

12,107

11,195

Pool#

AL9263

3.00%,

10/1/2046

41,541

36,958

Pool#

BM3932

3.50%,

10/1/2046

48,778

45,104

Pool#

FM1871

4.00%,

10/1/2046

40,210

38,458

Pool#

BC4766

4.50%,

10/1/2046

10,487

10,226

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AS8154

4.50%,

10/1/2046

3,199

3,127

Pool#

FM1368

3.00%,

11/1/2046

396,099

355,481

Pool#

BC9003

3.00%,

11/1/2046

44,745

39,813

Pool#

BE5067

3.50%,

11/1/2046

129,218

119,508

Pool#

BC9067

3.00%,

12/1/2046

63,271

56,287

Pool#

AS8417

3.50%,

12/1/2046

52,700

48,449

Pool#

AS8650

3.00%,

1/1/2047

302,939

269,088

Pool#

AS8692

3.50%,

1/1/2047

53,506

49,179

Pool#

BD2440

3.50%,

1/1/2047

18,934

17,418

Pool#

BE7115

4.50%,

1/1/2047

2,298

2,245

Pool#

BD5046

3.50%,

2/1/2047

18,409

16,935

Pool#

AS8979

4.50%,

3/1/2047

13,328

13,024

Pool#

BM3707

2.50%,

4/1/2047

40,168

34,415

Pool#

AS9467

4.00%,

4/1/2047

5,445

5,167

Pool#

AS9470

4.50%,

4/1/2047

43,167

42,180

Pool#

BH0304

4.50%,

4/1/2047

3,237

3,165

Pool#

AS9562

3.00%,

5/1/2047

24,798

22,050

Pool#

BM3237

3.50%,

5/1/2047

92,365

85,410

Pool#

AS9577

3.50%,

5/1/2047

72,918

66,908

Pool#

AS9586

4.00%,

5/1/2047

337,357

321,596

Pool#

BM1268

4.00%,

5/1/2047

107,666

102,172

Pool#

AS9794

3.50%,

6/1/2047

67,602

62,507

Pool#

BE3702

4.00%,

6/1/2047

32,023

30,271

Pool#

BM1295

4.50%,

6/1/2047

40,044

39,129

Pool#

BE9624

4.50%,

6/1/2047

18,685

18,127

Pool#

BM3801

3.00%,

7/1/2047

99,529

88,553

Pool#

AS9909

3.50%,

7/1/2047

57,577

53,167

Pool#

BM3556

4.00%,

9/1/2047

20,938

20,167

Pool#

CA0623

4.50%,

10/1/2047

7,965

7,803

Pool#

BM3379

3.00%,

12/1/2047

178,906

159,231

Pool#

BJ1699

4.00%,

12/1/2047

67,309

64,831

24

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

MA3238

3.50%,

1/1/2048

101,616

93,427

Pool#

MA3277

4.00%,

2/1/2048

73,940

70,077

Pool#

BK1972

4.50%,

3/1/2048

15,837

15,585

Pool#

MA3332

3.50%,

4/1/2048

78,353

71,893

Pool#

CA1531

3.50%,

4/1/2048

24,887

23,227

Pool#

CA1510

3.50%,

4/1/2048

22,928

21,038

Pool#

CA1560

4.50%,

4/1/2048

24,712

24,121

Pool#

CA1898

4.50%,

6/1/2048

47,513

46,614

Pool#

CA1951

4.00%,

7/1/2048

21,402

20,277

Pool#

BK6577

4.50%,

7/1/2048

4,058

3,929

Pool#

CA2376

4.00%,

9/1/2048

30,946

29,357

Pool#

MA3495

4.00%,

10/1/2048

61,910

58,712

Pool#

BM4664

4.50%,

10/1/2048

33,519

32,701

Pool#

FM1001

3.50%,

11/1/2048

11,808

10,835

Pool#

MA3521

4.00%,

11/1/2048

48,396

45,849

Pool#

MA3536

4.00%,

12/1/2048

49,245

46,701

Pool#

BN0340

4.50%,

12/1/2048

70,489

68,390

Pool#

CA2779

4.50%,

12/1/2048

34,844

33,983

Pool#

MA3563

4.00%,

1/1/2049

194,069

184,042

Pool#

BN3944

4.00%,

1/1/2049

19,286

18,289

Pool#

CA3387

4.00%,

4/1/2049

71,949

68,730

Pool#

CA3489

4.00%,

5/1/2049

42,967

41,045

Pool#

MA3665

4.50%,

5/1/2049

66,098

64,301

Pool#

CA3669

4.00%,

6/1/2049

84,231

80,051

Pool#

CA3825

4.00%,

7/1/2049

25,507

24,471

Pool#

FM2887

3.00%,

3/1/2050

91,899

81,284

Pool#

FM0077

3.00%,

3/1/2050

44,549

39,259

Pool#

CA5510

3.00%,

4/1/2050

147,156

129,871

Pool#

MA4048

3.00%,

6/1/2050

45,084

39,726

Pool#

MA4077

2.00%,

7/1/2050

92,962

75,591

Pool#

CA6598

2.50%,

8/1/2050

313,510

265,799

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

MA4097

3.00%,

8/1/2050

9,968

8,782

Pool#

BQ4909

2.00%,

9/1/2050

815,144

663,847

Pool#

CA6985

2.00%,

9/1/2050

519,426

422,362

Pool#

FM4222

2.50%,

9/1/2050

608,446

521,310

Pool#

CA7572

2.50%,

10/1/2050

482,865

414,163

Pool#

CA7368

2.50%,

10/1/2050

383,489

325,366

Pool#

CA7369

2.50%,

10/1/2050

283,465

240,501

Pool#

MA4181

1.50%,

11/1/2050

449,392

345,475

Pool#

FM4808

2.50%,

11/1/2050

261,898

222,041

Pool#

MA4210

2.50%,

12/1/2050

68,894

58,559

Pool#

CA8442

2.00%,

1/1/2051

1,004,322

819,038

Pool#

FM6031

2.00%,

2/1/2051

1,341,026

1,089,411

Pool#

CA8893

2.00%,

2/1/2051

402,914

327,408

Pool#

BQ9747

2.00%,

2/1/2051

345,973

281,146

Pool#

CA8823

2.00%,

2/1/2051

220,246

179,008

Pool#

FM6135

2.00%,

2/1/2051

140,182

113,956

Pool#

FM6554

2.00%,

3/1/2051

542,330

440,732

Pool#

FM6569

2.50%,

3/1/2051

596,558

505,397

Pool#

FM7677

2.50%,

3/1/2051

571,015

485,138

Pool#

FM6834

2.00%,

4/1/2051

675,973

549,336

Pool#

CB0235

2.00%,

4/1/2051

309,891

252,054

Pool#

CB0149

2.00%,

4/1/2051

208,412

169,252

Pool#

CB0400

2.00%,

5/1/2051

85,172

70,188

Pool#

CB0684

2.00%,

6/1/2051

322,370

262,203

Pool#

FM8630

1.50%,

7/1/2051

40,122

30,887

Pool#

CB1110

2.00%,

7/1/2051

87,280

70,821

Pool#

FM8160

2.50%,

7/1/2051

167,421

142,979

Pool#

FM8007

2.50%,

7/1/2051

102,011

86,540

Pool#

FM8011

2.50%,

8/1/2051

325,123

277,150

Pool#

FM8441

2.50%,

8/1/2051

129,718

109,518

Pool#

CB1330

2.50%,

8/1/2051

108,164

91,760

Nationwide

Bond

Index

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

25

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

MA4399

2.50%,

8/1/2051

87,344

73,776

Pool#

FM8794

2.50%,

9/1/2051

321,212

271,255

Pool#

FM9082

2.00%,

10/1/2051

111,959

91,263

Pool#

CB1871

2.50%,

10/1/2051

392,753

331,454

Pool#

MA4464

1.50%,

11/1/2051

52,127

40,072

Pool#

MA4465

2.00%,

11/1/2051

701,714

569,179

Pool#

FM9450

2.00%,

11/1/2051

108,229

88,009

Pool#

FM9491

2.50%,

11/1/2051

45,015

37,981

Pool#

FM9494

2.50%,

11/1/2051

28,778

24,283

Pool#

FM9543

2.50%,

12/1/2051

463,521

391,219

Pool#

CB2410

2.50%,

12/1/2051

114,602

96,692

Pool#

FM9806

2.50%,

12/1/2051

99,432

83,902

Pool#

MA4512

2.50%,

1/1/2052

835,971

704,472

Pool#

BU8176

2.50%,

1/1/2052

450,706

380,307

Pool#

FS2639

2.50%,

1/1/2052

332,292

281,103

Pool#

BU9929

2.00%,

2/1/2052

252,065

204,390

Pool#

MA4578

2.50%,

4/1/2052

373,600

314,843

Pool#

CB3351

2.50%,

4/1/2052

70,407

59,374

Pool#

MA4700

4.00%,

8/1/2052

73,395

68,511

Pool#

FS2972

4.50%,

10/1/2052

48,269

46,210

Pool#

CB5084

5.00%,

11/1/2052

49,262

48,424

Pool#

CB5268

4.50%,

12/1/2052

336,760

322,406

Pool#

FS3416

5.00%,

12/1/2052

96,788

95,140

Pool#

CB5535

5.00%,

1/1/2053

244,140

238,664

Pool#

BW5089

5.00%,

1/1/2053

71,341

69,731

Pool#

CB5642

5.50%,

2/1/2053

82,088

81,677

Pool#

CB5836

5.00%,

3/1/2053

48,356

47,757

Pool#

CB5908

5.50%,

3/1/2053

76,215

76,504

Pool#

FS4070

5.50%,

3/1/2053

50,100

50,130

Pool#

CB6004

5.50%,

4/1/2053

317,262

318,271

Pool#

CB6182

5.00%,

5/1/2053

148,286

144,882

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA/FHLMC

UMBS,

15

Year,

Single

Family

TBA

2.00%,

8/25/2038

75,000

66,273

2.50%,

8/25/2038

764,000

693,151

3.00%,

8/25/2038

675,000

628,066

3.50%,

8/25/2038

300,000

284,724

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

Conventional

Pool

TBA

6.00%,

8/25/2053

400,000

402,375

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

1.50%,

8/25/2053

225,000

172,837

2.50%,

8/25/2053

1,000,000

842,559

3.00%,

8/25/2053

650,000

568,674

3.50%,

8/25/2053

875,000

792,746

4.00%,

8/25/2053

350,000

326,717

4.50%,

8/25/2053

524,000

501,669

5.00%,

8/25/2053

1,101,000

1,075,496

5.50%,

8/25/2053

821,000

815,291

GNMA

I

Pool

Pool#

376510

7.00%,

5/15/2024

44

44

Pool#

457801

7.00%,

8/15/2028

673

673

Pool#

486936

6.50%,

2/15/2029

321

327

Pool#

502969

6.00%,

3/15/2029

1,037

1,044

Pool#

487053

7.00%,

3/15/2029

407

406

Pool#

781014

6.00%,

4/15/2029

693

697

Pool#

509099

7.00%,

6/15/2029

1,537

1,523

Pool#

434505

7.50%,

8/15/2029

27

27

Pool#

781124

7.00%,

12/15/2029

2,600

2,671

Pool#

507396

7.50%,

9/15/2030

18,497

18,493

Pool#

531352

7.50%,

9/15/2030

1,236

1,236

Pool#

536334

7.50%,

10/15/2030

92

92

Pool#

540659

7.00%,

1/15/2031

434

430

Pool#

486019

7.50%,

1/15/2031

458

458

Pool#

535388

7.50%,

1/15/2031

297

296

Pool#

528589

6.50%,

3/15/2031

5,232

5,325

Pool#

508473

7.50%,

4/15/2031

1,878

1,881

Pool#

544470

8.00%,

4/15/2031

823

821

Pool#

781287

7.00%,

5/15/2031

1,247

1,282

Pool#

781319

7.00%,

7/15/2031

397

417

Pool#

485879

7.00%,

8/15/2031

1,303

1,296

26

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

572554

6.50%,

9/15/2031

17,211

17,519

Pool#

781328

7.00%,

9/15/2031

1,176

1,213

Pool#

550991

6.50%,

10/15/2031

282

287

Pool#

571267

7.00%,

10/15/2031

164

162

Pool#

555171

6.50%,

12/15/2031

692

704

Pool#

781380

7.50%,

12/15/2031

394

412

Pool#

781481

7.50%,

1/15/2032

1,898

1,980

Pool#

580972

6.50%,

2/15/2032

94

96

Pool#

781401

7.50%,

2/15/2032

1,287

1,336

Pool#

781916

6.50%,

3/15/2032

13,834

14,081

Pool#

552474

7.00%,

3/15/2032

2,205

2,241

Pool#

781478

7.50%,

3/15/2032

738

768

Pool#

781429

8.00%,

3/15/2032

1,333

1,397

Pool#

781431

7.00%,

4/15/2032

4,783

4,984

Pool#

552616

7.00%,

6/15/2032

20,519

20,816

Pool#

570022

7.00%,

7/15/2032

7,628

7,804

Pool#

595077

6.00%,

10/15/2032

2,443

2,530

Pool#

552903

6.50%,

11/15/2032

27,885

28,384

Pool#

552952

6.00%,

12/15/2032

1,847

1,861

Pool#

602102

6.00%,

2/15/2033

8,510

8,573

Pool#

588192

6.00%,

2/15/2033

1,745

1,757

Pool#

553144

5.50%,

4/15/2033

6,147

6,167

Pool#

604243

6.00%,

4/15/2033

3,294

3,382

Pool#

611526

6.00%,

5/15/2033

4,734

4,766

Pool#

553320

6.00%,

6/15/2033

9,233

9,463

Pool#

604788

6.50%,

11/15/2033

29,846

30,394

Pool#

781688

6.00%,

12/15/2033

12,804

13,322

Pool#

604875

6.00%,

12/15/2033

11,250

11,650

Pool#

781690

6.00%,

12/15/2033

4,698

4,888

Pool#

781699

7.00%,

12/15/2033

1,607

1,620

Pool#

621856

6.00%,

1/15/2034

5,379

5,416

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

564799

6.00%,

3/15/2034

4,134

4,162

Pool#

630038

6.50%,

8/15/2034

18,986

19,325

Pool#

781804

6.00%,

9/15/2034

12,312

12,812

Pool#

781847

6.00%,

12/15/2034

9,293

9,671

Pool#

486921

5.50%,

2/15/2035

3,187

3,232

Pool#

781902

6.00%,

2/15/2035

12,587

13,097

Pool#

649510

5.50%,

10/15/2035

37,732

37,971

Pool#

652207

5.50%,

3/15/2036

26,190

26,150

Pool#

655519

5.00%,

5/15/2036

12,214

12,090

Pool#

652539

5.00%,

5/15/2036

4,229

4,181

Pool#

606308

5.50%,

5/15/2036

4,343

4,344

Pool#

656666

6.00%,

6/15/2036

10,066

10,211

Pool#

657912

6.50%,

8/15/2036

2,024

2,060

Pool#

704630

5.50%,

7/15/2039

10,512

10,571

Pool#

757038

4.00%,

12/15/2040

108,987

104,289

Pool#

757039

4.00%,

12/15/2040

108,899

103,680

Pool#

755656

4.00%,

12/15/2040

36,922

35,512

Pool#

757044

4.00%,

12/15/2040

34,869

33,434

Pool#

742235

4.00%,

12/15/2040

30,285

28,979

Pool#

755655

4.00%,

12/15/2040

22,553

21,692

Pool#

757043

4.00%,

12/15/2040

16,638

15,921

Pool#

756631

4.00%,

12/15/2040

11,415

10,979

Pool#

755959

4.00%,

1/15/2041

79,956

76,903

Pool#

742244

4.00%,

1/15/2041

67,655

64,772

Pool#

753826

4.00%,

1/15/2041

36,600

35,022

Pool#

690662

4.00%,

1/15/2041

26,324

25,189

Pool#

719486

4.00%,

1/15/2041

7,075

6,746

Pool#

757555

4.00%,

2/15/2041

15,521

14,974

Pool#

757557

4.00%,

2/15/2041

7,597

7,329

Pool#

AD6012

3.50%,

4/15/2043

221,586

207,482

Pool#

AA6307

3.50%,

4/15/2043

63,879

59,715

Nationwide

Bond

Index

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

27

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

AA6403

3.00%,

5/15/2043

297,232

268,626

Pool#

783781

3.50%,

6/15/2043

67,758

63,460

Pool#

784015

3.00%,

7/15/2043

16,569

14,971

Pool#

784714

3.00%,

1/15/2044

87,592

79,143

GNMA

II

Pool

Pool#

3851

5.50%,

5/20/2036

65,311

66,815

Pool#

4559

5.00%,

10/20/2039

89,058

90,196

Pool#

737727

4.00%,

12/20/2040

372,382

357,569

Pool#

737730

4.00%,

12/20/2040

105,936

101,723

Pool#

4923

4.50%,

1/20/2041

60,402

59,771

Pool#

4978

4.50%,

3/20/2041

8,510

8,421

Pool#

5017

4.50%,

4/20/2041

87,183

86,272

Pool#

5082

4.50%,

6/20/2041

155,342

153,596

Pool#

675523

3.50%,

3/20/2042

140,850

130,298

Pool#

MA0462

3.50%,

10/20/2042

224,501

210,411

Pool#

MA0625

3.50%,

12/20/2042

172,304

161,507

Pool#

MA0698

3.00%,

1/20/2043

144,875

131,756

Pool#

AF1001

3.50%,

6/20/2043

114,015

105,443

Pool#

AJ9335

3.50%,

10/20/2044

8,141

7,554

Pool#

MA2754

3.50%,

4/20/2045

82,544

77,107

Pool#

MA2824

2.50%,

5/20/2045

121,407

106,459

Pool#

MA2825

3.00%,

5/20/2045

171,495

155,621

Pool#

MA2891

3.00%,

6/20/2045

451,401

409,652

Pool#

MA2892

3.50%,

6/20/2045

37,853

35,286

Pool#

MA2960

3.00%,

7/20/2045

148,657

135,387

Pool#

MA3172

3.00%,

10/20/2045

52,742

47,979

Pool#

MA3173

3.50%,

10/20/2045

3,248

3,028

Pool#

MA3243

3.00%,

11/20/2045

47,261

42,969

Pool#

MA3244

3.50%,

11/20/2045

61,267

57,111

Pool#

784098

3.00%,

12/20/2045

246,377

223,747

Pool#

784119

3.00%,

2/20/2046

195,753

177,676

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

MA3520

3.00%,

3/20/2046

165,490

149,567

Pool#

MA3521

3.50%,

3/20/2046

139,779

130,299

Pool#

MA3735

3.00%,

6/20/2046

158,886

143,784

Pool#

MA3876

4.50%,

8/20/2046

5,531

5,462

Pool#

MA3939

4.50%,

9/20/2046

3,298

3,194

Pool#

MA4125

2.50%,

12/20/2046

46,960

41,005

Pool#

MA4126

3.00%,

12/20/2046

545,175

492,956

Pool#

MA4194

2.50%,

1/20/2047

116,906

102,233

Pool#

MA4196

3.50%,

1/20/2047

15,855

14,798

Pool#

MA4264

4.50%,

2/20/2047

5,857

5,763

Pool#

MA4321

3.50%,

3/20/2047

205,054

191,176

Pool#

AZ1974

3.50%,

4/20/2047

81,121

75,517

Pool#

MA4384

4.50%,

4/20/2047

5,065

4,974

Pool#

MA4512

4.50%,

6/20/2047

14,520

14,225

Pool#

MA4652

3.50%,

8/20/2047

57,518

53,474

Pool#

MA4836

3.00%,

11/20/2047

88,859

80,082

Pool#

784421

3.50%,

12/20/2047

189,227

172,259

Pool#

MA4900

3.50%,

12/20/2047

125,975

117,450

Pool#

MA4962

3.50%,

1/20/2048

3,966

3,700

Pool#

784480

3.50%,

4/20/2048

48,335

44,997

Pool#

784481

3.50%,

4/20/2048

9,387

8,741

Pool#

MA5191

3.50%,

5/20/2048

123,935

114,998

Pool#

MA5331

4.50%,

7/20/2048

38,638

37,581

Pool#

MA5465

3.50%,

9/20/2048

14,733

13,707

Pool#

BK2856

4.50%,

12/20/2048

4,311

4,146

Pool#

MA5818

4.50%,

3/20/2049

743,136

724,405

Pool#

MA6092

4.50%,

8/20/2049

23,156

22,445

Pool#

MA6409

3.00%,

1/20/2050

210,160

188,752

Pool#

MA6764

2.00%,

7/20/2050

57,126

48,138

Pool#

MA6818

2.00%,

8/20/2050

459,589

386,723

Pool#

BW4732

2.50%,

8/20/2050

362,140

304,046

28

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

BW6206

2.50%,

8/20/2050

344,856

289,575

Pool#

BW4741

2.50%,

9/20/2050

350,657

294,518

Pool#

MA7051

2.00%,

12/20/2050

356,379

299,432

Pool#

MA7311

2.00%,

4/20/2051

1,596,851

1,338,600

Pool#

MA7472

2.50%,

7/20/2051

629,689

543,691

Pool#

MA7767

2.50%,

12/20/2051

112,128

96,678

Pool#

MA7936

2.50%,

3/20/2052

1,258,848

1,085,263

Pool#

MA7987

2.50%,

4/20/2052

281,504

242,687

Pool#

MA8197

2.50%,

8/20/2052

645,300

556,435

Pool#

MA8201

4.50%,

8/20/2052

72,297

69,590

Pool#

MA8948

5.50%,

6/20/2053

194,806

193,639

Pool#

786798

5.50%,

7/20/2053

68,433

68,238

GNMA

TBA

2.00%,

8/15/2053

250,000

208,984

2.50%,

8/15/2053

650,000

560,333

3.50%,

8/15/2053

1,000,000

918,750

4.00%,

8/15/2053

1,225,000

1,153,797

4.50%,

8/15/2053

1,125,000

1,082,153

5.00%,

8/15/2053

1,475,000

1,445,270

5.50%,

8/15/2053

475,000

472,031

Total

Mortgage-Backed

Securities

(cost

$83,489,756)

74,530,271

Municipal

Bonds

0.8%

California

0.2

%

Bay

Area

Toll

Authority,

RB,

Series

S,

6.91%,

10/1/2050

25,000

31,158

Los

Angeles

Department

of

Water

&

Power,

RB,

Series

D,

6.57%,

7/1/2045

100,000

118,010

Los

Angeles

Unified

School

District,

GO,

Series

RY,

6.76%,

7/1/2034

100,000

111,849

Santa

Clara

Valley

Transportation

Authority,

RB,

Series

A,

5.88%,

4/1/2032

95,000

98,056

State

of

California,

GO,

7.63%,

3/1/2040

100,000

123,777

University

of

California

Series

AX,

3.06%,

7/1/2025

50,000

48,183

Series

R,

5.77%,

5/15/2043

50,000

53,049

584,082

Municipal

Bonds

Principal

Amount

($)

Value

($)

Georgia

0.0

%

†

Municipal

Electric

Authority

of

Georgia,

RB,

Series

A,

6.66%,

4/1/2057

44,000

49,164

Illinois

0.1

%

Chicago

O'Hare

International

Airport,

RB,

Series

C,

4.57%,

1/1/2054

35,000

32,488

State

of

Illinois,

GO,

5.10%,

6/1/2033

185,000

180,972

213,460

Louisiana

0.0

%

†

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Auth,

RB,

5.20%,

12/1/2039

60,000

60,411

Nebraska

0.0

%

†

University

of

Nebraska

Facilities

Corp.

(The),

RB,

Series

A,

3.04%,

10/1/2049

55,000

40,945

New

Jersey

0.1

%

New

Jersey

Economic

Development

Authority,

RB,

Series

A,

7.43%,

2/15/2029

150,000

161,302

New

Jersey

Turnpike

Authority,

RB,

Series

F,

7.41%,

1/1/2040

115,000

141,821

303,123

New

York

0.1

%

Metropolitan

Transportation

Authority,

RB,

Series

C,

5.18%,

11/15/2049

25,000

22,900

New

York

City

Municipal

Water

Finance

Authority,

RB,

Series

CC,

5.88%,

6/15/2044

25,000

27,039

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue,

RB,

Series

B,

5.57%,

11/1/2038

100,000

103,627

New

York

State

Dormitory

Authority,

RB,

Series

F,

3.11%,

2/15/2039

100,000

80,220

New

York

State

Thruway

Authority,

RB,

Series

M,

2.90%,

1/1/2035

50,000

41,718

Port

Authority

of

New

York

&

New

Jersey,

RB,

6.04%,

12/1/2029

100,000

106,130

381,634

Ohio

0.1

%

JobsOhio

Beverage

System,

RB,

Series

B,

4.53%,

1/1/2035

100,000

96,977

Nationwide

Bond

Index

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

29

Municipal

Bonds

Principal

Amount

($)

Value

($)

Ohio

Ohio

State

University

(The),

RB,

Series

C,

4.91%,

6/1/2040

100,000

97,379

194,356

Texas

0.2

%

Dallas

Fort

Worth

International

Airport,

RB,

Series

A,

2.99%,

11/1/2038

50,000

41,152

Dallas

Independent

School

District,

GO,

Series

C,

6.45%,

2/15/2035

150,000

151,527

Grand

Parkway

Transportation

Corp.,

RB,

Series

B,

3.24%,

10/1/2052

25,000

17,851

State

of

Texas,

GO,

Series

A,

5.52%,

4/1/2039

50,000

52,579

Texas

Natural

Gas

Securitization

Finance

Corp.

5.10%,

4/1/2035

15,000

15,041

Series

2023-1,

5.17%,

4/1/2041

15,000

15,189

Texas

Transportation

Commission

State

Highway

Fund,

RB,

5.18%,

4/1/2030

100,000

100,907

394,246

Wisconsin

0.0

%

†

State

of

Wisconsin,

RB,

Series

C,

3.15%,

5/1/2027

20,000

18,845

Total

Municipal

Bonds

(cost

$2,387,010)

2,240,266

Supranational

1.2%

African

Development

Bank,

4.38%,

3/14/2028

200,000

199,998

Asian

Development

Bank

1.50%,

10/18/2024

500,000

477,136

2.50%,

11/2/2027

250,000

232,051

2.75%,

1/19/2028

200,000

187,054

3.13%,

9/26/2028

75,000

70,852

Asian

Infrastructure

Investment

Bank

(The),

4.00%,

1/18/2028

100,000

97,908

European

Investment

Bank

1.63%,

3/14/2025(a)

200,000

189,124

0.38%,

3/26/2026

100,000

89,455

3.75%,

2/14/2033

200,000

194,636

Inter-American

Development

Bank

4.00%,

1/12/2028

300,000

295,829

1.13%,

1/13/2031

50,000

40,248

3.50%,

4/12/2033

200,000

189,869

International

Bank

for

Reconstruction

&

Development

0.63%,

4/22/2025

500,000

463,166

2.50%,

7/29/2025

250,000

238,537

Supranational

Principal

Amount

($)

Value

($)

1.75%,

10/23/2029

250,000

216,484

International

Finance

Corp.,

1.38%,

10/16/2024

250,000

238,339

Total

Supranational

(cost

$3,636,613)

3,420,686

U.S.

Government

Agency

Securities

1.0%

FHLB

3.13%,

6/13/2025

475,000

459,356

5.50%,

7/15/2036

200,000

223,190

FHLMC

0.25%,

8/24/2023

605,000

603,076

0.38%,

7/21/2025

65,000

59,500

6.75%,

3/15/2031

200,000

232,738

6.25%,

7/15/2032

165,000

190,827

FNMA

2.63%,

9/6/2024(a)

200,000

194,407

0.50%,

6/17/2025

500,000

460,150

6.25%,

5/15/2029

100,000

110,109

7.25%,

5/15/2030

200,000

234,980

0.88%,

8/5/2030(a)

80,000

64,050

Tennessee

Valley

Authority,

4.88%,

1/15/2048

100,000

99,575

Total

U.S.

Government

Agency

Securities

(cost

$3,050,997)

2,931,958

U.S.

Treasury

Obligations

41.3%

U.S.

Treasury

Bonds

6.00%,

2/15/2026

(a)

444,500

458,356

5.50%,

8/15/2028

(a)

300,000

317,121

5.25%,

11/15/2028

(a)

500,000

524,082

4.50%,

2/15/2036

(a)

400,000

425,547

4.75%,

2/15/2037

400,000

435,734

4.50%,

5/15/2038

500,000

529,297

4.50%,

8/15/2039

185,000

195,406

4.38%,

11/15/2039

480,000

499,069

1.13%,

5/15/2040

500,000

317,266

4.38%,

5/15/2040

200,000

207,586

3.88%,

8/15/2040

400,000

389,563

1.38%,

11/15/2040

300,000

196,324

4.25%,

11/15/2040

200,000

204,188

1.88%,

2/15/2041

500,000

355,684

1.75%,

8/15/2041

500,000

344,668

3.75%,

8/15/2041

150,000

142,189

2.00%,

11/15/2041

250,000

179,395

3.13%,

11/15/2041

300,000

259,547

2.38%,

2/15/2042

100,000

76,281

3.13%,

2/15/2042

80,000

68,975

3.25%,

5/15/2042

300,000

262,359

2.75%,

8/15/2042

500,000

403,809

3.38%,

8/15/2042

300,000

266,859

2.75%,

11/15/2042

250,000

201,445

4.00%,

11/15/2042

200,000

194,781

3.13%,

2/15/2043

650,000

554,633

3.88%,

2/15/2043

1,100,000

1,050,844

2.88%,

5/15/2043

(a)

900,000

736,523

3.63%,

8/15/2043

500,000

459,336

3.75%,

11/15/2043

650,000

607,496

30

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Bond

Index

Fund

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Bonds

3.63%,

2/15/2044

500,000

458,320

3.13%,

8/15/2044

400,000

338,344

3.00%,

11/15/2044

350,000

289,488

3.00%,

5/15/2045

400,000

329,906

2.50%,

2/15/2046

400,000

300,047

2.50%,

5/15/2046

400,000

299,797

2.25%,

8/15/2046

300,000

213,398

2.88%,

11/15/2046

275,000

220,816

3.00%,

2/15/2047

400,000

328,156

3.00%,

5/15/2047

400,000

327,969

2.75%,

8/15/2047

350,000

273,957

3.00%,

2/15/2048

500,000

410,078

3.00%,

8/15/2048

350,000

287,191

3.38%,

11/15/2048

500,000

439,434

3.00%,

2/15/2049

400,000

328,922

2.88%,

5/15/2049

400,000

321,516

2.25%,

8/15/2049

500,000

353,008

2.38%,

11/15/2049

450,000

326,496

2.00%,

2/15/2050

500,000

332,871

1.25%,

5/15/2050

800,000

436,125

1.38%,

8/15/2050

700,000

394,461

1.63%,

11/15/2050

250,000

150,596

1.88%,

2/15/2051

950,000

610,115

2.38%,

5/15/2051

900,000

649,687

2.00%,

8/15/2051

700,000

462,820

1.88%,

11/15/2051

830,000

531,038

2.25%,

2/15/2052

800,000

561,219

2.88%,

5/15/2052

640,000

515,375

3.00%,

8/15/2052

600,000

495,797

4.00%,

11/15/2052

750,000

749,297

3.63%,

2/15/2053

(a)

1,150,000

1,072,555

3.63%,

5/15/2053

1,000,000

934,219

U.S.

Treasury

Notes

2.50%,

4/30/2024

100

98

0.38%,

8/15/2024

250,000

237,461

2.38%,

8/15/2024

250,000

242,412

0.38%,

9/15/2024

500,000

473,105

1.50%,

9/30/2024

500,000

478,594

2.13%,

9/30/2024

500,000

481,973

4.25%,

9/30/2024

500,000

493,867

0.63%,

10/15/2024

1,000,000

945,625

1.50%,

10/31/2024

1,000,000

954,414

2.25%,

10/31/2024

1,000,000

963,477

0.75%,

11/15/2024

500,000

471,992

2.25%,

11/15/2024

660,000

635,250

2.13%,

11/30/2024

1,200,000

1,151,953

4.50%,

11/30/2024

400,000

395,969

4.25%,

12/31/2024

1,500,000

1,480,137

1.38%,

1/31/2025

600,000

567,422

2.50%,

1/31/2025

500,000

480,801

4.13%,

1/31/2025

1,000,000

984,805

2.00%,

2/15/2025

500,000

476,855

0.50%,

3/31/2025

700,000

649,414

2.63%,

3/31/2025

700,000

672,793

2.63%,

4/15/2025

300,000

288,152

0.38%,

4/30/2025

500,000

461,465

3.88%,

4/30/2025

2,700,000

2,648,320

2.13%,

5/15/2025

600,000

570,633

2.75%,

5/15/2025

500,000

480,781

0.25%,

5/31/2025

500,000

458,945

0.25%,

6/30/2025

500,000

457,793

2.75%,

6/30/2025

550,000

528,064

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Notes

3.00%,

7/15/2025

700,000

675,090

2.88%,

7/31/2025

750,000

721,406

4.75%,

7/31/2025

400,000

399,125

2.00%,

8/15/2025

500,000

472,363

0.25%,

8/31/2025

1,000,000

909,844

3.50%,

9/15/2025

600,000

583,828

0.25%,

9/30/2025

600,000

544,734

3.00%,

10/31/2025

800,000

769,812

2.25%,

11/15/2025

1,500,000

1,418,672

0.38%,

11/30/2025

1,300,000

1,176,246

4.00%,

12/15/2025

900,000

885,340

0.38%,

12/31/2025

1,200,000

1,083,938

3.88%,

1/15/2026

2,000,000

1,962,109

0.38%,

1/31/2026

1,000,000

900,000

2.63%,

1/31/2026

750,000

714,287

1.63%,

2/15/2026

400,000

371,172

4.00%,

2/15/2026

500,000

492,148

4.63%,

3/15/2026

800,000

800,094

0.75%,

3/31/2026

500,000

452,676

3.75%,

4/15/2026

2,000,000

1,957,188

4.13%,

6/15/2026

800,000

791,438

0.63%,

7/31/2026

1,000,000

892,578

1.50%,

8/15/2026

400,000

366,203

0.75%,

8/31/2026

1,000,000

893,633

1.38%,

8/31/2026

1,000,000

911,250

1.63%,

9/30/2026

1,000,000

917,070

1.63%,

10/31/2026

1,000,000

915,391

2.00%,

11/15/2026

1,000,000

925,820

1.25%,

12/31/2026

700,000

630,875

1.50%,

1/31/2027

800,000

725,531

2.25%,

2/15/2027

800,000

744,500

1.13%,

2/28/2027

500,000

446,836

1.88%,

2/28/2027

700,000

642,441

0.63%,

3/31/2027

500,000

437,344

2.50%,

3/31/2027

600,000

562,594

0.50%,

4/30/2027

500,000

434,102

2.75%,

4/30/2027

450,000

425,197

2.38%,

5/15/2027

500,000

465,645

2.63%,

5/31/2027

700,000

657,809

2.75%,

7/31/2027

300,000

282,879

2.25%,

8/15/2027

500,000

462,129

0.50%,

8/31/2027

500,000

429,473

3.13%,

8/31/2027

700,000

669,348

0.38%,

9/30/2027

500,000

426,230

4.13%,

9/30/2027

700,000

695,406

0.50%,

10/31/2027

500,000

427,266

4.13%,

10/31/2027

500,000

496,816

2.25%,

11/15/2027

870,000

801,352

0.63%,

11/30/2027

250,000

214,307

3.88%,

11/30/2027

430,000

423,382

0.63%,

12/31/2027

500,000

427,617

3.88%,

12/31/2027

800,000

787,813

0.75%,

1/31/2028

500,000

429,043

3.50%,

1/31/2028

1,300,000

1,260,949

2.75%,

2/15/2028

1,000,000

938,906

1.13%,

2/29/2028

700,000

610,176

4.00%,

2/29/2028

300,000

297,305

1.25%,

3/31/2028

500,000

437,617

3.63%,

3/31/2028

600,000

585,187

1.25%,

4/30/2028

700,000

611,434

3.50%,

4/30/2028

1,500,000

1,454,941

2.88%,

5/15/2028

1,000,000

942,383

Nationwide

Bond

Index

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

31

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Notes

1.25%,

5/31/2028

700,000

610,148

3.63%,

5/31/2028

350,000

341,633

1.25%,

6/30/2028

700,000

609,137

4.00%,

6/30/2028

(a)

750,000

743,965

1.00%,

7/31/2028

1,000,000

857,500

4.13%,

7/31/2028

400,000

399,281

2.88%,

8/15/2028

1,000,000

940,859

1.25%,

9/30/2028

500,000

432,480

1.38%,

10/31/2028

500,000

434,531

1.50%,

11/30/2028

500,000

436,660

1.75%,

1/31/2029

500,000

441,211

2.63%,

2/15/2029

457,000

422,332

2.38%,

3/31/2029

400,000

364,203

2.88%,

4/30/2029

350,000

327,154

2.38%,

5/15/2029

100,000

90,949

2.75%,

5/31/2029

500,000

463,887

3.25%,

6/30/2029

400,000

381,234

2.63%,

7/31/2029

200,000

184,016

1.63%,

8/15/2029

500,000

434,766

3.13%,

8/31/2029

400,000

378,359

3.88%,

9/30/2029

300,000

295,699

4.00%,

10/31/2029

300,000

297,797

1.75%,

11/15/2029

(a)

250,000

218,467

3.88%,

11/30/2029

850,000

838,113

3.88%,

12/31/2029

700,000

690,238

3.50%,

1/31/2030

650,000

627,428

1.50%,

2/15/2030

700,000

597,051

4.00%,

2/28/2030

350,000

347,785

3.63%,

3/31/2030

400,000

389,000

3.50%,

4/30/2030

1,200,000

1,158,469

0.63%,

5/15/2030

700,000

558,551

3.75%,

5/31/2030

300,000

294,000

3.75%,

6/30/2030

900,000

882,281

4.00%,

7/31/2030

300,000

298,828

0.63%,

8/15/2030

950,000

753,246

0.88%,

11/15/2030

800,000

644,469

1.13%,

2/15/2031

(a)

1,200,000

981,422

1.63%,

5/15/2031

1,100,000

928,598

1.25%,

8/15/2031

500,000

407,266

1.38%,

11/15/2031

1,200,000

981,844

1.88%,

2/15/2032

800,000

679,406

2.88%,

5/15/2032

1,000,000

918,594

2.75%,

8/15/2032

1,100,000

998,637

4.13%,

11/15/2032

750,000

758,672

3.50%,

2/15/2033

1,150,000

1,108,312

3.38%,

5/15/2033

1,100,000

1,049,297

Total

U.S.

Treasury

Obligations

(cost

$125,956,003)

114,926,014

Repurchase

Agreement

0

.8%

Principal

Amount

($)

Value

($)

CF

Secured,

LLC

5.28%,

dated

7/31/2023,

due

8/1/2023,

repurchase

price

$2,261,479,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.63%,

maturing

8/8/2023

-

8/15/2052;

total

market

value

$2,306,708.

(f)

2,261,147

2,261,147

Total

Repurchase

Agreement

(cost

$2,261,147)

2,261,147

Total

Investments

(cost

$307,377,238)

—

100.1%

278,733,301

Liabilities

in

excess

of

other

assets

—

(0.1)%

(237,534)

NET

ASSETS

—

100.0%

$

278,495,767

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

July

31,

2023.

The

total

value

of

securities

on

loan

as

of

July

31,

2023

was

$8,386,953,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$2,261,147

and

by

$6,386,297

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

4.75%,

and

maturity

dates

ranging

from

11/15/2023

–

5/15/2053,

a

total

value

of

$8,647,444.

(b)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

July

31,

2023.

(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,

2023.

(d)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

July

31,

2023

was

$591,571

which

represents

0.21%

of

net

assets.

(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,

2023.

(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,

2023

was

$2,261,147.

32

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Bond

Index

Fund

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

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

Index

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

33

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

34

-

Statement

of

Investments

-

July

31,

2023

(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,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

187,127

$

–

$

187,127

Commercial

Mortgage-Backed

Securities

–

4,615,981

–

4,615,981

Corporate

Bonds

–

69,067,132

–

69,067,132

Foreign

Government

Securities

–

4,552,719

–

4,552,719

Mortgage-Backed

Securities

–

74,530,271

–

74,530,271

Municipal

Bonds

–

2,240,266

–

2,240,266

Repurchase

Agreement

–

2,261,147

–

2,261,147

Supranational

–

3,420,686

–

3,420,686

U.S.

Government

Agency

Securities

–

2,931,958

–

2,931,958

U.S.

Treasury

Obligations

–

114,926,014

–

114,926,014

Total

$

–

$

278,733,301

$

–

$

278,733,301

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,

2023

(Unaudited)

-

Statement

of

Investments

-

35

Common

Stocks

98.8%

Shares

Value

($)

AUSTRALIA

7.7%

Banks

1.8%

ANZ

Group

Holdings

Ltd.

185,464

3,211,872

Commonwealth

Bank

of

Australia

103,567

7,366,568

National

Australia

Bank

Ltd.

193,819

3,706,472

Westpac

Banking

Corp.

216,693

3,255,946

17,540,858

Beverages

0.0%

†

Treasury

Wine

Estates

Ltd.

(a)

44,681

338,241

Broadline

Retail

0.2%

Wesfarmers

Ltd.(a)

70,059

2,344,804

Capital

Markets

0.3%

ASX

Ltd.

12,570

525,828

Macquarie

Group

Ltd.

22,276

2,624,147

3,149,975

Chemicals

0.0%

†

Orica

Ltd.

29,622

314,323

Commercial

Services

&

Supplies

0.1%

Brambles

Ltd.

85,822

811,490

Consumer

Staples

Distribution

&

Retail

0.3%

Coles

Group

Ltd.

82,649

1,010,695

Endeavour

Group

Ltd.

91,279

373,580

Woolworths

Group

Ltd.

75,258

1,953,953

3,338,228

Diversified

Consumer

Services

0.0%

†

IDP

Education

Ltd.(a)

14,133

236,505

Diversified

REITs

0.1%

GPT

Group

(The)

119,215

348,472

Mirvac

Group

235,719

371,308

Stockland

147,286

418,549

1,138,329

Diversified

Telecommunication

Services

0.1%

Telstra

Group

Ltd.

244,202

699,343

Electric

Utilities

0.1%

Origin

Energy

Ltd.

106,383

605,570

Financial

Services

0.0%

†

Washington

H

Soul

Pattinson

&

Co.

Ltd.

14,097

312,779

Gas

Utilities

0.1%

APA

Group

69,810

469,544

Ground

Transportation

0.0%

†

Aurizon

Holdings

Ltd.

113,699

291,281

Health

Care

Equipment

&

Supplies

0.1%

Cochlear

Ltd.

3,978

639,798

Health

Care

Providers

&

Services

0.1%

EBOS

Group

Ltd.

8,987

215,806

Ramsay

Health

Care

Ltd.

11,940

473,067

Sonic

Healthcare

Ltd.

27,550

651,948

1,340,821

Hotels,

Restaurants

&

Leisure

0.4%

Aristocrat

Leisure

Ltd.

36,445

963,945

Flutter

Entertainment

plc*

10,651

2,121,339

Lottery

Corp.

Ltd.

(The)

137,446

477,944

3,563,228

Industrial

REITs

0.1%

Goodman

Group

104,511

1,446,496

Common

Stocks

Shares

Value

($)

AUSTRALIA

Insurance

0.3%

Insurance

Australia

Group

Ltd.

157,194

626,502

Medibank

Pvt

Ltd.

160,775

379,287

QBE

Insurance

Group

Ltd.

91,912

974,085

Suncorp

Group

Ltd.

78,212

748,991

2,728,865

Interactive

Media

&

Services

0.1%

REA

Group

Ltd.(a)

3,246

344,032

SEEK

Ltd.

19,860

336,395

680,427

Metals

&

Mining

2.6%

BHP

Group

Ltd.

311,197

9,703,925

BlueScope

Steel

Ltd.

30,384

446,390

Fortescue

Metals

Group

Ltd.

104,573

1,525,849

Glencore

plc

659,115

4,002,153

IGO

Ltd.

41,672

386,994

Mineral

Resources

Ltd.

10,722

515,633

Newcrest

Mining

Ltd.

55,221

992,552

Northern

Star

Resources

Ltd.

69,756

544,048

Pilbara

Minerals

Ltd.(a)

159,609

520,948

Rio

Tinto

Ltd.

22,923

1,804,990

Rio

Tinto

plc

69,517

4,591,476

South32

Ltd.

281,576

738,358

25,773,316

Office

REITs

0.0%

†

Dexus

66,374

367,311

Oil,

Gas

&

Consumable

Fuels

0.4%

Ampol

Ltd.

14,253

315,328

Santos

Ltd.

203,874

1,093,401

Woodside

Energy

Group

Ltd.

117,252

3,014,167

4,422,896

Passenger

Airlines

0.0%

†

Qantas

Airways

Ltd.*

55,233

242,494

Professional

Services

0.1%

Computershare

Ltd.

34,204

576,888

Real

Estate

Management

&

Development

0.0%

†

Lendlease

Corp.

Ltd.

41,027

238,599

Retail

REITs

0.1%

Scentre

Group

311,190

588,977

Vicinity

Ltd.

259,245

344,906

933,883

Software

0.1%

WiseTech

Global

Ltd.

10,246

591,162

Trading

Companies

&

Distributors

0.0%

†

Reece

Ltd.

12,296

162,084

Transportation

Infrastructure

0.2%

Transurban

Group

190,231

1,834,417

77,133,955

AUSTRIA

0.2%

Banks

0.1%

Erste

Group

Bank

AG

21,233

802,178

Electric

Utilities

0.0%

†

Verbund

AG

4,192

347,308

Metals

&

Mining

0.0%

†

voestalpine

AG

6,995

231,754

36

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

International

Index

Fund

Common

Stocks

Shares

Value

($)

AUSTRIA

Oil,

Gas

&

Consumable

Fuels

0.0%

†

OMV

AG

8,828

398,422

Paper

&

Forest

Products

0.1%

Mondi

plc

30,871

541,449

2,321,111

BELGIUM

0.8%

Banks

0.1%

KBC

Group

NV

15,457

1,162,419

Beverages

0.3%

Anheuser-Busch

InBev

SA/

NV

52,793

3,024,734

Chemicals

0.1%

Solvay

SA

4,691

562,702

Umicore

SA

12,933

383,269

945,971

Distributors

0.0%

†

D'ieteren

Group

1,459

254,837

Electric

Utilities

0.0%

†

Elia

Group

SA/NV

1,973

242,760

Financial

Services

0.1%

Groupe

Bruxelles

Lambert

NV

3,442

277,034

Groupe

Bruxelles

Lambert

NV

2,666

215,751

Sofina

SA

863

205,408

698,193

Industrial

REITs

0.0%

†

Warehouses

De

Pauw

CVA

10,647

315,012

Insurance

0.1%

Ageas

SA/NV

9,884

418,544

Pharmaceuticals

0.1%

UCB

SA

7,807

691,361

7,753,831

BRAZIL

0.0%

†

Chemicals

0.0%

†

Yara

International

ASA

9,859

403,130

BURKINA

FASO

0.0%

†

Metals

&

Mining

0.0%

†

Endeavour

Mining

plc

10,889

262,599

CHILE

0.1%

Metals

&

Mining

0.1%

Antofagasta

plc

25,084

539,543

CHINA

0.6%

Banks

0.1%

BOC

Hong

Kong

Holdings

Ltd.

238,100

727,471

Beverages

0.0%

†

Budweiser

Brewing

Co.

APAC

Ltd.

Reg.

S(b)

104,400

252,988

Broadline

Retail

0.4%

Prosus

NV*

49,496

3,919,742

Building

Products

0.0%

†

Xinyi

Glass

Holdings

Ltd.

100,000

165,770

Common

Stocks

Shares

Value

($)

CHINA

Food

Products

0.1%

Wilmar

International

Ltd.

111,358

323,956

Marine

Transportation

0.0%

†

SITC

International

Holdings

Co.

Ltd.

91,000

198,604

Real

Estate

Management

&

Development

0.0%

†

ESR

Group

Ltd.

Reg.

S(b)

126,600

221,288

5,809,819

DENMARK

2.9%

Air

Freight

&

Logistics

0.2%

DSV

A/S

11,495

2,292,024

Banks

0.1%

Danske

Bank

A/S

42,593

1,010,646

Beverages

0.1%

Carlsberg

A/S

,

Class

B

6,081

912,344

Biotechnology

0.2%

Genmab

A/S*

4,075

1,680,551

Building

Products

0.0%

†

ROCKWOOL

A/S

,

Class

B

502

135,221

Chemicals

0.1%

Chr

Hansen

Holding

A/S

6,646

501,390

Novozymes

A/S

,

Class

B

12,630

632,654

1,134,044

Electric

Utilities

0.1%

Orsted

A/S

Reg.

S(b)

11,682

1,017,073

Electrical

Equipment

0.2%

Vestas

Wind

Systems

A/S*

62,362

1,668,563

Health

Care

Equipment

&

Supplies

0.1%

Coloplast

A/S

,

Class

B

7,336

911,641

Demant

A/S*

5,226

208,557

1,120,198

Insurance

0.0%

†

Tryg

A/S

22,234

439,194

Marine

Transportation

0.1%

AP

Moller

-

Maersk

A/S

,

Class

A

190

381,483

AP

Moller

-

Maersk

A/S

,

Class

B

310

636,259

1,017,742

Pharmaceuticals

1.6%

Novo

Nordisk

A/S

,

Class

B

101,899

16,435,444

Textiles,

Apparel

&

Luxury

Goods

0.1%

Pandora

A/S

5,944

595,335

29,458,379

FINLAND

1.1%

Banks

0.2%

Nordea

Bank

Abp

200,344

2,265,670

Communications

Equipment

0.1%

Nokia

OYJ

330,416

1,305,048

Consumer

Staples

Distribution

&

Retail

0.0%

†

Kesko

OYJ

,

Class

B

15,868

317,085

Diversified

Telecommunication

Services

0.1%

Elisa

OYJ

8,783

458,121

Nationwide

International

Index

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

37

Common

Stocks

Shares

Value

($)

FINLAND

Electric

Utilities

0.1%

Fortum

OYJ

27,704

374,515

Insurance

0.1%

Sampo

OYJ

,

Class

A

28,399

1,251,893

Machinery

0.2%

Kone

OYJ

,

Class

B

20,989

1,074,631

Metso

Oyj

41,798

475,112

Wartsila

OYJ

Abp

31,322

393,727

1,943,470

Oil,

Gas

&

Consumable

Fuels

0.1%

Neste

OYJ

26,125

960,676

Paper

&

Forest

Products

0.2%

Stora

Enso

OYJ

,

Class

R

34,547

424,197

UPM-Kymmene

OYJ

32,959

1,089,235

1,513,432

Pharmaceuticals

0.0%

†

Orion

OYJ

,

Class

B

6,405

245,929

10,635,839

FRANCE

10.4%

Aerospace

&

Defense

1.0%

Airbus

SE

36,606

5,392,979

Dassault

Aviation

SA

1,665

323,609

Safran

SA

20,791

3,454,462

Thales

SA

6,490

970,179

10,141,229

Automobile

Components

0.2%

Cie

Generale

des

Etablissements

Michelin

SCA

41,893

1,369,494

Valeo

12,713

287,805

1,657,299

Automobiles

0.0%

†

Renault

SA

11,802

518,317

Banks

0.7%

BNP

Paribas

SA

67,842

4,474,906

Credit

Agricole

SA

74,742

927,142

Societe

Generale

SA

44,918

1,219,969

6,622,017

Beverages

0.3%

Pernod

Ricard

SA

12,743

2,806,829

Remy

Cointreau

SA*

1,288

220,961

3,027,790

Building

Products

0.2%

Cie

de

Saint-Gobain

30,259

2,041,844

Capital

Markets

0.0%

†

Amundi

SA

Reg.

S(b)

4,054

248,369

Chemicals

0.6%

Air

Liquide

SA

32,334

5,800,628

Arkema

SA

3,266

351,295

6,151,923

Construction

&

Engineering

0.5%

Bouygues

SA

12,388

443,655

Eiffage

SA

4,471

464,774

Vinci

SA

32,819

3,856,986

4,765,415

Consumer

Staples

Distribution

&

Retail

0.1%

Carrefour

SA

35,784

715,255

Common

Stocks

Shares

Value

($)

FRANCE

Diversified

Telecommunication

Services

0.1%

Orange

SA

114,985

1,300,155

Electrical

Equipment

0.2%

Legrand

SA

16,477

1,648,935

Entertainment

0.0%

†

Bollore

SE

51,347

324,393

Financial

Services

0.2%

Edenred

15,413

1,000,645

Eurazeo

SE

2,995

182,701

Wendel

SE

1,500

148,238

Worldline

SA

Reg.

S*(b)

15,202

602,805

1,934,389

Food

Products

0.2%

Danone

SA

39,648

2,421,739

Health

Care

Equipment

&

Supplies

0.4%

BioMerieux

2,614

280,692

EssilorLuxottica

SA

17,968

3,531,179

3,811,871

Hotels,

Restaurants

&

Leisure

0.1%

Accor

SA

10,780

405,971

La

Francaise

des

Jeux

SAEM

Reg.

S(b)

6,838

261,229

Sodexo

SA

5,265

540,498

1,207,698

Household

Durables

0.0%

†

SEB

SA

1,553

174,253

Insurance

0.3%

AXA

SA

113,288

3,482,557

Interactive

Media

&

Services

0.0%

†

Adevinta

ASA*

20,721

153,125

IT

Services

0.2%

Capgemini

SE

10,183

1,848,609

Life

Sciences

Tools

&

Services

0.1%

Sartorius

Stedim

Biotech

1,734

541,858

Machinery

0.1%

Alstom

SA

19,970

611,605

Media

0.2%

Publicis

Groupe

SA

14,134

1,141,821

Vivendi

SE

44,268

395,223

1,537,044

Multi-Utilities

0.3%

Engie

SA

112,788

1,849,521

Veolia

Environnement

SA

41,920

1,365,424

3,214,945

Office

REITs

0.0%

†

Covivio

SA

2,567

123,901

Gecina

SA

2,916

315,099

439,000

Oil,

Gas

&

Consumable

Fuels

0.9%

TotalEnergies

SE

146,090

8,874,140

Personal

Care

Products

0.7%

L'Oreal

SA

14,763

6,860,905

Pharmaceuticals

0.0%

†

Ipsen

SA

2,155

271,367

Professional

Services

0.1%

Bureau

Veritas

SA

18,156

498,343

38

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

International

Index

Fund

Common

Stocks

Shares

Value

($)

FRANCE

Professional

Services

Teleperformance

3,651

527,817

1,026,160

Retail

REITs

0.1%

Klepierre

SA

12,812

340,398

Unibail-Rodamco-Westfield*

7,713

436,703

777,101

Software

0.2%

Dassault

Systemes

SE

41,228

1,764,631

Textiles,

Apparel

&

Luxury

Goods

2.3%

Hermes

International

1,932

4,275,062

Kering

SA

4,597

2,642,330

LVMH

Moet

Hennessy

Louis

Vuitton

SE

16,997

15,867,992

22,785,384

Transportation

Infrastructure

0.1%

Aeroports

de

Paris

1,806

249,599

Getlink

SE

21,161

372,179

621,778

103,523,100

GERMANY

8.4%

Aerospace

&

Defense

0.2%

MTU

Aero

Engines

AG

3,300

770,355

Rheinmetall

AG

2,690

761,502

1,531,857

Air

Freight

&

Logistics

0.3%

DHL

Group

62,150

3,192,567

Automobile

Components

0.1%

Continental

AG

6,793

542,280

Automobiles

1.0%

Bayerische

Motoren

Werke

AG

20,446

2,492,331

Bayerische

Motoren

Werke

AG

(Preference)

3,563

400,319

Dr

Ing

hc

F

Porsche

AG

(Preference)

7,032

859,583

Mercedes-Benz

Group

AG

52,241

4,173,206

Porsche

Automobil

Holding

SE

(Preference)

9,456

559,090

Volkswagen

AG

1,764

282,114

Volkswagen

AG

(Preference)

12,734

1,687,676

10,454,319

Banks

0.1%

Commerzbank

AG

64,281

768,318

Capital

Markets

0.4%

Deutsche

Bank

AG

(Registered)

119,690

1,326,528

Deutsche

Boerse

AG

11,733

2,249,555

3,576,083

Chemicals

0.5%

BASF

SE

55,198

2,961,637

Covestro

AG

Reg.

S*(b)

11,497

617,176

Evonik

Industries

AG

13,691

283,109

Symrise

AG

,

Class

A

8,200

895,887

Wacker

Chemie

AG

1,268

197,181

4,954,990

Construction

Materials

0.1%

Heidelberg

Materials

AG

8,921

722,751

Common

Stocks

Shares

Value

($)

GERMANY

Consumer

Staples

Distribution

&

Retail

0.0%

†

HelloFresh

SE*(a)

10,840

308,755

Diversified

Telecommunication

Services

0.4%

Deutsche

Telekom

AG

(Registered)

197,896

4,317,078

Telefonica

Deutschland

Holding

AG

49,929

134,557

4,451,635

Electrical

Equipment

0.1%

Siemens

Energy

AG*

31,363

530,545

Health

Care

Equipment

&

Supplies

0.1%

Carl

Zeiss

Meditec

AG

2,683

310,732

Siemens

Healthineers

AG

Reg.

S(b)

17,414

1,011,828

1,322,560

Health

Care

Providers

&

Services

0.1%

Fresenius

Medical

Care

AG

&

Co.

KGaA

12,256

635,063

Fresenius

SE

&

Co.

KGaA

26,086

818,141

1,453,204

Household

Products

0.1%

Henkel

AG

&

Co.

KGaA

6,417

448,299

Henkel

AG

&

Co.

KGaA

(Preference)

10,452

806,275

1,254,574

Independent

Power

and

Renewable

Electricity

Producers

0.2%

RWE

AG

39,044

1,679,471

Industrial

Conglomerates

0.8%

Siemens

AG

(Registered)

46,636

7,946,520

Insurance

1.0%

Allianz

SE

(Registered)

24,906

5,952,028

Hannover

Rueck

SE

3,701

789,951

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

8,651

3,258,731

Talanx

AG

3,561

218,136

10,218,846

Interactive

Media

&

Services

0.0%

†

Scout24

SE

Reg.

S(b)

4,491

297,168

IT

Services

0.0%

†

Bechtle

AG

5,365

236,093

Life

Sciences

Tools

&

Services

0.1%

Sartorius

AG

(Preference)

1,549

639,063

Machinery

0.2%

Daimler

Truck

Holding

AG

30,491

1,144,697

GEA

Group

AG

9,564

405,798

Knorr-Bremse

AG

4,191

294,872

Rational

AG

329

246,356

2,091,723

Multi-Utilities

0.2%

E.ON

SE

138,641

1,756,071

Passenger

Airlines

0.0%

†

Deutsche

Lufthansa

AG

(Registered)*

37,459

377,965

Personal

Care

Products

0.1%

Beiersdorf

AG

6,225

806,419

Nationwide

International

Index

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

39

Common

Stocks

Shares

Value

($)

GERMANY

Pharmaceuticals

0.5%

Bayer

AG

(Registered)

60,667

3,544,075

Merck

KGaA

7,981

1,402,177

4,946,252

Real

Estate

Management

&

Development

0.1%

LEG

Immobilien

SE*

4,907

347,189

Vonovia

SE

44,231

1,032,680

1,379,869

Semiconductors

&

Semiconductor

Equipment

0.4%

Infineon

Technologies

AG

80,643

3,546,246

Software

0.9%

Nemetschek

SE

3,724

271,139

SAP

SE

64,139

8,772,344

9,043,483

Specialty

Retail

0.1%

Zalando

SE

Reg.

S*(b)

9,717

335,452

Zalando

SE

Reg.

S*^∞(b)

4,053

139,927

475,379

Textiles,

Apparel

&

Luxury

Goods

0.2%

adidas

AG

9,749

1,971,776

Puma

SE

6,446

435,253

2,407,029

Trading

Companies

&

Distributors

0.1%

Brenntag

SE

9,541

739,268

83,651,303

HONG

KONG

2.3%

Banks

0.1%

Hang

Seng

Bank

Ltd.

47,200

720,140

Capital

Markets

0.3%

Futu

Holdings

Ltd.,

ADR*

2,932

176,506

Hong

Kong

Exchanges

&

Clearing

Ltd.

74,400

3,134,292

3,310,798

Diversified

Telecommunication

Services

0.0%

†

HKT

Trust

&

HKT

Ltd.

225,420

265,712

Electric

Utilities

0.2%

CK

Infrastructure

Holdings

Ltd.

43,500

230,150

CLP

Holdings

Ltd.

99,500

810,181

Power

Assets

Holdings

Ltd.

89,300

467,529

1,507,860

Food

Products

0.0%

†

WH

Group

Ltd.

Reg.

S(b)

506,243

274,389

Gas

Utilities

0.1%

Hong

Kong

&

China

Gas

Co.

Ltd.

691,565

591,957

Ground

Transportation

0.0%

†

MTR

Corp.

Ltd.

91,214

419,725

Industrial

Conglomerates

0.0%

†

Jardine

Matheson

Holdings

Ltd.

10,200

508,470

Insurance

1.0%

AIA

Group

Ltd.

714,200

7,136,976

Prudential

plc

170,017

2,362,330

9,499,306

Machinery

0.1%

Techtronic

Industries

Co.

Ltd.

85,000

960,494

Common

Stocks

Shares

Value

($)

HONG

KONG

Real

Estate

Management

&

Development

0.4%

CK

Asset

Holdings

Ltd.

119,386

689,732

Hang

Lung

Properties

Ltd.

106,000

164,809

Henderson

Land

Development

Co.

Ltd.

83,352

257,000

Hongkong

Land

Holdings

Ltd.

54,000

186,300

Hongkong

Land

Holdings

Ltd.

12,100

43,085

New

World

Development

Co.

Ltd.

101,707

250,401

Sino

Land

Co.

Ltd.

224,200

274,773

Sun

Hung

Kai

Properties

Ltd.

85,200

1,067,382

Swire

Pacific

Ltd.

,

Class

A

24,000

201,015

Swire

Properties

Ltd.

82,000

205,103

Wharf

Real

Estate

Investment

Co.

Ltd.

99,270

531,876

3,871,476

Retail

REITs

0.1%

Link

REIT

156,201

875,588

22,805,915

IRELAND

0.7%

Banks

0.1%

AIB

Group

plc

81,880

385,123

Bank

of

Ireland

Group

plc

66,088

697,030

1,082,153

Building

Products

0.1%

Kingspan

Group

plc

9,547

766,492

Construction

Materials

0.3%

CRH

plc

45,722

2,740,591

Containers

&

Packaging

0.0%

†

Smurfit

Kappa

Group

plc

15,957

631,455

Food

Products

0.1%

Kerry

Group

plc

,

Class

A

(a)

9,841

978,189

Trading

Companies

&

Distributors

0.1%

AerCap

Holdings

NV*

10,249

653,988

6,852,868

ISRAEL

0.6%

Aerospace

&

Defense

0.0%

†

Elbit

Systems

Ltd.

1,482

314,777

Banks

0.2%

Bank

Hapoalim

BM

76,404

679,169

Bank

Leumi

Le-Israel

BM

94,152

752,200

Israel

Discount

Bank

Ltd.

,

Class

A

73,311

388,569

Mizrahi

Tefahot

Bank

Ltd.

8,781

317,090

2,137,028

Chemicals

0.0%

†

ICL

Group

Ltd.

46,001

306,181

IT

Services

0.1%

Wix.com

Ltd.*

3,714

350,304

Pharmaceuticals

0.1%

Teva

Pharmaceutical

Industries

Ltd.,

ADR*

68,374

574,342

Real

Estate

Management

&

Development

0.0%

†

Azrieli

Group

Ltd.

2,496

142,014

40

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

International

Index

Fund

Common

Stocks

Shares

Value

($)

ISRAEL

Semiconductors

&

Semiconductor

Equipment

0.0%

†

Tower

Semiconductor

Ltd.*

6,731

249,486

Software

0.2%

Check

Point

Software

Technologies

Ltd.*

5,947

786,253

Nice

Ltd.*

3,923

854,782

1,641,035

5,715,167

ITALY

2.2%

Automobiles

0.3%

Ferrari

NV

7,784

2,494,732

Banks

0.7%

FinecoBank

Banca

Fineco

SpA

37,708

585,399

Intesa

Sanpaolo

SpA

996,710

2,882,626

Mediobanca

Banca

di

Credito

Finanziario

SpA

33,021

440,704

UniCredit

SpA

113,855

2,881,085

6,789,814

Beverages

0.1%

Coca-Cola

HBC

AG

13,601

399,931

Davide

Campari-Milano

NV

33,160

446,353

846,284

Diversified

Telecommunication

Services

0.0%

†

Infrastrutture

Wireless

Italiane

SpA

Reg.

S(b)

21,495

269,800

Telecom

Italia

SpA*(a)

711,529

205,298

475,098

Electric

Utilities

0.4%

Enel

SpA

495,252

3,418,442

Terna

-

Rete

Elettrica

Nazionale

86,885

734,558

4,153,000

Electrical

Equipment

0.1%

Prysmian

SpA

15,626

623,934

Financial

Services

0.0%

†

Nexi

SpA

Reg.

S*(b)

33,923

293,785

Gas

Utilities

0.1%

Snam

SpA

124,263

653,897

Health

Care

Equipment

&

Supplies

0.0%

†

DiaSorin

SpA

1,541

173,144

Health

Care

Providers

&

Services

0.0%

†

Amplifon

SpA

7,703

260,886

Insurance

0.2%

Assicurazioni

Generali

SpA

62,588

1,334,057

Poste

Italiane

SpA

Reg.

S(b)

32,262

368,873

1,702,930

Oil,

Gas

&

Consumable

Fuels

0.2%

Eni

SpA

143,356

2,187,802

Pharmaceuticals

0.0%

†

Recordati

Industria

Chimica

e

Farmaceutica

SpA

6,479

334,963

Textiles,

Apparel

&

Luxury

Goods

0.1%

Moncler

SpA

12,719

919,368

21,909,637

Common

Stocks

Shares

Value

($)

JAPAN

22.1%

Air

Freight

&

Logistics

0.1%

Nippon

Express

Holdings,

Inc.

4,050

237,471

SG

Holdings

Co.

Ltd.

19,400

283,196

Yamato

Holdings

Co.

Ltd.

17,500

327,722

848,389

Automobile

Components

0.4%

Aisin

Corp.

8,700

282,659

Bridgestone

Corp.

35,300

1,464,176

Denso

Corp.

26,000

1,809,123

Koito

Manufacturing

Co.

Ltd.

13,400

246,967

Sumitomo

Electric

Industries

Ltd.

44,100

565,008

4,367,933

Automobiles

1.8%

Honda

Motor

Co.

Ltd.

95,100

3,035,631

Isuzu

Motors

Ltd.

36,000

466,996

Mazda

Motor

Corp.

32,860

327,007

Nissan

Motor

Co.

Ltd.

147,900

649,326

Subaru

Corp.

38,000

718,940

Suzuki

Motor

Corp.

22,500

902,437

Toyota

Motor

Corp.

651,900

10,939,289

Yamaha

Motor

Co.

Ltd.

18,300

535,998

17,575,624

Banks

1.5%

Chiba

Bank

Ltd.

(The)

33,900

238,011

Concordia

Financial

Group

Ltd.

66,600

304,112

Japan

Post

Bank

Co.

Ltd.

89,200

742,110

Mitsubishi

UFJ

Financial

Group,

Inc.

705,184

5,689,155

Mizuho

Financial

Group,

Inc.

148,951

2,517,371

Resona

Holdings,

Inc.

128,501

700,706

Shizuoka

Financial

Group,

Inc.

29,100

242,724

Sumitomo

Mitsui

Financial

Group,

Inc.

80,605

3,798,630

Sumitomo

Mitsui

Trust

Holdings,

Inc.

20,476

795,594

15,028,413

Beverages

0.2%

Asahi

Group

Holdings

Ltd.

29,700

1,169,072

Kirin

Holdings

Co.

Ltd.

48,000

709,762

Suntory

Beverage

&

Food

Ltd.

8,000

285,796

2,164,630

Broadline

Retail

0.1%

Pan

Pacific

International

Holdings

Corp.

22,700

448,810

Rakuten

Group,

Inc.

91,600

357,886

806,696

Building

Products

0.4%

AGC,

Inc.

13,120

474,022

Daikin

Industries

Ltd.

16,000

3,233,192

Lixil

Corp.

18,000

229,803

TOTO

Ltd.

7,700

236,884

4,173,901

Capital

Markets

0.2%

Daiwa

Securities

Group,

Inc.

80,000

433,722

Japan

Exchange

Group,

Inc.

29,600

515,821

Nomura

Holdings,

Inc.

179,400

743,659

Nationwide

International

Index

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

41

Common

Stocks

Shares

Value

($)

JAPAN

Capital

Markets

SBI

Holdings,

Inc.

16,470

347,673

2,040,875

Chemicals

0.8%

Asahi

Kasei

Corp.

74,900

509,919

JSR

Corp.

10,500

300,522

Mitsubishi

Chemical

Group

Corp.

79,100

473,030

Mitsui

Chemicals,

Inc.

10,520

302,105

Nippon

Paint

Holdings

Co.

Ltd.

58,600

537,407

Nippon

Sanso

Holdings

Corp.

10,900

263,404

Nissan

Chemical

Corp.

7,500

336,983

Nitto

Denko

Corp.

9,210

656,688

Shin-Etsu

Chemical

Co.

Ltd.

112,500

3,705,799

Sumitomo

Chemical

Co.

Ltd.

84,600

260,711

Toray

Industries,

Inc.

85,600

479,106

Tosoh

Corp.

17,800

232,579

8,058,253

Commercial

Services

&

Supplies

0.2%

Dai

Nippon

Printing

Co.

Ltd.

12,850

365,205

Secom

Co.

Ltd.

12,900

865,241

Toppan,

Inc.

16,200

381,088

1,611,534

Construction

&

Engineering

0.1%

Kajima

Corp.

27,200

429,776

Obayashi

Corp.

40,200

371,648

Shimizu

Corp.

30,600

210,910

Taisei

Corp.

10,500

398,023

1,410,357

Consumer

Staples

Distribution

&

Retail

0.4%

Aeon

Co.

Ltd.(a)

40,200

870,445

Kobe

Bussan

Co.

Ltd.

9,500

253,117

MatsukiyoCocokara

&

Co.

7,100

415,308

Seven

&

i

Holdings

Co.

Ltd.

46,500

1,934,186

Welcia

Holdings

Co.

Ltd.

5,700

107,204

3,580,260

Diversified

REITs

0.0%

†

Daiwa

House

REIT

Investment

Corp.

131

257,979

Nomura

Real

Estate

Master

Fund,

Inc.

244

290,349

548,328

Diversified

Telecommunication

Services

0.2%

Nippon

Telegraph

&

Telephone

Corp.

1,845,300

2,114,689

Electric

Utilities

0.1%

Chubu

Electric

Power

Co.,

Inc.

39,800

498,744

Kansai

Electric

Power

Co.,

Inc.

(The)

43,500

571,887

Tokyo

Electric

Power

Co.

Holdings,

Inc.*

96,000

381,323

1,451,954

Electrical

Equipment

0.4%

Fuji

Electric

Co.

Ltd.

8,140

367,955

Mitsubishi

Electric

Corp.

119,300

1,672,341

Nidec

Corp.

25,800

1,531,565

3,571,861

Common

Stocks

Shares

Value

($)

JAPAN

Electronic

Equipment,

Instruments

&

Components

1.2%

Azbil

Corp.

7,200

227,169

Hamamatsu

Photonics

KK

8,600

414,616

Hirose

Electric

Co.

Ltd.

1,865

236,261

Ibiden

Co.

Ltd.

6,600

401,153

Keyence

Corp.

11,972

5,374,474

Kyocera

Corp.

19,800

1,065,568

Murata

Manufacturing

Co.

Ltd.

35,500

2,097,148

Omron

Corp.

10,800

580,166

Shimadzu

Corp.

14,600

443,533

TDK

Corp.

24,000

918,496

Yokogawa

Electric

Corp.

14,500

272,621

12,031,205

Entertainment

0.5%

Capcom

Co.

Ltd.

10,700

480,564

Koei

Tecmo

Holdings

Co.

Ltd.

7,020

120,154

Konami

Group

Corp.

6,500

364,703

Nexon

Co.

Ltd.

24,100

459,897

Nintendo

Co.

Ltd.

64,200

2,908,873

Square

Enix

Holdings

Co.

Ltd.

5,000

231,651

Toho

Co.

Ltd.

6,700

261,214

4,827,056

Financial

Services

0.2%

GMO

Payment

Gateway,

Inc.

2,500

190,761

Mitsubishi

HC

Capital,

Inc.

52,900

349,807

ORIX

Corp.

72,400

1,392,050

1,932,618

Food

Products

0.3%

Ajinomoto

Co.,

Inc.

27,800

1,082,990

Kikkoman

Corp.

8,200

472,078

MEIJI

Holdings

Co.

Ltd.

13,196

305,130

Nisshin

Seifun

Group,

Inc.

12,152

151,130

Nissin

Foods

Holdings

Co.

Ltd.

3,700

311,902

Yakult

Honsha

Co.

Ltd.

7,600

422,100

2,745,330

Gas

Utilities

0.1%

Osaka

Gas

Co.

Ltd.

23,880

377,962

Tokyo

Gas

Co.

Ltd.

23,780

539,922

917,884

Ground

Transportation

0.5%

Central

Japan

Railway

Co.

8,500

1,084,089

East

Japan

Railway

Co.

18,690

1,058,483

Hankyu

Hanshin

Holdings,

Inc.

14,700

488,288

Keio

Corp.

6,680

221,844

Keisei

Electric

Railway

Co.

Ltd.

8,200

340,482

Kintetsu

Group

Holdings

Co.

Ltd.

11,850

397,664

Odakyu

Electric

Railway

Co.

Ltd.

18,950

276,978

Tobu

Railway

Co.

Ltd.

10,800

285,679

Tokyu

Corp.

30,950

392,853

West

Japan

Railway

Co.

13,600

558,816

5,105,176

Health

Care

Equipment

&

Supplies

0.6%

Asahi

Intecc

Co.

Ltd.

13,500

277,513

Hoya

Corp.

22,000

2,551,487

42

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

International

Index

Fund

Common

Stocks

Shares

Value

($)

JAPAN

Health

Care

Equipment

&

Supplies

Olympus

Corp.

74,300

1,213,101

Sysmex

Corp.

10,200

691,205

Terumo

Corp.

41,600

1,362,465

6,095,771

Health

Care

Technology

0.1%

M3,

Inc.

27,300

633,799

Hotels,

Restaurants

&

Leisure

0.3%

McDonald's

Holdings

Co.

Japan

Ltd.(a)

5,824

229,363

Oriental

Land

Co.

Ltd.

66,100

2,535,495

2,764,858

Household

Durables

1.0%

Iida

Group

Holdings

Co.

Ltd.

10,100

177,338

Open

House

Group

Co.

Ltd.

5,100

194,074

Panasonic

Holdings

Corp.

136,402

1,683,235

Sekisui

Chemical

Co.

Ltd.

21,800

331,366

Sekisui

House

Ltd.(a)

38,100

777,061

Sharp

Corp.*(a)

16,100

95,743

Sony

Group

Corp.

77,300

7,233,975

10,492,792

Household

Products

0.1%

Unicharm

Corp.

24,900

921,962

Industrial

Conglomerates

0.5%

Hikari

Tsushin,

Inc.

1,100

163,158

Hitachi

Ltd.

57,960

3,793,469

Toshiba

Corp.

25,370

818,563

4,775,190

Industrial

REITs

0.0%

†

GLP

J-REIT

270

265,914

Nippon

Prologis

REIT,

Inc.

137

280,016

545,930

Insurance

0.7%

Dai-ichi

Life

Holdings,

Inc.

58,100

1,187,609

Japan

Post

Holdings

Co.

Ltd.

135,500

989,689

Japan

Post

Insurance

Co.

Ltd.

13,300

214,904

MS&AD

Insurance

Group

Holdings,

Inc.

26,455

984,271

Sompo

Holdings,

Inc.

19,325

854,726

T&D

Holdings,

Inc.

32,300

525,566

Tokio

Marine

Holdings,

Inc.

111,300

2,550,153

7,306,918

Interactive

Media

&

Services

0.0%

†

Z

Holdings

Corp.

165,000

459,983

IT

Services

0.5%

Fujitsu

Ltd.

10,510

1,360,859

Itochu

Techno-Solutions

Corp.

6,200

157,158

NEC

Corp.

15,200

769,270

Nomura

Research

Institute

Ltd.

23,854

678,074

NTT

Data

Group

Corp.

38,000

528,569

Obic

Co.

Ltd.

4,200

687,771

Otsuka

Corp.

7,300

303,958

SCSK

Corp.

10,800

179,578

TIS,

Inc.

13,300

337,383

5,002,620

Leisure

Products

0.2%

Bandai

Namco

Holdings,

Inc.

36,947

836,062

Shimano,

Inc.

4,500

681,882

Common

Stocks

Shares

Value

($)

JAPAN

Leisure

Products

Yamaha

Corp.

9,300

360,207

1,878,151

Machinery

1.1%

Daifuku

Co.

Ltd.

18,600

396,346

FANUC

Corp.

59,200

1,818,254

Hitachi

Construction

Machinery

Co.

Ltd.

7,200

215,099

Hoshizaki

Corp.

7,100

272,265

Komatsu

Ltd.

57,100

1,596,926

Kubota

Corp.

62,500

945,726

Kurita

Water

Industries

Ltd.

6,500

261,356

Makita

Corp.

13,000

402,893

MINEBEA

MITSUMI,

Inc.

22,300

412,934

MISUMI

Group,

Inc.

17,300

316,799

Mitsubishi

Heavy

Industries

Ltd.

19,820

940,484

NGK

Insulators

Ltd.

12,600

154,500

SMC

Corp.

3,500

1,828,228

Toyota

Industries

Corp.

8,800

635,723

Yaskawa

Electric

Corp.

14,300

621,770

10,819,303

Marine

Transportation

0.1%

Kawasaki

Kisen

Kaisha

Ltd.

7,600

228,664

Mitsui

OSK

Lines

Ltd.(a)

21,900

565,911

Nippon

Yusen

KK(a)

29,420

712,599

1,507,174

Media

0.1%

CyberAgent,

Inc.(a)

25,000

157,735

Dentsu

Group,

Inc.

12,561

420,167

Hakuhodo

DY

Holdings,

Inc.

12,800

147,171

725,073

Metals

&

Mining

0.2%

JFE

Holdings,

Inc.

30,600

494,986

Nippon

Steel

Corp.

49,906

1,140,171

Sumitomo

Metal

Mining

Co.

Ltd.

15,800

548,001

2,183,158

Office

REITs

0.1%

Japan

Real

Estate

Investment

Corp.

83

333,859

Nippon

Building

Fund,

Inc.

90

377,379

711,238

Oil,

Gas

&

Consumable

Fuels

0.2%

ENEOS

Holdings,

Inc.

175,217

634,861

Idemitsu

Kosan

Co.

Ltd.

14,044

296,597

Inpex

Corp.

59,900

777,906

1,709,364

Paper

&

Forest

Products

0.0%

†

Oji

Holdings

Corp.

52,600

207,867

Passenger

Airlines

0.0%

†

ANA

Holdings,

Inc.*

9,700

232,455

Japan

Airlines

Co.

Ltd.

7,874

170,734

403,189

Personal

Care

Products

0.3%

Kao

Corp.

28,800

1,096,238

Kobayashi

Pharmaceutical

Co.

Ltd.

3,500

192,494

Kose

Corp.

1,800

176,179

Shiseido

Co.

Ltd.

24,700

1,083,408

2,548,319

Nationwide

International

Index

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

43

Common

Stocks

Shares

Value

($)

JAPAN

Pharmaceuticals

1.3%

Astellas

Pharma,

Inc.

111,800

1,631,863

Chugai

Pharmaceutical

Co.

Ltd.

41,500

1,235,748

Daiichi

Sankyo

Co.

Ltd.

114,200

3,532,317

Eisai

Co.

Ltd.

15,600

975,200

Kyowa

Kirin

Co.

Ltd.

15,800

301,543

Nippon

Shinyaku

Co.

Ltd.

2,700

109,528

Ono

Pharmaceutical

Co.

Ltd.

23,500

429,852

Otsuka

Holdings

Co.

Ltd.

24,100

884,258

Shionogi

&

Co.

Ltd.

15,800

659,172

Takeda

Pharmaceutical

Co.

Ltd.

97,697

2,990,415

12,749,896

Professional

Services

0.4%

BayCurrent

Consulting,

Inc.

7,900

255,395

Persol

Holdings

Co.

Ltd.

11,500

227,449

Recruit

Holdings

Co.

Ltd.

89,000

3,094,364

3,577,208

Real

Estate

Management

&

Development

0.4%

Daito

Trust

Construction

Co.

Ltd.

3,900

419,202

Daiwa

House

Industry

Co.

Ltd.

37,000

1,004,111

Hulic

Co.

Ltd.

23,600

200,840

Mitsubishi

Estate

Co.

Ltd.

69,000

845,428

Mitsui

Fudosan

Co.

Ltd.

55,600

1,142,210

Nomura

Real

Estate

Holdings,

Inc.

7,700

190,864

Sumitomo

Realty

&

Development

Co.

Ltd.

17,200

460,881

4,263,536

Retail

REITs

0.0%

†

Japan

Metropolitan

Fund

Invest

427

292,839

Semiconductors

&

Semiconductor

Equipment

1.0%

Advantest

Corp.

11,800

1,634,787

Disco

Corp.

5,600

1,051,887

Lasertec

Corp.

4,500

681,573

Renesas

Electronics

Corp.*

78,600

1,528,995

Rohm

Co.

Ltd.

5,300

497,029

SUMCO

Corp.

22,500

328,730

Tokyo

Electron

Ltd.

27,300

4,079,770

9,802,771

Software

0.0%

†

Oracle

Corp.

Japan

1,800

126,378

Trend

Micro,

Inc.

8,500

401,546

527,924

Specialty

Retail

0.4%

Fast

Retailing

Co.

Ltd.

10,800

2,705,924

Nitori

Holdings

Co.

Ltd.

5,100

627,616

USS

Co.

Ltd.

13,900

240,905

ZOZO,

Inc.

8,800

171,648

3,746,093

Technology

Hardware,

Storage

&

Peripherals

0.4%

Brother

Industries

Ltd.

14,200

221,279

Canon,

Inc.

61,800

1,596,274

FUJIFILM

Holdings

Corp.

23,000

1,342,260

Ricoh

Co.

Ltd.

33,700

299,718

Seiko

Epson

Corp.

17,300

284,439

3,743,970

Common

Stocks

Shares

Value

($)

JAPAN

Tobacco

0.2%

Japan

Tobacco,

Inc.

74,100

1,642,462

Trading

Companies

&

Distributors

1.4%

ITOCHU

Corp.

73,400

2,972,423

Marubeni

Corp.

94,400

1,674,799

Mitsubishi

Corp.

76,500

3,914,331

Mitsui

&

Co.

Ltd.

81,100

3,176,717

MonotaRO

Co.

Ltd.

17,200

210,371

Sumitomo

Corp.(a)

69,600

1,492,951

Toyota

Tsusho

Corp.

12,800

747,540

14,189,132

Wireless

Telecommunication

Services

0.8%

KDDI

Corp.

92,400

2,721,616

SoftBank

Corp.

177,400

1,967,864

SoftBank

Group

Corp.

63,500

3,239,931

7,929,411

221,070,867

JORDAN

0.0%

†

Pharmaceuticals

0.0%

†

Hikma

Pharmaceuticals

plc

9,400

251,875

LUXEMBOURG

0.1%

Life

Sciences

Tools

&

Services

0.0%

†

Eurofins

Scientific

SE

8,331

572,657

Metals

&

Mining

0.1%

ArcelorMittal

SA

29,814

863,174

1,435,831

MACAU

0.2%

Hotels,

Restaurants

&

Leisure

0.2%

Galaxy

Entertainment

Group

Ltd.*

135,000

981,696

Sands

China

Ltd.*

154,700

591,550

1,573,246

NETHERLANDS

5.5%

Banks

0.4%

ABN

AMRO

Bank

NV,

CVA

Reg.

S(b)

24,941

423,790

ING

Groep

NV

220,154

3,213,201

3,636,991

Beverages

0.2%

Heineken

Holding

NV

7,433

609,602

Heineken

NV

16,006

1,569,327

2,178,929

Biotechnology

0.2%

Argenx

SE*

3,438

1,731,657

Capital

Markets

0.0%

†

Euronext

NV

Reg.

S(b)

5,284

402,268

Chemicals

0.1%

Akzo

Nobel

NV

10,524

899,029

OCI

NV

5,709

162,931

1,061,960

Construction

&

Engineering

0.1%

Ferrovial

SE

31,445

1,042,965

Consumer

Staples

Distribution

&

Retail

0.2%

Koninklijke

Ahold

Delhaize

NV

58,826

2,031,272

Diversified

Telecommunication

Services

0.1%

Koninklijke

KPN

NV

195,082

706,106

44

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

International

Index

Fund

Common

Stocks

Shares

Value

($)

NETHERLANDS

Entertainment

0.2%

Universal

Music

Group

NV

56,912

1,471,157

Financial

Services

0.3%

Adyen

NV

Reg.

S*(b)

1,340

2,489,071

EXOR

NV

6,697

624,972

3,114,043

Food

Products

0.0%

†

JDE

Peet's

NV

6,476

195,312

Health

Care

Equipment

&

Supplies

0.1%

Koninklijke

Philips

NV*

57,483

1,196,270

Insurance

0.1%

Aegon

NV

103,115

560,256

NN

Group

NV

15,484

593,563

1,153,819

Oil,

Gas

&

Consumable

Fuels

1.3%

Shell

plc

421,251

12,819,031

Professional

Services

0.2%

Randstad

NV

7,136

418,067

Wolters

Kluwer

NV

15,902

1,996,080

2,414,147

Semiconductors

&

Semiconductor

Equipment

1.9%

ASM

International

NV

2,895

1,374,712

ASML

Holding

NV

24,815

17,764,808

19,139,520

Trading

Companies

&

Distributors

0.1%

IMCD

NV

3,396

515,564

54,811,011

NEW

ZEALAND

0.3%

Diversified

Telecommunication

Services

0.0%

†

Spark

New

Zealand

Ltd.

125,058

402,623

Electric

Utilities

0.0%

†

Mercury

NZ

Ltd.

40,253

164,748

Health

Care

Equipment

&

Supplies

0.1%

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

35,778

545,712

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

Meridian

Energy

Ltd.

84,917

297,873

Software

0.1%

Xero

Ltd.*

8,778

722,190

Transportation

Infrastructure

0.1%

Auckland

International

Airport

Ltd.*

79,033

412,197

2,545,343

NORWAY

0.6%

Aerospace

&

Defense

0.0%

†

Kongsberg

Gruppen

ASA

5,348

231,879

Banks

0.1%

DNB

Bank

ASA

57,443

1,184,992

Diversified

Telecommunication

Services

0.1%

Telenor

ASA

43,210

462,905

Food

Products

0.1%

Mowi

ASA

28,798

506,334

Orkla

ASA

44,182

349,140

Common

Stocks

Shares

Value

($)

NORWAY

Food

Products

Salmar

ASA

4,144

191,505

1,046,979

Insurance

0.0%

†

Gjensidige

Forsikring

ASA

11,367

179,430

Metals

&

Mining

0.1%

Norsk

Hydro

ASA

80,887

529,782

Oil,

Gas

&

Consumable

Fuels

0.2%

Aker

BP

ASA

19,159

535,685

Equinor

ASA

58,828

1,792,071

2,327,756

5,963,723

PORTUGAL

0.2%

Consumer

Staples

Distribution

&

Retail

0.1%

Jeronimo

Martins

SGPS

SA

18,078

491,387

Electric

Utilities

0.1%

EDP

-

Energias

de

Portugal

SA

180,861

845,188

Oil,

Gas

&

Consumable

Fuels

0.0%

†

Galp

Energia

SGPS

SA

,

Class

B

30,288

403,128

1,739,703

SINGAPORE

1.7%

Aerospace

&

Defense

0.0%

†

Singapore

Technologies

Engineering

Ltd.

104,600

293,487

Banks

0.7%

DBS

Group

Holdings

Ltd.

111,950

2,882,594

Oversea-Chinese

Banking

Corp.

Ltd.

209,189

2,091,243

United

Overseas

Bank

Ltd.

78,162

1,773,522

6,747,359

Capital

Markets

0.0%

†

Singapore

Exchange

Ltd.

51,300

374,660

Diversified

Telecommunication

Services

0.1%

Singapore

Telecommunications

Ltd.

509,903

1,020,304

Electronic

Equipment,

Instruments

&

Components

0.0%

†

Venture

Corp.

Ltd.

16,700

188,138

Entertainment

0.2%

Sea

Ltd.,

ADR*(a)

22,531

1,498,762

Ground

Transportation

0.0%

†

Grab

Holdings

Ltd.

,

Class

A

*(a)

115,353

441,802

Hotels,

Restaurants

&

Leisure

0.0%

†

Genting

Singapore

Ltd.

399,017

284,376

Industrial

Conglomerates

0.1%

Jardine

Cycle

&

Carriage

Ltd.

6,700

173,204

Keppel

Corp.

Ltd.

88,000

488,367

661,571

Industrial

REITs

0.1%

CapitaLand

Ascendas

REIT

204,313

431,915

Mapletree

Logistics

Trust

199,275

253,375

685,290

Machinery

0.0%

†

Seatrium

Ltd.*

2,682,886

284,700

Nationwide

International

Index

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

45

Common

Stocks

Shares

Value

($)

SINGAPORE

Passenger

Airlines

0.1%

Singapore

Airlines

Ltd.

82,582

462,641

Real

Estate

Management

&

Development

0.1%

CapitaLand

Investment

Ltd.

160,845

411,511

City

Developments

Ltd.

29,899

166,242

UOL

Group

Ltd.

32,113

169,918

747,671

Retail

REITs

0.1%

CapitaLand

Integrated

Commercial

Trust

315,278

483,503

Mapletree

Pan

Asia

Commercial

Trust

148,900

184,860

668,363

Semiconductors

&

Semiconductor

Equipment

0.2%

STMicroelectronics

NV

42,205

2,257,140

16,616,264

SOUTH

AFRICA

0.2%

Metals

&

Mining

0.2%

Anglo

American

plc

78,468

2,408,668

SOUTH

KOREA

0.0%

†

Hotels,

Restaurants

&

Leisure

0.0%

†

Delivery

Hero

SE

Reg.

S*(b)

10,526

477,522

SPAIN

2.5%

Banks

0.8%

Banco

Bilbao

Vizcaya

Argentaria

SA

372,373

2,950,436

Banco

Santander

SA

1,016,070

4,113,183

CaixaBank

SA

254,800

1,027,383

8,091,002

Biotechnology

0.0%

†

Grifols

SA*

16,971

248,281

Construction

&

Engineering

0.0%

†

ACS

Actividades

de

Construccion

y

Servicios

SA(a)

12,794

447,225

Diversified

Telecommunication

Services

0.3%

Cellnex

Telecom

SA

Reg.

S(b)

34,901

1,425,903

Telefonica

SA

320,970

1,368,905

2,794,808

Electric

Utilities

0.6%

Acciona

SA

1,486

222,805

Endesa

SA

19,952

427,715

Iberdrola

SA(a)

369,194

4,612,101

Redeia

Corp.

SA

23,654

395,654

5,658,275

Gas

Utilities

0.1%

Enagas

SA(a)

15,738

279,225

Naturgy

Energy

Group

SA(a)

8,458

257,999

537,224

Hotels,

Restaurants

&

Leisure

0.2%

Amadeus

IT

Group

SA(a)

27,819

1,996,673

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

Corp.

ACCIONA

Energias

Renovables

SA

4,469

140,708

EDP

Renovaveis

SA

15,153

289,422

430,130

Common

Stocks

Shares

Value

($)

SPAIN

Oil,

Gas

&

Consumable

Fuels

0.1%

Repsol

SA

81,970

1,252,278

Specialty

Retail

0.3%

Industria

de

Diseno

Textil

SA

66,077

2,526,384

Transportation

Infrastructure

0.1%

Aena

SME

SA

Reg.

S(b)

4,631

741,140

24,723,420

SWEDEN

2.9%

Aerospace

&

Defense

0.0%

†

Saab

AB

,

Class

B

4,672

246,256

Automobiles

0.0%

†

Volvo

Car

AB

,

Class

B

*(a)

42,655

209,464

Banks

0.3%

Skandinaviska

Enskilda

Banken

AB

,

Class

A

99,787

1,208,923

Svenska

Handelsbanken

AB

,

Class

A

88,618

777,613

Swedbank

AB

,

Class

A

52,428

960,543

2,947,079

Biotechnology

0.0%

†

Swedish

Orphan

Biovitrum

AB*

9,716

189,722

Building

Products

0.2%

Assa

Abloy

AB

,

Class

B

61,894

1,486,322

Nibe

Industrier

AB

,

Class

B

93,585

843,231

2,329,553

Capital

Markets

0.1%

EQT

AB

22,053

526,039

Commercial

Services

&

Supplies

0.0%

†

Securitas

AB

,

Class

B

33,337

282,728

Communications

Equipment

0.1%

Telefonaktiebolaget

LM

Ericsson

,

Class

B

180,241

910,216

Construction

&

Engineering

0.0%

†

Skanska

AB

,

Class

B

22,739

362,956

Diversified

Telecommunication

Services

0.0%

†

Telia

Co.

AB(a)

142,701

306,782

Electronic

Equipment,

Instruments

&

Components

0.1%

Hexagon

AB

,

Class

B

128,209

1,237,825

Entertainment

0.0%

†

Embracer

Group

AB

,

Class

B

*(a)

42,536

122,540

Financial

Services

0.4%

Industrivarden

AB

,

Class

A

7,346

208,677

Industrivarden

AB

,

Class

C

9,350

264,010

Investor

AB

,

Class

A

26,860

545,633

Investor

AB

,

Class

B

106,883

2,183,966

Kinnevik

AB

,

Class

B

*

16,033

219,079

L

E

Lundbergforetagen

AB

,

Class

B

(a)

4,237

186,834

3,608,199

Health

Care

Equipment

&

Supplies

0.0%

†

Getinge

AB

,

Class

B

13,140

244,930

46

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

International

Index

Fund

Common

Stocks

Shares

Value

($)

SWEDEN

Hotels,

Restaurants

&

Leisure

0.1%

Evolution

AB

Reg.

S(b)

11,317

1,396,024

Household

Products

0.1%

Essity

AB

,

Class

B

37,615

932,683

Industrial

Conglomerates

0.1%

Investment

AB

Latour

,

Class

B

(a)

9,649

193,506

Lifco

AB

,

Class

B

14,912

299,638

493,144

Machinery

1.0%

Alfa

Laval

AB

17,397

651,693

Atlas

Copco

AB

,

Class

A

165,870

2,362,055

Atlas

Copco

AB

,

Class

B

96,388

1,191,525

Epiroc

AB

,

Class

A

40,144

797,822

Epiroc

AB

,

Class

B

23,910

404,537

Husqvarna

AB

,

Class

B

(a)

28,576

279,393

Indutrade

AB

17,474

366,367

Sandvik

AB

65,842

1,331,910

SKF

AB

,

Class

B

20,098

383,558

Volvo

AB

,

Class

A

12,359

279,858

Volvo

AB

,

Class

B

93,187

2,059,757

10,108,475

Metals

&

Mining

0.1%

Boliden

AB

16,890

495,568

Paper

&

Forest

Products

0.1%

Holmen

AB

,

Class

B

5,358

206,590

Svenska

Cellulosa

AB

SCA

,

Class

B

36,049

477,691

684,281

Real

Estate

Management

&

Development

0.1%

Fastighets

AB

Balder

,

Class

B

*(a)

45,602

213,227

Sagax

AB

,

Class

B

11,496

255,690

468,917

Specialty

Retail

0.1%

H

&

M

Hennes

&

Mauritz

AB

,

Class

B

(a)

40,590

681,163

Trading

Companies

&

Distributors

0.0%

†

Beijer

Ref

AB(a)

23,394

316,975

Wireless

Telecommunication

Services

0.0%

†

Tele2

AB

,

Class

B

34,714

261,243

29,362,762

SWITZERLAND

6.1%

Banks

0.0%

†

Banque

Cantonale

Vaudoise

(Registered)

2,044

229,193

Building

Products

0.1%

Geberit

AG

(Registered)

2,105

1,193,145

Capital

Markets

0.7%

Julius

Baer

Group

Ltd.

13,203

934,096

Partners

Group

Holding

AG

1,401

1,573,291

UBS

Group

AG

(Registered)

203,102

4,496,755

7,004,142

Chemicals

0.6%

Clariant

AG

(Registered)

12,084

197,413

DSM-Firmenich

AG

10,793

1,192,598

Common

Stocks

Shares

Value

($)

SWITZERLAND

Chemicals

EMS-Chemie

Holding

AG

(Registered)

404

336,908

Givaudan

SA

(Registered)

570

1,918,418

Sika

AG

(Registered)

9,019

2,805,015

6,450,352

Containers

&

Packaging

0.1%

SIG

Group

AG

19,633

524,320

Diversified

Telecommunication

Services

0.1%

Swisscom

AG

(Registered)

1,599

1,027,547

Electric

Utilities

0.0%

†

BKW

AG

1,160

207,729

Electrical

Equipment

0.4%

ABB

Ltd.

(Registered)

97,062

3,883,919

Food

Products

0.2%

Barry

Callebaut

AG

(Registered)

224

419,902

Chocoladefabriken

Lindt

&

Spruengli

AG

62

758,445

Chocoladefabriken

Lindt

&

Spruengli

AG

(Registered)

6

728,159

1,906,506

Health

Care

Equipment

&

Supplies

0.5%

Alcon,

Inc.

30,858

2,622,328

Sonova

Holding

AG

(Registered)

3,210

894,435

Straumann

Holding

AG

(Registered)

6,893

1,140,945

4,657,708

Insurance

0.6%

Baloise

Holding

AG

(Registered)

2,860

441,859

Helvetia

Holding

AG

(Registered)

2,222

328,133

Swiss

Life

Holding

AG

(Registered)

1,904

1,206,579

Zurich

Insurance

Group

AG

9,291

4,482,546

6,459,117

Life

Sciences

Tools

&

Services

0.3%

Bachem

Holding

AG

1,817

167,801

Lonza

Group

AG

(Registered)

4,599

2,669,272

2,837,073

Machinery

0.2%

Schindler

Holding

AG

2,380

576,479

Schindler

Holding

AG

(Registered)

1,450

335,245

VAT

Group

AG

Reg.

S(b)

1,665

707,910

1,619,634

Marine

Transportation

0.1%

Kuehne

+

Nagel

International

AG

(Registered)

3,356

1,047,373

Pharmaceuticals

1.3%

Novartis

AG

(Registered)

126,100

13,220,482

Professional

Services

0.1%

Adecco

Group

AG

(Registered)

9,282

376,545

SGS

SA

(Registered)

9,257

895,966

1,272,511

Nationwide

International

Index

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

47

Common

Stocks

Shares

Value

($)

SWITZERLAND

Real

Estate

Management

&

Development

0.1%

Swiss

Prime

Site

AG

(Registered)

4,881

472,534

Software

0.0%

†

Temenos

AG

(Registered)

3,863

332,065

Specialty

Retail

0.0%

†

Dufry

AG

(Registered)*

5,792

298,761

Technology

Hardware,

Storage

&

Peripherals

0.1%

Logitech

International

SA

(Registered)

10,582

745,383

Textiles,

Apparel

&

Luxury

Goods

0.6%

Cie

Financiere

Richemont

SA

(Registered)

32,235

5,193,999

Swatch

Group

AG

(The)

1,831

585,258

Swatch

Group

AG

(The)

(Registered)

3,072

184,445

5,963,702

61,353,196

UNITED

KINGDOM

11.2%

Aerospace

&

Defense

0.3%

BAE

Systems

plc

188,559

2,254,058

Rolls-Royce

Holdings

plc*

516,717

1,227,299

3,481,357

Banks

1.7%

Barclays

plc

960,105

1,908,594

HSBC

Holdings

plc

1,227,666

10,176,591

Lloyds

Banking

Group

plc

4,091,725

2,358,746

NatWest

Group

plc

354,115

1,109,582

Standard

Chartered

plc

148,634

1,428,051

16,981,564

Beverages

0.7%

Coca-Cola

Europacific

Partners

plc(a)

12,702

805,180

Diageo

plc

139,234

6,075,214

6,880,394

Broadline

Retail

0.1%

Next

plc

7,539

682,305

Capital

Markets

0.5%

3i

Group

plc

60,104

1,523,724

abrdn

plc

116,893

348,253

Hargreaves

Lansdown

plc(a)

23,596

258,006

London

Stock

Exchange

Group

plc

24,343

2,641,271

Schroders

plc

52,539

309,457

St.

James's

Place

plc

33,847

408,098

5,488,809

Chemicals

0.1%

Croda

International

plc

8,623

652,140

Johnson

Matthey

plc

10,851

250,964

903,104

Commercial

Services

&

Supplies

0.1%

Rentokil

Initial

plc

155,618

1,270,180

Consumer

Staples

Distribution

&

Retail

0.2%

J

Sainsbury

plc

95,601

340,510

Ocado

Group

plc*

34,677

417,029

Tesco

plc

451,924

1,495,845

2,253,384

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Diversified

Consumer

Services

0.0%

†

Pearson

plc

39,800

440,817

Diversified

REITs

0.1%

British

Land

Co.

plc

(The)

61,375

265,986

Land

Securities

Group

plc

43,302

359,462

625,448

Diversified

Telecommunication

Services

0.1%

BT

Group

plc(a)

417,847

654,032

Electric

Utilities

0.1%

SSE

plc

67,330

1,456,158

Electronic

Equipment,

Instruments

&

Components

0.1%

Halma

plc

23,444

673,595

Financial

Services

0.1%

M&G

plc

135,126

347,770

Wise

plc

,

Class

A

*

36,954

368,490

716,260

Food

Products

0.1%

Associated

British

Foods

plc

22,509

591,961

Health

Care

Equipment

&

Supplies

0.1%

Smith

&

Nephew

plc

53,834

819,358

Hotels,

Restaurants

&

Leisure

0.5%

Compass

Group

plc

107,753

2,802,655

Entain

plc

38,661

688,647

InterContinental

Hotels

Group

plc

10,691

790,438

Just

Eat

Takeaway.com

NV

Reg.

S*(b)

13,582

244,114

Whitbread

plc

12,479

560,767

5,086,621

Household

Durables

0.1%

Barratt

Developments

plc

59,535

348,585

Berkeley

Group

Holdings

plc

6,641

370,615

Persimmon

plc

18,716

278,751

Taylor

Wimpey

plc

207,845

305,371

1,303,322

Household

Products

0.3%

Reckitt

Benckiser

Group

plc

43,574

3,263,622

Industrial

Conglomerates

0.2%

CK

Hutchison

Holdings

Ltd.

165,386

1,021,336

DCC

plc

5,873

340,039

Smiths

Group

plc

20,732

451,910

1,813,285

Industrial

REITs

0.1%

Segro

plc

72,985

715,359

Insurance

0.3%

Admiral

Group

plc

12,873

351,529

Aviva

plc

172,014

856,867

Legal

&

General

Group

plc

368,865

1,104,412

Phoenix

Group

Holdings

plc

43,208

304,998

2,617,806

Interactive

Media

&

Services

0.0%

†

Auto

Trader

Group

plc

Reg.

S(b)

54,993

456,179

Machinery

0.1%

CNH

Industrial

NV

63,191

911,852

Spirax-Sarco

Engineering

plc

4,485

640,733

1,552,585

48

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

International

Index

Fund

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Media

0.1%

Informa

plc(a)

85,944

837,273

WPP

plc

66,099

723,604

1,560,877

Multi-Utilities

0.4%

Centrica

plc

351,134

622,260

National

Grid

plc

227,086

3,008,301

3,630,561

Oil,

Gas

&

Consumable

Fuels

0.7%

BP

plc

1,084,569

6,721,686

Personal

Care

Products

0.8%

Unilever

plc

155,987

8,394,769

Pharmaceuticals

1.4%

AstraZeneca

plc

95,342

13,678,235

Professional

Services

0.4%

Intertek

Group

plc

10,392

581,486

RELX

plc

117,507

3,948,187

4,529,673

Software

0.1%

Sage

Group

plc

(The)

63,253

760,423

Specialty

Retail

0.1%

JD

Sports

Fashion

plc

148,404

300,697

Kingfisher

plc

126,894

399,983

700,680

Textiles,

Apparel

&

Luxury

Goods

0.1%

Burberry

Group

plc

23,356

665,729

Tobacco

0.6%

British

American

Tobacco

plc

131,170

4,409,028

Imperial

Brands

plc

54,212

1,279,312

5,688,340

Trading

Companies

&

Distributors

0.3%

Ashtead

Group

plc

27,081

2,001,451

Bunzl

plc

20,855

773,022

2,774,473

Water

Utilities

0.1%

Severn

Trent

plc

16,117

528,299

United

Utilities

Group

plc

40,776

522,832

1,051,131

Wireless

Telecommunication

Services

0.1%

Vodafone

Group

plc

1,416,823

1,353,898

112,237,980

UNITED

STATES

7.2%

Automobiles

0.3%

Stellantis

NV

138,906

2,846,191

Biotechnology

0.5%

CSL

Ltd.

29,787

5,369,826

Construction

Materials

0.3%

Holcim

Ltd.

34,231

2,376,941

James

Hardie

Industries

plc

CHDI*

27,298

798,344

3,175,285

Electrical

Equipment

0.6%

Schneider

Electric

SE

33,224

5,925,745

Energy

Equipment

&

Services

0.1%

Tenaris

SA

28,219

469,287

Food

Products

2.1%

Nestle

SA

(Registered)

169,273

20,792,374

Common

Stocks

Shares

Value

($)

UNITED

STATES

Insurance

0.2%

Swiss

Re

AG

18,626

1,941,206

Life

Sciences

Tools

&

Services

0.1%

QIAGEN

NV*

14,062

659,312

Personal

Care

Products

0.1%

Haleon

plc

313,640

1,359,342

Pharmaceuticals

2.6%

GSK

plc

252,872

4,492,442

Roche

Holding

AG

45,150

14,039,242

Sanofi

70,073

7,483,549

26,015,233

Professional

Services

0.2%

Experian

plc

56,760

2,190,834

Software

0.1%

CyberArk

Software

Ltd.*

2,777

461,010

Monday.com

Ltd.*

1,326

239,714

700,724

71,445,359

Total

Common

Stocks

(cost

$596,952,934)

986,792,966

Repurchase

Agreement

0.3%

Principal

Amount

($)

CF

Secured,

LLC,

5.28%,

dated

7/31/2023,

due

8/1/2023,

repurchase

price

$2,961,527,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.63%,

maturing

8/8/2023

-

8/15/2052;

total

market

value

$3,020,757.(c)

2,961,092

2,961,092

Total

Repurchase

Agreement

(cost

$2,961,092)

2,961,092

Total

Investments

(cost

$599,914,026)

—

99.1%

989,754,058

Other

assets

in

excess

of

liabilities

—

0.9%

8,937,022

NET

ASSETS

—

100.0%

$

998,691,080

Nationwide

International

Index

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

49

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

July

31,

2023.

The

total

value

of

securities

on

loan

as

of

July

31,

2023

was

$12,194,660,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$2,961,092

and

by

$10,169,659

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

8/10/2023

–

2/15/2053,

a

total

value

of

$13,130,751.

(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,

2023

was

$14,976,071

which

represents

1.50%

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,

2023

was

$2,961,092.

ADR

American

Depositary

Receipt

CHDI

Clearing

House

Electronic

Subregister

System

(CHESS)

Depository

Interest

CVA

Dutch

Certification

Preference

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

Futures

contracts

outstanding

as

of

July

31,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

EURO

STOXX

50

Index

45

9/2023

EUR

2,224,508

56,122

FTSE

100

Index

15

9/2023

GBP

1,480,152

26,619

Nikkei

225

Index

11

9/2023

JPY

1,284,680

33,603

SPI

200

Index

6

9/2023

AUD

741,355

10,526

Net

contracts

126,870

As

of

July

31,

2023,

the

Fund

had

$364,549

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

50

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

International

Index

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

Nationwide

International

Index

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

51

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

2023.

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

$

–

$

16,240,842

$

–

$

16,240,842

Air

Freight

&

Logistics

–

6,332,980

–

6,332,980

Automobile

Components

–

6,567,512

–

6,567,512

Automobiles

–

34,098,647

–

34,098,647

Banks

–

96,475,305

–

96,475,305

Beverages

805,180

18,821,154

–

19,626,334

Biotechnology

–

9,220,037

–

9,220,037

Broadline

Retail

–

7,753,547

–

7,753,547

Building

Products

–

10,805,926

–

10,805,926

Capital

Markets

176,506

25,945,512

–

26,122,018

Chemicals

–

30,684,231

–

30,684,231

Commercial

Services

&

Supplies

–

3,975,932

–

3,975,932

Communications

Equipment

–

2,215,264

–

2,215,264

Construction

&

Engineering

–

8,028,918

–

8,028,918

Construction

Materials

–

6,638,627

–

6,638,627

Consumer

Staples

Distribution

&

Retail

–

13,035,626

–

13,035,626

Containers

&

Packaging

–

1,155,775

–

1,155,775

Distributors

–

254,837

–

254,837

Diversified

Consumer

Services

–

677,322

–

677,322

Diversified

REITs

–

2,312,105

–

2,312,105

Diversified

Telecommunication

Services

–

17,139,860

–

17,139,860

Electric

Utilities

–

18,032,138

–

18,032,138

Electrical

Equipment

–

17,853,502

–

17,853,502

Electronic

Equipment,

Instruments

&

Components

–

14,130,763

–

14,130,763

Energy

Equipment

&

Services

–

469,287

–

469,287

Entertainment

1,498,762

6,745,146

–

8,243,908

Financial

Services

277,034

12,333,232

–

12,610,266

Food

Products

–

31,276,735

–

31,276,735

Gas

Utilities

–

3,170,506

–

3,170,506

Ground

Transportation

441,802

5,816,182

–

6,257,984

Health

Care

Equipment

&

Supplies

–

20,627,320

–

20,627,320

Health

Care

Providers

&

Services

–

3,054,911

–

3,054,911

Health

Care

Technology

–

633,799

–

633,799

Hotels,

Restaurants

&

Leisure

–

18,350,246

–

18,350,246

Household

Durables

–

11,970,367

–

11,970,367

Household

Products

–

6,372,841

–

6,372,841

Independent

Power

and

Renewable

Electricity

Producers

–

2,407,474

–

2,407,474

Industrial

Conglomerates

508,470

15,689,710

–

16,198,180

Industrial

REITs

–

3,708,087

–

3,708,087

Insurance

–

49,400,431

–

49,400,431

Interactive

Media

&

Services

–

2,046,882

–

2,046,882

IT

Services

350,304

7,087,322

–

7,437,626

Leisure

Products

–

1,878,151

–

1,878,151

Life

Sciences

Tools

&

Services

–

5,249,963

–

5,249,963

Machinery

–

29,991,989

–

29,991,989

Marine

Transportation

–

3,770,893

–

3,770,893

Media

–

3,822,994

–

3,822,994

Metals

&

Mining

–

33,287,562

–

33,287,562

Multi-Utilities

–

8,601,577

–

8,601,577

Office

REITs

–

1,517,549

–

1,517,549

Oil,

Gas

&

Consumable

Fuels

–

42,077,179

–

42,077,179

Paper

&

Forest

Products

–

2,947,029

–

2,947,029

Passenger

Airlines

–

1,486,289

–

1,486,289

Personal

Care

Products

–

19,969,754

–

19,969,754

Pharmaceuticals

574,342

88,841,037

–

89,415,379

Professional

Services

–

15,587,421

–

15,587,421

Real

Estate

Management

&

Development

186,300

11,619,604

–

11,805,904

52

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

International

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,

2023.

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

Level

1

Level

2

Level

3

Total

Assets:

Retail

REITs

$

–

$

3,547,774

$

–

$

3,547,774

Semiconductors

&

Semiconductor

Equipment

–

34,995,163

–

34,995,163

Software

1,486,977

14,596,660

–

16,083,637

Specialty

Retail

–

8,288,533

139,927

8,428,460

Technology

Hardware,

Storage

&

Peripherals

–

4,489,353

–

4,489,353

Textiles,

Apparel

&

Luxury

Goods

–

33,336,547

–

33,336,547

Tobacco

–

7,330,802

–

7,330,802

Trading

Companies

&

Distributors

653,988

18,697,496

–

19,351,484

Transportation

Infrastructure

–

3,609,532

–

3,609,532

Water

Utilities

–

1,051,131

–

1,051,131

Wireless

Telecommunication

Services

–

9,544,552

–

9,544,552

Total

Common

Stocks

$

6,959,665

$

979,693,374

$

139,927

$

986,792,966

Futures

Contracts

126,870

–

–

126,870

Repurchase

Agreement

–

2,961,092

–

2,961,092

Total

$

7,086,535

$

982,654,466

$

139,927

$

989,880,928

Common

Stocks

Total

Balance

as

of

10/31/2022

$

—

$

—

Accrued

Accretion/(Amortization)

—

—

Realized

Gains

(Losses)

4,632

4,632

Purchases

—

—

Sales

(4,632)

(4,632)

Change

in

Unrealized

Appreciation/Depreciation

46,482

46,482

Transfers

into

Level

3

93,445

93,445

Transfers

out

of

Level

3

—

—

Balance

as

of

7/31/2023

$

139,927

$

139,927

Change

in

Unrealized

Appreciation/Depreciation

for

Investments

Still

Held

as

of

7/31/2023

$

46,482

$

46,482

Nationwide

International

Index

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

53

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,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

July

31,

2023:

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

126,870

Total

$

126,870

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

54

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Mid

Cap

Market

Index

Fund

Common

Stocks

99.7%

Shares

Value

($)

Aerospace

&

Defense

1.2%

BWX

Technologies,

Inc.(a)

25,850

1,783,650

Curtiss-Wright

Corp.

10,847

2,075,682

Hexcel

Corp.(a)

23,851

1,685,789

Mercury

Systems,

Inc.*(a)

16,623

631,341

Woodward,

Inc.

16,985

2,044,654

8,221,116

Air

Freight

&

Logistics

0.3%

GXO

Logistics,

Inc.*

33,661

2,257,643

Automobile

Components

1.8%

Adient

plc*

26,570

1,130,819

Autoliv,

Inc.(a)

22,067

2,227,222

Fox

Factory

Holding

Corp.*

12,085

1,352,312

Gentex

Corp.

66,110

2,219,974

Goodyear

Tire

&

Rubber

Co.

(The)*

80,966

1,301,933

Lear

Corp.

16,728

2,588,825

Visteon

Corp.*(a)

7,967

1,227,635

12,048,720

Automobiles

0.5%

Harley-Davidson,

Inc.

37,371

1,442,894

Thor

Industries,

Inc.(a)

15,100

1,743,899

3,186,793

Banks

5.8%

Associated

Banc-Corp.

42,813

811,306

Bank

OZK

30,793

1,346,578

Cadence

Bank

52,191

1,307,385

Cathay

General

Bancorp

20,721

788,227

Columbia

Banking

System,

Inc.

59,550

1,330,942

Commerce

Bancshares,

Inc.

(a)

32,024

1,703,036

Cullen/Frost

Bankers,

Inc.

18,217

1,978,002

East

West

Bancorp,

Inc.

40,057

2,491,946

First

Financial

Bankshares,

Inc.(a)

37,104

1,209,219

First

Horizon

Corp.

152,021

2,072,046

FNB

Corp.

103,145

1,319,225

Glacier

Bancorp,

Inc.

31,672

1,035,674

Hancock

Whitney

Corp.

24,590

1,082,206

Home

BancShares,

Inc.

53,878

1,309,774

International

Bancshares

Corp.

15,083

748,720

New

York

Community

Bancorp,

Inc.

204,585

2,837,594

Old

National

Bancorp

82,227

1,400,326

Pinnacle

Financial

Partners,

Inc.

21,923

1,663,956

Prosperity

Bancshares,

Inc.

26,933

1,705,398

SouthState

Corp.(a)

21,689

1,684,585

Synovus

Financial

Corp.

41,116

1,393,832

Texas

Capital

Bancshares,

Inc.*

13,675

873,149

UMB

Financial

Corp.

12,380

878,980

United

Bankshares,

Inc.(a)

37,762

1,262,761

Valley

National

Bancorp(a)

120,419

1,235,499

Webster

Financial

Corp.

49,424

2,338,744

Wintrust

Financial

Corp.

17,219

1,452,595

39,261,705

Beverages

0.5%

Boston

Beer

Co.,

Inc.

(The),

Class

A*

2,676

993,973

Common

Stocks

Shares

Value

($)

Beverages

Celsius

Holdings,

Inc.*

11,495

1,663,327

Coca-Cola

Consolidated,

Inc.

1,281

811,398

3,468,698

Biotechnology

1.6%

Arrowhead

Pharmaceuticals,

Inc.*

30,538

1,054,172

Exelixis,

Inc.*

92,001

1,813,340

Halozyme

Therapeutics,

Inc.*

37,617

1,616,026

Neurocrine

Biosciences,

Inc.*

27,670

2,819,296

United

Therapeutics

Corp.*

13,292

3,226,234

10,529,068

Broadline

Retail

0

.6%

Kohl's

Corp.

31,422

893,956

Macy's,

Inc.

77,795

1,290,619

Nordstrom,

Inc.

32,280

745,991

Ollie's

Bargain

Outlet

Holdings,

Inc.*

16,444

1,198,438

4,129,004

Building

Products

4.0%

Advanced

Drainage

Systems,

Inc.

17,699

2,159,101

Builders

FirstSource,

Inc.*

36,366

5,252,341

Carlisle

Cos.,

Inc.

14,461

4,008,589

Fortune

Brands

Innovations,

Inc.

35,921

2,552,905

Lennox

International,

Inc.

9,167

3,368,323

Owens

Corning

25,567

3,579,124

Simpson

Manufacturing

Co.,

Inc.(a)

12,045

1,903,110

Trex

Co.,

Inc.*(a)

30,783

2,128,337

UFP

Industries,

Inc.

17,531

1,801,486

26,753,316

Capital

Markets

1.9%

Affiliated

Managers

Group,

Inc.

10,313

1,429,794

Evercore,

Inc.,

Class

A(a)

10,078

1,361,135

Federated

Hermes,

Inc.,

Class

B

24,292

821,798

Interactive

Brokers

Group,

Inc.,

Class

A

29,194

2,549,512

Janus

Henderson

Group

plc

37,142

1,090,118

Jefferies

Financial

Group,

Inc.

52,750

1,940,672

SEI

Investments

Co.

28,614

1,802,396

Stifel

Financial

Corp.

29,992

1,905,692

12,901,117

Chemicals

2.4%

Ashland,

Inc.

13,651

1,247,155

Avient

Corp.

24,455

991,161

Axalta

Coating

Systems

Ltd.*

62,685

2,005,920

Cabot

Corp.

16,039

1,138,769

Chemours

Co.

(The)

42,085

1,556,303

NewMarket

Corp.

1,897

856,875

Olin

Corp.

33,975

1,959,678

RPM

International,

Inc.(a)

36,577

3,778,770

Scotts

Miracle-Gro

Co.

(The)

11,693

818,978

Sensient

Technologies

Corp.

12,055

772,002

Westlake

Corp.

9,845

1,353,688

16,479,299

Commercial

Services

&

Supplies

1.3%

Brink's

Co.

(The)

13,262

967,595

Nationwide

Mid

Cap

Market

Index

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

55

Common

Stocks

Shares

Value

($)

Commercial

Services

&

Supplies

Clean

Harbors,

Inc.*

14,260

2,370,868

MSA

Safety,

Inc.

10,427

1,730,882

Stericycle,

Inc.*

26,409

1,122,118

Tetra

Tech,

Inc.

15,089

2,553,210

8,744,673

Communications

Equipment

0.5%

Calix,

Inc.*

16,352

737,639

Ciena

Corp.*

42,158

1,779,067

Lumentum

Holdings,

Inc.*(a)

19,625

1,027,565

3,544,271

Construction

&

Engineering

1.8%

AECOM

39,439

3,431,193

EMCOR

Group,

Inc.

13,477

2,898,094

Fluor

Corp.*(a)

40,918

1,267,640

MasTec,

Inc.*

16,875

1,987,031

MDU

Resources

Group,

Inc.

58,173

1,286,787

Valmont

Industries,

Inc.

5,947

1,574,468

12,445,213

Construction

Materials

0.4%

Eagle

Materials,

Inc.

10,192

1,879,099

Knife

River

Corp.*

14,543

632,184

2,511,283

Consumer

Finance

0.3%

FirstCash

Holdings,

Inc.

10,521

1,002,441

SLM

Corp.

69,240

1,120,303

2,122,744

Consumer

Staples

Distribution

&

Retail

1.9%

BJ's

Wholesale

Club

Holdings,

Inc.*

38,088

2,525,615

Casey's

General

Stores,

Inc.

10,564

2,669,100

Grocery

Outlet

Holding

Corp.*

25,550

854,648

Performance

Food

Group

Co.*

44,284

2,646,412

Sprouts

Farmers

Market,

Inc.*(a)

29,437

1,155,402

US

Foods

Holding

Corp.*

64,298

2,747,454

12,598,631

Containers

&

Packaging

1.9%

AptarGroup,

Inc.

18,546

2,252,597

Berry

Global

Group,

Inc.

33,752

2,213,119

Crown

Holdings,

Inc.

34,077

3,160,983

Graphic

Packaging

Holding

Co.

86,924

2,103,561

Greif,

Inc.,

Class

A

7,409

548,044

Silgan

Holdings,

Inc.

23,937

1,049,637

Sonoco

Products

Co.

27,638

1,620,692

12,948,633

Diversified

Consumer

Services

0.9%

Graham

Holdings

Co.,

Class

B

1,080

633,690

Grand

Canyon

Education,

Inc.*

8,777

952,743

H&R

Block,

Inc.

43,503

1,462,136

Service

Corp.

International

42,880

2,857,952

5,906,521

Diversified

Telecommunication

Services

0.5%

Frontier

Communications

Parent,

Inc.*

63,782

1,161,470

Iridium

Communications,

Inc.

35,650

1,873,408

3,034,878

Common

Stocks

Shares

Value

($)

Electric

Utilities

1.2%

ALLETE,

Inc.

16,373

940,301

Hawaiian

Electric

Industries,

Inc.

30,765

1,181,068

IDACORP,

Inc.

14,457

1,486,469

OGE

Energy

Corp.

56,662

2,048,331

PNM

Resources,

Inc.(a)

24,520

1,098,987

Portland

General

Electric

Co.

27,601

1,315,740

8,070,896

Electrical

Equipment

2.2%

Acuity

Brands,

Inc.

9,084

1,501,040

EnerSys(a)

11,670

1,264,094

Hubbell,

Inc.,

Class

B

15,205

4,743,960

nVent

Electric

plc

47,326

2,502,599

Regal

Rexnord

Corp.

18,804

2,936,809

Sunrun,

Inc.*(a)

60,497

1,148,233

Vicor

Corp.*

6,400

590,528

14,687,263

Electronic

Equipment,

Instruments

&

Components

3.6%

Arrow

Electronics,

Inc.*

16,001

2,280,782

Avnet,

Inc.

26,110

1,266,335

Belden,

Inc.

12,155

1,174,659

Cognex

Corp.

48,956

2,673,977

Coherent

Corp.*

39,439

1,867,831

IPG

Photonics

Corp.*

8,773

1,153,211

Jabil,

Inc.(a)

37,647

4,166,393

Littelfuse,

Inc.

7,026

2,140,120

National

Instruments

Corp.

37,224

2,196,216

Novanta,

Inc.*

10,120

1,790,228

TD

SYNNEX

Corp.

11,860

1,170,701

Vishay

Intertechnology,

Inc.

36,447

1,025,983

Vontier

Corp.

44,455

1,374,993

24,281,429

Energy

Equipment

&

Services

0.8%

ChampionX

Corp.(a)

55,968

1,992,461

NOV,

Inc.

111,334

2,235,586

Valaris

Ltd.*

16,896

1,297,613

5,525,660

Entertainment

0.2%

World

Wrestling

Entertainment,

Inc.,

Class

A

12,399

1,301,895

Financial

Services

1.4%

Essent

Group

Ltd.

30,640

1,519,744

Euronet

Worldwide,

Inc.*

13,468

1,183,433

MGIC

Investment

Corp.

81,878

1,370,638

Voya

Financial,

Inc.

27,799

2,064,354

Western

Union

Co.

(The)

89,632

1,091,718

WEX,

Inc.*

12,135

2,297,762

9,527,649

Food

Products

1.4%

Darling

Ingredients,

Inc.*

45,271

3,135,017

Flowers

Foods,

Inc.

55,066

1,360,681

Ingredion,

Inc.

18,678

2,078,114

Lancaster

Colony

Corp.(a)

5,661

1,090,478

Pilgrim's

Pride

Corp.*

12,849

318,270

Post

Holdings,

Inc.*

15,295

1,304,664

9,287,224

Gas

Utilities

1.1%

National

Fuel

Gas

Co.

26,225

1,392,810

56

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Mid

Cap

Market

Index

Fund

Common

Stocks

Shares

Value

($)

Gas

Utilities

New

Jersey

Resources

Corp.

(a)

27,699

1,238,145

ONE

Gas,

Inc.(a)

15,564

1,231,579

Southwest

Gas

Holdings,

Inc.

18,442

1,216,066

Spire,

Inc.(a)

15,025

955,139

UGI

Corp.(a)

59,798

1,613,948

7,647,687

Ground

Transportation

2.2%

Avis

Budget

Group,

Inc.*

6,732

1,482,992

Hertz

Global

Holdings,

Inc.*

44,722

753,566

Knight-Swift

Transportation

Holdings,

Inc.,

Class

A

45,650

2,773,238

Landstar

System,

Inc.

10,165

2,069,492

Ryder

System,

Inc.

13,281

1,356,654

Saia,

Inc.*

7,524

3,183,706

Werner

Enterprises,

Inc.

16,807

790,265

XPO,

Inc.*

32,772

2,269,133

14,679,046

Health

Care

Equipment

&

Supplies

3.3%

Enovis

Corp.*

13,700

875,430

Envista

Holdings

Corp.*

46,187

1,589,295

Globus

Medical,

Inc.,

Class

A*(a)

22,499

1,356,015

Haemonetics

Corp.*(a)

14,411

1,329,271

ICU

Medical,

Inc.*(a)

5,774

1,028,811

Inari

Medical,

Inc.*

14,600

833,222

Integra

LifeSciences

Holdings

Corp.*

20,294

922,768

Lantheus

Holdings,

Inc.*(a)

19,291

1,668,479

LivaNova

plc*

15,360

897,792

Masimo

Corp.*

13,748

1,681,380

Neogen

Corp.*

61,767

1,432,377

Omnicell,

Inc.*(a)

12,878

813,246

Penumbra,

Inc.*

10,854

3,292,669

QuidelOrtho

Corp.*

15,418

1,346,916

Shockwave

Medical,

Inc.*

10,392

2,708,155

STAAR

Surgical

Co.*(a)

13,807

756,209

22,532,035

Health

Care

Providers

&

Services

2.2%

Acadia

Healthcare

Co.,

Inc.*

26,045

2,058,336

Amedisys,

Inc.*

9,290

843,904

Chemed

Corp.(a)

4,254

2,216,717

Encompass

Health

Corp.

28,341

1,871,356

HealthEquity,

Inc.*

24,123

1,638,917

Option

Care

Health,

Inc.*

47,244

1,595,902

Patterson

Cos.,

Inc.

24,842

817,054

Progyny,

Inc.*

21,697

906,067

R1

RCM,

Inc.*

39,158

676,650

Tenet

Healthcare

Corp.*

28,884

2,158,501

14,783,404

Health

Care

REITs

1.2%

Healthcare

Realty

Trust,

Inc.,

Class

A

107,751

2,104,377

Medical

Properties

Trust,

Inc.

168,834

1,703,535

Omega

Healthcare

Investors,

Inc.

66,319

2,115,576

Physicians

Realty

Trust

68,103

1,003,838

Sabra

Health

Care

REIT,

Inc.

65,598

852,118

7,779,444

Common

Stocks

Shares

Value

($)

Health

Care

Technology

0.2%

Doximity,

Inc.,

Class

A*

33,910

1,211,604

Hotel

&

Resort

REITs

0.1%

Park

Hotels

&

Resorts,

Inc.

61,182

833,911

Hotels,

Restaurants

&

Leisure

3.4%

Aramark

73,944

2,985,119

Boyd

Gaming

Corp.

21,934

1,498,531

Choice

Hotels

International,

Inc.(a)

7,564

988,993

Churchill

Downs,

Inc.

18,675

2,163,499

Hilton

Grand

Vacations,

Inc.*

21,959

1,021,093

Light

&

Wonder,

Inc.*

26,029

1,829,839

Marriott

Vacations

Worldwide

Corp.

10,515

1,351,283

Papa

John's

International,

Inc.

8,489

702,040

Penn

Entertainment,

Inc.*(a)

43,274

1,137,673

Planet

Fitness,

Inc.,

Class

A*

23,988

1,620,150

Texas

Roadhouse,

Inc.,

Class

A

18,967

2,115,769

Travel

+

Leisure

Co.

21,788

887,425

Wendy's

Co.

(The)

48,161

1,034,980

Wingstop,

Inc.

8,459

1,426,018

Wyndham

Hotels

&

Resorts,

Inc.

24,255

1,889,950

22,652,362

Household

Durables

1.8%

Helen

of

Troy

Ltd.*

6,867

970,307

KB

Home

22,932

1,237,640

Leggett

&

Platt,

Inc.

38,026

1,112,641

Taylor

Morrison

Home

Corp.,

Class

A*

31,170

1,509,251

Tempur

Sealy

International,

Inc.

48,698

2,173,392

Toll

Brothers,

Inc.

29,171

2,343,307

TopBuild

Corp.*

8,997

2,464,548

11,811,086

Household

Products

0.1%

Energizer

Holdings,

Inc.

18,852

673,016

Independent

Power

and

Renewable

Electricity

Producers

0.2%

Ormat

Technologies,

Inc.

15,009

1,220,232

Industrial

REITs

1.4%

EastGroup

Properties,

Inc.

12,575

2,228,038

First

Industrial

Realty

Trust,

Inc.

37,411

1,934,149

Rexford

Industrial

Realty,

Inc.

57,017

3,141,067

STAG

Industrial,

Inc.

50,706

1,840,628

9,143,882

Insurance

3.8%

American

Financial

Group,

Inc.

19,787

2,406,297

Brighthouse

Financial,

Inc.*

19,077

994,484

CNO

Financial

Group,

Inc.

32,724

841,661

First

American

Financial

Corp.

29,138

1,846,767

Hanover

Insurance

Group,

Inc.

(The)

10,206

1,158,177

Kemper

Corp.

18,251

930,254

Kinsale

Capital

Group,

Inc.

6,164

2,296,891

Old

Republic

International

Corp.

77,004

2,123,000

Primerica,

Inc.(a)

10,252

2,180,600

Nationwide

Mid

Cap

Market

Index

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

57

Common

Stocks

Shares

Value

($)

Insurance

Reinsurance

Group

of

America,

Inc.

18,872

2,648,685

RenaissanceRe

Holdings

Ltd.

14,246

2,660,583

RLI

Corp.

11,582

1,545,155

Selective

Insurance

Group,

Inc.

17,074

1,761,866

Unum

Group

52,515

2,552,754

25,947,174

Interactive

Media

&

Services

0.5%

TripAdvisor,

Inc.*

30,291

564,927

Ziff

Davis,

Inc.*

13,507

979,528

ZoomInfo

Technologies,

Inc.,

Class

A*

76,250

1,949,712

3,494,167

IT

Services

0.1%

Kyndryl

Holdings,

Inc.*

58,096

793,591

Leisure

Products

1.1%

Brunswick

Corp.

19,971

1,723,697

Mattel,

Inc.*

100,185

2,133,941

Polaris,

Inc.

15,122

2,054,172

Topgolf

Callaway

Brands

Corp.*(a)

39,497

788,755

YETI

Holdings,

Inc.*

24,753

1,054,478

7,755,043

Life

Sciences

Tools

&

Services

1.3%

Azenta,

Inc.*

18,585

873,123

Bruker

Corp.

28,239

1,940,584

Medpace

Holdings,

Inc.*

7,057

1,786,621

Repligen

Corp.*

14,657

2,514,555

Sotera

Health

Co.*

28,247

536,128

Syneos

Health,

Inc.*

29,612

1,255,845

8,906,856

Machinery

4.7%

AGCO

Corp.

17,603

2,342,959

Chart

Industries,

Inc.*(a)

11,868

2,161,875

Crane

Co.

13,775

1,290,580

Crane

NXT

Co.

13,760

813,904

Donaldson

Co.,

Inc.

34,329

2,156,891

Esab

Corp.

14,795

1,016,416

Flowserve

Corp.

37,465

1,414,678

Graco,

Inc.

47,764

3,789,118

ITT,

Inc.

23,334

2,324,066

Lincoln

Electric

Holdings,

Inc.

16,336

3,278,799

Middleby

Corp.

(The)*(a)

15,153

2,300,983

Oshkosh

Corp.

18,436

1,697,403

Terex

Corp.

19,368

1,135,546

Timken

Co.

(The)(a)

18,608

1,727,939

Toro

Co.

(The)

29,589

3,007,722

Watts

Water

Technologies,

Inc.,

Class

A

7,830

1,460,530

31,919,409

Marine

Transportation

0.2%

Kirby

Corp.*

17,140

1,396,567

Media

0.9%

Cable

One,

Inc.

1,347

975,147

New

York

Times

Co.

(The),

Class

A

46,327

1,888,288

Nexstar

Media

Group,

Inc.,

Class

A

10,129

1,891,287

Common

Stocks

Shares

Value

($)

Media

TEGNA,

Inc.

64,283

1,086,383

5,841,105

Metals

&

Mining

2.4%

Alcoa

Corp.

50,392

1,823,687

Cleveland-Cliffs,

Inc.*

145,955

2,576,106

Commercial

Metals

Co.

33,093

1,893,581

MP

Materials

Corp.*(a)

26,385

629,282

Reliance

Steel

&

Aluminum

Co.

16,682

4,885,491

Royal

Gold,

Inc.(a)

18,596

2,234,123

United

States

Steel

Corp.

64,691

1,649,621

Worthington

Industries,

Inc.

8,670

646,955

16,338,846

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.7%

Annaly

Capital

Management,

Inc.

140,088

2,814,368

Starwood

Property

Trust,

Inc.

88,193

1,829,123

4,643,491

Multi-Utilities

0.3%

Black

Hills

Corp.

19,043

1,148,864

NorthWestern

Corp.

17,081

964,564

2,113,428

Office

REITs

0.7%

Corporate

Office

Properties

Trust

31,924

830,024

Cousins

Properties,

Inc.

43,334

1,058,650

Highwoods

Properties,

Inc.

30,024

758,707

Kilroy

Realty

Corp.

30,112

1,074,998

Vornado

Realty

Trust

46,044

1,035,069

4,757,448

Oil,

Gas

&

Consumable

Fuels

3.7%

Antero

Midstream

Corp.

95,915

1,145,225

Antero

Resources

Corp.*

78,031

2,087,329

Chord

Energy

Corp.

11,744

1,841,929

CNX

Resources

Corp.*(a)

46,980

958,392

DT

Midstream,

Inc.

27,678

1,481,327

Equitrans

Midstream

Corp.

123,746

1,283,246

HF

Sinclair

Corp.

36,376

1,894,826

Matador

Resources

Co.

32,345

1,799,352

Murphy

Oil

Corp.

41,420

1,792,243

Ovintiv,

Inc.(a)

69,339

3,195,835

PBF

Energy,

Inc.,

Class

A

31,339

1,486,722

PDC

Energy,

Inc.

24,711

1,875,318

Range

Resources

Corp.(a)

68,255

2,145,255

Southwestern

Energy

Co.*

311,319

2,017,347

25,004,346

Paper

&

Forest

Products

0.2%

Louisiana-Pacific

Corp.

20,580

1,566,755

Passenger

Airlines

0.1%

JetBlue

Airways

Corp.*

93,671

727,824

Personal

Care

Products

0.4%

BellRing

Brands,

Inc.*

37,937

1,363,835

Coty,

Inc.,

Class

A*

104,755

1,261,250

2,625,085

Pharmaceuticals

0.6%

Jazz

Pharmaceuticals

plc*

18,284

2,384,600

58

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Mid

Cap

Market

Index

Fund

Common

Stocks

Shares

Value

($)

Pharmaceuticals

Perrigo

Co.

plc

38,066

1,394,738

3,779,338

Professional

Services

3.1%

ASGN,

Inc.*

14,083

1,074,814

CACI

International,

Inc.,

Class

A*

6,453

2,261,389

Concentrix

Corp.

12,195

1,015,112

ExlService

Holdings,

Inc.*

9,368

1,320,420

Exponent,

Inc.

14,522

1,300,881

FTI

Consulting,

Inc.*

9,608

1,682,937

Genpact

Ltd.

48,397

1,746,648

Insperity,

Inc.

10,092

1,187,324

KBR,

Inc.

38,465

2,365,213

ManpowerGroup,

Inc.

14,405

1,136,266

Maximus,

Inc.

17,364

1,454,409

Paylocity

Holding

Corp.*

11,699

2,653,918

Science

Applications

International

Corp.

15,252

1,850,678

21,050,009

Real

Estate

Management

&

Development

0.3%

Jones

Lang

LaSalle,

Inc.*

13,523

2,252,256

Residential

REITs

0.9%

Apartment

Income

REIT

Corp.,

Class

A

42,622

1,472,164

Equity

LifeStyle

Properties,

Inc.

49,958

3,556,010

Independence

Realty

Trust,

Inc.

64,079

1,091,906

6,120,080

Retail

REITs

1.3%

Agree

Realty

Corp.

26,323

1,705,204

Brixmor

Property

Group,

Inc.

84,969

1,932,195

Kite

Realty

Group

Trust

62,654

1,433,524

NNN

REIT,

Inc.

51,557

2,200,453

Spirit

Realty

Capital,

Inc.

39,868

1,607,876

8,879,252

Semiconductors

&

Semiconductor

Equipment

2.6%

Allegro

MicroSystems,

Inc.*

18,624

961,185

Amkor

Technology,

Inc.

28,770

836,919

Cirrus

Logic,

Inc.*

15,785

1,275,428

Lattice

Semiconductor

Corp.*(a)

39,056

3,551,753

MACOM

Technology

Solutions

Holdings,

Inc.*

14,477

1,012,232

MKS

Instruments,

Inc.(a)

16,218

1,770,519

Power

Integrations,

Inc.

16,383

1,591,445

Silicon

Laboratories,

Inc.*

9,140

1,363,139

Synaptics,

Inc.*

11,291

1,019,690

Universal

Display

Corp.

12,302

1,794,616

Wolfspeed,

Inc.*(a)

35,256

2,323,370

17,500,296

Software

2.7%

ACI

Worldwide,

Inc.*

30,944

717,591

Aspen

Technology,

Inc.*

8,339

1,488,511

Blackbaud,

Inc.*(a)

12,925

975,191

CommVault

Systems,

Inc.*

12,562

978,957

Dropbox,

Inc.,

Class

A*

76,978

2,074,557

Dynatrace,

Inc.*

61,511

3,364,037

Envestnet,

Inc.*(a)

14,365

890,343

Common

Stocks

Shares

Value

($)

Software

Manhattan

Associates,

Inc.*

17,599

3,354,721

NCR

Corp.*(a)

40,108

1,078,103

Qualys,

Inc.*

9,591

1,331,231

Teradata

Corp.*

28,881

1,641,885

17,895,127

Specialized

REITs

1.4%

CubeSmart

63,748

2,764,114

EPR

Properties

21,505

959,983

Lamar

Advertising

Co.,

Class

A

24,796

2,447,365

National

Storage

Affiliates

Trust

23,301

787,341

PotlatchDeltic

Corp.

22,829

1,224,319

Rayonier,

Inc.

42,342

1,402,367

9,585,489

Specialty

Retail

3.0%

AutoNation,

Inc.*

8,990

1,447,210

Dick's

Sporting

Goods,

Inc.

17,421

2,456,361

Five

Below,

Inc.*(a)

15,794

3,290,522

Foot

Locker,

Inc.(a)

22,485

604,172

GameStop

Corp.,

Class

A*(a)

72,250

1,603,950

Gap,

Inc.

(The)(a)

60,254

620,616

Lithia

Motors,

Inc.,

Class

A

7,802

2,422,755

Murphy

USA,

Inc.

5,660

1,737,790

RH*

5,044

1,957,930

Valvoline,

Inc.

39,666

1,506,118

Williams-Sonoma,

Inc.(a)

18,603

2,579,120

20,226,544

Technology

Hardware,

Storage

&

Peripherals

0.7%

Super

Micro

Computer,

Inc.*(a)

12,957

4,279,309

Xerox

Holdings

Corp.

32,283

515,882

4,795,191

Textiles,

Apparel

&

Luxury

Goods

2.0%

Capri

Holdings

Ltd.*

35,911

1,325,475

Carter's,

Inc.(a)

10,766

807,558

Columbia

Sportswear

Co.(a)

10,027

788,222

Crocs,

Inc.*

17,552

1,901,759

Deckers

Outdoor

Corp.*

7,479

4,066,258

PVH

Corp.

17,936

1,607,783

Skechers

USA,

Inc.,

Class

A*

37,981

2,110,984

Under

Armour,

Inc.,

Class

A*

52,601

423,964

Under

Armour,

Inc.,

Class

C*(a)

52,302

388,081

13,420,084

Trading

Companies

&

Distributors

1.5%

GATX

Corp.(a)

10,084

1,264,130

MSC

Industrial

Direct

Co.,

Inc.,

Class

A(a)

13,500

1,362,420

Univar

Solutions,

Inc.*

44,519

1,608,916

Watsco,

Inc.

9,483

3,586,376

WESCO

International,

Inc.

12,782

2,244,136

10,065,978

Water

Utilities

0.4%

Essential

Utilities,

Inc.

68,230

2,885,447

Total

Common

Stocks

(cost

$453,764,572)

673,029,277

Nationwide

Mid

Cap

Market

Index

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

59

Repurchase

Agreement

2.2%

Principal

Amount

($)

Value

($)

CF

Secured,

LLC,

5.28%,

dated

7/31/2023,

due

8/1/2023,

repurchase

price

$14,928,185,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.63%,

maturing

8/8/2023

-

8/15/2052;

total

market

value

$15,226,749.(b)

14,925,995

14,925,995

Total

Repurchase

Agreement

(cost

$14,925,995)

14,925,995

Total

Investments

(cost

$468,690,567)

—

101.9%

687,955,272

Liabilities

in

excess

of

other

assets

—

(1.9)%

(12,737,550)

NET

ASSETS

—

100.0%

$

675,217,722

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

July

31,

2023.

The

total

value

of

securities

on

loan

as

of

July

31,

2023

was

$70,312,411,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$14,925,995

and

by

$57,296,270

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

8/10/2023

–

2/15/2053,

a

total

value

of

$72,222,265.

(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,

2023

was

$14,925,995.

REIT

Real

Estate

Investment

Trust

Futures

contracts

outstanding

as

of

July

31,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

S&P

Midcap

400

E-Mini

Index

7

9/2023

USD

1,920,380

41,151

Net

contracts

41,151

As

of

July

31,

2023,

the

Fund

had

$116,800

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

60

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Mid

Cap

Market

Index

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

Nationwide

Mid

Cap

Market

Index

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

61

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

July

31,

2023.

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,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

July

31,

2023:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

673,029,277

$

–

$

–

$

673,029,277

Futures

Contracts

41,151

–

–

41,151

Repurchase

Agreement

–

14,925,995

–

14,925,995

Total

$

673,070,428

$

14,925,995

$

–

$

687,996,423

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

41,151

Total

$

41,151

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.

62

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

S&P

500

Index

Fund

Common

Stocks

99.0%

Shares

Value

($)

Aerospace

&

Defense

1.6%

Axon

Enterprise,

Inc.*

2,395

445,302

Boeing

Co.

(The)*

19,145

4,572,783

General

Dynamics

Corp.

7,616

1,702,785

Howmet

Aerospace,

Inc.

12,151

621,402

Huntington

Ingalls

Industries,

Inc.

1,361

312,581

L3Harris

Technologies,

Inc.

6,408

1,214,252

Lockheed

Martin

Corp.

7,631

3,406,250

Northrop

Grumman

Corp.

4,833

2,150,685

RTX

Corp.

49,467

4,349,633

Textron,

Inc.(a)

6,828

531,014

TransDigm

Group,

Inc.

1,767

1,589,805

20,896,492

Air

Freight

&

Logistics

0.6%

CH

Robinson

Worldwide,

Inc.

4,135

414,244

Expeditors

International

of

Washington,

Inc.

5,173

658,523

FedEx

Corp.

7,829

2,113,439

United

Parcel

Service,

Inc.,

Class

B

24,538

4,591,796

7,778,002

Automobile

Components

0.1%

Aptiv

plc*

9,079

994,060

BorgWarner,

Inc.

7,763

360,979

1,355,039

Automobiles

2.1%

Ford

Motor

Co.

133,048

1,757,564

General

Motors

Co.

47,063

1,805,807

Tesla,

Inc.*

91,209

24,392,023

27,955,394

Banks

3.2%

Bank

of

America

Corp.

235,313

7,530,016

Citigroup,

Inc.

65,908

3,141,175

Citizens

Financial

Group,

Inc.

15,826

510,547

Comerica,

Inc.

4,469

241,147

Fifth

Third

Bancorp

23,557

685,509

Huntington

Bancshares,

Inc.

47,529

581,755

JPMorgan

Chase

&

Co.

98,935

15,627,773

KeyCorp

31,547

388,344

M&T

Bank

Corp.

5,769

806,852

PNC

Financial

Services

Group,

Inc.

(The)

13,512

1,849,658

Regions

Financial

Corp.

31,496

641,573

Truist

Financial

Corp.

45,092

1,497,956

US

Bancorp

47,227

1,873,967

Wells

Fargo

&

Co.

127,032

5,863,797

Zions

Bancorp

NA(a)

5,591

213,856

41,453,925

Beverages

1.7%

Brown-Forman

Corp.,

Class

B

6,148

434,049

Coca-Cola

Co.

(The)

131,769

8,160,454

Constellation

Brands,

Inc.,

Class

A

5,459

1,489,215

Keurig

Dr

Pepper,

Inc.

28,401

965,918

Molson

Coors

Beverage

Co.,

Class

B(a)

6,259

436,691

Monster

Beverage

Corp.*

25,869

1,487,209

PepsiCo,

Inc.

46,642

8,743,509

21,717,045

Common

Stocks

Shares

Value

($)

Biotechnology

1.9%

AbbVie,

Inc.

59,730

8,934,413

Amgen,

Inc.

18,090

4,235,774

Biogen,

Inc.*

4,900

1,323,931

Gilead

Sciences,

Inc.

42,229

3,215,316

Incyte

Corp.*

6,374

406,151

Moderna,

Inc.*

11,099

1,305,908

Regeneron

Pharmaceuticals,

Inc.*

3,653

2,710,197

Vertex

Pharmaceuticals,

Inc.*

8,719

3,072,053

25,203,743

Broadline

Retail

3.2%

Amazon.com,

Inc.*

302,209

40,399,299

eBay,

Inc.

18,005

801,403

Etsy,

Inc.*(a)

4,176

424,490

41,625,192

Building

Products

0.5%

A

O

Smith

Corp.

4,096

297,493

Allegion

plc

2,995

349,996

Carrier

Global

Corp.

28,264

1,683,121

Johnson

Controls

International

plc

23,200

1,613,560

Masco

Corp.

7,621

462,442

Trane

Technologies

plc

7,721

1,539,876

5,946,488

Capital

Markets

2.7%

Ameriprise

Financial,

Inc.

3,527

1,228,983

Bank

of

New

York

Mellon

Corp.

(The)

24,312

1,102,792

BlackRock,

Inc.

5,071

3,746,708

Cboe

Global

Markets,

Inc.

3,506

489,718

Charles

Schwab

Corp.

(The)

50,312

3,325,623

CME

Group,

Inc.

12,178

2,422,935

FactSet

Research

Systems,

Inc.

1,263

549,456

Franklin

Resources,

Inc.(a)

10,279

300,558

Goldman

Sachs

Group,

Inc.

(The)

11,255

4,005,317

Intercontinental

Exchange,

Inc.

18,954

2,175,919

Invesco

Ltd.

15,312

257,242

MarketAxess

Holdings,

Inc.

1,217

327,641

Moody's

Corp.

5,343

1,884,743

Morgan

Stanley

44,103

4,038,071

MSCI,

Inc.,

Class

A

2,711

1,485,845

Nasdaq,

Inc.

11,790

595,277

Northern

Trust

Corp.

7,293

584,315

Raymond

James

Financial,

Inc.

6,457

710,722

S&P

Global,

Inc.

11,105

4,381,034

State

Street

Corp.

11,316

819,731

T.

Rowe

Price

Group,

Inc.(a)

7,508

925,436

35,358,066

Chemicals

1.7%

Air

Products

&

Chemicals,

Inc.

7,520

2,296,082

Albemarle

Corp.

3,914

830,864

Celanese

Corp.,

Class

A

3,261

408,897

CF

Industries

Holdings,

Inc.

6,599

541,646

Corteva,

Inc.

24,009

1,354,828

Dow,

Inc.

23,946

1,352,231

DuPont

de

Nemours,

Inc.

15,856

1,230,901

Eastman

Chemical

Co.

4,227

361,747

Nationwide

S&P

500

Index

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

63

Common

Stocks

Shares

Value

($)

Chemicals

Ecolab,

Inc.

8,386

1,535,812

FMC

Corp.

4,350

418,600

International

Flavors

&

Fragrances,

Inc.

8,741

739,576

Linde

plc

16,575

6,475,355

LyondellBasell

Industries

NV,

Class

A

8,521

842,386

Mosaic

Co.

(The)

10,944

446,077

PPG

Industries,

Inc.

7,970

1,146,883

Sherwin-Williams

Co.

(The)

7,945

2,196,793

22,178,678

Commercial

Services

&

Supplies

0.5%

Cintas

Corp.

2,927

1,469,471

Copart,

Inc.*

14,435

1,275,910

Republic

Services,

Inc.,

Class

A

6,889

1,040,997

Rollins,

Inc.

7,630

311,533

Waste

Management,

Inc.

12,533

2,052,780

6,150,691

Communications

Equipment

0.8%

Arista

Networks,

Inc.*

8,454

1,311,131

Cisco

Systems,

Inc.

138,665

7,216,127

F5,

Inc.*

2,045

323,601

Juniper

Networks,

Inc.

11,279

313,556

Motorola

Solutions,

Inc.

5,678

1,627,485

10,791,900

Construction

&

Engineering

0.1%

Quanta

Services,

Inc.(a)

4,991

1,006,285

Construction

Materials

0.1%

Martin

Marietta

Materials,

Inc.

2,069

923,726

Vulcan

Materials

Co.

4,435

977,917

1,901,643

Consumer

Finance

0.5%

American

Express

Co.

20,130

3,399,554

Capital

One

Financial

Corp.

12,893

1,508,739

Discover

Financial

Services

8,597

907,413

Synchrony

Financial

14,127

487,947

6,303,653

Consumer

Staples

Distribution

&

Retail

1.8%

Costco

Wholesale

Corp.

15,014

8,417,899

Dollar

General

Corp.

7,418

1,252,603

Dollar

Tree,

Inc.*

7,039

1,086,329

Kroger

Co.

(The)

22,109

1,075,382

Sysco

Corp.

17,154

1,309,022

Target

Corp.

15,626

2,132,480

Walgreens

Boots

Alliance,

Inc.

24,244

726,593

Walmart,

Inc.

47,486

7,591,112

23,591,420

Containers

&

Packaging

0.2%

Amcor

plc

48,265

495,199

Avery

Dennison

Corp.

2,823

519,460

Ball

Corp.(a)

10,875

638,254

International

Paper

Co.

11,916

429,691

Packaging

Corp.

of

America

3,045

466,951

Sealed

Air

Corp.

4,541

207,160

Westrock

Co.

8,246

274,509

3,031,224

Common

Stocks

Shares

Value

($)

Distributors

0.1%

Genuine

Parts

Co.

4,652

724,410

LKQ

Corp.

8,448

462,866

Pool

Corp.(a)

1,364

524,785

1,712,061

Diversified

Telecommunication

Services

0.6%

AT&T,

Inc.

242,031

3,514,290

Verizon

Communications,

Inc.

142,327

4,850,504

8,364,794

Electric

Utilities

1.6%

Alliant

Energy

Corp.(a)

8,352

448,836

American

Electric

Power

Co.,

Inc.

17,428

1,476,849

Constellation

Energy

Corp.

10,865

1,050,102

Duke

Energy

Corp.

26,091

2,442,639

Edison

International

12,835

923,607

Entergy

Corp.

7,191

738,516

Evergy,

Inc.

7,514

450,615

Eversource

Energy

11,810

854,217

Exelon

Corp.

33,375

1,397,078

FirstEnergy

Corp.

18,170

715,716

NextEra

Energy,

Inc.

68,503

5,021,270

NRG

Energy,

Inc.

7,298

277,251

PG&E

Corp.*

54,309

956,382

Pinnacle

West

Capital

Corp.

3,789

313,805

PPL

Corp.

25,495

701,877

Southern

Co.

(The)

36,916

2,670,503

Xcel

Energy,

Inc.

18,440

1,156,741

21,596,004

Electrical

Equipment

0.6%

AMETEK,

Inc.

7,803

1,237,556

Eaton

Corp.

plc

13,495

2,770,793

Emerson

Electric

Co.

19,348

1,767,440

Generac

Holdings,

Inc.*

2,042

313,855

Rockwell

Automation,

Inc.

3,889

1,307,832

7,397,476

Electronic

Equipment,

Instruments

&

Components

0.6%

Amphenol

Corp.,

Class

A

20,155

1,779,888

CDW

Corp.

4,460

834,332

Corning,

Inc.

25,903

879,148

Keysight

Technologies,

Inc.*

6,161

992,414

TE

Connectivity

Ltd.

10,668

1,530,751

Teledyne

Technologies,

Inc.*

1,565

601,789

Trimble,

Inc.*

8,611

463,272

Zebra

Technologies

Corp.,

Class

A*

1,757

541,086

7,622,680

Energy

Equipment

&

Services

0.4%

Baker

Hughes

Co.,

Class

A

34,035

1,218,113

Halliburton

Co.

31,231

1,220,507

Schlumberger

NV

48,255

2,815,197

5,253,817

Entertainment

1.4%

Activision

Blizzard,

Inc.*

24,220

2,246,647

Electronic

Arts,

Inc.

8,820

1,202,607

Live

Nation

Entertainment,

Inc.*(a)

4,734

415,409

Netflix,

Inc.*

15,050

6,606,498

Take-Two

Interactive

Software,

Inc.*

5,240

801,406

64

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

S&P

500

Index

Fund

Common

Stocks

Shares

Value

($)

Entertainment

Walt

Disney

Co.

(The)*

61,864

5,499,091

Warner

Bros

Discovery,

Inc.*

76,254

996,640

17,768,298

Financial

Services

4.1%

Berkshire

Hathaway,

Inc.,

Class

B*

60,374

21,249,233

Fidelity

National

Information

Services,

Inc.

20,005

1,207,902

Fiserv,

Inc.*

20,899

2,637,663

FleetCor

Technologies,

Inc.*

2,448

609,331

Global

Payments,

Inc.

8,703

959,506

Jack

Henry

&

Associates,

Inc.

2,500

418,925

Mastercard,

Inc.,

Class

A

28,329

11,169,558

PayPal

Holdings,

Inc.*

37,773

2,863,949

Visa,

Inc.,

Class

A(a)

54,785

13,024,038

54,140,105

Food

Products

1.0%

Archer-Daniels-Midland

Co.

18,436

1,566,323

Bunge

Ltd.

5,170

561,824

Campbell

Soup

Co.

6,894

315,883

Conagra

Brands,

Inc.

15,991

524,665

General

Mills,

Inc.

19,885

1,486,205

Hershey

Co.

(The)

4,981

1,152,155

Hormel

Foods

Corp.

9,810

401,033

J

M

Smucker

Co.

(The)(a)

3,601

542,491

Kellogg

Co.

8,874

593,582

Kraft

Heinz

Co.

(The)

26,672

964,993

Lamb

Weston

Holdings,

Inc.

4,799

497,320

McCormick

&

Co.,

Inc.

(Non-Voting)

8,682

776,865

Mondelez

International,

Inc.,

Class

A

46,106

3,417,838

Tyson

Foods,

Inc.,

Class

A

9,859

549,343

13,350,520

Gas

Utilities

0.0%

†

Atmos

Energy

Corp.(a)

5,000

608,550

Ground

Transportation

0.8%

CSX

Corp.

68,830

2,293,416

JB

Hunt

Transport

Services,

Inc.

2,782

567,361

Norfolk

Southern

Corp.

7,707

1,800,278

Old

Dominion

Freight

Line,

Inc.

3,042

1,276,088

Union

Pacific

Corp.

20,641

4,789,125

10,726,268

Health

Care

Equipment

&

Supplies

2.7%

Abbott

Laboratories

58,872

6,554,220

Align

Technology,

Inc.*

2,409

910,337

Baxter

International,

Inc.

17,037

770,584

Becton

Dickinson

&

Co.

9,615

2,678,931

Boston

Scientific

Corp.*

48,674

2,523,747

Cooper

Cos.,

Inc.

(The)

1,724

674,532

Dentsply

Sirona,

Inc.

7,284

302,432

Dexcom,

Inc.*

13,124

1,634,725

Edwards

Lifesciences

Corp.*

20,524

1,684,405

GE

HealthCare

Technologies,

Inc.

12,315

960,570

Hologic,

Inc.*

8,466

672,370

IDEXX

Laboratories,

Inc.*

2,801

1,553,799

Insulet

Corp.*(a)

2,392

661,986

Intuitive

Surgical,

Inc.*

11,863

3,848,357

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

Medtronic

plc

45,042

3,952,886

ResMed,

Inc.

5,075

1,128,426

STERIS

plc

3,415

770,253

Stryker

Corp.

11,438

3,241,644

Teleflex,

Inc.(a)

1,518

381,276

Zimmer

Biomet

Holdings,

Inc.

7,050

973,957

35,879,437

Health

Care

Providers

&

Services

2.9%

AmerisourceBergen

Corp.

5,604

1,047,388

Cardinal

Health,

Inc.

8,620

788,471

Centene

Corp.*

18,459

1,256,873

Cigna

Group

(The)

10,017

2,956,017

CVS

Health

Corp.

43,403

3,241,770

DaVita,

Inc.*

1,981

202,042

Elevance

Health,

Inc.

8,026

3,785,302

HCA

Healthcare,

Inc.

6,985

1,905,578

Henry

Schein,

Inc.*

4,435

349,434

Humana,

Inc.

4,230

1,932,391

Laboratory

Corp.

of

America

Holdings

3,079

658,691

McKesson

Corp.

4,591

1,847,418

Molina

Healthcare,

Inc.*

1,935

589,188

Quest

Diagnostics,

Inc.

3,860

521,911

UnitedHealth

Group,

Inc.

31,520

15,960,782

Universal

Health

Services,

Inc.,

Class

B

2,196

305,156

37,348,412

Health

Care

REITs

0.2%

Healthpeak

Properties,

Inc.

18,549

404,925

Ventas,

Inc.

13,632

661,424

Welltower,

Inc.

16,827

1,382,338

2,448,687

Hotel

&

Resort

REITs

0.0%

†

Host

Hotels

&

Resorts,

Inc.

24,873

457,663

Hotels,

Restaurants

&

Leisure

2.0%

Booking

Holdings,

Inc.*

1,250

3,713,500

Caesars

Entertainment,

Inc.*

6,912

407,946

Carnival

Corp.*(a)

33,795

636,698

Chipotle

Mexican

Grill,

Inc.,

Class

A*

934

1,832,769

Darden

Restaurants,

Inc.

4,187

707,268

Domino's

Pizza,

Inc.

1,240

491,958

Expedia

Group,

Inc.*

4,711

577,239

Hilton

Worldwide

Holdings,

Inc.

8,959

1,393,035

Las

Vegas

Sands

Corp.*

10,965

655,817

Marriott

International,

Inc.,

Class

A

8,730

1,761,801

McDonald's

Corp.

24,717

7,247,024

MGM

Resorts

International

9,949

505,111

Norwegian

Cruise

Line

Holdings

Ltd.*(a)

13,986

308,671

Royal

Caribbean

Cruises

Ltd.*(a)

7,614

830,763

Starbucks

Corp.

38,812

3,942,135

Wynn

Resorts

Ltd.

3,460

377,071

Yum!

Brands,

Inc.

9,482

1,305,387

26,694,193

Household

Durables

0.4%

DR

Horton,

Inc.

10,508

1,334,726

Nationwide

S&P

500

Index

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

65

Common

Stocks

Shares

Value

($)

Household

Durables

Garmin

Ltd.

5,174

547,875

Lennar

Corp.,

Class

A

8,779

1,113,441

Mohawk

Industries,

Inc.*

1,959

208,320

Newell

Brands,

Inc.

12,582

140,415

NVR,

Inc.*

103

649,563

PulteGroup,

Inc.

7,432

627,187

Whirlpool

Corp.(a)

1,813

261,543

4,883,070

Household

Products

1.3%

Church

&

Dwight

Co.,

Inc.

8,446

808,029

Clorox

Co.

(The)

4,300

651,364

Colgate-Palmolive

Co.

28,085

2,141,762

Kimberly-Clark

Corp.

11,422

1,474,580

Procter

&

Gamble

Co.

(The)

79,796

12,472,115

17,547,850

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

AES

Corp.

(The)

22,264

481,570

Industrial

Conglomerates

0.8%

3M

Co.

18,677

2,082,485

General

Electric

Co.

36,867

4,211,686

Honeywell

International,

Inc.

22,528

4,373,361

10,667,532

Industrial

REITs

0.3%

Prologis,

Inc.

31,264

3,900,184

Insurance

2.0%

Aflac,

Inc.

18,615

1,346,609

Allstate

Corp.

(The)

8,773

988,542

American

International

Group,

Inc.

24,503

1,477,041

Aon

plc,

Class

A

6,915

2,202,427

Arch

Capital

Group

Ltd.*

12,512

972,057

Arthur

J

Gallagher

&

Co.

7,214

1,549,567

Assurant,

Inc.

1,812

243,732

Brown

&

Brown,

Inc.

7,926

558,387

Chubb

Ltd.

14,022

2,866,237

Cincinnati

Financial

Corp.

5,373

578,027

Everest

Group

Ltd.

1,505

542,567

Globe

Life,

Inc.

3,129

350,980

Hartford

Financial

Services

Group,

Inc.

(The)

10,503

754,956

Lincoln

National

Corp.

5,444

152,650

Loews

Corp.

6,164

386,175

Marsh

&

McLennan

Cos.,

Inc.

16,749

3,155,846

MetLife,

Inc.

21,779

1,371,424

Principal

Financial

Group,

Inc.

7,764

620,111

Progressive

Corp.

(The)

19,818

2,496,672

Prudential

Financial,

Inc.

12,261

1,183,064

Travelers

Cos.,

Inc.

(The)

7,820

1,349,810

W

R

Berkley

Corp.

6,509

401,540

Willis

Towers

Watson

plc

3,591

758,886

26,307,307

Interactive

Media

&

Services

5.7%

Alphabet,

Inc.,

Class

A*

201,134

26,694,505

Alphabet,

Inc.,

Class

C*

173,013

23,029,760

Match

Group,

Inc.*

9,738

452,914

Meta

Platforms,

Inc.,

Class

A*

74,893

23,860,910

74,038,089

Common

Stocks

Shares

Value

($)

IT

Services

1.2%

Accenture

plc,

Class

A

21,381

6,763,879

Akamai

Technologies,

Inc.*

5,153

486,959

Cognizant

Technology

Solutions

Corp.,

Class

A

17,181

1,134,461

DXC

Technology

Co.*

7,473

206,628

EPAM

Systems,

Inc.*

2,016

477,409

Gartner,

Inc.*

2,638

932,770

International

Business

Machines

Corp.

30,742

4,432,382

VeriSign,

Inc.*

3,066

646,773

15,081,261

Leisure

Products

0.0%

†

Hasbro,

Inc.

4,174

269,473

Life

Sciences

Tools

&

Services

1.6%

Agilent

Technologies,

Inc.

10,011

1,219,040

Bio-Rad

Laboratories,

Inc.,

Class

A*

770

312,127

Bio-Techne

Corp.

5,266

439,184

Charles

River

Laboratories

International,

Inc.*

1,775

371,934

Danaher

Corp.

22,484

5,734,769

Illumina,

Inc.*

5,315

1,021,277

IQVIA

Holdings,

Inc.*

6,282

1,405,660

Mettler-Toledo

International,

Inc.*

762

958,192

Revvity,

Inc.

4,212

517,866

Thermo

Fisher

Scientific,

Inc.

13,059

7,164,951

Waters

Corp.*

2,020

557,944

West

Pharmaceutical

Services,

Inc.

2,497

918,996

20,621,940

Machinery

1.8%

Caterpillar,

Inc.

17,447

4,626,421

Cummins,

Inc.

4,773

1,244,798

Deere

&

Co.

9,129

3,921,818

Dover

Corp.

4,861

709,560

Fortive

Corp.

11,970

937,850

IDEX

Corp.

2,574

581,235

Illinois

Tool

Works,

Inc.

9,363

2,465,465

Ingersoll

Rand,

Inc.

13,656

891,327

Nordson

Corp.

1,837

462,208

Otis

Worldwide

Corp.

13,983

1,271,894

PACCAR,

Inc.

17,692

1,523,812

Parker-Hannifin

Corp.

4,343

1,780,673

Pentair

plc(a)

5,688

395,316

Snap-on,

Inc.

1,747

475,953

Stanley

Black

&

Decker,

Inc.

5,079

504,192

Westinghouse

Air

Brake

Technologies

Corp.

6,063

718,102

Xylem,

Inc.

8,210

925,678

23,436,302

Media

0.8%

Charter

Communications,

Inc.,

Class

A*

3,517

1,425,053

Comcast

Corp.,

Class

A

140,817

6,373,377

Fox

Corp.,

Class

A

8,906

297,906

Fox

Corp.,

Class

B

5,046

158,495

Interpublic

Group

of

Cos.,

Inc.

(The)

12,707

434,961

News

Corp.,

Class

A

13,611

269,770

66

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

S&P

500

Index

Fund

Common

Stocks

Shares

Value

($)

Media

News

Corp.,

Class

B

4,930

99,142

Omnicom

Group,

Inc.

6,755

571,608

Paramount

Global,

Class

B(a)

16,404

262,956

9,893,268

Metals

&

Mining

0.4%

Freeport-McMoRan,

Inc.

48,524

2,166,597

Newmont

Corp.

26,905

1,154,763

Nucor

Corp.

8,505

1,463,625

Steel

Dynamics,

Inc.

5,437

579,475

5,364,460

Multi-Utilities

0.7%

Ameren

Corp.

9,093

778,997

CenterPoint

Energy,

Inc.

21,304

641,038

CMS

Energy

Corp.(a)

9,902

604,715

Consolidated

Edison,

Inc.

11,732

1,112,898

Dominion

Energy,

Inc.

28,129

1,506,308

DTE

Energy

Co.

6,906

789,356

NiSource,

Inc.

14,623

407,104

Public

Service

Enterprise

Group,

Inc.

16,893

1,066,286

Sempra

10,653

1,587,510

WEC

Energy

Group,

Inc.

10,907

980,103

9,474,315

Office

REITs

0.1%

Alexandria

Real

Estate

Equities,

Inc.

5,461

686,338

Boston

Properties,

Inc.

4,960

330,485

1,016,823

Oil,

Gas

&

Consumable

Fuels

3.8%

APA

Corp.

10,433

422,432

Chevron

Corp.

58,999

9,655,776

ConocoPhillips

40,967

4,822,635

Coterra

Energy,

Inc.

25,644

706,236

Devon

Energy

Corp.

21,725

1,173,150

Diamondback

Energy,

Inc.

6,081

895,853

EOG

Resources,

Inc.

19,801

2,624,227

EQT

Corp.(a)

12,555

529,570

Exxon

Mobil

Corp.

136,877

14,678,690

Hess

Corp.

9,356

1,419,586

Kinder

Morgan,

Inc.

66,372

1,175,448

Marathon

Oil

Corp.

20,909

549,280

Marathon

Petroleum

Corp.

14,364

1,910,699

Occidental

Petroleum

Corp.(a)

24,325

1,535,637

ONEOK,

Inc.

15,148

1,015,522

Phillips

66

15,535

1,732,929

Pioneer

Natural

Resources

Co.

7,913

1,785,727

Targa

Resources

Corp.

7,576

621,156

Valero

Energy

Corp.(a)

12,240

1,577,858

Williams

Cos.,

Inc.

(The)

41,242

1,420,787

50,253,198

Passenger

Airlines

0.2%

Alaska

Air

Group,

Inc.*

4,421

214,993

American

Airlines

Group,

Inc.*(a)

21,076

353,023

Delta

Air

Lines,

Inc.

21,759

1,006,571

Southwest

Airlines

Co.

19,716

673,499

United

Airlines

Holdings,

Inc.*

10,879

590,839

2,838,925

Common

Stocks

Shares

Value

($)

Personal

Care

Products

0.1%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

7,850

1,413,000

Pharmaceuticals

3.9%

Bristol-Myers

Squibb

Co.

71,125

4,423,264

Catalent,

Inc.*

6,061

294,080

Eli

Lilly

&

Co.

26,674

12,124,667

Johnson

&

Johnson

87,981

14,739,457

Merck

&

Co.,

Inc.

85,905

9,161,768

Organon

&

Co.

8,781

193,006

Pfizer,

Inc.

191,123

6,891,895

Viatris,

Inc.

41,454

436,511

Zoetis,

Inc.,

Class

A

15,645

2,942,668

51,207,316

Professional

Services

0.7%

Automatic

Data

Processing,

Inc.

13,986

3,458,178

Broadridge

Financial

Solutions,

Inc.

4,033

677,222

Ceridian

HCM

Holding,

Inc.*(a)

5,099

361,060

Equifax,

Inc.

4,152

847,340

Jacobs

Solutions,

Inc.

4,374

548,543

Leidos

Holdings,

Inc.

4,438

415,086

Paychex,

Inc.

10,862

1,362,855

Paycom

Software,

Inc.

1,618

596,654

Robert

Half,

Inc.

3,516

260,712

Verisk

Analytics,

Inc.,

Class

A

4,902

1,122,264

9,649,914

Real

Estate

Management

&

Development

0.2%

CBRE

Group,

Inc.,

Class

A*

10,406

866,924

CoStar

Group,

Inc.*

13,665

1,147,450

2,014,374

Residential

REITs

0.3%

AvalonBay

Communities,

Inc.

4,767

899,295

Camden

Property

Trust

3,692

402,760

Equity

Residential

11,545

761,277

Essex

Property

Trust,

Inc.

2,207

537,515

Invitation

Homes,

Inc.

19,511

692,640

Mid-America

Apartment

Communities,

Inc.

3,922

586,967

UDR,

Inc.

10,678

436,517

4,316,971

Retail

REITs

0.3%

Federal

Realty

Investment

Trust

2,636

267,607

Kimco

Realty

Corp.

20,313

411,541

Realty

Income

Corp.

22,792

1,389,628

Regency

Centers

Corp.

5,396

353,600

Simon

Property

Group,

Inc.

11,070

1,379,322

3,801,698

Semiconductors

&

Semiconductor

Equipment

7.6%

Advanced

Micro

Devices,

Inc.*

54,519

6,236,974

Analog

Devices,

Inc.

17,126

3,417,151

Applied

Materials,

Inc.

28,612

4,337,293

Broadcom,

Inc.

14,115

12,684,445

Enphase

Energy,

Inc.*

4,611

700,088

First

Solar,

Inc.*

3,347

694,168

Intel

Corp.

141,210

5,051,082

KLA

Corp.

4,645

2,387,298

Lam

Research

Corp.

4,548

3,267,692

Nationwide

S&P

500

Index

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

67

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

Microchip

Technology,

Inc.

18,546

1,742,211

Micron

Technology,

Inc.

37,051

2,645,071

Monolithic

Power

Systems,

Inc.

1,525

853,222

NVIDIA

Corp.

83,728

39,125,257

NXP

Semiconductors

NV

8,794

1,960,886

ON

Semiconductor

Corp.*(a)

14,621

1,575,413

Qorvo,

Inc.*

3,451

379,679

QUALCOMM,

Inc.

37,715

4,984,791

Skyworks

Solutions,

Inc.

5,237

598,956

SolarEdge

Technologies,

Inc.*

1,893

457,084

Teradyne,

Inc.(a)

5,198

587,062

Texas

Instruments,

Inc.

30,729

5,531,220

99,217,043

Software

10.0%

Adobe,

Inc.*

15,529

8,481,474

ANSYS,

Inc.*

2,930

1,002,353

Autodesk,

Inc.*

7,250

1,536,928

Cadence

Design

Systems,

Inc.*

9,232

2,160,380

Fair

Isaac

Corp.*

825

691,325

Fortinet,

Inc.*

22,064

1,714,814

Gen

Digital,

Inc.

19,462

378,536

Intuit,

Inc.

9,498

4,860,127

Microsoft

Corp.

251,730

84,561,142

Oracle

Corp.

52,099

6,107,566

Palo

Alto

Networks,

Inc.*

10,245

2,560,840

PTC,

Inc.*

3,660

533,665

Roper

Technologies,

Inc.

3,609

1,779,417

Salesforce,

Inc.*

33,145

7,457,956

ServiceNow,

Inc.*

6,898

4,021,534

Synopsys,

Inc.*

5,156

2,329,481

Tyler

Technologies,

Inc.*

1,423

564,404

130,741,942

Specialized

REITs

1.1%

American

Tower

Corp.

15,778

3,002,711

Crown

Castle,

Inc.

14,682

1,589,914

Digital

Realty

Trust,

Inc.

9,864

1,229,252

Equinix,

Inc.

3,166

2,564,207

Extra

Space

Storage,

Inc.

7,148

997,646

Iron

Mountain,

Inc.

10,033

616,026

Public

Storage

5,357

1,509,335

SBA

Communications

Corp.,

Class

A

3,668

803,108

VICI

Properties,

Inc.,

Class

A

33,606

1,057,917

Weyerhaeuser

Co.

24,550

836,173

14,206,289

Specialty

Retail

2.1%

Advance

Auto

Parts,

Inc.

2,093

155,698

AutoZone,

Inc.*

623

1,546,112

Bath

&

Body

Works,

Inc.

8,139

301,631

Best

Buy

Co.,

Inc.

6,767

561,999

CarMax,

Inc.*(a)

5,381

444,525

Home

Depot,

Inc.

(The)

34,284

11,445,371

Lowe's

Cos.,

Inc.

20,190

4,729,911

O'Reilly

Automotive,

Inc.*

2,061

1,908,053

Ross

Stores,

Inc.

11,580

1,327,531

TJX

Cos.,

Inc.

(The)

38,984

3,373,286

Tractor

Supply

Co.(a)

3,692

826,971

Common

Stocks

Shares

Value

($)

Specialty

Retail

Ulta

Beauty,

Inc.*

1,663

739,702

27,360,790

Technology

Hardware,

Storage

&

Peripherals

7.7%

Apple,

Inc.

500,549

98,332,851

Hewlett

Packard

Enterprise

Co.

44,790

778,450

HP,

Inc.

29,349

963,528

NetApp,

Inc.

7,397

577,040

Seagate

Technology

Holdings

plc

6,487

411,924

Western

Digital

Corp.*

10,746

457,350

101,521,143

Textiles,

Apparel

&

Luxury

Goods

0.4%

NIKE,

Inc.,

Class

B

41,713

4,604,698

Ralph

Lauren

Corp.,

Class

A

1,456

191,217

Tapestry,

Inc.

7,968

343,819

VF

Corp.

11,221

222,288

5,362,022

Tobacco

0.6%

Altria

Group,

Inc.

60,433

2,744,867

Philip

Morris

International,

Inc.

52,550

5,240,286

7,985,153

Trading

Companies

&

Distributors

0.3%

Fastenal

Co.

19,328

1,132,814

United

Rentals,

Inc.

2,303

1,070,158

WW

Grainger,

Inc.

1,512

1,116,597

3,319,569

Water

Utilities

0.1%

American

Water

Works

Co.,

Inc.

6,676

984,243

Wireless

Telecommunication

Services

0.2%

T-Mobile

US,

Inc.*

19,499

2,686,377

Total

Common

Stocks

(cost

$661,981,715)

1,297,477,256

Repurchase

Agreement

0.1%

Principal

Amount

($)

CF

Secured,

LLC,

5.28%,

dated

7/31/2023,

due

8/1/2023,

repurchase

price

$1,910,884,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.63%,

maturing

8/8/2023

-

8/15/2052;

total

market

value

$1,949,101.

(b)

1,910,603

1,910,603

Total

Repurchase

Agreement

(cost

$1,910,603)

1,910,603

Total

Investments

(cost

$663,892,318)

—

99.1%

1,299,387,859

Other

assets

in

excess

of

liabilities

—

0.9%

11,531,131

NET

ASSETS

—

100.0%

$

1,310,918,990

68

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

S&P

500

Index

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,

2023.

The

total

value

of

securities

on

loan

as

of

July

31,

2023

was

$27,337,915,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$1,910,603

and

by

$25,883,178

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

6.13%,

and

maturity

dates

ranging

from

8/15/2023

–

11/15/2052,

a

total

value

of

$27,793,781.

(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,

2023

was

$1,910,603.

REIT

Real

Estate

Investment

Trust

Futures

contracts

outstanding

as

of

July

31,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

S&P

500

E-Mini

Index

64

9/2023

USD

14,766,400

404,599

Net

contracts

404,599

As

of

July

31,

2023,

the

Fund

had

$654,200

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

Nationwide

S&P

500

Index

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

69

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.

70

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

S&P

500

Index

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

July

31,

2023.

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,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

July

31,

2023:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

1,297,477,256

$

–

$

–

$

1,297,477,256

Futures

Contracts

404,599

–

–

404,599

Repurchase

Agreement

–

1,910,603

–

1,910,603

Total

$

1,297,881,855

$

1,910,603

$

–

$

1,299,792,458

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

404,599

Total

$

404,599

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Small

Cap

Index

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

71

Closed

End

Fund

Closed

End

Fund

0.0%

†

Principal

Amount

($)

Value

($)

Diversified

REITs

0.0%

†

NexPoint

Diversified

Real

Estate

Trust

2,904

33,948

Total

Closed

End

Fund

(cost  $30,893)

33,948

Common

Stocks

99.9%

Shares

Value

($)

Aerospace

&

Defense

0.9%

AAR

Corp.*

3,324

198,775

AeroVironment,

Inc.*

2,384

227,100

AerSale

Corp.*

2,420

36,324

Archer

Aviation,

Inc.,

Class

A*(a)

13,751

92,544

Astronics

Corp.*

2,468

51,779

Cadre

Holdings,

Inc.(a)

1,859

43,259

Ducommun,

Inc.*

1,100

55,154

Eve

Holding,

Inc.*(a)

1,713

15,674

Kaman

Corp.

2,635

60,315

Kratos

Defense

&

Security

Solutions,

Inc.*

11,749

177,293

Leonardo

DRS,

Inc.*(a)

4,779

79,762

Moog,

Inc.,

Class

A

2,760

291,015

National

Presto

Industries,

Inc.

485

37,980

Park

Aerospace

Corp.

2,055

29,859

Parsons

Corp.*

3,908

193,133

Redwire

Corp.*(a)

1,177

4,284

Rocket

Lab

USA,

Inc.*(a)

26,392

194,509

Terran

Orbital

Corp.*

9,164

13,746

Triumph

Group,

Inc.*

6,010

76,027

V2X,

Inc.*

1,096

56,400

Virgin

Galactic

Holdings,

Inc.*(a)

23,908

102,326

2,037,258

Air

Freight

&

Logistics

0.3%

Air

Transport

Services

Group,

Inc.*

5,642

113,743

Forward

Air

Corp.(a)

2,571

305,538

Hub

Group,

Inc.,

Class

A*

3,079

277,510

Radiant

Logistics,

Inc.*

3,719

28,636

725,427

Automobile

Components

1.5%

Adient

plc*

8,980

382,189

American

Axle

&

Manufacturing

Holdings,

Inc.*

10,514

99,357

Cooper-Standard

Holdings,

Inc.*

261

4,808

Dana,

Inc.

12,633

239,774

Dorman

Products,

Inc.*

2,520

213,419

Fox

Factory

Holding

Corp.*

4,071

455,545

Gentherm,

Inc.*(a)

3,203

191,443

Goodyear

Tire

&

Rubber

Co.

(The)*

26,702

429,368

Holley,

Inc.*(a)

4,418

27,966

LCI

Industries

2,380

324,323

Luminar

Technologies,

Inc.,

Class

A*(a)

25,782

190,787

Common

Stocks

Shares

Value

($)

Automobile

Components

Modine

Manufacturing

Co.*

4,958

186,222

Patrick

Industries,

Inc.(a)

2,105

182,188

Solid

Power,

Inc.*(a)

13,746

39,313

Standard

Motor

Products,

Inc.

2,027

77,371

Stoneridge,

Inc.*

2,472

50,528

Visteon

Corp.*(a)

2,647

407,876

XPEL,

Inc.

Reg.

S*

2,141

173,913

3,676,390

Automobiles

0.1%

Fisker,

Inc.,

Class

A*(a)

18,568

114,565

Livewire

Group,

Inc.*

1,043

12,641

Winnebago

Industries,

Inc.(a)

2,893

199,038

Workhorse

Group,

Inc.*(a)

14,864

19,769

346,013

Banks

8.6%

1st

Source

Corp.

1,572

73,727

ACNB

Corp.

702

24,359

Amalgamated

Financial

Corp.

1,840

36,726

Amerant

Bancorp,

Inc.,

Class

A

2,818

55,853

American

National

Bankshares,

Inc.

1,003

41,404

Ameris

Bancorp

6,288

274,471

Ames

National

Corp.(a)

815

15,697

Arrow

Financial

Corp.

1,453

29,234

Associated

Banc-Corp.

14,389

272,672

Atlantic

Union

Bankshares

Corp.

7,095

226,898

Axos

Financial,

Inc.*

5,444

255,868

Banc

of

California,

Inc.

5,088

72,300

BancFirst

Corp.

2,086

208,391

Bancorp,

Inc.

(The)*

4,736

179,494

Bank

First

Corp.(a)

884

78,110

Bank

of

Hawaii

Corp.

2,892

165,220

Bank

of

Marin

Bancorp

1,552

32,561

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

4,911

157,790

Bank7

Corp.

353

9,340

BankUnited,

Inc.

7,077

211,178

Bankwell

Financial

Group,

Inc.

706

19,309

Banner

Corp.

3,115

148,305

Bar

Harbor

Bankshares

1,512

41,293

BayCom

Corp.

1,262

25,442

BCB

Bancorp,

Inc.

1,417

18,208

Berkshire

Hills

Bancorp,

Inc.

3,916

89,324

Blue

Foundry

Bancorp*

2,445

24,963

Blue

Ridge

Bankshares,

Inc.

1,644

13,859

Bridgewater

Bancshares,

Inc.*

2,014

21,570

Brookline

Bancorp,

Inc.

8,138

86,914

Burke

&

Herbert

Financial

Services

Corp.(a)

609

32,880

Business

First

Bancshares,

Inc.

2,271

46,442

Byline

Bancorp,

Inc.

2,437

53,492

C&F

Financial

Corp.(a)

311

17,488

Cadence

Bank

15,354

384,618

Cambridge

Bancorp(a)

784

48,247

Camden

National

Corp.

1,396

48,274

Capital

Bancorp,

Inc.

850

17,128

Capital

City

Bank

Group,

Inc.

1,220

39,565

72

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Banks

Capitol

Federal

Financial,

Inc.

(a)

12,315

81,648

Capstar

Financial

Holdings,

Inc.

1,971

29,328

Carter

Bankshares,

Inc.*

2,406

35,344

Cathay

General

Bancorp

6,727

255,895

Central

Pacific

Financial

Corp.

2,361

43,065

Central

Valley

Community

Bancorp

945

16,160

Chemung

Financial

Corp.

331

14,120

ChoiceOne

Financial

Services,

Inc.

661

16,029

Citizens

&

Northern

Corp.

1,620

34,344

Citizens

Financial

Services,

Inc.(a)

411

28,965

City

Holding

Co.(a)

1,362

134,715

Civista

Bancshares,

Inc.

1,468

26,776

CNB

Financial

Corp.

1,946

37,869

Coastal

Financial

Corp.*

962

43,454

Codorus

Valley

Bancorp,

Inc.

(a)

908

19,967

Colony

Bankcorp,

Inc.

1,315

14,097

Columbia

Financial,

Inc.*(a)

3,052

53,349

Community

Bank

System,

Inc.

4,921

264,897

Community

Trust

Bancorp,

Inc.

1,512

58,031

ConnectOne

Bancorp,

Inc.

3,584

73,364

CrossFirst

Bankshares,

Inc.*

4,460

52,048

Customers

Bancorp,

Inc.*

2,806

117,796

CVB

Financial

Corp.

12,249

231,139

Dime

Community

Bancshares,

Inc.

3,302

73,965

Eagle

Bancorp,

Inc.

2,873

79,582

Eastern

Bankshares,

Inc.

14,763

208,454

Enterprise

Bancorp,

Inc.

946

30,121

Enterprise

Financial

Services

Corp.

3,483

142,803

Equity

Bancshares,

Inc.,

Class

A

1,391

37,780

Esquire

Financial

Holdings,

Inc.

736

36,760

ESSA

Bancorp,

Inc.(a)

822

13,662

Evans

Bancorp,

Inc.(a)

496

14,741

Farmers

&

Merchants

Bancorp,

Inc.(a)

1,241

26,458

Farmers

National

Banc

Corp.

(a)

3,762

51,727

FB

Financial

Corp.

3,451

122,234

Fidelity

D&D

Bancorp,

Inc.

441

22,376

Financial

Institutions,

Inc.

1,547

29,671

First

Bancorp

20,202

367,451

First

Bancorp,

Inc.

(The)

1,016

26,812

First

Bancshares,

Inc.

(The)

2,872

89,922

First

Bank

1,606

20,075

First

Busey

Corp.

4,977

107,802

First

Business

Financial

Services,

Inc.

696

23,657

First

Commonwealth

Financial

Corp.

9,045

130,610

First

Community

Bankshares,

Inc.(a)

1,606

54,010

First

Community

Corp.(a)

698

13,786

Common

Stocks

Shares

Value

($)

Banks

First

Financial

Bancorp

8,817

203,585

First

Financial

Bankshares,

Inc.(a)

12,306

401,053

First

Financial

Corp.

1,029

39,318

First

Foundation,

Inc.

5,298

38,728

First

Interstate

BancSystem,

Inc.,

Class

A

7,824

224,784

First

Merchants

Corp.

5,670

182,120

First

Mid

Bancshares,

Inc.

1,939

59,353

First

of

Long

Island

Corp.

(The)

2,185

30,459

First

Western

Financial,

Inc.*

851

17,650

Five

Star

Bancorp

1,179

29,098

Flushing

Financial

Corp.

2,695

42,527

FS

Bancorp,

Inc.

627

19,437

Fulton

Financial

Corp.(a)

15,629

223,495

FVCBankcorp,

Inc.*

1,611

20,717

German

American

Bancorp,

Inc.(a)

2,620

77,185

Glacier

Bancorp,

Inc.

10,555

345,149

Great

Southern

Bancorp,

Inc.

899

49,742

Greene

County

Bancorp,

Inc.

(a)

542

18,677

Guaranty

Bancshares,

Inc.

792

25,178

Hancock

Whitney

Corp.

8,298

365,195

Hanmi

Financial

Corp.

3,030

57,570

HarborOne

Bancorp,

Inc.

3,951

41,446

HBT

Financial,

Inc.

1,436

28,490

Heartland

Financial

USA,

Inc.

3,910

134,269

Heritage

Commerce

Corp.

5,783

55,517

Heritage

Financial

Corp.

3,262

61,195

Hilltop

Holdings,

Inc.(a)

4,744

146,732

Hingham

Institution

for

Savings(a)

139

30,921

Home

Bancorp,

Inc.

746

26,573

Home

BancShares,

Inc.

18,184

442,053

HomeStreet,

Inc.

1,670

15,364

HomeTrust

Bancshares,

Inc.

1,628

39,577

Hope

Bancorp,

Inc.

10,944

118,852

Horizon

Bancorp,

Inc.

4,114

50,972

Independent

Bank

Corp.

6,122

288,008

Independent

Bank

Group,

Inc.

3,445

154,577

International

Bancshares

Corp.

5,168

256,540

John

Marshall

Bancorp,

Inc.(a)

1,161

22,059

Kearny

Financial

Corp.

5,803

49,848

Lakeland

Bancorp,

Inc.

5,850

88,394

Lakeland

Financial

Corp.

2,306

127,845

LCNB

Corp.

1,001

17,548

Live

Oak

Bancshares,

Inc.

3,296

124,820

Luther

Burbank

Corp.

1,124

11,577

Macatawa

Bank

Corp.

2,314

22,793

MainStreet

Bancshares,

Inc.

659

15,730

Mercantile

Bank

Corp.

1,485

52,153

Metrocity

Bankshares,

Inc.

1,755

37,627

Metropolitan

Bank

Holding

Corp.*(a)

935

42,346

Mid

Penn

Bancorp,

Inc.

1,338

31,443

Middlefield

Banc

Corp.

744

21,769

Midland

States

Bancorp,

Inc.

2,010

47,094

MidWestOne

Financial

Group,

Inc.

1,433

35,151

MVB

Financial

Corp.

976

24,976

Nationwide

Small

Cap

Index

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

73

Common

Stocks

Shares

Value

($)

Banks

National

Bank

Holdings

Corp.,

Class

A

2,880

98,957

National

Bankshares,

Inc.(a)

547

16,284

NBT

Bancorp,

Inc.

3,926

146,047

Nicolet

Bankshares,

Inc.

1,258

105,232

Northeast

Bank

782

37,254

Northeast

Community

Bancorp,

Inc.

1,267

20,513

Northfield

Bancorp,

Inc.

3,885

47,319

Northrim

Bancorp,

Inc.

96

4,589

Northwest

Bancshares,

Inc.

11,140

137,690

Norwood

Financial

Corp.

698

22,231

Oak

Valley

Bancorp(a)

637

17,447

OceanFirst

Financial

Corp.

5,399

100,583

OFG

Bancorp

4,355

145,849

Old

National

Bancorp

27,791

473,281

Old

Second

Bancorp,

Inc.

4,227

67,590

Orange

County

Bancorp,

Inc.

(a)

483

21,754

Origin

Bancorp,

Inc.

2,763

90,074

Orrstown

Financial

Services,

Inc.

1,042

24,383

Pacific

Premier

Bancorp,

Inc.

8,257

210,884

PacWest

Bancorp(a)

11,354

105,592

Park

National

Corp.(a)

1,358

151,444

Parke

Bancorp,

Inc.(a)

1,095

21,725

Pathward

Financial,

Inc.

2,484

129,069

PCB

Bancorp

1,142

18,637

Peapack-Gladstone

Financial

Corp.

1,716

50,159

Penns

Woods

Bancorp,

Inc.

649

17,504

Peoples

Bancorp,

Inc.

3,217

90,623

Peoples

Financial

Services

Corp.

684

31,594

Pioneer

Bancorp,

Inc.*

1,383

13,595

Plumas

Bancorp

518

18,741

Ponce

Financial

Group,

Inc.*(a)

1,936

17,869

Preferred

Bank

916

60,529

Premier

Financial

Corp.

3,339

72,323

Primis

Financial

Corp.

2,286

21,740

Princeton

Bancorp,

Inc.

481

14,387

Provident

Financial

Services,

Inc.

6,956

128,964

QCR

Holdings,

Inc.

1,643

84,171

RBB

Bancorp

1,657

24,308

Red

River

Bancshares,

Inc.

432

21,172

Renasant

Corp.

5,168

159,898

Republic

Bancorp,

Inc.,

Class

A

828

37,947

S&T

Bancorp,

Inc.(a)

3,473

109,677

Sandy

Spring

Bancorp,

Inc.

4,213

103,092

Seacoast

Banking

Corp.

of

Florida

7,530

186,066

ServisFirst

Bancshares,

Inc.(a)

4,775

284,972

Shore

Bancshares,

Inc.(a)

2,830

33,677

Sierra

Bancorp

1,449

30,516

Simmons

First

National

Corp.,

Class

A

11,397

230,105

SmartFinancial,

Inc.

1,478

37,127

South

Plains

Financial,

Inc.

1,282

34,422

Common

Stocks

Shares

Value

($)

Banks

Southern

First

Bancshares,

Inc.*

712

21,488

Southern

Missouri

Bancorp,

Inc.

837

40,235

Southern

States

Bancshares,

Inc.

710

17,856

Southside

Bancshares,

Inc.

2,953

98,069

SouthState

Corp.

7,232

561,709

Stellar

Bancorp,

Inc.

4,725

117,463

Sterling

Bancorp,

Inc.*

1,722

10,229

Stock

Yards

Bancorp,

Inc.(a)

2,690

128,609

Summit

Financial

Group,

Inc.

1,137

25,651

Texas

Capital

Bancshares,

Inc.*

4,662

297,669

Third

Coast

Bancshares,

Inc.*

1,379

28,518

Timberland

Bancorp,

Inc.(a)

714

22,341

Tompkins

Financial

Corp.

1,344

80,855

Towne

Bank

6,828

172,612

TriCo

Bancshares

2,897

108,290

Triumph

Financial,

Inc.*

2,029

143,876

TrustCo

Bank

Corp.

1,233

37,471

Trustmark

Corp.

5,693

149,498

UMB

Financial

Corp.

4,246

301,466

United

Bankshares,

Inc.(a)

12,356

413,185

United

Community

Banks,

Inc.

10,234

297,502

Unity

Bancorp,

Inc.

713

18,909

Univest

Financial

Corp.

2,733

53,294

USCB

Financial

Holdings,

Inc.*

1,191

13,053

Valley

National

Bancorp(a)

40,725

417,839

Veritex

Holdings,

Inc.

4,372

94,042

Virginia

National

Bankshares

Corp.(a)

447

16,195

Washington

Federal,

Inc.

6,095

189,189

Washington

Trust

Bancorp,

Inc.

1,606

51,488

WesBanco,

Inc.

5,516

154,503

West

Bancorp,

Inc.

1,569

31,474

Westamerica

Bancorp

2,410

118,548

WSFS

Financial

Corp.

5,587

244,431

20,747,915

Beverages

0.4%

Coca-Cola

Consolidated,

Inc.

455

288,202

Duckhorn

Portfolio,

Inc.

(The)*

4,249

53,452

MGP

Ingredients,

Inc.(a)

1,502

171,243

National

Beverage

Corp.*

2,219

117,274

Primo

Water

Corp.

15,261

216,248

Vita

Coco

Co.,

Inc.

(The)*

2,601

68,719

Zevia

PBC,

Class

A*(a)

2,360

6,561

921,699

Biotechnology

7.0%

2seventy

bio,

Inc.*

4,753

36,075

4D

Molecular

Therapeutics,

Inc.*

3,009

55,065

89bio,

Inc.*(a)

5,849

92,648

Aadi

Bioscience,

Inc.*(a)

1,234

6,577

ACADIA

Pharmaceuticals,

Inc.*

11,424

334,038

Acrivon

Therapeutics,

Inc.*

848

10,549

Actinium

Pharmaceuticals,

Inc.*(a)

2,461

17,522

Adicet

Bio,

Inc.*

2,581

6,891

74

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Biotechnology

ADMA

Biologics,

Inc.*

20,502

85,083

Aerovate

Therapeutics,

Inc.*

802

13,995

Agenus,

Inc.*

33,868

51,479

Agios

Pharmaceuticals,

Inc.*

5,368

142,359

Akero

Therapeutics,

Inc.*(a)

4,251

184,493

Aldeyra

Therapeutics,

Inc.*

4,407

35,763

Alector,

Inc.*

5,572

38,224

Alkermes

plc*

15,719

460,252

Allakos,

Inc.*

6,291

33,846

Allogene

Therapeutics,

Inc.*(a)

7,474

37,071

Allovir,

Inc.*

4,350

14,312

Alpine

Immune

Sciences,

Inc.*(a)

3,004

37,670

Altimmune,

Inc.*

4,677

15,481

ALX

Oncology

Holdings,

Inc.*

1,864

11,389

Amicus

Therapeutics,

Inc.*

26,592

362,183

AnaptysBio,

Inc.*(a)

2,104

41,470

Anavex

Life

Sciences

Corp.*(a)

6,416

52,932

Anika

Therapeutics,

Inc.*

1,420

33,129

Annexon,

Inc.*

4,319

14,901

Arbutus

Biopharma

Corp.*

10,829

23,499

Arcellx,

Inc.*(a)

3,591

122,992

Arcturus

Therapeutics

Holdings,

Inc.*

2,160

75,514

Arcus

Biosciences,

Inc.*

4,875

97,013

Arcutis

Biotherapeutics,

Inc.*

4,865

53,077

Ardelyx,

Inc.*

20,155

79,411

Arrowhead

Pharmaceuticals,

Inc.*

9,794

338,089

ARS

Pharmaceuticals,

Inc.*(a)

2,295

16,868

Astria

Therapeutics,

Inc.*(a)

2,417

21,656

Atara

Biotherapeutics,

Inc.*

9,924

21,932

Aura

Biosciences,

Inc.*

2,363

28,120

Aurinia

Pharmaceuticals,

Inc.*(a)

12,998

150,517

Avid

Bioservices,

Inc.*

5,846

74,010

Avidity

Biosciences,

Inc.*

6,392

60,788

Avita

Medical,

Inc.*

2,379

48,175

Beam

Therapeutics,

Inc.*(a)

6,467

199,636

BioAtla,

Inc.*(a)

4,185

12,513

BioCryst

Pharmaceuticals,

Inc.*

18,052

133,404

Biohaven

Ltd.*

5,919

117,670

Biomea

Fusion,

Inc.*(a)

1,880

41,830

Bioxcel

Therapeutics,

Inc.*(a)

1,915

17,503

Bluebird

Bio,

Inc.*(a)

10,093

39,666

Blueprint

Medicines

Corp.*

5,699

376,134

Bridgebio

Pharma,

Inc.*

10,837

379,403

Cabaletta

Bio,

Inc.*

2,420

32,960

CareDx,

Inc.*(a)

4,840

52,804

Caribou

Biosciences,

Inc.*(a)

5,138

36,942

Carisma

Therapeutics,

Inc.

2,523

14,003

Catalyst

Pharmaceuticals,

Inc.*

9,533

131,841

Celcuity,

Inc.*

1,631

16,114

Celldex

Therapeutics,

Inc.*

4,450

157,352

Century

Therapeutics,

Inc.*(a)

1,910

5,826

Cerevel

Therapeutics

Holdings,

Inc.*

5,856

179,135

Chinook

Therapeutics,

Inc.*

5,489

215,059

Cogent

Biosciences,

Inc.*(a)

6,352

82,512

Common

Stocks

Shares

Value

($)

Biotechnology

Coherus

Biosciences,

Inc.*

7,172

34,569

Compass

Therapeutics,

Inc.*

8,635

24,782

Crinetics

Pharmaceuticals,

Inc.*

5,006

95,114

Cue

Biopharma,

Inc.*(a)

3,270

12,491

Cullinan

Oncology,

Inc.*(a)

2,452

25,967

Cytokinetics,

Inc.*(a)

8,813

293,914

Day

One

Biopharmaceuticals,

Inc.*

4,659

61,685

Deciphera

Pharmaceuticals,

Inc.*

5,060

68,411

Denali

Therapeutics,

Inc.*

11,180

317,847

Design

Therapeutics,

Inc.*(a)

3,288

26,764

Disc

Medicine,

Inc.*(a)

732

36,307

Dynavax

Technologies

Corp.*

12,265

171,587

Dyne

Therapeutics,

Inc.*

4,022

48,988

Eagle

Pharmaceuticals,

Inc.*

1,114

23,127

Editas

Medicine,

Inc.,

Class

A*

6,513

57,184

Emergent

BioSolutions,

Inc.*

4,708

32,391

Enanta

Pharmaceuticals,

Inc.*

2,036

38,623

Entrada

Therapeutics,

Inc.*

2,025

35,174

EQRx,

Inc.*(a)

30,194

51,632

Erasca,

Inc.*

8,307

21,930

Fate

Therapeutics,

Inc.*

7,762

32,057

Fennec

Pharmaceuticals,

Inc.*

1,717

15,298

FibroGen,

Inc.*

8,480

17,469

Foghorn

Therapeutics,

Inc.*

1,979

18,128

Genelux

Corp.*

262

5,520

Generation

Bio

Co.*

4,131

20,985

Geron

Corp.*

47,124

152,682

Graphite

Bio,

Inc.*

2,652

6,710

Gritstone

bio,

Inc.*

8,305

16,361

Halozyme

Therapeutics,

Inc.*

12,673

544,432

Heron

Therapeutics,

Inc.*(a)

9,068

15,053

HilleVax,

Inc.*(a)

2,021

30,760

Humacyte,

Inc.*(a)

5,244

17,200

Icosavax,

Inc.*(a)

2,280

20,132

Ideaya

Biosciences,

Inc.*

5,138

114,886

IGM

Biosciences,

Inc.*(a)

945

10,055

Immuneering

Corp.,

Class

A*(a)

1,919

19,497

ImmunityBio,

Inc.*(a)

10,432

22,950

ImmunoGen,

Inc.*

22,772

405,797

Immunovant,

Inc.*

5,106

116,570

Inhibrx,

Inc.*

3,291

65,985

Inozyme

Pharma,

Inc.*

3,203

16,335

Insmed,

Inc.*(a)

12,806

282,885

Intellia

Therapeutics,

Inc.*

8,349

353,413

Intercept

Pharmaceuticals,

Inc.*

2,209

23,857

Iovance

Biotherapeutics,

Inc.*

19,686

142,920

Ironwood

Pharmaceuticals,

Inc.,

Class

A*(a)

13,310

147,608

iTeos

Therapeutics,

Inc.*

2,365

33,252

Janux

Therapeutics,

Inc.*

1,849

25,886

KalVista

Pharmaceuticals,

Inc.*(a)

2,119

21,402

Karyopharm

Therapeutics,

Inc.*

10,717

19,291

Keros

Therapeutics,

Inc.*

2,130

89,204

Kezar

Life

Sciences,

Inc.*

7,413

16,605

Nationwide

Small

Cap

Index

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

75

Common

Stocks

Shares

Value

($)

Biotechnology

Kiniksa

Pharmaceuticals

Ltd.,

Class

A*

2,768

52,149

Kodiak

Sciences,

Inc.*(a)

3,213

9,607

Krystal

Biotech,

Inc.*

2,027

261,686

Kura

Oncology,

Inc.*

6,133

64,029

Kymera

Therapeutics,

Inc.*

3,656

79,993

Larimar

Therapeutics,

Inc.*

2,427

10,388

Lexicon

Pharmaceuticals,

Inc.*(a)

7,325

14,723

Lineage

Cell

Therapeutics,

Inc.*

12,211

18,683

Lyell

Immunopharma,

Inc.*(a)

15,810

45,691

MacroGenics,

Inc.*

5,499

26,230

Madrigal

Pharmaceuticals,

Inc.*

1,289

264,632

MannKind

Corp.*(a)

24,798

113,327

MeiraGTx

Holdings

plc*

2,997

18,881

Merrimack

Pharmaceuticals,

Inc.*(a)

991

11,902

Mersana

Therapeutics,

Inc.*(a)

8,823

10,808

MiMedx

Group,

Inc.*

10,526

84,945

Mineralys

Therapeutics,

Inc.*(a)

1,185

16,744

Mirum

Pharmaceuticals,

Inc.*

2,530

65,173

Monte

Rosa

Therapeutics,

Inc.*

2,724

19,259

Morphic

Holding,

Inc.*

2,880

163,382

Myriad

Genetics,

Inc.*

7,767

173,592

Nkarta,

Inc.*

2,853

6,533

Novavax,

Inc.*(a)

8,239

76,458

Nurix

Therapeutics,

Inc.*

4,204

40,821

Nuvalent,

Inc.,

Class

A*(a)

2,269

113,110

Nuvectis

Pharma,

Inc.*(a)

648

9,104

Ocean

Biomedical,

Inc.*(a)

1,269

5,952

Olema

Pharmaceuticals,

Inc.*

2,540

21,971

Omega

Therapeutics,

Inc.*

2,306

12,891

Organogenesis

Holdings,

Inc.,

Class

A*

6,549

27,964

ORIC

Pharmaceuticals,

Inc.*

3,693

30,873

Outlook

Therapeutics,

Inc.*(a)

12,464

21,563

Ovid

therapeutics,

Inc.*(a)

5,642

20,255

PDS

Biotechnology

Corp.*

2,646

15,122

PepGen,

Inc.*

1,499

8,979

PMV

Pharmaceuticals,

Inc.*

3,466

22,668

Point

Biopharma

Global,

Inc.*

8,752

78,243

Poseida

Therapeutics,

Inc.,

Class

A*(a)

6,431

11,126

Precigen,

Inc.*(a)

14,407

20,026

Prelude

Therapeutics,

Inc.*

1,278

4,997

Prime

Medicine,

Inc.*

3,743

56,407

ProKidney

Corp.,

Class

A*

5,839

74,856

Protagonist

Therapeutics,

Inc.*

5,130

99,522

Protalix

BioTherapeutics,

Inc.*

5,315

8,504

Prothena

Corp.

plc*

3,923

270,177

PTC

Therapeutics,

Inc.*

6,627

267,333

Rallybio

Corp.*(a)

2,893

17,300

RAPT

Therapeutics,

Inc.*

2,992

71,509

Recursion

Pharmaceuticals,

Inc.,

Class

A*(a)

12,732

179,776

REGENXBIO,

Inc.*(a)

3,810

72,390

Relay

Therapeutics,

Inc.*(a)

8,279

104,315

Reneo

Pharmaceuticals,

Inc.*

916

7,355

Common

Stocks

Shares

Value

($)

Biotechnology

Replimune

Group,

Inc.*

3,855

81,225

REVOLUTION

Medicines,

Inc.*

9,597

251,921

Rhythm

Pharmaceuticals,

Inc.*

4,861

86,720

Rigel

Pharmaceuticals,

Inc.*

15,130

20,879

Rocket

Pharmaceuticals,

Inc.*

5,337

96,333

Sage

Therapeutics,

Inc.*

4,946

171,527

Sana

Biotechnology,

Inc.*(a)

9,235

54,117

Sangamo

Therapeutics,

Inc.*

12,951

17,031

Savara,

Inc.*(a)

7,215

25,830

Scholar

Rock

Holding

Corp.*

2,684

19,056

Selecta

Biosciences,

Inc.*(a)

10,990

11,979

Seres

Therapeutics,

Inc.*(a)

9,205

44,276

SpringWorks

Therapeutics,

Inc.*(a)

5,514

173,029

Stoke

Therapeutics,

Inc.*

2,610

17,330

Summit

Therapeutics,

Inc.*

10,965

23,027

Sutro

Biopharma,

Inc.*

4,977

22,247

Syndax

Pharmaceuticals,

Inc.*(a)

6,234

132,909

Tango

Therapeutics,

Inc.*(a)

4,015

13,571

Tenaya

Therapeutics,

Inc.*

4,174

20,202

TG

Therapeutics,

Inc.*

12,985

268,660

Travere

Therapeutics,

Inc.*

6,893

118,491

Twist

Bioscience

Corp.*

5,588

136,012

Tyra

Biosciences,

Inc.*(a)

1,150

17,043

UroGen

Pharma

Ltd.*(a)

1,851

40,093

Vanda

Pharmaceuticals,

Inc.*

4,830

27,917

Vaxcyte,

Inc.*

8,700

418,122

Vaxxinity,

Inc.,

Class

A*(a)

4,033

10,849

Vera

Therapeutics,

Inc.,

Class

A*

3,199

60,045

Veracyte,

Inc.*

6,966

191,217

Vericel

Corp.*

4,488

161,209

Verve

Therapeutics,

Inc.*

4,941

101,241

Vigil

Neuroscience,

Inc.*

1,520

12,373

Viking

Therapeutics,

Inc.*(a)

9,098

131,921

Vir

Biotechnology,

Inc.*

7,925

111,584

Viridian

Therapeutics,

Inc.*

3,993

74,909

Vor

BioPharma,

Inc.*

3,565

10,766

Voyager

Therapeutics,

Inc.*

3,005

28,007

X4

Pharmaceuticals,

Inc.*

11,650

20,854

Xencor,

Inc.*

5,617

136,437

XOMA

Corp.*(a)

692

10,899

Y-mAbs

Therapeutics,

Inc.*

3,311

20,164

Zentalis

Pharmaceuticals,

Inc.*

4,667

124,656

Zura

Bio

Ltd.*

718

4,940

Zymeworks,

Inc.*(a)

5,051

37,680

16,862,259

Broadline

Retail

0.1%

Big

Lots,

Inc.(a)

2,797

28,669

ContextLogic,

Inc.,

Class

A*(a)

1,778

16,891

Dillard's,

Inc.,

Class

A

343

117,663

163,223

Building

Products

1.8%

AAON,

Inc.

4,277

450,197

American

Woodmark

Corp.*

1,564

119,865

Apogee

Enterprises,

Inc.

2,116

104,805

AZZ,

Inc.

2,379

105,461

CSW

Industrials,

Inc.

1,459

263,422

Gibraltar

Industries,

Inc.*

2,965

191,747

76

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Building

Products

Griffon

Corp.

4,200

175,224

Insteel

Industries,

Inc.

1,735

55,954

Janus

International

Group,

Inc.*

7,824

89,350

JELD-WEN

Holding,

Inc.*

7,993

142,355

Masonite

International

Corp.*

2,110

220,601

Masterbrand,

Inc.*

12,282

151,683

PGT

Innovations,

Inc.*

5,514

157,756

Quanex

Building

Products

Corp.

3,082

86,727

Resideo

Technologies,

Inc.*

13,697

256,408

Simpson

Manufacturing

Co.,

Inc.

4,059

641,322

UFP

Industries,

Inc.

5,690

584,704

Zurn

Elkay

Water

Solutions

Corp.

14,013

426,556

4,224,137

Capital

Markets

1.4%

AlTi

Global,

Inc.*(a)

1,990

15,562

Artisan

Partners

Asset

Management,

Inc.,

Class

A

5,822

241,555

AssetMark

Financial

Holdings,

Inc.*

1,967

58,813

Avantax,

Inc.*

3,725

96,403

B.

Riley

Financial,

Inc.(a)

1,934

107,395

Bakkt

Holdings,

Inc.*(a)

6,042

9,969

BGC

Group,

Inc.,

Class

A

29,969

142,652

Brightsphere

Investment

Group,

Inc.

3,248

69,117

Cohen

&

Steers,

Inc.

2,489

160,068

Diamond

Hill

Investment

Group,

Inc.

288

52,275

Donnelley

Financial

Solutions,

Inc.*

2,450

115,885

Focus

Financial

Partners,

Inc.,

Class

A*

5,561

291,007

Forge

Global

Holdings,

Inc.*(a)

10,398

30,258

GCM

Grosvenor,

Inc.,

Class

A

4,036

31,683

Hamilton

Lane,

Inc.,

Class

A

3,459

305,879

MarketWise,

Inc.

2,999

5,758

Moelis

&

Co.,

Class

A(a)

6,026

294,250

Open

Lending

Corp.*

10,172

114,842

P10,

Inc.,

Class

A

3,607

42,743

Patria

Investments

Ltd.,

Class

A

5,148

78,353

Perella

Weinberg

Partners,

Class

A

4,287

42,355

Piper

Sandler

Cos.

1,636

239,445

PJT

Partners,

Inc.,

Class

A

2,307

182,968

Sculptor

Capital

Management,

Inc.,

Class

A

2,608

28,558

Silvercrest

Asset

Management

Group,

Inc.,

Class

A

1,093

22,778

StepStone

Group,

Inc.,

Class

A

5,309

149,024

StoneX

Group,

Inc.*

1,666

153,289

Value

Line,

Inc.(a)

100

5,357

Victory

Capital

Holdings,

Inc.,

Class

A

2,623

86,979

Virtus

Investment

Partners,

Inc.

662

136,193

Common

Stocks

Shares

Value

($)

Capital

Markets

WisdomTree,

Inc.

12,971

90,278

3,401,691

Chemicals

2.0%

AdvanSix,

Inc.

2,468

98,991

American

Vanguard

Corp.

2,878

51,977

Amyris,

Inc.*(a)

21,420

18,995

Aspen

Aerogels,

Inc.*

4,922

41,049

Avient

Corp.

8,662

351,071

Balchem

Corp.(a)

3,057

411,900

Cabot

Corp.

5,342

379,282

Chase

Corp.

715

90,011

Core

Molding

Technologies,

Inc.*

733

17,680

Danimer

Scientific,

Inc.,

Class

A*(a)

8,565

24,068

Ecovyst,

Inc.*

9,015

110,794

FutureFuel

Corp.

2,709

26,332

Hawkins,

Inc.

1,819

85,038

HB

Fuller

Co.

5,162

382,143

Ingevity

Corp.*

3,591

229,896

Innospec,

Inc.

2,365

253,386

Intrepid

Potash,

Inc.*

1,180

32,450

Koppers

Holdings,

Inc.

1,968

75,296

Kronos

Worldwide,

Inc.(a)

2,146

20,065

Livent

Corp.*(a)

17,094

420,854

LSB

Industries,

Inc.*

5,204

58,129

Mativ

Holdings,

Inc.

5,339

84,036

Minerals

Technologies,

Inc.

3,055

187,424

Origin

Materials,

Inc.*(a)

9,380

42,022

Orion

SA

5,640

123,629

Perimeter

Solutions

SA*

14,833

82,472

PureCycle

Technologies,

Inc.*(a)

10,537

124,758

Quaker

Chemical

Corp.

1,308

262,097

Rayonier

Advanced

Materials,

Inc.*

5,855

27,694

Sensient

Technologies

Corp.

3,988

255,392

Stepan

Co.

2,074

198,731

Trinseo

plc

3,315

58,410

Tronox

Holdings

plc

10,969

145,778

Valhi,

Inc.

254

3,896

4,775,746

Commercial

Services

&

Supplies

1.5%

ABM

Industries,

Inc.

6,380

295,266

ACCO

Brands

Corp.

8,832

53,787

ACV

Auctions,

Inc.,

Class

A*

12,031

210,422

Aris

Water

Solutions,

Inc.,

Class

A(a)

3,070

33,555

BrightView

Holdings,

Inc.*

4,427

34,132

Brink's

Co.

(The)

4,369

318,762

Casella

Waste

Systems,

Inc.,

Class

A*

5,283

426,285

CECO

Environmental

Corp.*

2,810

33,832

Cimpress

plc*

1,682

116,899

CoreCivic,

Inc.*

11,243

109,057

Deluxe

Corp.

4,087

77,612

Ennis,

Inc.

2,418

52,084

Enviri

Corp.*

7,619

71,847

GEO

Group,

Inc.

(The)*(a)

11,503

85,928

Healthcare

Services

Group,

Inc.

7,109

89,645

Nationwide

Small

Cap

Index

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

77

Common

Stocks

Shares

Value

($)

Commercial

Services

&

Supplies

Heritage-Crystal

Clean,

Inc.*

1,481

68,230

HNI

Corp.

4,420

128,578

Interface,

Inc.,

Class

A

5,456

53,305

LanzaTech

Global,

Inc.*

1,952

12,649

Li-Cycle

Holdings

Corp.*(a)

13,600

82,008

Liquidity

Services,

Inc.*

2,163

36,295

Matthews

International

Corp.,

Class

A

2,858

131,182

MillerKnoll,

Inc.

7,474

146,266

Montrose

Environmental

Group,

Inc.*

2,674

108,217

NL

Industries,

Inc.

865

5,017

OPENLANE,

Inc.*

10,558

165,761

Performant

Financial

Corp.*

6,368

19,550

Pitney

Bowes,

Inc.

12,266

48,328

Quad/Graphics,

Inc.*

3,409

20,181

SP

Plus

Corp.*

1,857

71,402

Steelcase,

Inc.,

Class

A

8,159

69,923

UniFirst

Corp.

1,436

233,063

Viad

Corp.*

1,911

53,909

VSE

Corp.(a)

1,035

55,631

3,518,608

Communications

Equipment

0.7%

ADTRAN

Holdings,

Inc.(a)

7,590

73,851

Aviat

Networks,

Inc.*

638

19,504

Calix,

Inc.*

5,584

251,894

Cambium

Networks

Corp.*

985

15,957

Clearfield,

Inc.*

1,251

58,472

CommScope

Holding

Co.,

Inc.*

20,159

90,715

Comtech

Telecommunications

Corp.

2,491

25,309

Digi

International,

Inc.*

3,253

136,398

DZS,

Inc.*(a)

1,867

7,039

Extreme

Networks,

Inc.*

12,009

319,319

Harmonic,

Inc.*

10,426

155,556

Infinera

Corp.*(a)

19,314

86,913

KVH

Industries,

Inc.*

1,775

15,194

NETGEAR,

Inc.*

2,780

37,919

NetScout

Systems,

Inc.*

6,531

182,541

Ribbon

Communications,

Inc.*

9,194

29,237

Viavi

Solutions,

Inc.*(a)

21,539

234,129

1,739,947

Construction

&

Engineering

1.5%

Ameresco,

Inc.,

Class

A*

2,992

174,164

API

Group

Corp.*

19,907

572,525

Arcosa,

Inc.

4,586

353,948

Argan,

Inc.

1,218

46,333

Bowman

Consulting

Group

Ltd.*

951

32,952

Comfort

Systems

USA,

Inc.

3,373

586,801

Concrete

Pumping

Holdings,

Inc.*

2,745

22,152

Construction

Partners,

Inc.,

Class

A*

3,783

111,220

Dycom

Industries,

Inc.*

2,734

272,252

Fluor

Corp.*(a)

13,467

417,208

Granite

Construction,

Inc.

4,154

170,023

Great

Lakes

Dredge

&

Dock

Corp.*

6,040

50,736

IES

Holdings,

Inc.*

836

47,920

Common

Stocks

Shares

Value

($)

Construction

&

Engineering

INNOVATE

Corp.*(a)

4,439

7,324

Limbach

Holdings,

Inc.*

871

23,012

MYR

Group,

Inc.*

1,568

223,534

Northwest

Pipe

Co.*

912

29,713

Primoris

Services

Corp.

4,987

158,387

Sterling

Infrastructure,

Inc.*

2,828

169,652

Tutor

Perini

Corp.*

4,143

35,008

3,504,864

Construction

Materials

0.3%

Knife

River

Corp.*

4,822

209,612

Summit

Materials,

Inc.,

Class

A*

11,264

407,532

United

States

Lime

&

Minerals,

Inc.

207

42,561

659,705

Consumer

Finance

0.9%

Atlanticus

Holdings

Corp.*

414

16,850

Bread

Financial

Holdings,

Inc.

2,664

110,742

Consumer

Portfolio

Services,

Inc.*

949

12,157

Encore

Capital

Group,

Inc.*

2,210

118,235

Enova

International,

Inc.*

2,961

163,122

FirstCash

Holdings,

Inc.

3,625

345,390

Green

Dot

Corp.,

Class

A*

4,472

87,428

LendingClub

Corp.*

9,755

81,844

LendingTree,

Inc.*

1,071

26,132

Navient

Corp.

8,762

166,828

Nelnet,

Inc.,

Class

A

1,394

137,560

NerdWallet,

Inc.,

Class

A*(a)

3,241

36,332

OppFi,

Inc.*(a)

2,395

4,982

PRA

Group,

Inc.*

3,784

90,286

PROG

Holdings,

Inc.*

4,385

177,943

Regional

Management

Corp.

706

22,938

Upstart

Holdings,

Inc.*(a)

6,823

468,672

World

Acceptance

Corp.*

378

59,682

2,127,123

Consumer

Staples

Distribution

&

Retail

0.5%

Andersons,

Inc.

(The)

3,006

146,753

Chefs'

Warehouse,

Inc.

(The)*(a)

3,233

117,487

HF

Foods

Group,

Inc.*

3,603

18,844

Ingles

Markets,

Inc.,

Class

A

1,337

113,378

Natural

Grocers

by

Vitamin

Cottage,

Inc.

867

10,794

PriceSmart,

Inc.

2,517

195,646

SpartanNash

Co.

3,428

76,924

Sprouts

Farmers

Market,

Inc.*

10,028

393,599

United

Natural

Foods,

Inc.*

5,587

116,210

Village

Super

Market,

Inc.,

Class

A

852

19,835

Weis

Markets,

Inc.

1,524

101,102

1,310,572

Containers

&

Packaging

0.3%

Greif,

Inc.,

Class

A

2,348

173,681

Greif,

Inc.,

Class

B

509

40,247

Myers

Industries,

Inc.

3,553

69,674

O-I

Glass,

Inc.*

14,595

335,101

Pactiv

Evergreen,

Inc.

4,483

38,599

Ranpak

Holdings

Corp.,

Class

A*

4,496

28,820

78

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Containers

&

Packaging

TriMas

Corp.

3,925

101,108

787,230

Distributors

0.0%

†

Weyco

Group,

Inc.

665

18,154

Diversified

Consumer

Services

1.0%

2U,

Inc.*

7,335

35,061

Adtalem

Global

Education,

Inc.*

4,393

189,953

Carriage

Services,

Inc.,

Class

A

1,359

43,991

Chegg,

Inc.*

12,070

122,269

Coursera,

Inc.*

12,327

193,411

Duolingo,

Inc.,

Class

A*(a)

2,717

421,651

European

Wax

Center,

Inc.,

Class

A*(a)

3,232

62,604

Frontdoor,

Inc.*

7,825

273,249

Graham

Holdings

Co.,

Class

B

359

210,643

Laureate

Education,

Inc.

12,606

161,609

Lincoln

Educational

Services

Corp.*

2,241

15,934

Nerdy,

Inc.*

4,657

23,006

OneSpaWorld

Holdings

Ltd.*

6,908

88,733

Perdoceo

Education

Corp.*

6,267

83,664

Rover

Group,

Inc.,

Class

A*

8,523

46,706

Strategic

Education,

Inc.

2,158

162,066

Stride,

Inc.*

3,977

151,961

Udemy,

Inc.*

8,121

95,909

Universal

Technical

Institute,

Inc.*

3,635

26,463

WW

International,

Inc.*

5,088

59,275

2,468,158

Diversified

REITs

0.6%

Alexander

&

Baldwin,

Inc.

6,973

133,882

Alpine

Income

Property

Trust,

Inc.

1,233

20,949

American

Assets

Trust,

Inc.

4,762

107,145

Armada

Hoffler

Properties,

Inc.

6,572

81,624

Broadstone

Net

Lease,

Inc.

17,803

290,189

CTO

Realty

Growth,

Inc.

2,215

38,762

Empire

State

Realty

Trust,

Inc.,

Class

A

11,998

107,382

Essential

Properties

Realty

Trust,

Inc.

14,092

345,959

Gladstone

Commercial

Corp.

3,638

48,385

Global

Net

Lease,

Inc.

10,216

109,209

One

Liberty

Properties,

Inc.

1,527

31,197

Star

Holdings*

1,243

19,378

1,334,061

Diversified

Telecommunication

Services

0.5%

Anterix,

Inc.*

1,735

48,702

AST

SpaceMobile,

Inc.,

Class

A*

5,734

24,599

ATN

International,

Inc.

1,053

38,266

Bandwidth,

Inc.,

Class

A*

2,225

33,709

Charge

Enterprises,

Inc.*(a)

11,488

10,923

Cogent

Communications

Holdings,

Inc.

4,142

253,656

Consolidated

Communications

Holdings,

Inc.*

6,909

24,734

EchoStar

Corp.,

Class

A*

3,201

62,196

Common

Stocks

Shares

Value

($)

Diversified

Telecommunication

Services

Globalstar,

Inc.*(a)

65,367

70,596

IDT

Corp.,

Class

B*

1,599

37,928

Liberty

Latin

America

Ltd.,

Class

A*

3,836

32,222

Liberty

Latin

America

Ltd.,

Class

C*

14,075

117,104

Lumen

Technologies,

Inc.

95,427

170,814

Ooma,

Inc.*

2,215

33,225

Radius

Global

Infrastructure,

Inc.*

8,037

119,832

1,078,506

Electric

Utilities

0.7%

ALLETE,

Inc.

5,455

313,281

Genie

Energy

Ltd.,

Class

B

1,871

25,090

MGE

Energy,

Inc.

3,488

279,877

Otter

Tail

Corp.

3,879

314,238

PNM

Resources,

Inc.(a)

8,223

368,555

Portland

General

Electric

Co.

9,199

438,516

1,739,557

Electrical

Equipment

1.7%

Allied

Motion

Technologies,

Inc.

1,253

48,742

Amprius

Technologies,

Inc.*(a)

728

5,467

Array

Technologies,

Inc.*

14,233

271,139

Atkore,

Inc.*(a)

3,750

595,013

Babcock

&

Wilcox

Enterprises,

Inc.*

5,298

29,033

Blink

Charging

Co.*(a)

4,310

27,584

Bloom

Energy

Corp.,

Class

A*(a)

18,240

325,766

Encore

Wire

Corp.(a)

1,586

270,714

Energy

Vault

Holdings,

Inc.*(a)

10,133

33,946

EnerSys

3,935

426,239

Enovix

Corp.*

12,961

278,921

Eos

Energy

Enterprises,

Inc.*(a)

10,185

25,055

ESS

Tech,

Inc.*

7,186

13,869

Fluence

Energy,

Inc.,

Class

A*(a)

3,725

108,919

FTC

Solar,

Inc.*

6,641

25,236

FuelCell

Energy,

Inc.*(a)

40,016

87,635

GrafTech

International

Ltd.

18,419

97,252

LSI

Industries,

Inc.

2,476

31,198

NEXTracker,

Inc.,

Class

A*

4,121

174,524

NuScale

Power

Corp.*(a)

5,071

38,438

Powell

Industries,

Inc.

885

53,790

Preformed

Line

Products

Co.

250

43,378

SES

AI

Corp.*(a)

11,816

37,102

Shoals

Technologies

Group,

Inc.,

Class

A*

16,237

421,513

SKYX

Platforms

Corp.*(a)

5,380

11,406

Stem,

Inc.*(a)

13,663

96,597

SunPower

Corp.*(a)

8,266

81,585

Thermon

Group

Holdings,

Inc.*

3,123

86,226

TPI

Composites,

Inc.*

4,179

24,823

Vicor

Corp.*

2,142

197,642

3,968,752

Electronic

Equipment,

Instruments

&

Components

2.7%

908

Devices,

Inc.*(a)

2,243

15,611

Nationwide

Small

Cap

Index

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

79

Common

Stocks

Shares

Value

($)

Electronic

Equipment,

Instruments

&

Components

Advanced

Energy

Industries,

Inc.

3,559

445,516

Aeva

Technologies,

Inc.*(a)

9,995

12,494

Akoustis

Technologies,

Inc.*(a)

7,110

16,993

Arlo

Technologies,

Inc.*

8,109

92,118

Badger

Meter,

Inc.

2,807

462,145

Bel

Fuse,

Inc.,

Class

B

990

53,114

Belden,

Inc.

4,017

388,203

Benchmark

Electronics,

Inc.

3,283

87,032

Climb

Global

Solutions,

Inc.

393

19,013

CTS

Corp.

3,069

136,970

Daktronics,

Inc.*

3,697

26,581

ePlus,

Inc.*

2,540

143,129

Evolv

Technologies

Holdings,

Inc.*

10,663

70,163

Fabrinet*

3,538

437,438

FARO

Technologies,

Inc.*

1,740

28,867

Insight

Enterprises,

Inc.*

2,718

398,703

Iteris,

Inc.*

4,042

16,815

Itron,

Inc.*

4,350

342,215

Kimball

Electronics,

Inc.*

2,274

66,355

Knowles

Corp.*

8,479

154,911

Lightwave

Logic,

Inc.*(a)

10,788

72,495

Luna

Innovations,

Inc.*

3,040

27,482

Methode

Electronics,

Inc.

3,389

114,006

MicroVision,

Inc.*(a)

17,123

68,492

Mirion

Technologies,

Inc.,

Class

A*

18,969

143,216

Motomova,

Inc.*^∞

1,500

0

Napco

Security

Technologies,

Inc.

3,084

115,588

nLight,

Inc.*

4,132

59,501

Novanta,

Inc.*

3,380

597,922

OSI

Systems,

Inc.*

1,506

179,560

PAR

Technology

Corp.*

2,625

90,799

PC

Connection,

Inc.

1,019

49,330

Plexus

Corp.*

2,587

254,794

Richardson

Electronics

Ltd.

1,133

15,635

Rogers

Corp.*

1,640

276,520

Sanmina

Corp.*

5,464

335,817

ScanSource,

Inc.*

2,385

71,765

SmartRent,

Inc.,

Class

A*(a)

17,442

69,419

Tingo

Group,

Inc.*(a)

11,556

16,294

TTM

Technologies,

Inc.*(a)

9,874

141,791

Vishay

Intertechnology,

Inc.

12,273

345,485

Vishay

Precision

Group,

Inc.*

1,184

44,293

Vuzix

Corp.*(a)

5,561

29,362

6,533,952

Energy

Equipment

&

Services

2.7%

Archrock,

Inc.

13,262

154,635

Atlas

Energy

Solutions,

Inc.,

Class

A

1,541

30,435

Borr

Drilling

Ltd.*

21,663

190,201

Bristow

Group,

Inc.,

Class

A*

2,183

67,171

Cactus,

Inc.,

Class

A(a)

6,121

310,824

ChampionX

Corp.(a)

19,044

677,966

Core

Laboratories,

Inc.

4,439

115,370

Diamond

Offshore

Drilling,

Inc.*(a)

9,438

149,404

DMC

Global,

Inc.*

1,761

33,213

Dril-Quip,

Inc.*

3,326

86,110

Common

Stocks

Shares

Value

($)

Energy

Equipment

&

Services

Expro

Group

Holdings

NV*

8,423

186,906

Forum

Energy

Technologies,

Inc.*(a)

928

25,251

Helix

Energy

Solutions

Group,

Inc.*

13,423

128,861

Helmerich

&

Payne,

Inc.

9,514

425,942

KLX

Energy

Services

Holdings,

Inc.*(a)

1,199

14,064

Liberty

Energy,

Inc.,

Class

A

16,189

266,633

Mammoth

Energy

Services,

Inc.*

2,205

10,782

Nabors

Industries

Ltd.*(a)

884

108,281

Newpark

Resources,

Inc.*

8,796

48,554

NexTier

Oilfield

Solutions,

Inc.*(a)

18,421

219,578

Noble

Corp.

plc*

10,193

532,788

Oceaneering

International,

Inc.*

9,741

218,685

Oil

States

International,

Inc.*

6,072

48,819

Patterson-UTI

Energy,

Inc.

19,632

310,971

ProFrac

Holding

Corp.,

Class

A*(a)

2,187

28,147

ProPetro

Holding

Corp.*

9,336

97,468

Ranger

Energy

Services,

Inc.*

1,470

15,435

RPC,

Inc.(a)

8,378

69,705

SEACOR

Marine

Holdings,

Inc.*(a)

2,279

26,186

Seadrill

Ltd.*

4,785

234,034

Select

Water

Solutions,

Inc.,

Class

A

8,062

67,801

Solaris

Oilfield

Infrastructure,

Inc.,

Class

A

2,867

31,336

TETRA

Technologies,

Inc.*

11,629

52,214

Tidewater,

Inc.*

4,480

282,733

US

Silica

Holdings,

Inc.*

7,001

91,083

Valaris

Ltd.*

5,836

448,205

Weatherford

International

plc*

6,685

555,524

6,361,315

Entertainment

0.4%

Atlanta

Braves

Holdings,

Inc.,

Class

A*(a)

911

43,127

Atlanta

Braves

Holdings,

Inc.,

Class

C*

4,260

173,467

Cinemark

Holdings,

Inc.*

10,410

173,743

IMAX

Corp.*

4,450

81,925

Lions

Gate

Entertainment

Corp.,

Class

A*

5,401

41,479

Lions

Gate

Entertainment

Corp.,

Class

B*

11,471

83,968

Loop

Media,

Inc.*(a)

3,450

7,935

Madison

Square

Garden

Entertainment

Corp.*

4,093

142,600

Marcus

Corp.

(The)(a)

2,314

36,098

Playstudios,

Inc.*

8,493

41,871

Reservoir

Media,

Inc.*

1,940

10,592

Sphere

Entertainment

Co.*

2,503

106,252

Vivid

Seats,

Inc.,

Class

A*

2,123

17,685

960,742

Financial

Services

2.2%

Acacia

Research

Corp.*(a)

3,597

14,352

Alerus

Financial

Corp.

1,793

35,466

80

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Financial

Services

A-Mark

Precious

Metals,

Inc.

1,696

69,180

AvidXchange

Holdings,

Inc.*

14,334

177,885

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

2,539

59,209

Cannae

Holdings,

Inc.*

6,890

140,418

Cantaloupe,

Inc.*

5,521

42,567

Cass

Information

Systems,

Inc.

1,246

47,286

Compass

Diversified

Holdings

5,920

133,378

Enact

Holdings,

Inc.

2,839

77,221

Essent

Group

Ltd.

10,028

497,389

EVERTEC,

Inc.

6,188

243,374

Federal

Agricultural

Mortgage

Corp.,

Class

C

885

142,264

Finance

of

America

Cos.,

Inc.,

Class

A*

3,164

6,296

Flywire

Corp.*

9,096

310,537

Home

Point

Capital,

Inc.*

642

1,489

I3

Verticals,

Inc.,

Class

A*

2,254

56,373

International

Money

Express,

Inc.*

2,941

71,260

Jackson

Financial,

Inc.,

Class

A

7,707

254,485

Marqeta,

Inc.,

Class

A*

46,403

258,929

Merchants

Bancorp

1,615

51,050

Mr.

Cooper

Group,

Inc.*

6,311

365,849

NewtekOne,

Inc.

2,206

39,267

NMI

Holdings,

Inc.,

Class

A*

7,874

210,314

Ocwen

Financial

Corp.*(a)

608

20,526

Pagseguro

Digital

Ltd.,

Class

A*

18,801

213,579

Payoneer

Global,

Inc.*

24,193

128,707

Paysafe

Ltd.*

2,891

34,779

Paysign,

Inc.*

3,090

5,933

PennyMac

Financial

Services,

Inc.(a)

2,416

181,756

Priority

Technology

Holdings,

Inc.*

1,943

8,743

Radian

Group,

Inc.

14,963

402,954

Remitly

Global,

Inc.*

7,984

153,931

Repay

Holdings

Corp.,

Class

A*

8,284

69,171

Security

National

Financial

Corp.,

Class

A*

1,182

10,094

StoneCo

Ltd.,

Class

A*

27,561

399,359

SWK

Holdings

Corp.*

383

6,182

Velocity

Financial,

Inc.*

813

10,065

Walker

&

Dunlop,

Inc.(a)

3,012

274,032

Waterstone

Financial,

Inc.

1,891

26,379

5,252,028

Food

Products

1.1%

Alico,

Inc.

645

16,706

B&G

Foods,

Inc.(a)

6,581

87,264

Benson

Hill,

Inc.*

15,199

21,127

Beyond

Meat,

Inc.*(a)

6,073

104,456

BRC,

Inc.,

Class

A*(a)

3,540

16,213

Calavo

Growers,

Inc.

1,637

61,764

Cal-Maine

Foods,

Inc.(a)

3,705

171,134

Dole

plc

6,772

89,458

Fresh

Del

Monte

Produce,

Inc.

3,223

85,667

Common

Stocks

Shares

Value

($)

Food

Products

Hain

Celestial

Group,

Inc.

(The)*

8,836

111,952

Hostess

Brands,

Inc.,

Class

A*

12,703

305,380

J

&

J

Snack

Foods

Corp.

1,438

230,540

John

B

Sanfilippo

&

Son,

Inc.

832

90,613

Lancaster

Colony

Corp.(a)

1,866

359,448

Limoneira

Co.

1,657

25,717

Mission

Produce,

Inc.*

4,668

54,242

Seneca

Foods

Corp.,

Class

A*

515

19,861

Simply

Good

Foods

Co.

(The)*(a)

8,524

329,964

Sovos

Brands,

Inc.*

3,546

63,119

SunOpta,

Inc.*

9,676

64,152

TreeHouse

Foods,

Inc.*

4,899

252,837

Utz

Brands,

Inc.

6,821

114,252

Vital

Farms,

Inc.*

2,889

33,801

Westrock

Coffee

Co.*

2,688

29,823

2,739,490

Gas

Utilities

1.0%

Brookfield

Infrastructure

Corp.,

Class

A

9,295

434,262

Chesapeake

Utilities

Corp.

1,687

199,471

New

Jersey

Resources

Corp.

9,139

408,513

Northwest

Natural

Holding

Co.

3,403

146,227

ONE

Gas,

Inc.(a)

5,227

413,613

RGC

Resources,

Inc.

758

15,251

Southwest

Gas

Holdings,

Inc.

5,850

385,749

Spire,

Inc.(a)

4,852

308,442

2,311,528

Ground

Transportation

0.5%

ArcBest

Corp.

2,294

266,838

Covenant

Logistics

Group,

Inc.,

Class

A

818

44,794

Daseke,

Inc.*

4,227

32,886

FTAI

Infrastructure,

Inc.

9,366

33,249

Heartland

Express,

Inc.

4,265

69,733

Marten

Transport

Ltd.

5,523

125,151

PAM

Transportation

Services,

Inc.*

683

17,662

RXO,

Inc.*

11,004

242,638

TuSimple

Holdings,

Inc.,

Class

A*(a)

15,631

36,577

Universal

Logistics

Holdings,

Inc.

692

21,514

Werner

Enterprises,

Inc.

6,002

282,214

1,173,256

Health

Care

Equipment

&

Supplies

3.3%

Accuray,

Inc.*(a)

8,826

37,599

Alphatec

Holdings,

Inc.*

7,292

128,850

AngioDynamics,

Inc.*

3,507

30,476

Artivion,

Inc.*(a)

3,603

62,764

AtriCure,

Inc.*

4,336

239,998

Atrion

Corp.

134

75,122

Avanos

Medical,

Inc.*

4,543

111,167

Axogen,

Inc.*

3,771

32,581

Axonics,

Inc.*

4,683

282,713

Beyond

Air,

Inc.*(a)

2,426

8,758

Butterfly

Network,

Inc.*(a)

12,189

31,326

Cerus

Corp.*

15,938

48,930

ClearPoint

Neuro,

Inc.*

2,169

14,901

Nationwide

Small

Cap

Index

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

81

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

CONMED

Corp.

2,902

351,287

Cutera,

Inc.*

1,609

32,196

CVRx,

Inc.*

1,052

18,862

Embecta

Corp.

5,455

116,410

Glaukos

Corp.*

4,455

343,659

Haemonetics

Corp.*(a)

4,769

439,892

Inari

Medical,

Inc.*

4,905

279,928

Inmode

Ltd.*

7,332

314,616

Inogen,

Inc.*

2,418

19,755

Integer

Holdings

Corp.*

3,118

288,353

iRadimed

Corp.

736

32,332

iRhythm

Technologies,

Inc.*

2,921

306,880

KORU

Medical

Systems,

Inc.*

3,308

8,601

Lantheus

Holdings,

Inc.*(a)

6,502

562,358

LeMaitre

Vascular,

Inc.

1,897

119,947

LivaNova

plc*

5,108

298,563

Merit

Medical

Systems,

Inc.*

5,389

402,397

Nano-X

Imaging

Ltd.*

4,125

51,150

Neogen

Corp.*

20,593

477,552

Nevro

Corp.*

3,458

86,415

NuVasive,

Inc.*

5,075

209,141

Omnicell,

Inc.*

4,222

266,619

OraSure

Technologies,

Inc.*

6,842

32,294

Orchestra

BioMed

Holdings,

Inc.*(a)

662

3,886

Orthofix

Medical,

Inc.*

3,217

63,343

OrthoPediatrics

Corp.*

1,492

62,291

Outset

Medical,

Inc.*

4,731

97,364

Paragon

28,

Inc.*

4,578

80,893

PROCEPT

BioRobotics

Corp.*(a)

3,416

117,647

Pulmonx

Corp.*(a)

3,424

47,936

Pulse

Biosciences,

Inc.*(a)

1,528

12,071

RxSight,

Inc.*

2,564

85,561

Sanara

Medtech,

Inc.*(a)

359

15,028

Semler

Scientific,

Inc.*

473

11,612

SI-BONE,

Inc.*(a)

3,373

86,888

Sight

Sciences,

Inc.*(a)

2,106

18,533

Silk

Road

Medical,

Inc.*

3,590

81,996

STAAR

Surgical

Co.*

4,641

254,188

Surmodics,

Inc.*

1,282

41,114

Tactile

Systems

Technology,

Inc.*

2,202

50,448

Tela

Bio,

Inc.*

1,502

14,705

TransMedics

Group,

Inc.*

3,015

280,938

Treace

Medical

Concepts,

Inc.*

4,279

97,518

UFP

Technologies,

Inc.*

662

128,868

Utah

Medical

Products,

Inc.

343

33,727

Varex

Imaging

Corp.*(a)

3,650

85,008

Vicarious

Surgical,

Inc.,

Class

A*

4,621

7,578

Zimvie,

Inc.*

2,445

33,545

Zynex,

Inc.*(a)

2,132

20,808

7,997,886

Health

Care

Providers

&

Services

2.7%

23andMe

Holding

Co.,

Class

A*(a)

26,313

50,521

Accolade,

Inc.*

6,235

93,650

AdaptHealth

Corp.,

Class

A*

7,169

98,502

Addus

HomeCare

Corp.*

1,501

137,447

Common

Stocks

Shares

Value

($)

Health

Care

Providers

&

Services

Agiliti,

Inc.*(a)

2,715

46,617

AirSculpt

Technologies,

Inc.(a)

871

7,900

Alignment

Healthcare,

Inc.*

9,842

61,119

AMN

Healthcare

Services,

Inc.*

3,842

411,670

Apollo

Medical

Holdings,

Inc.*

4,055

148,535

Aveanna

Healthcare

Holdings,

Inc.*

3,656

6,325

Brookdale

Senior

Living,

Inc.*

17,843

62,807

Cano

Health,

Inc.*(a)

22,608

33,234

CareMax,

Inc.*

7,143

17,072

Castle

Biosciences,

Inc.*

2,447

41,232

Community

Health

Systems,

Inc.*

11,774

51,688

CorVel

Corp.*

838

171,421

Cross

Country

Healthcare,

Inc.*

3,506

90,455

DocGo,

Inc.*

7,958

66,768

Enhabit,

Inc.*

4,766

65,437

Ensign

Group,

Inc.

(The)

5,161

499,946

Fulgent

Genetics,

Inc.*

1,996

77,505

Guardant

Health,

Inc.*

10,523

410,607

HealthEquity,

Inc.*

7,994

543,112

Hims

&

Hers

Health,

Inc.*

11,434

102,563

InfuSystem

Holdings,

Inc.*

1,719

17,740

Innovage

Holding

Corp.*

1,737

12,506

Invitae

Corp.*(a)

22,450

31,879

Joint

Corp.

(The)*

1,297

17,509

LifeStance

Health

Group,

Inc.*

10,043

94,304

ModivCare,

Inc.*

1,262

55,200

National

HealthCare

Corp.

1,187

70,057

National

Research

Corp.

1,343

57,628

NeoGenomics,

Inc.*

12,237

212,067

OPKO

Health,

Inc.*

38,556

71,714

Option

Care

Health,

Inc.*

16,115

544,365

Owens

&

Minor,

Inc.*

7,210

138,720

P3

Health

Partners,

Inc.*(a)

2,825

6,271

Patterson

Cos.,

Inc.

8,329

273,941

Pediatrix

Medical

Group,

Inc.*

7,793

106,998

Pennant

Group,

Inc.

(The)*

2,429

27,885

PetIQ,

Inc.,

Class

A*

2,580

43,189

Privia

Health

Group,

Inc.*(a)

6,403

178,772

Progyny,

Inc.*

7,435

310,486

Quipt

Home

Medical

Corp.*

3,819

20,279

RadNet,

Inc.*

4,713

155,906

Select

Medical

Holdings

Corp.

10,040

301,300

Surgery

Partners,

Inc.*

6,391

246,884

US

Physical

Therapy,

Inc.

1,225

142,431

Viemed

Healthcare,

Inc.*

3,230

27,293

6,461,457

Health

Care

REITs

0.6%

CareTrust

REIT,

Inc.

9,522

197,962

Community

Healthcare

Trust,

Inc.

2,417

85,175

Diversified

Healthcare

Trust

22,423

46,864

Global

Medical

REIT,

Inc.

5,727

56,697

LTC

Properties,

Inc.

3,914

131,354

National

Health

Investors,

Inc.

3,943

216,510

Physicians

Realty

Trust

22,539

332,225

Sabra

Health

Care

REIT,

Inc.

21,928

284,845

82

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Health

Care

REITs

Universal

Health

Realty

Income

Trust

1,227

58,565

1,410,197

Health

Care

Technology

0.6%

American

Well

Corp.,

Class

A*

22,693

55,598

Computer

Programs

&

Systems,

Inc.*

1,315

34,479

Definitive

Healthcare

Corp.,

Class

A*(a)

4,272

50,538

Evolent

Health,

Inc.,

Class

A*

10,425

316,816

Health

Catalyst,

Inc.*

5,502

77,193

HealthStream,

Inc.

2,440

54,851

Multiplan

Corp.*(a)

34,565

74,315

NextGen

Healthcare,

Inc.*

5,289

87,956

OptimizeRx

Corp.*

1,677

23,394

Phreesia,

Inc.*

4,936

156,570

Schrodinger,

Inc.*(a)

5,078

265,630

Sharecare,

Inc.*

29,319

40,753

Simulations

Plus,

Inc.(a)

1,445

71,961

Veradigm,

Inc.*

10,371

140,216

1,450,270

Hotel

&

Resort

REITs

0.8%

Apple

Hospitality

REIT,

Inc.

20,746

321,563

Braemar

Hotels

&

Resorts,

Inc.

7,012

25,944

Chatham

Lodging

Trust

4,365

41,904

DiamondRock

Hospitality

Co.

20,192

171,632

Hersha

Hospitality

Trust,

Class

A

2,727

17,071

Pebblebrook

Hotel

Trust

12,542

193,774

RLJ

Lodging

Trust

15,466

159,300

Ryman

Hospitality

Properties,

Inc.

5,476

521,808

Service

Properties

Trust

15,475

131,383

Summit

Hotel

Properties,

Inc.

9,803

63,131

Sunstone

Hotel

Investors,

Inc.

20,097

204,789

Xenia

Hotels

&

Resorts,

Inc.

10,670

135,509

1,987,808

Hotels,

Restaurants

&

Leisure

2.3%

Accel

Entertainment,

Inc.,

Class

A*

5,387

61,412

Bally's

Corp.*

3,329

54,196

Biglari

Holdings,

Inc.,

Class

B*

64

13,002

BJ's

Restaurants,

Inc.*

2,094

78,860

Bloomin'

Brands,

Inc.

8,288

222,699

Bluegreen

Vacations

Holding

Corp.,

Class

A

1,081

42,256

Bowlero

Corp.*(a)

2,764

33,527

Brinker

International,

Inc.*

4,248

166,862

Carrols

Restaurant

Group,

Inc.*

3,478

20,485

Century

Casinos,

Inc.*

2,834

22,530

Cheesecake

Factory,

Inc.

(The)(a)

4,705

173,050

Chuy's

Holdings,

Inc.*

1,758

73,115

Cracker

Barrel

Old

Country

Store,

Inc.(a)

2,080

193,856

Dave

&

Buster's

Entertainment,

Inc.*

4,098

187,688

Denny's

Corp.*

5,442

63,998

Dine

Brands

Global,

Inc.

1,471

88,731

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

El

Pollo

Loco

Holdings,

Inc.

2,709

28,851

Everi

Holdings,

Inc.*

8,096

120,145

Fiesta

Restaurant

Group,

Inc.*

1,675

12,898

First

Watch

Restaurant

Group,

Inc.*

1,482

27,625

Full

House

Resorts,

Inc.*

3,100

19,902

Global

Business

Travel

Group

I*(a)

3,054

21,500

Golden

Entertainment,

Inc.*

1,845

78,117

Hilton

Grand

Vacations,

Inc.*

7,706

358,329

Inspired

Entertainment,

Inc.*

1,870

23,543

International

Game

Technology

plc

10,283

347,874

Jack

in

the

Box,

Inc.

1,986

197,428

Krispy

Kreme,

Inc.

8,289

127,651

Kura

Sushi

USA,

Inc.,

Class

A*(a)

552

54,930

Life

Time

Group

Holdings,

Inc.*(a)

4,057

73,391

Light

&

Wonder,

Inc.*

8,648

607,954

Lindblad

Expeditions

Holdings,

Inc.*

3,420

40,424

Monarch

Casino

&

Resort,

Inc.

1,225

84,917

Mondee

Holdings,

Inc.*(a)

4,296

36,774

Nathan's

Famous,

Inc.

267

21,387

Noodles

&

Co.,

Class

A*

3,955

14,436

ONE

Group

Hospitality,

Inc.

(The)*

1,852

13,649

Papa

John's

International,

Inc.

3,306

273,406

PlayAGS,

Inc.*

3,495

23,137

Portillo's,

Inc.,

Class

A*

4,021

92,684

Potbelly

Corp.*

2,470

23,589

RCI

Hospitality

Holdings,

Inc.

(a)

865

60,334

Red

Robin

Gourmet

Burgers,

Inc.*(a)

1,502

21,854

Red

Rock

Resorts,

Inc.,

Class

A

4,508

218,638

Rush

Street

Interactive,

Inc.*

6,729

25,772

Sabre

Corp.*(a)

31,790

130,339

SeaWorld

Entertainment,

Inc.*

3,844

212,842

Shake

Shack,

Inc.,

Class

A*(a)

3,565

276,858

Six

Flags

Entertainment

Corp.*

6,840

163,476

Super

Group

SGHC

Ltd.*(a)

12,913

39,126

Sweetgreen,

Inc.,

Class

A*(a)

8,789

132,450

Target

Hospitality

Corp.*

2,960

37,799

Xponential

Fitness,

Inc.,

Class

A*

2,339

49,400

5,589,696

Household

Durables

2.2%

Beazer

Homes

USA,

Inc.*

2,713

91,238

Cavco

Industries,

Inc.*

841

248,642

Century

Communities,

Inc.

2,757

212,896

Cricut,

Inc.,

Class

A

4,527

53,690

Dream

Finders

Homes,

Inc.,

Class

A*(a)

2,293

58,472

Ethan

Allen

Interiors,

Inc.

2,283

71,846

GoPro,

Inc.,

Class

A*

12,312

50,356

Green

Brick

Partners,

Inc.*

2,549

144,069

Helen

of

Troy

Ltd.*

2,253

318,349

Hooker

Furnishings

Corp.(a)

1,040

20,873

Nationwide

Small

Cap

Index

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

83

Common

Stocks

Shares

Value

($)

Household

Durables

Hovnanian

Enterprises,

Inc.,

Class

A*

485

51,711

Installed

Building

Products,

Inc.

2,296

339,854

iRobot

Corp.*

2,671

106,840

KB

Home

7,216

389,448

Landsea

Homes

Corp.*

1,027

10,136

La-Z-Boy,

Inc.

4,044

126,860

Legacy

Housing

Corp.*

917

21,751

LGI

Homes,

Inc.*(a)

1,963

272,366

Lovesac

Co.

(The)*

1,259

36,864

M/I

Homes,

Inc.*

2,581

258,100

MDC

Holdings,

Inc.

5,513

282,707

Meritage

Homes

Corp.

3,456

514,771

Purple

Innovation,

Inc.,

Class

A

5,433

16,951

Skyline

Champion

Corp.*

5,114

356,241

Snap

One

Holdings

Corp.*

1,826

17,785

Sonos,

Inc.*

12,089

207,205

Taylor

Morrison

Home

Corp.,

Class

A*

9,957

482,118

Traeger,

Inc.*

3,642

16,243

Tri

Pointe

Homes,

Inc.*

9,716

309,746

United

Homes

Group,

Inc.*

642

7,300

Vizio

Holding

Corp.,

Class

A*

6,901

51,412

VOXX

International

Corp.,

Class

A*(a)

1,315

12,151

5,158,991

Household

Products

0.3%

Central

Garden

&

Pet

Co.*

924

37,404

Central

Garden

&

Pet

Co.,

Class

A*

3,933

150,319

Energizer

Holdings,

Inc.

6,783

242,153

Oil-Dri

Corp.

of

America

465

29,188

WD-40

Co.(a)

1,319

302,710

761,774

Independent

Power

and

Renewable

Electricity

Producers

0.3%

Altus

Power,

Inc.,

Class

A*(a)

6,048

41,187

Montauk

Renewables,

Inc.*

6,500

56,875

Ormat

Technologies,

Inc.

5,065

411,785

Sunnova

Energy

International,

Inc.*(a)

9,637

170,189

680,036

Industrial

Conglomerates

0.0%

†

Brookfield

Business

Corp.,

Class

A(a)

2,500

51,300

Industrial

REITs

0.4%

Innovative

Industrial

Properties,

Inc.

2,667

211,306

LXP

Industrial

Trust

27,440

276,321

Plymouth

Industrial

REIT,

Inc.

4,066

92,583

Terreno

Realty

Corp.

7,736

459,054

1,039,264

Insurance

1.7%

Ambac

Financial

Group,

Inc.*

4,156

58,766

American

Equity

Investment

Life

Holding

Co.

7,362

395,119

AMERISAFE,

Inc.

1,841

95,953

Common

Stocks

Shares

Value

($)

Insurance

Argo

Group

International

Holdings

Ltd.(a)

3,004

89,219

BRP

Group,

Inc.,

Class

A*

5,910

147,218

CNO

Financial

Group,

Inc.

10,740

276,233

Crawford

&

Co.,

Class

A

1,679

16,135

Donegal

Group,

Inc.,

Class

A

1,421

20,704

eHealth,

Inc.*

2,314

17,494

Employers

Holdings,

Inc.

2,166

83,673

Enstar

Group

Ltd.*

1,130

289,144

F&G

Annuities

&

Life,

Inc.

1,773

46,453

Genworth

Financial,

Inc.,

Class

A*

44,404

260,207

GoHealth,

Inc.,

Class

A*

371

6,871

Goosehead

Insurance,

Inc.,

Class

A*

2,040

136,415

Greenlight

Capital

Re

Ltd.,

Class

A*

2,858

29,380

HCI

Group,

Inc.

550

34,545

Hippo

Holdings,

Inc.*(a)

992

17,062

Horace

Mann

Educators

Corp.

3,716

111,963

Investors

Title

Co.

135

21,134

James

River

Group

Holdings

Ltd.

2,974

54,989

Kingsway

Financial

Services,

Inc.*

1,007

8,429

Lemonade,

Inc.*(a)

4,885

113,576

Maiden

Holdings

Ltd.*(a)

8,591

16,752

MBIA,

Inc.*

4,444

38,841

Mercury

General

Corp.

2,549

82,027

National

Western

Life

Group,

Inc.,

Class

A

218

91,924

NI

Holdings,

Inc.*

857

11,938

Oscar

Health,

Inc.,

Class

A*

14,638

110,078

Palomar

Holdings,

Inc.*

2,298

139,167

ProAssurance

Corp.

5,093

85,562

Safety

Insurance

Group,

Inc.

1,191

85,752

Selective

Insurance

Group,

Inc.

5,679

586,016

Selectquote,

Inc.*

12,915

24,409

SiriusPoint

Ltd.*

8,589

80,221

Skyward

Specialty

Insurance

Group,

Inc.*

1,007

23,856

Stewart

Information

Services

Corp.

2,529

119,192

Tiptree,

Inc.,

Class

A

2,507

37,028

Trupanion,

Inc.*(a)

3,801

117,261

United

Fire

Group,

Inc.

1,888

45,388

United

Insurance

Holdings

Corp.*

1,856

9,837

Universal

Insurance

Holdings,

Inc.

2,267

35,206

4,071,137

Interactive

Media

&

Services

0.8%

Bumble,

Inc.,

Class

A*

9,725

180,107

Cargurus,

Inc.,

Class

A*

9,690

219,575

Cars.com,

Inc.*

6,495

148,151

DHI

Group,

Inc.*

3,527

13,297

Eventbrite,

Inc.,

Class

A*

7,312

84,161

EverQuote,

Inc.,

Class

A*

1,856

13,140

fuboTV,

Inc.*(a)

20,530

69,186

Grindr,

Inc.*(a)

3,881

22,898

84

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Interactive

Media

&

Services

MediaAlpha,

Inc.,

Class

A*

2,576

26,121

Nextdoor

Holdings,

Inc.*

13,774

42,837

Outbrain,

Inc.*

3,099

16,456

QuinStreet,

Inc.*

4,917

43,663

Shutterstock,

Inc.(a)

2,337

120,239

System1,

Inc.*(a)

2,344

6,704

TrueCar,

Inc.*

8,503

20,832

Vimeo,

Inc.*

12,941

53,317

Yelp,

Inc.,

Class

A*

6,428

289,581

Ziff

Davis,

Inc.*

4,457

323,222

ZipRecruiter,

Inc.,

Class

A*

7,154

132,492

1,825,979

IT

Services

0.5%

BigBear.ai

Holdings,

Inc.*(a)

2,606

5,238

BigCommerce

Holdings,

Inc.,

Series

1*

6,592

71,260

Brightcove,

Inc.*

4,060

18,229

DigitalOcean

Holdings,

Inc.*

6,003

297,269

Fastly,

Inc.,

Class

A*

11,277

207,158

Grid

Dynamics

Holdings,

Inc.*

5,288

55,101

Hackett

Group,

Inc.

(The)

2,220

51,615

Information

Services

Group,

Inc.

2,880

14,832

Perficient,

Inc.*

3,243

206,871

Rackspace

Technology,

Inc.*(a)

8,705

20,196

Squarespace,

Inc.,

Class

A*

4,230

140,182

Thoughtworks

Holding,

Inc.*(a)

8,762

62,123

Tucows,

Inc.,

Class

A*(a)

959

29,623

Unisys

Corp.*

6,278

34,152

1,213,849

Leisure

Products

0.5%

Acushnet

Holdings

Corp.

2,956

176,266

AMMO,

Inc.*(a)

8,211

17,079

Clarus

Corp.(a)

2,530

22,517

Escalade,

Inc.(a)

942

13,753

Funko,

Inc.,

Class

A*(a)

3,050

24,888

JAKKS

Pacific,

Inc.*

684

14,255

Johnson

Outdoors,

Inc.,

Class

A

496

29,324

Latham

Group,

Inc.*

4,039

15,914

Malibu

Boats,

Inc.,

Class

A*(a)

1,910

114,504

Marine

Products

Corp.

694

11,132

MasterCraft

Boat

Holdings,

Inc.*

1,622

49,714

Smith

&

Wesson

Brands,

Inc.

4,217

53,682

Solo

Brands,

Inc.,

Class

A*

2,035

11,925

Sturm

Ruger

&

Co.,

Inc.

1,708

90,439

Topgolf

Callaway

Brands

Corp.*(a)

13,474

269,076

Vista

Outdoor,

Inc.*

5,237

158,681

1,073,149

Life

Sciences

Tools

&

Services

0.4%

Adaptive

Biotechnologies

Corp.*

10,374

87,557

Akoya

Biosciences,

Inc.*

1,283

8,853

BioLife

Solutions,

Inc.*(a)

3,363

66,856

Codexis,

Inc.*

5,840

21,024

CryoPort,

Inc.*

4,283

68,828

Cytek

Biosciences,

Inc.*

11,127

99,698

Common

Stocks

Shares

Value

($)

Life

Sciences

Tools

&

Services

Harvard

Bioscience,

Inc.*

3,702

17,214

MaxCyte,

Inc.*

8,706

38,916

Mesa

Laboratories,

Inc.(a)

478

61,499

NanoString

Technologies,

Inc.*

4,336

20,639

Nautilus

Biotechnology,

Inc.,

Class

A*

4,017

13,216

OmniAb,

Inc.*(a)

8,823

48,527

OmniAb,

Inc.*^∞

1,082

0

Pacific

Biosciences

of

California,

Inc.*

23,757

313,830

Quanterix

Corp.*

3,413

84,779

Quantum-Si,

Inc.*

8,046

31,299

Seer,

Inc.,

Class

A*

5,351

27,076

SomaLogic,

Inc.*

15,822

38,764

1,048,575

Machinery

3.7%

374Water,

Inc.*(a)

5,604

11,152

3D

Systems

Corp.*

12,081

105,225

Alamo

Group,

Inc.

958

185,622

Albany

International

Corp.,

Class

A

2,954

284,411

Astec

Industries,

Inc.

2,172

107,297

Barnes

Group,

Inc.

4,697

184,592

Blue

Bird

Corp.*

1,506

31,536

Chart

Industries,

Inc.*(a)

4,061

739,752

CIRCOR

International,

Inc.*

1,745

97,196

Columbus

McKinnon

Corp.

2,655

112,413

Commercial

Vehicle

Group,

Inc.*

3,040

31,920

Desktop

Metal,

Inc.,

Class

A*(a)

27,186

49,479

Douglas

Dynamics,

Inc.

2,141

66,478

Energy

Recovery,

Inc.*

5,356

163,251

Enerpac

Tool

Group

Corp.,

Class

A

5,559

152,761

EnPro

Industries,

Inc.

1,965

272,703

ESCO

Technologies,

Inc.

2,429

244,236

Federal

Signal

Corp.

5,684

347,236

Franklin

Electric

Co.,

Inc.

4,387

433,523

Gencor

Industries,

Inc.*

997

15,204

Gorman-Rupp

Co.

(The)

2,152

68,218

Greenbrier

Cos.,

Inc.

(The)

2,972

137,277

Helios

Technologies,

Inc.

3,161

199,775

Hillenbrand,

Inc.

6,550

340,207

Hillman

Solutions

Corp.*

16,339

160,776

Hyliion

Holdings

Corp.*

13,719

27,026

Hyster-Yale

Materials

Handling,

Inc.

1,034

49,384

John

Bean

Technologies

Corp.

(a)

2,996

370,336

Kadant,

Inc.

1,105

246,249

Kennametal,

Inc.

7,661

233,507

Lindsay

Corp.

1,026

135,976

Luxfer

Holdings

plc

2,745

34,752

Manitowoc

Co.,

Inc.

(The)*

3,253

58,944

Mayville

Engineering

Co.,

Inc.*

1,045

12,634

Microvast

Holdings,

Inc.*(a)

15,342

44,032

Miller

Industries,

Inc.

1,051

39,875

Mueller

Industries,

Inc.

5,343

433,104

Mueller

Water

Products,

Inc.,

Class

A

14,702

236,555

Nationwide

Small

Cap

Index

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

85

Common

Stocks

Shares

Value

($)

Machinery

Nikola

Corp.*(a)

56,187

150,019

Omega

Flex,

Inc.

304

27,214

Park-Ohio

Holdings

Corp.

794

15,300

Proterra,

Inc.*(a)

22,190

37,501

Proto

Labs,

Inc.*

2,676

88,709

REV

Group,

Inc.

3,063

39,605

Shyft

Group,

Inc.

(The)

3,333

48,095

SPX

Technologies,

Inc.*

4,167

352,570

Standex

International

Corp.

1,123

166,844

Tennant

Co.

1,761

141,303

Terex

Corp.

6,313

370,131

Titan

International,

Inc.*

4,784

59,752

Trinity

Industries,

Inc.

7,724

202,523

Velo3D,

Inc.*(a)

9,504

21,764

Wabash

National

Corp.

4,610

109,165

Watts

Water

Technologies,

Inc.,

Class

A

2,601

485,165

8,780,274

Marine

Transportation

0.3%

Costamare,

Inc.

5,014

56,006

Eagle

Bulk

Shipping,

Inc.(a)

1,345

62,126

Eneti,

Inc.

2,500

31,700

Genco

Shipping

&

Trading

Ltd.

3,992

57,884

Golden

Ocean

Group

Ltd.

12,024

94,268

Himalaya

Shipping

Ltd.*

2,591

15,624

Matson,

Inc.

3,374

315,334

Pangaea

Logistics

Solutions

Ltd.(a)

3,447

24,026

Safe

Bulkers,

Inc.

5,998

19,973

676,941

Media

0.8%

Advantage

Solutions,

Inc.*

7,239

18,749

AMC

Networks,

Inc.,

Class

A*

3,068

38,718

Boston

Omaha

Corp.,

Class

A*

2,239

43,705

Cardlytics,

Inc.*

3,087

36,025

Clear

Channel

Outdoor

Holdings,

Inc.*

34,415

61,947

Daily

Journal

Corp.*

125

36,190

Emerald

Holding,

Inc.*

1,555

7,697

Entravision

Communications

Corp.,

Class

A

5,926

28,326

EW

Scripps

Co.

(The),

Class

A*

5,864

57,819

Gambling.com

Group

Ltd.*

980

12,005

Gannett

Co.,

Inc.*

13,690

38,606

Gray

Television,

Inc.

8,226

77,900

iHeartMedia,

Inc.,

Class

A*

11,520

54,490

Integral

Ad

Science

Holding

Corp.*

3,741

78,000

John

Wiley

&

Sons,

Inc.,

Class

A

4,024

137,742

Magnite,

Inc.*(a)

12,499

189,110

PubMatic,

Inc.,

Class

A*

3,996

79,880

Quotient

Technology,

Inc.*

8,964

35,318

Scholastic

Corp.

2,895

125,035

Sinclair,

Inc.

3,743

52,065

Stagwell,

Inc.,

Class

A*

10,245

68,744

TechTarget,

Inc.*

2,665

86,559

TEGNA,

Inc.

21,108

356,725

Thryv

Holdings,

Inc.*(a)

2,934

69,536

Common

Stocks

Shares

Value

($)

Media

Townsquare

Media,

Inc.,

Class

A

1,105

13,238

Urban

One,

Inc.*

479

2,721

Urban

One,

Inc.,

Class

A*

401

2,298

WideOpenWest,

Inc.*

4,967

40,928

1,850,076

Metals

&

Mining

1.9%

5E

Advanced

Materials,

Inc.*

3,697

12,976

Alpha

Metallurgical

Resources,

Inc.(a)

1,228

212,714

Arconic

Corp.*

9,659

288,708

ATI,

Inc.*

12,214

582,364

Caledonia

Mining

Corp.

plc(a)

1,553

18,294

Carpenter

Technology

Corp.

4,534

271,405

Century

Aluminum

Co.*

4,849

45,096

Coeur

Mining,

Inc.*

30,254

93,182

Commercial

Metals

Co.

11,119

636,229

Compass

Minerals

International,

Inc.

3,357

127,130

Constellium

SE,

Class

A*

11,975

228,603

Contango

ORE,

Inc.*(a)

353

6,566

Dakota

Gold

Corp.*

4,450

13,083

Haynes

International,

Inc.

1,240

62,198

Hecla

Mining

Co.

56,876

327,606

i-80

Gold

Corp.*

18,281

37,293

Ivanhoe

Electric,

Inc.*(a)

5,281

85,869

Kaiser

Aluminum

Corp.

1,494

121,313

Materion

Corp.

1,971

234,825

Novagold

Resources,

Inc.*

23,543

106,179

Olympic

Steel,

Inc.(a)

906

50,546

Perpetua

Resources

Corp.*

3,574

13,510

Piedmont

Lithium,

Inc.*

1,680

92,165

PolyMet

Mining

Corp.*

5,367

11,163

Ramaco

Resources,

Inc.,

Class

A

2,232

20,534

Ramaco

Resources,

Inc.,

Class

B*

446

6,347

Ryerson

Holding

Corp.

2,133

90,631

Schnitzer

Steel

Industries,

Inc.,

Class

A

2,434

88,135

SunCoke

Energy,

Inc.

7,952

70,614

TimkenSteel

Corp.*

4,375

101,937

Tredegar

Corp.

2,642

18,283

Warrior

Met

Coal,

Inc.

4,993

220,940

Worthington

Industries,

Inc.

2,961

220,950

4,517,388

Mortgage

Real

Estate

Investment

Trusts

(REITs)

1.2%

AFC

Gamma,

Inc.

1,587

21,932

Angel

Oak

Mortgage

REIT,

Inc.

1,273

12,068

Apollo

Commercial

Real

Estate

Finance,

Inc.

13,304

156,987

Arbor

Realty

Trust,

Inc.

15,526

262,545

Ares

Commercial

Real

Estate

Corp.

4,706

50,166

ARMOUR

Residential

REIT,

Inc.

18,574

94,913

Blackstone

Mortgage

Trust,

Inc.,

Class

A

16,274

374,139

BrightSpire

Capital,

Inc.,

Class

A

12,198

89,777

86

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Mortgage

Real

Estate

Investment

Trusts

(REITs)

Chicago

Atlantic

Real

Estate

Finance,

Inc.

1,549

23,607

Chimera

Investment

Corp.

21,856

137,256

Claros

Mortgage

Trust,

Inc.

8,930

110,018

Dynex

Capital,

Inc.

5,118

66,790

Ellington

Financial,

Inc.

6,095

82,405

Franklin

BSP

Realty

Trust,

Inc.

7,881

112,698

Granite

Point

Mortgage

Trust,

Inc.

4,847

27,773

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

9,904

258,594

Invesco

Mortgage

Capital,

Inc.

3,972

47,704

KKR

Real

Estate

Finance

Trust,

Inc.

5,503

68,567

Ladder

Capital

Corp.,

Class

A

10,679

117,362

MFA

Financial,

Inc.

9,813

110,494

New

York

Mortgage

Trust,

Inc.

8,611

87,402

Nexpoint

Real

Estate

Finance,

Inc.

982

16,802

Orchid

Island

Capital,

Inc.

3,363

35,043

PennyMac

Mortgage

Investment

Trust

8,772

112,106

Ready

Capital

Corp.

15,167

175,482

Redwood

Trust,

Inc.

10,844

81,655

TPG

RE

Finance

Trust,

Inc.

6,823

53,219

Two

Harbors

Investment

Corp.

9,406

126,135

2,913,639

Multi-Utilities

0.4%

Avista

Corp.

6,736

260,279

Black

Hills

Corp.

6,311

380,743

NorthWestern

Corp.

5,700

321,879

Unitil

Corp.

1,484

77,227

1,040,128

Office

REITs

0.6%

Brandywine

Realty

Trust

16,082

81,214

City

Office

REIT,

Inc.

3,848

21,049

Corporate

Office

Properties

Trust

10,742

279,292

Douglas

Emmett,

Inc.

7,398

108,751

Easterly

Government

Properties,

Inc.,

Class

A

8,777

129,549

Equity

Commonwealth

10,079

197,448

Hudson

Pacific

Properties,

Inc.

11,812

69,336

JBG

SMITH

Properties

10,588

177,137

Office

Properties

Income

Trust

4,572

35,204

Orion

Office

REIT,

Inc.

5,993

38,955

Paramount

Group,

Inc.

17,693

92,711

Peakstone

Realty

Trust

2,633

66,720

Piedmont

Office

Realty

Trust,

Inc.,

Class

A

11,853

88,186

Postal

Realty

Trust,

Inc.,

Class

A

1,588

23,931

SL

Green

Realty

Corp.

3,422

129,044

1,538,527

Oil,

Gas

&

Consumable

Fuels

4.6%

Amplify

Energy

Corp.*

3,841

28,193

Arch

Resources,

Inc.

1,733

222,586

Ardmore

Shipping

Corp.

3,769

53,067

Berry

Corp.

7,643

59,615

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

California

Resources

Corp.(a)

7,006

373,770

Callon

Petroleum

Co.*

5,801

217,886

Centrus

Energy

Corp.,

Class

A*

895

33,652

Chord

Energy

Corp.

3,953

619,988

Civitas

Resources,

Inc.

6,557

490,857

Clean

Energy

Fuels

Corp.*

16,347

80,591

CNX

Resources

Corp.*

15,925

324,870

Comstock

Resources,

Inc.(a)

8,520

108,630

CONSOL

Energy,

Inc.

3,237

241,221

Crescent

Energy

Co.,

Class

A(a)

3,628

43,064

CVR

Energy,

Inc.

2,801

102,909

Delek

US

Holdings,

Inc.

6,695

184,715

Denbury,

Inc.*

4,757

418,188

DHT

Holdings,

Inc.

13,356

131,557

Dorian

LPG

Ltd.(a)

3,119

92,759

Earthstone

Energy,

Inc.,

Class

A*(a)

5,408

86,420

Empire

Petroleum

Corp.*

977

8,793

Encore

Energy

Corp.*

13,400

33,902

Energy

Fuels,

Inc.*

14,548

92,816

Enviva,

Inc.

2,963

39,912

Equitrans

Midstream

Corp.

41,364

428,945

Evolution

Petroleum

Corp.(a)

2,985

27,880

Excelerate

Energy,

Inc.,

Class

A

1,744

37,008

FLEX

LNG

Ltd.(a)

2,848

90,623

Gevo,

Inc.*(a)

19,704

33,891

Golar

LNG

Ltd.

9,717

234,374

Granite

Ridge

Resources,

Inc.

(a)

2,459

17,926

Green

Plains,

Inc.*

3,466

123,078

Gulfport

Energy

Corp.*

1,052

107,777

Hallador

Energy

Co.*

2,162

19,934

HighPeak

Energy,

Inc.(a)

1,081

16,377

International

Seaways,

Inc.

3,847

164,998

Kinetik

Holdings,

Inc.,

Class

A(a)

1,598

57,528

Kosmos

Energy

Ltd.*

43,572

309,361

Magnolia

Oil

&

Gas

Corp.,

Class

A(a)

17,363

384,590

Matador

Resources

Co.

10,694

594,907

Murphy

Oil

Corp.

14,026

606,905

NACCO

Industries,

Inc.,

Class

A

402

14,870

NextDecade

Corp.*

3,216

17,913

Nordic

American

Tankers

Ltd.

19,617

86,119

Northern

Oil

and

Gas,

Inc.(a)

7,114

280,078

Overseas

Shipholding

Group,

Inc.,

Class

A*

5,462

22,340

Par

Pacific

Holdings,

Inc.*

5,233

164,735

PBF

Energy,

Inc.,

Class

A

11,266

534,459

Peabody

Energy

Corp.(a)

11,800

264,792

Permian

Resources

Corp.,

Class

A

24,072

281,402

PrimeEnergy

Resources

Corp.*

71

6,827

REX

American

Resources

Corp.*

1,425

52,753

Nationwide

Small

Cap

Index

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

87

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

Riley

Exploration

Permian,

Inc.

(a)

998

37,375

Ring

Energy,

Inc.*(a)

12,602

30,497

SandRidge

Energy,

Inc.(a)

1,979

33,801

Scorpio

Tankers,

Inc.

4,989

234,683

SFL

Corp.

Ltd.

11,056

109,012

SilverBow

Resources,

Inc.*(a)

1,673

59,910

Sitio

Royalties

Corp.(a)

7,642

208,932

SM

Energy

Co.

11,526

418,279

Talos

Energy,

Inc.*

10,588

169,408

Teekay

Corp.*

6,581

43,829

Teekay

Tankers

Ltd.,

Class

A

2,270

98,995

Tellurian,

Inc.*(a)

47,968

82,505

Uranium

Energy

Corp.*(a)

34,661

124,780

VAALCO

Energy,

Inc.

10,190

45,345

Verde

Clean

Fuels,

Inc.*(a)

663

3,607

Vertex

Energy,

Inc.*(a)

6,390

33,675

Vital

Energy,

Inc.*(a)

1,591

83,973

Vitesse

Energy,

Inc.

2,373

59,776

W&T

Offshore,

Inc.*

9,007

39,451

World

Kinect

Corp.

5,744

129,470

11,119,654

Paper

&

Forest

Products

0.1%

Clearwater

Paper

Corp.*

1,580

50,923

Glatfelter

Corp.*

4,694

15,960

Sylvamo

Corp.(a)

3,470

170,273

237,156

Passenger

Airlines

0.5%

Allegiant

Travel

Co.*

1,534

189,756

Blade

Air

Mobility,

Inc.*

5,011

20,896

Frontier

Group

Holdings,

Inc.*

3,702

34,429

Hawaiian

Holdings,

Inc.*

4,651

53,905

JetBlue

Airways

Corp.*

31,314

243,310

Joby

Aviation,

Inc.*(a)

26,388

236,172

SkyWest,

Inc.*

4,764

209,568

Spirit

Airlines,

Inc.

10,673

195,316

Sun

Country

Airlines

Holdings,

Inc.*

3,569

76,948

1,260,300

Personal

Care

Products

0.9%

Beauty

Health

Co.

(The)*

8,477

70,274

BellRing

Brands,

Inc.*

12,717

457,176

Edgewell

Personal

Care

Co.

4,872

192,006

elf

Beauty,

Inc.*

4,755

555,004

Herbalife

Ltd.*

9,601

155,920

Inter

Parfums,

Inc.

1,759

263,076

Medifast,

Inc.(a)

1,006

102,501

Nature's

Sunshine

Products,

Inc.*

1,134

15,819

Nu

Skin

Enterprises,

Inc.,

Class

A

4,818

141,601

Thorne

HealthTech,

Inc.*

1,655

9,880

USANA

Health

Sciences,

Inc.*

1,073

69,649

Waldencast

plc*(a)

1,896

10,523

2,043,429

Pharmaceuticals

2.0%

Aclaris

Therapeutics,

Inc.*

6,353

62,704

Amneal

Pharmaceuticals,

Inc.*

10,204

32,653

Amphastar

Pharmaceuticals,

Inc.*

3,655

221,822

Common

Stocks

Shares

Value

($)

Pharmaceuticals

Amylyx

Pharmaceuticals,

Inc.*(a)

4,884

114,530

ANI

Pharmaceuticals,

Inc.*

1,211

63,638

Arvinas,

Inc.*

4,598

113,663

Assertio

Holdings,

Inc.*(a)

8,400

47,796

Atea

Pharmaceuticals,

Inc.*

7,410

25,416

Axsome

Therapeutics,

Inc.*(a)

3,113

244,277

Biote

Corp.,

Class

A*

1,325

9,037

Bright

Green

Corp.*(a)

7,756

5,739

Cara

Therapeutics,

Inc.*

4,282

14,259

Cassava

Sciences,

Inc.*(a)

3,727

81,919

Citius

Pharmaceuticals,

Inc.*(a)

11,629

11,512

Collegium

Pharmaceutical,

Inc.*

3,264

74,289

Corcept

Therapeutics,

Inc.*(a)

7,594

193,495

CorMedix,

Inc.*(a)

4,222

18,661

Cymabay

Therapeutics,

Inc.*

9,282

121,130

DICE

Therapeutics,

Inc.*

3,666

172,302

Edgewise

Therapeutics,

Inc.*(a)

3,852

28,081

Enliven

Therapeutics,

Inc.*(a)

2,209

41,839

Evolus,

Inc.*

3,918

39,258

Eyenovia,

Inc.*(a)

2,721

5,796

EyePoint

Pharmaceuticals,

Inc.*(a)

2,729

34,113

Harmony

Biosciences

Holdings,

Inc.*

3,122

110,425

Harrow

Health,

Inc.*

2,461

54,339

Ikena

Oncology,

Inc.*

2,012

10,362

Innoviva,

Inc.*

6,015

81,503

Intra-Cellular

Therapies,

Inc.*

8,867

548,335

Ligand

Pharmaceuticals,

Inc.*

1,578

105,616

Liquidia

Corp.*(a)

4,270

32,964

Longboard

Pharmaceuticals,

Inc.*

1,474

10,613

Marinus

Pharmaceuticals,

Inc.*

4,715

50,168

NGM

Biopharmaceuticals,

Inc.*

3,797

8,999

Nuvation

Bio,

Inc.*

14,237

26,338

Ocular

Therapeutix,

Inc.*

7,507

34,082

Omeros

Corp.*(a)

5,761

25,060

Optinose,

Inc.*(a)

6,899

8,313

Pacira

BioSciences,

Inc.*(a)

4,431

161,067

Phathom

Pharmaceuticals,

Inc.*

2,538

38,603

Phibro

Animal

Health

Corp.,

Class

A

2,135

30,915

Pliant

Therapeutics,

Inc.*

5,347

95,391

Prestige

Consumer

Healthcare,

Inc.*

4,739

309,030

Reata

Pharmaceuticals,

Inc.,

Class

A*

2,705

447,894

Revance

Therapeutics,

Inc.*(a)

7,770

183,605

Scilex

Holding

Co.*

6,009

32,869

scPharmaceuticals,

Inc.*(a)

2,733

23,039

SIGA

Technologies,

Inc.(a)

4,443

25,503

Supernus

Pharmaceuticals,

Inc.*

4,647

142,616

Taro

Pharmaceutical

Industries

Ltd.*(a)

774

28,290

88

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Pharmaceuticals

Tarsus

Pharmaceuticals,

Inc.*(a)

2,231

49,104

Terns

Pharmaceuticals,

Inc.*

4,055

29,277

Theravance

Biopharma,

Inc.*(a)

6,461

63,899

Theseus

Pharmaceuticals,

Inc.*

1,731

5,834

Third

Harmonic

Bio,

Inc.*

1,143

8,104

Trevi

Therapeutics,

Inc.*

3,939

9,375

Ventyx

Biosciences,

Inc.*

4,428

164,057

Verrica

Pharmaceuticals,

Inc.*(a)

1,975

11,534

WaVe

Life

Sciences

Ltd.*(a)

5,595

24,450

Xeris

Biopharma

Holdings,

Inc.*(a)

11,522

30,072

Zevra

Therapeutics,

Inc.*(a)

3,282

16,016

4,815,590

Professional

Services

2.3%

Alight,

Inc.,

Class

A*

37,697

368,677

ASGN,

Inc.*

4,637

353,896

Asure

Software,

Inc.*

1,259

17,173

Barrett

Business

Services,

Inc.

676

61,333

BlackSky

Technology,

Inc.,

Class

A*

11,187

22,262

CBIZ,

Inc.*

4,547

240,491

Conduent,

Inc.*

16,082

55,644

CRA

International,

Inc.

674

67,461

CSG

Systems

International,

Inc.

2,911

150,178

ExlService

Holdings,

Inc.*

3,077

433,703

Exponent,

Inc.

4,839

433,478

First

Advantage

Corp.*

5,393

80,895

FiscalNote

Holdings,

Inc.*(a)

5,892

19,326

Forrester

Research,

Inc.*

1,137

36,236

Franklin

Covey

Co.*

1,198

57,085

Heidrick

&

Struggles

International,

Inc.

1,849

50,422

HireQuest,

Inc.

507

12,680

HireRight

Holdings

Corp.*

2,121

22,716

Huron

Consulting

Group,

Inc.*

1,850

174,954

IBEX

Holdings

Ltd.*

1,125

22,331

ICF

International,

Inc.

1,788

210,251

Innodata,

Inc.*(a)

2,387

30,625

Insperity,

Inc.

3,452

406,128

Kelly

Services,

Inc.,

Class

A

3,187

58,386

Kforce,

Inc.

1,940

123,074

Korn

Ferry

5,018

264,348

Legalzoom.com,

Inc.*

9,858

150,630

Maximus,

Inc.

5,737

480,531

Mistras

Group,

Inc.*

1,971

15,256

NV5

Global,

Inc.*

1,315

144,058

Planet

Labs

PBC*(a)

19,050

70,866

Resources

Connection,

Inc.

2,989

47,764

Skillsoft

Corp.*

6,992

9,229

Sterling

Check

Corp.*

2,353

28,260

TriNet

Group,

Inc.*

3,563

374,934

TrueBlue,

Inc.*

3,067

45,852

TTEC

Holdings,

Inc.

1,893

65,195

Upwork,

Inc.*

11,320

118,068

Verra

Mobility

Corp.,

Class

A*

13,543

284,268

Common

Stocks

Shares

Value

($)

Professional

Services

Willdan

Group,

Inc.*

1,086

21,915

5,630,579

Real

Estate

Management

&

Development

0.8%

American

Realty

Investors,

Inc.*(a)

278

5,254

Anywhere

Real

Estate,

Inc.*

10,841

90,847

Compass,

Inc.,

Class

A*

29,047

121,707

Cushman

&

Wakefield

plc*

14,864

146,113

DigitalBridge

Group,

Inc.

15,638

250,521

Douglas

Elliman,

Inc.

7,243

16,007

eXp

World

Holdings,

Inc.(a)

6,547

163,282

Forestar

Group,

Inc.*

1,740

51,295

FRP

Holdings,

Inc.*

633

36,315

Kennedy-Wilson

Holdings,

Inc.

(a)

11,568

190,872

Marcus

&

Millichap,

Inc.

2,505

91,883

Maui

Land

&

Pineapple

Co.,

Inc.*

714

10,646

Newmark

Group,

Inc.,

Class

A

12,569

86,977

Opendoor

Technologies,

Inc.*

51,669

264,029

RE/MAX

Holdings,

Inc.,

Class

A

1,632

32,167

Redfin

Corp.*

10,013

149,995

RMR

Group,

Inc.

(The),

Class

A

1,446

34,097

St

Joe

Co.

(The)

3,364

213,547

Stratus

Properties,

Inc.

455

12,913

Tejon

Ranch

Co.*

2,095

36,893

Transcontinental

Realty

Investors,

Inc.*

160

5,598

2,010,958

Residential

REITs

0.4%

Apartment

Investment

and

Management

Co.,

Class

A

14,194

118,236

BRT

Apartments

Corp.

1,127

21,943

Centerspace

1,394

86,609

Clipper

Realty,

Inc.

1,519

9,722

Elme

Communities

8,493

138,011

Independence

Realty

Trust,

Inc.

21,561

367,399

NexPoint

Residential

Trust,

Inc.

2,113

87,816

UMH

Properties,

Inc.

5,133

85,465

Veris

Residential,

Inc.*

7,491

139,932

1,055,133

Retail

REITs

1.2%

Acadia

Realty

Trust

8,032

126,183

Alexander's,

Inc.

222

42,928

CBL

&

Associates

Properties,

Inc.

2,580

56,167

Getty

Realty

Corp.

4,245

137,198

InvenTrust

Properties

Corp.

6,382

155,338

Kite

Realty

Group

Trust

20,713

473,913

Macerich

Co.

(The)

20,735

264,371

Necessity

Retail

REIT,

Inc.

(The),

Class

A

12,886

91,491

NETSTREIT

Corp.

5,802

103,798

Phillips

Edison

&

Co.,

Inc.

11,149

393,671

Retail

Opportunity

Investments

Corp.

11,703

172,385

Nationwide

Small

Cap

Index

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

89

Common

Stocks

Shares

Value

($)

Retail

REITs

RPT

Realty

8,009

87,058

Saul

Centers,

Inc.

1,049

40,439

SITE

Centers

Corp.

18,520

260,206

Tanger

Factory

Outlet

Centers,

Inc.

9,671

226,398

Urban

Edge

Properties

11,033

187,671

Urstadt

Biddle

Properties,

Inc.,

Class

A

2,670

60,556

Whitestone

REIT

4,399

45,398

2,925,169

Semiconductors

&

Semiconductor

Equipment

3.2%

ACM

Research,

Inc.,

Class

A*

4,855

63,601

Aehr

Test

Systems*(a)

2,448

127,688

Alpha

&

Omega

Semiconductor

Ltd.*

2,256

74,177

Ambarella,

Inc.*(a)

3,528

294,306

Amkor

Technology,

Inc.

9,726

282,929

Atomera,

Inc.*(a)

2,268

19,573

Axcelis

Technologies,

Inc.*

3,101

621,688

CEVA,

Inc.*

2,305

62,604

Cohu,

Inc.*

4,465

194,897

Credo

Technology

Group

Holding

Ltd.*

9,267

157,261

Diodes,

Inc.*

4,278

404,228

FormFactor,

Inc.*

7,269

270,116

Ichor

Holdings

Ltd.*

2,684

103,924

Impinj,

Inc.*(a)

2,176

144,965

indie

Semiconductor,

Inc.,

Class

A*

13,043

123,648

inTEST

Corp.*

1,016

21,499

Kulicke

&

Soffa

Industries,

Inc.

(a)

5,291

316,825

MACOM

Technology

Solutions

Holdings,

Inc.*

5,215

364,633

Maxeon

Solar

Technologies

Ltd.*

2,388

58,960

MaxLinear,

Inc.,

Class

A*(a)

7,103

175,231

Navitas

Semiconductor

Corp.*(a)

9,660

102,203

NVE

Corp.

451

35,724

Onto

Innovation,

Inc.*

4,705

584,926

PDF

Solutions,

Inc.*

2,953

135,808

Photronics,

Inc.*

5,721

151,320

Power

Integrations,

Inc.

5,370

521,642

Rambus,

Inc.*

10,326

646,511

Semtech

Corp.*(a)

5,961

174,061

Silicon

Laboratories,

Inc.*

3,012

449,210

SiTime

Corp.*

1,626

209,770

SkyWater

Technology,

Inc.*(a)

1,280

12,518

SMART

Global

Holdings,

Inc.*

4,601

122,387

Synaptics,

Inc.*

3,820

344,984

Transphorm,

Inc.*

2,324

7,251

Ultra

Clean

Holdings,

Inc.*

4,286

163,297

Veeco

Instruments,

Inc.*

4,784

134,717

7,679,082

Software

5.6%

8x8,

Inc.*(a)

10,793

51,159

A10

Networks,

Inc.

6,687

103,782

ACI

Worldwide,

Inc.*

10,272

238,208

Adeia,

Inc.

9,947

119,563

Agilysys,

Inc.*

1,854

136,510

Common

Stocks

Shares

Value

($)

Software

Alarm.com

Holdings,

Inc.*

4,532

250,212

Alkami

Technology,

Inc.*

3,588

60,565

Altair

Engineering,

Inc.,

Class

A*(a)

5,087

381,220

American

Software,

Inc.,

Class

A

3,331

38,406

Amplitude,

Inc.,

Class

A*

6,409

74,216

Appfolio,

Inc.,

Class

A*

1,851

334,272

Appian

Corp.,

Class

A*

3,931

202,525

Applied

Digital

Corp.*

6,614

63,362

Asana,

Inc.,

Class

A*

7,523

182,658

Aurora

Innovation,

Inc.*(a)

28,782

94,405

AvePoint,

Inc.*(a)

14,514

89,987

Bit

Digital,

Inc.*(a)

6,842

30,310

Blackbaud,

Inc.*(a)

4,124

311,156

BlackLine,

Inc.*

5,329

309,508

Box,

Inc.,

Class

A*

13,306

415,813

Braze,

Inc.,

Class

A*(a)

3,268

148,563

C3.ai,

Inc.,

Class

A*(a)

5,688

238,896

Cerence,

Inc.*

3,839

106,763

Cipher

Mining,

Inc.*(a)

3,519

13,372

Cleanspark,

Inc.*(a)

6,773

40,706

Clear

Secure,

Inc.,

Class

A(a)

7,892

187,119

CommVault

Systems,

Inc.*

4,293

334,554

Consensus

Cloud

Solutions,

Inc.*

1,850

59,959

CoreCard

Corp.*(a)

685

16,461

Couchbase,

Inc.*(a)

3,302

55,110

CS

Disco,

Inc.*

2,101

20,464

Digimarc

Corp.*(a)

1,247

36,911

Digital

Turbine,

Inc.*

9,179

99,500

Domo,

Inc.,

Class

B*

3,041

54,343

E2open

Parent

Holdings,

Inc.*

18,623

95,909

Ebix,

Inc.(a)

2,515

77,864

eGain

Corp.*

2,246

16,553

Enfusion,

Inc.,

Class

A*

2,338

25,367

EngageSmart,

Inc.*

4,600

87,216

Envestnet,

Inc.*

5,004

310,148

Everbridge,

Inc.*

3,919

120,862

EverCommerce,

Inc.*

2,238

26,140

Expensify,

Inc.,

Class

A*

5,227

42,130

ForgeRock,

Inc.,

Class

A*(a)

4,597

94,928

Freshworks,

Inc.,

Class

A*

15,341

286,263

Instructure

Holdings,

Inc.*

1,705

46,325

Intapp,

Inc.*

1,501

61,631

InterDigital,

Inc.

2,566

237,843

Jamf

Holding

Corp.*

6,614

143,656

Kaltura,

Inc.*(a)

7,855

15,867

LivePerson,

Inc.*

7,068

33,573

LiveRamp

Holdings,

Inc.*

6,164

175,921

LiveVox

Holdings,

Inc.*

3,238

9,423

Marathon

Digital

Holdings,

Inc.*(a)

15,937

276,826

Matterport,

Inc.*

23,744

80,492

MeridianLink,

Inc.*

2,486

55,537

MicroStrategy,

Inc.,

Class

A*(a)

1,047

458,460

Mitek

Systems,

Inc.*

3,977

40,605

Model

N,

Inc.*

3,557

118,519

N-able,

Inc.*

6,696

94,213

NextNav,

Inc.*(a)

5,715

18,345

Olo,

Inc.,

Class

A*

9,933

78,073

90

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Software

ON24,

Inc.(a)

4,360

38,586

OneSpan,

Inc.*

3,599

49,450

PagerDuty,

Inc.*

8,414

218,091

PowerSchool

Holdings,

Inc.,

Class

A*(a)

5,307

128,270

Progress

Software

Corp.

4,054

243,483

PROS

Holdings,

Inc.*(a)

4,276

162,488

Q2

Holdings,

Inc.*

5,295

187,814

Qualys,

Inc.*

3,523

488,992

Rapid7,

Inc.*(a)

5,720

262,605

Red

Violet,

Inc.*(a)

1,059

21,932

Rimini

Street,

Inc.*

4,202

11,429

Riot

Platforms,

Inc.*(a)

14,991

277,633

Sapiens

International

Corp.

NV

2,958

79,689

SEMrush

Holdings,

Inc.,

Class

A*

2,966

31,469

SolarWinds

Corp.*

4,913

51,783

SoundHound

AI,

Inc.*(a)

13,248

30,868

SoundThinking,

Inc.*

841

19,108

Sprinklr,

Inc.,

Class

A*

8,236

115,633

Sprout

Social,

Inc.,

Class

A*(a)

4,514

257,930

SPS

Commerce,

Inc.*

3,473

626,495

Tenable

Holdings,

Inc.*

10,812

526,112

Terawulf,

Inc.*(a)

5,750

16,790

Varonis

Systems,

Inc.,

Class

B*

10,320

296,184

Verint

Systems,

Inc.*

6,243

233,301

Veritone,

Inc.*(a)

2,716

12,534

Viant

Technology,

Inc.,

Class

A*

1,092

5,285

Weave

Communications,

Inc.*

2,679

32,148

Workiva,

Inc.,

Class

A*

4,631

487,598

Xperi,

Inc.*

3,978

52,191

Yext,

Inc.*

10,501

102,070

Zeta

Global

Holdings

Corp.,

Class

A*

12,705

117,140

Zuora,

Inc.,

Class

A*

11,864

139,165

13,353,513

Specialized

REITs

0.5%

Farmland

Partners,

Inc.

4,575

52,567

Four

Corners

Property

Trust,

Inc.

8,207

215,844

Gladstone

Land

Corp.

3,282

54,941

Outfront

Media,

Inc.

13,909

215,033

PotlatchDeltic

Corp.

7,631

409,250

Safehold,

Inc.

2,820

69,739

Uniti

Group,

Inc.

22,331

124,607

1,141,981

Specialty

Retail

2.5%

1-800-Flowers.com,

Inc.,

Class

A*

2,631

22,837

Aaron's

Co.,

Inc.

(The)

2,877

45,514

Abercrombie

&

Fitch

Co.,

Class

A*(a)

4,735

187,553

Academy

Sports

&

Outdoors,

Inc.(a)

7,231

432,341

American

Eagle

Outfitters,

Inc.

17,303

243,107

America's

Car-Mart,

Inc.*

575

68,494

Arko

Corp.

7,859

65,544

Common

Stocks

Shares

Value

($)

Specialty

Retail

Asbury

Automotive

Group,

Inc.*

2,052

462,931

BARK,

Inc.*

10,233

14,736

Big

5

Sporting

Goods

Corp.

1,973

18,882

Boot

Barn

Holdings,

Inc.*

2,836

266,300

Buckle,

Inc.

(The)

2,790

102,002

Build-A-Bear

Workshop,

Inc.

1,190

29,214

Caleres,

Inc.

3,322

89,827

Camping

World

Holdings,

Inc.,

Class

A(a)

3,958

126,775

CarParts.com,

Inc.*

4,490

22,540

Carvana

Co.,

Class

A*(a)

5,635

258,928

Cato

Corp.

(The),

Class

A

1,875

15,937

Chico's

FAS,

Inc.*

11,400

69,540

Children's

Place,

Inc.

(The)*

1,233

38,766

Designer

Brands,

Inc.,

Class

A

4,669

46,457

Destination

XL

Group,

Inc.*

6,165

31,811

Duluth

Holdings,

Inc.,

Class

B*

1,128

8,189

Envela

Corp.*

876

6,561

EVgo,

Inc.,

Class

A*(a)

7,122

31,123

Foot

Locker,

Inc.(a)

7,778

208,995

Franchise

Group,

Inc.(a)

2,386

71,007

Genesco,

Inc.*

1,036

29,226

Group

1

Automotive,

Inc.

1,356

350,567

GrowGeneration

Corp.*

5,296

21,078

Guess?,

Inc.(a)

2,927

61,438

Haverty

Furniture

Cos.,

Inc.

1,344

47,846

Hibbett,

Inc.

1,219

56,562

J

Jill,

Inc.*

431

9,784

Lands'

End,

Inc.*(a)

1,408

13,207

Lazydays

Holdings,

Inc.*(a)

1,198

15,706

Leslie's,

Inc.*

16,817

107,124

MarineMax,

Inc.*(a)

1,999

80,620

Monro,

Inc.

3,038

111,343

National

Vision

Holdings,

Inc.*

7,591

164,193

ODP

Corp.

(The)*

3,245

161,861

OneWater

Marine,

Inc.,

Class

A*

1,039

39,118

Overstock.com,

Inc.*(a)

4,375

159,556

PetMed

Express,

Inc.

1,978

28,978

Rent

the

Runway,

Inc.,

Class

A*

5,433

10,051

Revolve

Group,

Inc.,

Class

A*(a)

3,707

73,102

Sally

Beauty

Holdings,

Inc.*(a)

10,443

125,003

Shoe

Carnival,

Inc.

1,575

41,911

Signet

Jewelers

Ltd.(a)

4,221

339,748

Sleep

Number

Corp.*

2,022

55,989

Sonic

Automotive,

Inc.,

Class

A

1,486

71,165

Sportsman's

Warehouse

Holdings,

Inc.*

2,986

18,812

Stitch

Fix,

Inc.,

Class

A*

7,702

39,357

ThredUp,

Inc.,

Class

A*(a)

7,836

27,583

Tile

Shop

Holdings,

Inc.*

3,582

22,781

Tilly's,

Inc.,

Class

A*

2,277

19,742

Torrid

Holdings,

Inc.*(a)

1,732

4,711

Upbound

Group,

Inc.

5,218

180,699

Urban

Outfitters,

Inc.*

6,045

219,857

Warby

Parker,

Inc.,

Class

A*

8,208

122,627

Winmark

Corp.

273

99,225

Nationwide

Small

Cap

Index

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

91

Common

Stocks

Shares

Value

($)

Specialty

Retail

Zumiez,

Inc.*

1,500

28,290

5,944,771

Technology

Hardware,

Storage

&

Peripherals

0.9%

Avid

Technology,

Inc.*

3,409

81,270

CompoSecure,

Inc.*(a)

1,556

11,545

Corsair

Gaming,

Inc.*

3,937

72,756

CPI

Card

Group,

Inc.*(a)

403

9,837

Eastman

Kodak

Co.*

5,475

30,058

Immersion

Corp.

1,845

13,026

Intevac,

Inc.*

2,415

8,646

IonQ,

Inc.*(a)

15,219

292,966

Super

Micro

Computer,

Inc.*

4,392

1,450,546

Turtle

Beach

Corp.*

1,441

16,211

Xerox

Holdings

Corp.

11,026

176,195

2,163,056

Textiles,

Apparel

&

Luxury

Goods

0.5%

Allbirds,

Inc.,

Class

A*

8,239

12,358

Figs,

Inc.,

Class

A*

12,510

92,074

Fossil

Group,

Inc.*

4,469

12,424

G-III

Apparel

Group

Ltd.*

4,123

85,387

Hanesbrands,

Inc.

33,325

175,623

Kontoor

Brands,

Inc.(a)

5,368

227,388

Movado

Group,

Inc.

1,414

40,582

Oxford

Industries,

Inc.

1,409

151,961

Rocky

Brands,

Inc.

800

16,096

Steven

Madden

Ltd.

7,296

243,540

Vera

Bradley,

Inc.*

2,482

16,729

Wolverine

World

Wide,

Inc.

7,397

93,720

1,167,882

Tobacco

0.1%

Turning

Point

Brands,

Inc.

1,674

39,925

Universal

Corp.

2,373

120,002

Vector

Group

Ltd.

13,998

183,654

343,581

Trading

Companies

&

Distributors

2.0%

Alta

Equipment

Group,

Inc.

1,843

29,764

Applied

Industrial

Technologies,

Inc.

3,643

528,199

Beacon

Roofing

Supply,

Inc.*

4,630

396,652

BlueLinx

Holdings,

Inc.*(a)

850

80,104

Boise

Cascade

Co.

3,809

394,193

Custom

Truck

One

Source,

Inc.*

5,616

38,863

Distribution

Solutions

Group,

Inc.*

529

29,328

DXP

Enterprises,

Inc.*

1,451

55,109

EVI

Industries,

Inc.*

449

11,423

FTAI

Aviation

Ltd.

9,426

303,611

GATX

Corp.

3,383

424,093

Global

Industrial

Co.

1,274

36,309

GMS,

Inc.*

4,015

295,865

H&E

Equipment

Services,

Inc.

3,118

151,472

Herc

Holdings,

Inc.

2,677

358,263

Hudson

Technologies,

Inc.*

4,472

40,651

Karat

Packaging,

Inc.

412

8,376

McGrath

RentCorp

2,363

227,746

MRC

Global,

Inc.*

7,907

89,270

NOW,

Inc.*

10,323

117,579

Rush

Enterprises,

Inc.,

Class

A

4,001

258,785

Common

Stocks

Shares

Value

($)

Trading

Companies

&

Distributors

Rush

Enterprises,

Inc.,

Class

B

610

41,913

Textainer

Group

Holdings

Ltd.

4,117

169,209

Titan

Machinery,

Inc.*

1,946

62,116

Transcat,

Inc.*

692

58,045

Triton

International

Ltd.

5,169

435,798

Veritiv

Corp.

1,265

177,264

Willis

Lease

Finance

Corp.*

268

11,334

Xometry,

Inc.,

Class

A*(a)

3,329

69,110

4,900,444

Water

Utilities

0.5%

American

States

Water

Co.

3,545

313,414

Artesian

Resources

Corp.,

Class

A(a)

798

36,357

Cadiz,

Inc.*(a)

3,838

15,889

California

Water

Service

Group

5,355

283,922

Consolidated

Water

Co.

Ltd.(a)

1,424

27,854

Global

Water

Resources,

Inc.

1,383

17,564

Middlesex

Water

Co.(a)

1,708

137,357

Pure

Cycle

Corp.*

1,661

20,464

SJW

Group

2,935

206,800

York

Water

Co.

(The)

1,392

57,531

1,117,152

Wireless

Telecommunication

Services

0.1%

Gogo,

Inc.*

6,277

94,594

Shenandoah

Telecommunications

Co.

4,580

85,509

Spok

Holdings,

Inc.

1,682

24,658

Telephone

&

Data

Systems,

Inc.(a)

9,603

77,016

281,777

Total

Common

Stocks

(cost

$200,747,200)

239,798,854

Rights

0.0%

†

Number

of

Rights

Biotechnology

0.0%

†

Aduro

Biotech,

Inc.

CVR*^∞

1,489

0

Oncternal

Therapeutics,

Inc.,

CVR*^∞

95

97

97

Total

Rights

(cost

$3,780)

97

92

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Repurchase

Agreement

5.1%

Principal

Amount

($)

Value

($)

CF

Secured,

LLC,

5.28%,

dated

7/31/2023,

due

8/1/2023,

repurchase

price

$12,312,722,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.63%,

maturing

8/8/2023

-

8/15/2052;

total

market

value

$12,558,976.(b)

12,310,916

12,310,916

Total

Repurchase

Agreement

(cost

$12,310,916)

12,310,916

Total

Investments

(cost

$213,092,789)

—

105.0%

252,143,815

Liabilities

in

excess

of

other

assets

—

(5.0)%

(12,028,576)

NET

ASSETS

—

100.0%

$

240,115,239

*

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,

2023.

The

total

value

of

securities

on

loan

as

of

July

31,

2023

was

$32,229,090,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$12,310,916

and

by

$20,668,537

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

8/10/2023

–

2/15/2053,

a

total

value

of

$32,979,453.

(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,

2023

was

$12,310,916.

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,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

Russell

2000

Micro

E-Mini

Index

112

9/2023

USD

1,127,616

27,307

Net

contracts

27,307

As

of

July

31,

2023,

the

Fund

had

$92,600

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

Nationwide

Small

Cap

Index

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

93

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

94

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Closed

End

Fund

$

33,948

$

–

$

–

$

33,948

  Common

Stocks

Aerospace

&

Defense

2,037,258

–

–

2,037,258

Air

Freight

&

Logistics

725,427

–

–

725,427

Automobile

Components

3,676,390

–

–

3,676,390

Automobiles

346,013

–

–

346,013

Banks

20,747,915

–

–

20,747,915

Beverages

921,699

–

–

921,699

Biotechnology

16,862,259

–

–

16,862,259

Broadline

Retail

163,223

–

–

163,223

Building

Products

4,224,137

–

–

4,224,137

Capital

Markets

3,401,691

–

–

3,401,691

Chemicals

4,775,746

–

–

4,775,746

Commercial

Services

&

Supplies

3,518,608

–

–

3,518,608

Communications

Equipment

1,739,947

–

–

1,739,947

Construction

&

Engineering

3,504,864

–

–

3,504,864

Construction

Materials

659,705

–

–

659,705

Consumer

Finance

2,127,123

–

–

2,127,123

Consumer

Staples

Distribution

&

Retail

1,310,572

–

–

1,310,572

Containers

&

Packaging

787,230

–

–

787,230

Distributors

18,154

–

–

18,154

Diversified

Consumer

Services

2,468,158

–

–

2,468,158

Diversified

REITs

1,334,061

–

–

1,334,061

Diversified

Telecommunication

Services

1,078,506

–

–

1,078,506

Electric

Utilities

1,739,557

–

–

1,739,557

Electrical

Equipment

3,968,752

–

–

3,968,752

Electronic

Equipment,

Instruments

&

Components

6,533,952

–

–

6,533,952

Energy

Equipment

&

Services

6,361,315

–

–

6,361,315

Entertainment

960,742

–

–

960,742

Financial

Services

5,252,028

–

–

5,252,028

Food

Products

2,739,490

–

–

2,739,490

Gas

Utilities

2,311,528

–

–

2,311,528

Ground

Transportation

1,173,256

–

–

1,173,256

Health

Care

Equipment

&

Supplies

7,997,886

–

–

7,997,886

Health

Care

Providers

&

Services

6,461,457

–

–

6,461,457

Health

Care

REITs

1,410,197

–

–

1,410,197

Health

Care

Technology

1,450,270

–

–

1,450,270

Hotel

&

Resort

REITs

1,987,808

–

–

1,987,808

Hotels,

Restaurants

&

Leisure

5,589,696

–

–

5,589,696

Household

Durables

5,158,991

–

–

5,158,991

Household

Products

761,774

–

–

761,774

Independent

Power

and

Renewable

Electricity

Producers

680,036

–

–

680,036

Industrial

Conglomerates

51,300

–

–

51,300

Industrial

REITs

1,039,264

–

–

1,039,264

Insurance

4,071,137

–

–

4,071,137

Interactive

Media

&

Services

1,825,979

–

–

1,825,979

IT

Services

1,213,849

–

–

1,213,849

Leisure

Products

1,073,149

–

–

1,073,149

Life

Sciences

Tools

&

Services

1,048,575

–

–

1,048,575

Machinery

8,780,274

–

–

8,780,274

Marine

Transportation

676,941

–

–

676,941

Media

1,850,076

–

–

1,850,076

Metals

&

Mining

4,517,388

–

–

4,517,388

Mortgage

Real

Estate

Investment

Trusts

(REITs)

2,913,639

–

–

2,913,639

Multi-Utilities

1,040,128

–

–

1,040,128

Office

REITs

1,538,527

–

–

1,538,527

Oil,

Gas

&

Consumable

Fuels

11,119,654

–

–

11,119,654

Nationwide

Small

Cap

Index

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

95

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,

2023.

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:

Paper

&

Forest

Products

$

237,156

$

–

$

–

$

237,156

Passenger

Airlines

1,260,300

–

–

1,260,300

Personal

Care

Products

2,043,429

–

–

2,043,429

Pharmaceuticals

4,815,590

–

–

4,815,590

Professional

Services

5,630,579

–

–

5,630,579

Real

Estate

Management

&

Development

2,010,958

–

–

2,010,958

Residential

REITs

1,055,133

–

–

1,055,133

Retail

REITs

2,925,169

–

–

2,925,169

Semiconductors

&

Semiconductor

Equipment

7,679,082

–

–

7,679,082

Software

13,353,513

–

–

13,353,513

Specialized

REITs

1,141,981

–

–

1,141,981

Specialty

Retail

5,944,771

–

–

5,944,771

Technology

Hardware,

Storage

&

Peripherals

2,163,056

–

–

2,163,056

Textiles,

Apparel

&

Luxury

Goods

1,167,882

–

–

1,167,882

Tobacco

343,581

–

–

343,581

Trading

Companies

&

Distributors

4,900,444

–

–

4,900,444

Water

Utilities

1,117,152

–

–

1,117,152

Wireless

Telecommunication

Services

281,777

–

–

281,777

Total

Common

Stocks

$

239,798,854

$

–

$

–

$

239,798,854

Futures

Contracts

27,307

–

–

27,307

Repurchase

Agreement

–

12,310,916

–

12,310,916

Rights

–

–

97

97

Total

$

239,860,109

$

12,310,916

$

97

$

252,171,122

As

of

July

31,

2023,

the

fund

held

two

common

stock

investments

and

one

rights

investment

that

were

categorized

as

Level

3

investments

which

were

each

valued

at

$0.

Rights

Total

Balance

as

of

10/31/2022

$

—

$

—

Accrued

Accretion/(Amortization)

—

—

Realized

Gains

(Losses)

10,300

10,300

Purchases

—

—

Sales

(10,300)

(10,300)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

into

Level

3

97

97

Transfers

out

of

Level

3

—

—

Balance

as

of

7/31/2023

$

97

$

97

Change

in

Unrealized

Appreciation/Depreciation

for

Investments

Still

Held

as

of

7/31/2023

$

—

$

—

96

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

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,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

July

31,

2023:

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

27,307

Total

$

27,307

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

NYSE

Arca

Tech

100

Index

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

97

Common

Stocks

98.1%

Shares

Value

($)

Aerospace

&

Defense

7.2%

Boeing

Co.

(The)*

38,153

9,112,844

General

Dynamics

Corp.

38,153

8,530,248

L3Harris

Technologies,

Inc.

38,153

7,229,612

Lockheed

Martin

Corp.

38,153

17,030,355

RTX

Corp.

38,153

3,354,793

45,257,852

Automobiles

1.6%

Tesla,

Inc.*

38,153

10,203,257

Biotechnology

3.7%

Amgen,

Inc.

38,153

8,933,525

Biogen,

Inc.*

38,153

10,308,559

Gilead

Sciences,

Inc.

38,153

2,904,969

Myriad

Genetics,

Inc.*

38,153

852,720

22,999,773

Broadline

Retail

2.0%

Alibaba

Group

Holding

Ltd.,

ADR-CN*

38,153

3,897,711

Amazon.com,

Inc.*

38,153

5,100,293

eBay,

Inc.

38,153

1,698,190

JD.com,

Inc.,

ADR-CN

38,153

1,576,100

12,272,294

Chemicals

0.5%

DuPont

de

Nemours,

Inc.

38,153

2,961,817

Communications

Equipment

4.6%

Ciena

Corp.*(a)

38,153

1,610,057

Cisco

Systems,

Inc.

38,153

1,985,482

F5,

Inc.*

38,153

6,037,331

Juniper

Networks,

Inc.

38,153

1,060,653

Motorola

Solutions,

Inc.

38,153

10,935,794

Nokia

OYJ,

ADR-FI

38,153

150,323

Ubiquiti,

Inc.(a)

38,153

6,777,881

Viavi

Solutions,

Inc.*

38,153

414,723

28,972,244

Diversified

Telecommunication

Services

0.1%

AT&T,

Inc.

38,153

553,982

Electrical

Equipment

0.3%

Sensata

Technologies

Holding

plc

38,153

1,611,964

Electronic

Equipment,

Instruments

&

Components

0.8%

Amphenol

Corp.,

Class

A

38,153

3,369,292

Corning,

Inc.

38,153

1,294,913

LG

Display

Co.

Ltd.,

ADR-KR*

38,153

202,592

4,866,797

Energy

Equipment

&

Services

0.7%

Halliburton

Co.

38,153

1,491,019

NOV,

Inc.

38,153

766,112

Schlumberger

NV

38,153

2,225,846

4,482,977

Entertainment

0.6%

Activision

Blizzard,

Inc.*

38,153

3,539,072

Financial

Services

3.9%

Mastercard,

Inc.,

Class

A

38,153

15,042,965

Visa,

Inc.,

Class

A(a)

38,153

9,070,113

24,113,078

Health

Care

Equipment

&

Supplies

1.1%

Baxter

International,

Inc.

38,153

1,725,660

Boston

Scientific

Corp.*

38,153

1,978,233

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

Medtronic

plc

38,153

3,348,307

7,052,200

Health

Care

Technology

1.2%

Veeva

Systems,

Inc.,

Class

A*

38,153

7,791,606

Household

Durables

0.9%

Garmin

Ltd.

38,153

4,040,021

iRobot

Corp.*(a)

38,153

1,526,120

5,566,141

Industrial

Conglomerates

1.2%

Honeywell

International,

Inc.

38,153

7,406,642

Interactive

Media

&

Services

3.2%

Alphabet,

Inc.,

Class

A*

38,153

5,063,666

Meta

Platforms,

Inc.,

Class

A*

38,153

12,155,546

Ziff

Davis,

Inc.*

38,153

2,766,855

19,986,067

IT

Services

3.5%

Akamai

Technologies,

Inc.*

38,153

3,605,459

Amdocs

Ltd.

38,153

3,572,647

DXC

Technology

Co.*

38,153

1,054,930

International

Business

Machines

Corp.

38,153

5,500,900

VeriSign,

Inc.*

38,153

8,048,375

21,782,311

Life

Sciences

Tools

&

Services

6.8%

Agilent

Technologies,

Inc.

38,153

4,645,891

Danaher

Corp.

38,153

9,731,304

Illumina,

Inc.*

38,153

7,331,099

Thermo

Fisher

Scientific,

Inc.

38,153

20,933,025

42,641,319

Pharmaceuticals

1.5%

AstraZeneca

plc,

ADR-UK

38,153

2,735,570

Bausch

Health

Cos.,

Inc.*

38,153

370,465

Bristol-Myers

Squibb

Co.

38,153

2,372,735

Novartis

AG,

ADR-CH

38,153

4,002,250

9,481,020

Professional

Services

1.5%

Automatic

Data

Processing,

Inc.

38,153

9,433,711

Semiconductors

&

Semiconductor

Equipment

29.7%

Advanced

Micro

Devices,

Inc.*

38,153

4,364,703

Analog

Devices,

Inc.

38,153

7,612,668

Applied

Materials,

Inc.

38,153

5,783,613

ASML

Holding

NV

(Registered),

NYRS-NL

38,153

27,333,191

Broadcom,

Inc.

38,153

34,286,193

FormFactor,

Inc.*

38,153

1,417,766

Intel

Corp.

38,153

1,364,733

KLA

Corp.

38,153

19,608,734

Lam

Research

Corp.

38,153

27,412,549

Microchip

Technology,

Inc.

38,153

3,584,093

Micron

Technology,

Inc.

38,153

2,723,743

NVIDIA

Corp.

38,153

17,828,515

NXP

Semiconductors

NV

38,153

8,507,356

ON

Semiconductor

Corp.*

38,153

4,110,986

QUALCOMM,

Inc.

38,153

5,042,682

Synaptics,

Inc.*

38,153

3,445,597

Teradyne,

Inc.

38,153

4,309,000

98

-

Statement

of

Investments

-

July

31,

2023

(Unaudited)

-

Nationwide

NYSE

Arca

Tech

100

Index

Fund

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

Texas

Instruments,

Inc.

38,153

6,867,540

185,603,662

Software

18.8%

Adeia,

Inc.

38,153

458,599

Adobe,

Inc.*

38,153

20,838,024

Check

Point

Software

Technologies

Ltd.*

38,153

5,044,208

Gen

Digital,

Inc.

38,153

742,076

InterDigital,

Inc.(a)

38,153

3,536,402

Intuit,

Inc.

38,153

19,522,890

LiveRamp

Holdings,

Inc.*

38,153

1,088,887

Microsoft

Corp.

38,153

12,816,356

Open

Text

Corp.

38,153

1,638,671

Oracle

Corp.

38,153

4,472,676

Progress

Software

Corp.

38,153

2,291,469

PTC,

Inc.*

38,153

5,563,089

Salesforce,

Inc.*

38,153

8,584,807

SAP

SE,

ADR-DE(a)

38,153

5,202,162

Synopsys,

Inc.*

38,153

17,237,525

Teradata

Corp.*

38,153

2,168,998

VMware,

Inc.,

Class

A*

38,153

6,014,057

117,220,896

Technology

Hardware,

Storage

&

Peripherals

2.6%

Apple,

Inc.

38,153

7,495,157

HP,

Inc.

38,153

1,252,563

NetApp,

Inc.

38,153

2,976,315

Seagate

Technology

Holdings

plc

38,153

2,422,715

Western

Digital

Corp.*

38,153

1,623,792

Xerox

Holdings

Corp.

38,153

609,685

16,380,227

Wireless

Telecommunication

Services

0.1%

Telephone

&

Data

Systems,

Inc.(a)

38,153

305,987

Total

Common

Stocks

(cost

$160,461,101)

612,486,896

Repurchase

Agreement

0.5%

Principal

Amount

($)

CF

Secured,

LLC,

5.28%,

dated

7/31/2023,

due

8/1/2023,

repurchase

price

$3,330,822,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.63%,

maturing

8/8/2023

-

8/15/2052;

total

market

value

$3,397,438.

(b)

3,330,333

3,330,333

Total

Repurchase

Agreement

(cost

$3,330,333)

3,330,333

Total

Investments

(cost

$163,791,434)

—

98.6%

615,817,229

Other

assets

in

excess

of

liabilities

—

1.4%

8,690,355

NET

ASSETS

—

100.0%

$

624,507,584

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

July

31,

2023.

The

total

value

of

securities

on

loan

as

of

July

31,

2023

was

$7,871,023,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$3,330,333

and

by

$4,720,016

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

4.38%,

and

maturity

dates

ranging

from

8/10/2023

–

2/15/2053,

a

total

value

of

$8,050,349.

(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,

2023

was

$3,330,333.

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

Nationwide

NYSE

Arca

Tech

100

Index

Fund

-

July

31,

2023

(Unaudited)

-

Statement

of

Investments

-

99

Futures

contracts

outstanding

as

of

July

31,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

NASDAQ

100

E-Mini

Index

23

9/2023

USD

7,294,450

32,315

Net

contracts

32,315

As

of

July

31,

2023,

the

Fund

had

$174,000

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

100

-

Statement

of

Investments

-

July

31,

2023

(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,

2023

(Unaudited)

-

Statement

of

Investments

-

101

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

July

31,

2023.

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,

2023

:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

July

31,

2023:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

July

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

612,486,896

$

–

$

–

$

612,486,896

Futures

Contracts

32,315

–

–

32,315

Repurchase

Agreement

–

3,330,333

–

3,330,333

Total

$

612,519,211

$

3,330,333

$

–

$

615,849,544

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

32,315

Total

$

32,315

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.